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  Exhibit 4.1    
    

REGAL ENTERTAINMENT GROUP

AND

WELLS FARGO BANK, NATIONAL ASSOCIATION

AS TRUSTEE

% SENIOR NOTES DUE 2018

INDENTURE

DATED AS OF AUGUST            , 2010  

 

  TABLE OF CONTENTS  

 

 

						
	ARTICLE I Definitions and Incorporation by Reference	 	1
	 	Section 1.01	 	Definitions	 	1
	 	Section 1.02	 	Other Definitions	 	17
	 	Section 1.03	 	Incorporation by Reference of Trust Indenture Act	 	17
	 	Section 1.04	 	Rules of Construction	 	18
	

ARTICLE II The Securities	
 	
19
	 	Section 2.01	 	Amount of Securities; Issuable in Series	 	19
	 	Section 2.02	 	Form and Dating	 	20
	 	Section 2.03	 	Execution and Authentication	 	20
	 	Section 2.04	 	Registrar and Paying Agent	 	20
	 	Section 2.05	 	Paying Agent To Hold Money in Trust	 	21
	 	Section 2.06	 	Holder Lists	 	21
	 	Section 2.07	 	Replacement Securities	 	21
	 	Section 2.08	 	Outstanding Securities	 	21
	 	Section 2.09	 	Temporary Securities	 	21
	 	Section 2.10	 	Cancellation	 	22
	 	Section 2.11	 	Defaulted Interest	 	22
	 	Section 2.12	 	CUSIP Numbers, Common Codes or ISINs	 	23
	 	Section 2.13	 	Computation of Interest	 	23
	

ARTICLE III Redemption	
 	
24
	 	Section 3.01	 	Notices to Trustee	 	24
	 	Section 3.02	 	Selection of Securities To Be Redeemed	 	24
	 	Section 3.03	 	Notice of Redemption	 	24
	 	Section 3.04	 	Effect of Notice of Redemption	 	25
	 	Section 3.05	 	Deposit of Redemption Price	 	25
	 	Section 3.06	 	Securities Redeemed in Part	 	25
	

ARTICLE IV Covenants	
 	
25
	 	Section 4.01	 	Payment of Securities	 	25
	 	Section 4.02	 	Corporate Existence	 	25
	 	Section 4.03	 	Payment of Taxes and Other Claims	 	26
	 	Section 4.04	 	Maintenance of Properties	 	26
	 	Section 4.05	 	Limitation on Consolidated Indebtedness	 	26
	 	Section 4.06	 	Limitation on Restricted Payments	 	26
	 	Section 4.07	 	Limitation on Transactions with Affiliates	 	29
	 	Section 4.08	 	Limitation on Liens Securing Indebtedness	 	30
	 	Section 4.09	 	Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries	 	30
	 	Section 4.10	 	Future Guarantors	 	31
	 	Section 4.11	 	Change of Control	 	32
	 	Section 4.12	 	Provision of Financial Information	 	32
	 	Section 4.13	 	Statement as to Compliance	 	33
	 	Section 4.14	 	Waiver of Certain Covenants	 	33
	 	Section 4.15	 	Further Instruments and Acts	 	33
	 	Section 4.16	 	Payment for Consent	 	33
	 	Section 4.17	 	Covenant Suspension	 	33
	

ARTICLE V Successor Company	
 	
34
	 	Section 5.01	 	Consolidation	 	34

 

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	 	Section 5.02	 	Successor Substituted	 	35
	

ARTICLE VI Defaults and Remedies	
 	
35
	 	Section 6.01	 	Events of Default	 	35
	 	Section 6.02	 	Acceleration; Rescission and Annulment	 	36
	 	Section 6.03	 	Other Remedies	 	37
	 	Section 6.04	 	Waiver of Past Defaults	 	37
	 	Section 6.05	 	Control by Majority	 	38
	 	Section 6.06	 	Limitation on Suits	 	38
	 	Section 6.07	 	Rights of Holders to Receive Payment	 	38
	 	Section 6.08	 	Collection Suit by Trustee	 	38
	 	Section 6.09	 	Trustee May File Proofs of Claim	 	38
	 	Section 6.10	 	Priorities	 	39
	 	Section 6.11	 	Undertaking for Costs	 	39
	 	Section 6.12	 	Waiver of Stay or Extension Laws	 	39
	

ARTICLE VII Trustee	
 	
39
	 	Section 7.01	 	Duties of Trustee	 	39
	 	Section 7.02	 	Rights of Trustee	 	40
	 	Section 7.03	 	Individual Rights of Trustee	 	41
	 	Section 7.04	 	Trustee's Disclaimer	 	41
	 	Section 7.05	 	Notice of Defaults	 	41
	 	Section 7.06	 	Reports by Trustee to Holders	 	41
	 	Section 7.07	 	Compensation and Indemnity	 	41
	 	Section 7.08	 	Replacement of Trustee	 	42
	 	Section 7.09	 	Successor Trustee by Merger	 	42
	 	Section 7.10	 	Eligibility; Disqualification	 	43
	 	Section 7.11	 	Preferential Collection of Claims Against Company	 	43
	

ARTICLE VIII Discharge of Indenture; Defeasance	
 	
43
	 	Section 8.01	 	Discharge of Liability on Securities; Defeasance	 	43
	 	Section 8.02	 	Conditions to Defeasance	 	44
	 	Section 8.03	 	Application of Trust Money. 	 	45
	 	Section 8.04	 	Repayment to Company	 	45
	 	Section 8.05	 	Indemnity for Government Obligations	 	45
	 	Section 8.06	 	Reinstatement	 	45
	

ARTICLE IX Amendments	
 	
46
	 	Section 9.01	 	Without Consent of Holders	 	46
	 	Section 9.02	 	With Consent of Holders	 	46
	 	Section 9.03	 	Compliance with Trust Indenture Act	 	47
	 	Section 9.04	 	Revocation and Effect of Consents and Waivers	 	47
	 	Section 9.05	 	Notation on or Exchange of Securities	 	47
	 	Section 9.06	 	Trustee To Sign Amendments	 	47
	

ARTICLE X Guarantees	
 	
48
	 	Section 10.01	 	Subsidiary Guarantees	 	48
	 	Section 10.02	 	Execution and Delivery of Subsidiary Guarantees. 	 	49
	 	Section 10.03	 	Limitation on Liability; Termination, Release and Discharge	 	49
	 	Section 10.04	 	Right of Contribution	 	50
	 	Section 10.05	 	No Subrogation	 	50
	

ARTICLE XI Miscellaneous	
 	
51
	 	Section 11.01	 	Trust Indenture Act Controls	 	51

 

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	 	Section 11.02	 	Notices	 	51
	 	Section 11.03	 	Communication by Holders with Other Holders	 	52
	 	Section 11.04	 	Certificate and Opinion as to Conditions	 	52
	 	Section 11.05	 	Statements Required in Certificate or Opinions	 	52
	 	Section 11.06	 	When Securities Disregarded	 	53
	 	Section 11.07	 	Rules by Trustee, Paying Agent and Registrar	 	53
	 	Section 11.08	 	Legal Holidays	 	53
	 	Section 11.09	 	Governing Law	 	53
	 	Section 11.10	 	No Recourse Against Others	 	53
	 	Section 11.11	 	Successors	 	53
	 	Section 11.12	 	Separability Clause	 	54
	 	Section 11.13	 	Reliance on Financial Data	 	54
	 	Section 11.14	 	Multiple Originals	 	54
	 	Section 11.15	 	Table of Contents; Headings	 	54
	 	Section 11.16	 	U.S.A. Patriot Act	 	54

 

  

 

 

			
	Exhibit A	 	Provisions Relating to the Securities
	Appendix I to Exhibit A	 	Form of Initial Security
	Exhibit B	 	Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation S
	Exhibit C	 	Form of Supplemental Indenture to Add Guarantors

 

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        INDENTURE dated as of August     , 2010, between REGAL ENTERTAINMENT GROUP, a Delaware corporation (the "Company"), and
Wells Fargo Bank, National Association, as Trustee (the "Trustee"). Certain capitalized terms used herein have the respective meanings set forth in
Article I hereof. 

        For
and in consideration of the premises and the purchase of the Securities by the Holders thereof, each party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of (i) the Company's        % Senior Notes due 2018, issued on the date hereof (the "Initial Securities"),
(ii) if and when issued, an unlimited principal amount of additional        % Senior Notes due 2018 that may be offered from time to time in one or more series subsequent to the Issue
Date as provided for in this Indenture (the "Additional Securities") and (iii) if and when issued, any of the Company's        % Senior
Notes due 2018 that may be issued from time to time in exchange for Additional Securities in an offer registered under the Securities Act as provided in a Registration Rights Agreement (the
"Exchange Securities") or if and when issued pursuant to a private exchange of Additional Securities (the "Private Exchange
Securities," and together with the Exchange Securities, the Initial Securities and Additional Securities, the "Securities"): 

 
 

  ARTICLE I
  
    DEFINITIONS AND INCORPORATION BY REFERENCE    
    

 
 

           Section 1.01    Definitions.     

        "Acquired Indebtedness" of any particular Person means Indebtedness of any other Person existing at the time such other Person merged with
or into or became a Subsidiary of such particular Person or assumed by such particular Person in connection with the acquisition of assets from any other Person, and not incurred by such other Person
in connection with, or in contemplation of, such other Person merging with or into such particular Person or becoming a Subsidiary of such particular Person or such acquisition. 

        "Additional Interest" means the additional interest, if any, to be paid on any Additional Securities pursuant to any Registration Rights
Agreement as described in Exhibit A. All references in this Indenture to "interest" shall include any Additional Interest. 

        "Affiliate" means, with respect to any specified Person: (i) any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person; or (ii) any other Person that owns, directly or indirectly, 10% or more of such Person's Capital Stock or any officer or
director of any such Person or other Person or with respect to any natural Person, any person having a relationship with such Person by blood, marriage or adoption not more remote than first cousin.
For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. 

        "Applicable Premium" means, with respect to any Securities on any redemption date, the greater of: (1) 1.0% of the principal amount
of the Security; or (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Security at August     , 2015
(such redemption price being set forth in the paragraph 5(c) of the Securities set forth in Appendix I to Exhibit A),  plus (ii) all required interest payments due on
such Security through August     , 2015 (excluding accrued but unpaid interest
to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the
principal amount of such Security. 

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        "Bankruptcy Laws" means the bankruptcy laws of the United States and the law of any other jurisdiction relating to bankruptcy, insolvency,
winding up, liquidation, reorganization or relief of debtors. 

        "Bankruptcy Order" means any court order made in a proceeding pursuant to or within the meaning of any Bankruptcy Law, containing an
adjudication of bankruptcy or insolvency, or providing for liquidation, winding up, dissolution or reorganization, or appointing a Custodian of a debtor or of all or
any substantial part of a debtor's property, or providing for the staying, arrangement, adjustment or composition of indebtedness or other relief of a debtor. 

        "Board of Directors" means the Board of Directors of the Company or any committee of such Board of Directors duly authorized to act under
this Indenture. 

        "Board Resolution" means a copy of a resolution, certified by the Secretary of the Company to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

        "Business Day" means any day other than a Saturday or Sunday or other day on which banks in New York, New York, or the city in which the
Corporate Trust Office is located, or, if no Security is outstanding, the city in which the principal corporate trust office of the Trustee is located, are authorized or required to be closed. 

        "Capital Lease Obligations" of any Person means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

        "Capital Stock" of any Person means any and all shares, interests, participations or other equivalents (however designated) of such
Person's capital stock, including preferred stock, any rights (other than debt securities convertible into capital stock), warrants or options to acquire such capital stock, whether now outstanding or
issued after the date of this Indenture. 

        "Cash Equivalents" means: (i) United States dollars; (ii) securities issued or directly and fully guaranteed or insured by
the United States government or any agency or instrumentality; (iii) certificates of deposit and eurodollar time deposits with maturities of six months or less from the date of acquisition,
bankers' acceptances with maturities not exceeding six months and overnight bank deposits, in each case with any United States domestic commercial bank having capital and surplus in excess of
$500.0 million and a Keefe Bank Watch Rating of "B" or better; (iv) repurchase obligations with a term of not more than seven days for underlying securities of the types described in
clauses (ii) and (iii) above entered into with any financial institution meeting the qualifications specified in clause (iii) above; (v) commercial paper having one of the
two highest rating categories obtainable from Moody's or S&P in each case maturing within six months after the date of acquisition; (vi) readily marketable direct obligations issued by any
State of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from Moody's or S&P; and (vii) investments in money market
funds which invest at least 95% of their assets in securities of the types described in clauses (i) through (vi) of this definition. 

        "Change of Control" means the occurrence of, after the date of this Indenture, any of the following events: (i) any "person" or
"group" as such terms are used in Sections 13(d) and 14(d) of the Exchange Act other than one or more Permitted Holders is or becomes the "beneficial owner" (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group shall be deemed to have "beneficial ownership" of all shares that any such person or group
has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, by way of merger, consolidation or other business combination or
purchase of 50% or more of the total voting power of the Voting Stock of the Company; (ii) the adoption of a plan relating to the liquidation or dissolution of the Company; (iii) the
sale, lease, transfer or other conveyance, in one 

2

 

or
a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more Permitted Holders;
(iv) the first day on which a majority of the members of the Board of Directors are not Continuing Directors; or (v) a change of control under any of the indentures relating to the
Existing Notes (to the extent obligations under such Existing Notes are outstanding at such time). 

        "Company" means the Person named as the "Company" in the first paragraph of this Indenture, until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor Person. To the extent necessary to comply with the requirements of the provisions of
Sections 310 through 317 of the TIA as they are applicable to the Company, the term "Company" shall include any other obligor with respect to the Securities for the purposes of complying with
such provisions. 

        "Consolidated EBITDA" means, with respect to any Person for any period, the Consolidated Net Income (Loss) of such Person for such period
increased (to the extent deducted in determining Consolidated Net Income (Loss)) by the sum of: 

          (i)  deferred
lease expenses; 

         (ii)  all
income taxes of such Person and its Subsidiaries paid or accrued in accordance with GAAP for such period (other than income taxes attributable to extraordinary,
unusual or non-recurring gains or losses); 

        (iii)  Consolidated
Interest Expense of such Person and its Subsidiaries for such period; 

        (iv)  depreciation
expense of such Person and its Subsidiaries for such period; 

         (v)  amortization
expense of such Person and its Subsidiaries for such period including amortization of capitalized debt issuance costs; 

        (vi)  any
other non-cash charges of such Person and its Subsidiaries for such period (including non-cash expenses recognized in accordance with
Financial Accounting Standard Number 106), all determined on a consolidated basis in accordance with GAAP; and 

       (vii)  any
fees, expenses, charges or premiums relating to any issuance of Capital Stock or issuance, repayment, refinancing, amendment or modification of Indebtedness (in
each case, whether or not successful), including, without limitation any fees, expenses or charges related to the offering of the Securities; 

        provided, further, that, solely with respect to calculations of the Consolidated EBITDA Ratio: 

          (i)  Consolidated
EBITDA shall include the effects of incremental contributions the Company reasonably believes in good faith could have been achieved during the relevant
period as a result of a Theatre Completion had such Theatre Completion occurred as of the beginning of the relevant period; provided,  however, that such
incremental contributions were identified and quantified in good faith in an Officers' Certificate delivered to the Trustee at the
time of any calculation of the Consolidated EBITDA Ratio; 

         (ii)  Consolidated
EBITDA shall be calculated on a pro forma basis after giving effect to any motion picture theatre or screen that was permanently or indefinitely closed for
business, at any time on or subsequent to the first day of such period as if such theatre or screen was closed for the entire period; and 

        (iii)  All
preopening expense and theatre closure expense which reduced (increased) Consolidated Net Income (Loss) during any applicable period shall be added to (subtracted
from) Consolidated EBITDA. 

3

 

        "Consolidated EBITDA Ratio" of any Person means, for any period, the ratio of Consolidated EBITDA to Consolidated Interest Expense for
such period (other than any non-cash Consolidated
Interest Expense attributable to any amortization or write-off of deferred financing costs); provided that, in making such computation: 

          (i)  if
the Company or any Subsidiary: 

        (a)   has
Incurred any Indebtedness subsequent to the commencement of the period for which the Consolidated EBITDA Ratio is being calculated and on or prior to the date on
which the event for which the calculation of the Consolidated EBITDA Ratio is made, then the Consolidated EBITDA Ratio will be calculated giving pro forma effect to such Incurrence of Indebtedness and
the use of the proceeds therefrom as if the same had occurred at the beginning of the applicable four-quarter reference period (except that in making such computation, the amount of
Indebtedness under any revolving credit facility outstanding on the date of such calculation will be deemed to be: 

        (1)   the
average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was outstanding; or 

        (2)   if
such facility was created after the end of such four fiscal quarters, the average daily balance of such Indebtedness during the period from the date of creation of
such facility to the date of such calculation); and 

the
discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such
period; or 

        (b)   has
repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of the period that is no longer outstanding on such date of determination
or if the transaction giving rise to the need to calculate the Consolidated EBITDA Ratio involves a discharge of Indebtedness (in each case other than Indebtedness Incurred under any revolving credit
facility unless such Indebtedness has been permanently repaid and the related commitment terminated), Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for such period will be
calculated after giving effect on a pro forma basis to such discharge of such Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day of
such period. 

         (ii)  the
Consolidated Interest Expense attributable to interest on any Indebtedness computed on a pro forma basis and bearing a floating interest rate shall be computed as
if the rate in effect on the date of computation had been the applicable rate for the entire period; and 

        (iii)  with
respect to any Indebtedness which bears, at the option of such Person, a fixed or floating rate of interest, such Person shall apply, at its option, either the
fixed or floating rate. 

        "Consolidated Interest Expense" of any Person means, without duplication, for any period, as applied to any Person: (i) the sum of
(a) the aggregate of the interest expense on Indebtedness of such Person and its consolidated Subsidiaries for such period, on a consolidated basis, including, without limitation:
(1) amortization of debt discount; (2) the net cost under Interest Rate Protection Agreements (including amortization of discounts); (3) the interest portion of any deferred
payment obligation; and (4) accrued interest; plus (b) the interest component of the Capital Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its consolidated Subsidiaries during such period (other than any contingent rent paid on Capital Lease Obligations that is deemed to be interest for
purposes of GAAP or any interest expense attributable to Deemed Capitalized Leases), minus (ii) the cash interest income (exclusive of deferred
financing fees) of such Person and its 

4

 

consolidated
Subsidiaries during such period, in each case as determined in accordance with GAAP consistently applied. 

        "Consolidated Net Income (Loss)" means, with respect to any specified Person for any period, the aggregate of the Net Income of such
Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, provided, however, in the case of the Company
and its Subsidiaries, (i) Consolidated Net Income shall not include management fees from Unrestricted Subsidiaries except to the extent actually received by the Company and its Subsidiaries,
(ii) accrued but unpaid compensation expenses related to any stock appreciation, restricted stock or stock option plans shall not be deducted until such time as such expenses result in a cash
expenditure and (iii) compensation expenses related to tax payment plans implemented by the Company from time to time in connection with the exercise and/or repurchase of restricted stock or
stock options shall not be deducted from Net Income to the extent of the related tax benefits arising therefrom; provided, further, that: (1) the
Net Income of any Person that is not a Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends, distributions or other
payments paid in cash to the specified Person or a Subsidiary of the specified Person (or, in the case of a loss, only to the extent funded with cash from the specified Person or a Subsidiary of the
specified Person); and (2) any non-cash goodwill or other intangible asset impairment charges incurred subsequent to the Issue Date resulting from the application of SFAS
No. 142 (or similar pronouncements) shall be excluded. 

        "Construction Indebtedness" means Indebtedness incurred by the Company or its Subsidiaries in connection with the construction of motion
picture theatres or screens. 

        "Continuing Directors" means, as of any date of determination, any member of the Board of Directors who: (1) was a member of the
Board of Directors on the date of this Indenture; (2) was nominated for election or elected to the Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election; or
(3) was nominated for election pursuant to the provisions of the Stockholders Agreement as in effect on the date of this Indenture. 

        "Corporate Trust Office" means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date of execution of this Indenture is located at Corporate Trust Services, 625 Marquette Ave., 11th Floor, MAC N9311-110,
Minneapolis, Minnesota 55479, Attention: Richard Prokosch. 

        "Credit Agreement" means that certain Sixth Amended and Restated Credit Agreement, dated as of May 19, 2010, among Regal Cinemas
Corporation, a Delaware corporation, the lenders and issuers party thereto party thereto from time to time, Credit Suisse AG, Cayman Islands Branch, as administrative agent, and the other agents
thereto, and any related notes, collateral documents, letters of credit, guarantees and other documents, and any appendices, exhibits or schedules to any of the foregoing, as any or all of such
agreements may be amended, restated, modified or supplemented from time to time, together with any extensions, revisions, increases, refinancings, renewals, refundings, restructurings or replacements
thereof. 

5

 

  
        "Credit Facilities" means one or more (i) debt facilities or commercial paper facilities, providing for revolving credit loans,
term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit,
including, without limitation, the Credit Agreement, (ii) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees
or bankers' acceptances), or (iii) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended,
supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

        "Currency Hedging Obligations" means the obligations of any Person pursuant to an arrangement designed to protect such Person against
fluctuations in currency exchange rates. 

        "Custodian" means any receiver, interim receiver, receiver and manager, trustee, assignee, liquidator, sequestrate or similar official
under any Bankruptcy Law or any other person with like powers. 

        "DCIP" means Digital Cinema Implementation Partners, LLC, a Delaware limited liability company, and any similar Person with a
primary business purpose of facilitating the implementation of digital cinemas in theatres and agreements and arrangements with respect to the financing of digital cinema and any Person that is a
direct or indirect parent thereof and has no independent operations. 

        "Deemed Capitalized Leases" means obligations of the Company or any Subsidiary of the Company that are classified as "capital lease
obligations" under GAAP due to the application of Emerging Issues Task Force Regulation 97-10 or any subsequent pronouncement having similar effect and, except for such regulation
or pronouncement, such obligation would not constitute Capital Lease Obligations. 

        "Default" means any event which is, or after notice or the passage of time or both, would be, an Event of Default. 

        "Digital Projector Financing" means any financing arrangement in respect of digital projector equipment for use in the ordinary course of
business in theatres owned, leased or operated by the Company and its Subsidiaries. 

        "DTC" means The Depository Trust Company, a New York corporation, and its successors. 

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

        "Equity Offering" means a public or private sale for cash by the Company or of a direct or indirect parent of the Company (the proceeds of
which have been contributed to the Company) of common stock or preferred stock (other than Redeemable Capital Stock), or options, warrants or rights with respect to such Person's common stock or
preferred stock (other than Redeemable Capital Stock), other than public offerings with respect to such Person's common stock, preferred stock (other than Redeemable Capital Stock), or options,
warrants or rights, registered on Form S-4 or S-8. 

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

        "Existing Notes" means (i) the 6.25% convertible senior notes due 2011 issued by the Company, (ii) the 8.625% senior notes
due 2019 issued by Regal Cinemas, and (iii) the 9.375% senior subordinated notes due 2012 issued by Regal Cinemas. 

        "Fair Market Value" means, with respect to any asset or property, the sale value that would be obtained in an arm's-length transaction
between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. 

6

 

        "GAAP" means generally accepted accounting principles in the United States as in effect on the Issue Date, consistently applied. 

        "Government Securities" means direct obligations (or certificates representing an ownership interest in such obligations) of, or
obligations guaranteed by, the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged
and which are not callable or redeemable at the issuer's option. 

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

        "Guaranteed Indebtedness" of any Person means, without duplication, all Indebtedness of any other Person referred to in the definition of
Indebtedness and all dividends of other Persons for the payment of which, in either case, such Person is directly or indirectly responsible or liable as obligor, guarantor or otherwise. 

        "Guarantor" means each Subsidiary of the Company that provides a Subsidiary Guarantee in accordance with the Indenture; provided that upon
the release or discharge of such Subsidiary from its Subsidiary Guarantee in accordance with the Indenture, such Subsidiary shall cease to be a Guarantor. 

        "Guarantor Subordinated Obligation" means, with respect to a Guarantor, any Indebtedness of such Guarantor (whether outstanding on the
Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the obligations of such Guarantor under its Guarantee pursuant to a written agreement. 

        "Hedging Obligation" of any Person means any Currency Hedging Obligation entered into solely to protect the Company or any of its
Subsidiaries from fluctuations in currency exchange rates and not to speculate on such fluctuations and any obligations of such Person pursuant to any Permitted Interest Rate Protection Agreement. 

        "Holder" means the Person in whose name a Security is registered on the Security register described in Section 2.04 as the
registered holder of any Security. 

        "Incur" means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (by merger, conversion,
exchange or otherwise), extend, assume, Guarantee or become liable in respect of such Indebtedness or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such
Indebtedness or obligation on the balance sheet of such Person (and "Incurrence" and "Incurred" shall
have meanings correlative to the foregoing); provided, however, that a change in GAAP that results in an
obligation (including, without limitation, preferred stock, temporary equity, mezzanine equity or similar classification) of such Person that exists at such time, and is not theretofore classified as
Indebtedness, becoming Indebtedness shall not be deemed an Incurrence of such Indebtedness; provided further,  however, that any Indebtedness or other
obligations of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary; and provided further,  however, that solely
for purposes of determining compliance with Section 4.05, amortization of debt discount shall not be deemed to be the
Incurrence of Indebtedness, provided that 

7

 

in
the case of Indebtedness sold at a discount, the amount of such Indebtedness Incurred shall at all times be the aggregate principal amount at stated maturity. 

        "Indebtedness" means, with respect to any Person, without duplication: (i) all indebtedness of such Person for borrowed money or
for the deferred purchase price of property or services, excluding (x) any trade payables and other accrued current liabilities Incurred in the ordinary course of business and (y) Deemed
Capitalized Leases, but including, without limitation, all obligations of such Person in connection with any letters of credit and acceptances issued under letter of credit facilities, acceptance
facilities or other similar facilities, now or hereafter outstanding; (ii) all obligations of such Person evidenced by bonds, notes, debentures or other similar instruments; (iii) all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even if the rights and remedies of the seller or lender
under such agreement in the event of default are limited to repossession or sale of such property), but excluding trade accounts payable arising in the ordinary course of business; (iv) all
indebtedness referred to in clauses (i) through (iii) above of other Persons and all dividends of other Persons, the payment of which is secured by (or for which the holder of such
indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property (including, without limitation, accounts and contract rights) owned by such Person, even
though such Person has not assumed or become liable for the payment of such indebtedness; (v) all Guaranteed Indebtedness of such Person; (vi) all obligations under Interest Rate
Protection Agreements of such Person; (vii) all Currency Hedging Obligations of such Person; (viii) all Capital Lease Obligations of such Person; and (ix) any amendment,
supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in clauses (i) through (viii) above. 

        "Indenture" means this instrument as originally executed (including all exhibits and schedules hereto) and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof. 

        "Interest Rate Protection Agreement" means any interest rate protection agreement, interest rate future agreement, interest rate option
agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement
designed to protect the Company or any of its Subsidiaries against fluctuations in interest rates. 

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

        "Issue Date" means August     , 2010. 

        "Lien" means any mortgage, lien (statutory or other), pledge, security interest, encumbrance, claim, hypothecation, assignment for
security, deposit arrangement or preference or other security agreement of any kind or nature whatsoever. A Person shall be deemed to own subject to a Lien any property which it has acquired or holds
subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to Indebtedness of such Person. The right of a distributor
to the return of its film held by a Person under a film licensing agreement is not a Lien as used herein. Reservation of title under an operating lease by the lessor and the interest of the lessee
therein are not Liens as used herein. 

        "Maturity" means, with respect to any Security, the date on which the principal of such Security becomes due and payable as provided in
such Security or this Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

        "Moody's" means Moody's Investors Service, Inc. or any successor to the rating agency business thereof. 

8

 

        "NCM" means National CineMedia, Inc., or its subsidiary National CineMedia, LLC, and any successor entities thereto,
respectively. 

        "Net Cash Proceeds," with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of
attorneys' fees, accountants' fees, underwriters' or placement agents' fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection
with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements). 

        "Net Income" means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of preferred stock dividends, excluding, however, any gain or loss (net of related costs, fees, expenses and with any related provision for taxes on such gain or loss)
realized in connection with: (a) any asset sale or (b) the disposition of any securities by such Person or any of its Subsidiaries or the extinguishment of any Indebtedness of such
Person or any of its Subsidiaries. 

        "Net Senior Secured Indebtedness" of any Person means, as of any date of determination, (a) the aggregate amount of Senior
Indebtedness secured by a Lien (other than Capital Lease Obligations) of the Company and its Subsidiaries as of such date, less (b) cash and Cash Equivalents of the Company and its
Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP. 

        "Non-Recourse Indebtedness" means Indebtedness as to which: (i) none of the Company or any of its Subsidiaries:
(a) provides credit support (including any undertaking, agreement or instrument which would constitute Indebtedness); or (b) is directly or indirectly liable. 

        "Obligations" means any principal (including reimbursement obligations and guarantees), premium, if any, interest (including interest
accruing on or after the filing of, or which would have accrued but for the filing of, any petition in bankruptcy or for reorganization relating to the Company whether or not a claim for
post-filing interest is allowed in such proceedings), penalties, fees, expenses, indemnifications, reimbursements, claims for rescission, damages, gross-up payments and other
liabilities payable under the documentation governing any Indebtedness or otherwise. 

        "Officer" means the Chief Executive Officer, any Executive Vice President, any Senior Vice President and the Chief Financial Officer of
the Company. 

        "Officers' Certificate" means a certificate signed by two Officers. Each such certificate shall include the statements provided for in TIA
Section 314(e) to the extent applicable. 

        "Opinion of Counsel" means a written opinion of counsel to the Company or any other Person reasonably satisfactory to the Trustee. 

        "Permitted Holder" means Anschutz Company and any of its Affiliates. 

        "Permitted Indebtedness" means the following: 

          (i)  Indebtedness
of the Company in respect of the Initial Securities issued on the Issue Date; 

         (ii)  Indebtedness
of the Company or any Subsidiary under Credit Facilities together with the Guarantees thereunder and the issuance and creation of letters of credit and
bankers' acceptances thereunder (with letters of credit and bankers' acceptances being deemed to have a principal amount equal to the face amount thereof) in an aggregate principal amount at any one
time outstanding not to exceed $1,850.0 million; 

        (iii)  Indebtedness
of the Company and its Subsidiaries under the Existing Notes; 

        (iv)  Indebtedness
of the Company or any of its Subsidiaries outstanding on the Issue Date (other than the Existing Notes or Indebtedness outstanding under the Credit
Facility); 

9

 

         (v)  Indebtedness
of the Company or any of its Subsidiaries consisting of Permitted Interest Rate Protection Agreements; 

        (vi)  Indebtedness
of the Company or any of its Subsidiaries to any one or the other of them; 

       (vii)  Indebtedness
Incurred to renew, extend, refinance or refund (each, a "refinancing") the Existing Notes or any other
Indebtedness outstanding on the Issue Date (including the Initial Securities) in an aggregate principal amount not to exceed the principal amount of the Indebtedness so refinanced plus the amount of
any premium required to be paid in connection with such refinancing pursuant to the terms of the Indebtedness so refinanced or the amount of any premium reasonably determined by the Company as
necessary to accomplish such refinancing by means of a tender offer or privately negotiated repurchase, plus the expenses of the Company incurred in connection with such refinancing; 

      (viii)  Indebtedness
of any Subsidiary Incurred in connection with the Guarantee of any Indebtedness of the Company or the Guarantors in accordance with the provisions of
this Indenture; provided that in the event such Indebtedness that is being Guaranteed is a Subordinated Obligation or Guarantor Subordinated Obligation,
then the related Guarantee shall be subordinated in right of payment to any Subsidiary Guarantee; 

        (ix)  Indebtedness
relating to Currency Hedging Obligations entered into solely to protect the Company or any of its Subsidiaries from fluctuations in currency exchange rates
and not to speculate on such fluctuations; 

         (x)  Capital
Lease Obligations of the Company or any of its Subsidiaries; 

        (xi)  Indebtedness
of the Company or any of its Subsidiaries in connection with one or more standby letters of credit or performance bonds issued in the ordinary course of
business or pursuant to self-insurance obligations; 

       (xii)  Indebtedness
represented by property, liability and workers' compensation insurance (which may be in the form of letters of credit); 

      (xiii)  Acquired
Indebtedness; provided that such Indebtedness, if incurred by the Company, would be in compliance with
Section 4.05; 

      (xiv)  Indebtedness
of the Company or any of its Subsidiaries to an Unrestricted Subsidiary for money borrowed; provided that
such Indebtedness is subordinated in right of payment to the Securities and the Weighted Average Life of such Indebtedness is greater than the Weighted Average Life of the Securities; 

       (xv)  Construction
Indebtedness in an aggregate principal amount that does not exceed $100.0 million at any time outstanding; 

      (xvi)  Indebtedness
of the Company or a Subsidiary not otherwise permitted to be Incurred pursuant to clauses (i) through (xv) above which, together with any
other Indebtedness Incurred pursuant to this clause (xvi), has an aggregate principal amount that does not exceed $500.0 million at any time outstanding; and 

     (xvii)  Indebtedness
incurred by the Company or any of its Subsidiaries with respect to Digital Projector Financing in an aggregate principal amount incurred not to exceed
$200.0 million. 

        "Permitted Interest Rate Protection Agreements" means, with respect to any Person, Interest Rate Protection Agreements entered into in the
ordinary course of business by such Person that are designed to protect such Person against fluctuations in interest rates with respect to Permitted Indebtedness and that have a notional amount no
greater than the payment due with respect to Permitted Indebtedness hedged thereby. 

10

 

        "Permitted Liens" means, with respect to any Person: 

          (i)  Liens
on the property and assets of the Company and any Guarantors securing Indebtedness and Guarantees permitted to be Incurred under this Indenture (other than
Subordinated Obligations and Guarantor Subordinated Obligations) in an aggregate principal amount not to exceed the greater of (a) the maximum principal amount of Indebtedness that, as of the
date such Indebtedness was Incurred, and after giving effect to the Incurrence of such Indebtedness and the application of proceeds therefrom on such date, would not cause the Senior Secured Leverage
Ratio of the Company to exceed 2.75 to 1.00 and (b) the aggregate principal amount of Indebtedness permitted to be Incurred pursuant to clause (ii) of the definition of "Permitted
Indebtedness;" provided that in each case the Company may elect pursuant to an Officers' Certificate delivered to the Trustee to treat all or any
portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this
clause (i), to be an Incurrence at such subsequent time; 

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

        (iii)  Liens
imposed by law, including carriers', warehousemen's and mechanics' Liens and other similar Liens, on the property of the Company or any Subsidiary, in each case
arising in the ordinary course of business and securing payment of obligations that are not more than 60 days past due, or are being contested in good faith by appropriate proceedings if a
reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made in respect thereof; 

        (iv)  Liens
for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being contested in good faith by
appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 

         (v)  Liens
on the Capital Stock of Unrestricted Subsidiaries; 

        (vi)  Liens
in favor of issuers of surety or performance bonds or letters of credit or bankers' acceptances issued pursuant to the request of and for the account of such
Person in the ordinary course of its business; provided, however, that such letters of credit do not
constitute Indebtedness; 

       (vii)  encumbrances,
ground leases, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real
properties or liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 

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

11

 

        (ix)  leases,
licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere
with the ordinary conduct of the business of the Company and any of its Subsidiaries taken as a whole; 

         (x)  judgment
Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated
for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 

        (xi)  Liens
for the purpose of securing the payment of all or a part of the purchase price of purchase money obligations or other payments Incurred to finance the
acquisition, improvement or construction of, assets or property acquired or constructed in the ordinary course of business provided that: 

        (a)   the
aggregate principal amount of Indebtedness (excluding Acquisition Indebtedness) secured by such Liens does not exceed the cost of the assets or property so acquired
or constructed and such Indebtedness (excluding Acquisition Indebtedness) does not exceed $100.0 million in the aggregate at any one time outstanding and does not exceed the cost of assets or
property so acquired or constructed (provided, however, that Deemed Capitalized Leases shall not be
subject to this clause (xi)(a)); and 

        (b)   such
Liens are created within 180 days of construction or acquisition of such assets or property and do not encumber any other assets or property of the Company
or any Subsidiary other than such assets or property and assets affixed or appurtenant thereto; 

       (xii)  Liens
arising solely by virtue of any statutory or common law provisions relating to banker's Liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with a depositary institution; 

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

      (xiv)  Liens
existing on the Issue Date (excluding Liens relating to obligations under the Credit Facilities and Liens of the kind referred to in clause (xi) above); 

       (xv)  Liens
on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however, that such Liens are not created, Incurred or assumed
in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided further,  however, that any such Lien may not extend to any
other property owned by the Company or any Subsidiary; 

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

     (xvii)  Liens
securing Indebtedness or other obligations of a Subsidiary owing to the Company or another Subsidiary; 

    (xviii)  Liens
securing the Securities and any Subsidiary Guarantees; 

      (xix)  Liens
securing Indebtedness Incurred to refinance Indebtedness that was previously so secured (other than Liens Incurred pursuant to clauses (i),
(xxii) or (xxiii)), provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect
thereof) that secured (or, under the written 

12

 

arrangements
under which the original Lien arose, could secure) the Indebtedness being refinanced; 

       (xx)  any
interest or title of a lessor under any Capital Lease Obligation or operating lease; 

      (xxi)  Liens
securing Construction Indebtedness not to exceed $100.0 million; 

     (xxii)  Liens
securing letters of credit in an amount not to exceed $30.0 million in the aggregate at any one time; and 

    (xxiii)  other
Liens securing Indebtedness in an amount not to exceed $50.0 million in the aggregate at any one time. 

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

        "Preferred Stock" as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of
any other class of such corporation. 

        "Rating Agencies" means Moody's and S&P or if Moody's or S&P or both shall not make a rating on the Securities publicly available, a
nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company that shall be substituted for Moody's or S&P or both, as the case may be. 

        "Redeemable Capital Stock" means any Capital Stock that, either by its terms, by the terms of any security into which it is convertible or
exchangeable or otherwise, is or upon the happening of an event or passage of time would be required to be redeemed prior to the final Stated Maturity of the Securities or is mandatorily redeemable at
the option of the holder thereof at any time prior to such final Stated Maturity (except for any such Capital Stock that would be required to be redeemed or is redeemable at the option of the holder
if the issuer thereof may redeem such Capital Stock for consideration consisting solely of Capital Stock that is not Redeemable Capital Stock), or is convertible into or exchangeable for debt
securities at any time prior to such final Stated Maturity at the option of the holder thereof. 

        "Regal Cinemas" means Regal Cinemas Corporation, a Delaware corporation, and any successor entities thereto. 

13

 

 

        "Registration Rights Agreement" means any registration rights agreement executed in connection with an offering of any Additional
Securities. 

        "Restricted Payments" has the meaning set forth in Section 4.06. 

        "S&P" means Standard & Poor's Ratings Service or any successor to the rating agency business thereof. 

        "SEC" means the Securities and Exchange Commission. 

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

        "Senior Indebtedness" means, whether outstanding on the Issue Date or thereafter issued, created, Incurred or assumed, all amounts payable
by the Company and its Subsidiaries under or in respect of Indebtedness of the Company and its Subsidiaries, including the Securities, and premiums and accrued and unpaid interest (including interest
accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or any of its Subsidiaries at the rate specified in the documentation with respect thereto
whether or not a claim for post filing interest is allowed in such proceeding) and fees relating thereto; provided,  however, that Senior Indebtedness will
not include: 

          (i)  any
obligation of the Company to any Subsidiary or any obligation of a Subsidiary to the Company or another Subsidiary; 

         (ii)  any
liability for Federal, state, foreign, local or other taxes owed or owing by the Company or any of its Subsidiaries; 

        (iii)  any
accounts payable or other liability to trade creditors arising in the ordinary course of business (including Guarantees thereof or instruments evidencing such
liabilities); 

        (iv)  any
Indebtedness, Guarantee or obligation of the Company or any of its Subsidiaries that is expressly subordinate or junior in right of payment to the notes or any
Subsidiary Guarantee; or 

         (v)  any
Capital Stock. 

        "Senior Secured Leverage Ratio" of any Person means, for any period, the ratio of (a) Net Senior Secured Indebtedness of such
Person and its Subsidiaries as of the date of determination to (b) Consolidated EBITDA of such Person for the four fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is Incurred; provided, however,
that if the Company or any Subsidiary: 

          (i)  has
Incurred any Indebtedness since the beginning of such period that remains outstanding on such date of determination or if the transaction giving rise to the need to
calculate the Senior Secured Leverage Ratio is an Incurrence of Indebtedness, Indebtedness at the end of such period, Consolidated EBITDA and Consolidated Interest Expense for such period will be
calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period (except that in making such computation, the amount
of Indebtedness under any revolving credit facility outstanding on the date of such calculation will be deemed to be: 

        (a)   the
average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was outstanding; or 

        (b)   if
such facility was created after the end of such four fiscal quarters, the average daily balance of such Indebtedness during the period from the date of creation of
such facility to the date of such calculation); and 

the
discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such
period; or 

14

 

         (ii)  has
repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of the period that is no longer outstanding on such date of determination
or if the transaction giving rise to the need to calculate the Senior Secured Leverage Ratio involves a discharge of Indebtedness (in each case other than Indebtedness Incurred under any revolving
credit facility unless such Indebtedness has been permanently repaid and the related commitment terminated), Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for such period will be
calculated after giving effect on a pro forma basis to such discharge of such Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day of
such period. 

        "Significant Subsidiary" means any Subsidiary that would be a "Significant Subsidiary" of the Company within the meaning of
Rule 1-02 under Regulation S-X promulgated by the SEC. 

        "Stated Maturity," when used with respect to any Security or any installment of interest thereof, means the date specified in such
Security as the fixed date on which the principal of such Security or such installment of interest is due and payable. 

        "Stockholders Agreement" means the Amended and Restated Stockholders Agreement, dated May 14, 2002, between the Company and
Anschutz Company. 

        "Subordinated Obligation" means any Indebtedness of the Company that is subordinate or junior in right of payment to the Securities
pursuant to a written agreement. 

        "Subsidiary" of any person means: (i) any corporation of which more than 50% of the outstanding shares of Capital Stock having
ordinary voting power for the election of directors is owned directly or indirectly by such Person; and (ii) any partnership, limited liability company, association, joint venture or other
entity in which such Person, directly or indirectly, has more than a 50% equity interest, and, except as otherwise indicated herein, references to Subsidiaries shall refer to Subsidiaries of the
Company. Notwithstanding the foregoing, for purposes hereof, an Unrestricted Subsidiary shall not be deemed a Subsidiary of the Company other than for purposes of the definition of "Unrestricted
Subsidiary" unless the Company shall have designated in writing to the Trustee an Unrestricted Subsidiary as a Subsidiary. A designation of an Unrestricted Subsidiary as a Subsidiary may not
thereafter be rescinded. 

        "Subsidiary Guarantee" means, individually, any Guarantee of payment of the Securities pursuant to this Indenture by a Guarantor and any
supplemental indenture applicable thereto (including pursuant to Exhibit C), and, collectively, all such Guarantees. Any such Subsidiary Guarantee will be in the
form prescribed in this Indenture. 

        "Surviving Entity" has the meaning set forth in Section 5.01. 

        "Theatre Completion" means any motion picture theatre or screen which was first opened for business by the Company or a Subsidiary,
including through mergers, acquisitions or consolidations, during any applicable period. 

        "TIA" means the Trust Indenture Act of 1939 (15 U.S.C.77aaa-77bbbb) as in effect on the Issue Date;  provided, however,
that, in the event the TIA is amended after such date, "TIA" means, to the extent
required by any such amendments, the Trust Indenture Act of 1939 as so amended. 

        "Trust Officer" means any officer within the corporate trust department of the Trustee (or any successor group of the Trustee) with direct
responsibility for the administration of this Indenture 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. 

15

 

        "Trustee" means the Person named as the "Trustee" in the first paragraph of this instrument, until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean such successor Trustee. 

        "U.S. Dollars," "United States Dollars,"
"US$" and the symbol "$" each mean currency of the United States of America. 

        "Uniform Commercial Code" means the New York Uniform Commercial Code as in effect from time to time. 

        "Unrestricted Subsidiary" means a Subsidiary of the Company designated in writing to the Trustee: (i) whose properties and assets,
to the extent they secure Indebtedness, secure only Non-Recourse Indebtedness; and (ii) that has no Indebtedness other than Non-Recourse Indebtedness; and
(iii) that has no Subsidiaries other than Unrestricted Subsidiaries. Notwithstanding the foregoing, DCIP shall be an Unrestricted Subsidiary to the extent the Company acquires additional Equity
Interests in DCIP pursuant to a merger or acquisition such that DCIP becomes a Subsidiary of the Company. 

        "Voting Stock" of a Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then
outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

        "Weighted Average Life" means, as of any date, with respect to any debt security, the quotient obtained by dividing (i) the sum of
the products of the number of years from such date to the dates of each successive scheduled principal payment (including any sinking fund payment requirements) of such debt security multiplied by the
amount of such principal payment, by (ii) the sum of all such principal payments. 

        "Wholly Owned Subsidiary" of any Person means a Subsidiary of such Person, all of the Capital Stock (other than directors' qualifying
shares) or other ownership interests of which shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned
Subsidiaries of such Person. 

16

 

 
 

          Section 1.02    Other Definitions.     

 

 

			
	Term

 
	 	Defined in Section 
	 "Additional Securities"
	 	Recitals
	 "Change of Control Offer"
	 	4.11
	 "Change of Control Payment Date"
	 	4.11
	 "Change of Control Purchase Price"
	 	4.11
	 "covenant defeasance option"
	 	8.01
	 "Covenant Suspension Event"
	 	4.17
	 "Default Interest Payment Date"
	 	2.11
	 "Default Interest Record Date"
	 	2.11
	 "Event of Default"
	 	6.01
	 "Exchange Securities"
	 	Recitals
	 "Global Security"
	 	Exhibit A
	 "Guarantor Obligations"
	 	10.01
	 "Initial Securities"
	 	Recitals
	 "legal defeasance option"
	 	8.01
	 "Legal Holiday"
	 	11.08
	 "OID"
	 	2.01
	 "Paying Agent"
	 	2.04
	 "Private Exchange Securities"
	 	Recitals
	 "QIB"
	 	Exhibit A
	 "Registered Exchange Offer"
	 	Exhibit A
	 "Registrar"
	 	2.04
	 "Relevant Person"
	 	11.13
	 "Restricted Payments"
	 	4.06(a)
	 "Reversion Date"
	 	4.17
	 "Rule 144A"
	 	Exhibit A
	 "Securities"
	 	Recitals
	 "Securities Custodian"
	 	Exhibit A
	 "Shelf Registration Statement"
	 	Exhibit A
	 "Surviving Entity"
	 	5.01(a)
	 "Suspended Covenants"
	 	4.17
	 "Suspension Date"
	 	4.17
	 "Suspension Period"
	 	4.17

 

  
 

           Section 1.03    Incorporation by Reference of Trust Indenture Act.     This Indenture shall be subject
to the provisions of the TIA that are required to be a part of this Indenture and shall, to the extent applicable, be governed by
such provisions. The following TIA terms have the following meanings: 

        "Commission"
means the SEC. 

        "Indenture
securities" means the Securities. 

        "indenture
Security Holder" means a Holder. 

        "indenture
to be Qualified" means this Indenture. 

        "Indenture
Trustee" or "institutional Trustee" means the Trustee. 

        "obligor"
on the indenture securities means the Company and any other obligor on the indenture securities. 

        All
other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned to them by such
definitions. 

17

 

 
 

           Section 1.04    Rules of Construction.     Unless the context otherwise requires: 

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

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

        (c)   "or"
is not exclusive; 

        (d)   "including"
means including without limitation; 

        (e)   words
in the singular include the plural and words in the plural include the singular; 

        (f)    unsecured
Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; and 

        (g)   the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a
balance sheet of the issuer dated such date prepared in accordance with GAAP. 

18

 

 
 

  ARTICLE II
  
    THE SECURITIES    
    

 
 

           Section 2.01    Amount of Securities; Issuable in Series.     As provided for in Exhibit A
hereto, the aggregate principal amount of the Securities which may be authenticated and delivered
under this Indenture is unlimited. All Securities shall be substantially identical in all respects other than issue prices, issuance dates and denominations. The Securities may be issued in one or
more series; provided, however, that any Securities issued with original issue discount
("OID") for Federal income tax purposes shall not be issued as part of the same series as any Securities that are issued with a different amount of OID
or are not issued with OID. 

        Subject
to Section 2.03, the Trustee shall authenticate Initial Securities for original issue on the Issue Date in the aggregate principal amount of $275,000,000. With respect to
any Securities issued after the Issue Date (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, Initial Securities pursuant to
Section 2.07, 2.09 or 3.06 or Exhibit A), there shall be established in or pursuant to a resolution of the Board of Directors, and subject to
Section 2.03, set forth, or determined in the manner provided in an Officers' Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of such
Securities: 

        (a)   whether
such Securities shall be issued as part of a new or existing series of Securities and the title of such Securities (which shall distinguish the Securities of the
series from Securities of any other series); 

        (b)   the
aggregate principal amount of such Securities that may be authenticated and delivered under this Indenture (which shall be calculated without reference to any
Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the same series pursuant to Section 2.07, 2.09 or 3.06 or
Exhibit A or any Securities which, pursuant to Section 2.03, are deemed never to have been authenticated and delivered hereunder); 

        (c)   the
issue price and issuance date of such Securities, including the date from which interest on such Securities shall accrue; 

        (d)   if
applicable, that such Securities shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective depositories for
such Global Securities, the form of any legend or legends that shall be borne by any such Global Security in addition to or in lieu of those set forth in Section 2.3(e) of
Exhibit A and any circumstances in addition to or in lieu of those set forth in Section 2.3 of Exhibit A in which any
such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons
other than the depository for such Global Security or a nominee thereof; and 

        (e)   if
applicable, that such Securities shall not be issued in the form of Initial Securities or Additional Securities, but shall be issued in the form of Private Exchange
Securities or Exchange Securities. 

        If
any of the terms of any series are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be certified by
the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers' Certificate or the trust indenture supplemental hereto setting forth
the terms of the series. 

19

 

 
 

          Section 2.02    Form and Dating.     Provisions relating to the Securities are set forth in
Exhibit A, which is hereby incorporated in and expressly made part of
this Indenture. The Securities of each series and the Trustee's certificate of authentication shall be substantially in the form of Appendix I to Exhibit A
which is hereby incorporated in and expressly made a part of this Indenture. Without limiting the generality of the foregoing, Securities offered and sold to QIBs in reliance on Rule 144A shall
include the form of assignment set forth in Appendix I to Exhibit A and Securities offered and sold in offshore transactions in reliance on
Regulation S shall include the form of certificate set forth in Exhibit B. The Securities of each series may have notations, legends or endorsements required
by law, stock exchange rule, agreements to which the Company is subject, if any, or usage; provided that any such notation, legend or endorsement is in
a form reasonably acceptable to the Company. Each Security shall be dated the date of its authentication. The terms of the Securities of each series set forth in Appendix I to
Exhibit A are part of the terms of this Indenture. 

 
 

          Section 2.03    Execution and Authentication.     Two Officers (or one Officer and the Vice President
and Secretary of the Company) shall sign the Securities for the Company by manual or facsimile signature. 

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

        At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a written order of the Company in the form of an Officers' Certificate for the authentication and delivery of such Securities, and the Trustee in accordance with such
written order of the Company shall authenticate and deliver such Securities. 

        A
Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture. 

        The
Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless limited by the terms of such appointment, an authenticating
agent may authenticate Securities 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 any Registrar, Paying Agent or agent for service of notices and demands. 

        The
Trustee shall not be required to authenticate such Securities if the issue thereof will adversely affect the Trustee's own rights, duties, indemnities or immunities under the
Securities and this Indenture. 

 
 

           Section 2.04    Registrar and Paying Agent.     The Company shall maintain an office or agency where
Securities may be presented for registration of transfer or for exchange (the
"Registrar") and an office or agency where Securities may be presented for payment (the "Paying Agent").
The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term
"Paying Agent" includes any additional paying agent and "Registrar" includes any co-registrar. 

        The
Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall incorporate the terms 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, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any of its domestic Wholly Owned Subsidiaries
may act as Paying Agent, Registrar or transfer agent. 

20

 

        The
Company initially appoints the Trustee as Registrar and Paying Agent in connection with the Securities. 

 
 

          Section 2.05    Paying Agent To Hold Money in Trust.     Prior to each due date of the principal and
interest (including any Additional Interest) on any Security, the Company shall deposit with the Paying Agent a sum
sufficient to pay such principal and interest so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for
the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any default by the Company or any
Guarantor in making any such payment. If the Company or a domestic Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust
fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the
Paying Agent (if other than the Company or a domestic Wholly Owned Subsidiary) shall have no further liability for the money delivered to the Trustee. 

 
 

           Section 2.06    Holder Lists.     The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Holders and shall
otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company on its own behalf and on the behalf of each of the Guarantors shall furnish to the Trustee, in writing
at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Holders and the Company and the Guarantors shall otherwise comply with TIA Section 312(a). 

 
 

           Section 2.07    Replacement Securities.     If a mutilated security is surrendered to the Registrar or
if the Holder of a Security claims that such Security has been lost, destroyed or wrongfully taken, the
Company shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies
any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to
protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may
charge the Holder for their expenses in replacing a Security. 

        Every
replacement Security is an additional obligation of the Company. 

 
 

          Section 2.08    Outstanding Securities.     Securities outstanding at any time are all Securities
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. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

        If
a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is
held by a protected purchaser. 

        If
the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on
that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on that date
pursuant to the terms of this Indenture, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest, on them ceases to accrue. 

 
 

           Section 2.09    Temporary Securities.     Until definitive Securities are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be 

21

 

substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and
the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. After the preparation of definitive Securities, the temporary Securities shall be
exchangeable for definitive Securities upon surrender of the temporary Securities at any office or agency maintained by the Company for that purpose and such exchange shall be without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute, and the Trustee shall authenticate and make available for delivery in exchange therefor, one
or more definitive Securities representing an equal principal amount of Securities. Until so exchanged, the Holder of temporary Securities shall in all respects be entitled to the same benefits under
this Indenture as a Holder of definitive Securities. 

 
 

           Section 2.10    Cancellation.     The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel (subject to the record retention requirements of the Exchange Act) all Securities
surrendered for registration of transfer, exchange, payment or cancellation and deliver cancelled Securities to the Company upon a written direction of the Company. Except as expressly permitted
herein, the Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. 

        If
the Company or any Guarantor acquires any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Securities
unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.10. The Company may not issue new Securities to replace Securities it has paid or delivered
to the Trustee for cancellation for any reason other than in connection with a registration of transfer or exchange of such Securities. 

        At
such time as all beneficial interests in a Global Security have either been exchanged for definitive Securities, transferred, redeemed, repurchased or canceled, such Global Security
shall be returned by DTC to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged
for definitive Securities, transferred in exchange for an interest in another Global Security, redeemed, repurchased or canceled, the principal amount of Securities represented by such Global Security
shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the
Trustee or the Securities Custodian, to reflect such reduction. 

 
 

           Section 2.11    Defaulted Interest.     If the Company defaults in a payment of interest on the
Securities, the Company shall pay the defaulted interest (plus interest on such defaulted interest at the
rate borne by the Securities to the extent lawful) in any lawful manner. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Security and
the date (not less than 30 days after such notice) of the proposed payment (the "Default Interest Payment Date"), and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as in this clause provided.
Thereupon the Trustee shall fix a record date (the "Default Interest Record Date") for the payment of such defaulted interest, which date shall be not
more than 15 days and not less than 10 days prior to the Default Interest Payment Date and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Default Interest Record Date, and in the name and at the expense of the Company, shall cause notice of the proposed payment of such
defaulted interest and the Default Interest Record Date and Default Interest Payment Date therefor to be given in the manner provided for in 

22

 

Section 11.02,
not less than 10 days prior to such Default Interest Record Date. Notice of the proposed payment of such defaulted interest and the Default Interest Record Date and
Default Interest Payment Date therefor having been so given, such defaulted interest shall be paid on the Default Interest Payment Date to the Persons in whose names the Securities (or their
respective predecessor Securities) are registered at the close of business on such Default Interest Record Date and shall no longer be payable. 

        The
Company may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed
practicable by the Trustee. 

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

 
 

           Section 2.12    CUSIP Numbers, Common Codes or ISINs.     The Company in issuing the Securities may use
"CUSIP" numbers, "Common Codes" or "ISINs" (if then generally in use) and, if so, the Trustee shall use "CUSIP"
numbers, "Common Codes" or "ISINs" in notices of redemption as a convenience to Holders; provided,  however, that neither the Company nor the Trustee shall
have any responsibility for any defect in the "CUSIP" number, "Common Code" or "ISIN" that
appears on any Security, check, advice of payment or redemption notice, and any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP number, Common Code or ISIN. 

 
 

          Section 2.13    Computation of Interest.     Interest on the Securities shall be computed on the basis
of a 360-day year of twelve 30-day months. 

23

 

 

 
 

  ARTICLE III
  
    REDEMPTION    
    

 
 
        Section 3.01    Notices to Trustee.     If the Company elects to redeem Securities pursuant to
paragraph 5 of the Securities (as set forth in Appendix I to
Exhibit A), it shall notify the Trustee in writing of the redemption date, the principal amount of Securities to be redeemed, the redemption price and that such
redemption is being made pursuant to paragraph 5 of the Securities. 

        The
Company shall give notice to the Trustee provided for in this Section 3.01 at least 45 days but not more than 60 days before the redemption date unless the
Trustee consents to a shorter period. Such notice shall be accompanied by an Officers' Certificate and an Opinion of Counsel from the Company to the effect that such redemption will comply with the
conditions herein. 

 
 

           Section 3.02    Selection of Securities To Be Redeemed.     If fewer than all the Securities are to be
redeemed at any time, not more than 60 days prior to the redemption date, the Trustee shall select the
Securities to be redeemed pro rata or by lot or by a method that complies with applicable legal and securities exchange requirements, if any, and that the Trustee considers fair and appropriate and in
accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. The Trustee shall make the selection from outstanding Securities not previously called for
redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than $2,000. Securities and portions of them the Trustee selects shall be in
amounts of $2,000 or whole multiples of $1,000 in excess thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for
redemption. The Trustee shall notify the Company promptly of the Securities or portions of Securities to be redeemed. 

 
 

           Section 3.03    Notice of Redemption.     At least 30 days but not more than 60 days before a
date for redemption of Securities, the Company shall mail a notice of redemption by first-class
mail to each Holder of Securities to be redeemed at its registered address. 

        The
notice shall identify the Securities (or portion thereof) to be redeemed (including CUSIP numbers if any) and shall state: 

        (a)   the
redemption date; 

        (b)   the
redemption price; 

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

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

        (e)   if
fewer than all the outstanding Securities are to be redeemed, or if a Security is to be redeemed in part only, the identification and principal amounts of the
particular Securities (or portion thereof) to be redeemed; 

        (f)    that,
unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture,
interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; and 

        (g)   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 Securities. 

        At
the Company's written request, the Trustee shall give the notice of redemption in the Company's name and at the Company's expense. In such event, the Company shall provide the Trustee
with the information required by this Section at least 45 days before the redemption date, unless the Trustee consents to a shorter period. 

24

 

 
 

           Section 3.04    Effect of Notice of Redemption.     Once notice of redemption is mailed, Securities
called for redemption become due and payable on the redemption date and at the redemption price stated in the
notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued interest (including any Additional Interest) to the redemption date
(subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date that is on or prior to the date of redemption). Failure to give
notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

 
 

           Section 3.05    Deposit of Redemption Price.     Prior to 10:00 a.m., New York City time, on the
redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a domestic Wholly
Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest (including any Additional Interest) (subject to the right
of Holders of record on the relevant record date to receive interest (including any Additional Interest) due on the related interest payment date that is on or prior to the date of redemption) on all
Securities to be redeemed on that date other than Securities or portions of Securities called for redemption that have been delivered by the Company to the Trustee for cancellation. 

 
 

           Section 3.06    Securities Redeemed in Part.     Upon surrender of a Security that is redeemed in part,
the Company shall execute and the Trustee shall authenticate for the Holder (at the Company's expense) a
new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

 
 

  ARTICLE IV
  
    COVENANTS    
    

 
 
        Section 4.01    Payment of Securities.     The Company shall promptly pay the principal of, premium, if any,
and interest (including any Additional Interest) on the Securities, in immediately available
funds, on the dates and in the manner provided in the Securities and in this Indenture. Principal, premium, if any, and interest (including any Additional Interest) shall be considered paid on the
date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the
Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

        The
Company shall pay interest on overdue principal at the rate specified therefore in the Securities, and it shall pay interest on overdue installments of interest (including any
Additional Interest) at the rate borne by the Securities to the extent lawful. 

        The
Company and the Guarantors will pay any present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies that arise in any
jurisdiction from the execution, delivery, enforcement or registration of the Securities, any Subsidiary Guarantees, this Indenture or any other document or instrument in relation thereof, or the
receipt of any payments with respect to the Securities or any Subsidiary Guarantees, excluding such taxes, charges or similar levies imposed by any jurisdiction outside of the United States, the
jurisdiction of incorporation of any successor of the Company or any Guarantor or any jurisdiction in which a Paying Agent is located, other than those resulting from, or required to be paid in
connection with, the enforcement of the Securities, any Subsidiary Guarantees or any other such document or instrument following the occurrence of any Event of Default with respect to the Securities.
The Company or the Guarantors will indemnify the Holders for any such taxes paid by such Holders. 

 
 

           Section 4.02    Corporate Existence.     Subject to Article V, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect the corporate existence
and corporate 

25

 

power
and authority of the Company and each Guarantor; provided, however, that the Company shall not be
required to preserve any such corporate existence and corporate power and authority if the Company 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. 

 
 

          Section 4.03    Payment of Taxes and Other Claims.     The Company will pay or discharge or cause to be
paid or discharged, before the same shall become delinquent, 

        (a)   all
material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or
any Subsidiary; and 

        (b)   all
material lawful claims for labor, materials and supplies, which, if unpaid, might by law become a Lien upon the property of the Company or any Subsidiary that could
produce a material adverse effect on the consolidated financial condition of the Company; provided,  however, that the Company shall not be required to pay
or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by appropriate proceedings. 

 
 

           Section 4.04    Maintenance of Properties.     The Company will cause all properties owned by the
Company or any Subsidiary or used or held for use in the conduct of its business or the business of any
Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all
times, except, in every case, as and to the extent that the Company may be prevented by fire, strikes, lockouts, acts of God, inability to obtain labor or materials, governmental restrictions, enemy
action, civil commotion or unavoidable casualty or similar causes beyond the control of the Company; provided,  however, that nothing in this
Section 4.04 shall prevent the Company from discontinuing the maintenance of any such properties if such
discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders. 

 
 

           Section 4.05    Limitation on Consolidated Indebtedness.     (a) The Company shall not, and shall
not permit any of its Subsidiaries to, Incur any Indebtedness (other than Permitted Indebtedness) unless after giving
effect to such event on a pro forma basis the Company's Consolidated EBITDA Ratio for the four full fiscal quarters immediately preceding such event for which internal financial statements are
available, taken as one period, is greater than or equal to 2.00 to 1.00. 

        (b)   For
purposes of determining compliance with this Section 4.05, in the event that an item of Indebtedness (or any portion thereof) meets the criteria of one or
more of the categories of Permitted Indebtedness or is entitled to be Incurred pursuant to the ratio set forth in Section 4.05(a) hereof, the Company shall, in its sole discretion, classify or
reclassify, or later divide, classify or reclassify, such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 4.05. 

 
 

          Section 4.06    Limitation on Restricted Payments.     (a) The Company shall not, and shall not
permit its Subsidiaries to, directly or indirectly: 

          (i)  declare
or pay any dividend on, or make any distribution in respect of, any shares of the Company's or any Subsidiary's Capital Stock (excluding dividends or
distributions payable in shares of the Company's Capital Stock or in options, warrants or other rights to purchase such Capital Stock, but including dividends or distributions payable in Redeemable
Capital Stock or in options, warrants or other rights to purchase Redeemable Capital Stock (other than dividends on such Redeemable Capital Stock payable in shares of such Redeemable Capital Stock))
held by any Person other than the Company or any of its Wholly Owned Subsidiaries; 

26

 

         (ii)  purchase,
redeem or acquire or retire for value any Capital Stock of the Company or any Affiliate thereof (other than any Wholly Owned Subsidiary of the Company) or any
options, warrants or other rights to acquire such Capital Stock; or 

        (iii)  purchase,
repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any
Subordinated Obligations or Guarantor Subordinated Obligations (other than the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Guarantor
Subordinated Obligations purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity,
in each case due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement); 

(such
payments or any other actions described in (i), (ii) and (iii) above are collectively referred to as "Restricted Payments") unless
at the time of and after giving effect to the proposed Restricted Payment (the amount of any such Restricted Payment, if other than cash, as determined by the Board of Directors, whose determination
shall be conclusive and evidenced by a Board Resolution): (A) no Default or Event of Default shall have occurred and be continuing; (B) the Company could incur $1.00 of additional
Indebtedness (other than Permitted Indebtedness) under the provisions of Section 4.05; and (C) the aggregate amount of all Restricted Payments declared or made after the Issue Date
(including the proposed Restricted Payment) does not exceed the sum of (excluding Restricted Payments permitted by Sections 4.06(b)(iii), 4.06(b)(iv), 4.06(b)(v), 4.06(b)(vi), 4.06(b)(vii) and
4.06(b)(ix)): 

        (1)   (x)
Consolidated EBITDA minus (y) 1.70 times Consolidated Interest Expense, each calculated for the period (taken as one accounting period) from March 28,
2009 to the last day of the Company's fiscal quarter preceding the date of the applicable proposed Restricted Payment; plus

        (2)   100%
of the aggregate net proceeds, including the Fair Market Value of property other than cash (as determined by the Board of Directors, whose determination shall be
conclusive, except that for any property whose Fair Market Value exceeds $25.0 million such Fair Market Value shall be confirmed by an independent appraisal obtained by the Company), received
after the Issue Date by the Company from the issuance or sale (other than to any of its Subsidiaries) of shares of Capital Stock of the Company (other than Redeemable Capital Stock) or warrants,
options or rights to purchase such shares of Capital Stock; plus

        (3)   100%
of the aggregate net proceeds, including the Fair Market Value of property other than cash (as determined by the Board of Directors, whose determination shall be
conclusive, except that for any property whose Fair Market Value exceeds $25.0 million such Fair Market Value shall be confirmed by an independent appraisal obtained by the Company), received
after the Issue Date by the Company from debt securities that have been converted into or exchanged for Capital Stock of the Company (other than Redeemable Capital Stock) to the extent such debt
securities were originally sold for such net proceeds plus the aggregate cash received by the Company at the time of such conversion; plus

        (4)   100%
of the principal amount of any of the Existing Notes that are converted into Capital Stock of the Company (other than Redeemable Capital Stock) after the Issue
Date; plus

        (5)   to
the extent not already included in Consolidated EBITDA, 100% of the aggregate amount of cash and the Fair Market Value of marketable securities or other property
received by the Company or a Subsidiary following the Issue Date by means of the sale (other than to the Company or a Subsidiary) of (a) an Unrestricted Subsidiary, or (b) the property
held by an Unrestricted Subsidiary, or (c) the Capital Stock of an Unrestricted Subsidiary (other than 

27

 

to
the extent the Indebtedness in the Unrestricted Subsidiary constituted Permitted Indebtedness), or receipt of a dividend or any other distribution from an Unrestricted Subsidiary after the Issue
Date; plus

        (6)   in
the case of the designation of an Unrestricted Subsidiary as a Subsidiary after the Issue Date, the Fair Market Value of the Company's and its Subsidiaries' aggregate
interests in such Unrestricted Subsidiary (as determined by the Board of Directors, whose determination shall be conclusive, except that if the Fair Market Value of such interest exceeds
$50.0 million such Fair Market Value shall be confirmed by an independent appraisal obtained by the Company) at the time of the designation of such Unrestricted Subsidiary as a Subsidiary. 

        (b)   Notwithstanding
Section 4.06(a), the Company or any of its Subsidiaries may: 

          (i)  pay
dividends on its Capital Stock within 60 days of the declaration thereof if, on the declaration date, such dividends could have been paid in compliance with
the foregoing limitation; 

         (ii)  acquire,
redeem or retire Capital Stock in exchange for, or in connection with a substantially concurrent issuance of, Capital Stock of the Company (other than
Redeemable Capital Stock); 

        (iii)  make
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Company or Guarantor Subordinated
Obligations of any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than Redeemable Capital Stock and other than
Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from
or Guaranteed by the Company or any Subsidiary unless such loans have been repaid with cash on or prior to the date of determination); provided,  however,
that the net proceeds from such sale of Capital Stock will be excluded from clause (2) of Section 4.06(a) hereof; 

        (iv)  make
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Company or Guarantor Subordinated
Obligations of any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated
Obligations of the Company or any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Guarantor Subordinated Obligations made by exchange for or out of the proceeds of
the substantially concurrent sale of Guarantor Subordinated Obligations that, in each case, is permitted to be Incurred pursuant to Section 4.05 hereof; 

         (v)  in
the case of a Subsidiary, pay dividends (or in the case of any partnership or limited liability company, any similar distribution) to the holders of its Capital Stock
on a pro rata basis; 

        (vi)  make
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock of the Company (A) deemed to occur upon the exercise of
stock options to the extent such Capital Stock represents a portion of the exercise price of such options or (B) in connection with the terms of any restricted stock agreement awarded to any
employee, officer or director of the Company or its Subsidiaries; 

       (vii)  make
other Restricted Payments in an aggregate amount not to exceed $400.0 million; 

28

 

      (viii)  make
any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Obligation at a purchase price not greater than
101% of the principal amount of such Subordinated Obligation plus accrued and unpaid interest in the event of a Change of Control in accordance with provisions similar to Section 4.11 hereof;
provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company has made the Change of Control Offer (as defined
herein) as provided in such covenant with respect to the Securities and has completed the repurchase or redemption of all such Securities validly tendered for payment in connection with such Change of
Control Offer; and 

        (ix)  the
declaration and payment of any dividend or distribution by the Company to the holders of its Capital Stock on a pro rata basis (a) of the Capital Stock of
NCM or net proceeds from the sale or disposition of Capital Stock of NCM, or (b) in an aggregate amount not to exceed $150.0 million during any twelve month period. 

 
 

           Section 4.07    Limitation on Transactions with Affiliates.     (a) The Company shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly, enter into or suffer to exist any transaction or series
of related transactions (including, without limitation, the sale, purchase, exchange or lease of assets, property or services) with any Affiliate of the Company (other than a Wholly Owned Subsidiary
of the Company) involving aggregate consideration in excess of $5.0 million, unless: (i) such transaction or series of transactions is on terms that are no less favorable to the Company
or such Subsidiary, as the case may be, than would be available at the time of such transaction or series of transactions in a comparable transaction in an arm's-length dealing with an unaffiliated
third party; (ii) such transaction or series of transactions is in the best interests of the Company; and (iii) with respect to a transaction or series of transactions involving
aggregate payments equal to or greater than $50.0 million, a majority of disinterested members of the Board of Directors determines that such transaction or series of transactions complies with
clauses (i) and (ii) above, as evidenced by a Board Resolution. 

        (b)   Notwithstanding
the foregoing limitation, the Company and its Subsidiaries may enter into or suffer to exist the following: 

          (i)  any
transaction pursuant to any contract in existence on the Issue Date; 

         (ii)  transactions
with a Person that is an Affiliate of the Company solely because the Company, directly or indirectly, owns Capital Stock in, or controls, such Person; 

        (iii)  any
Restricted Payment permitted to be made pursuant to the provisions of Section 4.06; 

        (iv)  any
transaction or series of transactions between the Company and one or more of its Subsidiaries or between two or more of its Subsidiaries
(provided that no more than 5% of the equity interest in any such Subsidiary is owned, directly or indirectly (other than by direct or indirect
ownership of an equity interest in the Company), by any Affiliate of the Company other than a Subsidiary); 

         (v)  the
payment of compensation (including amounts paid pursuant to employee benefit plans) for the personal services of, and indemnity provided on behalf of, officers,
directors and employees of the Company or any of its Subsidiaries; and 

        (vi)  the
existence of, or the performance by the Company or any of its Subsidiaries of its obligations under the terms of, any agreements that are described in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and any amendments thereto; provided,  however, that the existence of, or
the performance by the Company or any of its Subsidiaries of its obligations under, any future amendment to such
agreements shall only be permitted by this clause (vi) to the extent that the terms of any such amendment, taken as a 

29

 

whole,
are not more disadvantageous to the Company and its Subsidiaries in any material respect than the terms of such agreements in effect on the Issue Date. 

 
 

           Section 4.08    Limitation on Liens Securing Indebtedness.     The Company shall not, and shall not
permit any of the Guarantors to, directly or indirectly, create, Incur or suffer to exist any Lien (other than Permitted
Liens) upon any of its property or assets (including Capital Stock of Subsidiaries of the Company), whether owned on the date of this Indenture or acquired after that date, which Lien is securing any
Indebtedness, unless contemporaneously with the Incurrence of such Liens effective provision is made to secure the Indebtedness due under this Indenture and the Securities or, in respect of Liens on
any Guarantor's property or assets, any Subsidiary Guarantee of such Subsidiary, equally and ratably with (or prior to in the case of Liens with respect to Subordinated Obligations or Guarantor
Subordinated Obligations) the Indebtedness secured by such Lien for so long as such Indebtedness is so secured. 

 
 

          Section 4.09    Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries.     (a)
 The Company shall not, directly or indirectly, create or permit to exist or become effective any encumbrance or restriction on the ability of any of
its Subsidiaries to: 

          (i)  pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Subsidiaries, 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; 

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

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

        (b)   However,
the restrictions in Section 4.09(a) shall not apply to encumbrances or restrictions existing under or by reason of: 

30

 

 

          (i)  agreements
governing Indebtedness as in effect on the Issue Date (including, without limitation, the Indebtedness under the Existing Notes and the Credit Facilities)
and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than
those contained in those agreements as in effect on the Issue Date; 

         (ii)  the
Indenture and the Securities; 

        (iii)  applicable
law, rule, regulation or order; 

        (iv)  any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Subsidiaries as in effect at the time of such 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, in the case of Indebtedness, such Indebtedness was permitted by the terms of the
Indenture to be incurred; 

         (v)  any
agreement existing on the Issue Date to the extent and in the manner such agreements are in effect on the Issue Date; 

        (vi)  customary
non-assignment provisions in leases, licenses, franchise agreements, conveyances and other commercial agreements entered into in the ordinary
course of business; 

       (vii)  purchase
money obligations for property acquired in the ordinary course of business that impose restrictions on the property so acquired of the nature described in
Section 4.09(a)(iii); 

      (viii)  any
agreement for the sale or other disposition of assets or Capital Stock of a Subsidiary that restricts distributions by such Subsidiary pending its sale or other
disposition; 

        (ix)  Liens
securing Indebtedness otherwise permitted to be incurred pursuant to the provisions of Section 4.08 that limit the right of the applicable Company or any
of its Subsidiaries to dispose of the assets subject to such Lien; 

         (x)  provisions
with respect to the disposition or distribution of assets or property in joint venture agreements, stockholder agreements, asset sale agreements, stock sale
agreements and other similar agreements entered into in the ordinary course of business; 

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

       (xii)  restrictions
contained in the terms of Indebtedness permitted to be incurred under the covenant described under Section 4.05; provided that such restrictions
are not materially more restrictive, taken as a whole, than the terms contained in any of the Credit Facilities or the indentures governing the Existing Notes as in effect on the Issue Date and that
the management of the Company determines, at the time of such financing, that such restrictions are not expected to impair the Company's ability to make payments as required under the Securities; and 

      (xiii)  restrictions
that are not materially more restrictive, taken as a whole, than customary provisions in comparable financings and that the management of the Company
determines will not materially impair the Company's ability to make payments as required under the Securities. 

 
 

          Section 4.10    Future Guarantors.     After the Issue Date, the Company shall cause each Subsidiary
which guarantees obligations under any Indebtedness of the Company or any Guarantor to execute and
deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary shall unconditionally 

31

 

Guarantee,
on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest (including any Additional Interest), if any, on the Securities on a senior
unsecured basis. Each Subsidiary Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by that Subsidiary without rendering the Subsidiary Guarantee as it
relates to such Subsidiary, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. Notwithstanding the
foregoing, if a Guarantor is released and discharged in full from its obligations under its Guarantees of all other Indebtedness of the Company and any Guarantor, then the Subsidiary Guarantee of such
Guarantor shall be automatically and unconditionally released and discharged. 

 
 

           Section 4.11    Change of Control.     Upon the occurrence of a Change of Control, the Company shall be
required to make an offer (a "Change of Control
Offer") to purchase all outstanding Securities at a purchase price (the "Change of Control Purchase Price") equal to 101% of
their principal amount plus accrued and unpaid interest (including any Additional Interest), if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date). 

        Within
30 days following the date upon which the Change of Control occurred, the Company must send, by first class mail, a notice to each Holder, with a copy to the Trustee, which
notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days
from the date such notice is mailed, other than as may be required by law (the "Change of Control Payment Date"). The Change of Control Offer is
required to remain open for at least 20 Business Days and until the close of business on the Change of Control Payment Date. 

        In
the event that the Company makes a Change of Control Offer to purchase the Securities pursuant to this Section 4.11, the Company shall comply with any applicable securities
laws and regulations, including any applicable requirements of Section 14(e) of, and Rule 14e-1 under, the Exchange Act. 

 
 

           Section 4.12    Provision of Financial Information.     

        (a)   Notwithstanding
that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file with the SEC
and provide the Trustee and the Holders with such annual reports and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable
to a U.S. corporation subject to such Sections, such information, documents and reports to be so filed and provided at the times specified for the filing of such information, documents and reports
under such Sections; provided, however, that the Company shall not be so obligated to file such
information, documents and reports with the SEC if the SEC does not permit such filings but shall still be obligated to provide such information, documents and reports to the Trustee and the Holders.
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute constructive notice of any information
contained therein or determinable from any information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers' Certificates). 

        (b)   In
addition, if Additional Securities are issued pursuant to Rule 144A, unless the Company is then subject to the reporting requirements of Section 13(d)
or 15 of the Exchange Act, the Company will, upon request, furnish to any prospective purchaser of Securities or beneficial owner of Securities in connection with any sale thereof the information
required by Rule 144A(d)(4) under the Securities Act, until such time as the Company has either exchanged the Securities for the Exchange Securities or until such time as the Holders thereof
have disposed of such Securities pursuant to a Shelf Registration Statement. 

32

 

 
 

           Section 4.13    Statement as to Compliance.     The Company shall deliver to the Trustee, within
90 days after the end of each fiscal year ending after the date hereof (the fiscal year as of the date
hereof is the 52/53 week period ending on the Thursday after December 31), a brief certificate of its principal executive officer, principal financial officer or principal
accounting officer stating whether, to such officer's knowledge, the Company is in compliance with all covenants and conditions to be complied with by it under this Indenture in accordance with TIA
Section 314(a)(4). For purposes of this Section 4.13, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 

        When
a Default has occurred and is continuing or if the Trustee, any Holder or the trustee for or the Holder of any other evidence of Indebtedness of the Company or any Subsidiary gives
any notice or takes any other action with respect to a claimed Default, the Company shall deliver to the Trustee an Officers' Certificate specifying such Default, notice or other action within 10
Business Days of its occurrence. 

 
 

           Section 4.14    Waiver of Certain Covenants.     The Company may omit in any particular instance to
comply with any covenant or condition set forth in Sections 4.03 to 4.11 and Section 4.12(a), if
before the time for such compliance, the Holders of a majority in aggregate principal amount of the Securities at the time outstanding shall, by written direction of such Holders, waive such
compliance in such instance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 

 
 

           Section 4.15    Further Instruments and Acts.     Upon request of the Trustee, the Company shall
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to
carry out more effectively the purpose of this Indenture. 

 
 

           Section 4.16    Payment 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 for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is
offered to be paid or is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

 
 

           Section 4.17    Covenant Suspension.     (a) During any period of time that: (i) the
Securities have Investment Grade Ratings from both Rating Agencies, and (ii) no Default has
occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a
"Covenant Suspension Event"), the Company and its Subsidiaries shall not be subject to the following provisions of this Indenture: 

        (1)   Section 4.05;

        (2)   Section 4.06;

        (3)   Section 4.07;

        (4)   Section 4.08;

        (5)   Section 4.09;

        (6)   Section 4.10;
and 

        (7)   clause (c)
of Section 5.01. 

(collectively,
the "Suspended Covenants"). 

33

 

        (b)   In
the event that the Company and its Subsidiaries are not subject to the Suspended Covenants for any period of time commencing upon the date of a Covenant Suspension
Event (the "Suspension Date"), and on any subsequent date (the "Reversion Date") one or both of the
Rating Agencies withdraws its Investment Grade Rating or downgrades the rating assigned to the Securities below an Investment Grade Rating or a Default or Event of Default occurs and is continuing,
then the Company and its Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events. The period of time between the Suspension Date and the Reversion Date
is referred to herein as the "Suspension Period." Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default shall
be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on
events that occurred during the Suspension Period). 

        (c)   On
the Reversion Date, all Indebtedness incurred during the Suspension Period shall be classified to have been incurred or issued pursuant to Section 4.05 to the
extent such Indebtedness would be permitted to be incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness incurred or issued prior to the Suspension Period and
outstanding on the Reversion Date. To the extent such Indebtedness would not be so permitted to be incurred or issued pursuant to Section 4.05, such Indebtedness shall be deemed to have been
existing outstanding on the Issue Date, so that it is classified as permitted under clause (iv) of the definition of "Permitted Indebtedness." 

        (d)   Calculations
made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.06 will be made as though such covenant had
been in effect from the Issue
Date and throughout the Suspension Period. Restricted Payments made during the Suspension Period shall be deemed to have been made pursuant to clause (vii) of Section 4.06(b). 

 
 

  ARTICLE V
  
    SUCCESSOR COMPANY    
    

 
 
        Section 5.01    Consolidation.     The Company shall not, in a single transaction or through a series of
related transactions, consolidate with or merge with or into any other Person (other than
any Wholly Owned Subsidiary) or sell, assign, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to any Person (other than any Wholly Owned Subsidiary) or
group of affiliated Persons unless at the time and after giving effect thereto: 

        (a)   either:
(i) the Company shall be the continuing corporation; or (ii) the Person (if other than the Company) formed by such consolidation or into which the
Company is merged or the Person which acquires by conveyance, transfer, lease or disposition the properties and assets of the Company substantially as an entirety (the
"Surviving Entity") shall be a corporation duly organized and validly existing under the laws of the United States of America, any state thereof or the
District of Columbia and shall, in either case, expressly assume all the Obligations of the Company under the Securities and the Indenture and its obligations under any Registration Rights Agreement; 

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

        (c)   immediately
after giving effect to such transaction on a pro forma basis, except in the case of the consolidation or merger of any Subsidiary with or into the Company,
the Company (or the Surviving Entity if the Company is not the continuing corporation) could incur $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.05. 

34

 

        In connection with any consolidation, merger, transfer or lease contemplated hereby, the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably
satisfactory to the Trustee, an Officers' Certificate and an Opinion of Counsel, each stating that such consolidation, merger, transfer or lease and the supplemental indenture in respect thereto
comply with the provisions described herein and that all conditions precedent herein provided for or relating to such transaction have been complied with. 

 
 

           Section 5.02    Successor Substituted.     Upon any consolidation or merger or any transfer of all or
substantially all of the assets of the Company in accordance with Section 5.01, the successor
corporation formed by such a consolidation or into which the Company is merged or to which such transfer is made shall succeed to, shall be substituted for and may exercise every right and power of
the Company under the Securities and this Indenture, with the same effect as if such successor corporation had been named as the Company herein. In the event of any transaction (other than a lease)
described and listed in Section 5.01 in which the Company is not the continuing corporation, the successor Person formed or remaining shall succeed to, be substituted for and may exercise every
right and power of the Company, and the Company shall be discharged from all obligations and covenants under the Securities and this Indenture. 

 
 

  ARTICLE VI
  
    DEFAULTS AND REMEDIES    
    

 
 

           Section 6.01    Events of Default.     "Event of Default," wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

        (a)   default
in the payment of any interest (including any Additional Interest) on any Security when it becomes due and payable and continuance of such default for a period
of 30 days; 

        (b)   default
in the payment of the principal of or premium, if any, on any Security at its Maturity (upon acceleration, optional redemption, required purchase or otherwise); 

        (c)   failure
to comply with the requirements of Article V; 

        (d)   default
in the performance, or breach, of any covenant or warranty of the Company contained in this Indenture (other than a default in the performance, or breach, of a
covenant or warranty which is specifically dealt with in clause (a), (b) or (c) above) and continuance of such default or breach for a period of 60 days after written
notice shall have been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Securities then outstanding; 

        (e)   (i)
one or more defaults in the payment of principal of or premium, if any, on Indebtedness of the Company or any Significant Subsidiary, aggregating
$25.0 million or more, when the same becomes due and payable at the stated maturity thereof, and such default or defaults shall have continued after any applicable grace period and shall not
have been cured or waived or (ii) Indebtedness of the Company or any Significant Subsidiary, aggregating $25.0 million or more, shall have been accelerated or otherwise declared due and
payable, or required to be prepaid or repurchased (other than by regularly scheduled prepayment) prior to the stated maturity thereof; 

        (f)    any
holder of any Indebtedness in excess of $25.0 million in the aggregate of the Company or any Significant Subsidiary shall notify the Trustee of the intended
sale or disposition of any assets of the Company or any Significant Subsidiary that have been pledged to or for the benefit of such Person to secure such Indebtedness or shall commence proceedings, or
take action 

35

 

(including
by way of set-off) to retain in satisfaction of any such Indebtedness, or to collect on, seize, dispose of or apply, any such asset of the Company or any Significant Subsidiary
pursuant to the terms of any agreement or instrument evidencing any such Indebtedness of the Company or any Significant Subsidiary or in accordance with applicable law; 

        (g)   one
or more final judgments or orders shall be rendered against the Company or any Significant Subsidiary for the payment of money, either individually or in an
aggregate amount, in excess of $25.0 million and shall not be discharged and either (i) an enforcement proceeding shall have been commenced by any creditor upon such judgment or order or
(ii) there shall have been a period of 60 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, was not in effect; 

        (h)   the
Company or any Significant Subsidiary pursuant to or under or within the meaning of any Bankruptcy Law: 

          (i)  commences
a voluntary case or proceeding; 

         (ii)  consents
to the entry of a Bankruptcy Order in an involuntary case or proceeding or the commencement of any case against it; 

        (iii)  consents
to the appointment of a Custodian of it or for any substantial part of its property; 

        (iv)  makes
a general assignment for the benefit of its creditors or files a proposal or other scheme of arrangement involving the rescheduling or composition of its
indebtedness; 

         (v)  files a
petition in bankruptcy or an answer or consent seeking reorganization or relief; or 

        (vi)  consents
to the filing of such petition in bankruptcy or the appointment of or taking possession by a Custodian; 

        (i)    a
court of competent jurisdiction in any involuntary case or proceeding enters a Bankruptcy Order against the Company or any Significant Subsidiary, and such Bankruptcy
Order remains unstayed and in effect for 60 consecutive days; 

        (j)    a
Custodian shall be appointed out of court with respect to the Company or any Significant Subsidiary, or with respect to all or any substantial part of the property of
the Company or any Significant Subsidiary; and 

        (k)   except
as permitted by this Indenture, any Subsidiary Guarantee shall be held in any 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 Subsidiary Guarantee. 

 
 

           Section 6.02    Acceleration; Rescission and Annulment.     (a) If an Event of Default (other than
an Event of Default specified in Section 6.01(h), (i) or (j)) shall occur and is continuing, then and
in every such case the Trustee, by notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities outstanding, by notice to the Company and the Trustee, may
declare the principal of, premium, if any, and accrued and unpaid interest (including any Additional Interest), if any, on all the Securities to be due and payable. If an Event of Default specified in
Section 6.01(h), (i) or (j) shall occur and is continuing, then the principal of, premium, if any, and accrued and unpaid interest (including any Additional Interest), if any, on,
all the Securities shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Company shall deliver to the
Trustee, within 10 days after the occurrence thereof, notice of any default or acceleration referred to in Sections 6.01(d) and 6.01(e). 

36

 

        (b)   At
any time after a declaration of acceleration has been made, but before a judgment or decree for payment of the money due has been obtained by the Trustee as provided
hereinafter in this Article VI, the Holders of a majority in aggregate principal amount of the outstanding Securities, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if: 

          (i)  the
Company has paid or deposited, or caused to be paid or deposited, with the Trustee a sum sufficient to pay: 

        (A)  all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 

        (B)  all
overdue interest (including Additional Interest, if any) on all Securities; 

        (C)  the
principal of (and premium, if any, on) any Securities that has become due otherwise than by such declaration of acceleration and interest thereon at the rate borne
by the Securities; and 

        (D)  to
the extent that payment of such interest is lawful, interest upon overdue interest (including any Additional Interest) at the rate borne by the Securities; and 

         (ii)  all
Events of Default, other than the non-payment of principal of the Securities which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 6.04. 

        No
such rescission shall affect any subsequent default or impair any right consequent thereon. 

        (c)   Notwithstanding
Section 6.02(b), in the event of a declaration of acceleration in respect of the Securities because an Event of Default specified in
Section 6.01(e) shall have occurred and be continuing, such declaration of acceleration shall be automatically annulled if the Indebtedness that is the subject of such Event of Default
(i) is Indebtedness in the form of a Capital Lease Obligation, (ii) has been discharged or the holders thereof have rescinded their declaration of acceleration in respect of such
Indebtedness, and (iii) written notice of such discharge or rescission, as the case may be, shall have been given to the Trustee by the Company and countersigned by the holders of such
Indebtedness or a trustee, fiduciary or agent for such holders, within 30 days after such declaration of acceleration in respect of the Securities, and no other Event of Default has occurred
during such 30-day period which has not been cured or waived during such period. 

 
 

           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 of or interest on the Securities
or to enforce the performance of any provision of the Securities or this Indenture. 

        The
Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Holder 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. No remedy is
exclusive of any other remedy. All available remedies are cumulative. 

 
 

           Section 6.04    Waiver of Past Defaults.     Subject to Section 6.02, the Holders of a majority in
aggregate principal amount of the Securities then outstanding by notice to the Trustee may waive an
existing Default and its consequences except (a) a Default in the payment of the principal of or interest on a Security, (b) a Default arising from a failure to make or consummate a
Change of Control Offer in accordance with the provisions of Section 4.11, or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent
of each Holder affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

37

 

 
 

          Section 6.05    Control by Majority.     The Holders of a majority in aggregate principal amount of the
Securities then outstanding may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Securities. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability;  provided,
 however, that subject to Section 315 of the TIA, the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to reasonable indemnification against all losses and
expenses caused by taking or not taking such action. 

 
 

           Section 6.06    Limitation on Suits.     A Holder may not pursue any remedy with respect to this
Indenture or the Securities unless: 

        (a)   such
Holder shall have previously given to the Trustee written notice of a continuing Event of Default; 

        (b)   the
Holders of at least 25% in aggregate principal amount of the Securities then outstanding shall have made a written request, and such Holder of or Holders shall have
offered reasonable indemnity, to the Trustee to pursue such proceeding as trustee; and 

        (c)   the
Trustee has failed to institute such proceeding and has not received from the Holders of at least a majority in aggregate principal amount of the Securities
outstanding a direction inconsistent with such request, within 60 days after such notice, request and offer. 

        The
foregoing limitations on the pursuit of remedies by a Holder shall not apply to a suit instituted by a Holder of Securities for the enforcement of payment of the principal of or
interest on such Security on or after the applicable due date specified in such Security. A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or
priority over another Holder. 

 
 

           Section 6.07    Rights of Holders to Receive Payment.     Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of and interest on the securities held by such
Holder, on or after the respective due dates expressed in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder. 

 
 

           Section 6.08    Collection Suit by Trustee.     If an Event of Default specified in Section 6.01(a)
 or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee
of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in
Section 7.07. 

 
 

           Section 6.09    Trustee May File Proofs of Claim.     The Trustee may 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 and the
Holders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any
election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 

38

 

 

 
 

           Section 6.10    Priorities.     If the Trustee collects any money or property pursuant to this
Article VI, it shall pay out the money or property in the following order: 

        FIRST:
to the Trustee for amounts due under Section 7.07; 

        SECOND:
to Holders for amounts due and unpaid on the securities for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable
on the Securities for principal and interest respectively; and 

        THIRD:
to the Company. 

        The
Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. At least 15 days before such record date, the Company shall mail to each
Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

 
 

           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 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 pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Securities. 

 
 

           Section 6.12    Waiver of Stay or Extension Laws.     The Company (to the extent it may lawfully do so)
shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension 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 shall not 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 had been enacted. 

 
 

  ARTICLE VII
  
    TRUSTEE    
    

 
 

           Section 7.01    Duties of Trustee.     (a) If an Event of Default has occurred and is continuing,
the Trustee shall exercise 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 such Person's own affairs. 

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

          (i)  the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture 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 (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

39

 

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

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

         (ii)  the
Trustee shall not be liable for any error of judgment made in good faith by a Trust 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)   Every
provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b) and (c) of this Section. 

        (e)   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. 

        (f)    Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

        (g)   No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers. 

        (h)   Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this
Section and to the provisions of the TIA, and the provisions of this Article VII shall apply to the Trustee in its role as Registrar, Paying Agent and Security Custodian. 

        (i)    The
Trustee shall not be deemed to have notice of a Default or an Event of Default unless (a) the Trustee has received written notice thereof from the Company or
any Holder or (b) a Trust Officer shall have actual knowledge thereof. 

        (j)    Except
with respect to Section 4.01, the Trustee shall have not duty to inquire as to the performance of the Company with respect to the covenants contained in
Article 4. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to Sections 4.01,
6.01(a) or 6.01(b) or (ii) any Default or Event of Default of which the Trustee shall have received written notification or obtained actual knowledge. 

 
 

           Section 7.02    Rights of Trustee.     Subject to 315(a) through 315(d) of the TIA: 

        (a)   The
Trustee may rely on 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. The Trustee may, however, in its discretion make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney. 

        (b)   Before
the Trustee acts or refrains from acting, it may require an Officers' Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on the Officers' Certificate or Opinion of Counsel. 

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

        (d)   The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers;  provided, however, that the Trustee's conduct does not constitute willful misconduct or negligence. 

40

 

        (e)   The
Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities
shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of
such counsel. 

        (f)    The
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified herein. 

 
 

           Section 7.03    Individual Rights of Trustee.     The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliate with
the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-registrar may do the same with like rights. However, the Trustee must comply with
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, priority or adequacy of this Indenture or the Securities, it shall not be
accountable for the Company's use of the proceeds from the Securities, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with
the sale of the Securities or in the Securities other than the Trustee's certificate of authentication. 

 
 

           Section 7.05    Notice of Defaults.     If a Default or Event of Default occurs and is continuing and
if it is known to the Trustee, the Trustee shall mail to each Holder notice of the Default or Event
of Default within 90 days after it is known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default or Event of Default in payment of principal of
or interest on any Security, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of
Holders. 

 
 

           Section 7.06    Reports by Trustee to Holders.     As promptly as practicable after each
December 31 beginning with December 31, 2010, and in any event prior to February 28 in each year
thereafter, the Trustee shall mail to each Holder a brief report for such preceding year that complies with TIA Section 313(a), if and to the extent required by such subsection. The Trustee
shall also comply with TIA Section 313(b) and (c). 

        A
copy of each report at the time of its mailing to Holders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed. The Company agrees to notify
promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 

 
 

           Section 7.07    Compensation and Indemnity.     The Company shall pay to the Trustee and any
predecessor Trustee from time to time such compensation for its services as shall from time to time be agreed to in
writing by the Company and the Trustee. 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 upon
request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall
include the reasonable compensation and expenses, disbursements and advances of the Trustee's agents, counsel, accountants and experts. The Company shall indemnify the Trustee against any and all
loss, liability or expense (including reasonable attorneys' fees) incurred by it in connection with the acceptance and administration of this trust and the performance of its duties hereunder. 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 may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not reimburse any expenses or indemnify
against any loss, liability or expense incurred by the Trustee through the Trustee's own willful misconduct, negligence or bad faith. The Company need not pay for any settlement made by the Trustee
without the Company's consent, such consent not to be unreasonably withheld. All indemnifications and releases from liability 

41

 

granted
hereunder to the Trustee shall extend to its officers, directors, employees, agents, successors and assigns. 

        To
secure the Company's payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than
money or property held in trust to pay principal of and interest on particular Securities. 

        The
Company's payment obligations pursuant to this Section shall survive the resignation or removal of the Trustee and the discharge of this Indenture. When the Trustee incurs expenses
after the occurrence of a Default specified in Section 6.01(h), (i) or (j) with respect to the Company, the expenses are intended to constitute expenses of administration under
the Bankruptcy Law. 

        The
provisions of this Section shall survive the resignation or removal of the Trustee and the termination of this Indenture. 

 
 

           Section 7.08    Replacement of Trustee.     The Trustee may resign at any time by so notifying the
Company. The Holders of a majority in aggregate principal amount of the Securities then outstanding may
remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 

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

        (b)   the
Trustee is adjudged bankrupt or insolvent; 

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

        (d)   the
Trustee otherwise becomes incapable of acting. 

        If
the Trustee resigns, is removed by the Company or by the Holders a majority in aggregate principal amount of the Securities then outstanding and such Holders do not reasonably
promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall
promptly appoint a successor Trustee. 

        A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders.
The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

        If
a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in aggregate principal
amount of the Securities then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

        If
the Trustee fails to comply with Section 7.10, any Holder who has been a bona fide Holder of a Security for at least six months may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee. 

        Notwithstanding
the replacement of the Trustee pursuant to this Section, the Company's obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

 
 

           Section 7.09    Successor Trustee by Merger.     If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all its corporate trust business or assets to, another corporation or
banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee. In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture 

42

 

any
of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated; any such successor to the Trustee may authenticate such Securities either in the name of
any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture
provided that the certificate of the Trustee shall have. 

 
 

           Section 7.10    Eligibility; Disqualification.     The Trustee shall at all times satisfy the
requirements of TIA Section 310(a). The Trustee shall have (or, in the case of a corporation included in a bank
holding company system, the related bank holding company shall have) a combined capital and surplus of at least $50,000,000 as set forth in its (or its related bank holding company's) most recent
published annual report of condition. The Trustee shall comply with TIA Section 310(b), subject to the penultimate paragraph thereof; provided,  however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 

 
 

           Section 7.11    Preferential Collection of Claims Against Company.     The Trustee shall comply with
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. 

 
 

  ARTICLE VIII
  
    DISCHARGE OF INDENTURE; DEFEASANCE    
    

 
 
        Section 8.01    Discharge of Liability on Securities; Defeasance.     (a) When (i) either
(A) all outstanding Securities that have been authenticated (other than Securities replaced pursuant to
Section 2.07 and Securities for whose payment money has been deposited in trust and thereafter repaid to the Company) have been delivered by the Company to the Trustee for cancellation or
(B) all outstanding Securities that have not been delivered by the Company to the Trustee for cancellation have become due and payable, whether at Maturity or upon redemption or will become due
and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption pursuant to Article III and
the Company irrevocably deposits or causes to be deposited with the Trustee funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities,
or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest (including Additional Interest, if any) to the date of Maturity or redemption; (ii) no Default or
Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or
constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; (iii) the Company or any Guarantor has paid
or caused to be paid all sums payable by it under this Indenture and the Securities; and (iv) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of such Securities at Maturity or the redemption date, as the case may be, then upon demand of the Company (accompanied by an Officers' Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent specified herein relating to the satisfaction and discharge of this Indenture have been complied with) this Indenture shall cease to be of
further effect with respect to the Securities and the Trustee shall acknowledge satisfaction and discharge of this Indenture, at the cost and expense of the Company. 

43

 

        (b)   Subject
to Sections 8.01(c) and 8.02, the Company may, at its option, and at any time elect to terminate (i) all of its and the Guarantors' obligations
under the Securities, any Subsidiary Guarantees and this Indenture ("legal defeasance option") or (ii) its and the Guarantors' obligations under
Section 5.01(c) and Sections 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, and 4.12 and the operation of Section 6.01(c) (with respect to a Event of Default due to a failure to meet
obligations under Section 5.01(c)) and Sections 6.01(d), (e), (f) and (g) ("covenant defeasance option"). The Company may
exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 

        If
the Company exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance
option, payment of the Securities may not be accelerated because of an Event of Default specified in Sections 6.01(d) (with respect to Sections 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11,
4.12 and 5.01(c)), (e), (f) or (g). 

        Upon
satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company
terminates. 

        (c)   Notwithstanding
subsections (a) and (b) above, the Company's obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 4.03,
4.13, 7.07, 7.08, 8.03, 8.04, 8.05 and 8.06 shall survive until the Securities have been paid in full. Thereafter, the Company's obligations in Sections 7.07, 8.04, 8.05 and 8.06 shall survive. 

 
 

           Section 8.02    Conditions to Defeasance.     The Company may exercise its legal defeasance option or
its covenant defeasance option only if: 

        (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 VIII applicable to it) as trust funds in trust for the benefit of the Holders of the Securities, cash in U.S. Dollars,
non-callable Government Securities or a combination thereof, in such amounts as will be sufficient, 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 the principal of (and
premium, if any) and interest (including any Additional Interest) on the outstanding Securities on the Stated Maturity (or redemption date, if applicable) of such principal (and premium, if any) or
installment of interest; provided that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such Government
Securities to said payments with respect to the Securities. Before such a deposit, the Company may give the Trustee, in accordance with Section 3.01 hereof, a notice of its election to redeem
all of the outstanding Securities at a future date in accordance with Article III, which notice shall be irrevocable; 

        (b)   No
Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as Section 6.01(h), (i) or (j) is
concerned, at any time during 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); 

        (c)   the
deposit does not constitute a default hereunder or under any other material agreement binding on the Company; 

        (d)   the
Company delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated
investment company under the Investment Company Act of 1940; 

44

 

        (e)   in
the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from,
or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change in the applicable U.S. Federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such
legal defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; 

        (f)    in
the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize
income, gain or loss for U.S. Federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not occurred; and 

        (g)   the
Company delivers to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the
Securities as contemplated by this Article VIII have been complied with. 

 
 

           Section 8.03    Application of Trust Money.     

        The
Trustee shall hold in trust money or Government Securities deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money from Government
Securities through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities. 

 
 

          Section 8.04    Repayment to Company.     The Trustee and the Paying Agent shall promptly turn over to
the Company upon request any excess money or securities held by them at any time. 

        Subject
to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal, premium, if
any, or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company for payment as general creditors. 

 
 

           Section 8.05    Indemnity for Government Obligations.     The Company shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Securities or the
principal and interest received on such Government Securities. 

 
 

           Section 8.06    Reinstatement.     If the Trustee or Paying Agent is unable to apply any money or
Government Securities in accordance with this Article VIII by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such money or
Government Securities in accordance with this Article VIII; provided, however, that, if the
Company has made any payment of interest on or principal of any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

45

 

 
 

  ARTICLE IX
  
    AMENDMENTS    
    

 
 

          Section 9.01    Without Consent of Holders.     The Company, the Guarantors and the Trustee may amend
this Indenture or the Securities or the Guarantees without notice to or consent of any Holder: 

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

        (b)   to
comply with Article V; 

        (c)   to
provide for uncertificated Securities in addition to or in place of certificated Securities; provided,  however, that the uncertificated Securities are
issued in registered form for purposes of Section 163(f) of Title 26 of the United States Code or
in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of Title 26 of the United States Code; 

        (d)   to
add Guarantees with respect to the Securities or to secure the Securities; 

        (e)   to
add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred upon the Company; 

        (f)    to
comply with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under the TIA; or 

        (g)   to
make any change that does not adversely affect the rights of any Holder. 

        After
an amendment under this Section becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or
any defect therein, shall not impair or affect the validity of an amendment under this Section. 

 
 

           Section 9.02    With Consent of Holders.     The Company, the Guarantors and the Trustee may modify or
amend this Indenture or the Securities or the Guarantees without notice to any Holder but with the
written consent of the Holders of not less than a majority in aggregate principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange
offer for the Securities). However, without the consent of each Holder affected thereby, a modification or amendment may not: 

        (a)   change
the Stated Maturity of the principal of, or any installment of interest (including Additional Interest) on, any Security, or reduce the principal amount thereof
or the rate of interest (including Additional Interest, if any) thereon or any premium payable upon the redemption thereof, or change the coin or currency in which the principal of any Security or any
premium or the interest (including Additional Interest) thereon is payable, or impair the right to institute suit for the enforcement of any such payment after the Stated Maturity thereof (or, in the
case of redemption, on or after the redemption date); 

        (b)   reduce
the amount of, or change the coin or currency of, or impair the right to institute suit for the enforcement of, the Change of Control Purchase Price; 

        (c)   reduce
the percentage in principal amount of the outstanding Securities, the consent of whose Holders is required for any such supplemental indenture, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or 

        (d)   modify
any of the provisions of this Section or Sections 6.04, 6.07 and 4.14, except to increase the percentage of outstanding Securities the consent of whose
Holders is required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Security affected thereby. 

46

 

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

        After
an amendment under this Section becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or
any defect therein, shall not impair or affect the validity of an amendment under this Section. 

 
 

          Section 9.03    Compliance with Trust Indenture Act.     Every amendment to this Indenture or the
Securities shall comply with the TIA as then in effect. 

 
 

           Section 9.04    Revocation and Effect of Consents and Waivers.     A consent to an amendment or a
waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that
evidences the same debt as the consenting Holder's Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent
or waiver as to such Holder's Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or
waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 

        The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or
required or permitted to be taken pursuant to this Indenture. Such record date shall be a date not more than 30 days prior to the first solicitation of Holders generally in connection therewith
and no later than the date such solicitation is completed. If a record date is fixed, then notwithstanding the immediately preceding paragraph or Section 316(c) of the TIA, those Persons who
were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such
action, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 180 days after such record date. 

        For
all purposes of this Indenture, all Initial Securities, Additional Securities of the same series, Exchange Securities for the same series of Securities and Private Exchange
Securities for the same series of Securities shall vote together as one series of Securities under this Indenture. 

 
 

           Section 9.05    Notation on or Exchange of Securities.     If an amendment changes the terms of a
Security, the Trustee may require the Holder of the Security to deliver such Security to the Trustee. The Trustee may place
an appropriate notation on the Security regarding the changed terms and return such Security to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the
Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the
validity of such amendment. 

 
 

           Section 9.06    Trustee To Sign Amendments.     The Trustee shall sign any amendment authorized
pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive,
in addition to the documents required by Section 11.04 and (subject to Section 7.01) shall be fully protected in relying upon, an Officers' Certificate and an Opinion of Counsel stating
that such amendment is authorized or permitted by this Indenture and is a legal, valid and binding obligation of the Company. 

47

 
 
 

  ARTICLE X
  
    GUARANTEES    
    

 
 
        Section 10.01    Subsidiary Guarantees.     In the event that a Subsidiary is required to become a Guarantor
pursuant to Section 4.10, then such Guarantor shall execute a supplement to this Indenture
pursuant to Section 10.02 and upon such execution shall become a party to this Indenture, will have all the rights and be subject to all of the obligations of a Guarantor under this Indenture
and agrees to be bound by all of the provisions of this Indenture applicable to a Guarantor, including this Article X, and to perform all of the obligations and agreements of a Guarantor under
this Indenture. 

        Subject
to the provisions of this Article X, each Guarantor fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally
with any other Guarantor, to each Holder of the Securities and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal
of, premium, if any, and interest (including Additional Interest), if any, on the Securities and all other obligations and liabilities of the Company under this Indenture (including without limitation
interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company or any Guarantor whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding and the obligations under Section 7.07) (all the foregoing being hereinafter collectively
called the "Guarantor Obligations"). Each Guarantor agrees that the Guarantor Obligations shall rank equally in right of payment with other senior
unsecured Indebtedness of such Guarantor, except to the extent such other Indebtedness is subordinate to the Guarantor Obligations. Each Guarantor further agrees (to the extent permitted by law) that
the Guarantor Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Article X notwithstanding any
extension or renewal of any Guarantor Obligation. 

        Each
Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guarantor Obligations and also waives notice of protest for
non-payment. Each Guarantor waives notice of any default under the Securities or the Guarantor Obligations. 

        Each
Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be
had by any Holder to any security held for payment of the Guarantor Obligations. 

        Except
as set forth in Section 10.02, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason
(other than payment of the Guarantor Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy
against the Company or any other person under, this Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal granted; (c) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (d) the release of any security held by any Holder or
the Trustee for the Guarantor Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of
the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the Guarantor Obligations; or (h) any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity. 

48

 

        Subject
to the provisions of Section 4.10, each Guarantor agrees that its Guarantee herein shall remain in full force and effect until payment in full of all the Guarantor
Obligations or such Guarantor is released from its Guarantee in compliance with Section 10.03 hereof. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or
be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any of the Guarantor Obligations is rescinded or must otherwise be restored by any Holder
upon the bankruptcy or reorganization of the Company or otherwise. 

        In
furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company
to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor hereby promises to and will, upon
receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of (i) the unpaid amount of such Guarantor Obligations then due
and owing and (ii) accrued and unpaid interest on such Guarantor Obligations then due and owing (but only to the extent not prohibited by law). 

        Each
Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of the Guarantor Obligations guaranteed hereby
may be accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guarantor Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guarantor Obligations, such Guarantor Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantor for the purposes of this Guarantee. 

        Each
Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys' fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under
this Section. 

 
 

           Section 10.02    Execution and Delivery of Subsidiary Guarantees.     

        To
evidence its Subsidiary Guarantee, each Subsidiary that is required to become a Guarantor hereby agrees to execute a supplement to this Indenture, substantially in the form of
Exhibit C hereto, and deliver it to the Trustee. Each such supplement to this Indenture shall be executed on behalf of the applicable Guarantor by either manual or
facsimile signature of one Officer or other person duly authorized by all necessary corporate action of such Guarantor who shall have been duly authorized to so execute by all requisite corporate
action. The validity and enforceability of any Guarantee shall not be affected by the fact that it is not affixed to any particular Security. 

        Each
of the Guarantors hereby agrees that its Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation of such Guarantee. 

        If
an Officer of a Guarantor whose signature is on this Indenture or a Guarantee no longer holds that office at the time the Trustee authenticates the Security on which such Guarantee is
endorsed or at any time thereafter, such Guarantor's Guarantee of such Security shall nevertheless be valid, 

        The
delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee set forth in this Indenture on behalf of each
Guarantor. 

 
 

           Section 10.03    Limitation on Liability; Termination, Release and Discharge.     (a) Any term or
provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder will be limited to the maximum
amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor (including, without limitation, any Guarantees under the Credit Agreement) and after giving effect
to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations
under this Indenture, result in the obligations of such Guarantor under 

49

 

its
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of
creditors generally. 

        (b)   The
Company shall not permit any Guarantor to consolidate with or merge with or into any person (other than another Guarantor) and shall not permit the conveyance,
transfer or lease of substantially all of the assets of any Guarantor unless: 

          (i)  the
resulting, surviving or transferee Person shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the
United States of America, any State of the United States or the District of Columbia and such Person (if not such Guarantor) shall expressly assume, by supplemental indenture, executed and delivered
to the Trustee, all the obligations of such Guarantor under its Subsidiary Guarantee; 

         (ii)  immediately
after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the resulting, surviving or transferee Person or any
Subsidiary as a result of such transaction as having been Incurred by such Person or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be
continuing; 

        (iii)  the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture (if any) comply with this Indenture; or 

        (iv)  the
transaction is made in compliance with Section 5.01 (other than clause (c) of Section 5.01). 

        Upon
the sale or disposition of a Guarantor (by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its assets (other than by lease)) and
whether or not the Guarantor is the surviving corporation in such transaction to a Person which is not the Company or a Subsidiary, such Guarantor will be automatically released from all its
obligations under this Indenture and its Subsidiary Guarantee; provided, however, that (1) no
Default or Event of Default will have occurred or be continuing or would occur as a consequence of a release of the obligations of such Guarantor; and (2) all the obligations of such Guarantor
under any Indebtedness of the Company or any Guarantor terminate upon consummation of such transaction. 

        (c)   Each
Guarantor shall be deemed released from all its obligations under this Indenture and its Subsidiary Guarantee if all the conditions to legal defeasance set forth in
Article VIII hereof are satisfied in accordance herewith. 

        (d)   Each
Guarantor shall be released from its obligations under this Indenture and its Subsidiary Guarantee if the Company designates such Guarantor as an Unrestricted
Subsidiary and such designation complies with the other applicable provisions of this Indenture. 

 
 

           Section 10.04    Right of Contribution.     Each Guarantor hereby agrees that to the extent that any
Guarantor shall have paid more than its proportionate share of any payment made on the obligations under
the Guarantees, such Guarantor shall be entitled to seek and receive contribution from and against the Company, or any other Guarantor who has not paid its proportionate share of such payment. The
provisions of this Section 10.04 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee
and the Holders for the full amount guaranteed by such Guarantor hereunder. 

 
 

           Section 10.05    No Subrogation.     Notwithstanding any payment or payments made by each Guarantor
hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or
any Holder against the Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guarantor Obligations, nor
shall any Guarantor seek or be entitled to seek any contribution or reimbursement 

50

 

from
the Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Trustee and the Holders by the Company on account of the Guarantor
Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Guarantor Obligations shall not have been paid in full,
such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over
to the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guarantor Obligations. 

 
 

  ARTICLE XI
  
    MISCELLANEOUS    
    

 
 
        Section 11.01    Trust Indenture Act Controls.     If any provision of this Indenture limits, qualifies or
conflicts with another provision that is required to be included in this Indenture by the TIA, the
required provision shall control. 

 
 

           Section 11.02    Notices.     Any notice or communication shall be in writing and delivered in person
or mailed by first-class mail or sent by facsimile (with a hard copy delivered in person
or by mail promptly thereafter) and addressed as follows: 

        if
to the Company: 

Regal
Entertainment Group

7132 Regal Lane

Knoxville, Tennessee 37918

Attention of: General Counsel

Facsimile: (865) 922-6085

        with
copies (which shall not constitute notice) to: 

Hogan
Lovells US, LLP

One Tabor Center, Suite 1500

1200 Seventeenth Street

Denver, Colorado 80202

Attention of: Richard J. Mattera, Esq.

Facsimile: (303) 899-7333

        if
to the Trustee: 

Wells
Fargo Bank, National Association

Corporate Trust Services

625 Marquette Ave., 11th Floor

MAC N9311-110

Minneapolis, Minnesota 55479

Attention of: Richard Prokosch 

        The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

51

 

        Any
notice or communication mailed to a Holder shall be mailed to the Holder at the Holder's address as it appears on the registration books of the Registrar and shall be sufficiently
given if so mailed within the time prescribed. 

        Failure
to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not. the addressee receives it. 

 
 

           Section 11.03    Communication by Holders with Other Holders.     Holders may communicate pursuant to
TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the Securities. 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.     Upon any request or application by the
Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the
Trustee: 

        (a)   an
Officers' Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; 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 have been
complied with. 

 
 

           Section 11.05    Statements Required in Certificate or Opinions.     Each certificate or opinion with
respect to compliance with a covenant or condition provided for in this Indenture shall include:
 

        (a)   a
statement that the individual 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 individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with; and 

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

52

 

 

        In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by, the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

        Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. 

        Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they
may, but need not, be consolidated and form one instrument. 

 
 

           Section 11.06    When Securities Disregarded.     In determining whether the Holders of the required
principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the
Company or the Guarantors or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with of them shall be disregarded and deemed not to be
outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities that a Trust Officer knows are so
owned shall be so disregarded. Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

 
 

           Section 11.07    Rules by Trustee, Paying Agent and Registrar.     The Trustee may make reasonable
rules for action by or a meeting of Holders. The Registrar and the Paying Agent or co-registrar may make reasonable
rules for their functions. 

 
 

           Section 11.08    Legal Holidays.     A "Legal Holiday" is a Saturday, a Sunday or a day on which
banking institutions are not required to be open in the States of New York or Missouri. If a payment
date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal
Holiday, the record date shall not be affected. 

 
 

          Section 11.09    Governing Law.     THIS INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

 
 

           Section 11.10    No Recourse Against Others.     A director, officer, employee or stockholder, as such,
of the Company and the Guarantors shall not have any liability for any obligations of the Company or the
Guarantors under the Securities, the Guarantees or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder
shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities. 

 
 

           Section 11.11    Successors.     All agreements of the Company any each Guarantor in this Indenture and
the Securities and the Guarantees shall bind their respective successors. All agreements of
the Trustee in this Indenture shall bind its successors. 

53

 

 
 

           Section 11.12    Separability Clause.     In case any provision in this Indenture or in the Securities
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 11.13    Reliance on Financial Data.     In computing any amounts under this Indenture:
(a) to the extent relevant, the Company shall use audited financial statements of the Company, its
Subsidiaries, any Person that would become a Subsidiary in connection with the transaction that requires the computation and any Person from which the Company or a Subsidiary has acquired an operating
business, or is acquiring an operating business in connection with the transaction that requires the computation (each such Person whose financial statements are relevant in computing any particular
amount, a "Relevant Person") for the period or portions of the period to which the computation relates for which audited financial statements are
available on the date of computation and unaudited financial statements and other current financial data based on the books and records of the Relevant Person or Relevant Persons, as the case may be,
to the extent audited financial statements for the period or any portion of the period to which the computation relates are not available on the date of computation; and (b) the Company shall
be permitted to rely in good faith on the financial statements and other financial data derived from the books and records of any Relevant Person that are available on the date of the computation. 

 
 

          Section 11.14    Multiple 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. One
signed copy is enough to prove this Indenture. 

 
 

           Section 11.15    Table of Contents; Headings.     The table of contents, cross-reference sheet and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are
not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

 
 

           Section 11.16    U.S.A. Patriot Act.     The parties hereto acknowledge that in accordance with
Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to
help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the
U.S.A. Patriot Act. 

[signature page follows] 

54

 
 
 

  SIGNATURES    
    

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

 

 

					
	 	 	 COMPANY
	

 	
 	
REGAL ENTERTAINMENT GROUP
	

 	
 	
By:	
 	

 
	 	 	 	 	

  Name:

Title:
	

 	
 	
 TRUSTEE
	

 	
 	
WELLS FARGO BANK, NATIONAL ASSOCIATION
	

 	
 	
By:	
 	

 
	 	 	 	 	

  Name:

Title:

 

 55

 

 
 

EXHIBIT A    

 
 

PROVISIONS RELATING TO INITIAL
  SECURITIES AND EXCHANGE SECURITIES    

 
 

           I.    DEFINITIONS
    

        For
the purposes of this Exhibit A the following terms shall have the meanings indicated below: 

        "Additional Securities" means any        % Senior Notes due 2018, to be originally issued from time to time, excluding Exchange
Securities and Private Exchange Securities, in one or more series as provided for in this Indenture. 

        "Applicable Procedures" means, with respect to any transfer or transaction involving a Regulation S Global Security or beneficial
interest therein, the rules and procedures of the Depository for such Global Security, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time
to time. 

        "Clearstream" means Clearstream Luxembourg, a société anonyme. 

        "Definitive Security" means a certificated Security bearing, if required, the restricted securities legend set forth in
Section 2.3(e)(i). 

        "Depository" means The Depository Trust Company, its nominees and their respective successors. 

        "Distribution Compliance Period," with respect to any Securities, means the period of 40 consecutive days beginning on and including the
later of (i) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on
Regulation S, notice of which day shall be promptly given by the Company to the Trustee and (ii) the issue date of such Securities. 

        "Euroclear" means Euroclear Clearance System Plc. 

        "Exchange Securities" means any        % Senior Notes due 2018 to be issued pursuant to this Indenture in connection with a
Registered Exchange Offer pursuant to a Registration Rights Agreement. 

        "Global Securities Legend" means the legend appearing under such title on Appendix I to this
Exhibit A. 

        "Initial Securities" means the        % Senior Notes due 2018 in the aggregate principal amount of $275,000,000 issued on
August                         , 2010. 

        "Private Exchange" means an offer by the Company, pursuant to any Registration Rights Agreement, to issue and deliver to certain
purchasers, in exchange for the Securities held by such purchasers as part of their initial distribution, a like aggregate principal amount of Private Exchange Securities. 

        "Private Exchange Securities" means any        % Senior Notes due 2018 to be issued pursuant to this Indenture in connection with a
Private Exchange pursuant to a Registration Rights Agreement. 

        "Purchase Agreement" means the underwriting agreement relating to the Initial Securities and any purchase or underwriting agreement
relating to any future sale of Additional Securities by the Company. 

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

A-1

 

        "Registered Exchange Offer" means any offer by the Company, pursuant to a Registration Rights Agreement, to certain Holders of Additional
Securities, to issue and deliver to such Holders, in exchange for the Additional Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

        "Registered Securities" means all Initial Securities and Additional Securities initially offered and sold pursuant to a registration
statement filed with the Commission (not including in a Registered Exchange Offer or pursuant to a Shelf Registration Statement). 

        "Registration Rights Agreement" means any registration rights agreement relating to any Additional Securities. 

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

        "Regulation S Securities" means any Additional Securities offered and sold in offshore transactions in reliance on
Regulation S. 

        "Restricted Securities Legend" means any of the restricted securities legends set forth in Section 2.3(e)(i) herein. 

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

        "Rule 144A Securities" means any Additional Securities offered and sold to QIBs in reliance on Rule 144A. 

        "Securities" means the Initial Securities, the Additional Securities, the Exchange Securities and the Private Exchange Securities, treated
as a single class. 

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

        "Securities Custodian" means the custodian with respect to a Global Security (as appointed by the Depository) or any successor person
thereto, who shall initially be the Trustee. 

        "Shelf Registration Statement" means a registration statement filed by the Company in connection with the offer and sale of Additional
Securities or Private Exchange Securities pursuant to a Registration Rights Agreement. 

        "Transfer Restricted Securities" means Definitive Securities and any other Securities that bear or are required to bear the legend set
forth in Section 2.3(e)(i) hereto. 

 
 

           1.1    Other Definitions.     

 

 

					
	Term

 
	 	Defined in Section 	 
	 "Agent Members"
	 	 	2.1	(b)
	 "Global Security"
	 	 	2.1	(b)
	 "Regulation S Global Security"
	 	 	2.1	(b)
	 "Rule 144A Global Security"
	 	 	2.1	(b)

 

  
 

           II.    THE SECURITIES
    

 
 
        2.1    Form and Dating.     (a) General.    The
Initial Securities and any Additional Securities will be offered and sold by the
Company, from time to time, pursuant to one or more Purchase Agreements. The Initial Securities have been registered under the Securities Act. Unless registered or exempt from registration under the
Securities Act, any Additional Securities will be resold, initially only to QIBs in reliance on Rule 144A and to non-U.S. persons in reliance on Regulation S. Additional
Securities so issued may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to the restrictions on transfers set forth herein. 

A-2

 

 
 

          (b)    Global Securities.     Registered Securities shall be issued initially in the form of one or more
permanent global Securities in definitive, fully registered form (collectively, the
"Registered Global Security") without interest coupons and bearing the Global Securities Legend, which shall be deposited on behalf of the purchasers of
the Securities represented thereby with the Securities Custodian, and registered in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the
Trustee as provided in this Indenture. 

        Rule 144A
Securities shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form (collectively, the
"Rule 144A Global Security") and Regulation S Securities shall be issued initially in the form of one or more global Regulation S
global Securities (collectively, the "Regulation S Global Security"), in each case without interest coupons and bearing the Global Securities
Legend and Restricted Securities Legend, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Securities Custodian, and registered in the name of the
Depository or a nominee of the Depository, duly executed by the Company and authenticated by the Trustee as provided in this Indenture. 

        The
Registered Global Security, the Rule 144A Global Security and the Regulation S Global Security are each referred to herein as a "Global
Security" and are collectively referred to herein as "Global Securities";  provided that the term "Global Security" when used in
this Section 2.1(b) and in Sections 2.1(c), 2.3(g)(i), 2.3(h)(i) and 2.4 shall also
include any Security in global form issued in connection with a Registered Exchange Offer. The aggregate principal amount of the Global Securities may from time to time be increased or decreased by
adjustments made on the records of the Trustee and the Depository or its nominee and on the schedules thereto as hereinafter provided. 

 
 

           (c)    Book-Entry Provisions.     This Section 2.1(c) shall apply only to a Global Security deposited
with or on behalf of the Depository. 

        The
Company shall execute and the Trustee shall, in accordance with this Section 2.1(c) and pursuant to an order of the Company, authenticate and deliver initially one or more
Global Securities that (a) shall be registered in the name of the Depository for such Global Security or Global Securities or the nominee of such Depository and (b) shall be delivered by
the Trustee to such Depository or pursuant to such Depository's instructions or held by the Trustee as Securities Custodian. 

        Members
of, or participants in, the Depository ("Agent Members") shall have no rights under this indenture with respect to any Global
Security held on their behalf by the Depository or by the Trustee as Securities Custodian or under such Global Security, and the Depository may be treated by the Company, the Trustee and any agent of
the Company or the Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the
operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Security. 

 
 

           (d)    Definitive Securities.     Except as provided in Section 2.3, owners of beneficial interests in
Global Securities shall not be entitled to receive physical delivery of certificated
Securities. 

 
 

          2.2    Authentication.     The Trustee shall authenticate and deliver: (a) Initial Securities for
original issue in an aggregate principal amount of $275,000,000; (b) any
Additional Securities, if and when issued pursuant to the Indenture; and (c) any Exchange Securities for issue only in a Registered Exchange Offer or any Private Exchange Securities for issue
only in a Private Exchange, respectively, pursuant to a Registration Rights Agreement, for a like principal amount of Additional Securities, in each case upon a written order of the Company signed by
two Officers or by an Officer and either a Treasurer or an Assistant Treasurer or a Secretary or an Assistant Secretary of the Company. Such 

A-3

 

order
shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and whether the Securities are to be Initial
Securities, Additional Securities, Exchange Securities or Private Exchange Securities. 

 
 

           2.3    Transfer and Exchange.     (a) Transfer and Exchange of Definitive
Securities. When Definitive Securities are presented to the Registrar or a
co-registrar with a request: 

          (i)  to
register the transfer of such Definitive Securities; or 

         (ii)  to
exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized denominations, the Registrar or
co-registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met;  provided, however,
that the Definitive Securities surrendered for transfer or exchange: 

        (1)   shall
be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar or co-registrar,
duly executed by the Holder thereof or his attorney duly authorized in writing; and 

        (2)   are
being transferred, or exchanged pursuant to an effective registration statement under the Securities Act or pursuant to clause (A), (B) or
(C) below, and are accompanied by the following additional information and documents, as applicable: 

        (A)  if
such Definitive Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such
Holder to that effect; or 

        (B)  if
such Definitive Securities are being transferred to the Company, a certification to that effect; or 

        (C)  if
such Definitive Securities are being transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act or pursuant to
or in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904, (i) a certification to that effect
and (ii) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in
Section 2.3(e)(i). 

 
 

           (b)    Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global Security.     A Definitive Security may not be exchanged for a beneficial interest in a Global Security except upon satisfaction of the requirements set forth below. Upon
receipt by the Trustee of a Definitive Security, duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with; 

          (i)  certification
(in the form set forth on the reverse side of the Security) and, in the case of a Definitive Security being transferred outside the United States in an
offshore transaction within the meaning of Regulation S, a signed letter substantially in the form of Exhibit B; and 

         (ii)  written
instructions directing the Trustee to make, or to direct the Securities Custodian to make, an adjustment on its books and records with respect to such Global
Security to reflect an increase in the aggregate principal amount of the Securities represented by the Global Security, such instructions to contain information regarding the Depository account to be
credited with such increase, then the Trustee shall cancel such Definitive Security and cause, or direct the Securities Custodian to cause, in accordance with the standing instructions and procedures
existing between the Depository and the Securities Custodian, the aggregate principal amount of Securities represented by the Global Security to be increased by the aggregate principal amount of the
Definitive Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Security equal to
the principal amount of the Definitive Security so 

A-4

 

canceled.
If no Global Securities are then outstanding and the Global Security has not been previously exchanged for certificated securities pursuant to Section 2.4, the Company shall issue and
the Trustee shall authenticate, upon written order of the Company in the form of an Officers' Certificate, a new Global Security in the appropriate principal amount. 

 
 

           (c)    Transfer and Exchange of Global Securities.     

          (i)  The
transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depository, in accordance with this Indenture (including
applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Security shall deliver a written order
given in accordance with the Depository's procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Security and
such account shall be credited in accordance with such instructions with a beneficial interest in the Global Security and the account of the Person making the transfer shall be debited by an amount
equal to the beneficial interest in the Global Security being transferred. Transfers by an owner of a beneficial interest in the Rule 144A Global Security to a transferee who takes delivery of
such interest through the Regulation S Global Security, whether before or after the expiration of the Distribution Compliance Period, shall be made only upon receipt by the Trustee of a
certification (in the form provided on the reverse side of the Securities) from the transferor to the effect that such transfer is being made in accordance with Regulation S or (if available)
Rule 144 under the Securities Act or pursuant to and in compliance with the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and
that, if such transfer is being made prior to the expiration of the Distribution Compliance Period, the interest transferred shall be held immediately thereafter through Euroclear or Clearstream. 

         (ii)  If
the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Registrar shall reflect
on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to the principal amount of the interest
to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of Global Security from which such interest is being
transferred. 

        (iii)  Notwithstanding
any other provisions of this Exhibit A (other than the provisions set forth in
Section 2.4), a Global Security may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee
of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 

        (iv)  In
the event that a Rule 144A Global Security or Regulation S Global Security is exchanged for Securities in definitive registered form pursuant to
Section 2.4 prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Securities, such Securities may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including, if applicable, the certification requirements set forth on the
reverse of the Securities intended to ensure that such transfers comply with Rule 144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the
case may be) and such other procedures as may from time to time be adopted by the Company. 

 
 

           (d)    Restrictions on Transfer of Regulation S Global Security.     (i) Prior to the expiration of the
Distribution Compliance Period, interests in the Regulation S Global Security may only be held through Euroclear or
Clearstream. During the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Security may only be sold, pledged or transferred through Euroclear or
Clearstream in accordance with the Applicable Procedures and only (1) so long as such security is eligible for resale pursuant to Rule 144A, to a person whom the selling holder
reasonably 

A-5

 

believes
is a QIB that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A,
(2) in an offshore transaction in accordance with Regulation S, (3) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if applicable)
under the Securities Act, or (4) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any state of the
United States. Prior to the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the Regulation S Global Security to a transferee who takes
delivery of such interest through the Rule 144A Global Security shall be made only in accordance with Applicable Procedures and upon receipt by the Trustee of a written certification from the
transferor of the beneficial interest in the form provided on the reverse of the Security to the effect that such transfer is being made to a QIB within the meaning of Rule 144A in a
transaction meeting the requirements of Rule 144A. Such written certification shall no longer be required after the expiration of the Distribution Compliance Period. 

         (ii)  Upon
the expiration of the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Security shall be transferable in accordance
with applicable law and the other terms of this Indenture. 

 
 

           (e)    Legend.     

          (i)  Except
as permitted by the following paragraphs (ii), (iii), (iv) and (v), each certificate evidencing the Rule 144A Global Security, the
Definitive Securities and the Regulation S Global Security (prior to the expiration of the Distribution Compliance Period) (and all Securities issued in exchange therefor or in substitution
thereof), shall bear a legend in substantially the following form: 

        THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND THIS
SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS
HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

        THE
HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED
STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

A-6

 

 

        Prior to the Distribution Compliance Period, each Regulation S Global Security will also bear the following additional legend: 

        THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS
USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

        Each
Definitive Security will also bear the following additional legend: 

        IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

         (ii)  Upon
any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Global Security) pursuant to Rule 144
under the Securities Act or 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: 

        (A)  in
the case of any Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted
Security for a Definitive Security that
does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security; and 

        (B)  in
the case of any Transfer Restricted Security that is represented by a Global Security, the Registrar shall permit the beneficial owner thereof to exchange such
Transfer Restricted Security for a beneficial interest in a Global Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted
Security, in either case, if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 or in reliance on an exemption from the
registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 (such certification to be in the form set forth on the reverse of the Security). 

        (iii)  After
a transfer of any Additional Securities or Private Exchange Securities, as the case may be, during the period of the effectiveness of a Shelf Registration
Statement with respect to such Additional Securities or Private Exchange Securities, all requirements pertaining to restricted legends on such Additional Security or such Private Exchange Securities
will cease to apply, and a global Additional Security or Private Exchange Security without restricted legends will be available to the transferee of the beneficial interests in such Additional
Securities or Private Exchange Securities. Upon the occurrence of any of the circumstances described in this paragraph, the Company will deliver an Officers' Certificate to the Trustee instructing the
Trustee to issue Securities without legends. 

        (iv)  Upon
the consummation of a Registered Exchange Offer with respect to any Additional Securities pursuant to which certain Holders of such Additional Securities are
offered Exchange Securities in exchange for their Additional Securities, Exchange Securities in global form without restrictive legends will be available to Holders or beneficial owners that exchange
such Additional Securities (or beneficial interests therein) in such Registered Exchange Offer. Upon the occurrence of any of the circumstances described in this paragraph, the Company will deliver an
Officers' Certificate to the Trustee instructing the Trustee to issue Securities without restricted legends. 

A-7

 

         (v)  Upon
the consummation of a Private Exchange with respect to any Additional Securities pursuant to which Holders of such Additional Securities are offered Private
Exchange Securities in exchange for their Additional Securities, as the case may be, all requirements pertaining to such Additional Securities that Additional Securities issued to certain Holders be
issued in global form will continue to apply, and Private Exchange Securities in global form with, to the extent required by applicable law, the Restricted Securities Legend will be available to
Holders that exchange such Additional Securities in such Private Exchange. 

        (vi)  Upon
a sale or transfer after the expiration of the Distribution Compliance Period of any Security acquired pursuant to Regulation S, all requirements that such
Security bear any Restricted Securities Legend shall cease to apply and the requirements requiring any such Security be issued in global form shall continue to apply. 

 
 

           (f)    Cancellation or Adjustment of Global Security.     At such time as all beneficial interests in a
Global Security have either been exchanged for certificated or Definitive Securities, redeemed, repurchased or
canceled, such Global Security shall be returned by the Depository to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for certificated or Definitive Securities, redeemed, repurchased or canceled, the principal amount of Securities represented by such Global Security shall be
reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee
or the Securities Custodian, to reflect such reduction. 

 
 

           (g)    Obligations with Respect to Transfers and Exchanges of Securities.     

          (i)  To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate certificated Securities, Definitive Securities and
Global Securities at the Registrar's or co-registrar's request. 

         (ii)  No
service charge shall be made for any registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any
transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or
registration of transfer pursuant to Sections 3.06, 4.11 and 9.05 of this Indenture). 

        (iii)  The
Registrar or co-registrar shall not be required to register the transfer of or exchange of any Security for a period beginning 15 days before
the mailing of a notice of redemption or an offer to repurchase Securities or 15 days before an interest payment date. 

        (iv)  Prior
to the due presentation for registration of transfer of any Security, the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar
may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on such Security and for
all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by
notice to the contrary. 

         (v)  All
Securities issued upon any registration of transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the
same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

 
 

           (h)    No Obligation of the Trustee.     

          (i)  The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depository or any other Person
with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect to the
delivery to any participant, 

A-8

 

member,
beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such
Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to the registered Holders (which shall be
the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules
and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial
owners. 

         (ii)  The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depository participants, members or beneficial owners in any Global Security)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and
to examine the same to determine substantial compliance as to form with the express requirements hereof. 

 
 

           2.4    Certificated Securities.     

        (a)   Any
Global Security deposited with the Depository or with the Trustee as Securities Custodian pursuant to Section 2.1(b) shall be transferred to the beneficial
owners thereof in the form of certificated Securities in an aggregate principal amount equal to the principal amount of such Global Security, in exchange for such Global Security, only if
(i) the Depository notifies the Company that it is unwilling or unable to continue as a Depository for such Global Security or if at any time the Depository ceases to be a "clearing agency"
registered under the Exchange Act, and a successor depositary is not appointed by the Company within 90 days of such notice, or (ii) a Default or an Event of Default has occurred and is
continuing under the Indenture or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of certificated Securities under this
Indenture. 

        (b)   Any
Global Security that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Depository to the Trustee
located in the Borough of Manhattan, The City of New York, to be so transferred, in whole or from time to time in part, without charge (although the Company may require payment of a sum sufficient to
cover any tax or governmental charge imposed in connection therewith), and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Security, an equal aggregate
principal amount of certificated Securities of authorized denominations. Certificated Securities issued in exchange for any portion of a Global Security transferred pursuant to this Section shall be
executed, authenticated and delivered only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof and registered in such names as the Depository shall direct. Any
certificated Security delivered in exchange for an interest in the Rule 144A Global Security or the Regulation S Global Security shall, except as otherwise provided by
Section 2.3(c), bear the Restricted Securities Legend. 

        (c)   The
registered Holder of a Global Security may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Securities. 

        (d)   In
the event of the occurrence of any of the events specified in Section 2.4(a)(i), (ii) or (iii), the Company will promptly make available to the Trustee
a reasonable supply of certificated Securities in definitive, fully registered form without interest coupons. 

A-9

 
 
 

APPENDIX I
  To EXHIBIT A    

 
 

  [FORM OF FACE OF INITIAL SECURITY]    
    
              % Senior Notes due 2018    
    

 

 

			
	[No.]	 	CUSIP No.

ISIN

 

         REGAL
ENTERTAINMENT GROUP, a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum
of                        Dollars (            ) on
August     , 2018. 

        Interest
Payment Dates: February     and August     , commencing February     , 2011. 

        Record
Dates: February     and August     . 

A-10

 

        IN
WITNESS WHEREOF, the parties have caused this instrument to be duly executed as of the            day
of                        , 2010. 

 

 

					
	 	 	 REGAL ENTERTAINMENT GROUP
	

 	
 	
By:	
 	

 
	 	 	Name:
	 	 	Title:
	

 	
 	
By:	
 	

 
	 	 	Name:
	 	 	Title:

 

 TRUSTEE'S
CERTIFICATE OF AUTHENTICATION 

Wells
Fargo Bank, National Association as Trustee, certifies that

this is one of the Securities referred to in the

Indenture. 

 

 

					
	By:	 	

  Authorized Officer

	 	 

 

         Additional
provisions of this Security are set forth on the other side of this Security. 

A-11

 

 

 
 

  [FORM OF REVERSE SIDE OF INITIAL SECURITY]    
    
               % Senior Notes due 2018    
    

 
 

[Global Securities Legend]    

        UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS 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. 

        TRANSFERS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. 

        1.    Interest.    Regal Entertainment Group, a Delaware corporation (the
"Company"), promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company will pay interest
semiannually, in arrears, on February     and August     of each year, commencing February     , 2011, in immediately available funds. Interest on
the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. Interest shall be computed on the basis of a
360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Securities plus 1% per annum, and it shall pay interest on
overdue installments of interest at the rate borne by the Securities to the extent lawful. 

        2.    Method of Payment    

        The
Company will pay interest on the Securities (except defaulted interest) to the Persons who are registered holders of Securities at the close of business on the
February     or August     next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment
date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States of America that at the time of
payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and interest) will be made by wire
transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated Security (including principal,
premium and interest) by mailing a check to the registered address of each Holder thereof; provided,  however, that payments on the Securities may also be
made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by
wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying
Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

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        3.    Paying Agent and Registrar    

        Initially,
Wells Fargo Bank, National Association (the "Trustee"), will act as Paying Agent and Registrar. The Company may appoint and
change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestic Wholly Owned Subsidiaries may act as Paying Agent, Registrar or
co-registrar. 

        4.    Indenture    

        The
Company issued the Securities under an Indenture dated as of August     ,2010 (the "Indenture"), between the Company
and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
77aaa-77bbbb) as in effect on the date of the Indenture (the "TIA"). Terms defined in the Indenture and not defined herein have the meanings
ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. 

        The
Securities are senior unsecured obligations of the Company and can be issued in an initial amount of up to $275,000,000 and additional amounts as part of the same series or new
series under the Indenture which are unlimited (subject to Sections 2.01 and 2.10 of the Indenture). The Indenture imposes certain limitations on the ability of the Company and its Subsidiaries
to, among other things, incur additional indebtedness, pay dividends or make distributions in respect of their capital stock, purchase or redeem capital stock, enter into transactions with
stockholders or certain affiliates, create liens or consolidate, merge or sell all or substantially all of the Company's assets, other than in certain transactions between the Company and one or more
of its Wholly Owned Subsidiaries. These limitations are subject to significant exceptions. 

        5.    Optional Redemption    

        (a)   Except
as set forth below, the Securities may not be redeemed prior to August     , 2015. 

        (b)   At
any time prior to August     , 2015, the Company may redeem the Securities in whole at any time or in part from time to time at a redemption price
equal to 100% of the principal amount of the Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to
the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the date of redemption). 

        (c)   At
any time on or after August     , 2015, the Company may redeem the Securities in whole at any time or in part from time to time at the following
redemption prices (expressed in percentages of principal amount), plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the date of redemption), if redeemed during the 12-month period beginning on
or after August     of the years set forth below: 

 

 

					
	Period

 
	 	Redemption Price 	 
	 2015
	 	 	 	%
	 2016
	 	 	 	%
	 2017 and thereafter
	 	 	100.000	%

 

         (d)   At
any time prior to August     , 2013, the Company may on any one or more occasions redeem up to 35% of the original aggregate principal amount of the
Securities with the Net Cash Proceeds of one or more Equity Offerings at a redemption price of        % of the principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, to the redemption date 

A-13

 

(subject
to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided that 

        (1)   at
least 65% of the original aggregate principal amount of the Securities remains outstanding after each such redemption; and 

        (2)   the
redemption occurs within 90 days after the closing of such Equity Offering. 

        6.    Mandatory Redemption    

        The
Company will not be required to make mandatory redemption or sinking fund payments with respect to the Securities. 

        7.    Notice of Redemption    

        Notice
of redemption will be mailed by first class mail at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at
its registered address. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued
interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied,
on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 

        8.    Repurchase of Securities at the Option of Holders upon Change of Control    

        Upon
a Change of Control, the Company will be required to make an offer, subject to certain conditions specified in the Indenture, to repurchase all the Securities of each Holder at a
purchase price equal to 101% of the principal amount of Securities to be repurchased plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase (subject to the right of
Holders of record on the relevant record date to receive interest due on the interest payment date that is on or prior to the date of purchase) as provided in, and subject to the terms of, the
Indenture. 

        9.    Denominations; Transfer; Exchange    

        The
Securities are in registered form without coupons in denominations of $2,000 and whole multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in
accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be
redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed or
15 days before an interest payment date. 

        10.    Persons Deemed Owners    

        The
registered Holder of this Security may be treated as the owner of it for all purposes. 

        11.    Unclaimed Money    

        If
money for the payment of principal, premium or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its written request
unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment. 

        12.    Discharge and Defeasance    

        Subject
to certain conditions set forth in the Indenture, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company
deposits with the 

A-14

 

Trustee
money or Government Securities for the payment of principal and interest on the Securities to redemption or maturity, as the case may be. 

        13.    Amendment, Waiver    

        Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended without notice to any Holder but with the written consent of the
Holders of at least a majority in aggregate principal amount of the outstanding Securities and (ii) any default or noncompliance with any provision may be waived with the written consent of the
Holders of at least a majority in aggregate principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder of Securities,
the Company and the Trustee may amend the Indenture or the Securities: (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article V of the
Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to add additional Guarantees with respect to the Securities;
(v) to secure the Securities; (vi) to add additional covenants of the Company or to surrender rights and powers conferred on the Company; (vii) to make any change that does not
adversely affect the rights of any Holder; or (viii) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA. 

        14.    Defaults and Remedies    

        If
an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding, subject to certain
limitations, may
declare all the Securities to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default and shall result in the Securities being immediately due and payable upon
the occurrence of such Events of Default without any further act of the Trustee or any Holder. 

        Holders
of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it
receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then outstanding may direct the Trustee in its exercise
of any trust or power under the Indenture. The Holders of a majority in aggregate principal amount of the Securities then outstanding, by written notice to the Company and the Trustee, may rescind any
declaration of acceleration and its consequences if the rescission would not conflict with any judgment or decree, and if all existing Events of Default have been cured or waived except
non-payment of principal or interest that has become due solely because of the acceleration. 

        15.    Trustee Dealings with the Company    

        Subject
to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may
otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not
Trustee. 

        16.    No Recourse Against Others    

        A
director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. 

        17.    Authentication    

        This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this
Security. 

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        18.    Abbreviations    

        Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights
of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

        19.    Governing Law    

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

        20.    ISINs and CUSIP Numbers    

        Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused ISINs and/or CUSIP numbers to be printed on the Securities
and has directed the Trustee to use ISINs and/or CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on
the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

        A
Holder of Securities may upon written request and without charge to the Holder receive a copy of the Indenture which has in it the text of this Security. Requests may be made to: 

Regal
Entertainment Group

7132 Regal Lane

Knoxville, Tennessee 37918

Attention: General Counsel

(865) 922-1123 

A-16

 

 

 
 

ASSIGNMENT FORM    

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

 

 

	
	

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

  (Insert assignee's soc. sec. or tax I.D. No.)

 

 and
irrevocably appoint                        agent to transfer this Security 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 other side of this Security. 

        In
connection with any transfer of any of the Securities evidenced by this certificate occurring while the Securities are Transfer Restricted Securities after the later of the date of
original issuance of such Securities and the last date, if any, on which such Securities were owned by the Company or any Affiliate of the Company, the undersigned confirms that such Securities are
being transferred in accordance with its terms: 

        CHECK
ONE BOX BELOW 

        o     (1) pursuant
to an effective registration statement under the Securities Act of 1933; or 

        o     (2) to
a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act of 1933) that
purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to
and in compliance with Rule 144A under the Securities Act of 1933; or 

        o     (3) outside
the United States in an offshore transaction within the meaning of Regulation S under the
Securities Act of 1933 in compliance with Rule 904 under the Securities Act of 1933; or 

        o     (4) pursuant
to another available exemption from registration provided by Rule 144 under the Securities Act of
1933; or 

        o     (5) (i)
pursuant to and in compliance with an exemption from the registration requirements of the Securities Act of
1933 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
in the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities
Act. 

        Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other than
the registered holder thereof; provided, however, that if boxes (4) or (5) are checked,
the Trustee may require, prior to registering any such transfer of the Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. 

 

 

							
	Date:	 	

 	 	Your Signature:	 	 

 

 

 

 

							
	Signature Guarantee:	 	

 	 	 	 	 

 

 Signature
must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 

A-17

 
 
 

[TO BE ATTACHED TO GLOBAL SECURITIES]    
    
    SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY    

        The
initial principal amount of this Global Security is $            . The following increases or decreases in this Global Security have been made: 

 

 

									
	Date of

Exchange 	 	Amount of

decrease

in Principal

Amount

of this Global

Security 	 	Amount of

increase in

Principal Amount

of this Global

Security 	 	Principal

amount

of this Global

Security

following such

decrease or

increase 	 	Signature of

authorized

signatory

of Trustee or

Securities

Custodian 
	
 	
 	
 	
 	
 	
 	
 	
 	
 

 

 A-18

 

 
 

OPTION OF HOLDER TO ELECT PURCHASE    

        If
you want to elect to have this Security purchased by the Company pursuant to Section 4.11 (Change of Control) of the Indenture, check the
box: o 

        If you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.11 of the Indenture, state the amount: 

        $

 

 

							
	Date:	 	

 	 	Your Signature	 	 

 
	(Sign exactly as your name appears on the other side of the Security)

 

 

 

			
	Signature Guarantee:	 	

 
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion

program or other signature guarantor acceptable to the Trustee.

 

 TO
BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

        The
undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion and that it
and any such account is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the undersigned's foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

 

 

			
	

 	
 	

  Dated:

 

 A-19

 

 EXHIBIT B 

Form of Certificate To Be Delivered

in Connection with Transfers

Pursuant to Regulation S 

Wells
Fargo Bank—DAPS Reorg.

MAC N9303-121

608 2nd Avenue South

Minneapolis, MN 55479

Telephone No.: (877) 969-1290

Fax No.: (866) 969-1290

Email: DAPSReorg@wellsfargo.com 

        Re:
Regal Entertainment Group (the "Company")

              % Senior Notes due 2018 (the "Securities") 

Ladies
and Gentlemen: 

        In
connection with our proposed sale of $[            ] aggregate principal amount of the Securities, we confirm that such sale has been effected pursuant to
and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and, accordingly, we represent
that: 

        (1)   the
offer of the Securities was not made to a person in the United States; 

        (2)   either
(a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither we nor any person
acting on our behalf knows that the transaction has been prearranged with a buyer in the United States; 

        (3)   no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S,
as applicable; 

        (4)   the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

        (5)   we
have advised the transferee of the transfer restrictions applicable to the Securities. 

        You,
the Company and counsel for the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

 

			
	 	 	Very truly yours,

[Name of Transferor]

By:

  Authorized Signature

 

 B-1

 

EXHIBIT C 

FORM OF SUPPLEMENTAL INDENTURE TO ADD GUARANTORS 

        This
Supplemental Indenture, dated as of
[                                    ], 20    
(this "Supplemental Indenture" or
"Guarantee"), among [name of future Guarantor] (the
"Guarantor"), Regal Entertainment Group (together with its successors and assigns, the "Company"), each
other then existing Guarantor (if any) under the Indenture referred to below, and Wells Fargo Bank, National Association, as Trustee under the Indenture referred to below. 

W I T N E S S E T H: 

        WHEREAS,
the Company and the Trustee have heretofore executed and delivered an Indenture, dated as of August     , 2010 (as amended,
supplemented, waived or otherwise modified, the "Indenture"), providing for the issuance of        % Senior Notes due 2018 of the Company (the
"Securities"); 

        WHEREAS,
Section 4.10 of the Indenture provides that the Company is required to cause each Subsidiary that Guarantees obligations under any Indebtedness of the Company or any
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of
the principal of, premium, if any, and interest on the Securities on a senior unsecured basis; and 

        WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee, the Company and the Guarantors are authorized to execute and deliver this Supplemental Indenture to amend or
supplement the Indenture, without the consent of any Holder; 

        NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guarantor, the Company, the other
Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 

ARTICLE I 

Definitions  

  
 

            SECTION 1.1    Defined Terms.     As used in this Supplemental Indenture,
terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the
term "Holders" in this Guarantee shall refer to the term "Holders" as defined in the Indenture and the
Trustee acting on behalf or for the benefit of such Holders. The words "herein," "hereof" and "hereby" and other words of similar import used in this Supplemental Indenture refer to this Supplemental
Indenture as a whole and not to any particular section hereof. 

ARTICLE II 

Agreement to be Bound; Guarantee  

  
 

            SECTION 2.1    Agreement to be Bound.     The Guarantor hereby becomes a party
to the Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations and
agreements of a Guarantor under the Indenture. The Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and agreements
of a Guarantor under the Indenture. 

 
 

           SECTION 2.2    Guarantee.     The Guarantor agrees, on a joint and several basis with all the existing
Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the 

C-1

 

Securities
and the Trustee the Guarantor Obligations pursuant to Article X of the Indenture on a senior basis. 

ARTICLE III 

Miscellaneous  

  
 

            SECTION 3.1    Notices.     All notices and other communications to the
Guarantor shall be given as provided in the Indenture to the Guarantor, at its address set forth below, with a copy to
the Company as provided in the Indenture for notices to the Company. 

 
 

           SECTION 3.2    Parties.     Nothing expressed or mentioned herein is intended or shall be construed to
give any Person, firm or corporation, other than the Holders and the Trustee, any legal
or equitable right, remedy or claim under or in respect of this Supplemental indenture or the Indenture or any provision herein or therein contained. 

 
 

          SECTION 3.3    Governing Law.     This Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 

 
 

           SECTION 3.4    Ratification of Indenture; Supplemental Indentures Part of Indenture.     Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall
be bound hereby. 

 
 

           SECTION 3.5    Trustee not Responsible.     The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect
of the recitals contained herein, all of which are made solely by the Company and the Guarantors. 

 
 

          SECTION 3.6    Counterparts.     The parties hereto may sign one or more copies of this Supplemental
Indenture in counterparts, all of which together shall constitute one and the same agreement. 

 
 

           SECTION 3.7    Headings.     The headings of the Articles and the Sections in this Guarantee are for
convenience of reference only and shall not be deemed to alter or affect the meaning or
interpretation of any provisions hereof. 

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

 

 

			
	 	 	[GUARANTOR],

as a Guarantor
	

 	
 	
By:

  Name:

Title:
	

 	
 	
[Address]
	

 	
 	
WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Trustee
	

 	
 	
By:

  Name:

Title:

 

 C-2

QuickLinks

Exhibit 4.1

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01 Definitions.

Section 1.02 Other Definitions.

Section 1.03 Incorporation by Reference of Trust Indenture Act.

Section 1.04 Rules of Construction.

ARTICLE II THE SECURITIES

Section 2.01 Amount of Securities; Issuable in Series.

Section 2.02 Form and Dating.

Section 2.03 Execution and Authentication.

Section 2.04 Registrar and Paying Agent.

Section 2.05 Paying Agent To Hold Money in Trust.

Section 2.06 Holder Lists.

Section 2.07 Replacement Securities.

Section 2.08 Outstanding Securities.

Section 2.09 Temporary Securities.

Section 2.10 Cancellation.

Section 2.11 Defaulted Interest.

Section 2.12 CUSIP Numbers, Common Codes or ISINs.

Section 2.13 Computation of Interest.

ARTICLE III REDEMPTION

Section 3.01 Notices to Trustee.

Section 3.02 Selection of Securities To Be Redeemed.

Section 3.03 Notice of Redemption.

Section 3.04 Effect of Notice of Redemption.

Section 3.05 Deposit of Redemption Price.

Section 3.06 Securities Redeemed in Part.

ARTICLE IV COVENANTS

Section 4.01 Payment of Securities.

Section 4.02 Corporate Existence.

Section 4.03 Payment of Taxes and Other Claims.

Section 4.04 Maintenance of Properties.

Section 4.05 Limitation on Consolidated Indebtedness.

Section 4.06 Limitation on Restricted Payments.

Section 4.07 Limitation on Transactions with Affiliates.

Section 4.08 Limitation on Liens Securing Indebtedness.

Section 4.09 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries.

Section 4.10 Future Guarantors.

Section 4.11 Change of Control.

Section 4.12 Provision of Financial Information.

Section 4.13 Statement as to Compliance.

Section 4.14 Waiver of Certain Covenants.

Section 4.15 Further Instruments and Acts.

Section 4.16 Payment for Consent.

Section 4.17 Covenant Suspension.

ARTICLE V SUCCESSOR COMPANY

Section 5.01 Consolidation.

Section 5.02 Successor Substituted.

ARTICLE VI DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

Section 6.02 Acceleration; Rescission and Annulment.

Section 6.03 Other Remedies.

Section 6.04 Waiver of Past Defaults.

Section 6.05 Control by Majority.

Section 6.06 Limitation on Suits.

Section 6.07 Rights of Holders to Receive Payment.

Section 6.08 Collection Suit by Trustee.

Section 6.09 Trustee May File Proofs of Claim.

Section 6.10 Priorities.

Section 6.11 Undertaking for Costs.

Section 6.12 Waiver of Stay or Extension Laws.

ARTICLE VII TRUSTEE

Section 7.01 Duties of Trustee.

Section 7.02 Rights of Trustee.

Section 7.03 Individual Rights of Trustee.

Section 7.04 Trustee's Disclaimer.

Section 7.05 Notice of Defaults.

Section 7.06 Reports by Trustee to Holders.

Section 7.07 Compensation and Indemnity.

Section 7.08 Replacement of Trustee.

Section 7.09 Successor Trustee by Merger.

Section 7.10 Eligibility; Disqualification.

Section 7.11 Preferential Collection of Claims Against Company.

ARTICLE VIII DISCHARGE OF INDENTURE; DEFEASANCE

Section 8.01 Discharge of Liability on Securities; Defeasance.

Section 8.02 Conditions to Defeasance.

Section 8.03 Application of Trust Money.

Section 8.04 Repayment to Company.

Section 8.05 Indemnity for Government Obligations.

Section 8.06 Reinstatement.

ARTICLE IX AMENDMENTS

Section 9.01 Without Consent of Holders.

Section 9.02 With Consent of Holders.

Section 9.03 Compliance with Trust Indenture Act.

Section 9.04 Revocation and Effect of Consents and Waivers.

Section 9.05 Notation on or Exchange of Securities.

Section 9.06 Trustee To Sign Amendments.

ARTICLE X GUARANTEES

Section 10.01 Subsidiary Guarantees.

Section 10.02 Execution and Delivery of Subsidiary Guarantees.

Section 10.03 Limitation on Liability; Termination, Release and Discharge.

Section 10.04 Right of Contribution.

Section 10.05 No Subrogation.

ARTICLE XI MISCELLANEOUS

Section 11.01 Trust Indenture Act Controls.

Section 11.02 Notices.

Section 11.03 Communication by Holders with Other Holders.

Section 11.04 Certificate and Opinion as to Conditions.

Section 11.05 Statements Required in Certificate or Opinions.

Section 11.06 When Securities Disregarded.

Section 11.07 Rules by Trustee, Paying Agent and Registrar.

Section 11.08 Legal Holidays.

Section 11.09 Governing Law.

Section 11.10 No Recourse Against Others.

Section 11.11 Successors.

Section 11.12 Separability Clause.

Section 11.13 Reliance on Financial Data.

Section 11.14 Multiple Originals.

Section 11.15 Table of Contents; Headings.

Section 11.16 U.S.A. Patriot Act.

SIGNATURES

EXHIBIT A

PROVISIONS RELATING TO INITIAL SECURITIES AND EXCHANGE SECURITIES

I. DEFINITIONS

1.1 Other Definitions.

II. THE SECURITIES

2.1 Form and Dating.

(b)  Global Securities.

(c)  Book-Entry Provisions.

(d)  Definitive Securities.

2.2 Authentication.

2.3 Transfer and Exchange.

(b)  Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global Security.

(c)  Transfer and Exchange of Global Securities.

(d)  Restrictions on Transfer of Regulation S Global Security.

(e)  Legend.

(f)  Cancellation or Adjustment of Global Security.

(g)  Obligations with Respect to Transfers and Exchanges of Securities.

(h)  No Obligation of the Trustee.

2.4 Certificated Securities.

APPENDIX I To EXHIBIT A

[FORM OF FACE OF INITIAL SECURITY] % Senior Notes due 2018

[FORM OF REVERSE SIDE OF INITIAL SECURITY] % Senior Notes due 2018

[Global Securities Legend]

ASSIGNMENT FORM

[TO BE ATTACHED TO GLOBAL SECURITIES] SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

OPTION OF HOLDER TO ELECT PURCHASE

SECTION 1.1 Defined Terms.

SECTION 2.1 Agreement to be Bound.

SECTION 2.2 Guarantee.

SECTION 3.1 Notices.

SECTION 3.2 Parties.

SECTION 3.3 Governing Law.

SECTION 3.4 Ratification of Indenture; Supplemental Indentures Part of Indenture.

SECTION 3.5 Trustee not Responsible.

SECTION 3.6 Counterparts.

SECTION 3.7 Headings.Exhibit
4.1

 

INDENTURE

 

Dated as of August [    ],
2010

 

 

Among

 

DIRECTV HOLDINGS LLC

 

and

 

DIRECTV FINANCING CO., INC.,

 

as Issuers,

 

THE GUARANTORS PARTY HERETO

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 

as Trustee

 

 

CERTAIN SECTIONS OF THIS INDENTURE

RELATING TO SECTIONS 310 THROUGH 318 INCLUSIVE,

OF THE TRUST INDENTURE ACT OF 1939

 

	
  Trust
  Indenture Act Section

  	
   

  	
  Indenture Section

  
	
  Section 310(a)(1)

  	
   

  	
  609

  
	
  (a)(2)

  	
   

  	
  609

  
	
  (a)(3)

  	
   

  	
  Not
  Applicable

  
	
  (a)(4)

  	
   

  	
  Not
  Applicable

  
	
  (b)

  	
   

  	
  608

  
	
   

  	
   

  	
  610

  
	
  Section 311(a)

  	
   

  	
  613

  
	
  (b)

  	
   

  	
  613

  
	
  Section 312(a)

  	
   

  	
  701

  
	
   

  	
   

  	
  702

  
	
  (b)

  	
   

  	
  702

  
	
  (c)

  	
   

  	
  702

  
	
  Section 313(a)

  	
   

  	
  703

  
	
  (b)

  	
   

  	
  703

  
	
  (c)

  	
   

  	
  703

  
	
  (d)

  	
   

  	
  703

  
	
  Section 314(a)

  	
   

  	
  704

  
	
  (a)(4)

  	
   

  	
  1004

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)(1)

  	
   

  	
  102

  
	
  (c)(2)

  	
   

  	
  102

  
	
  (c)(3)

  	
   

  	
  Not
  Applicable

  
	
  (d)

  	
   

  	
  Not
  Applicable

  
	
  (e)

  	
   

  	
  102

  
	
  Section 315(a)

  	
   

  	
  601

  
	
  (b)

  	
   

  	
  602

  
	
  (c)

  	
   

  	
  601

  
	
  (d)

  	
   

  	
  601

  
	
  (e)

  	
   

  	
  513

  
	
  Section 316(a)

  	
   

  	
  101

  
	
  (a)(1)(A)

  	
   

  	
  502

  
	
   

  	
   

  	
  511

  
	
  (a)(1)(B)

  	
   

  	
  512

  
	
  (a)(2)

  	
   

  	
  Not
  Applicable

  
	
  (b)

  	
   

  	
  508

  
	
  (c)

  	
   

  	
  104

  
	
  Section 317(a)(1)

  	
   

  	
  504

  
	
  (a)(2)

  	
   

  	
  504

  
	
  (b)

  	
   

  	
  1003

  
	
  Section 318(a)

  	
   

  	
  107

  

 

NOTE:  This reconciliation and
tie shall not, for any purpose, be deemed to be a part of this Indenture.

 

i

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I DEFINITIONS AND
  OTHER PROVISIONS OF GENERAL APPLICATION

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 101.

  	
  Definitions

  	
   

  	
  1

  
	
  Section 102.

  	
  Compliance Certificates and
  Opinions

  	
   

  	
  12

  
	
  Section 103.

  	
  Form of Documents Delivered
  to Trustee

  	
   

  	
  13

  
	
  Section 104.

  	
  Acts of Holders; Record Dates

  	
   

  	
  13

  
	
  Section 105.

  	
  Notices, Etc., to Trustee
  and Issuers

  	
   

  	
  15

  
	
  Section 106.

  	
  Notice to Holders; Waiver

  	
   

  	
  16

  
	
  Section 107.

  	
  Conflict with Trust Indenture Act

  	
   

  	
  16

  
	
  Section 108.

  	
  Effect of Headings and Table of
  Contents

  	
   

  	
  17

  
	
  Section 109.

  	
  Successors and Assigns

  	
   

  	
  17

  
	
  Section 110.

  	
  Separability Clause

  	
   

  	
  17

  
	
  Section 111.

  	
  Benefits of Indenture

  	
   

  	
  17

  
	
  Section 112.

  	
  Governing Law

  	
   

  	
  17

  
	
  Section 113.

  	
  Legal Holidays

  	
   

  	
  17

  
	
  Section 114.

  	
  No Recourse Against Others

  	
   

  	
  18

  
	
  Section 115.

  	
  Wavier of Jury Trial

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE II SECURITY FORMS

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  Section 201.

  	
  Forms Generally

  	
   

  	
  18

  
	
  Section 202.

  	
  Form of Legend for Global
  Securities

  	
   

  	
  19

  
	
  Section 203.

  	
  Form of Trustee’s
  Certificate of Authentication

  	
   

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE III THE SECURITIES

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 301.

  	
  Amount Unlimited; Issuable in
  Series

  	
   

  	
  20

  
	
  Section 302.

  	
  Denominations

  	
   

  	
  23

  
	
  Section 303.

  	
  Execution, Authentication, Delivery
  and Dating

  	
   

  	
  23

  
	
  Section 304.

  	
  Temporary Securities

  	
   

  	
  24

  
	
  Section 305.

  	
  Registration, Registration of
  Transfer and Exchange

  	
   

  	
  25

  
	
  Section 306.

  	
  Mutilated, Destroyed, Lost and
  Stolen Securities

  	
   

  	
  26

  
	
  Section 307.

  	
  Payment of Interest; Interest
  Rights Preserved

  	
   

  	
  27

  
	
  Section 308.

  	
  Persons Deemed Owners

  	
   

  	
  29

  
	
  Section 309.

  	
  Cancellation

  	
   

  	
  29

  
	
  Section 310.

  	
  Computation of Interest

  	
   

  	
  29

  
	
  Section 311.

  	
  CUSIP Numbers

  	
   

  	
  29

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 312.

  	
  Original Issue Discount

  	
   

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV SATISFACTION AND
  DISCHARGE

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 401.

  	
  Satisfaction and Discharge of Indenture

  	
   

  	
  30

  
	
  Section 402.

  	
  Application of Trust Money

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE V REMEDIES

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 501.

  	
  Events of Default

  	
   

  	
  31

  
	
  Section 502.

  	
  Acceleration of Maturity;
  Rescission and Annulment

  	
   

  	
  33

  
	
  Section 503.

  	
  Collection of Indebtedness and
  Suits for Enforcement by Trustee

  	
   

  	
  35

  
	
  Section 504.

  	
  Trustee May File Proofs of
  Claim

  	
   

  	
  35

  
	
  Section 505.

  	
  Trustee May Enforce Claims
  Without Possession of Securities

  	
   

  	
  35

  
	
  Section 506.

  	
  Application of Money Collected

  	
   

  	
  36

  
	
  Section 507.

  	
  Limitation
  on Suits

  	
   

  	
  36

  
	
  Section 508.

  	
  Unconditional Right of Holders to
  Receive Principal, Premium and Interest and to Convert Securities

  	
   

  	
  37

  
	
  Section 509.

  	
  Rights and Remedies Cumulative

  	
   

  	
  37

  
	
  Section 510.

  	
  Delay or Omission Not Waiver

  	
   

  	
  37

  
	
  Section 511.

  	
  Control by Holders

  	
   

  	
  37

  
	
  Section 512.

  	
  Waiver of Past Defaults

  	
   

  	
  38

  
	
  Section 513.

  	
  Undertaking for Costs

  	
   

  	
  38

  
	
  Section 514.

  	
  Waiver of Usury, Stay or
  Extension Laws

  	
   

  	
  38

  
	
  Section 515.

  	
  Restoration of Rights and Remedies

  	
   

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI THE TRUSTEE

  	
   

  	
  39

  
	
   

  	
   

  	
   

  
	
  Section 601.

  	
  Certain Duties and Responsibilities of Trustee

  	
   

  	
  39

  
	
  Section 602.

  	
  Notice of Defaults

  	
   

  	
  40

  
	
  Section 603.

  	
  Certain Rights of Trustee

  	
   

  	
  40

  
	
  Section 604.

  	
  Not Responsible for Recitals or Issuance of Securities

  	
   

  	
  42

  
	
  Section 605.

  	
  May Hold Securities

  	
   

  	
  42

  
	
  Section 606.

  	
  Money Held in Trust

  	
   

  	
  42

  
	
  Section 607.

  	
  Compensation and Reimbursement

  	
   

  	
  42

  
	
  Section 608.

  	
  Conflicting Interests

  	
   

  	
  43

  
	
  Section 609.

  	
  Corporate Trustee Required; Eligibility

  	
   

  	
  44

  
	
  Section 610.

  	
  Resignation and Removal; Appointment of Successor

  	
   

  	
  44

  
	
  Section 611.

  	
  Acceptance of Appointment by Successor

  	
   

  	
  45

  
	
  Section 612.

  	
  Merger, Conversion, Consolidation or Succession to Business

  	
   

  	
  46

  
	
  Section 613.

  	
  Preferential Collection of Claims Against Issuers

  	
   

  	
  47

  

 

iii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII HOLDERS’ LISTS
  AND REPORTS BY TRUSTEE AND ISSUERS

  	
   

  	
  47

  
	
   

  	
   

  	
   

  
	
  Section 701.

  	
  Issuers to Furnish Trustee Names and Addresses of Holders

  	
   

  	
  47

  
	
  Section 702.

  	
  Preservation of Information; Communications to Holders

  	
   

  	
  47

  
	
  Section 703.

  	
  Reports by Trustee

  	
   

  	
  47

  
	
  Section 704.

  	
  Reports by Issuers

  	
   

  	
  48

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII CONSOLIDATION,
  MERGER AND SALE OF ASSETS

  	
   

  	
  48

  
	
   

  	
   

  	
   

  
	
  Section 801.

  	
  Merger or Transfer Assets Only on Certain Terms

  	
   

  	
  48

  
	
  Section 802.

  	
  Successor Corporation Substituted

  	
   

  	
  48

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX SUPPLEMENTAL
  INDENTURES

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  Section 901.

  	
  Supplemental Indentures Without Consent of Holders

  	
   

  	
  49

  
	
  Section 902.

  	
  Supplemental Indentures With Consent of Holders

  	
   

  	
  50

  
	
  Section 903.

  	
  Execution of Supplemental Indentures

  	
   

  	
  51

  
	
  Section 904.

  	
  Effect of Supplemental Indentures

  	
   

  	
  52

  
	
  Section 905.

  	
  Conformity with Trust Indenture Act

  	
   

  	
  52

  
	
  Section 906.

  	
  Reference in Securities to Supplemental Indentures

  	
   

  	
  52

  
	
   

  	
   

  	
   

  
	
  ARTICLE X COVENANTS

  	
   

  	
  52

  
	
   

  	
   

  	
   

  
	
  Section 1001.

  	
  Payment of Principal, Premium, if any, and Interest

  	
   

  	
  52

  
	
  Section 1002.

  	
  Maintenance of Office or Agency

  	
   

  	
  52

  
	
  Section 1003.

  	
  Money for Securities Payments to Be Held in Trust

  	
   

  	
  53

  
	
  Section 1004.

  	
  Statement by Officers as to Default

  	
   

  	
  54

  
	
  Section 1005.

  	
  Reports

  	
   

  	
  54

  
	
  Section 1006.

  	
  Limitation on Liens

  	
   

  	
  55

  
	
  Section 1007.

  	
  Additional Subsidiary Guarantees

  	
   

  	
  55

  
	
  Section 1008.

  	
  Limitation on Sale and Leasebacks

  	
   

  	
  55

  
	
  Section 1009.

  	
  Limitation on Activities of DIRECTV Financing

  	
   

  	
  56

  
	
  Section 1010.

  	
  Organizational Existence

  	
   

  	
  56

  
	
  Section 1011.

  	
  Waiver of Certain Covenants

  	
   

  	
  56

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI REDEMPTION OF
  SECURITIES

  	
   

  	
  57

  
	
   

  	
   

  	
   

  
	
  Section 1101.

  	
  Applicability of Article

  	
   

  	
  57

  
	
  Section 1102.

  	
  Election to Redeem; Notice to Trustee

  	
   

  	
  57

  
	
  Section 1103.

  	
  Selection by Trustee of Securities to Be Redeemed

  	
   

  	
  57

  
	
  Section 1104.

  	
  Notice of Redemption

  	
   

  	
  58

  
	
  Section 1105.

  	
  Deposit of Redemption Price

  	
   

  	
  59

  

 

iv

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 1106.

  	
  Securities Payable on Redemption Date

  	
   

  	
  59

  
	
  Section 1107.

  	
  Securities Redeemed in Part

  	
   

  	
  60

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII SINKING FUNDS

  	
   

  	
  60

  
	
   

  	
   

  	
   

  
	
  Section 1201.

  	
  Applicability of Article

  	
   

  	
  60

  
	
  Section 1202.

  	
  Satisfaction of Sinking Fund Payments with Securities

  	
   

  	
  60

  
	
  Section 1203.

  	
  Redemption of Securities for Sinking Fund

  	
   

  	
  61

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII DEFEASANCE AND
  COVENANT DEFEASANCE

  	
   

  	
  61

  
	
   

  	
   

  	
   

  
	
  Section 1301.

  	
  Company’s Option to Effect
  Defeasance or Covenant Defeasance

  	
   

  	
  61

  
	
  Section 1302.

  	
  Defeasance and Discharge

  	
   

  	
  61

  
	
  Section 1303.

  	
  Covenant Defeasance

  	
   

  	
  62

  
	
  Section 1304.

  	
  Conditions to Defeasance or
  Covenant Defeasance

  	
   

  	
  62

  
	
  Section 1305.

  	
  Deposited Money and U.S.
  Government Obligations to Be Held in Trust; Miscellaneous Provisions

  	
   

  	
  64

  
	
  Section 1306.

  	
  Reinstatement

  	
   

  	
  64

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIV REPAYMENT AT THE
  OPTION OF HOLDERS

  	
   

  	
  65

  
	
   

  	
   

  	
   

  
	
  Section 1401.

  	
  Applicability of Article

  	
   

  	
  65

  
	
  Section 1402.

  	
  Repayment of Securities

  	
   

  	
  65

  
	
  Section 1403.

  	
  Exercise of Option

  	
   

  	
  65

  
	
  Section 1404.

  	
  When Securities Presented for Repayment Become Due and
  Payable

  	
   

  	
  66

  
	
  Section 1405.

  	
  Securities Repaid in Part

  	
   

  	
  66

  
	
   

  	
   

  	
   

  
	
  ARTICLE XV GUARANTEES

  	
   

  	
  67

  
	
   

  	
   

  	
   

  
	
  Section 1501.

  	
  Guarantee

  	
   

  	
  67

  
	
  Section 1502.

  	
  Merger, Consolidation or Sale of Assets of Guarantors

  	
   

  	
  68

  
	
  Section 1503.

  	
  Successor Corporation Substituted

  	
   

  	
  69

  
	
  Section 1504.

  	
  Releases from Guarantees

  	
   

  	
  69

  

 

v

 

 

INDENTURE
dated as of August [       ], 2010 by and
among DIRECTV Holdings LLC (the “Company” or an “Issuer”), a Delaware limited liability company, DIRECTV
Financing Co., Inc. (“DIRECTV Financing”
or an “Issuer” and together with the Company,
the “Issuers”), a Delaware corporation, the
Guarantors (as hereinafter defined) and The Bank of New York Mellon Trust
Corporation, N.A., a national banking association, as trustee (the “Trustee”).

 

RECITALS

 

The
Issuers have duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its senior unsecured debt
securities (herein called the “Securities”),
to be issued in one or more series as in this Indenture provided.

 

All
things necessary to make this Indenture a legal, valid and binding agreement of
the Issuers and the Guarantors, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For
and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Securities or of any series thereof, as follows:

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section 101.                             Definitions.

 

For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise
requires:

 

(1)                                 the terms defined in this Article I have the meanings assigned to
them in this Article I and include the plural as well as the singular;

 

(2)                                 all other terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them
therein;

 

(3)                                 all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP;

 

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

 

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

 

(6)                                 “including” means including without limitation;

 

 

(7)                                 when used with respect to any Security, the words “convert,” “converted”
and “conversion” are intended to refer to the right of the Holder or the
Issuers to convert or exchange such Security into or for securities or other
property in accordance with such terms, if any, as may hereafter be specified
for such Security as contemplated by Section 301, and these words are not
intended to refer to any right of the Holder or the Issuers to exchange such
Security for other Securities of the same series and like tenor pursuant to Section 304,  305, 
306,  906 or 1107 or another
similar provisions of this Indenture, unless the context otherwise requires;
and references herein to the terms of any Security that may be converted mean
such terms as may be specified for such Security as contemplated in Section 301;
and

 

(8)                                 unless otherwise provided, references to agreements and other instruments
shall be deemed to include all amendments and other modifications to such
agreements and instruments, but only to the extent such amendments and other
modifications are not prohibited by the terms of this Indenture.

 

“2014 Notes” means
$1,000 million of 4.750% Senior Notes due 2014 issued by the Company and
DIRECTV Financing under an indenture dated as of September 22, 2009.

 

“2015 Notes” means
$1,000 million of 6.375% Senior Notes due 2015 issued by the Company and
DIRECTV Financing under an indenture dated as of June 15, 2005.

 

“3.550% 2015 Notes” means $1,200 million of 3.550% Senior Notes due
2015 issued by the Company and DIRECTV Financing under an indenture dated as of
March 11, 2010.

 

“2016 Notes” means
$1,500 million of 7.625% Senior Notes due 2016 issued by the Company and
DIRECTV Financing under an indenture dated as of May 14, 2008.

 

“2019 Notes” means
$1,000 million of 5.875% Senior Notes due 2019 issued by the Company and
DIRECTV Financing under an indenture dated as of September 22, 2009.

 

“2020 Notes” means
$1,300 million of 5.220% Senior Notes due 2020 issued by the Company and
DIRECTV Financing under an indenture dated as of March 11, 2010.

 

“2040 Notes” means $500 million
of 6.350 % Senior Notes due 2040 issued by the Company and DIRECTV Financing
under an indenture dated as of March 11, 2010.

 

“Act,” when used with respect to any Holder, has the meaning
specified in Section 104.

 

“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, in each case so long
as such Indebtedness was not 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.

 

2

 

“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 no individual, other than a director of Parent
or the Company or their respective Subsidiaries or an officer of Parent or the
Company or their respective Subsidiaries 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 Parent, the Company or any of their respective Subsidiaries.

 

“Applicable Procedures” means, with respect to any transfer
or exchange of or for beneficial interests in any Global Security, the rules and
procedures of the Depositary 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 (a) with respect to any
Person that is a corporation, the board of directors of such Person or any duly
authorized committee thereof and (b) as to any other Person, the
functionally comparable body of such Person or any duly authorized committee
thereof.

 

“Board Resolution” means a copy of one or more resolutions
certified by the Secretary or an Assistant Secretary of each of the Issuers to
have been duly adopted by the Board of Directors of each Issuer and to be in
full force and effect on the date of such certification and delivered to the
Trustee.

 

“Business Day” means, when used with respect to any Place of
Payment, unless otherwise specified as contemplated by Section 301, any
day, other than a Saturday or Sunday, which is not a day on which banking
institutions are authorized or obligated by law or executive order to close in
that Place of Payment.

 

“Capital Lease Obligations” 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.

 

“Commission” means the U.S. Securities and Exchange Commission,
from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this 

 

3

 

Indenture
such Commission is not existing and performing the duties now assigned to it
under the Trust Indenture Act, then the body performing such duties at such
time.

 

“Consolidated Net Tangible Assets” of any Person means, for
any period, the total amount of assets (less applicable reserves and other
properly deductible items) after deducting (1) all current liabilities and
(2) all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other intangibles, all as set forth on the Company’s
most recent consolidated balance sheet and computed in accordance with GAAP.

 

“Corporate Trust Office of the Trustee” means the principal
office of the Trustee at which any time its corporate trust business shall be
administered, which office at the date hereof is located at 700 South Flower
Street, Suite 500, Los Angeles, CA 90017, Attention:  Corporate Unit, or such other address as the
Trustee may designate from time to time by notice to the Holders and the
Company, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by
notice to the Holders and the Company).

 

“Covenant Defeasance” has the meaning specified in Section 1303.

 

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

 

“Defaulted Interest” has the meaning specified in Section 307.

 

“Defeasance” has the meaning specified in Section 1302.

 

“Depositary” means, with respect to Securities of any series
issuable in whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is designated to act as
Depositary for such Securities as contemplated by Section 301.

 

“Domestic Subsidiaries” shall mean all Subsidiaries
incorporated, formed or organized under the laws of the United States of
America, any State thereof or the District of Columbia.

 

“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).

 

“Event of Default” has the meaning specified in Section 501.

 

“Exchange Act” means the U.S. Securities Exchange Act of 1934
and any statute successor thereto, in each case as amended from time to time.

 

“Existing Notes” means
the 2014 Notes, the 2015 Notes, the 3.550% 2015 notes, the 2016 Notes, the 2019
Notes, the 2020 Notes and the 2040 Notes.

 

“Existing Satellites” means the following satellites:  DIRECTV 1R, DIRECTV 4S, DIRECTV 5, DIRECTV
7S, DIRECTV 8, DIRECTV 9S, DIRECTV 10, DIRECTV 11, DIRECTV 12, Spaceway 1 and
Spaceway 2.

 

4

 

“FCC” means the Federal Communications Commission.

 

“Foreign Currency Obligations” means, with respect to any
Person, the obligations of such Person pursuant to any foreign exchange
contract, currency swap agreement or other similar agreement or arrangement
designed to protect the Company or any Subsidiary of the Company against
fluctuations in currency values.

 

“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 United States, 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 hereof shall utilize
GAAP as in effect on the date of this Indenture.

 

“Global Security” means a Security that evidences all or part
of the Securities of any series and bears the legend set forth in Section 202
(or such legend as may be specified as contemplated by Section 301 for
such Securities).

 

“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 by a Guarantor of the
Securities.

 

“Guarantor” means any Subsidiary of the Company that
guarantees the Securities and its 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 Security is
registered in the Security Register.

 

“incur” means, collectively, either directly or indirectly,
create, incur, issue, assume, guarantee or otherwise become directly or
indirectly liable with respect to any Indebtedness (including Acquired Debt).

 

“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 

 

5

 

(including
pursuant to capital leases) or representing any Hedging Obligations or Foreign
Currency 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 or Foreign Currency Obligations) would appear as a
liability upon a balance sheet of such Person prepared in accordance with GAAP,
and also includes the guarantee of items that would be included within this
definition.

 

“Indenture” means this instrument as originally executed and
as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable
provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of
particular series of Securities established as contemplated by Section 301.

 

“interest” means, when used with respect to an Original Issue
Discount Security which by its terms bears interest only after Maturity,
interest payable after Maturity.

 

“Interest Payment Date” means, when used with respect to any
Security, the Stated Maturity of an installment of interest on such Security.

 

“Internal Revenue Code” means the U.S. Internal Revenue Code
of 1986, as amended from time to time.

 

“Issuer Request” or “Issuer Order”
means a written request or order signed in the name of the Issuers by an
Officer of each of the Issuers (or any Person designated in writing as
authorized to execute and deliver Issuer Requests and Issuer Orders), and
delivered to the Trustee.

 

“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).

 

“Maturity” means, when used with respect to any Security, the
date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity
or by declaration of acceleration, call for redemption or otherwise.

 

“Notice of Default” means a written notice of the kind
specified in Section 501.

 

“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, or any other
officer designated by the Board of Directors serving in a similar capacity.

 

6

 

“Officers’ Certificate” means a certificate signed on behalf
of the Company or DIRECTV Financing, as the case may be, by two Officers of
such Person or of such Person’s partner or managing member, one of whom must be
the principal executive officer, principal financial officer, treasurer or
principal accounting officer of such Person or of such Person’s partner or
managing member.

 

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

 

“Original Issue Discount Security” means any Security which
provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

“Outstanding” means, when used with respect to Securities, as
of the date of determination, all Securities theretofore authenticated and
delivered under this Indenture, except:

 

(a)           Securities theretofore cancelled by
the Trustee or delivered to the Trustee for cancellation;

 

(b)           Securities for whose payment or
redemption money in the necessary amount has been theretofore deposited with
the Trustee or any Paying Agent (other than the Issuers) in trust or set aside
and segregated in trust by the Issuers (if one of the Issuers shall act as
Paying Agent) for the Holders of such Securities; provided
that, if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made;

 

(c)           Securities as to which Defeasance has
been effected pursuant to Section 1302;

 

(d)           Securities which have been paid
pursuant to Section 306 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid obligations
of the Issuers; and

 

(e)           Securities as to which any property
deliverable upon conversion thereof has been delivered (or such delivery has
been made available), or as to which any other particular conditions have been
satisfied, in each case as may be provided for such Securities as contemplated
in Section 301;

 

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given, made or taken any
request, demand, authorization, direction, notice, consent, waiver or other
action hereunder as of any date, (A) the principal amount of an Original
Issue Discount Security which shall be deemed to be Outstanding shall be the
amount of the principal thereof which would be due and payable as of such date
upon acceleration of the Maturity thereof to such date pursuant to Section 502,
(B) if, as of such date, the principal amount payable at the Stated
Maturity of a Security is not determinable, the principal amount of such
Security which shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 301, (C) the
principal amount of a 

 

7

 

Security
denominated in one or more foreign currencies, composite currencies or currency
units which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated
by Section 301, of the principal amount of such Security (or, in the case
of a Security described in clause (A) or (B) above, of the amount
determined as provided in such clause), and (D) Securities owned by the
Issuers or any other obligor upon the Securities or any Affiliate of the
Issuers or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which a Responsible Officer of
the Trustee knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so
to act with respect to such Securities and that the pledgee is not one of the
Issuers or any other obligor upon the Securities or any Affiliate of the
Issuers or of such other obligor.

 

“Parent” means our parent, DIRECTV, our indirect parent and a
Delaware corporation, and their respective successors, in each case together
with each direct or indirect Subsidiary of Parent that beneficially owns any of
our Equity Interests.

 

“Parent Company” means each of (a) DIRECTV and (b) any
direct or indirect Subsidiary of Parent that owns any of our Capital Stock.

 

“Paying Agent” means any Person authorized by the Issuers to
pay the principal of or premium, if any, or interest on any Securities on
behalf of the Issuers.

 

“Permitted Liens” means with respect to the Securities of any
series:

 

(a)           Liens securing the Securities of such
series and Liens securing any Guarantee of such Securities;

 

(b)           Liens securing Purchase Money
Indebtedness; provided that such Liens do not
extend to any assets of the Company or the Company’s Subsidiaries other than
the assets so acquired;

 

(c)           Liens to secure Indebtedness incurred
for the purpose of financing all or any part of the purchase price or cost of
instruction or improvement of property, plant or equipment or the purchase
price or construction, improvement or launch of satellites (other than Existing
Satellites) for use in the business of the Company or any Subsidiary of the
Company; provided that such Liens do not apply to
any assets other than the property acquired, constructed or improved or the
satellite constructed, improved or launched (and in the case of any such
satellite, other than any Existing Satellite, the related orbital slots,
licenses and other related assets);

 

(d)           Liens on property of a Person
existing at the time such Person is merged into or consolidated with the
Company or any Subsidiary of the Company; 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;

 

8

 

(e)           Liens on property of a Subsidiary of
the Company at the time that it becomes a Subsidiary of the Company; provided that such Liens were not incurred in connection
with, or contemplation of, such Subsidiary becoming a Subsidiary of the
Company;

 

(f)            Liens on property existing at the
time of acquisition thereof by the Company or any 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 Subsidiary of the Company other than the property so
acquired;

 

(g)           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;

 

(h)           Liens existing on the issue date of
the Securities of such series securing Indebtedness existing on the issue date
or incurred pursuant to commitments outstanding on the issue date of the
Securities of such series;

 

(i)            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;

 

(j)            any interest or title of a lessor
under any Capital Lease Obligations;

 

(k)           Liens (other than Liens created or
imposed under ERISA) incurred or deposits made by the Company or any of its
Subsidiaries in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, or to secure the
performance of tenders, statutory obligations, bids, leases, government
contracts, performance and return-of-money bonds and other similar obligations
(exclusive of obligations for the payment of borrowed money);

 

(l)            easements, rights-of-way, covenants,
restrictions (including zoning restrictions), minor defects or irregularities
in title and other similar charges or encumbrances not, in any material
respect, impairing the use of the encumbered property for its intended
purposes;

 

(m)          normal and customary rights of setoff
upon deposits of cash in favor of banks or other depository institutions;

 

(n)           Liens not provided for in clauses (a) through
(m) above securing Indebtedness incurred in compliance with the terms
hereof so long as the Securities of such series 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 Securities of such
series, such Lien shall be subordinated to and be later in priority than the
Securities of such series on the same basis;

 

9

 

(o)           extensions, renewals or refundings of
any Liens referred to in clauses (a) through (n) above; provided that 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

 

(p)           other Liens arising in connection
with the Company’s and its Subsidiaries’ Indebtedness, in an aggregate
principal amount for the Company and its Subsidiaries together with the amount
of Attributable Indebtedness incurred in connection with Sale and Leaseback
Transactions, not exceeding at the time such Lien is issued, created or assumed
15% of the Company’s Consolidated Net Tangible Assets.

 

“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).

 

“Place of Payment” means, when used with respect to the
Securities of any series, the place or places where the principal of and
premium, if any, and interest on the Securities of such series are payable as
specified as contemplated by Section 301.

 

“Predecessor Security” means, with respect to any particular
Security, every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 306 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security.

 

“Purchase Money Indebtedness” means (i) Indebtedness
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) so long as such
Indebtedness is without recourse to the Company or any of its Subsidiaries or
any of their respective assets, other than to the assets so purchased; or
(ii) Indebtedness which refinances Indebtedness referred to in clause (i) of
this definition; provided that such refinancing
satisfies subclauses (a) and (b) of such clause (i).

 

“Redemption Date” means, when used with respect to any
Security to be redeemed, the date fixed for such redemption by or pursuant to
this Indenture.

 

“Redemption Price” means, when used with respect to any
Security to be redeemed, the price at which it is to be redeemed pursuant to
this Indenture.

 

“Regular Record Date” means, for the interest payable on any
Interest Payment Date on the Securities of any series, the date specified for
that purpose as contemplated by Section 301.

 

“Repayment Date” means, with used with respect to a Security
to be repaid at the option of a Holder, the date fixed for such repayment by or
pursuant to this Indenture.

 

10

 

 

“Responsible Officer,” when used with respect to the Trustee,
means any officer within the Corporate Unit of the Trustee (or any successor
group of the Trustee) or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

 

“Securities” has the meaning specified in the first recital
of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture.

 

“Securities Act” means the U.S. Securities Act of 1933 and
any statute successor thereto, in each case as amended from time to time.

 

“Security Register” and “Security Registrar”
have the respective meanings specified in Section 305.

 

“Senior Secured Credit Facility” means any credit agreement
to which the Company and/or one or more of its Domestic Subsidiaries is party
from time to time including without limitation the credit agreement dated as of
April 13, 2005 by and among the Company, as borrower, the lenders party
thereto from time to time, Bank of America N.A., as administrative agent, and
JPMorgan Chase Bank, N.A., as syndication agent, together with the related
documents thereto (including, without limitation, any guarantee agreements and
security documents), in each case as such agreements may be amended (including
any amendment and restatement thereof), supplemented or otherwise modified from
time to time, including any agreement exchanging, extending the maturity of,
refinancing, renewing, replacing, substituting or otherwise restructuring,
whether in the bank or debt capital markets (or combination thereof) (including
increasing the amount of available borrowings thereunder or adding Subsidiaries
as additional borrowers or guarantors thereunder) all or any portion of the
Indebtedness under such agreement or any successor or replacement agreement and
whether by the same or any other agent, lende”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 date of this Indenture.

 

“Special Record Date” means, for the payment of any Defaulted
Interest, a date fixed by the Trustee pursuant to Section 307.

 

“Stated Maturity” means, when used with respect to any
Security or any installment of principal thereof or interest thereon, the date
specified in such Security as the fixed date on which the principal of such
Security or such installment of principal or interest is due and payable.

 

“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.

 

11

 

“Successor” has the meaning specified in Section 801.

 

“Trust Indenture Act” means the U.S. Trust Indenture Act of
1939 as in force at the date as of which this Indenture was executed; provided, however, that
in the event the Trust Indenture Act of 1939 is amended after such date, “Trust
Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended.

 

“Trustee” means the Person named as the “Trustee” in the
first paragraph of this Indenture until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee”
shall mean or include each Person who is then a Trustee hereunder, and if at
any time there is more than one such Person, “Trustee” as used with respect to
the Securities of any series shall mean the Trustee with respect to Securities
of that series.

 

“U.S. Government Obligation” has the meaning specified in Section 1304(1).

 

“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 102.                             Compliance Certificates and Opinions.

 

Upon any application or request by the Issuers to
the Trustee to take any action under any provision of this Indenture, the
Issuers shall furnish to the Trustee, an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with.

 

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in
this Indenture (except for certificates provided for in Section 1004)
shall include:

 

(1)                                 a statement that each individual signing such certificate or opinion has
read such covenant or condition and the definitions herein relating thereto;

 

(2)                                 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;

 

(3)                                 a statement that, in the opinion of each such individual, he or she has
made such examination or investigation as is necessary to enable him or her to
express an informed opinion as to whether or not such covenant or condition has
been complied with; and

 

(4)                                 a statement as to whether, in the opinion of each such individual, such
condition or covenant has been complied with.

 

12

 

Section 103.                             Form of Documents Delivered to Trustee.

 

In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.

 

Any
certificate or opinion of an Officer of an Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such Officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
the matters upon which such Officer’s certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an Officer or Officers of the Issuers stating that the
information with respect to such factual matters is in the possession of the
Issuers, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

 

Where
any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument.

 

Section 104.                             Acts of Holders; Record Dates.

 

Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the
Issuers. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and, subject to Section 601,
conclusive in favor of the Trustee and the Issuers, if made in the manner
provided in this Section 104.

 

The
fact and date of the execution by any Person of any such instrument or writing
may be proved in any manner which the Trustee reasonably deems sufficient.
Where such execution is by a Person acting in a capacity other than such Person’s
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such Person’s authority. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems
sufficient.

 

The
ownership of Securities shall be proved by the Security Register.

 

13

 

Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Security shall bind every future Holder of the same
Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Issuers in
reliance thereon, whether or not notation of such action is made upon such
Security.

 

The
Issuers may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give, make or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders of Securities of such series; provided that
the Issuers may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that
no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date (as defined below) by Holders of the requisite
principal amount of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Issuers from
setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be cancelled and of no
effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Issuers, at their
own expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Trustee in writing
and to each Holder of Securities of the relevant series in the manner set forth
in Section 106.

 

The Trustee may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series
entitled to join in the giving or making of (i) any Notice of Default, (ii) any
declaration of acceleration referred to in Section 502, (iii) any
request to institute proceedings referred to in Section 507(2) or (iv) any
direction referred to in Section 511, in each case with respect to
Securities of such series. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders
after such record date; provided that
no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in
this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Trustee, at the Issuers’ expense,
shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Issuers in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section 106.

 

14

 

With respect to any record date set pursuant to this
Section 104, the party hereto which sets such record dates may designate
any day as the “Expiration Date” and from time to
time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto
in writing, and to each Holder of Securities of the relevant series in the
manner set forth in Section 106, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date
set pursuant to this Section 104, the party hereto which set such record
date shall be deemed to have initially designated the 180th day after such
record date as the Expiration Date with respect thereto, subject to its right
to change the Expiration Date as provided in this paragraph.

 

Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal
amount.

 

Section 105.                             Notices, Etc., to Trustee and Issuers.

 

Any
notice or communication by the Issuers, any Guarantor or the Trustee to the
other is duly given if in writing by hand-delivery, registered first-class
mail, next-day air courier or facsimile:

 

If to the Issuers or any Guarantor, to it care of:

 

DIRECTV
Holdings LLC

2230 East Imperial Highway

El Segundo, California 90245

Facsimile No.:  (310) 964-0839

Attention:  General Counsel

 

with
a copy to:

Weil,
Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: 
Michael E. Lubowitz, Esq.

Erika L. Weinberg, Esq.

 

If
to the Trustee:

 

The
Bank of New York Mellon Trust Company, N.A.

700 South Flower Street, Suite 500 

Los Angeles, CA 90017

Facsimile No.:  (213) 630-6298

Attention:  Corporate Unit

 

15

 

The
Trustee agrees to accept and act upon instructions or directions pursuant to
this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other
similar unsecured electronic methods, provided, however, that the Trustee shall
have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such
designated persons, which such incumbency certificate shall be amended and
replaced whenever a person is to be added or deleted from the listing.  If the Issuer elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic
method) and the Trustee in its discretion elects to act upon such instructions,
the Trustee’s understanding of such instructions shall be deemed controlling.
The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee’s reliance upon and compliance with
such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The Issuer agrees to assume
all risks arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk or
interception and misuse by third parties.

 

Section 106.                             Notice to Holders; Waiver.

 

Where
this Indenture provides for notice to Holders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event,
at such Holder’s address as it appears in the Security Register, not later than
the latest date, if any, and not earlier than the earliest date, if any,
prescribed for the giving of such notice. In any case where notice to Holders
is given by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder shall affect the sufficiency of
such notice with respect to other Holders. Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

 

In
case by reason of the suspension of regular mail service or by reason of any
other cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

 

Where
this Indenture provides for notice of any event to a Holder of a Global
Security, such notice shall be sufficiently given if given to the Depositary
for such Security (or its designee), pursuant to the Applicable Procedures of
the Depositary, not later than the latest date, if any, and not earlier than
the earliest date, if any, prescribed for the giving of such notice.

 

Section 107.                             Conflict with Trust Indenture Act.

 

If
any provision of this Indenture limits, qualifies or conflicts with a provision
of the Trust Indenture Act which is required under such Act to be a part of and
govern this Indenture, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the Trust Indenture Act
which may be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or to be excluded, as the case may be.

 

16

 

Section 108.                             Effect of Headings and Table of Contents.

 

The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

 

Section 109.                             Successors and Assigns.

 

All covenants and agreements in this Indenture by
the Issuers shall bind their respective successors and assigns, whether so
expressed or not. All agreements of the Trustee in this Indenture shall bind
its successors and assigns, whether so expressed or not.

 

Section 110.                             Separability Clause.

 

In
case any provision in this Indenture or in the Securities 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 111.                             Benefits of Indenture.

 

Nothing
in this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder and the
Holders, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

 

Section 112.                             Governing Law.

 

This
Indenture and the Securities shall be governed by, and construed in accordance
with, the law of the State of New York.

 

Section 113.                             Legal Holidays.

 

In
any case where any Interest Payment Date, Redemption Date, Repayment Date or
Stated Maturity of any Security, or any date on which a Holder has the right to
convert such Holder’s Security, shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the
Securities (other than a provision of any Security which specifically states
that such provision shall apply in lieu of this Section 113)) payment of
principal and premium, if any, or interest, or the Redemption Price or
conversion of such Security, need not be made at such Place of Payment on such
date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date,
Redemption Date or Repayment Date, or at the Stated Maturity, or on such
conversion date.  In the case, however,
of Securities of a series bearing interest at a floating rate based on the
London interbank offered rate (LIBOR), if any Interest Payment Date (other than
the Redemption Date, Repayment Date or Stated Maturity) would otherwise be a
date that is not a Business Day, then the Interest Payment Date shall be
postponed to the following date which is a Business Day, unless that Business
Day falls in the next succeeding calendar month, in which case the Interest
Payment Date will be the immediately preceding Business Day.  No interest shall accrue for the period from
and after any such Interest Payment Date, Redemption Date, Repayment Date,
Stated Maturity or conversion date, as the case may be, to the date of such
payment.

 

17

 

Section 114.                             No Recourse Against Others.

 

A
director, officer, employee or stockholder as such of the Issuers shall not
have any liability for any obligations of the Issuers under the Securities or
this Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. By accepting a Security, each Holder shall waive
and release all such liability. The waiver and release shall be part of the
consideration for the issue of the Securities.

 

Section 115.                             Waiver of Jury Trial.

 

EACH
OF THE ISSUERS, GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

ARTICLE II

SECURITY FORMS

 

Section 201.                             Forms Generally.

 

The Securities of each series shall be in
substantially such form or forms as shall be established by or pursuant to a
Board Resolution or, subject to Section 303, set forth in, or determined
in the manner provided in, an Officers’ Certificate pursuant to a Board
Resolution, or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of
any securities exchange or Depositary therefor or as may, consistently herewith,
be determined by the Officer executing such Securities, as evidenced by his or
her execution thereof. If the form of Securities of any series is established
by action taken pursuant to a Board Resolution, a copy of an appropriate record
of such action shall be certified by the Secretary or an Assistant Secretary of
the Issuers and delivered to the Trustee at or prior to the delivery of the
Issuer Order contemplated by Section 303 for the authentication and
delivery of such Securities. If all of the Securities of any series established
by action taken pursuant to a Board Resolution are not to be issued at one
time, it shall not be necessary to deliver a record of such action at the time
of issuance of each Security of such series, but an appropriate record of such
action shall be delivered at or before the time of issuance of the first
Security of such series.

 

The definitive Securities shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officer executing such Securities, as
evidenced by his or her execution of such Securities.

 

18

 

Section 202.                             Form of Legend for Global Securities.

 

Unless otherwise specified as contemplated by Section 301
for the Securities evidenced thereby or as required by Applicable Procedures,
every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

[Insert, if applicable
— UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, 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.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]

 

[Insert, if applicable
— THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.]

 

Section 203.                             Form of Trustee’s Certificate of
Authentication.

 

The Trustee’s certificates of authentication shall
be in substantially the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

Dated:

 

	
   

  	
  The Bank of New York Mellon Trust Company, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

19

 

 

ARTICLE III

THE SECURITIES

 

Section 301.           Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities which
may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be
issued in one or more series. There shall be established in or pursuant to (a) a
Board Resolution or pursuant to authority granted by a Board Resolution and,
subject to Section 303, set forth, or determined in the manner provided,
in an Officers’ Certificate, or (b) one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:

 

(1)           the title of the Securities of the series (which shall distinguish the
Securities of the series from Securities of any other series);

 

(2)           the limit, if any, on the aggregate principal amount of the Securities of
the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 304, 305, 306, 906 or 1107 and except for any
Securities which, pursuant to Section 303, are deemed never to have been
authenticated and delivered hereunder);

 

(3)           the Person to whom any interest on a Security of the series shall be
payable, if other than the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest;

 

(4)           the date or dates on which the principal of any Securities of the series
is payable or the method used to determine or extend those dates;

 

(5)           the rate or rates at which any Securities of the series shall bear
interest, if any, the date or dates from which any such interest shall accrue,
the Interest Payment Dates on which any such interest shall be payable and the
Regular Record Date for any such interest payable on any Interest Payment Date;

 

(6)           the place or places where the principal of and premium, if any, and
interest on any Securities of the series shall be payable and the manner in
which any payment may be made;

 

(7)           the period or periods within which, the price or prices at which and the
terms and conditions upon which any Securities of the series may be redeemed,
in whole or in part, at the option of the Issuers and, if other than by a Board
Resolution, the manner in which any election by the Issuers to redeem the
Securities shall be evidenced;

 

20

 

(8)           the obligation or the right, if any, of the Issuers to redeem or purchase
any Securities of the series pursuant to any sinking fund or at the option of
the Holder thereof and the period or periods within which, the price or prices
at which and the terms and conditions upon which any Securities of the series shall
be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)           if other than denominations of $2,000 and any integral multiple of $1,000
in excess thereof, the denominations in which any Securities of the series
shall be issuable;

 

(10)         if
the amount of principal of or premium, if any, or interest on any Securities of
the series may be determined with reference to a financial or economic measure
or index or pursuant to a formula, the manner in which such amounts shall be
determined;

 

(11)         if
other than the currency of the United States of America, the currency,
currencies or currency units in which the principal of or premium, if any, or
interest on any Securities of the series shall be payable and the manner of
determining the equivalent thereof in the currency of the United States of
America for any purpose, including for purposes of the definition of “Outstanding” in Section 101;

 

(12)         if
the principal of or premium, if any, or interest on any Securities of the
series is to be payable, at the election of the Issuers or the Holder thereof,
in one or more currencies or currency units other than that or those in which
such Securities are stated to be payable, the currency, currencies or currency
units in which the principal of or premium, if any, or interest on such
Securities as to which such election is made shall be payable, the periods
within which and the terms and conditions upon which such election is to be
made and the amount so payable (or the manner in which such amount shall be determined);

 

(13)         if
other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)         if
the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated
Maturity, the amount which shall be deemed to be the principal amount of such
Securities as of any such date for any purpose thereunder or hereunder,
including the principal amount thereof which shall be due and payable upon any
Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case,
the manner in which such amount deemed to be the principal amount shall be
determined);

 

(15)         if
other than by a Board Resolution, the manner in which any election by the
Issuers to defease any Securities of the series pursuant to Section 1302
or Section 1303 shall be evidenced; whether any Securities of the series
other than Securities 

 

21

 

denominated
in U.S. dollars and bearing interest at a fixed rate are to be subject to Section 1302
or Section 1303; or, in the case of Securities denominated in U.S. dollars
and bearing interest at a fixed rate, if applicable, that the Securities of the
series, in whole or any specified part, shall not be defeasible pursuant to Section 1302
or Section 1303 or both such Sections;

 

(16)         if
applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the
respective Depositaries for such Global Securities, the form of any legend or
legends which shall be borne by any such Global Security in addition to or in
lieu of that set forth in Section 202 and any circumstances in addition to
or in lieu of those set forth in clause (2) of the last paragraph of Section 305
in which any such Global Security may be exchanged in whole or in part for
Securities registered, and any transfer of such Global Security in whole or in
part may be registered, in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof;

 

(17)         any
addition to, deletion from or change in the Events of Default which applies to
any Securities of the series and any change in the right of the Trustee or the
requisite Holders of such Securities to declare the principal amount thereof
due and payable pursuant to Section 502;

 

(18)         any
addition to, deletion from or change in the covenants set forth in Article X
which applies to Securities of the series;

 

(19)         if
the Securities of the series are to be convertible into or exchangeable for
cash and/or any securities or other property of any Person (including the
Issuers), the terms and conditions upon which such Securities will be so
convertible or exchangeable;

 

(20)         whether
the Securities of the series will be guaranteed by any Person or Persons and,
if so, the identity of such Person or Persons, the terms and conditions upon
which such Securities shall be guaranteed and, if applicable, the terms and
conditions upon which such guarantees may be subordinated to other indebtedness
of the respective guarantors;

 

(21)         whether
the Securities of the series will be secured by any collateral and, if so, the
terms and conditions upon which such Securities shall be secured and, if
applicable, upon which such liens may be subordinated to other liens securing
other indebtedness of the Issuers or any guarantor; and

 

(22)         any
other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 901(11)).

 

All
Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above or pursuant to authority granted by one or
more Board Resolutions and, subject to Section 303, set forth, or
determined in the manner provided, in the Officers’ Certificate referred to 

 

22

 

above
or in any such indenture supplemental hereto. All Securities of any one series
need not be issued at one time and, unless otherwise provided in or pursuant to
the Board Resolution referred to above and, subject to Section 303, set
forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or pursuant to authority granted by one or more Board
Resolutions or in any such indenture supplemental hereto with respect to a
series of Securities, additional Securities of a series may be issued, at the
option of the Issuers, without the consent of any Holder, at any time and from
time to time.

 

If
any of the terms of the series are established by action taken pursuant to a
Board Resolution, a copy of an appropriate record of such action shall be
certified by the Secretary or an Assistant Secretary of the Issuers and
delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of the series.

 

Section 302.           Denominations.

 

The
Securities of each series shall be issuable only in registered form without
coupons and only in such denominations as shall be specified as contemplated by
Section 301. In the absence of any such specified denomination with
respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $2,000 and any integral multiple of $1,000 in
excess thereof.

 

Section 303.           Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of each
of the Issuers by its Chairman of the Board, one of its Vice Chairmen, its
Chief Executive Officer, its Chief Financial Officer, its Chief Accounting
Officer, its Treasurer, one of its Corporate Vice Presidents or one of its
Assistant Treasurers. The signature of any of these officers on the Securities
may be manual or facsimile.

 

Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the
Issuers shall bind the Issuers, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.

 

At any time and from time
to time after the execution and delivery of this Indenture, the Issuers may
deliver Securities of any series executed by the Issuers to the Trustee for
authentication, together with aN Issuer Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Issuer
Order shall authenticate and deliver such Securities. If the form or terms of
the Securities of the series have been established by or pursuant to one or
more Board Resolutions or pursuant to authority granted by one or more Board
Resolutions as permitted by Sections 201 and 301, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustee shall receive, and, subject to Section 601,
shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(1)           if the form of such Securities has been established by or pursuant to
Board Resolution or pursuant to authority granted by one or more Board
Resolutions as permitted by Section 201, that such form has been
established in conformity with the provisions of this Indenture;

 

23

 

(2)           if the terms of such Securities have been established by or pursuant to
Board Resolution or pursuant to authority granted by one or more Board
Resolutions as permitted by Section 301, that such terms have been
established in conformity with the provisions of this Indenture; and

 

(3)           that such Securities, when authenticated by the Trustee and issued and
delivered by the Issuers in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and legally binding
obligations of the Issuers enforceable in accordance with their terms, subject
to (i) the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, (ii) general equitable principles and (iii) an
implied covenant of good faith and fair dealing.

 

If
such form or terms have been so established, the Trustee shall not be required
to authenticate such Securities if the issue of such Securities pursuant to
this Indenture will materially adversely affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee.

 

Each
Security shall be dated the date of its authentication.

 

No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Issuers, and the Issuers shall deliver such Security to the
Trustee for cancellation as provided in Section 309, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

 

Section 304.           Temporary Securities.

 

Pending the preparation of definitive Securities of
any series, the Issuers may execute, and, upon Issuer Order, the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities of such
series in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such Securities.

 

If
temporary Securities of any series are issued, the Issuers will cause
definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series 

 

24

 

at
the office or agency of the Issuers in a Place of Payment for such series,
without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities of any series, the Issuers shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and
of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor.

 

Section 305.           Registration, Registration of Transfer and
Exchange.

 

The Issuers shall cause to be kept at the Corporate
Trust Office of the Trustee a register (the register maintained in such office
and in any other office or agency of the Issuers in a Place of Payment being
herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it
may prescribe, the Issuers shall provide for the registration of Securities and
of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided.

 

Upon
surrender for registration of transfer of any Security of a series at the
office or agency of the Issuers in a Place of Payment for such series, the
Issuers shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series, of any authorized denominations and of like tenor and
principal amount.

 

At
the option of the Holder, Securities of any series may be exchanged for other
Securities of the same series, of any authorized denominations and of like
tenor and principal amount, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any Securities are so surrendered for exchange,
the Issuers shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

 

All
Securities issued upon any registration of transfer or exchange of Securities
shall be the valid obligations of the Issuers, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.

 

Every
Security presented or surrendered for registration of transfer or for exchange
shall (if so required by the Issuers or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Issuers and the Security Registrar duly executed, by the Holder thereof or such
Holder’s attorney duly authorized in writing.

 

No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Issuers may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304,  906 or
1107 not involving any transfer.

 

If
the Securities of any series (or of any series and specified tenor) are to be
redeemed in part, the Issuers shall not be required (A) to issue, register
the transfer of or exchange any Securities of such series (or of such series
and specified tenor, as the case may be) during a 

 

25

 

period
beginning at the opening of business 15 days before the day of the mailing of a
notice of redemption of any such Securities selected for redemption under Section 1103
and ending at the close of business on the day of such mailing, or (B) to
register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

The provisions of clauses
(1), (2), (3) and (4) of this paragraph shall apply only to Global
Securities:

 

(1)           Each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary designated for such Global Security or
a nominee thereof and delivered to such Depositary or a nominee thereof or
custodian therefor, and each such Global Security shall constitute a single
Security for all purposes of this Indenture.

 

(2)           Notwithstanding any other provision in this Indenture, and subject to
such applicable provisions, if any, as may be specified as contemplated by Section 301,
no Global Security may be exchanged in whole or in part for Securities
registered, and no transfer of a Global Security in whole or in part may be
registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (A) such Depositary has notified the
Issuers that it is unwilling or unable or no longer permitted under applicable
law to continue as Depositary for such Global Security, (B) there shall
have occurred and be continuing an Event of Default with respect to such Global
Security, (C) the Issuers so direct the Trustee by a Issuer Order or (D) there
shall exist such circumstances, if any, in addition to or in lieu of the
foregoing as have been specified for this purpose as contemplated by Section 301.

 

(3)           Subject to clause (2) above, and subject to such applicable
provisions, if any, as may be specified as contemplated by Section 301,
any exchange of a Global Security for other Securities may be made in whole or
in part, and all Securities issued in exchange for a Global Security or any
portion thereof shall be registered in such names as the Depositary for such
Global Security shall direct.

 

(4)           Every Security authenticated and delivered upon registration of transfer
of, or in exchange for or in lieu of, a Global Security or any portion thereof,
whether pursuant to this Section 305, Section 304,  306, 
906 or 1107 or otherwise, shall be authenticated and delivered in the
form of, and shall be, a Global Security, unless such Security is registered in
the name of a Person other than the Depositary for such Global Security or a
nominee thereof.

 

Section 306.           Mutilated, Destroyed, Lost and Stolen
Securities.

 

If any mutilated Security is surrendered to the
Trustee, the Issuers shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series and of like
tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

26

 

If
there shall be delivered to the Issuers and the Trustee (1) evidence to
their satisfaction of the destruction, loss or theft of any Security and (2) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Issuers
or the Trustee that such Security has been acquired by a bona fide
purchaser, the Issuers shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Issuers
in their discretion may, instead of issuing a new Security, pay such Security.

 

Upon the issuance of any new Security under this Section 306,
the Issuers may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of counsel to the Issuers and the
fees and expenses of the Trustee and its counsel) connected therewith.

 

Every new Security of any series issued pursuant to
this Section 306 in lieu of any mutilated, destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the
Issuers, whether or not the mutilated, destroyed, lost or stolen Security shall
be at any time enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities
of such series duly issued hereunder.

 

The provisions of this Section 306 are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

 

Section 307.           Payment of Interest; Interest Rights Preserved.

 

Except
as otherwise provided as contemplated by Section 301 with respect to any
series of Securities, interest on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

 

Any interest on any
Security of any series which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Issuers, at their election in each case,
as provided in clause (1) or (2) below:

 

(1)           The Issuers may elect to make payment of any Defaulted Interest payable
on Securities of a series to the Persons in whose names the Securities of such
series (or their respective Predecessor Securities) are registered at the close
of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Issuers shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each Security of such 

 

27

 

series
and the date of the proposed payment, and at the same time the Issuers shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less
than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Issuers of such Special Record Date and,
in the name and at the expense of the Issuers, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date
therefor to be given to each Holder of Securities of such series in the manner
set forth in Section 106, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (2).

 

(2)           The Issuers may make payment of any Defaulted Interest on the Securities
of any series in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Securities may be listed, and upon
such notice as may be required by such exchange, if, after notice given by the
Issuers to the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this Section 307,
each Security delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

 

In
the case of any Security which is converted after any Regular Record Date and
on or prior to the next succeeding Interest Payment Date (other than any
Security whose Maturity is prior to such Interest Payment Date), interest whose
Stated Maturity is on such Interest Payment Date shall be payable on such
Interest Payment Date notwithstanding such conversion, and such interest
(whether or not punctually paid or made available for payment) shall be paid to
the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on such Regular Record Date. Except as
otherwise expressly provided in the immediately preceding sentence, in the case
of any Security which is converted, interest whose Stated Maturity is after the
date of conversion of such Security shall not be payable. Notwithstanding the
foregoing, the terms of any Security that may be converted may provide that the
provisions of this paragraph do not apply, or apply with such additions,
changes or omissions as may be provided thereby, to such Security.

 

28

 

Section 308.           Persons Deemed Owners.

 

Prior
to due presentment of a Security for registration of transfer, the Issuers, the
Trustee and any agent of the Issuers or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and premium, if any, and, subject
to Section 307, any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Issuers,
the Trustee nor any agent of the Issuers or the Trustee shall be affected by
notice to the contrary.

 

Section 309.           Cancellation.

 

All Securities surrendered for payment, redemption,
registration of transfer or exchange or conversion or for credit against any
sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The
Issuers may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Issuers may have
acquired in any manner whatsoever, and may deliver to the Trustee (or to any
other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Issuers have not issued and sold,
and all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section 309, except as expressly permitted
by this Indenture. All cancelled Securities held by the Trustee shall be
disposed of in accordance with its customary procedures. The Trustee shall
provide the Issuers a list of all Securities that have been cancelled from time
to time as requested by the Issuers.

 

Section 310.           Computation of Interest.

 

Except as otherwise specified as contemplated by Section 301
for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 311.           CUSIP Numbers.

 

The Issuers in issuing any series of the Securities
may use “CUSIP” or “ISIN”
numbers and/or other similar numbers, if then generally in use, and thereafter
with respect to such series, the Trustee may use such numbers in any notice of
redemption with respect to such series; provided that
any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Securities of such series or as
contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Securities of such series, and
any such redemption shall not be affected by any defect in or omission of such
numbers.  The Issuers will promptly
notify the Trustee in writing of any change in the “CUSIP” numbers.

 

Section 312.           Original Issue Discount.

 

If any of the Securities is an Original Issue
Discount Security, the Issuers shall file with the Trustee promptly at the end
of each calendar year (1) a written notice specifying the amount of
original issue discount (including daily rates and accrual periods) accrued on
such Outstanding Original Issue Discount Securities as of the end of such year
and (2) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code.

 

29

 

Section 313           Joint and Several Liability.

 

Except
as otherwise expressly provided herein, the Issuers shall be jointly and
severally liable for the performance of all obligations and covenants under
this Indenture and the Securities.

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 401.          Satisfaction and Discharge of Indenture.

 

This Indenture shall, upon Issuer Request, cease to
be of further effect with respect to any series of Securities specified in such
Issuer Request (except as to any surviving rights of registration of transfer
or exchange of Securities of such series herein expressly provided for), and
the Trustee, at the expense of the Issuers, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture as to such series,
when:

 

(1)           either

 

(A)          all Securities of such series theretofore
authenticated and delivered (other than (i) Securities which have been
mutilated, destroyed, lost or stolen and which have been replaced or paid as
provided in Section 306 and (ii) Securities for whose payment money
has theretofore been deposited in trust or segregated and held in trust by the
Issuers and thereafter repaid to the Issuers or discharged from such trust, as
provided in Section 1003) have been delivered to the Trustee for cancellation;
or

 

(B)          all such Securities of such series not
theretofore delivered to the Trustee for cancellation

 

(i)            have become due and payable,
or

 

(ii)           will become due and payable
at their Stated Maturity within one year of the date of deposit, or

 

(iii)          are to be called for
redemption within one year,

 

and
the Company, in the case of (i), (ii) or (iii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for the
purpose money in an amount sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and premium, if any, and interest to the date of
such deposit (in the case of Securities which have become due and payable) or
to the Stated Maturity or Redemption Date, as the case may be;

 

30

 

(2)           the Issuers have paid or caused to be paid all other sums payable
hereunder by the Issuers; and

 

(3)           the Issuers have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture as to such
series have been complied with; provided that
such Opinion of Counsel may rely as to matters of fact, on an Officer’s
Certificate of the Issuers.

 

Notwithstanding the satisfaction and discharge of
this Indenture, the obligations of the Issuers to the Trustee under Section 607
and, if money shall have been deposited with the Trustee pursuant to subclause (B) of
clause (1) of this Section 401, the obligations of the Trustee under Section 402
and the last paragraph of Section 1003 shall survive.

 

Section 402.          Application of Trust Money.

 

Subject to the provisions of the last paragraph of Section 1003,
all money deposited with the Trustee pursuant to Section 401 shall be held
in trust and applied by it, in accordance with the provisions of the applicable
series of Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including one of the Issuers acting as Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal and
premium, if any, and interest for whose payment such money has been deposited
with the Trustee. All money deposited with the Trustee pursuant to Section 401
(and held by it or any Paying Agent) for the payment of Securities subsequently
converted into other property shall be returned to the Issuer upon Issuer
Request. The Issuers may direct by a Issuer Order the investment of any money
deposited with the Trustee pursuant to Section 401, without distinction
between principal and income, in (1) United States Treasury securities
with a maturity of one year or less or (2) a money market fund that
invests solely in short-term United States Treasury securities (including money
market funds for which the Trustee or an affiliate of the Trustee serves as
investment advisor, administrator, shareholder, servicing agent and/or
custodian or sub-custodian, notwithstanding that (a) the Trustee charges
and collects fees and expenses from such funds for services rendered and (b) the
Trustee charges and collects fees and expenses for services rendered pursuant
to this Indenture at any time) and from time to time the Issuers may direct the
reinvestment of all or a portion of such money in other securities or funds
meeting the criteria specified in clause (1) or (2) of this Section 402.

 

ARTICLE V

REMEDIES

 

Section 501.          Events of Default.

 

Except
as may be otherwise provided pursuant to Section 301 for Securities of any
series, an “Event of Default” means, whenever used
herein or in a Security issued hereunder with respect to Securities of any
series, any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

 

31

 

(1)           default for 30 days in the payment when due of interest on any Security
of such series;

 

(2)           default in the payment when due of principal of or premium, if any, on
any Security of such series at maturity, upon repurchase, redemption or
otherwise;

 

(3)           failure to comply with the provisions of Section 801 or, to the
extent applicable to such series of Securities, Article XIV hereof;

 

(4)           default under any other provision of this Indenture or in the Securities
of such series, which default remains uncured for 60 days after notice from the
Trustee or the Holders of at least 25% of the aggregate principal amount of the
then Outstanding Securities of such series;

 

(5)           there shall occur any (i) 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
Subsidiaries (or the payment of which is guaranteed by the Company and any of
its Subsidiaries) other than the Indebtedness evidenced by the Existing Notes,
which default is caused by a failure to pay the principal of such Indebtedness
at the final stated maturity thereof 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 or (ii) “Event of Default” under and as
defined in any indenture governing any of the Existing Notes (but only for so
long as the Existing Notes issued thereunder remain outstanding and such “Event
of Default” has not been cured or waived, in accordance with such indenture)
whether or not any of the Existing Notes have been accelerated in accordance
with the terms of the indentures governing the Existing Notes;

 

(6)           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 Subsidiaries (or the payment of
which is guaranteed by the Company or any of its Subsidiaries) other than the
Indebtedness evidenced by the Existing Notes, which default results in the
acceleration of such Indebtedness prior to its express maturity not rescinded
or cured within 30 days after such acceleration, 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;

 

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

 

32

 

(8)           any Guarantee of a Significant Subsidiary with respect to the Securities
of any such series 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 that qualifies as a Significant Subsidiary, or any Person acting on
behalf of any Guarantor that qualifies as a Significant Subsidiary, shall deny
or disaffirm its obligations under its Guarantee of such series of Securities;

 

(9)           the Company, DIRECTV Financing 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;

 

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

 

(11)         any
other Event of Default provided with respect to Securities of such series
occurs.

 

Section 502.          Acceleration of Maturity; Rescission and
Annulment.

 

If
an Event of Default (other than an Event of Default relating to an Issuer
specified in paragraph (9) or (10) of Section 501 hereof) occurs
and is continuing, the Trustee by notice to the Issuers or the Holders of at
least 25% of the aggregate principal amount of the then Outstanding Securities
of any series by written notice to the Issuers and the Trustee, may declare all
the Securities of such series to be due and payable immediately. Notwithstanding
the foregoing, in the case of an Event of Default specified in paragraph (9) or
(10) of Section 501 hereof with respect to an Issuer, all outstanding
Securities shall become and be immediately due and payable without further
action or notice.  Holders of the
Securities may not enforce this Indenture or the Securities except as provided
in this Indenture. The Trustee may withhold from Holders of the Securities
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.

 

33

 

In
the event the Securities of any series are accelerated as a result of an Event
of Default specified in clause 501(5)(ii) above, such Event of Default and
all consequences thereof (excluding any resulting payment default, other than
as a result of the acceleration of the Securities of such series) shall be
annulled, waived and rescinded, automatically and without action by the Trustee
or the Holders, if (i) such rescission would not conflict with any
judgment or decree and (ii) within 60 days following the occurrence of
such Event of Default:

 

(1)           the applicable Existing Notes have been redeemed, repaid or discharged in
full;

 

(2)           the trustee thereunder or the requisite holders thereof have rescinded or
waived the acceleration, notice or action (as the case may be) giving rise to
the Event of Default; or

 

(3)           the default that is the basis for the Event of Default has been cured.

 

Except
as may otherwise be provided pursuant to Section 301 for all or any
specific Securities of any series, at any time after such a declaration of
acceleration with respect to the Securities of any series has been made and
before a judgment or decree for payment of the money due has been obtained by
the Trustee as hereinafter in this Article V provided, the Holders of a
majority in aggregate principal amount of the Outstanding Securities of such
series, by written notice to the Issuers and the Trustee, may rescind and annul
such declaration and its consequences if:

 

(1)           the Issuers has paid or deposited with the Trustee a sum sufficient to
pay:

 

(A)          all overdue interest on all Securities of such
series,

 

(B)          the principal of and premium, if any, on any
Securities of such series which have become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates
prescribed therefor in the Securities of such series,

 

(C)          to the extent that payment of such interest is
lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Securities, and

 

(D)          all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

 

(2)           all Events of Default with respect to Securities of such series, other
than the non-payment of the principal of Securities of such series which have
become due solely by such declaration of acceleration, have been cured or
waived as provided in Section 512.

 

No such rescission shall affect any subsequent
default or impair any right consequent thereon.

 

34

 

Section 503.          Collection of Indebtedness and Suits for
Enforcement by Trustee.

 

The
Issuers covenant that if (1) default is made in the payment of any
interest on any Security when such interest becomes due and payable and such
default continues for a period of 30 days, or (2) default is made in the
payment of the principal of or premium, if any, on any Security at the Maturity
thereof, the Issuers will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then due and
payable on such Securities for principal and premium, if any, and interest and,
to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at
the rate or rates prescribed therefor in such Securities, and, in addition
thereto, 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.

 

If
an Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.

 

Section 504.          Trustee May File Proofs of Claim.

 

In
case of any judicial proceeding relative to the Issuers (or any other obligor
upon the Securities), its property or its creditors, the Trustee shall be
entitled and empowered, by intervention in such proceeding or otherwise, to
take any and all actions authorized under the Trust Indenture Act in order to
have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it and any predecessor Trustee under Section 607.

 

No provision of this Indenture shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding; provided, however,
that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors’ or other
similar committee.

 

Section 505.          Trustee May Enforce Claims Without
Possession of Securities.

 

All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee 

 

35

 

shall
be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, any predecessor Trustee
under Section 607, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

 

Section 506.          Application of Money Collected.

 

Any money collected by the Trustee pursuant to this Article V
shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal
or premium, if any, or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

 

FIRST: To the payment of all
amounts due the Trustee under Section 607;

 

SECOND: To the payment of
the amounts then due and unpaid for principal of and premium, if any, and
interest on the Securities in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities for principal and
premium, if any, and interest, respectively; and

 

THIRD: To the payment of the
remainder, if any, to the Issuers.

 

Section 507.          Limitation on Suits.

 

No Holder of any Security
of any series shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a
receiver, assignee, trustee, liquidator or sequestrator (or similar official)
or for any other remedy hereunder, unless:

 

(1)           Such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Securities of such series;

 

(2)           the Holders of not less than 25% in aggregate principal amount of the
Outstanding Securities of such series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own
name as Trustee hereunder;

 

(3)           such Holder or Holders have offered to the Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred
in compliance with such request;

 

(4)           the Trustee has failed to institute any such proceeding for 60 days after
its receipt of such notice, request and offer of indemnity; and

 

36

 

(5)           no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in aggregate
principal amount of the Outstanding Securities of such series;

 

it
being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all of such
Holders.

 

Section 508.          Unconditional Right of Holders to Receive
Principal, Premium and Interest and to Convert Securities.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and premium, if any,
and, subject to Section 307, interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption or
repayment, on the Redemption Date or date for repayment, as the case may be,
and, if the terms of such Security so provide, to convert such Security in
accordance with its terms) and to institute suit for the enforcement of any
such payment and, if applicable, any such right to convert, and such rights
shall not be impaired without the consent of such Holder.

 

Section 509.          Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in
the last paragraph of Section 306, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

Section 510.          Delay or Omission Not Waiver.

 

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

 

Section 511.          Control by Holders.

 

The Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Securities of such series; provided that

 

37

 

(1)           such direction shall not be in conflict with any rule of law or with
this Indenture, and

 

(2)           the Trustee may take any other action deemed proper by the Trustee which
is not inconsistent with such direction.

 

Section 512.          Waiver of Past Defaults.

 

The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series waive any past default hereunder with respect to such
series and its consequences, except a default

 

(1)           in the payment of the principal of or premium, if any, or interest on any
Security of such series, or

 

(2)           in respect of a covenant or provision hereof which under Article IX
cannot be modified or amended without the consent of the Holder of each
Outstanding Security of such series affected.

 

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 513.          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, suffered or omitted by it as
Trustee, a court may require any party litigant in such suit to file an
undertaking to pay the costs of such suit, and may assess reasonable costs
against any such party litigant, in the manner and to the extent provided in
the Trust Indenture Act; provided that
neither this Section 513 nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Trustee, a suit by a Holder under Section 508,
or a suit by Holders of more than 10% in aggregate principal amount of the
Outstanding Securities.

 

Section 514.          Waiver of Usury, Stay or Extension Laws.

 

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

 

38

 

Section 515.           Restoration of Rights and Remedies.

 

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

 

ARTICLE VI

THE TRUSTEE

 

Section 601.           Certain Duties and Responsibilities of Trustee.

 

(1)           Except during the continuance of an Event of Default with respect to any
series of Securities,

 

(A)          the Trustee undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture with
respect to the Securities of such series, and no implied covenants or
obligations shall be read into this Indenture against the Trustee with respect
to such series; and

 

(B)           in the absence of bad faith on its part, the
Trustee may conclusively rely with respect to the Securities of such series, 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; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).

 

(2)           In case an Event of Default with respect to any series of Securities has
occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture with respect to the Securities of such
series, 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.

 

(3)           No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act,
or its own willful misconduct, except that:

 

(A)          this Section 601(3) shall not be
construed to limit the effect of Section 601(1);

 

39

 

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

 

(C)           the Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in aggregate principal amount
of the Outstanding Securities of any series, determined as provided in Sections
101,  104 and 511, relating to the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture with respect to the Securities of such series; and

 

(D)          no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it.

 

(4)           Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section 601.

 

Section 602.           Notice of Defaults.

 

If
a Default or an Event of Default occurs with respect to Securities of any
series and is continuing and if it is actually known to the Trustee, the
Trustee shall mail to each Holder of Securities of such series notice of the
Default within 90 days after it is known to a Responsible Officer or written
notice of it is received by a Responsible Officer of the Trustee. Except in the
case of a Default in payment of principal of or interest on any Security, 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
not opposed to the interests of Holders of Securities of such series.

 

Section 603.           Certain Rights of Trustee.

 

Subject
to the provisions of Section 601:

 

(1)           the Trustee may conclusively rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or
parties;

 

(2)           any request or direction of the Issuers mentioned herein shall be
sufficiently evidenced by an Issuer Request or Issuer Order, and any resolution
of the Board of Directors shall be sufficiently evidenced by a Board
Resolution;

 

40

 

(3)           whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely
upon an Officer’s Certificate;

 

(4)           the Trustee may consult with counsel of its selection and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon;

 

(5)           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 pursuant to this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction;

 

(6)           the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Issuers, personally or by agent or attorney
at the sole cost of the Issuers and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation;

 

(7)           the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys and
the Trustee shall not be responsible for any misconduct or negligence on the
part of any agent or attorney appointed with due care by it hereunder;

 

(8)           the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder and to its agents;

 

(9)           the Trustee shall not be liable for any action taken, suffered, or
omitted to be taken by it in good faith and reasonably believed by it to be
authorized or within the discretion or rights or powers conferred upon it by
this Indenture;

 

(10)         in
no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action;

 

41

 

(11)         in
no event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services (it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the
banking industry to avoid and mitigate the effects of such occurrences and to
resume performance as soon as practicable under the circumstances);

 

(12)         the
Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee shall have actual knowledge thereof
or unless written notice of any event which is in fact such a default shall
have been received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities and this Indenture; and

 

(13)         the
Trustee may request that the Company and the Issuers deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture.

 

Section 604.           Not Responsible for Recitals or Issuance of
Securities.

 

The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the
statements of the Issuers, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee shall not be
accountable for the use or application by the Issuers of Securities or the
proceeds thereof.

 

Section 605.           May Hold Securities.

 

The Trustee, any Paying Agent, any Security
Registrar or any other agent of the Issuers, in its individual or any other capacity,
may become the owner or pledgee of Securities and, subject to Sections 608 and
613, may otherwise deal with the Issuers with the same rights it would have if
it were not Trustee, Paying Agent, Security Registrar or such other agent.

 

Section 606.           Money Held in Trust.

 

Money
held by the Trustee in trust hereunder shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any money received by
it hereunder except as otherwise agreed with the Issuers.

 

Section 607.           Compensation and Reimbursement.

 

The Issuers agree:

 

42

 

(1)           to pay to the Trustee from time to time such reasonable compensation as
shall be agreed to in writing between the Company and the Trustee for all
services rendered by it hereunder (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express
trust);

 

(2)           except as otherwise expressly provided herein, to reimburse the Trustee
upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the reasonable expenses
and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its own negligence or willful
misconduct, and the Trustee shall provide the Company reasonable notice of any
expenditure not in the ordinary course of business; and

 

(3)           to indemnify the Trustee for, and to hold it harmless against, any loss,
claim, damage, liability or expense incurred without negligence or bad faith on
its part, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the reasonable costs and expenses
of defending itself against any claim (whether asserted by the Company, Issuer,
or any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder, or in connection with
enforcing the provisions of this Section.

 

When the Trustee incurs expenses or renders services
in connection with an Event of Default specified in Sections 501 (9) and
(10), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law.

 

The Trustee shall have a lien prior to the
Securities as to all property and funds held by it hereunder for any amount
owing it or any predecessor Trustee pursuant to this Section 607, except
with respect to funds held in trust for the benefit of the Holders of
Securities.

 

The provisions of this Section 607 shall
survive the termination of this Indenture and the resignation or removal of the
Trustee.

 

Section 608.           Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall
either eliminate such interest or resign, to the extent and in the manner
provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.

 

To the extent permitted by the Trust Indenture Act,
the Trustee shall not be deemed to have a conflicting interest by virtue of
being a trustee under this Indenture with respect to Securities of more than
one series.

 

43

 

Section 609.           Corporate Trustee Required; Eligibility.

 

There shall at all times be one (and only one)
Trustee hereunder with respect to the Securities of each series, which may be
Trustee hereunder for Securities of one or more other series. Each Trustee
shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such, has a combined capital and surplus of at least $50,000,000.  If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section 609
and to the extent permitted by the Trust Indenture Act, the combined capital
and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent annual report of condition so
published. If at any time the Trustee with respect to the Securities of any
series shall cease to be eligible in accordance with the provisions of this Section 609,
it shall resign immediately in the manner and with the effect hereinafter
specified in this Article VI.

 

Section 610.           Resignation and Removal; Appointment of
Successor.

 

No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article VI shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 611.

 

The Trustee may resign at any time with respect to
the Securities of one or more series by giving written notice thereof to the
Issuers. If the instrument of acceptance by a successor Trustee required by Section 611
shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee, at the expense of the
Issuers, may petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be removed at any time with respect
to the Securities of any series by Act of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of such series, upon
written notice delivered to the Trustee and to the Issuers. If the instrument
of acceptance by a successor Trustee required by Section 611 shall not
have been delivered to the Trustee within 30 days after the giving of such
notice of removal, the Trustee being removed, at the expense of the Issuers,
may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

 

If at any time:

 

(1)           the Trustee shall fail to comply with Section 608 after written
request therefor by the Issuers or by any Holder who has been a bona fide Holder of a Security for at least six months, or

 

(2)           the Trustee shall cease to be eligible under Section 609 and shall
fail to resign after written request therefor by the Issuers or by any such
Holder, or

 

(3)           the Trustee shall become incapable of acting or shall be adjudged
bankrupt or insolvent or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation,

 

44

 

then,
in any such case, (A) the Issuers may remove the Trustee with respect to
all Securities or (B) subject to Section 513, Holders of 10% in
aggregate principal amount of Securities of any series who have been bona fide Holders of such Securities for at least six months
may, on behalf of themselves and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee with respect to
all Securities and the appointment of a successor Trustee or Trustees.

 

If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Issuers
shall promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all
of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 611. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in aggregate principal amount of
the Outstanding Securities of such series delivered to the Issuers and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements
of Section 611, become the successor Trustee with respect to the
Securities of such series and to that extent supersede the successor Trustee
appointed by the Issuers. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Issuers or the
Holders and accepted appointment in the manner required by Section 611,
Holders of 10% in aggregate principal amount of Securities of any series who
have been bona fide Holders of Securities of such
series for at least six months may, on behalf of themselves and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

 

The
Issuers shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series to all Holders
of Securities of such series in the manner provided in Section 106. Each
notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

 

Section 611.           Acceptance of Appointment by Successor.

 

In case of the appointment hereunder of a successor
Trustee with respect to all Securities, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Issuers and to the
retiring Trustee a written instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee, but, on the request of the Issuers or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver a
written instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder.

 

45

 

In
case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Issuers, the retiring
Trustee and each successor Trustee with respect to the Securities of one or
more series shall execute and deliver an indenture supplemental hereto wherein
each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of
the Issuers or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates.

 

Upon request of any such successor Trustee, the
Issuers shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts referred to in the first or second preceding paragraph, as the case may
be.

 

No
successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this Article VI.

 

Section 612.           Merger, Conversion, Consolidation or
Succession to Business.

 

Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder;
provided that such corporation shall be
otherwise qualified and eligible under this Article VI, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion,
consolidation or sale to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities; and in case
at that time any Securities shall not have been authenticated, any successor to
the Trustee may authenticate such Securities 

 

46

 

either
in the name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force
which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

 

Section 613.           Preferential Collection of Claims Against
Issuers.

 

If and when the Trustee shall be or become a
creditor of either of the Issuers (or any other obligor upon the Securities),
the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the applicable Issuer (or any such
other obligor).

 

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE

AND ISSUERS

 

Section 701.           Issuers to Furnish Trustee Names and Addresses
of Holders.

 

If the Trustee is not the Security Registrar, the
Issuers shall cause the Security Registrar to furnish to the Trustee, in
writing at least five Business Days before each Interest Payment Date and at
such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and
addresses of Holders of Securities of each series.

 

Section 702.           Preservation of Information; Communications to
Holders.

 

The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to
the Trustee as provided in Section 701 and the names and addresses of
Holders received by the Trustee in its capacity as Security Registrar. The
Trustee may destroy any list furnished to it as provided in Section 701
upon receipt of a new list so furnished.

 

The rights of Holders to communicate with other
Holders with respect to their rights under this Indenture or under the
Securities, and the corresponding rights and privileges of the Trustee, shall
be as provided by the Trust Indenture Act.

 

Every
Holder of Securities, by receiving and holding the same, agrees with the
Issuers and the Trustee that neither the Issuers nor the Trustee nor any agent
of either of them shall be held accountable by reason of any disclosure of
information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

 

Section 703.           Reports by Trustee.

 

The
Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant thereto. The Trustee shall
promptly deliver to the Issuers a copy of any report it delivers to Holders
pursuant to this Section 703.

 

47

 

A
copy of each such report shall, at the time of such transmission to Holders, be
filed by the Trustee with each stock exchange and automated quotation system,
if any, upon which any Securities are listed, with the Commission and with the
Issuers. The Issuers will notify the Trustee when any Securities are listed on
any stock exchange or automated quotation system or delisted therefrom.

 

Section 704.           Reports by Issuers.

 

The Issuers shall comply with all the applicable
provisions of the Trust Indenture Act. Delivery of such reports, information
and documents to the Trustee is for informational purposes only and shall not
constitute a representation or warranty as to the accuracy or completeness of
the reports, information and documents. The Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuers’
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates).

 

ARTICLE VIII

CONSOLIDATION, MERGER 

AND SALE OF ASSETS

 

Section 801.           Merger or Transfer Assets Only on Certain
Terms.

 

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:

 

(1)           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, limited partnership or limited liability company
organized or existing under the laws of the United States, any state thereof or
the District of Columbia;

 

(2)           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 Securities and this Indenture;
and

 

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

 

Section 802.           Successor Corporation Substituted.

 

The
Successor shall succeed to, and be substituted for, and may exercise every
right and power of, the applicable Issuer, or Guarantor, as the case may be,
under the Indenture, with the same effect as if the Successor had been an
original party to this Indenture, and the applicable Issuer, or Guarantor, as
the case may be, shall be released from all its liabilities and obligations
under this Indenture and the Securities.

 

48

 

ARTICLE IX

SUPPLEMENTAL INDENTURES

 

Section 901.                                Supplemental Indentures Without Consent of
Holders.

 

Without
the consent of any Holders, the Issuers, the Guarantors and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)                                  to add to the covenants for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or
power herein conferred upon the Issuers;

 

(2)                                  to evidence the succession of another Person to either of the Issuers, or
successive successions, and the assumption by the successor corporation of the
covenants, agreements and obligations of the Issuers pursuant to Article VIII;

 

(3)                                  to add any additional Events of Default for the benefit of the Holders of
all or any series of Securities (and if such additional Events of Default are
to be for the benefit of less than all series of Securities, stating that such
additional Events of Default are expressly being included solely for the
benefit of such series);

 

(4)                                  to add one or more guarantees for the benefit of Holders of the
Securities;

 

(5)                                  to secure the Securities;

 

(6)                                  to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, pursuant to the requirements of Section 611;

 

(7)                                  to provide for
the issuance of additional Securities of any series;

 

(8)                                  to establish the form or terms of Securities of any series as permitted
by Sections 201 and 301;

 

(9)                                  to comply with the rules of any applicable Depositary;

 

(10)                            to add to or change any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Securities
in uncertificated form;

 

(11)                            to add to, change or eliminate any of the provisions of this Indenture in
respect of one or more series of Securities; provided
that any such addition, change or elimination (A) shall neither (i) apply
to any Security of any series created prior to 

 

49

 

the
execution of such supplemental indenture and entitled to the benefit of such
provision nor (ii) modify the rights of the Holder of any such Security
with respect to such provision or (B) shall become effective only when
there is no Security described in clause (i) Outstanding;

 

(12)                            to cure any ambiguity, to correct or supplement any provision of this
Indenture which may be defective or inconsistent with any other provision
herein; and

 

(13)                            to change any other provision under this Indenture; provided
that such action pursuant to this clause (13) shall not adversely affect the
interests of the Holders of Securities of any series in any material respect.

 

Section 902.                                Supplemental Indentures With Consent of
Holders.

 

With
the consent of the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities of each series affected by such
supplemental indenture (including consents obtained in connection with a tender
offer or exchange for Securities), by Act of said Holders delivered to the
Issuers and the Trustee, the Issuers and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided,
however, no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security of such
series affected thereby:

 

(1)                                  change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Security;

 

(2)                                  reduce the principal amount of any Security or reduce the amount of the
principal of an Original Issue Discount Security or any other Security which
would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 503, or reduce the rate of interest on any
Security;

 

(3)                                  reduce any premium payable upon the redemption of or change the date on
which any Security may or must be redeemed;

 

(4)                                  change the coin or currency in which the principal of or premium, if any,
or interest on any Security is payable;

 

(5)                                  impair the right of any Holder to institute suit for the enforcement of
any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date);

 

(6)                                  reduce the percentage in principal amount of the Outstanding Securities
of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any
waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture;

 

50

 

(7)                                  modify any of the provisions of this Section 902, Section 512
or Section 1005, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby; provided, however, that
this clause shall not be deemed to require the consent of any Holder with
respect to changes in the references to “the Trustee” and concomitant changes
in this Section 902 and Section 1005, or the deletion of this
proviso, in accordance with the requirements of Sections 611 and 901(6); or

 

(8)                                  if the Securities of any series are convertible into or for any other
securities or property of the Issuers, make any change that adversely affects
in any material respect the right to convert any Security of such series
(except as permitted by Section 901) or decrease the conversion rate or
increase the conversion price of any such Security of such series, unless such
decrease or increase is permitted by the terms of such Security.

 

A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities,
or which modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series.

 

It
shall not be necessary for any Act of Holders under this Section 902 to
approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

 

After a supplemental indenture under this Section 902
becomes effective, the Issuers shall mail to the Trustee a notice briefly
describing such supplemental indenture or a copy of such supplemental indenture
and the Trustee shall mail such notice or supplemental indenture to Holders
affected thereby. Any failure of the Issuers to mail such notice, or any defect
therein, or any failure of the Issuers to mail such supplemental indenture,
shall not in any way impair or affect the validity of any such supplemental
indenture.

 

Section 903.                                Execution of Supplemental Indentures.

 

In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modifications thereby of the
trusts created by this Indenture, the Trustee shall receive, and, subject to Section 601,
shall be fully protected in relying upon, an Opinion of Counsel and Officers’
Certificate stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture and that all conditions precedent in
this Indenture to the execution of such supplemental indenture, if any, have
been complied with; provided, however, that no such Opinion of Counsel and Officers’
Certificate shall be required in the case of any supplemental indenture
executed and delivered concurrently with the original execution and delivery of
this Indenture. The Trustee may, but shall not be obligated to, enter into any
such supplemental indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

 

51

 

Section 904.                                Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture under this Article IX, this
Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every
Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

Section 905.                                Conformity with Trust Indenture Act.

 

Every supplemental indenture executed pursuant to
this Article IX shall conform to the requirements of the Trust Indenture
Act.

 

Section 906.                                Reference in Securities to Supplemental
Indentures.

 

Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article IX
may, and shall if required by the Trustee, bear a notation in form approved by
the Trustee as to any matter provided for in such supplemental indenture. If
the Issuers shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Trustee and the Issuers, to any such supplemental
indenture may be prepared and executed by the Issuers and authenticated and
delivered by the Trustee in exchange for Outstanding Securities of such series.

 

ARTICLE X

COVENANTS

 

Section 1001.                          Payment of Principal, Premium, if any, and
Interest.

 

The
Issuers covenant and agree for the benefit of each series of Securities that
they will duly and punctually pay the principal of and premium, if any, and
interest on the Securities of such series in accordance with the terms of the
Securities and this Indenture. Principal and interest shall be considered paid
on the date due if, on or before 11:00 a.m. (New York City time) on such
date, the Trustee or the Paying Agent (or, if the Company or any of its
Subsidiaries is the Paying Agent, the segregated account or separate trust fund
maintained by the Company or such Subsidiary pursuant to Section 1003)
holds in accordance with this Indenture money sufficient to pay all principal
and interest then due.

 

The Issuers shall pay interest on overdue principal
at the rate specified therefor in the Securities, and it shall pay interest on
overdue installments of interest at the same rate to the extent lawful as
provided in Section 307.

 

Section 1002.                          Maintenance of Office or Agency.

 

The
Issuers will maintain in each Place of Payment for any series of Securities an
office or agency where Securities of such series may be presented or
surrendered for payment, where Securities of such series may be surrendered for
registration of transfer or exchange, where Securities may be surrendered for
conversion, and where notices and demands to or upon the Issuers in respect of
the Securities of such series and this Indenture may be served. The Issuers
will give prompt written notice to the Trustee of the location, and any change
in the location, of 

 

52

 

such
office or agency.  If at any time the
Issuers 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; and such required office or agency shall be at an office
of the Trustee located at 700 South Flower Street, Suite 500, Los Angeles,
CA 90017, Attention:  Corporate
Unit.  The Issuers hereby appoint the
Trustee as their agent to receive all such presentations, surrenders, notices
and demands.

 

The
Issuers may also from time to time designate one or more other offices or
agencies where the Securities of one or more series 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 Issuers
of their obligation to maintain an office or agency in each Place of Payment
for Securities of any series for such purposes. The Issuers will 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.

 

With respect to any Global Security, and except as
otherwise may be specified for such Global Security as contemplated by Section 301,
the Corporate Trust Office of the Trustee shall be the Place of Payment where
such Global Security may be presented or surrendered for payment or for
registration of transfer or exchange, or where successor Securities may be
delivered in exchange therefor; and such Place of Payment with respect to a
Global Security shall be at an office of the Trustee located at 700 South
Flower Street, Suite 500, Los Angeles, CA 90017, Attention:  Corporate Unit; provided,
however, that any such payment,
presentation, surrender or delivery effected pursuant to the Applicable
Procedures of the Depositary for such Global Security shall be deemed to have
been effected at the Place of Payment for such Global Security in accordance
with the provisions of this Indenture.

 

Section 1003.                          Money for Securities Payments to Be Held in
Trust.

 

If
the Issuers shall at any time act as its own Paying Agent with respect to any
series of Securities, it will, on or before each due date for the principal of
or premium, if any, or interest on any of the Securities of such series,
segregate and hold in trust for the benefit of the Holders of such Securities a
sum sufficient to pay the principal and premium, if any, and interest so
becoming due until such sums shall be paid to such Holders or otherwise
disposed of as herein provided and will promptly notify the Trustee of its
action or failure so to act.

 

Whenever
the Issuers shall have one or more Paying Agents for any series of Securities,
it will, no later than 11:00 a.m. (New York City time) on each due date
for the principal of or premium, if any, or interest on any Securities of such
series, deposit with a Paying Agent a sum sufficient to pay such amount, such
sum to be held in trust for the Holders of such Securities entitled to the
same, and (unless such Paying Agent is the Trustee) the Issuers will promptly
notify the Trustee of its action or failure so to act.

 

The
Issuers will cause each Paying Agent for any series of Securities other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this Section 1003,
that such Paying Agent shall hold in trust for the benefit of Holders or the
Trustee all money held by such Paying Agent for the payment of principal of or
interest on the Securities and shall notify the Trustee in writing of any
default by the Issuers in making any such payment.

 

53

 

The
Issuers may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Issuer Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Issuers or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Issuers or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

 

Subject
to any applicable abandoned property law, any money deposited with the Trustee
or any Paying Agent, or then held by the Issuers, in trust for the payment of
the principal of or premium, if any, or interest on any Security of any series
and remaining unclaimed for two years after such principal, premium or interest
has become due and payable shall be paid to the Issuers on Issuer Request, or
(if then held by one of the Issuers) shall be discharged from such trust; and
the Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Issuer for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the
Issuers as trustee thereof, shall thereupon cease.

 

Section 1004.                          Statement by Officers as to Default.

 

Each
Issuer shall deliver to the Trustee within 120 days after the end of each fiscal
year of the Issuers ending after the date hereof an Officer’s Certificate
signed by the principal executive officer, principal financial officer or
principal accounting officer of each Issuer, stating whether or not, to the
best knowledge of such officer, the applicable Issuer is in default in the
performance and observance of any of the terms, provisions and conditions of
this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the applicable Issuer shall be in default,
specifying all such defaults and the nature and status thereof of which they
may have knowledge.

 

Section 1005.                          Reports.

 

Whether
or not required by the rules and regulations of the Commission, so long as
any Securities of a series are outstanding, the Issuers shall furnish to the
Holders of Securities of such series all quarterly and annual financial
information that would be required to be contained in a filing with the
Commission on Forms 10-Q and 10-K if the Issuers were required to file such
forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a
report thereon by the independent registered public accounting firm of the
Issuers; provided, however,
that to the extent such reports are filed with the Commission and publicly
available, no additional copies need be provided to Holders of the Securities
or the Trustee.  The Issuers shall also
comply with the provisions of TIA §314(a).

 

The
Issuers 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 Securities under this Section 1005.

 

54

 

The
Issuers will be deemed to have satisfied the requirements of paragraph (a) and
(b) above if (i) any Parent files and provides reports, documents and
information of the types otherwise so required, in each case within the
applicable time periods, (ii) such Parent does not have any material
assets or liabilities other than direct or indirect interests in the Issuers,
and (iii) the Issuers are not required to file such reports, documents and
information separately under the applicable rules and regulations of the
Commission (after giving effect to any exemptive relief) because of the filings
by such Parent.

 

Section 1006.                          Limitation on Liens.

 

The Issuers shall not, and
shall not permit any of their respective Subsidiaries to, directly or
indirectly, create or assume any Indebtedness for borrowed money that is
secured by a 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 1007.                          Additional Subsidiary Guarantees.

 

If any of the Company’s
Domestic Subsidiaries, including any Domestic Subsidiary that the Company or
any of its Subsidiaries may organize, acquire or otherwise invest in after the
date of hereof, that is not a Guarantor guarantees or becomes otherwise
obligated under the Senior Secured Credit Facility or the Existing Notes, then
such Domestic Subsidiary shall (i) execute and deliver to the Trustee a
supplemental indenture in form reasonably satisfactory to the Trustee pursuant
to which such Domestic Subsidiary shall unconditionally guarantee all of the
Issuers’ obligations under the Securities and this Indenture on the terms set
forth in Article XV and (ii) deliver to the Trustee an Opinion of
Counsel that such supplemental indenture has been duly authorized, executed and
delivered by such Domestic Subsidiary and constitutes a legal, valid, binding
and enforceable obligation of such Domestic Subsidiary.  Thereafter, such Domestic Subsidiary shall be
a Guarantor for all purposes hereof; provided, however, that to the extent that a Domestic Subsidiary is
subject to any instrument governing Acquired Debt, as in effect at the time of
acquisition thereof, that prohibits such Domestic Subsidiary from issuing a Guarantee,
such Domestic 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; provided, further, however, that
any such Guarantee shall be released as provided under Section 1504
hereof.

 

Section 1008.                          Limitation on Sale and Leasebacks.

 

The Company will not, and
will not permit any of its Subsidiaries to, enter into any arrangement with any
Person pursuant to which the Company or any of its Subsidiaries leases any
property that has been or is to be sold or transferred by the Company or its
Subsidiaries to such Person (a “Sale and Leaseback
Transaction”), except that a Sale and Leaseback Transaction is
permitted if the Company or such Subsidiary would be entitled to secure the
property to be leased by a Lien (without equally and ratably securing the
outstanding Securities) in an amount equal to the present value of the lease
payments with respect to the term of the lease remaining on the date as of which
the amount is being determined, discounted at the rate of interest set forth or
implicit in the terms of the lease, compounded semi-annually (such amount is
referred to as the “Attributable Debt”).

 

55

 

In addition, the following
Sale and Leaseback Transactions shall not be subject to the limitation above
and shall not be included in calculating Attributable Debt for purposes of Section 1008:

 

(1)                                  temporary
leases for a term, including renewals at the option of the lessee, of not more
than three years;

 

(2)                                  leases between
only the Company and a Subsidiary of the Company or only between the Company’s
Subsidiaries; and

 

(3)                                  leases of
property executed by the time of, or within 18 months after the latest of, the
acquisition, the completion of construction or improvement, or the commencement
of commercial operation of the property.

 

Section 1009.                          Limitation on Activities of DIRECTV Financing.

 

DIRECTV Financing may not
hold any material assets, become liable for any material obligations, engage in
any trade or business, or conduct any business activity, other than the
issuance of Equity Interests to the Company or any Wholly Owned Subsidiary of
the Company, the incurrence of Indebtedness as a co-obligor or guarantor of the
Securities, the Exchange Securities, if any, the Senior Secured Credit Facility
and any other Indebtedness incurred by the Company.   Neither the Company nor any Subsidiary of
the Issuer shall engage in any transactions with DIRECTV Financing in violation
of the immediately preceding sentence.

 

Section 1010.                          Organizational Existence.

 

Subject to Article VIII
hereof and the proviso to this Section 1010, 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 limited liability company and, the corporate,
limited liability company, partnership or other existence of any Subsidiary, in
accordance with the respective organizational documents (as the same may be
amended from time to time) of the Company or any Subsidiary and (ii) the
rights (charter and statutory), licenses and franchises of the Company and its
Subsidiaries; provided, however,
that the Company shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any Subsidiary
(other than the corporate existence of DIRECTV Financing) if the Board of
Directors of the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Securities.

 

Section 1011.                          Waiver of Certain Covenants.

 

Except
as otherwise specified as contemplated by Section 301 for Securities of
such series, the Company may, with respect to the Securities of any series,
omit in any particular instance to comply with any term, provision or condition
set forth in any covenant provided pursuant to Section 301(18),  901(1) or 901(8) for the benefit of
the Holders of such series, if before the time for such compliance the Holders
of at least a majority in aggregate principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or 

 

56

 

condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Issuers and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

 

ARTICLE XI

REDEMPTION OF SECURITIES

 

Section 1101.                          Applicability of Article.

 

Securities
of any series which are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as
contemplated by Section 301 for such Securities) in accordance with this Article XI.

 

Section 1102.                          Election to Redeem; Notice to Trustee.

 

The
election of the Issuers to redeem any Securities shall be evidenced by a Board
Resolution or an Officer’s Certificate or in another manner specified as
contemplated by Section 301 for such Securities. In case of any redemption
at the election of the Issuers of the Securities of any series (including any
such redemption affecting only a single Security), the Company shall, at least
35 days (unless a shorter notice shall be satisfactory to the Trustee but not
more than 60 days prior to the Redemption Date fixed by the Company, notify the
Trustee of such Redemption Date, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officer’s Certificate evidencing compliance with such restriction.

 

Section 1103.                          Selection by Trustee of Securities to Be
Redeemed.

 

If less than all the Securities of any series are to
be redeemed (unless all the Securities of such series and of a specified tenor
are to be redeemed or unless such redemption affects only a single Security),
the particular Securities to be redeemed shall be selected by the Trustee, from
the Outstanding Securities of such series not previously called for redemption
in compliance with the requirements of the principal national securities
exchange on which such Securities are listed, or if not so listed, by such
method as the Trustee shall deem fair and appropriate and which may provide for
the selection for redemption of a portion of the principal amount of any
Security of such series; provided that
the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

 

If
any Security selected for partial redemption is converted in part before
termination of the conversion right with respect to the portion of the Security
so selected, the converted portion of such Security shall be deemed (so far as
may be) to be the portion selected for redemption. Securities which have been
converted during a selection of securities to be redeemed shall be treated by
the Trustee as Outstanding for the purpose of such selection.

 

57

 

The
Trustee shall promptly notify the Issuers in writing of the Securities selected
for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the principal amount thereof to be redeemed.

 

The
provisions of the two preceding paragraphs shall not apply with respect to any
redemption affecting only a single Security, whether such Security is to be
redeemed in whole or in part. In the case of any such redemption in part, the
unredeemed portion of the principal amount of the Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

 

For
all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case
of any Securities redeemed or to be redeemed only in part, to the portion of
the principal amount of such Securities which has been or is to be redeemed.

 

Section 1104.                          Notice of Redemption.

 

Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not
less than 30 nor more than 60 days prior to the Redemption Date (or within such
period as otherwise specified as contemplated by Section 301 for
Securities of a series), to each Holder of Securities to be redeemed, at such
Holder’s address appearing in the Security Register.

 

All
notices of redemption shall identify the Securities to be redeemed and state:

 

(1)                                  the Redemption Date;

 

(2)                                  the Redemption Price (or the method of calculating such price);

 

(3)                                  if less than all the Outstanding Securities of any series consisting of
more than a single Security are to be redeemed, the identification (and, in the
case of partial redemption of any such Securities, the principal amounts) of
the particular Securities to be redeemed and, if less than all the Outstanding
Securities of any series consisting of a single Security are to be redeemed,
the principal amount of the particular Security to be redeemed;

 

(4)                                  that on the Redemption Date the Redemption Price will become due and
payable upon each such Security to be redeemed and, if applicable, that
interest thereon will cease to accrue on and after said date;

 

(5)                                  the place or places where each such Security is to be surrendered for
payment of the Redemption Price;

 

(6)                                  for any Securities that by their terms may be converted, the terms of
conversion, the date on which the right to convert the Security to be redeemed
will terminate and the place or places where such Securities may be surrendered
for conversion;

 

(7)                                  that the redemption is for a sinking fund, if such is the case; and

 

58

 

(8)                                  if applicable, the CUSIP numbers of the Securities of such series; provided, however, that
no representation will be made as to the correctness or accuracy of the CUSIP
number, or any similar number, if any, listed in such notice or printed on the
Securities.

 

Notice
of redemption of Securities to be redeemed at the election of the Company shall
be given by the Company or, at the Company’s request (which may be rescinded or
revoked at any time prior to the time at which the Trustee shall have given such
notice to the Holders), by the Trustee in the name and at the expense of the
Company provided the notice provisions have been given to the Trustee. The
notice, if mailed in the manner herein provided, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice. In any
case, failure to give such notice by mail or any defect in the notice to the
Holder of any Security designated for redemption as a whole or in part shall
not affect the validity of the proceedings for the redemption of any other
Securities.

 

Section 1105.                          Deposit of Redemption Price.

 

By
no later than 11:00 a.m. (New York City time) on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date or the Securities of the series provide otherwise) accrued
interest on, all the Securities which are to be redeemed on that date, other
than Securities or portions of Securities called for redemption which are owned
by the Company or a Subsidiary and have been delivered by the Company or such
Subsidiary to the Trustee for cancellation. All money, if any, earned on funds
held by the Paying Agent shall be remitted to the Company. In addition, the
Paying Agent shall promptly return to the Company any money deposited with the
Paying Agent by the Company in excess of the amounts necessary to pay the
Redemption Price of, and accrued interest, if any, on, all Securities to be
redeemed.

 

If
any Security called for redemption is converted, any money deposited with the
Trustee or with any Paying Agent or so segregated and held in trust for the
redemption of such Security shall (subject to any right of the Holder of such
Security or any Predecessor Security to receive interest as provided in the
last paragraph of Section 307 or in the terms of such Security) be paid to
the Company upon Issuer Request or, if then held by the Company, shall be
discharged from such trust.

 

Section 1106.                          Securities Payable on Redemption Date.

 

Notice
of redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by
the Company at the Redemption Price, together, if applicable, with accrued
interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior
to the Redemption Date 

 

59

 

will
be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 307; provided  further that,
unless otherwise specified as contemplated by Section 301, if the Redemption
Date is after a Regular Record Date and on or prior to the Interest Payment
Date, the accrued and unpaid interest shall be payable to the Holder of the
redeemed Securities registered on the relevant Regular Record Date.

 

If
any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the principal and premium, if any, shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the
Security.

 

Section 1107.                          Securities Redeemed in Part.

 

Any
Security which is to be redeemed only in part shall be surrendered at a Place
of Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series and of like
tenor, of any authorized denomination as requested by such Holder, in principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

 

ARTICLE XII

SINKING FUNDS

 

Section 1201.                          Applicability of Article.

 

The
provisions of this Article XII shall be applicable to any sinking fund for
the retirement of Securities of any series except as otherwise specified as
contemplated by Section 301 for such Securities.

 

The
minimum amount of any sinking fund payment provided for by the terms of any
series of Securities is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum
amount provided for by the terms of such Securities is herein referred to as an
“optional sinking fund payment.” If
provided for by the terms of any series of Securities, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 1202.
Each sinking fund payment shall be applied to the redemption of Securities of
the series as provided for by the terms of such Securities.

 

Section 1202.                          Satisfaction of Sinking Fund Payments with
Securities.

 

The
Issuers (1) may deliver Outstanding Securities of a series (other than any
previously called for redemption) and (2) may apply as a credit Securities
of a series which have been redeemed either at the election of the Issuers
pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to any Securities of such series required to be made
pursuant to the terms of such Securities as and to the extent provided for by
the terms of such Securities; provided that
the Securities to be 

 

60

 

so
credited have not been previously so credited. The Securities to be so credited
shall be received and credited for such purpose by the Trustee at the
Redemption Price, as specified in the Securities so to be redeemed, for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

 

Section 1203.                          Redemption of Securities for Sinking Fund.

 

Not
less than 60 days (or such shorter period as shall be satisfactory to the
Trustee) prior to each sinking fund payment date for any Securities, the
Company will deliver to the Trustee an Officer’s Certificate specifying the
amount of the next ensuing sinking fund payment for such Securities pursuant to
the terms of such Securities, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities pursuant to Section 1202
and will also deliver to the Trustee any Securities to be so delivered. Not
less than 30 days prior to each such sinking fund payment date, the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 1103 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 1106 and 1107.

 

ARTICLE XIII

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 1301.                          Company’s Option to Effect Defeasance or
Covenant Defeasance.

 

Unless
otherwise provided as contemplated by Section 301, Sections 1302 and 1303
shall apply to all Securities or each series of Securities, as the case may be,
in either case, denominated in U.S. dollars and bearing interest at a fixed
rate, in accordance with any applicable requirements provided pursuant to Section 301
and upon compliance with the conditions set forth below in this Article XIII;
and the Company may elect, at its option at any time, to have Sections 1302 and
1303 applied to any Securities or any series of Securities, as the case may be,
designated pursuant to Section 301 as being defeasible pursuant to such Section 1302
or 1303, in accordance with any applicable requirements provided pursuant to Section 301
and upon compliance with the conditions set forth below in this Article XIII.  Any such election to have or not to have
Sections 1302 and 1303 apply, as the case may be, shall be evidenced by a Board
Resolution, Officer’s Certificate or in another manner specified as
contemplated by Section 301 for such Securities.

 

Section 1302.                          Defeasance and Discharge.

 

Upon the Company’s exercise of its option, if any, to have this Section 1302
applied to any Securities or any series of Securities, as the case may be, or
if this Section 1302 shall otherwise apply to any Securities or any series
of Securities, as the case may be, the Company shall be deemed to have been
discharged from its obligations with respect to such Securities as provided in
this Section 1302 on and after the date the conditions set forth in Section 1304
are satisfied (hereinafter called “Defeasance”).
For this purpose, such Defeasance means that the Company shall be deemed to
have paid and discharged the entire indebtedness represented by 

 

61

 

such
Securities and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned (and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), subject to the following which shall survive until
otherwise terminated or discharged hereunder: (1) the rights of Holders of
such Securities to receive, solely from the trust fund described in Section 1304
and as more fully set forth in such Section 1305, payments in respect of
the principal of and premium, if any, and interest on such Securities when
payments are due, (2) the Company’s obligations with respect to such
Securities under Sections 304,  305,  306, 
1002 and 1003, (3) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and (4) this Article XIII.
Subject to compliance with this Article XIII, the Company may exercise its
option, if any, to have this Section 1302 applied to the Securities of any
series notwithstanding the prior exercise of its option, if any, to have Section 1303
applied to such Securities.

 

Section 1303.                          Covenant Defeasance.

 

Upon
the Company’s exercise of its option, if any, to have this Section 1303
applied to any Securities or any series of Securities, as the case may be, or
if this Section 1303 shall otherwise apply to any Securities or any series
of Securities, as the case may be, (1) the Company shall be released from
its obligations under any covenants provided pursuant to Section 301(18),  901(1) or 901(7) for the benefit of
the Holders of such Securities and (2) the occurrence of any event
specified in Section 501(4) and Section 501(11) shall be deemed
not to be or result in an Event of Default, in each case with respect to such
Securities as provided in this Section 1303 on and after the date the
conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant
Defeasance means that, with respect to such Securities, 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 specified Section, whether directly or
indirectly by reason of any reference elsewhere herein to any such Section or
by reason of any reference in any such Section to any other provision herein
or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby.

 

Section 1304.                          Conditions to Defeasance or Covenant
Defeasance.

 

The
following shall be the conditions to the application of Section 1302 or
1303 to any Securities or any series of Securities, as the case may be:

 

(1)                                  The Company shall irrevocably have deposited or caused to be deposited
with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 609 and agrees to comply with the provisions of
this Article XIII 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 benefits of the Holders of such Securities, (A) money
in an amount, or (B) U.S. Government Obligations which through the
scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide money in an amount, or (C) a combination
thereof, in each case sufficient, 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 any such other qualifying trustee) to pay 

 

62

 

and
discharge, the principal of and premium, if any, and interest on such
Securities on the respective Stated Maturities, in accordance with the terms of
this Indenture and such Securities. As used herein, “U.S.
Government Obligation” means (x) any security which is (i) a
direct obligation of the United States of America for the payment of which the
full faith and credit of the United States of America is pledged or (ii) an
obligation of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case (i) or (ii), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary
receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act) as custodian with respect to any U.S. Government Obligation
which is specified in clause (x) above and held by such bank for the
account of the holder of such depositary receipt, or with respect to any
specific payment of principal of or interest on any U.S. Government Obligation
which is so specified and held; provided that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal or interest evidenced by such
depositary receipt.

 

(2)                                  In the event of an election to have Section 1302 apply to any
Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel stating that (A) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (B) since the date of this Indenture, there has been a
change in the applicable Federal income tax law, in either case (A) or (B) to
the effect that, and based thereon such opinion shall confirm that, the Holders
of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit, Defeasance and discharge to be effected
with respect to such Securities and will be subject to Federal income tax on
the same amount, in the same manner and at the same times as would be the case
if such deposit, Defeasance and discharge were not to occur.

 

(3)                                  In the event of an election to have Section 1303 apply to any Securities
or any series of Securities, as the case may be, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders
of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit and Covenant Defeasance to be effected with
respect to such Securities and will be subject to Federal income tax on the
same amount, in the same manner and at the same times as would be the case if
such deposit and Covenant Defeasance were not to occur.

 

(4)                                  The Company shall have delivered to the Trustee an Officer’s Certificate
to the effect that neither such Securities nor any other Securities of the same
series, if then listed on any securities exchange, will be delisted as a result
of such deposit.

 

63

 

(5)                                  No Default or Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing at the time of such
deposit or, insofar as Sections 501 (9) or (10) are concerned, at any
time on or prior to the 90th day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until after such
90th day).

 

(6)                                  Such Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, any other material agreement or
instrument to which the Company is a party or by which it is bound.

 

(7)                                  The Company shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that all conditions precedent with
respect to such Defeasance or Covenant Defeasance have been complied with (in
each case, subject to the satisfaction of the condition in clause (5)).

 

Before
or after a deposit, the Company may make arrangements satisfactory to the
Trustee for the redemption of Securities at a future date in accordance with Article XI.

 

Section 1305.                          Deposited Money and U.S. Government
Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject
to the provisions of the last paragraph of Section 1003, all money and
U.S. Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section 1305
and Section 1306, the Trustee and any such other trustee are referred to
collectively as the “Trustee”)
pursuant to Section 1304 in respect of any Securities shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any
such Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and
to become due thereon in respect of principal and premium, if any, and interest,
but money so held in trust 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 U.S. Government Obligations deposited
pursuant to Section 1304 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 Outstanding Securities; provided
that the Trustee shall be entitled to charge any such tax, fee or other charge
to such Holder’s account.

 

Anything
in this Article XIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon Issuer Request any money
or U.S. Government Obligations held by it as provided in Section 1304 with
respect to any Securities which are in excess of the amount thereof which would
then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 

Section 1306.                          Reinstatement.

 

If
the Trustee or the Paying Agent is unable to apply any money in accordance with
this Article XIII with respect to any Securities by reason of any order or
judgment of any court or 

 

64

 

governmental
authority enjoining, restraining or otherwise prohibiting such application,
then the obligations under this Indenture and such Securities from which the
Company has been discharged or released pursuant to Section 1302 or 1303
shall be revived and reinstated as though no deposit had occurred pursuant to
this Article XIII with respect to such Securities, until such time as the
Trustee or Paying Agent is permitted to apply all money held in trust pursuant
to Section 1305 with respect to such Securities in accordance with this Article XIII;
provided, however,
that (a) if the Company makes any payment of principal of or premium, if
any, or interest on any such Security following such reinstatement of its
obligations, the Company shall be subrogated to the rights, if any, of the
Holders of such Securities to receive such payment from the money so held in
trust and (b) unless otherwise required by any legal proceeding or any
order or judgment of any court or governmental authority, the Trustee or Paying
Agent shall return all such money and U.S. Government Obligations to the
Company promptly after receiving a written request therefor at any time, if
such reinstatement of the Company’s obligations has occurred and continues to
be in effect.

 

ARTICLE XIV

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 1401.                          Applicability of Article.

 

Repayment
of Securities of any series before their Stated Maturity at the option of
Holders thereof shall be made in accordance with the terms of such Securities
and (except as otherwise specified as contemplated by Section 301 for
Securities of any series) in accordance with this Article XIV.

 

Section 1402.                          Repayment of Securities.

 

Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof
will, unless otherwise provided in the terms of such Securities, be repaid at a
price equal to the principal amount thereof and premium, if any, thereon,
together with interest thereon accrued to the Repayment Date specified in or
pursuant to the terms of such Securities. The Company covenants that on or
before the Repayment Date it will deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay
the principal (or, if so provided by the terms of the Securities of any series,
a percentage of the principal) of, the premium, if any, and (except if the
Repayment Date shall be an Interest Payment Date) accrued interest on, all the
Securities or portions thereof, as the case may be, to be repaid on such date.

 

Section 1403.                          Exercise of Option.

 

Securities of any series
subject to repayment at the option of the Holders thereof will contain an “Option
to Elect Repayment” form on the reverse of such Securities. To be repaid at the
option of the Holder, any Security so providing for such repayment, with the “Option
to Elect Repayment” form on the reverse of such Security duly completed by the
Holder (or by the Holder’s attorney duly authorized in writing), must be
received by the Company at the Place of Payment therefor specified in the terms
of such Security (or at such other place or places of which the Company shall
from time to time notify the Holders of such Securities) not earlier than 

 

65

 

45 days nor later than 30
days prior to the Repayment Date. If less than the entire principal amount of
such Security is to be repaid in accordance with the terms of such Security,
the principal amount of such Security to be repaid, in increments of the
minimum denomination for Securities of such series, and the denomination or
denominations of the Security or Securities to be issued to the Holder for the
portion of the principal amount of such Security surrendered that is not to be
repaid, must be specified. The principal amount of any Security providing for
repayment at the option of the Holder thereof may not be repaid in part if,
following such repayment, the unpaid principal amount of such Security would be
less than the minimum authorized denomination of Securities of the series of
which such Security to be repaid is a part. Except as otherwise may be provided
by the terms of any Security providing for repayment at the option of the
Holder thereof, exercise of the repayment option by the Holder shall be
irrevocable unless waived by the Company.

 

Section 1404.                          When Securities Presented for Repayment Become
Due and Payable.

 

If Securities of any series
providing for repayment at the option of the Holders thereof shall have been
surrendered as provided in this Article XIV and as provided by or pursuant
to the terms of such Securities, such Securities or the portions thereof, as
the case may be, to be repaid shall become due and payable and shall be paid by
the Company on the Repayment Date therein specified, and on and after such
Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were
interest-bearing, cease to bear interest. Upon surrender of any such Security
for repayment in accordance with such provisions, the principal amount of such
Security so to be repaid shall be paid by the Company, together with accrued
interest and/or premium, if any, to (but excluding) the Repayment Date; provided, however, that,
unless otherwise specified as contemplated by Section 301, installments of
interest, if any, whose Stated Maturity is on or prior to the Repayment Date
shall be payable (but without interest thereon, unless the Company shall
default in the payment thereof) to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section 307.

 

If
the principal amount of any Security surrendered for repayment shall not be so
repaid upon surrender thereof, such principal amount (together with interest,
if any, thereon accrued to such Repayment Date) and any premium shall, until
paid, bear interest from the Repayment Date at the rate of interest or yield to
maturity (in the case of Original Issue Discount Securities) set forth in such
Security.

 

Section 1405.                          Securities Repaid in Part.

 

Upon surrender of any
Security which is to be repaid in part only, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security, without
service charge and at the expense of the Company, a new Security or Securities
of the same series, of any authorized denomination specified by the Holder, in
a principal amount equal to and in exchange for the portion of the principal of
such Security so surrendered which is not to be repaid.

 

66

 

ARTICLE XV

 

GUARANTEES

 

Section 1501.                          Guarantee.

 

Except as otherwise set
forth in a Board Resolution, Officers’ Certificate or supplemental indenture
establishing a series of Securities and subject to the provisions of this Article XV,
each Guarantor (together with any successor to such Guarantor pursuant to any
merger or consolidation, unless such Guarantor’s Guarantee is released in
accordance with Section 1503 hereof), jointly and severally, hereby
unconditionally guarantees to each Holder of a Security 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
Securities or the Obligations of the Issuers hereunder or thereunder, that

 

(1)                                  the principal of, premium, if any, and interest on the Securities 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 Securities, if any, if lawful, and all other obligations of the Issuers
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

 

(2)                                  in case of any extension of time of payment or renewal of any Securities
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.  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.

 

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 Securities or this Indenture, the absence of any action
to enforce the same, any waiver or consent by any Holder of the Securities with
respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuers, 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 Issuers, any right to require a proceeding first against the
Issuers, protest, notice (except that the Trustee shall provide at least ten
days’ prior written notice to the Issuers 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 Issuers or any Guarantor, or any
Custodian, Trustee, liquidator or other similar official acting in relation to
either the Issuers or any Guarantor, any 

 

67

 

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 until payment in full of all 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 V 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 V, 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 Securities to the benefits hereof, the Securities
or the Guarantees.

 

Nothing
contained in this Section 1501 or elsewhere in this Indenture, the
Securities 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 Securities 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 1502.                          Merger, Consolidation or Sale of Assets of
Guarantors.

 

Subject
to Section 1504 hereof, a Guarantor will 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, any Person other than the
Company or another Guarantor unless:

 

(1)                                  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, limited partnership or limited liability
company organized or existing under the laws of the United States, any state
thereof or the District of Columbia;

 

68

 

(2)                                  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 Securities and this
Indenture; and

 

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

 

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
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 Subsidiary of the
Company.  Except as set forth in Article 5
hereof, 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
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 Subsidiary of the Company.

 

Section 1503.                          Successor Corporation Substituted.

 

Upon
any consolidation, merger, sale or conveyance described in paragraphs (1) through
(3) of Section 1502 hereof, 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 hereof 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 hereof as though all of such Guarantees had been issued at the
date of the execution of such Guarantee by such Guarantor.

 

Section 1504.                          Releases from Guarantees.

 

If
pursuant to any direct or indirect sale or conveyance 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.  In addition, a
Guarantor shall be released and relieved of its obligations under its Guarantee
if (1) such Guarantor is dissolved or liquidated in accordance with the
provisions hereof; (2) such Guarantor no longer guarantees or is otherwise
obligated under the Senior Secured Credit Facility or any of the Existing Notes;
or (3) with respect to a series of Securities, the Issuers effectively
discharge their obligations or defease all Securities of such series in
compliance with the terms of Section 401 or Article 13 hereof.  Upon delivery by the Company to the Trustee
of an Officers’ 

 

69

 

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 hereof, if applicable,
the Trustee shall execute any documents pursuant to written direction of the
Company 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
Securities and for the other obligations of such Guarantor under this Indenture
as provided in this Article XV.

 

*                                         *                                         *

 

70

 

This
Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

 

[Signature page follows]

 

71

 

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

 

	
   

  	
  DIRECTV
  HOLDINGS LLC, as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  FINANCING CO., INC., as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV, INC.,
  as Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  CUSTOMER SERVICES, INC.,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  MERCHANDISING, INC.,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  ENTERPRISING, INC.,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

72

 

	
   

  	
  DIRECTV
  OPERATIONS, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LABC
  PRODUCTIONS, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  HOME SERVICES, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS I, INC., as Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS II, INC., as Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

73

 

	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

74

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