Document:

exv4w1

Exhibit 4.1

      

MEDTRONIC, INC.

 

Second Supplemental Indenture

Dated as of March 16, 2010

 

(Second Supplemental to the Indenture Dated as of March 12, 2009)

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

      

 

     SECOND SUPPLEMENTAL INDENTURE, dated as of March 16, 2010, between Medtronic, Inc., a
corporation duly organized and existing under the laws of Minnesota (herein called the “Company”),
and Wells Fargo Bank, National Association, as Trustee (herein called “Trustee”);

RECITALS:

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated
as of March 12, 2009 (the “Base Indenture”), providing for the issuance from time to time of the
Company’s debentures, notes or other evidences of indebtedness (herein and therein called the
“Securities”), to be issued in one or more series as provided in the Base Indenture;

     WHEREAS, Section 9.01 of the Base Indenture permits the Company and the Trustee to enter into
an indenture supplemental to the Base Indenture to establish the form and terms of any series of
Securities;

     WHEREAS, Section 2.01 of the Base Indenture permits the form of Securities of any series to be
established in an indenture supplemental to the Base Indenture;

     WHEREAS, Section 3.01 of the Base Indenture permits certain terms of any series of Securities
to be established pursuant to an indenture supplemental to the Base Indenture;

     WHEREAS, pursuant to Sections 2.01 and 3.01 of the Base Indenture, the Company desires to
provide for the establishment of three new series of Securities under the Base Indenture, the form
and substance of such Securities and the terms, provisions and conditions thereof to be set forth
as provided in the Base Indenture and this Second Supplemental Indenture;

     WHEREAS, all things necessary to make this Second Supplemental Indenture a valid agreement of
the Company, in accordance with its terms, have been done;

     NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Securities of each of the
three series established by this Second Supplemental Indenture by the holders thereof (the
“Noteholders”), it is mutually agreed, for the equal and proportionate benefit of all such
Noteholders, as follows:

ARTICLE 1

Definitions and Other Provisions of General Application 

     Section 1.01. Relation to Base Indenture. This Second Supplemental Indenture constitutes a
part of the Base Indenture (the provisions of which, as modified by this Second Supplemental
Indenture, shall apply to the Notes (as defined herein)) in respect of the Notes but shall not
modify, amend or otherwise affect the Base Indenture insofar as it relates to any other series of
Securities or modify, amend or otherwise affect in any manner the terms and conditions of the
Securities of any other series.

 

     Section 1.02. Definitions. For all purposes of this Second Supplemental Indenture, the
capitalized terms used herein (i) which are defined in this Section 1.02 have the respective
meanings assigned hereto in this Section 1.02 and (ii) which are defined in the Base Indenture (and
which are not defined in this Section 1.02) have the respective meanings assigned thereto in the
Base Indenture. For all purposes of this Second Supplemental Indenture:

     (a) Unless the context otherwise requires, any reference to an Article or Section
refers to an Article or Section, as the case may be, of this Second Supplemental Indenture;

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

     (c) The terms defined in this Section 1.02(c) have the meanings assigned to them in
this Section and include the plural as well as the singular:

     “Interest Payment Date” has the meaning set forth in Section 2.01(d).

     “Interest Period” has the meaning set forth in Section 2.01(d).

     “Maturity Date” has the meaning set forth in Section 2.01(c).

     “Notes” has the meaning set forth in Section 2.01(a).

     “2015 Notes” has the meaning set forth in Section 2.01(a)

     “2020 Notes” has the meaning set forth in Section 2.01(a)

     “2040 Notes” has the meaning set forth in Section 2.01(a)

ARTICLE 2

General Terms and Conditions of the Notes

     Section 2.01. Terms of Notes. Pursuant to Sections 2.01 and 3.01 of the Base Indenture,
there is hereby established three series of Securities, the terms of which shall be as follows:

     (a) Designation. The Securities of these series shall be known and designated as
the “3.000% Notes due 2015” (the “2015 Notes”), “4.450% Notes due 2020” (the “2020 Notes”) and
“5.550% Notes due 2040” (the “2040 Notes” and together with the 2015 Notes and the 2020 Notes, the
“Notes”) of the Company. The CUSIP number of the 2015 Notes is 585055AR7, the CUSIP number of the
2020 Notes is 585055AS5 and the CUSIP number of the 2040 Notes is 585055AT3.

     (b) Form and Denominations. The Notes will be issued only in fully registered form,
and the authorized denominations of the Notes shall be $2,000 principal amount and any integral
multiple of $1,000 in excess thereof. The Notes will initially be issued in the form of one or
more Global Securities substantially in the form of Annex A

2

 

attached hereto, with such modifications thereto as may be approved by the authorized officer
executing the same. The Notes will be denominated in U.S. dollars and payments of principal and
interest will be made in U.S. dollars.

     (c) Maturity Date. The principal amount of, and all accrued and unpaid interest on,
the Notes shall be payable in full on March 15, 2015 for the 2015 Notes, March 15, 2020 for the
2020 Notes and March 15, 2040 for the 2040 Notes, or if such days are not Business Days, the
following Business Day (each, the “Maturity Date’’).

     (d) Interest. Interest payable on any Interest Payment Date (as defined below), the
Maturity Date or, if applicable, the Redemption Date (as defined in the Base Indenture), shall be
the amount accrued from, and including, the immediately preceding Interest Payment Date in respect
of which interest has been paid or duly provided for (or from and including the original issue date
of March 16, 2010, if no interest has been paid or duly provided for with respect to the Notes) to
but excluding such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as the
case may be (each, an “Interest Period”). The Notes will bear interest at the rate of 3.000% for
the 2015 Notes, 4.450% for the 2020 Notes and 5.550% for the 2040 Notes per year from the original
issue date thereof to the respective Maturity Date. Interest on the Notes shall be payable
semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2010
(each such date, an “Interest Payment Date”). The amount of interest payable for any semi-annual
Interest Period will be computed on the basis of a 360-day year consisting of twelve 30-day months.
The amount of interest payable for any period shorter than a full semi-annual Interest Period for
which interest is computed will be computed on the basis of the actual number of days elapsed per
30-day month. In the event any Interest Payment Date on or before the Maturity Date falls on a day
that is not a Business Day, the interest payment due on that date will be postponed to the next day
that is a Business Day and no interest shall accrue as a result of such postponement.

     In the event the Maturity Date or a Redemption Date for any Note falls on a day that is not a
Business Day, then the related payments of principal, premium, if any, and interest may be made on
the next succeeding date that is a Business Day (and no additional interest will accumulate on the
amount payable for the period from and after the Maturity Date for such Note). Interest due on the
Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) will be
paid to the Person to whom principal of such Notes is payable.

     (e) To Whom Interest is Payable. Interest shall be payable to the Person in whose
name the Notes are registered at the close of business on the Regular Record Date for such
interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case
may be, next preceding the Interest Payment Date, or, in the event the Notes cease to be held in
the form of one or more Global Securities, at the close of business on the date 15 days prior to
that Interest Payment Date, whether or not a Business Day.

     (f) Sinking Fund; Noteholder Repurchase Right. The Notes shall not be subject to
any sinking fund or analogous provision or be redeemable at the option of the Noteholders.

3

 

     (g) Forms. The Notes shall be substantially in the form of Annex A attached hereto,
with such modifications thereto as may be approved by the authorized officer executing the same.

     (h) Registrar, Paying Agent, Authenticating Agent and Place of Payment. The Company
hereby appoints Wells Fargo Bank, National Association as Security Registrar and Paying Agent and
accepts Wells Fargo Bank, National Association as Authentication Agent with respect to the Notes.
The Notes may be surrendered for registration of transfer and for exchange at the office or agency
of the Company maintained for such purpose in the City of New York, New York and at any other
office or agency maintained by the Company for such purpose. The Place of Payment for the Notes
shall be the Paying Agent’s office in the City of New York, New York.

     Payments on the Notes, other than payment of interest due at Maturity, may be made, in the
case of a Holder of at least $5,000,000 aggregate principal amount of Notes of any one series, by
wire transfer to a U.S. dollar account maintained by the payee with a bank in New York City, if
such Holder elects payment by wire transfer by giving written notice to the Paying Agent to such
effect and designating such account no later than 15 days immediately preceding the relevant
Interest Payment Date (or such other date as the Paying Agent may accept in its discretion).

     (i) Defeasance. Until the Maturity Date, the Notes will be subject to Sections
13.02 and 13.03 of the Base Indenture.

ARTICLE 3

Supplemental Indentures

     Section 3.01. Supplemental Indentures with Consent of Noteholders. As set forth in Section
9.02 of the Base Indenture, with the consent of the holders of a majority in the aggregate
principal amount of Notes of each series affected by such supplemental indenture at the time
outstanding, the Company and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental to the Base Indenture for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Base Indenture or this
Second Supplemental Indenture or of modifying in any manner the rights of the Noteholders.

ARTICLE 4

Miscellaneous

     Section 4.01. Relationship to Existing Base Indenture. This Second Supplemental Indenture is
a supplemental indenture within the meaning of the Base Indenture. The Base Indenture, as
supplemented and amended by this Second Supplemental Indenture, is in all respects ratified,
confirmed and approved and, with respect to the Notes, the Base Indenture, as supplemented and
amended by this Second Supplemental Indenture, shall be read, taken and construed as one and the
same instrument.

     Section 4.02. Modification of the Existing Base Indenture. Except as expressly modified by
this Second Supplemental Indenture, the provisions of the Base Indenture shall govern the terms and
conditions of the Notes.

4

 

     Section 4.03. Governing Law. This instrument shall be governed by and construed in
accordance with the laws of the State of New York and of the United States.

     Section 4.04. Counterparts. This instrument 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.

     Section 4.05. Trustee Makes No Representation. The recitals contained herein are made by the
Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representation as to the validity or sufficiency of this Second
Supplemental Indenture (except for its execution thereof and its certificates of authentication of
the Notes).

5

 

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

	 	 	 	 	 
	 	MEDTRONIC, INC.

 	 
	 	By:  	/s/ William A. Hawkins
 	 
	 	 	William A. Hawkins 	 
	 	 	Chairman of the Board and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	Attest:

 	 
	 	By:  	/s/ Keyna P. Skeffington
 	 
	 	 	Keyna P. Skeffington 	 
	 	 	Vice President and Deputy General Counsel 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Gary L. Ellis
 	 
	 	 	Gary L. Ellis 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	Attest:

 	 
	 	By:  	/s/ Keyna P. Skeffington
 	 
	 	 	Keyna P. Skeffington 	 
	 	 	Vice President and Deputy General Counsel 	 
	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Trustee

 	 
	 	By:  	/s/ Jayne Sillman
 	 
	 	 	Name:  	Jayne Sillman 	 
	 	 	Title:  	Vice President 	 
	 

6

 

ANNEX A

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
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.

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

MEDTRONIC, INC.

			
	 	 	 
	No.                    
	 	CUSIP NO.                    
	 
	 	$                    

     Medtronic, Inc., a corporation duly incorporated and subsisting under the laws of the State of
Minnesota (herein called the “Company,” which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of            Dollars on                      and to pay interest thereon from            or from
the most recent Interest Payment Date to which interest has been paid or duly provided for, on                      and
                     in each year, commencing                     , at the rate of                     % per annum, until the principal hereof is paid or made
available for payment.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the                      or                      (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture.

A-1

 

     Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Trustee maintained for that purpose in New York, New York, in such
coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

A-2

 

     In Witness Whereof, the Company has caused this instrument to be duly executed under
its corporate seal.

	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Medtronic, Inc.	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

A-3

 

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	Wells Fargo Bank, National Association,

      as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signature 	 
	 	 	 	 
	 

A-4

 

[Reverse of Note]

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
March 12, 2009 (herein called the “Base Indenture,” which term shall have the meaning assigned to
it in such instrument), as supplemented by a Second Supplemental Indenture, dated as of March 16,
2010 (together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank,
National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, initially limited in aggregate principal amount to $___ The Company may at any time issue
additional securities under the Indenture in unlimited amounts having the same terms as the
Securities; provided that no additional securities of a series may be issued if an Event of Default
has occurred and is continuing with respect to such series of securities.

     The Securities of this series are subject to redemption, as a whole or from time to time in
part, upon not less than 30 nor more than 60 days’ notice mailed to each Holder of Securities to be
redeemed at his address as it appears in the Securities Register, on any date prior to their Stated
Maturity at a Redemption Price equal to the greater of (i) 100% of the principal amount of such
Securities to be redeemed, plus accrued interest thereon to the Redemption Date or (ii) as
determined by a Quotation Agent (as defined below), the sum of the present values of the remaining
scheduled payments of principal and interest thereon (not including any portion of such payments of
interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as
defined below), plus . basis points, plus accrued interest thereon to the Redemption Date; provided
that unless the Company defaults in payment of the Redemption Price, on or after the Redemption
Date, interest will cease to accrue on the Securities or portions thereof called for redemption;
provided further that the principal amount of a Security remaining outstanding after a redemption
in part shall be $2,000 or an integral multiple of $1,000 in excess thereof.

     “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The semi-annual equivalent yield to maturity
will be computed as of the third business day immediately preceding the Redemption Date.
“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation
Agent as having a maturity comparable to the remaining term of the Securities to be redeemed that
would be utilized, at the time of selection and in accordance with customary financial practice in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the
Securities. “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest Reference Treasury Dealer Quotations, (2) if the Trustee obtains fewer than
three Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer

A-5

 

Quotations so received or (3) if only one Reference Treasury Dealer Quotation is received,
such quotation. “Quotation Agent” means the Reference Treasury Dealer appointed by the Company.
“Reference Treasury Dealer” means (i) Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P.
Morgan Securities Inc., Banc of America Securities LLC and their respective successors; provided,
however, that, if the foregoing shall cease to be a primary U.S. Government securities dealer in
New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary
Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on
the third Business Day preceding such Redemption Date.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     The Indenture contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

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

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of at least 25% in principal amount of the Securities of
this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable
indemnity, and the Trustee shall not have

A-6

 

received from the Holders of a majority in principal amount of Securities of this series at
the time Outstanding a direction inconsistent with such request, and shall have failed to institute
any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The
foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due
dates expressed herein.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form in denominations of $2,000
and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

     No service charge shall be made to a Holder for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

A-7exv4w17

Exhibit 4.17

EXECUTION COPY

 

 

INDENTURE

Dated as of December 23, 2009

among

CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

as the Issuer,

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

as Guarantor,

CLEAR CHANNEL OUTDOOR, INC.

as Guarantor,

EACH OF THE OTHER GUARANTORS PARTY HERETO,

and

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, Paying Agent, Registrar and Transfer Agent

9.25% SERIES A SENIOR NOTES DUE 2017

 

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	310(a)(1)
	 	7.10
	  (a)(2)
	 	7.10
	  (a)(3)
	 	N.A.
	  (a)(4)
	 	N.A.
	  (a)(5)
	 	7.10
	  (b)
	 	7.03, 7.10
	  (c)
	 	N.A.
	311(a)
	 	7.11
	  (b)
	 	7.11
	  (c)
	 	N.A.
	312(a)
	 	2.05
	  (b)
	 	12.03
	  (c)
	 	12.03
	313(a)
	 	7.06
	  (b)(1)
	 	N.A.
	  (b)(2)
	 	7.06; 7.07
	  (c)
	 	7.06; 12.02
	  (d)
	 	7.06
	314(a)
	 	4.03; 12.05
	  (b)
	 	N.A.
	  (c)(1)
	 	12.04
	  (c)(2)
	 	12.04
	  (c)(3)
	 	N.A.
	  (d)
	 	N.A.
	  (e)
	 	12.04
	  (f)
	 	N.A.
	315(a)
	 	7.01
	  (b)
	 	7.05; 12.02
	  (c)
	 	7.01
	  (d)
	 	7.01
	  (e)
	 	6.14
	316(a)(last sentence)
	 	2.09
	  (a)(1)(A)
	 	6.05
	  (a)(1)(B)
	 	6.04
	  (a)(2)
	 	N.A
	  (b)
	 	6.07
	  (c)
	 	2.12; 9.04
	317(a)(1)
	 	6.08
	  (a)(2)
	 	6.12
	  (b)
	 	2.04
	318(a)
	 	12.01
	  (b)
	 	N.A.
	  (c)
	 	12.01

 

			
	N.A. means not applicable.
	 
	*	 	This Cross-Reference Table is not part of the Indenture.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Other Definitions
	 	 	32	 
	Section 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	33	 
	Section 1.04 Rules of Construction
	 	 	34	 
	Section 1.05 Acts of Holders
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 2 THE 2017 A NOTES
	 	 	36	 
	 
	 	 	 	 
	Section 2.01 Form and Dating; Terms
	 	 	36	 
	Section 2.02 Execution and Authentication
	 	 	38	 
	Section 2.03 Registrar and Paying Agent
	 	 	38	 
	Section 2.04 Paying Agent To Hold Money in Trust
	 	 	39	 
	Section 2.05 Holder Lists
	 	 	39	 
	Section 2.06 Transfer and Exchange
	 	 	39	 
	Section 2.07 Replacement Notes
	 	 	51	 
	Section 2.08 Outstanding Notes
	 	 	51	 
	Section 2.09 Treasury Notes
	 	 	52	 
	Section 2.10 Temporary Notes
	 	 	52	 
	Section 2.11 Cancellation
	 	 	52	 
	Section 2.12 Defaulted Interest
	 	 	53	 
	Section 2.13 CUSIP Numbers
	 	 	53	 
	 
	 	 	 	 
	ARTICLE 3 REDEMPTION
	 	 	53	 
	 
	 	 	 	 
	Section 3.01 Notices to Trustee
	 	 	53	 
	Section 3.02 Selection of Notes To Be Redeemed or Purchased
	 	 	54	 
	Section 3.03 Notice of Redemption
	 	 	54	 
	Section 3.04 Effect of Notice of Redemption
	 	 	55	 
	Section 3.05 Deposit of Redemption or Purchase Price
	 	 	55	 
	Section 3.06 Notes Redeemed or Purchased in Part
	 	 	56	 
	Section 3.07 Optional Redemption
	 	 	56	 
	Section 3.08 Mandatory Redemption
	 	 	57	 
	Section 3.09 Offers To Repurchase by Application of Excess Proceeds
	 	 	58	 
	 
	 	 	 	 
	ARTICLE 4 COVENANTS
	 	 	60	 
	 
	 	 	 	 
	Section 4.01 Payment of Notes
	 	 	60	 
	Section 4.02 Maintenance of Office or Agency
	 	 	61	 
	Section 4.03 Reports and Other Information
	 	 	61	 
	Section 4.04 Compliance Certificate
	 	 	62	 
	Section 4.05 Taxes
	 	 	63	 
	Section 4.06 Stay, Extension and Usury Laws
	 	 	63	 

-i-

 

	 	 	 	 	 
	 	 	Page	 
	Section 4.07 Limitation on Restricted Payments
	 	 	63	 
	Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	 	 	64	 
	Section 4.09 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and
Preferred Stock
	 	 	66	 
	Section 4.10 Asset Sales
	 	 	73	 
	Section 4.11 Transactions with Affiliates
	 	 	73	 
	Section 4.12 Liens
	 	 	76	 
	Section 4.13 Corporate Existence
	 	 	76	 
	Section 4.14 Offer to Repurchase Upon Change of Control
	 	 	76	 
	Section 4.15 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
	 	 	78	 
	Section 4.16 Liquidity Amount
	 	 	79	 
	 
	 	 	 	 
	ARTICLE 5 SUCCESSORS
	 	 	79	 
	 
	 	 	 	 
	Section 5.01 Merger, Consolidation or Sale of All or Substantially All Assets
	 	 	79	 
	Section 5.02 Successor Corporation Substituted
	 	 	82	 
	 
	 	 	 	 
	ARTICLE 6 DEFAULTS AND REMEDIES
	 	 	82	 
	 
	 	 	 	 
	Section 6.01 Events of Default
	 	 	82	 
	Section 6.02 Acceleration
	 	 	84	 
	Section 6.03 Other Remedies
	 	 	85	 
	Section 6.04 Waiver of Past Defaults
	 	 	85	 
	Section 6.05 Control by Majority
	 	 	85	 
	Section 6.06 Limitation on Suits
	 	 	85	 
	Section 6.07 Rights of Holders of 2017 A Notes To Receive Payment
	 	 	86	 
	Section 6.08 Collection Suit by Trustee
	 	 	86	 
	Section 6.09 Restoration of Rights and Remedies
	 	 	86	 
	Section 6.10 Rights and Remedies Cumulative
	 	 	86	 
	Section 6.11 Delay or Omission Not Waiver
	 	 	86	 
	Section 6.12 Trustee May File Proofs of Claim
	 	 	87	 
	Section 6.13 Priorities
	 	 	87	 
	Section 6.14 Undertaking for Costs
	 	 	88	 
	 
	 	 	 	 
	ARTICLE 7 TRUSTEE
	 	 	88	 
	 
	 	 	 	 
	Section 7.01 Duties of Trustee
	 	 	88	 
	Section 7.02 Rights of Trustee
	 	 	89	 
	Section 7.03 Individual Rights of Trustee
	 	 	90	 
	Section 7.04 Trustee’s Disclaimer
	 	 	90	 
	Section 7.05 Notice of Defaults
	 	 	91	 
	Section 7.06 Reports by Trustee to Holders of the 2017 A Notes
	 	 	91	 
	Section 7.07 Compensation and Indemnity
	 	 	91	 
	Section 7.08 Replacement of Trustee or Agent
	 	 	92	 
	Section 7.09 Successor Trustee by Merger, etc.
	 	 	93	 
	Section 7.10 Eligibility; Disqualification
	 	 	93	 
	Section 7.11 Preferential Collection of Claims Against Issuer
	 	 	93	 

-ii-

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	93	 
	 
	 	 	 	 
	Section 8.01 Option To Effect Legal Defeasance or Covenant Defeasance
	 	 	93	 
	Section 8.02 Legal Defeasance and Discharge
	 	 	94	 
	Section 8.03 Covenant Defeasance
	 	 	94	 
	Section 8.04 Conditions to Legal or Covenant Defeasance
	 	 	95	 
	Section 8.05 Deposited Money and Government Securities To Be Held in Trust; Other
Miscellaneous Provisions
	 	 	96	 
	Section 8.06 Repayment to Issuer
	 	 	96	 
	Section 8.07 Reinstatement
	 	 	97	 
	 
	 	 	 	 
	ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	97	 
	 
	 	 	 	 
	Section 9.01 Without Consent of Holders of Notes
	 	 	97	 
	Section 9.02 With Consent of Holders of Notes
	 	 	98	 
	Section 9.03 Compliance with Trust Indenture Act
	 	 	100	 
	Section 9.04 Revocation and Effect of Consents
	 	 	100	 
	Section 9.05 Notation on or Exchange of Notes
	 	 	100	 
	Section 9.06 Trustee To Sign Amendments, etc.
	 	 	101	 
	Section 9.07 Payment for Consent
	 	 	101	 
	 
	 	 	 	 
	ARTICLE 10 GUARANTEES
	 	 	101	 
	 
	 	 	 	 
	Section 10.01 Guarantee
	 	 	101	 
	Section 10.02 Limitation on Guarantor Liability
	 	 	103	 
	Section 10.03 Execution and Delivery
	 	 	103	 
	Section 10.04 Subrogation
	 	 	104	 
	Section 10.05 Benefits Acknowledged
	 	 	104	 
	Section 10.06 Release of Guarantees
	 	 	104	 
	 
	 	 	 	 
	ARTICLE 11 SATISFACTION AND DISCHARGE
	 	 	105	 
	 
	 	 	 	 
	Section 11.01 Satisfaction and Discharge
	 	 	105	 
	Section 11.02 Application of Trust Money
	 	 	106	 
	 
	 	 	 	 
	ARTICLE 12 MISCELLANEOUS
	 	 	106	 
	 
	 	 	 	 
	Section 12.01 Trust Indenture Act Controls
	 	 	106	 
	Section 12.02 Notices
	 	 	106	 
	Section 12.03 Communication by Holders of Notes with Other Holders of Notes
	 	 	107	 
	Section 12.04 Certificate and Opinion as to Conditions Precedent
	 	 	108	 
	Section 12.05 Statements Required in Certificate or Opinion
	 	 	108	 
	Section 12.06 Rules by Trustee and Agents
	 	 	108	 
	Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	108	 
	Section 12.08 Governing Law
	 	 	109	 
	Section 12.09 Waiver of Jury Trial
	 	 	109	 
	Section 12.10 Force Majeure
	 	 	109	 
	Section 12.11 No Adverse Interpretation of Other Agreements
	 	 	109	 
	Section 12.12 Successors
	 	 	109	 

-iii-

 

	 	 	 	 	 
	 	 	Page	 
	Section 12.13 Severability
	 	 	109	 
	Section 12.14 Counterpart Originals
	 	 	110	 
	Section 12.15 Table of Contents, Headings, etc.
	 	 	110	 
	Section 12.16 Qualification of Indenture
	 	 	110	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	Exhibit A            Form of 2017 A Note
	 	 	 	 
	Exhibit B            Form of Certificate of Transfer
	 	 	 	 
	Exhibit C            Form of Certificate of Exchange
	 	 	 	 
	Exhibit D            Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors
	 	 	 	 

-iv-

 

          INDENTURE, dated as of December 23, 2009, among Clear Channel Worldwide Holdings, Inc., a
Nevada corporation (the “Issuer”), Clear Channel Outdoor Holdings, Inc., a Delaware
corporation (the “Company”), as Guarantor, Clear Channel Outdoor, Inc., a Delaware
corporation (“CCO”), as Guarantor, each of the other Guarantors (as defined herein) listed on the
signature pages hereto, U.S. Bank National Association, as Trustee, Paying Agent, Registrar and
Transfer Agent.

W I T N E S S E T H

          WHEREAS, the Issuer has duly authorized the creation of an issue of $500,000,000
aggregate principal amount of 9.25% Series A Senior Notes due 2017 (the “Initial
Notes”); and

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

          NOW, THEREFORE, the Issuer, the Guarantors, and the Trustee, Paying Agent and Registrar agree
as follows for the benefit of each other and for the equal and ratable benefit of the Holders of
the 2017 A Notes.

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01 Definitions.

          “2017 A Exchange Notes” means new notes of the Issuer issued in exchange for the 2017
A Notes pursuant to, or as contemplated by, the 2017 A Registration Rights Agreement and Section
2.06(f) hereof.

          “2017 A Notes” means the Initial Notes and more particularly means any 2017 A Note
authenticated and delivered under the this Indenture. For all purposes of this Indenture, the term
“2017 A Notes” shall also include any Additional 2017 A Notes that may be delivered under a
supplemental indenture.

          “2017 B Exchange Notes” means new notes of the Issuer issued in exchange for the 2017
B Notes pursuant to, or as contemplated by, the 2017 B Registration Rights Agreement and Section
2.06(f) of the 2017 B Indenture.

          “2017 B Indenture” means the Indenture dated as of the Issue Date by and among the
Issuer, the Guarantors and the Trustee, with respect to the 2017 B Notes.

          “2017 B Notes” means the 9.25% Series B Senior Notes due 2017 and more particularly
means any 2017 B Note authenticated and delivered under the 2017 B Indenture. For all purposes of
this Indenture, the term “2017 B Notes” shall also include any Additional 2017 B Notes that may be
delivered under a supplemental indenture.

          “2017 B Notes Asset Sale Offer” means an Asset Sale Offer (as defined in the 2017 B
Notes Indenture).

          “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of,

 

 

and registered in the name of, the Depositary or its nominee that shall be issued in a denomination
equal to the outstanding principal amount of the 2017 A Notes sold in reliance on Rule 144A.

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

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

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

          “Additional 2017 A Notes” means additional 2017 A Notes (other than the Initial Notes
and other than 2017 A Exchange Notes issued in exchange for such Initial Notes) issued from time to
time under this Indenture in accordance with Sections 2.01 and 4.09 hereof.

          “Additional 2017 B Notes” means additional 2017 B Notes (other than the 2017 B Notes
issued on the Issue Date and other than 2017 B Exchange Notes issued in exchange for such 2017 B
Notes) issued by the Issuer after this offering under the 2017 B Indenture.

          “Additional Notes” means both the Additional 2017 A Notes and the Additional 2017 B
Notes.

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

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

          “Applicable Premium” means, with respect to any 2017 A Note on any Redemption Date,
the greater of:

     (a) 1.0% of the principal amount of such 2017 A Note on such Redemption Date; and

     (b) the excess, if any, of (i) the present value at such Redemption Date of (A) the
redemption price of such 2017 A Note at December 15, 2012 (such redemption price being set
forth in Section 3.07(c) hereof and in Section 5(d) of such 2017 A Note), plus (B) all
required remaining interest payments (calculated based on the cash interest rate) due on
such 2017 A Note through December 15,2012 (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 (ii) the principal amount of such 2017 A Note on
such Redemption Date.

-2-

 

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

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

          “Board of Directors” means the Board of Directors of the Company.

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

          “Capital Stock” means:

     (1) in the case of a corporation, corporate stock or shares in the capital of
such corporation;

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

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

     (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person but
excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

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

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

          “Cash Equivalents” means:

     (1) United States dollars;

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

          (b) in the case of the Company or a Restricted Subsidiary, such local currencies held
by it from time to time in the ordinary course of business;

-3-

 

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

     (4) certificates of deposit, time deposits and eurodollar time deposits with maturities
of one year or less from the date of acquisition, bankers’ acceptances with maturities not
exceeding one year and overnight bank deposits, in each case with any commercial bank having
capital and surplus of not less than $500,000,000 in the case of U.S. banks and $100,000,000
(or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S.
banks;

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

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

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

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

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

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

     (11) investment funds investing at least 95.0% of their assets in securities of the
types described in clauses (1) through (10) above.

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

          “Cash Management Arrangements” means the treasury and cash management services
pursuant to the Corporate Services Agreement, including any amounts advanced and repaid under the
CCOH Mirror Note and the CCU Mirror Note, in each case, solely with respect to the Company’s and
its Subsidiaries’ cash from operations.

-4-

 

          “CCO” has the meaning set forth in the preamble hereto.

          “CCOH Mirror Note” means the Revolving Promissory Note dated as of November 10, 2005
between the Company, as maker, and CCU, as payee, as amended by the first amendment dated as of
December 23, 2009, as may be further amended, supplemented, restated or otherwise modified from
time to time.

          “CCU” means Clear Channel Communications, Inc., a Texas corporation, together with its
successors.

          “CCU Credit Event” means (a) pursuant to or within the meaning of any Bankruptcy Law,
CCU (i) commences proceedings to be adjudicated bankrupt or insolvent, (ii) consents to the
institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under applicable Bankruptcy Law, (iii)
consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of it or for all or substantially all of its property, (iv) makes a general
assignment for the benefit of its creditors or (v) generally is not paying its debts as they become
due or (b) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that (i) is for relief against CCU in a proceeding in which CCU is to be adjudicated bankrupt or
insolvent, (ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar
official of CCU, or for all or substantially all of the property of CCU or (iii) orders the
liquidation of CCU and the order or decree remains unstayed and in effect for 60 consecutive days.

          “CCU Intercompany Note” means the Senior Unsecured Term Promissory Note dated August
2, 2005 between CCO, as maker, and CCU, as payee, as amended through the Issue Date.

          “CCU Mirror Note” means the Revolving Promissory Note dated as of November 10, 2005
between CCU, as maker, and the Company, as payee, as amended by the first amendment dated December
23, 2009, as may be further amended, supplemented, restated or otherwise modified from time to
time.

          “Change of Control” means the occurrence of any of the following after the
Issue Date:

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

     (2) the Company becomes aware of (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition
by (A) any Person (other than any Permitted Holder) or (B) Persons (other than any Permitted
Holder) that are together a group (within the meaning of Section 13(d)(3) or Section
14(d)(2) of the Exchange Act, or any successor provision), including any such group acting
for the purpose of acquiring, holding or disposing of securities (within the meaning of 

Rule
13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of
transactions, by way of merger, consolidation or other business combination or purchase of
“beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act, or any
successor provision) of more than 50.0% of the total voting power of the Voting Stock of the
Company or any of its direct or indirect parent companies (other than as a result of a
Permitted Debt Restructuring);

-5-

 

     (3) at any time during any consecutive two-year period, individuals who at the
beginning of such period constituted the Board of Directors (together with any new directors
whose election by such Board of Directors or whose nomination for election by the
stockholders of the Company was approved by a vote of at least a majority of the directors
then still in office who were either directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of Directors then in office;

     (4) the Company becoming at any time a Wholly-Owned Subsidiary of CCU or merging with
and into CCU whether or not it is the surviving entity; or

     (5) the Issuer ceasing to be at any time a Wholly-Owned Subsidiary of the Company,
including because of having merged with and into CCU, the Company or CCO.

          “Clearstream”
means Clearstream Banking, Société Anonyme.

          “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto.

          “Company” has the meaning set forth in the preamble hereto.

          “Consolidated Depreciation and Amortization Expense” means, with respect to any
Person, for any period, the total amount of depreciation and amortization expense, including the
amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and
Capitalized Software Expenditures and amortization of unrecognized prior service costs and
actuarial gains and losses related to pensions and other post-employment benefits, of such Person
and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in
accordance with GAAP.

          “Consolidated Indebtedness” means, as of any date of determination, the sum, without
duplication, of (1) the total amount of Indebtedness of the Company and its Restricted Subsidiaries
set forth on the Company’s consolidated balance sheet (excluding any letters of credit except to
the extent of unreimbursed amounts drawn thereunder), plus (2) the greater of the aggregate
liquidation value and maximum fixed repurchase price without regard to any change of control or
redemption premiums of all Disqualified Stock of the Company and the Restricted Guarantors and all
Preferred Stock of its Restricted Subsidiaries that are not Guarantors, in each case, determined on
a consolidated basis in accordance with GAAP.

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

     (1) consolidated interest expense of such Person and its Restricted Subsidiaries for
such period, to the extent such expense was deducted (and not added back) in computing
Consolidated Net Income (including (a) amortization of original issue discount resulting
from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other
fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash
interest expense (but excluding any non-cash interest expense attributable to the movement
in the mark to market valuation of Hedging Obligations or other derivative instruments
pursuant to GAAP), (d) the interest component of Capitalized Lease Obligations, and (e) net
payments, if any, made (less net payments, if any, received), pursuant to interest rate
Hedging Obligations with respect to Indebtedness, and excluding (u) any expense resulting
from the discounting of any Indebtedness

-6-

 

in connection with the application of recapitalization accounting or purchase accounting, as
the case may be, in connection with the Transactions or any acquisition, (v) penalties and
interest relating to taxes, (w) any Special Interest, any “special interest” with respect to
other securities and any liquidated damages for failure to timely comply with registration
rights obligations, (x) amortization of deferred financing fees, debt issuance costs,
discounted liabilities, commissions, fees and expenses, (y) any expensing of bridge,
commitment and other financing fees and (z) any accretion of accrued interest on discounted
liabilities); plus

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

     (3) interest income of such Person and its Restricted Subsidiaries for such period.

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

          “Consolidated Leverage Ratio” means, as of the date of determination, the ratio of (a)
the Consolidated Indebtedness of the Company and its Restricted Subsidiaries on such date, to (b)
EBITDA of the Company and its Restricted Subsidiaries for the most recently ended four fiscal
quarters ending immediately prior to such date for which internal financial statements are
available.

          In the event that the Company or any Restricted Subsidiary (i) incurs, redeems, retires or
extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving
credit facility in the ordinary course of business for working capital purposes) or (ii) issues or
redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for
which the Consolidated Leverage Ratio is being calculated but prior to or simultaneously with the
event for which the calculation of the Consolidated Leverage Ratio is made (the “Consolidated
Leverage Ratio Calculation Date”), then the Consolidated Leverage Ratio shall be calculated
giving pro forma effect to such incurrence, redemption, retirement or extinguishment of
Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the
same had occurred at the beginning of the applicable four-quarter period; provided,
however, that the Issuer may elect, pursuant to an Officer’s Certificate delivered to the
Trustee not later than 30 days after entering into any commitment providing for the incurrence of
Consolidated Indebtedness, that all or any portion of the Consolidated Indebtedness that could be
incurred under such commitment at the time such commitment is entered into shall be treated as
incurred and outstanding in such amount for all purposes of this calculation (whether or not such
Consolidated Indebtedness is outstanding at the time such commitment is entered into) and any
subsequent incurrence of such Consolidated Indebtedness under such commitment (including upon
repayment and reborrowing) shall not be deemed, for purposes of this calculation, to be the
incurrence of Consolidated Indebtedness at such subsequent time.

          For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in
accordance with GAAP), in each case with respect to an operating unit of a business made (or
committed to be made pursuant to a definitive agreement) during the four-quarter reference period
or subsequent to such reference period and on or prior to or simultaneously with the Consolidated
Leverage Ratio Calculation Date, and other operational changes that the Company or any of its
Restricted Subsidiaries has determined to make or made during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with the Consolidated
Leverage Ratio Calculation Date shall

-7-

 

be calculated on a pro forma basis as set forth below assuming that all such Investments,
acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and
other operational changes had occurred on the first day of the four-quarter reference period. If
since the beginning of such period any Person that subsequently became a Restricted Subsidiary or
was merged with or into the Company or any of its Restricted Subsidiaries since the beginning of
such period shall have made any Investment, acquisition, disposition, merger, amalgamation,
consolidation, discontinued operation or operational change, in each case with respect to an
operating unit of a business, that would have required adjustment pursuant to this definition, then
the Consolidated Leverage Ratio shall be calculated giving pro forma effect thereto in the manner
set forth below for such period as if such Investment, acquisition, disposition, merger,
consolidation, discontinued operation or operational change had occurred at the beginning of the
applicable four-quarter period.

          For purposes of this definition, whenever pro forma effect is to be given to an Investment,
acquisition, disposition, amalgamation, merger or consolidation (including the Transactions) and
the amount of income or earnings relating thereto, the pro forma calculations shall be made in good
faith by a responsible financial or accounting officer of the Company (and may include cost
savings, synergies and operating expense reductions resulting from such Investment, acquisition,
amalgamation, merger or consolidation (including the Transactions) which is being given pro forma
effect that have been or are expected to be realized); provided that actions to realize
such cost savings, synergies and operating expense reductions are taken within 12 months after the
date of such Investment, acquisition, amalgamation, merger or consolidation; provided that
no cost savings, synergies or operating expense reductions shall be included pursuant to this
paragraph to the extent duplicative of any amounts that are otherwise added back in computing
EBITDA with respect to such period.

          For the purposes of this definition, any amount in a currency other than U.S. dollars shall be
converted to U.S. dollars based on the average exchange rate for such currency for the most recent
twelve month period immediately prior to the date of determination determined in a manner
consistent with that used in calculating EBITDA for the applicable period.

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

     (1) any net after-tax effect of extraordinary, non-recurring or unusual gains or
losses (less all fees and expenses related thereto) or expenses and Transaction Expenses
incurred within 180 days of the Issue Date shall be excluded;

     (2) the cumulative effect of a change in accounting principles during such period
shall be excluded;

     (3) any net after-tax effect of income (loss) from disposed or discontinued operations
and any net after-tax gains or losses on disposal of disposed, abandoned or discontinued
operations shall be excluded;

     (4) any net after-tax effect of gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions other than in the ordinary course of business,
as determined in good faith by the Company, shall be excluded;

-8-

 

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

     (6) [Reserved];

     (7) effects of purchase accounting adjustments (including the effects of such
adjustments pushed down to such Person and such Subsidiaries) in component amounts required
or permitted by GAAP, resulting from the application of purchase accounting in relation to
the Transactions or any consummated acquisition or the amortization or write-off of any
amounts thereof, net of taxes, shall be excluded;

     (8) any net after-tax effect of income (loss) from the early extinguishment or
conversion of (a) Indebtedness, (b) Hedging Obligations or (c) other derivative instruments
shall be excluded;

     (9) any impairment charge or asset write-off or write-down, including impairment
charges or asset write-offs or write-downs related to intangible assets, long-lived assets,
investments in debt and equity securities or as a result of a change in law or regulation,
in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to
GAAP, shall be excluded;

     (10) any non-cash compensation charge or expense, including any such charge or expense
arising from the grant of stock appreciation or similar rights, stock options, restricted
stock or other rights or equity incentive programs, and any cash charges associated with the
rollover, acceleration, or payout of Equity Interests by management of the Company or any of
its direct or indirect parent companies in connection with the Transactions, shall be
excluded;

     (11) accruals and reserves that are established or adjusted within twelve months after
the Issue Date that are so required to be established as a result of the Transactions in
accordance with GAAP, or changes as a result of adoption or modification of accounting
policies, shall be excluded; and

     (12) to the extent covered by insurance and actually reimbursed, or, so long as the
Company has made a determination that there exists reasonable evidence that such amount will
in fact be reimbursed by the insurer and only to the extent that such amount is (a) not
denied by the applicable carrier in writing within 180 days and (b) in fact reimbursed
within 365 days of the date of such evidence with a deduction for any amount so added back
to the extent not so reimbursed within 365 days, expenses with respect to liability or
casualty events or business interruption shall be excluded.

          “Contingent Obligations” means, with respect to any Person, any obligation of such
Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness
(“primary obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including any obligation of such Person, whether or not contingent,

-9-

 

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

     (2) to advance or supply funds

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

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

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

          “Corporate Services Agreement” means the Corporate Services Agreement, dated as of
November 10, 2005, by and between Clear Channel Management Services, L.P., and the Company, as the
same may have been amended or supplemented as of the Issue Date and as may be further amended,
supplemented, restated or otherwise modified from time to time; provided that such
amendments, supplements, restatements or other modifications are, in the good faith judgment of the
Company, not materially adverse to the Holders.

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

          “Credit Facilities” means, with respect to the Company or any of its Restricted
Subsidiaries, one or more debt or credit facilities, including the Senior Credit Facilities, or
other financing arrangements (including commercial paper facilities or indentures) providing for
revolving credit loans, term loans, letters of credit or other long-term indebtedness, including
any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in
connection therewith, and any amendments, supplements, modifications, extensions, renewals,
restatements or refundings thereof and any notes, indentures or credit facilities or commercial
paper facilities that replace, refund or refinance any part of the loans, notes, other credit
facilities or commitments thereunder, including any such replacement, refunding or refinancing
facility or indenture that increases the amount permitted to be borrowed thereunder or alters the
maturity thereof (provided that such increase in borrowings is permitted under Section 4.09 hereof)
or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the
same or any other agent, lender or group of lenders.

          “Custodian” means the Trustee, as custodian with respect to the 2017 A Notes in global
form, or any successor entity thereto.

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

          “Definitive Note” means a certificated 2017 A Note registered in the name of the
Holder thereof and issued in accordance with Section 2.06(c) hereof, substantially in the form of
Exhibit A hereto, as the case may be, except that such 2017 A Note shall not bear the
Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto.

-10-

 

          “Depositary” means, with respect to the 2017 A Notes issuable or issued in whole or in
part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to
the 2017 A Notes, and any and all successors thereto appointed as Depositary hereunder and having
become such pursuant to the applicable provision of this Indenture.

          “Designated Non-cash Consideration” means (1) the fair market value of non-cash
consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale
that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate,
setting forth the basis of such valuation, executed by the principal financial officer of the
Company, less (2) the amount of cash or Cash Equivalents received in connection with a subsequent
sale of or collection on such Designated Non-cash Consideration.

          “Designated Preferred Stock” means Preferred Stock of the Company, a Restricted
Subsidiary or any direct or indirect parent corporation of the Company (in each case other than
Disqualified Stock) that is issued for cash (other than to the Company or a Restricted Subsidiary
or an employee stock ownership plan or trust established by the Company or its Subsidiaries) and is
so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate executed by the
principal financial officer of the Company, on the issuance date thereof.

          “Disqualified Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms, or by the terms of any security into which it is convertible or for
which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than solely as a result of a change of control or asset sale) pursuant to a
sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other
than solely as a result of a change of control or asset sale), in whole or in part, in each case
prior to the date 91 days after the earlier of the maturity date of the 2017 A Notes or the date
the 2017 A Notes are no longer outstanding; provided, however, that if such Capital
Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by
any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely
because it may be required to be repurchased in order to satisfy applicable statutory or regulatory
obligations; provided further that any Capital Stock held by any future, current or former
employee, director, officer, manager or consultant (or their respective Immediate Family Members)
of the Company, any of its Subsidiaries, any of its direct or indirect parent companies or any
other entity in which the Company or a Restricted Subsidiary has an Investment, in each case
pursuant to any stock subscription or shareholders’ agreement, management equity plan or stock
option plan or any other management or employee benefit plan or agreement or any distributor equity
plan or agreement, shall not constitute Disqualified Stock solely because it may be required to be
repurchased by the Company or its Subsidiaries.

          “Domestic Subsidiary” means any Subsidiary of the Company that is organized or
existing under the laws of the United States, any state thereof, the District of Columbia, or any
territory thereof.

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

     (1) increased (without duplication) by:

     (a) provision for taxes based on income or profits or capital, including
federal, state, franchise and similar taxes, foreign withholding taxes and foreign
unreimbursed

-11-

 

value added taxes of such Person and such Subsidiaries paid or accrued during such period,
including penalties and interest related to such taxes or arising from any tax examinations, to the
extent the same were deducted (and not added back) in computing Consolidated Net Income;
provided that the aggregate amount of unreimbursed value added taxes to be added back for
any four consecutive quarter period shall not exceed $2,000,000; plus

     (b) Fixed Charges of such Person and such Subsidiaries for such period (including (x) net
losses on Hedging Obligations or other derivative instruments entered into for the purpose of
hedging interest rate risk, (y) fees payable in respect of letters of credit and (z) costs of
surety bonds in connection with financing activities, in each case, to the extent included in Fixed
Charges) to the extent the same was deducted (and not added back) in calculating such Consolidated
Net Income; plus

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

     (d) any fees, expenses or charges related to any Equity Offering, Investment, acquisition,
asset sale, disposition, recapitalization, the incurrence, repayment or refinancing of Indebtedness
permitted to be incurred by this Indenture (including any such transaction consummated prior to the
Issue Date and any such transaction undertaken but not completed, and any charges or non-recurring
merger costs incurred during such period as a result of any such transaction, in each case whether
or not successful (including the effects of expensing all transaction related expenses in
accordance with ASC 805-10 and gains or losses associated with ASC 460-10)), or the offering,
amendment or modification of any debt instrument, including the offering, any amendment or other
modification of the 2017 A Notes, the 2017 B Notes, the Exchange Notes or the Senior Credit
Facilities; plus

     (e)(w) Transaction Expenses to the extent deducted (and not added back) in computing
Consolidated Net Income, (x) the amount of any severance, relocation costs, curtailments or
modifications to pension and post-retirement employee benefit plans, (y) any restructuring charge
or reserve deducted (and not added back) in such period in computing Consolidated Net Income,
including any restructuring costs incurred in connection with acquisitions after the Issue Date,
and (z) to the extent deducted (and not added back) in computing Consolidated Net Income, costs
related to the closure and/or consolidation of facilities, retention charges, systems establishment
costs, conversion costs and excess pension charges and consulting fees incurred in connection with
any of the foregoing; provided that the aggregate amount added back pursuant to subclause
(z) of this clause (e) shall not exceed 10.0% of the LTM Cost Base in any four consecutive four
quarter period; plus

     (f) any other non-cash charges, including any (i) write-offs or write-downs, (ii) equity-based
awards compensation expense, (iii) losses on sales, disposals or abandonment of, or any impairment
charges or asset write-off related to, intangible assets, long-lived assets and investments in debt
and equity securities, (iv) all losses from investments recorded using the equity method and (v)
other non-cash charges, non-cash expenses or non-cash losses reducing Consolidated Net Income for
such period (provided

-12-

 

that if any such non-cash charges represent an accrual or reserve for potential cash items
in any future period, the cash payment in respect thereof in such future period shall be
subtracted from EBITDA in such future period to the extent paid, and excluding amortization
of a prepaid cash item that was paid in a prior period); plus

     (g) [Reserved]; plus

     (h) [Reserved]; plus

     (i) solely for purposes of determining the amount of EBITDA in connection with
calculating the Consolidated Leverage Ratio and the Senior Leverage Ratio, the amount of
cost savings projected by the Company in good faith to be realized as a result of specified
actions identified and taken on or prior to June 30, 2011; provided that (A) such
actions and amounts are reasonably identifiable and factually supportable, (B) such actions
have an ongoing (and other than temporary) impact on the Company’s direct operating
expenses, selling, general and administrative expenses or corporate expenses, as determined
in good faith by the Company, (C) no cost savings shall be added pursuant to this clause
(i) to the extent duplicative of any expenses or charges that are otherwise added back in
computing EBITDA with respect to such period and (D) the aggregate amount of cost savings
added pursuant to this clause (i) shall not exceed in any 

four-quarter period ended after
September 30, 2009, an amount equal to $58,800,000; plus

     (j) to the extent no Default or Event of Default has occurred and is continuing, the
amount of management, monitoring, consulting, transaction and advisory fees and related
expenses paid or accrued in such period to the Investors to the extent otherwise permitted
under Section 4.11 hereof deducted (and not added back) in computing Consolidated Net
Income; plus

     (k) any costs or expense deducted (and not added back) in computing Consolidated Net
Income by such Person or any such Subsidiary pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan or agreement or any
stock subscription or shareholder agreement, to the extent that such cost or expenses are
funded with cash proceeds contributed to the capital of the Company or a Restricted
Guarantor or net cash proceeds of an issuance of Equity Interest of a Guarantor (other than
Disqualified Stock);

     (2) decreased by (without duplication) any non-cash gains increasing Consolidated Net Income
of such Person and such Subsidiaries for such period, excluding any non-cash gains to the extent
they represent the reversal of an accrual or reserve for a potential cash item that reduced EBITDA
in any prior period; and

     (3) increased or decreased by (without duplication):

     (a) any net gain or loss resulting in such period from Hedging Obligations and the
application of Statement of Financial Accounting Standards No. 133 and International
Accounting Standards No. 39 and their respective related pronouncements and
interpretations; plus or minus, as applicable, and

-13-

 

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

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

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

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

     (1) public offerings with respect to any such Person’s common stock registered on
Form S-8;

     (2) issuances to the Company or any Subsidiary of the Company; and

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

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

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

          “Excess Proceeds” has the meaning given to such term in the 2017 B
Indenture.

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

          “Exchange Notes” means both the 2017 A Exchange Notes and the 2017 B Exchange Notes.

          “Exchange Offer” has the meaning set forth in the 2017 A Registration Rights
Agreement.

          “Exchange Offer Registration Statement” has the meaning set forth in the 2017 A
Registration Rights Agreement.

          “Exchanging Dealer” has the meaning set forth in the 2017 A Registration Rights
Agreement.

          “Excluded Contribution” means net cash proceeds, marketable securities or Qualified
Proceeds received by or contributed to the Company from,

     (1) contributions to its common equity capital, and

     (2) the sale (other than to a Subsidiary of the Company or to any management equity
plan or stock option plan or any other management or employee benefit plan or agreement of
the

-14-

 

Company) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of
the Company,

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate on the date
such capital contributions are made or the date such Equity Interests are sold, as the case may be.

          “Excluded Event” means any default or acceleration under the Credit Agreement
described in the definition of Senior Credit Facilities as in effect on the Issue Date pursuant to
which the Company or any Restricted Subsidiary is a borrower or guarantor thereunder subject to a
$150,000,000 sublimit thereunder (and any amendments, extensions, modifications, refinancings,
refundings, renewals, restatements or supplements thereof so long as the Company or any Restricted
Subsidiary is a borrower or guarantor thereunder and is subject to the $150,000,000 sublimit
thereunder), if such default or acceleration results from, or is attributable to, any event,
condition or circumstance (including a CCU Credit Event) attributable to CCU and its Subsidiaries
other than the Company and its Subsidiaries so long as, to the extent legally permitted to do so
(including pursuant to any suit or other legal proceeding in a court of competent jurisdiction
related to a CCU Credit Event), the Company and its Subsidiaries have repaid (or reserved or set
aside cash for repayment in a restricted account) the principal amount equal to the Indebtedness
and other Obligations owed by the Company and its Subsidiaries under such Credit Agreement.

          “Excluded Subsidiary” means (a) any Immaterial Subsidiary, (b) any Foreign Subsidiary
of the Company and (c) any Domestic Subsidiary (i) that is a Subsidiary of a Foreign Subsidiary of
the Company that is a controlled foreign corporation within the meaning of Section 957 of the Code
or (ii) that is treated as a disregarded entity for U.S. federal income tax purposes if
substantially all of its assets consist of the stock of one or more Foreign Subsidiaries of the
Company that is a controlled foreign corporation within the meaning of Section 957 of the Code.

          “Existing Senior Notes” means CCU’s 4.5% Senior Notes Due 2010, 6.25% Senior Notes Due
2011, 4.4% Senior Notes Due 2011, 5.0% Senior Notes Due 2012, 5.75% Senior Notes Due 2013, 5.5%
Senior Notes Due 2014, 4.9% Senior Notes Due 2015, 5.5% Senior Notes Due 2016, 10.75% Senior Cash
Pay Notes due 2016, 11.00%/11.75% Senior Toggle Notes due 2016, 6.875% Senior Debentures Due 2018
and 7.25% Debentures Due 2027.

          “Existing Senior Notes Indentures” means (a) the Senior Indenture dated as of October
1, 1997 between CCU and The Bank of New York, as trustee, as the same may have been amended or
supplemented as of the Issue Date and (b) the Indenture dated as
of July 30, 2008 between among CCU,
Law Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas, as
paying agent, registrar and transfer agent, as the same may have been amended or supplemented as of
the Issue Date.

          “Fixed Charges” means, with respect to any Person for any period, the sum,
without duplication, of:

     (1) Consolidated Interest Expense of such Person and Restricted Subsidiaries for such
period; plus

     (2) all cash dividends or other distributions paid to any Person other than such
Person or any such Subsidiary (excluding items eliminated in consolidation) on any series
of Preferred Stock of the Company or a Restricted Subsidiary during such period; plus

-15-

 

     (3) all cash dividends or other distributions paid to any Person other than such Person
or any such Subsidiary (excluding items eliminated in consolidation) on any series of
Disqualified Stock of the Company or a Restricted Subsidiary during such period.

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

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

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

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

          “Government Securities” means securities that are:

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

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

which, in either case, are not callable or redeemable at the option of the issuers thereof, and
shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such Government Securities or a specific payment
of principal of or interest on any such Government Securities held by such custodian for the
account of the holder of such depository receipt; provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of the Government
Securities or the specific payment of principal of or interest on the Government Securities
evidenced by such depository receipt.

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

          “Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under
this Indenture and the 2017 A Notes (and 2017 A Exchange Notes).

          “Guarantor” means, each Person that Guarantees the 2017 A Notes (and 2017 A
Exchange Notes) in accordance with the terms of this Indenture.

          “Hedging Obligations” means, with respect to any Person, the obligations of such
Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement,

-16-

 

commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange
contract, currency swap agreement or similar agreement providing for the transfer or mitigation of
interest rate or currency risks either generally or under specific contingencies.

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

          “Immaterial Subsidiary” means, at any date of determination, any Subsidiary of the
Company (other than a Foreign Subsidiary or a Subsidiary that meets the criteria of clause (c) of
the definition of Excluded Subsidiary) that is a Restricted Subsidiary and not a Restricted
Guarantor (a) whose total assets, together with the total assets of all such Restricted
Subsidiaries that are not Restricted Guarantors, at the last day of the end of the most recently
ended fiscal quarter of the Company for which financial statements are publicly available did not
exceed 3.5% of Total Assets at such date or (b) whose gross revenues, together with the gross
revenues of all such other Restricted Subsidiaries that are not Restricted Guarantors (other than a
Foreign Subsidiary of the Company or a Subsidiary of the Company that meets the criteria of clause
(c) of the definition of Excluded Subsidiary), for the most recently ended period of four
consecutive fiscal quarters of the Company for which financial statements are publicly available
did not exceed 3.5% of the consolidated gross revenues of the Company and the Restricted
Subsidiaries for such period, in each case determined in accordance with GAAP.

          “Immediate Family Member” means with respect to any individual, such individual’s
child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse,
former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and
daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide
estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any
private foundation or fund that is controlled by any of the foregoing individuals or any
donor-advised fund of which any such individual is the donor.

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

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

     (a) in respect of borrowed money;

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

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

     (d) representing any Hedging Obligations;

-17-

 

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

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

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

provided, however, that notwithstanding the foregoing, Indebtedness shall be
deemed not to include Contingent Obligations incurred in the ordinary course of business.

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

          “Indentures” means both the 2017 B Indenture and this Indenture.

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

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

          “Initial Notes” has the meaning set forth in the recitals hereto.

          “Initial Purchasers” means Goldman, Sachs & Co, Banc of America Securities LLC,
Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC,
Deutsche Bank Securities Inc., Moelis & Company LLC and Morgan Stanley & Co. Incorporated.

          “Interest Payment Date” means June 15 and December 15 of each year to stated maturity.

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

          “Investment Grade Securities” means:

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

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

-18-

 

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

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

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

          “Investors” means Thomas H. Lee Partners L.P. and Bain Capital LLC, each of their
respective Affiliates and any investment funds advised or managed by any of the foregoing, but
not including, however, any portfolio companies of any of the foregoing.

          “Issue Date” means December 23, 2009.

          “Issuer” has the meaning set forth in the preamble hereto.

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

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

          “Letter of Transmittal” means the letter of transmittal to be prepared by the Issuer
and sent to all Holders of the 2017 A Notes for use by such Holders in connection with the Exchange
Offer.

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

          “LTM Cost Base” means, for any consecutive four quarter period, the sum of (a) direct
operating expenses, (b) selling, general and administrative expenses and (c) corporate expenses, in
each case excluding depreciation and amortization, of the Company and its Restricted Subsidiaries
determined on a consolidated basis in accordance with GAAP.

-19-

 

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

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

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

          “Notes” means both the 2017 A Notes and the 2017 B Notes. For purposes of this
Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a
supplemental indenture.

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

          “Offering Circular” means the final offering circular, dated December 18, 2009,
relating to the sale of the Notes issued on the Issue Date.

          “Officer” means the Chairman of the Board, the Chief Executive Officer, the
President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer
or the Secretary of the Company or the Issuer, as the case may be.

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

          “Opinion of Counsel” means a written opinion from legal counsel who is reasonably
acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the
Issuer, as the case may be, or the Trustee.

          “Pari Passu Indebtedness” means:

     (1) with respect to the Issuer, the 2017 B Notes, the 2017 A Notes and any other
Indebtedness which ranks pari passu in right of payment to the 2017 A Notes; and

     (2) with respect to any Guarantor, its Guarantee, its guarantee of the 2017 B Notes and
any other Indebtedness which ranks pari passu in right of payment to such Guarantor’s
Guarantee.

-20-

 

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

          “Permitted Asset Swap” means the substantially concurrent purchase and sale or
exchange of Related Business Assets or a combination of Related Business Assets and cash or
Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person.

          “Permitted Debt Restructuring” means (1) any restructuring of all or substantially all
of any series, class, tranche or facility of Indebtedness of any direct or indirect parent
companies of the Company, (2) any debt workout and similar transactions involving all or
substantially all of any series, class, tranche or facility of Indebtedness of any direct or
indirect parent companies of the Company, including in connection with any consensual or negotiated
arrangement or any court approved or ordered arrangement or plan, (3) any exchange or conversion of
all or substantially all of any series, class, tranche or facility of Indebtedness for or to any
Equity Interests or any issuance of Equity Interests for cash or other consideration (other than
any public offering of Capital Stock and any offering of Capital Stock that is underwritten for
resale pursuant to Rule 144A or Regulation S) as result of which all or substantially all of any
series, class, tranche or facility of Indebtedness of such direct or indirect parent companies of
the Company is repaid, retired, exchanged for equity, cancelled, extinguished or otherwise
discharged, or (4) any other transactions that have substantially the effect of any of the
foregoing; provided, however, that in each case, such restructuring, debt workout,
exchange, conversion or other transaction does not involve the consensual sale for cash
consideration of Capital Stock of any such direct or indirect parent company of the Company owned
by the Investors.

          “Permitted Holder” means any of the Investors and members of management of the Company
(or any of its direct or indirect parent companies) or CCU or CC Media Holdings, Inc. who are
holders of Equity Interests of the Company (or any of its direct or indirect parent companies) or
CCU or CC Media Holdings, Inc. on the Issue Date and any group (within the meaning of Section
13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the
foregoing are members; provided that (x) in the case of such group and without giving
effect to the existence of such group or any other group, such Investors and members of management,
collectively, have beneficial ownership of more than 50.0% of the total voting power of the Voting
Stock of the Company or any of its direct or indirect parent companies and (y) for purposes of this
definition, the amount of Equity Interests held by members of management who qualify as “Permitted
Holders” shall never exceed the amount of Equity Interests held by such members of management on
the Issue Date. Any person or group whose acquisition of beneficial ownership (within the meaning
of Rule 13d-3 under the Exchange Act, or any successor provision) constitutes a Change of Control
in respect of which a Change of Control Offer is made in accordance with the requirements of
Section 4.14 hereof (or would result in a Change of Control Offer in the absence of the waiver of
such requirement by Holders in accordance with Section 4.14 hereof) shall thereafter, together with
its Affiliates, constitute an additional Permitted Holder.

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

     (1) pledges, deposits or security by such Person under workmen’s compensation laws,
unemployment insurance, employers’ health tax and other social security laws or similar
legislation (including in respect of deductibles, self-insured retention amounts and
premiums and adjustments thereto) or good faith deposits in connection with bids, tenders,
contracts (other than for the payment of Indebtedness) or leases to which such Person is a
party, or deposits to secure public or statutory obligations of such Person or deposits of
cash or U.S. government bonds to

-21-

 

secure surety, appeal bonds or letters of credit to which such Person is a party or account party,
or deposits as security for contested taxes or import duties or for the payment of rent, in each
case incurred in the ordinary course of business;

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

     (3) Liens for taxes, assessments or other governmental charges not yet overdue for a period of
more than 30 days or subject to penalties for nonpayment or which are being contested in good faith
by appropriate actions diligently pursued, if adequate reserves with respect thereto are maintained
on the books of such Person in accordance with GAAP, or for property taxes on property that the
Company or any Subsidiary thereof has determined to abandon if the sole recourse for such tax,
assessment, charge, levy or claim is to such property;

     (4) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release,
appeal or similar bonds or with respect to other regulatory requirements or letters of credit or
bankers’ acceptances issued, and completion guarantees provided for, in each case, issued pursuant
to the request of and for the account of such Person in the ordinary course of its business or
consistent with past practice prior to the Issue Date;

     (5) minor survey exceptions, minor encumbrances, ground leases, easements or reservations of,
or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains,
telegraph and telephone and cable television lines, gas and oil pipelines and other similar
purposes, or zoning, building codes or other restrictions (including minor defects and
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 were not incurred in connection with Indebtedness and which do not in the aggregate
materially impair their use in the operation of the business of such Person;

     (6) Liens securing obligations under Indebtedness permitted to be incurred (and so incurred
and so classified) pursuant to clause (5) or (18) of Section 4.09(b) hereof; provided,
however, that any such Indebtedness that is incurred pursuant to such clause (5) or (18) of
Section 4.09(b) hereof remains classified as incurred thereunder; and provided further,
however, that Liens securing obligations under Indebtedness permitted to be incurred (and
so incurred and so classified) pursuant to clause (18) of Section 4.09(b) hereof extend only to the
assets or Equity Interests of Foreign Subsidiaries of the Company;

     (7) Liens existing on the Issue Date;

     (8) Liens existing on property or shares of stock or other assets of a Person at the time such
Person becomes a Subsidiary; provided, however, that such Liens are not created or
incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;
provided further, however, that such Liens may not extend to any other property or
other assets owned by the Company or any of its Restricted Subsidiaries;

-22-

 

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

     (10) Liens securing obligations under Indebtedness or other obligations of the Company or a
Restricted Subsidiary owing to the Issuer or a Guarantor permitted to be incurred in accordance
with Section 4.09 hereof;

     (11) Liens securing Hedging Obligations permitted to be incurred under this Indenture;

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

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

     (14) Liens arising from Uniform Commercial Code (or equivalent statutes) financing
statement filings regarding operating leases, consignments or accounts entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business;

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

     (16) Liens on equipment of the Company or any of its Restricted Subsidiaries granted in the
ordinary course of business;

     (17) [Reserved];

     (18) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of
any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), and (9) or
in clauses (20) and (33) below; provided that (a) such new Lien shall be limited to all or
part of the same property that secured the original Lien (plus improvements on such property), and
(b) the obligations under Indebtedness secured by such Lien at such time is not increased to any
amount greater than the sum of (i) the outstanding principal amount or, if greater, committed
amount of the Indebtedness described under clauses (6), (7), (8), (9), (20) and (33) at the time
the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay
any fees and expenses, including premiums, related to such refinancing, refunding, extension,
renewal or replacement; provided further, however, that in the case of any Liens to
secure any refinancing, refunding, extension, renewal or replacement of Indebtedness secured by a
Lien referred to in clause (20) or clause (33), the principal amount of any Indebtedness incurred
for such refinancing, refunding, extension, renewal or replacement shall be deemed secured by a
Lien under clause (20) or clause (33), as applicable, and not this clause (18) for purposes of

-23-

 

determining the principal amount of Indebtedness outstanding under clause (20) or clause (33), as
applicable;

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

     (20) other Liens securing Indebtedness or other obligations which do not exceed
$25,000,000 in the aggregate at any one time outstanding;

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

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

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

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

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

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

     (27) [Reserved];

     (28) Liens securing obligations owed by the Company or any Restricted Subsidiary to any lender
under any Credit Facilities or any Affiliate of such a lender, in each case, in the ordinary course
of business in respect of any overdraft and related liabilities arising from treasury, depository
and cash management services provided by, or any automated clearing house transfers of funds with,
lenders under such Credit Facilities or any Affiliate of such a lender;

-24-

 

     (29) the rights reserved or vested in any Person by the terms of any lease, license,
franchise, grant or permit held by the Company or any Restricted Subsidiary thereof or by a
statutory provision, to terminate any such lease, license, franchise, grant or permit, or to
require annual or periodic payments as a condition to the continuance thereof;

     (30) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale or purchase of goods entered into by the Company or any Restricted
Subsidiary in the ordinary course of business;

     (31) Liens solely on any cash earnest money deposits made by the Company or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase agreement
permitted;

     (32) security given to a public utility or any municipality or governmental authority
when required by such utility or authority in connection with the operations of that Person
in the ordinary course of business; and

     (33) Liens securing Indebtedness or other obligations under any Credit Facilities which
do not exceed $250,000,000 in the aggregate at any one time outstanding.

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

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

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

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

     (3) Liens deemed to exist in connection with Investments in repurchase agreements
permitted under this Indenture; provided that such Liens do not extend to any assets
other than those that are the subject of such repurchase agreement; and

     (4) Liens that are contractual rights of set-off relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness.

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

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

-25-

 

          “Private Placement Legend” means the legend set forth in Section 2.06(g)(i) hereof to
be placed on all 2017 A Notes issued under this Indenture, except where otherwise permitted by the
provisions of this Indenture.

          “Proceeds Loans” means (a) the $500,000,000 loan from the Issuer to CCO made on the
Issue Date from the proceeds of the issuance of the 2017 A Notes (the “2017 A Proceeds
Loan”), and (b) the $2,000,000,000 loan from the Issuer to CCO made on the Issue Date from the
proceeds of the Issuance of the 2017 B Notes (the “2017 B Proceeds Loan”).

          “Proceeds Loan Agreements” means each of the Proceeds Loan Agreements dated as of the
Issue Date between the Issuer and CCO pursuant to which the Proceeds Loans shall be made.

          “Proof of Claim” shall mean a proof of claim or debt filed in accordance with and
pursuant to any applicable provisions of the Bankruptcy Law, the Federal Rules of Bankruptcy
Procedure and/or a final order of the U.S. bankruptcy court.

          “Proper Proof of Claim” shall mean, at any time, a Proof of Claim in an amount not
less than the sum of the aggregate outstanding principal amount of the 2017 A Notes at such time
plus accrued but unpaid interest on the 2017 A Notes at such time.

          “Public Debt” means any Indebtedness consisting of bonds, debentures, notes or other
similar debt securities issued in (a) a public offering registered under the Securities Act or (b)
a private placement to institutional investors that is underwritten for resale in accordance with
Rule 144A or Regulation S of such Act, whether or not it includes registration rights entitling the
holders of such debt securities to registration thereof with the SEC. The term “Public
Debt” (i) shall not include the 2017 B Notes (or any Additional 2017 B Notes) or the 2017 A
Notes (or any Additional 2017 A Notes) and (ii) shall not be construed to include any Indebtedness
issued to institutional investors in a direct placement of such Indebtedness that is not
underwritten by an intermediary (it being understood that, without limiting the foregoing, a
financing that is distributed to not more than ten Persons (provided that multiple managed accounts
and affiliates of any such Persons shall be treated as one Person for the purposes of this
definition) shall be deemed not to be underwritten), or any commercial bank or similar
Indebtedness, Capitalized Lease Obligation or recourse transfer of any financial asset or any other
type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.”

          “OIB” means a “qualified institutional buyer” as defined in Rule 144A.

          “Qualified Asset Sale” means any Asset Sale:

     (1) pursuant to which the Company or such Restricted Subsidiary, as the case may be,
receives consideration at the time of such Asset Sale at least equal to the fair market
value (as determined in good faith by the Company) of the assets sold or otherwise disposed
of; and

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

     (a) any liabilities (as shown on the Company’s or such Restricted
Subsidiary’s most recent balance sheet or in the footnotes thereto) of the Company
or such Restricted Subsidiary, other than liabilities that are by their terms
subordinated to

-26-

 

the Notes (or Guarantees) or that are owed to the Company or a Restricted
Subsidiary, that are assumed by the transferee of any such assets and for which the
Company and all of its Restricted Subsidiaries have been validly released by all
creditors in writing,

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

     (c) any Designated Non-cash Consideration received by the Company or such
Restricted Subsidiary in such Asset Sale having an aggregate fair market value,
taken together with all other Designated Non-cash Consideration received pursuant to
this clause (c) that is at that time outstanding, not to exceed $75,000,000 at the
time of the receipt of such Designated Non-cash Consideration, with the fair market
value of each item of Designated Non-cash Consideration being measured at the time
received and without giving effect to subsequent changes in value

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

          “Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any
Person engaged in, a Similar Business; provided that the fair market value of any such
assets or Capital Stock shall be determined by the Company in good faith.

          “Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a
rating on the 2017 A Notes publicly available, a nationally recognized statistical rating agency or
agencies, as the case may be, selected by the Company which shall be substituted for Moody’s or S&P
or both, as the case may be.

          “Record Date” for the interest or Special Interest, if any, payable on any applicable
Interest Payment Date means the June 1 or December 1 (whether or not a Business Day) next preceding
such Interest Payment Date.

          “Registration Rights Agreements” means (a) the Registration Rights Agreement with
respect to the 2017 A Notes, dated the Issue Date, among the Issuer, the Guarantors and the Initial
Purchasers (the “2017 A Registration Rights Agreement”), (b) the Registration Rights
Agreement with respect to the 2017 B Notes, dated the Issue Date, among the Issuer, the Guarantors
and the Initial Purchasers (the “2017 B Registration Rights Agreement”) and (c) any similar
registration rights agreements with respect to any Additional 2017 A Notes or Additional 2017 B
Notes, as applicable.

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

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

          “Regulation S Permanent Global Note” means a permanent Global Note in the form of
Exhibit A bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration
of the Restricted Period.

-27-

 

          “Regulation S Temporary Global Note” means a temporary Global Note in the form of
Exhibit A bearing the Global Note Legend, the Private Placement Legend and the Regulation S
Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of
the 2017 A Notes initially sold in reliance on Rule 903.

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

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

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

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

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

          “Restricted Guarantor” means a Guarantor that is a Restricted Subsidiary.

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

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

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

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

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

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

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

-28-

 

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

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

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

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

          “Senior Credit Facilities” means the term and revolving credit facilities under the
Credit Agreement, dated as of May 13,2008, as amended as of July 9, 2008 and July 28, 2008, by and
among CCU, the subsidiary guarantors party thereto, the lenders party thereto in their capacities
as lenders thereunder and Citibank, N.A., as Administrative Agent, including any agreements,
collateral documents, guarantees, instruments, mortgages and notes executed in connection
therewith, and any amendments, extensions, modifications, refinancings, refundings, renewals,
restatements, or supplements thereof and any one or more notes, indentures or credit facilities or
commercial paper facilities with banks or other institutional lenders or investors that extend,
refinance, refund, renew, replace or defease any part of the loans, notes, other credit facilities
or commitments thereunder, including any such refinancing, refunding or replacement facility or
indenture that increases the amount that may be borrowed thereunder or alters the maturity of the
loans thereunder or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder
and whether by the same or other agent, lender or group of lenders or investors.

          “Senior Leverage Ratio” means, as of the date of determination, the ratio of (a) the
Pari Passu Indebtedness of the Company and its Restricted Subsidiaries on such date, to (b) EBITDA
of the Company and its Restricted Subsidiaries for the most recently ended four fiscal quarters
ending immediately prior to such date for which internal financial statements are available.

          In the event that the Company or any Restricted Subsidiary (i) incurs, redeems, retires or
extinguishes any Pari Passu Indebtedness (other than Pari Passu Indebtedness incurred or repaid
under any revolving credit facility in the ordinary course of business for working capital
purposes) or (ii) issues or redeems Disqualified Stock or Preferred Stock subsequent to the
commencement of the period for which the Senior Leverage Ratio is being calculated but prior to or
simultaneously with the event for which the calculation of the Senior Leverage Ratio is made (the
“Senior Leverage Ratio Calculation Date”), then the Senior Leverage Ratio shall be
calculated giving pro forma effect to such incurrence, redemption, retirement or extinguishment of
Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the
same had occurred at the beginning of the applicable four-quarter period; provided,
 however, that the Issuer may elect, pursuant to an Officer’s Certificate delivered to the
Trustee not later than 30 days after entering into any commitment providing for the incurrence of
any Pari Passu Indebtedness, that all or any portion of the Pari Passu Indebtedness that could be
incurred under such commitment at the time such commitment is entered into shall be treated as
incurred and outstanding in such amount for all purposes of this calculation (whether or not such
Pari Passu Indebtedness is outstanding at the time such commitment is entered into) and any
subsequent incurrence of such Pari Passu Indebtedness under such commitment (including upon
repayment and reborrowing) shall not be deemed, for purposes of this calculation, to be the
incurrence of Pari Passu Indebtedness at such subsequent time.

-29-

 

          For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in
accordance with GAAP), in each case with respect to an operating unit of a business made (or
committed to be made pursuant to a definitive agreement) during the four-quarter reference period
or subsequent to such reference period and on or prior to or simultaneously with the Senior
Leverage Ratio Calculation Date, and other operational changes that the Company or any of its
Restricted Subsidiaries has determined to make or made during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with the Senior Leverage
Ratio Calculation Date, shall be calculated on a pro forma basis as set forth below assuming that
all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations,
discontinued operations and other operational changes had occurred on the first day of the
four-quarter reference period. If since the beginning of such period any Person that subsequently
became a Restricted Subsidiary or was merged with or into the Company or any of its Restricted
Subsidiaries since the beginning of such period shall have made any Investment, acquisition,
disposition, merger, amalgamation, consolidation, discontinued operation or operational change, in
each case with respect to an operating unit of a business, that would have required adjustment
pursuant to this definition, then the Senior Leverage Ratio shall be calculated giving pro forma
effect thereto in the manner set forth below for such period as if such Investment, acquisition,
disposition, merger, consolidation, discontinued operation or operational change had occurred at
the beginning of the applicable four-quarter period.

          For purposes of this definition, whenever pro forma effect is to be given to an Investment,
acquisition, disposition, amalgamation, merger or consolidation (including the Transactions) and
the amount of income or earnings relating thereto, the pro forma calculations shall be made in good
faith by a responsible financial or accounting officer of the Company (and may include cost
savings, synergies and operating expense reductions resulting from such Investment, acquisition,
amalgamation, merger or consolidation (including the Transactions) which is being given pro forma
effect that have been or are expected to be realized); provided that actions to realize
such cost savings, synergies and operating expense reductions are taken within 12 months after the
date of such Investment, acquisition, amalgamation, merger or consolidation; provided that
no cost savings, synergies or operating expense reductions shall be included pursuant to this
paragraph to the extent duplicative of any amounts that are otherwise added back in computing
EBITDA with respect to such period.

          For the purposes of this definition, any amount in a currency other than U.S. dollars shall be
converted to U.S. dollars based on the average exchange rate for such currency for the most recent
twelve-month period immediately prior to the date of determination determined in a manner
consistent with that used in calculating EBITDA for the applicable period.

          “Shelf Registration Statement” means the Shelf Registration Statement as defined in
the 2017 A Registration Rights Agreement.

          “Significant Party” means any Guarantor or Restricted Subsidiary that would be a
“significant subsidiary” as defined in Article 1, 

Rule 1-02 of Regulation S-X, promulgated pursuant
to the Securities Act, as such regulation is in effect on the Issue Date.

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

-30-

 

          “Special Interest” means all additional interest then owing on the 2017 A Notes
pursuant to any Registration Rights Agreement.

          “Subordinated Indebtedness” means:

     (1) any Indebtedness of the Issuer which is by its terms subordinated in right of
payment to the 2017 A Notes; and

     (2) any Indebtedness of any Guarantor which is by its terms subordinated in right
of payment to the Guarantee of such entity of the 2017 A Notes.

          “Subsidiary” means, with respect to any Person, a corporation, partnership, joint
venture, limited liability company or other business entity (excluding charitable foundations) of
which a majority of the shares of securities or other interests having ordinary voting power for
the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly, or indirectly through one or more
intermediaries, or both, by such Person.

          “Total Assets” means total assets of the Company and its Restricted Subsidiaries
on a consolidated basis prepared in accordance with GAAP, shown on the most recent balance
sheet of the Company and its Restricted Subsidiaries as may be expressly stated.

          “Transaction Expenses” means any fees or expenses incurred or paid by the Company or
any of its Subsidiaries in connection with the Transactions.

          “Transactions” means the offering and issuance of the Notes for cash on the Issue
Date, the making of the Proceeds Loans, the refinancing of the CCU Intercompany Note and the
amendments to the CCOH Mirror Note and the CCU Mirror Note and transactions related to any of the
foregoing on or prior to the Issue Date and the payment of fees and expenses related to any of the
foregoing.

          “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly
equal to the period from the Redemption Date to December 15, 2012; provided,
however, that if the period from the Redemption Date to December 15, 2012 is less than one
year, the weekly average yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year shall be used.

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

          “Trustee” means U.S. Bank National Association, as trustee, until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means
the successor serving hereunder.

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

-31-

 

          “Unrestricted Global Note” means a permanent Global Note, substantially in the form of
Exhibit A that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in
the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the
name of the Depositary, representing 2017 A Notes that do not bear the Private Placement Legend.

          “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by
the Company as an Unrestricted Subsidiary under the 2017 B Notes; provided that the Company
may not designate any Subsidiary to be an Unrestricted Subsidiary under the 2017 A Notes unless
such Subsidiary is also designated as an “Unrestricted Subsidiary under the 2017 B Notes;
provided further that the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary to the extent such designation is made under the 2017 B Notes.

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

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

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

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

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

     (2) the sum of all such payments.

          “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100.0% of
the outstanding Equity Interests of which (other than directors’ qualifying shares and shares
issued to foreign nationals as required under applicable law) 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.

Section 1.02 Other Definitions.

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“2017 A Notes Purchase Offer”

	 	3.08(b)
	“Affiliate Transaction”

	 	4.11(a)
	“Asset Sale”

	 	4.10
	“Authentication Order”

	 	2.02
	“Change of Control Offer”

	 	4.14(a)
	“Change of Control Payment”

	 	4.14(a)
	“Change
of Control Payment Date”

	 	
4.14(a)

-32-

 

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Covenant Defeasance”

	 	8.03
	“Defeased Covenants”

	 	8.03
	“DTC”

	 	2.03
	“Event of Default”

	 	6.01(a)
	“Guarantor Liquidity Amount”

	 	4.16
	“Guarantor Liquidity Assets”

	 	
4.16
	“Guarantor Liquidity Facility”

	 	4.16
	“incur” or “incurrence”

	 	
4.09(a)
	“Legal Defeasance”

	 	8.02
	“Liquidity Facilities”

	 	4.16
	“Non-Guarantor Liquidity Amount”

	 	4.16
	“Non-Guarantor Liquidity Assets”

	 	
 4.16
	“Non-Guarantor Liquidity Facility”

	 	4.16
	“Note Register”

	 	
2.03
	“Offer Amount”

	 	3.09(b)
	“Offer Period”

	 	3.09(b)
	“Pari Passu Indebtedness”

	 	4.10(c)
	“Paying Agent”

	 	2.03
	“Payment Blockage Period”

	 	11.03
	“Payment Default”

	 	
 11.03
	“Purchase Date”

	 	3.09(b)
	“Redemption Date”

	 	3.07(a)
	“Refinancing Indebtedness”

	 	4.09(b)
	“Refunding Capital Stock”

	 	4.07(b)
	“Registrar”

	 	2.03
	“Restricted Payments”

	 	4.07(a)
	“Special Redemption”

	 	3.08(a)
	“Special Redemption Amount”

	 	3.08(a)
	“Special Redemption Date”

	 	3.08(a)
	“Successor Company”

	 	5.01(a)
	“Successor Person”

	 	5.01(c)
	“Transfer Agent”

	 	2.03
	“Treasury Capital Stock”

	 	4.07(b)
	“Trustee Account”

	 	4.01

Section 1.03 Incorporation by Reference of Trust Indenture Act.

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

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

          “indenture securities” means the 2017 A Notes;

          “indenture security Holder” means a Holder of a 2017 A Note;

-33-

 

          “indenture to be qualified” means this Indenture;

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

     “obligor” on the 2017 A Notes and the Guarantees means the Issuer, the Company and the
Guarantors, respectively, and any successor obligor upon the 2017 A Notes and the
Guarantees, respectively.

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

Section 1.04 Rules of Construction.

     Unless the context otherwise requires:

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

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

     (c) “or” is not exclusive;

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

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

     (f) provisions apply to successive events and transactions;

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

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

     (i) words used herein implying any gender shall apply to both genders;

     (j) the words “including,” “includes” and similar words shall be deemed to be
followed by “without limitation”;

     (k) the principal amount of any Preferred Stock at any time shall be (i) the
maximum liquidation value of such Preferred Stock at such time or (ii) the maximum mandatory
redemption or mandatory repurchase price with respect to such Preferred Stock at such time,
whichever is greater; and

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

-34-

 

     (m) Subordination shall refer to contractual payment subordination and not
to structural subordination. This Indenture shall not treat (1) unsecured Indebtedness as
subordinated or junior to Secured Indebtedness merely because it is unsecured, (2)
unsubordinated Indebtedness as subordinated or junior to any other unsubordinated
Indebtedness merely because it has a junior priority with respect to the same collateral or
(3) Indebtedness as subordinated or junior Indebtedness merely because it is structurally
subordinated to other Indebtedness.

	Section 1.05 Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby
expressly required, to the Issuer. Proof of execution of any such instrument or of a writing
appointing any such agent, or the holding by any Person of a 2017 A Note, shall be sufficient for
any purpose of this Indenture and (subject to Section 7.01 hereof) conclusive in favor of the
Trustee and the Issuer, if made in the manner provided in this Section 1.05.

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

          (c) The ownership of 2017 A Notes shall be proved by the Note Register.

          (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any 2017 A Note shall bind every future Holder of the same 2017 A Note and the Holder
of every 2017 A Note issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such 2017 A Note.

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

          (f) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard
to any particular 2017 A Note may do so with regard to all or any part of the principal amount of
such 2017 A Note or by one or more duly appointed agents, each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount. Any notice given or action
taken by

-35-

 

a Holder or its agents with regard to different parts of such principal amount pursuant
to this Section 1.05(f) shall have the same effect as if given or taken by separate Holders of
each such different part.

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

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

ARTICLE 2

THE 2017 A NOTES

Section 2.01 Form and Dating; Terms.

          (a) General. The 2017 A Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A hereto. The 2017 A Notes may have notations, legends
or endorsements required by law, stock exchange rules or usage. Each 2017 A Note shall be dated the
date of its authentication. The 2017 A Notes shall be in denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

          (b) Global Notes. 2017 A Notes issued in global form shall be substantially in the
form of Exhibit A attached hereto (including the Global Note Legend thereon and the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). 2017 A Notes issued in
definitive form shall be substantially in the form of Exhibit A attached hereto (but
without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the
Global Note” attached thereto). Each Global Note shall represent such of the outstanding 2017 A
Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached
thereto and each Global Note shall provide that it shall represent up to the aggregate principal
amount of 2017 A Notes from time to time endorsed thereon and that the aggregate principal amount
of outstanding 2017 A Notes represented thereby may from time to time be reduced or increased, as
applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the aggregate principal amount of outstanding 2017 A Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

-36-

 

          (c) Temporary Global Notes. 2017 A Notes offered and sold in reliance on
Regulation S shall be issued initially in the form of the Regulation S Temporary Global Note,
which shall
be deposited on behalf of the purchasers of the 2017 A Notes represented thereby with the
Trustee, as
custodian for the Depositary, and registered in the name of the Depositary or the nominee of
the
Depositary for the accounts of designated agents holding on behalf of Euroclear or
Clearstream, duly
executed by the Issuer and authenticated by the Trustee as hereinafter provided. The
Restricted Period
shall be terminated upon the receipt by the Trustee of:

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

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

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

          (d) Terms. The aggregate principal amount of 2017 A Notes that may be
authenticated and delivered under this Indenture is unlimited.

          The terms and provisions contained in the 2017 A Notes shall constitute, and are hereby
expressly made, a part of this Indenture and the Issuer, the Trustee and the Paying Agent and
Registrar, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any 2017 A Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall
govern and be controlling.

          The 2017 A Notes shall be subject to repurchase by the Issuer pursuant to a 2017 A Notes
Purchase Offer as provided in Section 3.08(b) hereof or a Change of Control Offer as provided in
Section 4.14 hereof. The 2017 A Notes shall not be redeemable, other than as provided in Article 3
hereof.

          Additional
2017 A Notes ranking pari passu with the Initial Notes may be created and
issued from time to time by the Issuer without notice to or consent of the Holders and shall be
consolidated with and form a single class with the Initial Notes and shall have the same terms as
to status, redemption or otherwise as the Initial Notes; provided that the Issuer’s ability
to issue Additional 2017 A Notes shall be subject to the Issuer’s compliance with Section 4.09
hereof. Any Additional 2017 A Notes shall be issued with the benefit of an indenture supplemental
to this Indenture.

          (e) Euroclear and Clearstream Procedures Applicable. The provisions of the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of

-37-

 

Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation
S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants
through Euroclear or Clearstream.

Section 2.02 Execution and Authentication.

          At least one Officer shall execute the 2017 A Notes on behalf of the Issuer by manual or
facsimile signature.

          If an Officer whose signature is on a 2017 A Note no longer holds that office at the time such
2017 A Note is authenticated, such 2017 A Note shall nevertheless be valid.

          A 2017 A Note shall not be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose until authenticated substantially in the form of Exhibit A
attached hereto by the manual or facsimile signature of the Trustee. The signature shall be
conclusive evidence that the 2017 A Note has been duly authenticated and delivered under this
Indenture.

          On the Issue Date, the Trustee shall, upon receipt of an Issuer Order (an “Authentication
Order”), authenticate and deliver the Initial Notes. In addition, at any time, from time to
time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any
Additional 2017 A Notes and 2017 A Exchange Notes for an aggregate principal amount specified in
such Authentication Order for such Additional 2017 A Notes or 2017 A Exchange Notes issued
hereunder.

          The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate 2017
A Notes. An authenticating agent may authenticate 2017 A Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Issuer.

Section 2.03
Registrar and Paying Agent.

          The Issuer shall maintain an office or agency in the Borough of Manhattan, City of New York,
where 2017 A Notes may be presented for registration (“Registrar”), an office or agency in
the Borough of Manhattan, City of New York, where 2017 A Notes may be presented for transfer or
exchange (“Transfer Agent”) and an office or agency in the Borough of Manhattan, City of
New York, where 2017 A Notes may be presented for payment
(“Paying Agent”). The Registrar
shall keep a register of the 2017 A Notes (“Note Register”) and of their transfer and
exchange. The Issuer may appoint one or more co-registrars, one or more co-transfer agents and one
or more additional paying agents. The term “Registrar” includes any co-registrar, the term
“Transfer Agent” includes any co-transfer agent and the
term “Paying Agent”
includes any additional paying agent. The Issuer may change any Paying Agent, Transfer Agent or
Registrar without prior notice to any Holder. So long as any series of 2017 A Notes is listed on an
exchange and the rules of such exchange so require, the Issuer shall satisfy any requirement of
such exchange as to paying agents, registrars and transfer agents and shall comply with any notice
requirements required by such exchange in connection with any change of paying agent, registrar or
transfer agent. The Issuer shall notify the Trustee in writing of the name and address of any Agent
not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as
Registrar, Transfer Agent or Paying Agent, the Trustee shall act as such. The Issuer or any of its
Subsidiaries may act as Paying Agent, Transfer Agent or Registrar.

-38-

 

          The Issuer initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes.

          The Issuer initially appoints the Trustee to act as Custodian with respect to the Global
Notes. The Issuer initially appoints U.S. Bank National Association to act as the Paying Agent,
Registrar and Transfer Agent for the 2017 A Notes.

Section 2.04
Paying Agent To Hold Money in Trust.

          The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal, premium, if any, or Special Interest, if any, or
interest on the 2017 A Notes, and shall notify the Trustee of any default by the Issuer in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Issuer, the Company or any Subsidiary of the Company) shall have no further liability for
the money. If the Issuer, the Company or any Subsidiary of the Company acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by
it as Paying Agent. Upon any bankruptcy or reorganization proceedings (or similar proceedings)
relating to the Issuer, the Trustee shall serve as Paying Agent for the 2017 A Notes.

Section 2.05 Holder Lists.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders and shall otherwise comply with
Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Issuer shall furnish
to the Trustee at least two Business Days before each Interest Payment Date and at such other times
as the Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of 2017 A Notes and the Issuer shall
otherwise comply with Trust Indenture Act Section 312(a).

Section 2.06 Transfer and Exchange.

          (a) Transfer and Exchange of Global Notes. Except as otherwise set forth in
this Section 2.06, a Global Note may be transferred, in whole and not in part, only to another
nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A
beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the
Depositary (x) notifies the Issuer that it is unwilling or unable to continue as Depositary for
such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and,
in either case, a successor Depositary is not appointed by the Issuer within 120 days or (ii) there
shall have occurred and be continuing a Default with respect to the 2017 A Notes. Upon the
occurrence of any of the events in clause (i) or (ii) above, Definitive Notes delivered in exchange
for any Global Note or beneficial interests therein shall be registered in the names, and issued in
any approved denominations, requested by or on behalf of the Depositary (in accordance with its
customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.07 and 2.10 hereof. Every 2017 A Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or
Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note, except for Definitive Notes issued subsequent to any of the events in clause (i) or
(ii) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another
2017

-39-

 

A Note other than as provided in this Section 2.06(a); provided, however,
beneficial interests in a Global Note may be transferred and exchanged as provided in Section
2.06(b), (c) or (f) hereof.

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

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

     (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are
not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must
deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to credit or cause to be credited a beneficial interest in another Global
Note in an amount equal to the beneficial interest to be transferred or exchanged and (2)
instructions given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase or (B) (1) a written
order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to cause to be issued a Definitive
Note in an amount equal to the beneficial interest to be transferred or exchanged and (2)
instructions given by the Depositary to the Registrar containing information regarding the
Person in whose name such Definitive Note shall be registered to effect the transfer or
exchange referred to in (1) above; provided that in no event shall Definitive Notes
be issued upon the transfer or exchange of beneficial interests in the Regulation S
Temporary Global Note prior to (x) the expiration of the Restricted Period and (y) the
receipt by the Registrar of any certificates required pursuant to Rule 903. Upon
consummation of an Exchange Offer by the Issuer in accordance with Section 2.06(f) hereof,
the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon
receipt by the Registrar of the instructions contained in the Letter of Transmittal
delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Indenture and the 2017 A Notes or otherwise applicable under
the Securities Act, the Trustee shall adjust the principal amount of the relevant Global
Note(s) pursuant to Section 2.06(h) hereof.

     (iii) Transfer of Beneficial Interests to Another Restricted Global Note.
A beneficial interest in any Restricted Global Note may be transferred to a Person who
takes delivery thereof

-40-

 

in the form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the
following:

     (A) if the transferee shall take delivery in the form of a beneficial interest in the
144A Global Note, a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; or

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

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

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the 2017 A Registration Rights Agreement and the holder of the beneficial interest to
be transferred, in the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (1) an Exchanging Dealer,
(2) a Person participating in the distribution of the 2017 A Exchange Notes or (3) a Person
who is an affiliate (as defined in Rule 144) of the Issuer;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the 2017 A Registration Rights Agreement;

     (C) such transfer is effected by an Exchanging Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the 2017 A Registration Rights
Agreement; or

     (D) the Registrar receives the following:

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

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

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the

-41-

 

Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

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

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

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

     (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive
Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the
occurrence of any of the events in clause (i) or (ii) of Section 2.06(a) hereof and receipt by the
Registrar of the following documentation:

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

     (B) if such beneficial interest is being transferred to a QIB in accordance with Rule
144A, a certificate substantially in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

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

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

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

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

-42-

 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and the
Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note
in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such
name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant
or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names
such 2017 A Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

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

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

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the 2017 A Registration Rights Agreement and the holder of such beneficial interest,
in the case of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) an Exchanging Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate
(as defined in Rule 144) of the Issuer;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the 2017 A Registration Rights Agreement;

     (C) such transfer is effected by an Exchanging Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the 2017 A Registration Rights
Agreement; or

     (D) the Registrar receives the following:

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

     (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take

-43-

 

delivery thereof in the form of an Unrestricted Definitive Note, a certificate
from such holder substantially in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

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

     (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to
a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of
any of the events in clause (i) or (ii) of Section 2.06(a) hereof and satisfaction of the
conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof,
and the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated
in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be
registered in such name or names and in such authorized denomination or denominations as the holder
of such beneficial interest shall instruct the Registrar through instructions from or through the
Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive
Notes to the Persons in whose names such 2017 A Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the
Private Placement Legend.

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

     (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such 2017 A Note for
a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to
a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Note proposes to exchange such 2017 A
Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder
substantially in the form of Exhibit C hereto, including the certifications in item
(2)(b) thereof;

     (B) if such Restricted Definitive Note is being transferred to a QIB in accordance
with Rule 144A, a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

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

-44-

 

     (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with
Rule 144, a certificate substantially in the form of Exhibit B hereto,
including the
certifications in item (3)(a) thereof;

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

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

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

     (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Definitive Note may exchange such 2017 A Note for a beneficial
interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the 2017 A Registration Rights Agreement and the Holder, in the case of an exchange,
or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) an Exchanging Dealer, (2) a Person participating in the
distribution of the 2017 A Exchange Notes or (3) a Person who is an affiliate (as defined
in Rule 144) of the Issuer;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the 2017 A Registration Rights Agreement;

     (C) such transfer is effected by an Exchanging Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the 2017 A Registration Rights
Agreement; or

     (D) the Registrar receives the following:

     (1) if the Holder of such Definitive Notes proposes to exchange such 2017 A
Notes for a beneficial interest in the Unrestricted Global Note, a certificate from
such Holder substantially in the form of Exhibit C hereto, including the
certifications in item (l)(c) thereof; or

     (2) if the Holder of such Definitive Notes proposes to transfer such 2017 A
Notes to a Person who shall take delivery thereof in the form of a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder

-45-

 

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

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

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

     (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of an Unrestricted Definitive Note may exchange such 2017 A Note
for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes
to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or
transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase
or cause to be increased the aggregate principal amount of one of the Unrestricted Global
Notes.

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

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

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

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

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

-46-

 

     (C) if the transfer shall be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications required
by item (3) thereof, if applicable.

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

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the 2017 A Registration Rights Agreement and the Holder, in the case of an exchange,
or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) an Exchanging Dealer, (2) a Person participating in the
distribution of the 2017 A Exchange Notes or (3) a Person who is an affiliate (as defined
in Rule 144) of the Issuer;

     (B) any such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the 2017 A Registration Rights Agreement;

     (C) any such transfer is effected by an Exchanging Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the 2017 A Registration Rights Agreement;
or

     (D) the Registrar receives the following:

     (1) if the Holder of such Restricted Definitive Notes proposes to exchange
such 2017 A Notes for an Unrestricted Definitive Note, a certificate from such
Holder substantially in the form of Exhibit C hereto, including the
certifications in item (1)(d) thereof; or

     (2) if the Holder of such Restricted Definitive Notes proposes to transfer
such 2017 A Notes to a Person who shall take delivery thereof in the form of an
Unrestricted Definitive Note, a certificate from such Holder substantially in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

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

     (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such 2017 A Notes to a Person who takes delivery thereof
in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a
transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof.

-47-

 

          (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with
the 2017 A Registration Rights Agreement, the Issuer shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one
or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not Exchanging Dealers, (y) they
are not participating in a distribution of the 2017 A Exchange Notes and (z) they are not
affiliates (as defined in Rule 144) of the Issuer, and accepted for exchange in the Exchange Offer
and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal
amount of the Restricted Definitive Notes tendered for acceptance by Persons that certify in the
applicable Letters of Transmittal that (x) they are not Exchanging Dealers, (y) they are not
participating in a distribution of the 2017 A Exchange Notes and (z) they are not affiliates (as
defined in Rule 144) of the Issuer, and accepted for exchange in the Exchange Offer. Concurrently
with the issuance of such 2017 A Notes, the Trustee shall cause the aggregate principal amount of
the applicable Restricted Global Notes to be reduced accordingly, and the Issuer shall execute and
the Trustee shall authenticate and mail to the Persons designated by the Holders of Definitive
Notes so accepted Unrestricted Definitive Notes in the applicable principal amount. Any 2017 A
Notes that remain outstanding after the consummation of the Exchange Offer, and 2017 A Exchange
Notes issued in connection with the Exchange Offer, shall be treated as a single class of
securities under this Indenture.

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

     (i) Private Placement Legend.

     (A) Except as permitted by subparagraph (B) below, each Global Note and each
Definitive Note (and all 2017 A Notes issued in exchange therefor or substitution
thereof) shall bear the legend in substantially the following form:

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN
ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER THE
SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL

-48-

 

APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS.”

     (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii)
or (f) of this Section 2.06 (and all 2017 A Notes issued in exchange therefor or
substitution thereof) shall not bear the Private Placement Legend.

     (ii) Global Note Legend. Each Global Note shall bear a legend in substantially
the following form:

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h)
OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV)
THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

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

-49-

 

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

          (h) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a
particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each
such Global Note shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global
Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of 2017 A
Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who shall take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note shall be increased accordingly and an endorsement shall be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

          (i) General Provisions Relating to Transfers and Exchanges.

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

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

     (iii) Neither the Registrar nor the Issuer shall be required to register the
transfer of or exchange any 2017 A Note selected for redemption in whole or in part, except
the unredeemed portion of any 2017 A Note being redeemed in part.

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

     (v) The Issuer shall not be required (A) to issue, to register the transfer of or
to exchange any 2017 A Notes during a period beginning at the opening of business 15 days
before the day of any selection of 2017 A Notes for redemption under Section 3.02 hereof and
ending at the close of business on the day of selection, (B) to register the transfer of or
to exchange any 2017 A Note so selected for redemption in whole or in part, except the
unredeemed portion of any 2017 A Note being redeemed in part, (C) to register the transfer
of or to exchange a 2017 A Note between a Record Date and the next succeeding Interest
Payment Date or (D) to register the transfer of or to exchange any 2017 A Notes selected for
redemption or tendered (and not

-50-

 

withdrawn) for repurchase in connection with a Change of Control Offer or a 2017 A
Notes Purchase Offer.

     (vi) Prior to due presentment for the registration of a transfer of any 2017 A
Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any
2017 A Note is registered as the absolute owner of such 2017 A Note for the purpose of
receiving payment of principal of (and premium, if any) and interest (including Special
Interest, if any) on such 2017 A Notes and for all other purposes, and none of the Trustee,
any Agent or the Issuer shall be affected by notice to the contrary.

     (vii) Upon surrender for registration of transfer of any 2017 A Note at the office
or agency of the Issuer designated pursuant to Section 4.02 hereof, the Issuer shall
execute, and the Trustee shall authenticate and mail, in the name of the designated
transferee or transferees, one or more replacement 2017 A Notes of any authorized
denomination or denominations of a like aggregate principal amount.

     (viii) At the option of the Holder, subject to Section 2.06(a) hereof, 2017 A
Notes may be exchanged for other 2017 A Notes of any authorized denomination or
denominations of a like aggregate principal amount upon surrender of the 2017 A Notes to be
exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so
surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and
mail, the replacement Global Notes and Definitive Notes to which the Holder making the
exchange is entitled in accordance with the provisions of Section 2.02 hereof.

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

Section 2.07 Replacement Notes.

          If either (x) any mutilated 2017 A Note is surrendered to the Trustee, the Registrar or the
Issuer, or (y) if the Issuer and the Trustee receive evidence to their satisfaction of the
ownership and destruction, loss or theft of any 2017 A Note, then the Issuer shall issue and the
Trustee, upon receipt of an Authentication Order and satisfaction of any other requirements of the
Trustee, shall authenticate a replacement 2017 A Note. If required by the Trustee or the Issuer, an
indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and
the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss
that any of them may suffer if a 2017 A Note is replaced. The Issuer may charge for its expenses in
replacing a 2017 A Note.

          Every replacement 2017 A Note is a contractual obligation of the Issuer and shall be entitled
to all of the benefits of this Indenture equally and proportionately with all other 2017 A Notes
duly issued hereunder.

Section 2.08 Outstanding Notes.

          The 2017 A Notes outstanding at any time are all the 2017 A Notes authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and
those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09
hereof, a 2017 A

-51-

 

Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds
such 2017 A Note.

          If a 2017 A Note is replaced pursuant to Section 2.07 hereof, such 2017 A Note shall cease to
be outstanding unless the Trustee receives proof satisfactory to it that the replaced 2017 A Note
is held by a bona fide purchaser.

          If the principal amount of any 2017 A Note is considered paid under Section 4.01 hereof, such
2017 A Note shall cease to be outstanding and interest thereon shall cease to accrue.

          If the Paying Agent (other than the Issuer, a Subsidiary of the Company or an Affiliate of any
thereof) holds, on a redemption date or maturity date, money sufficient to pay any 2017 A Notes
payable on such date, then such 2017 A Notes shall be deemed to be no longer outstanding and shall
cease to accrue interest on and after such date.

Section 2.09 Treasury Notes.

          In determining whether the Holders of the required principal amount of 2017 A Notes have
concurred in any direction, waiver or consent, 2017 A Notes owned by the Issuer or any Affiliate of
the Issuer, shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only 2017 A Notes that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded. 2017 A Notes so owned which have been pledged in good faith shall not be disregarded
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any
such direction, waiver or consent with respect to such pledged 2017 A Notes and that the pledgee is
not the Issuer or any obligor upon the 2017 A Notes or any Affiliate of the Issuer or such other
obligor.

Section 2.10 Temporary Notes.

          Until certificates representing 2017 A Notes are ready for delivery, the Issuer may prepare
and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary 2017 A
Notes. Temporary 2017 A Notes shall be substantially in the form of certificated 2017 A Notes but
may have variations that the Issuer considers appropriate for temporary 2017 A Notes and as shall
be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and
the Trustee shall authenticate definitive 2017 A Notes in exchange for temporary 2017 A Notes.

          Holders and beneficial holders, as the case may be, of temporary 2017 A Notes shall be
entitled to all of the benefits accorded to Holders or beneficial holders, respectively, of 2017 A
Notes under this Indenture.

Section 2.11 Cancellation.

          The Issuer at any time may deliver 2017 A Notes to the Trustee for cancellation. The Registrar
and Paying Agent shall forward to the Trustee any 2017 A Notes surrendered to them for registration
of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or
the Paying Agent and no one else shall cancel all 2017 A Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled 2017 A
Notes (subject to the record retention requirement of the Exchange Act) in its customary manner.
Certification of the disposal of all cancelled 2017 A Notes shall be delivered to the Issuer upon
its request therefor.

-52-

 

The Issuer may not issue new 2017 A Notes to replace 2017 A Notes that it has paid or that
have been delivered to the Trustee for cancellation.

Section 2.12 Defaulted Interest.

          If the Issuer defaults in a payment of interest on the 2017 A Notes, it shall pay the
defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the
defaulted interest to the Persons who are Holders on a subsequent special record date, in each case
at the rate provided in the 2017 A Notes and in Section 4.01 hereof. The Issuer shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on each 2017 A Note and
the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted
interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee shall fix
or cause to be fixed each such special record date and payment date;
provided that no such
special record date shall be less than 10 days prior to the related payment date for such defaulted
interest. The Trustee shall notify the Issuer of such special record date promptly, and in any
event at least 20 days before such special record date. At least 15 days before the special record
date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the
expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, to each
Holder a notice at his or her address as it appears in the Note Register that states the special
record date, the related payment date and the amount of such interest to be paid.

          Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each 2017
A Note delivered under this Indenture upon registration of transfer of, in exchange for or in lieu
of any other 2017 A Note shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other 2017 A Note.

Section 2.13 CUSIP Numbers.

          The Issuer in issuing the 2017 A Notes may use CUSIP numbers (if then generally in use) and,
if so, the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the 2017 A Notes or as contained in any notice of
redemption and that reliance may be placed only on the other identification numbers printed on the
2017 A Notes, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Issuer shall as promptly as practicable notify the Trustee of any change in the CUSIP
numbers.

ARTICLE 3

REDEMPTION

Section 3.01 Notices to Trustee.

          If the Issuer elects to redeem 2017 A Notes pursuant to Section 3.07 hereof, it shall furnish
to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officer’s
Certificate setting forth (i) the paragraph or subparagraph of such 2017 A Notes and/or Section of
this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of the 2017 A Notes to be redeemed and (iv) the redemption price.

-53-

 

Section 3.02 Selection of Notes To Be Redeemed or Purchased.

          If less than all of the 2017 A Notes are to be redeemed or purchased in an offer to purchase
at any time, the Registrar shall select the 2017 A Notes to be redeemed or purchased (a) if such
2017 A Notes are listed on any national securities exchange, in compliance with the requirements of
the principal national securities exchange on which such 2017 A Notes are listed or (b) on a pro
rata basis to the extent practicable or, to the extent that selection on a pro rata basis
is not practicable for any reason, by lot or by such other method as the Registrar shall deem
appropriate or as required by the rules of the Depositary. In the event of partial redemption or
purchase by lot, the particular 2017 A Notes to be redeemed or purchased shall be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by
the Registrar from the outstanding 2017 A Notes not previously called for redemption or purchase.

          The Trustee shall promptly notify the Issuer in writing of the 2017 A Notes selected for
redemption or purchase and, in the case of any 2017 A Note selected for partial redemption or
purchase, the principal amount thereof to be redeemed or purchased. 2017 A Notes and portions of
2017 A Notes selected shall be in amounts of $2,000 or integral multiples of $1,000; no 2017 A
Notes of $2,000 or less can be redeemed in part, except that if all of the 2017 A Notes of a Holder
are to be redeemed or purchased, the entire outstanding amount of 2017 A Notes held by such Holder,
even if not in a principal amount of at least $2,000 or an integral multiple of $1,000, shall be
redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture
that apply to 2017 A Notes called for redemption or purchase also apply to portions of 2017 A Notes
called for redemption or purchase.

Section 3.03 Notice of Redemption.

          Subject to Section 3.09 hereof, the Issuer shall mail or cause to be mailed by first-class
mail, postage prepaid, notices of redemption at least 30 days but not more than 60 days before the
purchase or redemption date to each Holder of 2017 A Notes to be redeemed at such Holder’s
registered address, to the Trustee to forward to each Holder of 2017 A Notes at such Holder’s
registered address, or shall otherwise deliver on such time frame such notice in accordance with
the procedures of DTC, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with Article 8 or Article 12 hereof.

          The notice shall identify the 2017 A Notes to be redeemed and shall state:

     (a) the redemption date;

     (b) the redemption price;

     (c) that if any 2017 A Note is to be redeemed in part only, the portion of the
principal amount of that 2017 A Note that is to be redeemed and that, after the redemption
date upon surrender of such 2017 A Note, a new 2017 A Note or 2017 A Notes in principal
amount equal to the unredeemed portion of the original 2017 A Note representing the same
indebtedness to the extent not redeemed shall be issued in the name of the Holder of the
2017 A Notes upon cancellation of the original 2017 A Note;

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

-54-

 

     (e) that 2017 A Notes called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

     (f) that, unless the Issuer defaults in making such redemption payment, interest on
2017 A Notes called for redemption ceases to accrue on and after the redemption date;

     (g) the paragraph or subparagraph of the 2017 A Notes and/or Section of this Indenture
pursuant to which the 2017 A Notes called for redemption are being redeemed; and

     (h) 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 2017 A Notes.

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

Section 3.04 Effect of Notice of Redemption.

          Once notice of redemption is mailed in accordance with Section 3.03 hereof, 2017 A Notes
called for redemption become irrevocably due and payable on the redemption date at the redemption
price (except as provided in Section 3.07 hereof and in Section 5 of the 2017 A Notes). The notice,
if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether
or not the Holder receives such notice. In any case, failure to give such notice by mail or any
defect in the notice to the Holder of any 2017 A Note designated for redemption in whole or in part
shall not affect the validity of the proceedings for the redemption of any other 2017 A Note.
Subject to Section 3.05 hereof, on and after the redemption date, interest shall cease to accrue on
2017 A Notes or portions of 2017 A Notes called for redemption.

Section 3.05 Deposit of Redemption or Purchase Price.

          On the redemption or purchase date, the Issuer shall deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid
interest (including Special Interest, if any) on all 2017 A Notes to be redeemed or purchased on
that date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited
with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the
redemption price of, and accrued and unpaid interest (including Special Interest, if any) on, all
2017 A Notes to be redeemed or purchased.

          If the Issuer complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest shall cease to accrue on the 2017 A Notes or the portions of
2017 A Notes called for redemption or purchase. If a 2017 A Note is redeemed or purchased on or
after a Record Date but on or prior to the related Interest Payment Date, then any accrued and
unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such
2017 A Note was registered at the close of business on such Record Date. If any 2017 A Note called
for redemption or purchase shall not be so paid upon surrender for redemption or purchase because
of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption or

-55-

 

purchase date until such principal is paid, and to the extent lawful on any interest accrued
to the redemption or purchase date not paid on such unpaid principal, in each case at the rate
provided in the 2017 A Notes and in Section 4.01 hereof.

Section 3.06 Notes Redeemed or Purchased in Part.

          Upon surrender of a 2017 A Note that is redeemed or purchased in part, the Issuer shall issue
and the Trustee shall authenticate for the Holder at the expense of the Issuer a new 2017 A Note
equal in principal amount to the unredeemed or unpurchased portion of the 2017 A Note surrendered
representing the same indebtedness to the extent not redeemed or purchased; provided that
each new 2017 A Note shall be in a principal amount of $2,000 or an integral multiple of $1,000. It
is understood that, notwithstanding anything in this Indenture to the contrary, only an
Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the
Trustee to authenticate such new 2017 A Note.

Section 3.07 Optional Redemption.

          (a) Except as set forth below, the Issuer shall not be permitted to redeem the 2017 A Notes.
The 2017 A Notes will be payable at par at maturity.

          (b) At any time prior to December 15, 2012, the 2017 A Notes may be redeemed or purchased (by
the Issuer or any other Person), in whole or in part, upon notice as provided in Section 3.03
hereof at a redemption price equal to 100.0% of the principal amount of such 2017 A Notes redeemed
plus the Applicable Premium as of the date of redemption (the “Redemption Date”), and,
without duplication, accrued and unpaid interest to the Redemption Date, subject to the rights of
Holders of 2017 A Notes on the relevant Record Date to receive interest due on the relevant
Interest Payment Date. The Issuer may provide in such notice that payment of the redemption price
and performance of the Issuer’s obligations with respect to such redemption or purchase may be
performed by another Person.

          (c) On and after December 15, 2012, the 2017 A Notes may be redeemed or purchased (by the
Issuer or any other Person), at the Issuer’s option, in whole or in part, upon notice as provided
in Section 3.03 hereof, at any time and from time to time at the redemption prices set forth below.
The Issuer may provide in such notice that the payment of the redemption price and the performance
of the Issuer’s obligations with respect to such redemption may be performed by another Person. The
2017 A Notes shall be redeemable at the redemption prices (expressed as percentages of principal
amount of the 2017 A Notes to be redeemed) set forth below plus accrued and unpaid interest thereon
to the applicable Redemption Date, subject to the right of Holders of record of 2017 A Notes on the
relevant record date to receive interest due on the relevant interest payment date, if redeemed
during the 12-month period beginning on December 15 of each of the years indicated below:

	 	 	 	 	 
	 	 	2017 A Notes
	Year	 	Percentage
	2012
	 	106.93750%
	2013
	 	104.62500%
	2014
	 	102.31250%
	2015 and
thereafter
	 	100.00000%

-56-

 

          (d) Until December 15, 2012, the Issuer may, at its option, on one or more occasions,
upon notice as provided in Section 3.03 hereof, redeem up to 35.0% of the then outstanding
aggregate principal amount of 2017 A Notes at a redemption price equal to 109.250% of the aggregate
principal amount thereof, plus accrued and unpaid interest thereon to the applicable Redemption
Date, subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity Offerings
to the extent such net cash proceeds are received by or contributed to the Issuer; provided
that at least 65% of the sum of the aggregate principal amount of 2017 A Notes originally issued
under this Indenture and any Additional 2017 A Notes issued under this Indenture after the Issue
Date remains outstanding immediately after the occurrence of each such redemption; provided
further, that each such redemption occurs within 180 days of the date of closing of each such
Equity Offering.

          (e) The Issuer may provide in such notice that payment of the redemption price and performance
of the Issuer’s obligations with respect thereto may be performed by another Person. Notice of any
redemption upon any Equity Offering may be given prior to the completion of the related Equity
Offering, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or
more conditions precedent, including, but not limited to, completion of the related Equity
Offering.

          (f) The Trustee or the Paying Agent shall select the 2017 A Notes to be purchased in pursuant
to Section 3.02 hereof.

Section 3.08 Mandatory Redemption.

          (a) Notwithstanding anything to the contrary in this Indenture, none of the Company or any of
its Subsidiaries shall make any purchase of, or otherwise effectively cancel or retire, any 2017 A
Notes (whether through open market purchases, tender offers, defeasance, offers to purchase
required by the 2017 A Notes or otherwise) if, after giving effect thereto and, if applicable, any
concurrent purchase of or other action with respect to any 2017 B Notes, the ratio of (a) the
outstanding aggregate principal amount of the 2017 A Notes to (b) the outstanding aggregate
principal amount of the 2017 B Notes shall be greater than 0.250; provided,
however, that the foregoing restriction shall not be applicable in the case of any Change
of Control Offer, a 2017 A Notes Purchase Offer or offer to purchase the 2017 B Notes required to
be made under the 2017 B Indenture at the price specified with respect thereto to all holders of
the 2017 B Notes, where a violation of the foregoing restriction would occur solely as a result of
different offer acceptance rates by the holders of the 2017 B Notes and the 2017 A Notes.
References to the 2017 B Notes and the 2017 A Notes in this Section 3.08 do not include any
Additional 2017 B Notes or any Additional 2017 A Notes, as applicable.

          (b) If the Issuer makes (1) any optional redemption of the 2017 B Notes, purchase of 2017 B
Notes through open-market purchases at or above 100% of the principal amount thereof or offer to
purchase the 2017 B Notes at 100% of the principal amount thereof, plus accrued but unpaid interest
pursuant to Section 4.10(b)(2) of the 2017 B Indenture, the Issuer shall, substantially
concurrently therewith, apply a pro rata amount to make an optional redemption of the 2017
A Notes, purchase 2017 A Notes through open-market purchases at or above 100% of the principal
amount thereof or offer to purchase the 2017 A Notes (in accordance with procedures similar to
those applicable to the 2017 B Notes) to all Holders of 2017 A Notes, in each case, to purchase a
pro rata amount of 2017 A Notes at 100%) of the principal amount thereof, plus accrued but unpaid
interest (a “2017 A Notes Purchase Offer”), or (2) any 2017 B Notes Asset Sale Offer under the 2017
B Notes Indenture, the Issuer shall, substantially concurrently therewith, apply a pro rata amount
to make a 2017 A Notes Purchase Offer to purchase a pro rata amount of 2017 A Notes at 100% of the
principal amount thereof, plus accrued but

-57-

 

unpaid interest. For purposes of this Section 3.08(b), “pro rata amount” with respect to the
2017 A Notes shall be calculated taking into account all 2017 B Notes and other Pari Passu
Indebtedness subject to the applicable redemption, purchase, or offer. Any purchase or redemption
of the 2017 B Notes pursuant to Section 5.01(b)(2) of the 2017 B Indenture shall be deemed to be a
purchase of 2017 B Notes covered by clause (1) of this Section 3.08(b).

Section 3.09 Offers To Repurchase by Application of Excess Proceeds.

          (a) The Issuer shall follow the procedures specified in clauses (b) through (f) of this
Section 3.09 for any 2017 A Notes Purchase Offer commenced pursuant to Section 3.08(b) hereof.

          (b) A 2017 A Notes Purchase Offer shall remain open for a period of 20 Business Days following
its commencement and no longer, except to the extent that a longer period is required by applicable
law (the “Offer Period”). No later than five Business Days after the termination of the
Offer Period (the “Purchase Date”), the Issuer shall apply the pro rata portion of
Excess Proceeds taking into account all 2017 B Notes and other Pari Passu Indebtedness subject to
the applicable redemption (the “Offer Amount”) to the purchase of 2017 A Notes, or, if
less than the Offer Amount has been tendered, all 2017 A Notes tendered in response to the 2017 A
Notes Purchase Offer. Payment for any 2017 A Notes so purchased shall be made in the same manner as
interest payments are made.

          (c) If the Purchase Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest and Special Interest, if any, up to but excluding the
Purchase Date, shall be paid to the Person in whose name a 2017 A Note is registered at the close
of business on such Record Date, and no additional interest shall be payable to Holders who tender
2017 A Notes pursuant to the 2017 A Notes Purchase Offer.

          (d) Upon the commencement of a 2017 A Notes Purchase Offer, the Issuer shall send, by
first-class mail, a notice to each of the Holders, with a copy to the Trustee and the Registrar, or
otherwise in accordance with the procedures of DTC. The notice shall contain all instructions and
materials necessary to enable such Holders to tender 2017 A Notes pursuant to the 2017 A Notes
Purchase Offer. The notice, which shall govern the terms of the 2017 A Notes Purchase Offer, shall
state:

     (i) that the 2017 A Notes Purchase Offer is being made pursuant to this Section
3.09 and Section 3.08(b) hereof and the length of time the 2017 A Notes Purchase Offer
shall remain open;

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

     (iii) that any 2017 A Note not tendered or accepted for payment shall continue to
accrue interest;

     (iv) that, unless the Issuer defaults in making such payment, any 2017 A Note
accepted for payment pursuant to the 2017 A Notes Purchase Offer shall cease to accrue
interest after the Purchase Date;

     (v) that Holders electing to have a 2017 A Note purchased pursuant to a 2017 A
Notes Purchase Offer may elect to have 2017 A Notes purchased in minimum principal amounts
of $2,000 and integral multiples of $1,000 only;

-58-

 

     (vi) that Holders electing to have a 2017 A Note purchased pursuant to any
2017 A Notes Purchase Offer shall be required to surrender the 2017 A Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the 2017 A Note completed, or
transfer such 2017 A Note by book-entry transfer, to the Issuer, the Depositary, if
appointed by the Issuer, or a Paying Agent at the address specified in the notice at least
three days before the Purchase Date;

     (vii) that Holders shall be entitled to withdraw their election if the Issuer, the
Depositary or the Paying Agent, as the case may be, receives, not later than the expiration
of the Offer Period, a telegram, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the 2017 A Note the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have such 2017 A Note purchased;

     (viii) that, if the aggregate principal amount of 2017 A Notes surrendered by
the holders thereof exceeds the Offer Amount, the Registrar shall select the 2017 A
Notes to be purchased on a pro rata basis based on the accreted value or
principal amount of the 2017 A Notes tendered (with such adjustments as may be deemed
appropriate by the Registrar so that only 2017 A Notes in denominations of $2,000 or
integral multiples of $1,000 shall be purchased); and

     (ix) that Holders whose 2017 A Notes were purchased only in part shall be issued
new 2017 A Notes equal in principal amount to the unpurchased portion of the 2017 A Notes
surrendered (or transferred by book-entry transfer) representing the same indebtedness to
the extent not repurchased.

          (e) On or before the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for
payment, on a pro rata basis to the extent necessary, the Offer Amount of 2017 A Notes or
portions thereof validly tendered pursuant to the 2017 A Notes Purchase Offer, or if less than the
Offer Amount has been tendered, all 2017 A Notes tendered and (2) deliver or cause to be delivered
to the Trustee the 2017 A Notes properly accepted together with an Officer’s Certificate stating
the aggregate principal amount of 2017 A Notes or portions thereof so tendered.

          (f) The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly mail or
deliver to each tendering Holder an amount equal to the purchase price of the 2017 A Notes properly
tendered by such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly
issue a new 2017 A Note, and the Trustee, upon receipt of an Authentication Order, shall
authenticate and mail or deliver (or cause to be transferred by book-entry) such new 2017 A Note to
such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary,
no Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate and mail
or deliver such new 2017 A Note) in a principal amount equal to any unpurchased portion of the 2017
A Note surrendered representing the same indebtedness to the extent not repurchased;
provided that each such new 2017 A Note shall be in a principal amount of $2,000 or an
integral multiple of $1,000. Any 2017 A Note not so accepted for purchase shall be promptly mailed
or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of
the 2017 A Notes Purchase Offer on or as soon as practicable after the Purchase Date.

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

-59-

 

ARTICLE 4

COVENANTS

Section 4.01 Payment of Notes.

          The Issuer shall have caused the Trustee to establish an account (the “Trustee
Account”) to be maintained by the Trustee for the benefit of the Holders with respect to
payments of interest on the 2017 A Notes, over which the Trustee shall have sole control and
dominion. Interest on the 2017 A Notes will accrue, and be payable by or on behalf of the Issuer to
the Trustee, daily; provided that the failure by the Issuer to make or have made any such
daily payment to the Trustee on any day will not constitute a Default so long as (a) (x) no payment
or other transfer by the Company or any of its Restricted Subsidiaries shall have been made on such
day under the Cash Management Arrangements or (y) the amount of funds on deposit in the Trustee
Account on such day is equal to the amount of interest which has accrued up to and including such
day and (b) on each Interest Payment Date the aggregate amount of funds deposited in the Trustee
Account is sufficient to pay the aggregate amount of interest on the 2017 A Notes that is payable
by the Trustee to Holders of 2017 A Notes on such Interest Payment Date; provided further,
however, that payments of interest shall only be deemed to be overdue to the extent that
the aggregate amount of funds deposited in the Trustee Account is not sufficient to pay the
aggregate amount of interest on the 2017 A Notes that is payable by the Trustee to Holders on the
applicable Interest Payment Date. The Issuer or any Guarantor will not be the legal owners of the
funds on deposit in the Trustee Account. Such amounts may be in cash in U.S. dollars, in Government
Securities or in a combination thereof. Any interest earned on Government Securities held in the
Trustee Account will be applied to pay fees and expenses of the Trustee and, to the extent of any
excess, returned to the Company. Upon the making by or on behalf of the Issuer of any payment into
the Trustee Account, the Issuer’s obligation to pay accrued interest shall be discharged to the
extent of the amount so paid. If the Trustee fails to make an interest payment on the 2017 A Notes
but the Issuer has deposited the funds with the Trustee, it will not be a Default.

          Unless otherwise expressly requested in writing by the Issuer, the amounts in the Trustee
Account shall be held in cash in U.S. dollars.

          The Issuer shall pay all Special Interest, if any, in the same manner on the dates and in the
amounts set forth in the 2017 A Registration Rights Agreement.

          The Issuer shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1.0% per annum in excess of the then
applicable interest rate on the 2017 A Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Special Interest (without regard to any applicable grace period) at the same rate to
the extent lawful.

          The Trustee shall pay or cause to be paid the aggregate amount of interest payable on the 2017
A Notes on the dates and in the manner provided in the 2017 A Notes. Principal, premium, if any,
Special Interest, if any, and interest shall be considered paid on the date due if the Trustee
holds as of noon Eastern Time on the Interest Payment Date money deposited by the Issuer in
immediately available funds and designated for and sufficient to pay all principal, premium, if
any, and interest then due. If an Interest Payment Date is not a Business Day, payment may be made
on the next succeeding day that is a Business Day, and no additional interest or other amounts
shall be payable in respect of the interest period for which such payment is made as a result of
such extension of time.

-60-

 

Section 4.02 Maintenance of Office or Agency.

          The Issuer shall maintain in the Borough of Manhattan, City of New York, an office or agency
(which may be an office of the Trustee or an affiliate of the Trustee, Registrar or Transfer Agent)
where 2017 A Notes may be surrendered for registration of transfer or for exchange or presented for
payment and where notices and demands to or upon the Issuer in respect of the 2017 A Notes and this
Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Issuer shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

          The Issuer may also from time to time designate one or more other offices or agencies where
the 2017 A Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided that no such designation or rescission shall in
any manner relieve the Issuer of its obligation to maintain an office or agency in the Borough of
Manhattan, City of New York, for such purposes. The Issuer shall give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other
office or agency.

          The Issuer hereby initially designates the office of the Trustee located at U.S. Bank National
Association, 100 Wall Street, 16th floor, New York, NY 10005, as one such office or agency of the
Issuer in accordance with Section 2.03 hereof.

Section 4.03 Reports and Other Information.

          (a) Notwithstanding that the Company may not be subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on
forms provided for such annual and quarterly reporting pursuant to rules and regulations
promulgated by the SEC, from and after the Issue Date, the Company shall file with the SEC no later
than 15 days after the periods set forth below,

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

     (2) within 45 days (or any other time period then in effect under the rules and
regulations of the Exchange Act with respect to the filing of a Form 10-Q by a
non-accelerated filer) after the end of each of the first three fiscal quarters of each
fiscal year, reports on Form 10-Q containing all quarterly information that would be
required to be contained in Form 10-Q, or any successor or comparable form;

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

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

-61-

 

in each case, in a manner that complies in all material respects with the requirements
specified in such form; provided that the Company shall not be so obligated to file such
reports with the SEC if the SEC does not permit such filing, in which event the Company shall make
available such information to prospective purchasers of 2017 A Notes, in addition to providing such
information to the Trustee and the Holders of the 2017 A Notes, in each case within five days after
the time the Company would have been required to file such information with the SEC as required
pursuant to this Section 4.03(a). To the extent any such information is not furnished within the
time periods specified above in Section 4.03(a) and such information is subsequently furnished
(including upon becoming publicly available, by filing such information with the SEC), the Company
shall be deemed to have satisfied its obligations with respect thereto at such time and any Default
with respect thereto shall be deemed to have been cured;
provided that such cure shall not
otherwise affect the rights of the Holders under Article 6 hereof if Holders of at least 25.0% in
principal amount of the then total outstanding 2017 A Notes have declared the principal of,
premium, if any, interest and any other monetary obligations on all the then outstanding 2017 A
Notes to be due and payable immediately and such declaration shall not have been rescinded or
cancelled prior to such cure. In addition, to the extent not satisfied by the foregoing, for so
long as any 2017 A Notes are outstanding the Company shall furnish to Holders and to securities
analysts and prospective investors, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act.

          (b) In the event that any direct or indirect parent company of the Company becomes a Guarantor
of the 2017 A Notes, the Company may satisfy its obligations in this Section 4.03 with respect to
financial information relating to the Company by furnishing financial information relating to such
parent; provided that the same is accompanied by consolidating information that explains in
reasonable detail the differences between the information relating to such parent, on the one hand,
and the information relating to the Company and its Restricted Subsidiaries on a standalone basis,
on the other hand.

          (c) In connection with the filings with the SEC required pursuant to clauses (1) and (2)
above, the Company shall provide notice of, and host, a conference call open to the public to
discuss the results for the applicable period.

          (d) Notwithstanding the foregoing, the requirements of this Section 4.03 shall be deemed
satisfied prior to the commencement of the exchange offer or the effectiveness of the shelf
registration statement by the filing with the SEC of the exchange offer registration statement or
shelf registration statement in accordance with the terms of the 2017 A Registration Rights
Agreement, and any amendments thereto, with such financial information that satisfies Regulation
S-X of the Securities Act.

Section 4.04 Compliance Certificate.

          (a) The Issuer and each Guarantor (to the extent that such Guarantor is so required
under the Trust Indenture Act) shall deliver to the Trustee, within 120 days after the end of each
fiscal year ending after the Issue Date, a certificate from the principal executive officer,
principal financial officer or principal accounting officer stating that a review of the activities
of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officer with a view to determining whether the Issuer has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to
such Officer signing such certificate, that to the best of his or her knowledge the Issuer has
kept, observed, performed and fulfilled each and every condition and covenant contained in this
Indenture during such fiscal year and is not in default in the performance or observance of any of
the terms, provisions, covenants and conditions of this Indenture (or, if a Default

-62-

 

shall have occurred, describing all such Defaults of which he or she may have knowledge and
what action the Issuer is taking or proposes to take with respect thereto).

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

Section 4.05 Taxes.

          The Issuer shall pay or discharge, and shall cause each of its Restricted Subsidiaries to pay
or discharge, prior to delinquency, all material taxes, lawful assessments, and governmental levies
except such as are contested in good faith and by appropriate actions or where the failure to
effect such payment or discharge is not adverse in any material respect to the Holders of the 2017
A Notes.

Section 4.06
Stay, Extension and Usury Laws.

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

Section 4.07 Limitation on Restricted Payments.

          (a) Without limitation, the Company may and may permit any Restricted Subsidiary to,
directly or indirectly:

     (1) declare or pay any dividend or make any distribution or any payment having
the effect thereof on account of the Company’s or any Restricted Subsidiary’s Equity
Interests (in such Person’s capacity as holder of such Equity Interests), including any
dividend or distribution payable in connection with any merger, amalgamation or
consolidation other than:

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

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

-63-

 

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

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

     (a) Indebtedness permitted under clause (8) of Section 4.09(b) hereof; or

     (b) the payment of principal on or the purchase, redemption, defeasance,
repurchase or other acquisition or retirement of Subordinated Indebtedness of the
Company or any Restricted Subsidiary in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case due within one
year of the date of such payment of principal or such purchase, redemption,
defeasance, repurchase or acquisition; or

     (4) make any Investment

(all such payments and other actions set forth in clauses (1) through (4) above being collectively
referred to as “Restricted Payments”).

          (b) The Company shall not permit any Restricted Subsidiary to become an Unrestricted
Subsidiary unless it is also an Unrestricted Subsidiary for purposes of the 2017 B Notes and the
Company will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary unless it is
also a Restricted Subsidiary for purposes of the 2017 B Notes.

Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

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

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

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

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

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

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

-64-

 

     (1) contractual encumbrances or restrictions in effect on the Issue Date, including
pursuant to the Existing Senior Notes and the Existing Senior Notes Indentures;

     (2) (x) the Senior Credit Facilities and the related documentation and (y) the Indentures, the
Notes, the Exchange Notes and the Guarantees and the guarantees of the 2017 B Notes;

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

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

     (5) any agreement or other instrument of a Person acquired by or merged, consolidated or
amalgamated with or into the Company or any Restricted Subsidiary thereof in existence at the time
of such acquisition, merger, consolidation or amalgamation (but, in any such case, not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person so acquired and its Subsidiaries, or the
property or assets of the Person so acquired and its Subsidiaries or the property or assets so
assumed;

     (6) contracts for the sale of assets, including customary restrictions with respect to a
Subsidiary of (i) the Company or (ii) a Restricted Subsidiary, pursuant to an agreement that has
been entered into for the sale or disposition of all or substantially all of the Capital Stock or
assets of such Subsidiary that impose restrictions on the assets to be sold;

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

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

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

     (10) customary provisions in any joint venture agreement or other similar agreement relating
solely to such joint venture;

     (11) customary provisions contained in any lease, sublease, license, sublicense or similar
agreement, including with respect to intellectual property, and other agreements, in each case,
entered into in the ordinary course of business;

     (12) customary provisions contained in any Indebtedness incurred pursuant to any Credit
Facilities as permitted pursuant to Sections 4.09 and 4.12 hereof and an Officer reasonably and in
good faith determines at the time such Indebtedness is incurred (and at the time of any
modification of the terms of any such encumbrance or restriction) that any such encumbrance or
restriction will not materially adversely affect the Issuer’s or any Guarantor’s ability to make
any

-65-

 

payments, when due, with respect to the 2017 A Notes or its Guarantee thereof and any other
Indebtedness that is an obligation of the Issuer or such Guarantor and such determination is
set forth in an Officer’s Certificate delivered to the Trustee; and

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

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

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or
indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an
“incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the
Issuer and the Guarantors shall not issue any shares of Disqualified Stock and the Company shall
not permit the Issuer to, and shall not permit any Restricted Subsidiary that is not a Guarantor to
issue any shares of Disqualified Stock or Preferred Stock; provided, however, that
(1) the Issuer and the Guarantors may incur Indebtedness (including Acquired Indebtedness) or issue
shares of Disqualified Stock (other than Disqualified Stock of the Issuer or any parent company of
the Issuer that is also a Restricted Subsidiary), and (2) any Restricted Subsidiary that is not a
Guarantor may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified
Stock and issue shares of Preferred Stock, if in each case (a) the Consolidated Leverage Ratio at
the time such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is
issued would have been no greater than 6.5 to 1.0 determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as
the case may be, and the application of proceeds therefrom had occurred at the beginning of the
most recently ended four fiscal quarters for which internal financial statements are available and
(b) the Senior Leverage Ratio at the time such additional Indebtedness is incurred or such
Disqualified Stock or Preferred Stock is issued would have been no greater than 3.25 to 1.0
determined on a pro forma basis (including a pro forma application of the net
proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock
or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom
had occurred at the beginning of the most recently ended four fiscal quarters for which internal
financial statements are available; provided further, however, that Restricted
Subsidiaries that are not Guarantors may not incur Indebtedness or issue Disqualified Stock or
Preferred Stock if, after giving pro forma effect to such incurrence or issuance (including
a pro forma application of the net proceeds therefrom), more than an aggregate of
$30,000,000 of Indebtedness or Disqualified Stock or Preferred Stock of Restricted Subsidiaries
that are not Guarantors is outstanding pursuant to this paragraph at such time; provided
 further, however, that the Issuer and the Guarantors may incur Subordinated
Indebtedness (including Acquired Indebtedness that is Subordinated Indebtedness) if, in each case,

the Consolidated Leverage Ratio at the time such additional Subordinated Indebtedness is incurred
would have been no greater than 6.5 to 1.0 determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional Subordinated
Indebtedness had been incurred and the application of proceeds therefrom had occurred at

-66-

 

the beginning of the most recently ended four fiscal quarters for which internal financial
statements are available.

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

     (1) [Reserved];

     (2) the incurrence by (a) the Issuer and any Guarantor of Indebtedness represented by
(i) the 2017 B Notes (including any Guarantee, but excluding any Additional 2017 B Notes)
and (ii) the 2017 A Notes (including any guarantee of the 2017 A Notes, but excluding any
Additional 2017 A Notes) and (b) CCO of Indebtedness represented by the Proceeds Loans;

     (3) the incurrence by the Issuer and any Guarantor of Indebtedness represented by (i)
the 2017 B Exchange Notes and related guarantees of the 2017 B Exchange Notes to be issued
in exchange for the 2017 B Notes (excluding any Additional 2017 B Notes) and guarantees of
the 2017 B Exchange Notes pursuant to the 2017 B Registration Rights Agreement and (ii) the
2017 A Exchange Notes and related guarantees of the 2017 A Exchange Notes to be issued in
exchange for the 2017 A Notes (excluding any Additional 2017 A Notes) and Guarantees
pursuant to the 2017 A Registration Rights Agreement;

     (4) Indebtedness of the Company and its Restricted Subsidiaries in existence on the
Issue Date, including $150,000,000 under the Senior Credit Facilities (other than
Indebtedness pursuant to clause (2) of this Section 4.09(b)), and Indebtedness incurred by
the Company and its Restricted Subsidiaries pursuant to any revolving or other line of
credit pursuant to which there is an unfunded commitment in effect as of the Issue Date;

     (5) Indebtedness (including Capitalized Lease Obligations) incurred or Disqualified
Stock and Preferred Stock issued by the Company or any of its Restricted Subsidiaries (other
than Disqualified Stock or Preferred Stock of the Issuer or any parent company of the Issuer
that is also a Restricted Subsidiary), to finance the purchase, lease or improvement of
property (real or personal) or equipment that is used or useful in a Similar Business,
whether through the direct purchase of assets or the Equity Interests of any Person owning
such assets in an aggregate principal amount, together with any Refinancing Indebtedness in
respect thereof and all other Indebtedness incurred and Disqualified Stock and/or Preferred
Stock issued and outstanding under this clause (5), not to exceed $25,000,000 at any time
outstanding; so long as such Indebtedness exists at the date of such purchase, lease or
improvement, or is created within 270 days thereafter;

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

     (7) Indebtedness arising from agreements of the Company or a Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each
case, incurred or assumed in connection with the disposition of any business, assets or a
Subsidiary,

-67-

 

other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of
such business, assets or a Subsidiary for the purpose of financing such acquisition;
provided, however, that such Indebtedness is not reflected on the balance sheet
(other than by application of ASC 460-10 or in respect of acquired contingencies and contingent
consideration recorded under ASC 805-10) of the Company or any Restricted Subsidiary (contingent
obligations referred to in a footnote to financial statements and not otherwise reflected on the
balance sheet shall not be deemed to be reflected on such balance sheet for purposes of this clause
(7));

     (8) Indebtedness of the Company to a Restricted Subsidiary or a Restricted Subsidiary to the
Company or another Restricted Subsidiary; provided that any such Indebtedness owing by the
Issuer or a Guarantor to a Restricted Subsidiary that is not a Guarantor is expressly subordinated
in right of payment to the Notes or the Guarantee of the Notes, as
applicable; provided
further, that any subsequent issuance or transfer of any Capital Stock or any other event which
results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent
transfer of any such Indebtedness (except to the Company, the Issuer or another Restricted
Subsidiary that is a Guarantor or any pledge of such Indebtedness constituting a Permitted Lien)
shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this
clause (8);

     (9) shares of Preferred Stock of a Restricted Subsidiary (other than the Issuer or any parent
company of the Issuer that is also a Restricted Subsidiary) issued to the Company or another
Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital
Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the
Company or a Restricted Subsidiary or pursuant to any pledge of such Preferred Stock constituting a
Permitted Lien) shall be deemed in each case to be an issuance of such shares of Preferred Stock
not permitted by this clause (9);

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

     (11) obligations in respect of self-insurance, customs, stay, performance, bid, appeal and
surety bonds and completion guarantees and other obligations of a like nature provided by the
Company or any of its Restricted Subsidiaries in the ordinary course of business;

     (12) (a) Indebtedness or Disqualified Stock of the Company owed or issued to CCU or any of its
Subsidiaries that is a direct or indirect parent company in connection with the Cash Management
Arrangements and (b) Indebtedness or Disqualified Stock of the Company or a Restricted Guarantor
(other than Disqualified Stock of a parent company of the Issuer that is also a Restricted
Subsidiary) and Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary
that is not a Guarantor (in the case of Disqualified Stock or Preferred Stock, other than the
Issuer or any parent company of the Issuer that is also a Restricted Subsidiary) in an aggregate
principal amount or liquidation preference, which when aggregated with the principal amount and
liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then
outstanding and incurred pursuant to this clause (12)(b), does not at any one time outstanding
exceed $65,000,000 (it being understood that any Indebtedness incurred or Disqualified Stock or
Preferred Stock issued pursuant to this clause (12)(b) shall cease to be deemed incurred or
outstanding for purposes of this clause (12)(b) but shall be deemed incurred

-68-

 

for the purposes of the first paragraph of this covenant from and after the first date on which the
Company or such Restricted Subsidiary could have incurred such Indebtedness or issued such
Disqualified Stock or Preferred Stock under the first paragraph of this covenant without reliance
on this clause (12)(b), with such automatic reclassification subject to the $30,000,000 limitation
in the first paragraph of this covenant that Restricted Subsidiaries that are not Guarantors may
not incur Indebtedness or issue Disqualified Stock or Preferred Stock if, after giving pro
forma effect to such incurrence or issuance (including a pro forma application of
the net proceeds therefrom), the availability as of such date of determination under the
$30,000,000 sublimit would be exceeded);

     (13) the incurrence by (1) the Issuer and the Guarantors of Indebtedness or the issuance
of shares of Disqualified Stock by the Guarantors (other than Disqualified Stock of any parent
company of the Issuer that is also a Restricted Subsidiary), and (2) any Restricted Subsidiary that
is not a Guarantor of Indebtedness or the issuance of shares of Disqualified Stock or shares of
Preferred Stock, in each case, that serves to extend, replace, refund, refinance, renew or defease:

     (a) any Indebtedness incurred or Disqualified Stock or Preferred Stock issued as
permitted under Section 4.09(a), clauses (2), (3), (4), (5), (12)(a) and (14) of this
Section 4.09(b) (including with respect to (x) Section 4.09(a), any unfunded commitment for
which an Officer’s Certificate has been delivered to the Trustee as provided in the
definition of Consolidated Leverage Ratio or Senior Leverage Ratio, and (y) clause (4)
above, any revolving or other line of credit pursuant to which there is an unfunded
commitment in effect as of the Issue Date), or

     (b) any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to so
extend, replace, refund, refinance, renew or defease the Indebtedness, Disqualified Stock
or Preferred Stock set forth in clause (a) above (including unfunded commitments that serve
to extend, replace, refund, refinance, renew or defease any unfunded commitments under
Indebtedness set forth in such clause (a)); provided, however, that in the
case of clauses (a) and (b), any unfunded commitment shall continue to be treated as
outstanding for purposes of the definition of Consolidated Leverage Ratio and Senior
Leverage Ratio, as applicable, to the extent such unfunded commitment was outstanding for
purposes thereof prior to such extension, replacement, refunding, refinancing, renewal or
defeasance under this clause (13),

including, in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred to
pay premiums (including tender premiums), defeasance costs and fees and expenses in connection
therewith or incurred as a result of original issue discount, accreted value in excess of the
proceeds thereof or the stated principal amount thereof being in excess of the fair value thereof
at issuance, in each case, as determined in good faith by the Company (collectively, the
“Refinancing Indebtedness”) prior to its respective maturity; provided,
however, that such Refinancing Indebtedness:

     (A) has a Weighted Average Life to Maturity at the time such Refinancing
Indebtedness is incurred which is not less than the remaining Weighted Average Life to
Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended,
replaced, refunded, refinanced, renewed or defeased (except by virtue of prepayment of such
Indebtedness),

-69-

 

     (B) to the extent such Refinancing Indebtedness extends, replaces, refunds,
refinances, renews or defeases (i) Indebtedness subordinated in right of payment or pari
passu to the 2017 A Notes or any Guarantee thereof, such Refinancing Indebtedness
is subordinated in right of payment or pari passu to the 2017 A Notes or the
Guarantee at least to the same extent as the Indebtedness being extended, replaced,
refunded, refinanced, renewed or defeased or (ii) Disqualified
Stock or Preferred Stock,
such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively,

     (C) in the case of any Refinancing Indebtedness incurred to refinance Indebtedness,
Disqualified Stock or Preferred Stock outstanding under clause (5) above, such Refinancing
Indebtedness shall be deemed to have been incurred and to be outstanding under such clause
(5), and not this clause (13) for purposes of determining amounts outstanding under such
clauses; and

     (D) shall not include:

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

     (ii) Indebtedness, Disqualified Stock or Preferred Stock of the Issuer
or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or
Preferred Stock of an Unrestricted Subsidiary;

and provided further, however that subclauses (A) and (B) of this clause (13)
shall not apply to any extension, replacement, refunding, refinancing, renewal or defeasance of
any Indebtedness under any Credit Facilities;

     (14) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Company or a
Restricted Subsidiary (in the case of Disqualified Stock or Preferred Stock, other than the Issuer
or any parent company of the Issuer that is also a Restricted
Subsidiary) incurred or issued to
finance an acquisition or (y) Persons that are acquired by the Company or any Restricted Subsidiary
or merged into the Company or a Restricted Subsidiary in accordance with the terms of this
Indenture; provided, however, that after giving effect to such acquisition or merger,
either:

     (i) (A) with respect to Subordinated Indebtedness incurred or Disqualified Stock or
Preferred Stock issued pursuant to this clause (14), the Company would be permitted to incur
at least $1.00 of additional Subordinated Indebtedness pursuant to the Consolidated
Leverage Ratio test set forth in Section 4.09(a) hereof, and (B) with respect to any other
Indebtedness, the Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to each of the ratio tests set forth in Section 4.09(a) hereof, or

     (ii) (A) the Consolidated Leverage Ratio is less than the Consolidated Leverage Ratio
immediately prior to such acquisition or merger, and (B) other than with respect to the
incurrence of Subordinated Indebtedness pursuant to this clause (14), the Senior Leverage
Ratio is less than the Senior Leverage Ratio immediately prior to such acquisition or
merger;

-70-

 

provided, however, that in each case, such determination is made on a pro
forma basis taking into account such acquisition or merger;

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

     (16) [Reserved]

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

     (b) any guarantee by a Restricted Subsidiary of Indebtedness of the Company; or

     (c) any guarantee by a Restricted Subsidiary (other than the Issuer or a
Restricted Guarantor), the Company or CCO of obligations of any other Restricted
Subsidiary (other than the Issuer or a Guarantor);

provided that, in each case, such Restricted Subsidiary shall comply with Section 4.15
hereof;

     (18) Indebtedness of Foreign Subsidiaries of the Company in an amount not to exceed at any one
time outstanding and together with any other Indebtedness incurred under this clause (18)
$30,000,000 (it being understood that any Indebtedness incurred pursuant to this clause (18) shall
cease to be deemed incurred or outstanding for purposes of this clause (18) but shall be deemed
incurred under Section 4.09(a) hereof from and after the first date on which such Foreign
Subsidiary could have incurred such Indebtedness under Section 4.09(a) hereof without reliance on
this clause (18), with such automatic reclassification subject to the $30,000,000 limitation in the
first paragraph of this covenant that Restricted Subsidiaries that are not Guarantors may not incur
Indebtedness or issue Disqualified Stock or Preferred Stock if, after giving pro forma
effect to such incurrence or issuance (including a pro forma application of the net
proceeds therefrom), the availability as of such date of determination under the $30,000,000
sublimit would be exceeded;

     (19) Indebtedness consisting of Indebtedness issued by the Company or any of its Restricted
Subsidiaries to future, current or former officers, directors, employees and consultants thereof or
any direct or indirect parent thereof, their respective estates, heirs, family members, spouses or
former spouses, in each case to finance the repurchase, retirement or other acquisition for value
of Equity Interests (other than Disqualified Stock) of the Company or any of its direct or indirect
parent companies held by any future, present or former employee, director, officer or consultant of
the Company, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or
agreement (including any principal and interest payable on any notes issued by the Company or any
direct or indirect parent company of the Company in connection with any such repurchase, retirement
or acquisition), or any stock subscription or shareholder agreement;

-71-

 

     (20) cash management obligations and Indebtedness in respect of netting services,
employee credit card programs and similar arrangements in connection with cash management
and deposit accounts; and

     (21) customer deposits and advance payments received in the ordinary course of
business from customers for goods purchased in the ordinary course of business.

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

     (1) in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock
(or any portion thereof) meets the criteria of more than one of the categories of permitted
Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through (21) of
Section 4.09(b) hereof or is entitled to be incurred pursuant to Section 4.09(a) hereof, the
Company, in its sole discretion, may classify or reclassify such item of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) and shall only be required to
include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in
one of the above clauses of Section 4.09(b) hereof or under Section 4.09(a) hereof;
provided that (x) all Indebtedness outstanding under the Credit Facilities on the
Issue Date shall be treated as incurred on the Issue Date under clause (4) of Section
4.09(b) hereof, (y) any Secured Indebtedness being reclassified shall only be reclassified
to the extent that the Lien is also permitted with respect to such Secured Indebtedness as
so reclassified and (z) Indebtedness incurred or Disqualified Stock or Preferred Stock
issued by Restricted Subsidiaries that are not Guarantors may be reclassified only to the
extent that, after giving effect to such reclassification (including a pro forma application
of the net proceeds therefrom), such Restricted Subsidiary that is not a Guarantor would be
permitted to incur the Indebtedness or issue the Disqualified Stock or Preferred Stock as so
reclassified on the date; and

     (2) at the time of incurrence or any reclassification thereafter, the Company shall be
entitled to divide and classify an item of Indebtedness, Disqualified Stock or Preferred
Stock in more than one of the types of Indebtedness, Disqualified Stock or Preferred Stock
described in Sections 4.09(a) and 4.09(b) hereof; provided, however, that
(x) with respect to Secured Indebtedness, such Secured Indebtedness may only be classified
or reclassified as a type of Indebtedness to the extent such Indebtedness may also be
secured by a Lien under this Indenture and (y) with respect to such Indebtedness,
Disqualified Stock and Preferred Stock of Restricted Subsidiaries that are not Guarantors,
such Indebtedness, Disqualified Stock and Preferred Stock may only be classified or
reclassified as a type of Indebtedness, Disqualified Stock or Preferred Stock to the extent
such Restricted Subsidiary that is not a Guarantor may so incur such Indebtedness,
Disqualified Stock or Preferred Stock under this Indenture on the date of classification or
reclassification.

          (d) Accrual of interest or dividends, the accretion of accreted value, the accretion or
amortization of original issue discount and the payment of interest or dividends in the form of
additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, shall not be deemed
to be an incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock for
purposes of this Section 4.09.

          (e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in

-72-

 

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

          (f) The principal amount of any Indebtedness incurred to refinance other Indebtedness, if
incurred in a different currency from the Indebtedness being refinanced, shall be calculated based
on the currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing. The principal amount of any
non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date
shall be the principal amount thereof that would be shown on a balance sheet of the Company dated
such date prepared in accordance with GAAP.

          (g) The Company shall not, and shall not permit the Issuer or any Guarantor to, directly or
indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually
subordinated or junior in right of payment to any Indebtedness of the Issuer or such Guarantor, as
the case may be, unless such Indebtedness is expressly subordinated in right of payment to the 2017
A Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is
subordinated in right of payment to other Indebtedness of the Issuer or such Guarantor, as the case
may be. Subordination shall refer to contractual payment subordination and not to structural
subordination. This Indenture shall not treat (1) unsecured Indebtedness as subordinated or junior
to Secured Indebtedness merely because it is unsecured, (2) unsubordinated Indebtedness as
subordinated or junior to any other unsubordinated Indebtedness merely because it has a junior
priority with respect to the same collateral or (3) Indebtedness as subordinated or junior
Indebtedness merely because it is structurally subordinated to other Indebtedness.

Section 4.10 Asset Sales.

          There shall be no limitation on (1) the sale, conveyance, transfer or other disposition,
whether in a single transaction or a series of related transactions, of property or assets
(including by way of a Sale and Lease-Back Transaction) of the Company or any of its Restricted
Subsidiaries or (2) the issuance or sale of Equity Interests of any Restricted Subsidiary, whether
in a single transaction or a series of related transactions (each, an “Asset Sale”).

Section 4.11 Transactions with Affiliates.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
make any payment to, or sell, lease, transfer or otherwise dispose of any of their properties or
assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving
aggregate payments or consideration in excess of $10,000,000, unless:

-73-

 

     (1) such Affiliate Transaction is on terms that are not materially less favorable to the
Company or the relevant Restricted Subsidiary than those that would have been obtained in a
comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person on an
arm’s-length basis; and

     (2) the Company delivers to the Trustee with respect to any Affiliate Transaction or series of
related Affiliate Transactions involving aggregate payments or consideration in excess of
$20,000,000, a resolution adopted by the majority of the Board of Directors approving such
Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate
Transaction complies with clause (1) of this Section 4.11(a).

     (b) Section 4.11 (a) hereof shall not apply to the following:

     (1) (A) transactions between or among the Company or any of its Restricted Subsidiaries, and
(B) any Affiliate Transaction, directly or indirectly, (i) constituting the payment of dividends or
making any other distributions to CCU or any of its Restricted Subsidiaries (as defined in the
indenture described in clause (b) of the definition of the Existing Senior Notes Indentures) or
payment of any Indebtedness owed to CCU or any of its Restricted Subsidiaries (as defined in the
indenture described in clause (b) of the definition of the Existing Senior Notes Indentures), (ii)
making loans or advances to CCU or any of its Restricted Subsidiaries (as defined in the indenture
described in clause (b) of the definition of the Senior Notes Indentures), or (iii) selling,
leasing or transferring any properties or assets to CCU or any of its Restricted Subsidiaries (as
defined in the indenture described in clause (b) of the definition of the Existing Senior Notes
Indentures);

     (2) Restricted Payments permitted by Section 4.07 of the 2017 B Indenture and
Investments constituting Permitted Investments (as defined in the 2017 B Indenture);

     (3) for so long as the Company is a member of a group filing a consolidated, combined,
unitary, or similar group tax return with any direct or indirect parent company of the Company
(regardless of whether the Company is a Wholly-Owned Subsidiary of such parent company), payments
in respect of the hypothetical consolidated, combined, unitary, or similar group tax liabilities of
the Company and its Subsidiaries, determined as if the Company were the common parent of a group of
a separate affiliated group of corporations filing a consolidated federal income tax return (or the
common parent of the applicable comparable group filing a consolidated, combined, unitary, or
similar group tax return under state, local, or foreign law);

     (4) the payment of reasonable and customary fees and compensation consistent with past
practice or industry practices paid to, and indemnities provided on behalf of, employees, officers,
directors or consultants of the Company, any of its direct or indirect parent companies or any of
its Restricted Subsidiaries;

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

-74-

 

     (6) any agreement and the transactions contemplated thereby with an affiliate as in
effect as of the Issue Date, and any extension, amendment, restatement, modification or other
supplement to, or replacement of, any of the foregoing and so long as any such extension,
amendment, restatement, modification or other supplement is not materially adverse in the good
faith judgment of the Board of Directors to the Holders when taken as a whole as compared to the
applicable agreement as in effect on the Issue Date;

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

     (8) the Transactions and the payment of all fees and expenses related to the
Transactions, including Transaction Expenses;

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

     (10) the issuance of Equity Interests (other than Disqualified Stock) by the Company or a
Restricted Subsidiary;

     (11) agreements and transactions between the Company and its Restricted Subsidiaries, on the
one hand, and CCU or any of its Restricted Subsidiaries (as defined in the indenture described in
clause (b) of the definition of the Existing Senior Notes Indentures), on the other hand;

     (12) payments by the Company or any of its Restricted Subsidiaries to any of the Investors
made for any financial advisory, financing, underwriting or placement services or in respect of
other investment banking activities, including in connection with acquisitions or divestitures,
which payments are approved by a majority of the Board of Directors in good faith or as otherwise
permitted by this Indenture;

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

-75-

 

     (14) (a) Investments by the Investors in debt securities of the Company or
any of its Restricted Subsidiaries and any payments in respect thereof so long as (i) the
investment is being offered generally to other investors on the same or more favorable terms
and (ii) the investment constitutes less than 5.0% of the proposed or outstanding issue
amount of such class of securities, and (b) payments in respect of any Public Debt or Notes
held by Affiliates.

Section 4.12 Liens.

          (a) The Company shall not, and shall not permit any Restricted Subsidiary to,
directly or indirectly, create, incur, assume or suffer to exist any Lien (other than a
Permitted Lien) on any
asset or property of the Company or such Restricted Subsidiary, or any income or profits
therefrom or
assign or convey any right to receive income therefrom, unless:

     (1) in the case of Liens securing Subordinated Indebtedness, the 2017 A Notes and
related Guarantees are secured by a Lien on such property, assets or proceeds that is senior
in priority to such Liens; or

     (2) in all other cases, the 2017 A Notes or the Guarantees are equally and ratably
secured.

          (b) Section 4.12(a) hereof shall not apply to Liens securing the 2017 A Notes and the related
Guarantees thereof or the 2017 A Exchange Notes and the related guarantees thereof.

          (c) Any Lien created for the benefit of the Holders of the 2017 A Notes pursuant to this
Section 4.12 shall be deemed automatically and unconditionally released and discharged upon the
release and discharge of the applicable Lien described in clauses (1) and (2) of Section 4.12(a)
hereof.

Section 4.13 Corporate Existence.

          Subject to Article 5 hereof, the Issuer and the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, in
accordance with its organizational documents (as the same may be amended from time to time).

Section 4.14 Offer to Repurchase Upon Change of Control.

          (a) If a Change of Control occurs, unless the Issuer has previously or concurrently
mailed a redemption notice with respect to all the outstanding 2017 A Notes as set forth in each of
Section 5 of the 2017 A Notes and Sections 3.03 and 3.07 hereof, the Issuer shall make an offer to
purchase all of the 2017 A Notes pursuant to the offer described below (the “Change of Control
Offer”) at a price in cash (the “Change of Control Payment”) equal to 101.0% of the
aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase, subject to the right of Holders of the 2017 A Notes of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change
of Control, the Issuer shall send notice of such Change of Control Offer by first-class mail, with
a copy to the Trustee, to each Holder of 2017 A Notes to the address of such Holder appearing in
the security register with a copy to the Trustee, or otherwise in accordance with the procedures of
DTC, with the following information:

-76-

 

     (1) that a Change of Control Offer is being made pursuant to this Section 4.14,
and that all 2017 A Notes properly tendered pursuant to such Change of Control Offer shall
be accepted for payment by the Issuer;

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

     (3) that any 2017 A Note not properly tendered shall remain outstanding and
continue to accrue interest;

     (4) that unless the Issuer defaults in the payment of the Change of Control Payment,
all 2017 A Notes accepted for payment pursuant to the Change of Control Offer shall cease to
accrue interest on the Change of Control Payment Date;

     (5) that Holders electing to have any 2017 A Notes purchased pursuant to a Change of
Control Offer shall be required to surrender such 2017 A Notes, with the form entitled
“Option of Holder to Elect Purchase” on the reverse of such 2017 A Notes completed, to the
Paying Agent specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Change of Control Payment Date;

     (6) that Holders shall be entitled to withdraw their tendered 2017 A Notes and their
election to require the Issuer to purchase such 2017 A Notes; provided that the
Paying Agent receives, not later than the close of business on the fifth Business Day
preceding the Change of Control Payment Date, a telegram, facsimile transmission or letter
setting forth the name of the Holder of the 2017 A Notes, the principal amount of 2017 A
Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered
2017 A Notes and its election to have such 2017 A Notes purchased;

     (7) that the Holders whose 2017 A Notes are being repurchased only in part shall be
issued new 2017 A Notes equal in principal amount to the unpurchased portion of the 2017 A
Notes surrendered. The unpurchased portion of the 2017 A Notes must be equal to a minimum of
$2,000 or an integral multiple of $1,000 in principal amount;

     (8) if such notice is mailed prior to the occurrence of a Change of Control, stating
that the Change of Control Offer is conditional on the occurrence of such Change of Control;
and

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

          The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been
given, whether or not the Holder receives such notice. If (a) the notice is mailed in a manner
herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice
but it is defective, such Holder’s failure to receive such notice or such defect shall not affect
the validity of the proceedings for the purchase of the 2017 A Notes as to all other Holders that
properly received such notice without defect. The Issuer shall comply with the requirements of Rule
14e-l under the Exchange Act and any other securities laws and regulations thereunder to the extent
such laws or regulations are applicable in connection with the repurchase of 2017 A Notes by the
Issuer pursuant to a Change of Control Offer. To the extent that the provisions of any securities
laws or regulations conflict with the

-77-

 

provisions of this Indenture, the Issuer shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under this Indenture by virtue
thereof.

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

     (1) accept for payment all 2017 A Notes issued by it or portions thereof properly
tendered pursuant to the Change of Control Offer;

     (2) deposit with the Paying Agent an amount equal to the aggregate Change of
Control Payment in respect of all 2017 A Notes or portions thereof so tendered; and

     (3) deliver, or cause to be delivered, to the Trustee for cancellation (and delivery to
the Paying Agent) the 2017 A Notes so accepted together with an Officer’s Certificate to the
Trustee stating that such 2017 A Notes or portions thereof have been tendered to and
purchased by the Issuer.

          (c) The Issuer shall not be required to make a Change of Control Offer following a Change of
Control if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Issuer and purchases all 2017 A Notes validly tendered and not withdrawn
under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of
Control Offer may be made in advance of a Change of Control, conditional upon such Change of
Control, if a definitive agreement is in place for the Change of Control at the time of making of
the Change of Control Offer.

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

Section 4.15 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.

          The Company shall not permit any Restricted Subsidiary of the Company, other than a Guarantor
or an Immaterial Subsidiary, to guarantee the payment of any Indebtedness in excess of $10,000,000
of the Issuer or any Guarantor unless:

     (1) such Restricted Subsidiary within 30 days executes and delivers a supplemental
indenture to this Indenture providing for a Guarantee by such Restricted Subsidiary, except
that with respect to a guarantee of Indebtedness of the Issuer or any Guarantor, if such
Indebtedness is by its express terms subordinated in right of payment to the 2017 A Notes or
a related Guarantee, any such guarantee by such Restricted Subsidiary with respect to such
Indebtedness shall be subordinated in right of payment to such Guarantee substantially to
the same extent as such Indebtedness is subordinated to the 2017 A Notes or such Guarantor’s
related Guarantee; and

     (2) such Restricted Subsidiary shall within 30 days deliver to the Trustee an Opinion
of Counsel reasonably satisfactory to the Trustee;

provided that this covenant shall not be applicable to any guarantee of any Restricted
Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred
in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. The
Company may elect, in its

-78-

 

sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to
become a Guarantor, in which case such Subsidiary shall not be required to comply with the 30 day
periods set forth above.

          The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise
required to be a Restricted Guarantor to become a Restricted Guarantor, in which case such
Subsidiary shall not be required to comply with the 30 day periods set forth in clauses (1) and (2)
of this Section 4.15.

Section 4.16 Liquidity Amount.

          On the Issue Date, (1) the Issuer and the Guarantors shall have $50,000,000 in any combination
of cash, other liquid assets under their sole dominion and control on an unrestricted basis and not
subject to any Lien (such cash and liquid assets, the “Guarantor Liquidity Assets”) and
cash available to be borrowed by the Issuer or the Guarantors in U.S. dollars under any Credit
Facility to which the Company is a party (but to which none of its Affiliates (other than the
Issuer and Restricted Guarantors) is a party) (the “Guarantor Liquidity Facility”) for
which all conditions to borrowing have been and remain satisfied (such $50,000,000 amount, the
“Guarantor Liquidity Amount”) and the Company shall maintain such Liquidity Amount at all
times and (2) the Restricted Subsidiaries that are not Guarantors shall have, and the Company shall
cause the Restricted Subsidiaries that are not Guarantors to have, $50,000,000 (or an equivalent
amount in other currencies) in any combination of cash, other liquid assets under their sole
dominion and control on an unrestricted basis and not subject to any Lien (such cash and liquid
assets, the “Non-Guarantor Liquidity Assets”) and cash available to be borrowed by any one
or more of the Restricted Subsidiaries that are not Guarantors under any Credit Facility to which
none of the Company’s Affiliates (other than the Company and any Restricted Subsidiaries) is a
party (the “Non-Guarantor Liquidity Facility” and, together with the Guarantor Liquidity
Facility, the “Liquidity Facilities”) for which all conditions to borrowing have been and
remain satisfied (such $50,000,000 amount (or an equivalent amount in other currencies), the

“Non-Guarantor Liquidity Amount”) and the Company shall cause the Non-Guarantor Liquidity
Amount to be maintained at all times. The Liquidity Facilities shall only constitute Liquidity
Facilities to the extent all conditions to borrowing thereunder are satisfied (other than any
notice of borrowing that may be required) and the amount available under any Liquidity Facility
shall be part of the Guarantor Liquidity Amount or the Non-Guarantor Liquidity Amount without
duplication. Assets that constitute Guarantor Liquidity Assets shall not also constitute
Non-Guarantor Liquidity Assets and vice versa. Notwithstanding the foregoing, the Guarantor
Liquidity Assets and the Non-Guarantor Liquidity Assets may be subject to Permitted Liquidity
Liens.

ARTICLE 5

SUCCESSORS

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

          (a) Neither the Company nor the Issuer may consolidate or merge with or into or wind up
into (whether or not the Company or the Issuer, as the case may be, is the surviving corporation),
nor may the Company or the Issuer sell, assign, transfer, lease, convey or otherwise dispose of all
or substantially all of the properties or assets of the Company or the Issuer, as the case may be,
and its Subsidiaries which are Restricted Subsidiaries, taken as a whole, in one or more related
transactions, to any Person (other than CCU or its Restricted Subsidiaries (as defined in the
indenture described in clause (b) of the definition of Existing Senior Notes Indentures)) unless:

-79-

 

     (1) the Company or the Issuer, as the case may be, is the surviving corporation or
the Person formed by or surviving any such consolidation or merger (if other than the
Company or the Issuer, as the case may be) or the Person to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made is organized or
existing under the laws of the United States, any state thereof, the District of Columbia,
or any territory thereof (the Company, the Issuer or such Person, as the case may be, being
herein called the “Successor Company”); provided that in the case where the
Successor Company is not a corporation, a co-obligor of the 2017 A Notes is a corporation;

     (2) the Successor Company, if other than the Company or the Issuer, as the case may be,
expressly assumes all the obligations of the Company or the Issuer, as the case may be,
under the Company’s Guarantee or the 2017 A Notes, as applicable, pursuant to a supplemental
indenture or other documents or instruments in form reasonably satisfactory to the Trustee;

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

     (4) immediately after giving pro forma effect to such transaction and any
related financing transactions, as if such transactions had occurred at the beginning
of the applicable four-quarter period,

     (A) the Successor Company would be permitted to incur at least $1.00 of
additional Indebtedness pursuant to each of the ratio tests set forth in Section
4.09(a) hereof, or

     (B) (x) the Consolidated Leverage Ratio for the Successor Company and its
Restricted Subsidiaries would be equal to or less than such Consolidated Leverage
Ratio immediately prior to such acquisition or merger and (y) the Senior Leverage
Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or
less than such Senior Leverage Ratio immediately prior to such acquisition or
merger;

     (5) each Guarantor, unless it is the other party to the transactions described above,
in which case clause (1)(B) of Section 5.01(c) shall apply, shall have by supplemental
indenture confirmed that its Guarantee shall apply to such Person’s obligations under this
Indenture and the 2017 A Notes; and

     (6) the Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indentures, if any, comply with this Indenture.

          (b) The Successor Company shall succeed to, and be substituted for, the Company or the Issuer,
as the case may be, under this Indenture and the 2017 A Notes, as applicable. Notwithstanding
clauses (3) and (4) of Section 5.01(a) hereof,

     (1) the Company or any Restricted Subsidiary (other than the Issuer) may consolidate
with or merge into or transfer all or part of its properties and assets to the Issuer or a
Guarantor; and

     (2) the Company or the Issuer may merge with an Affiliate of the Company or the Issuer,
as the case may be, solely for the purpose of reorganizing the Company or the Issuer, as

-80-

 

the case may be, in the United States, any state thereof, the District of Columbia or
any territory thereof so long as the amount of Indebtedness of the Company, the Issuer and
its Restricted Subsidiaries is not increased thereby.

Notwithstanding Sections 5.01(a) and 5.01(b), other than Section 5.01(a)(3) which shall be
applicable, any Restricted Subsidiaries of the Issuer that are not Guarantors may consolidate or
merge with or into or wind up into, and the Issuer or any of its Restricted Subsidiaries that are
not Guarantors may sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of the properties or assets of, or Equity Interests in, its Restricted
Subsidiaries that are not Guarantors, taken as a whole, in one or more related transactions to any
Person (such disposition, a “Foreign Disposition”); provided, however, that
(1) such Foreign Disposition is a Qualified Asset Sale, and (2) if, on a pro forma basis,
the Consolidated Leverage Ratio would be equal to or greater than 6.0 to 1.0 or the Senior Leverage
Ratio would be equal to or greater than 3.0 to 1.0, then the Issuer shall make an offer to purchase
all the outstanding 2017 A Notes at 100% of the principal amount thereof in a manner and time frame
as would be required if such offer were a Change of Control Offer. If a Foreign Disposition does
not constitute a disposition of all or substantially all of the properties or assets of the Issuer,
this paragraph shall not be applicable.

          (c) No Restricted Guarantor shall, and the Company shall not permit any Restricted
Guarantor to, consolidate or merge with or into or wind up into (whether or not the Company or
such Restricted Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of its properties or assets, in one or more related
transactions, to any Person (other than CCU or its Restricted Subsidiaries (as defined in the indenture described
in clause (b) of the definition of the Existing Senior Notes Indentures)) unless:

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

     (B) the Successor Person, if other than such Guarantor, expressly assumes all
the obligations of such Guarantor under this Indenture and such Guarantor’s related
Guarantee pursuant to supplemental indentures or other documents or instruments in
form reasonably satisfactory to the Trustee;

     (C) immediately after such transaction, no Default exists; and

     (D) the Company shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or transfer
and such supplemental indentures, if any, comply with this Indenture; or

          (2) the transaction is a Qualified Asset Sale.

          (d) In the case of clause (1) of Section 5.01(c) hereof, the Successor Person shall
succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s
Guarantee. Notwithstanding the foregoing, any Guarantor (other than the Company, which is covered by
Section 5.01(a)) may (1) merge or consolidate with or into or wind up into or transfer all or part of
its properties

-81-

 

and assets to another Guarantor or the Issuer, (2) merge with an Affiliate of the Company
solely for the purpose of reincorporating the Guarantor in the United States, any state thereof,
the District of Columbia or any territory thereof or (3) convert into (which may be effected by
merger with a Restricted Subsidiary that has substantially no assets and liabilities) a
corporation, partnership, limited partnership, limited liability corporation or trust organized or
existing under the laws of the jurisdiction of organization of such Guarantor (which may be
effected by merger so long as the survivor thereof is a Guarantor).

Section 5.02 Successor Corporation Substituted.

          Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of the Issuer in accordance with
Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which
the Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this
Indenture referring to the Issuer shall refer instead to the successor corporation and not to the
Issuer), and may exercise every right and power of the Issuer under this Indenture with the same
effect as if such Successor Person had been named as the Issuer herein; provided that the
predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest
and Special Interest, if any, on the 2017 A Notes except in the case of a sale, assignment,
transfer, lease, conveyance or other disposition of all of the Issuer’s assets that meets the
requirements of Section 5.01 hereof.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

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

     (1) default in payment when due and payable, upon redemption, acceleration or
otherwise, of principal of, or premium, if any, on the 2017 A Notes;

     (2) default for 30 days or more in the payment when due of interest on or with
respect to the 2017 A Notes;

     (3) failure by the Issuer or any Guarantor for 60 days after receipt of written notice
given by the Trustee or the Holders of not less than 25.0% in principal amount of the then
outstanding 2017 A Notes (with a copy to the Trustee) to comply with any of its obligations,
covenants or agreements (other than a default referred to in clauses (1), (2) and (9) of
this Section 6.01(a)) contained in this Indenture or the 2017 A Notes;

     (4) default under any mortgage, indenture or instrument under which there is issued or
by which there is secured or evidenced any Indebtedness for money borrowed by the Company or
any of its Restricted Subsidiaries or the payment of which is guaranteed by the Company or
any of its Restricted Subsidiaries, other than Indebtedness owed to the Company or a
Restricted

-82-

 

Subsidiary, whether such Indebtedness or guarantee now exists or is created after the
issuance of the 2017 A Notes, if both:

     (a) such default either results from the failure to pay any principal of such
Indebtedness at its stated final maturity (after giving effect to any applicable
grace periods) or relates to an obligation other than the obligation to pay
principal of any such Indebtedness at its stated final maturity and results in the
holder or holders of such Indebtedness causing such Indebtedness to become due prior
to its stated final maturity; and

     (b) the principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at
stated final maturity (after giving effect to any applicable grace periods), or the
maturity of which has been so accelerated, aggregate $35,000,000 or more at any one
time outstanding, in each case, other than as a result of an Excluded Event;

     (5) failure by the Company, the Issuer, or any other Significant Party to pay final
non-appealable judgments aggregating in excess of $35,000,000, which final judgments remain
unpaid, undischarged and unstayed for a period of more than 90 days after such judgments
become final, and in the event such judgment is covered by insurance, an enforcement
proceeding has been commenced by any creditor upon such judgment or decree which is not
promptly stayed;

     (6) the Company, the Issuer or any other Significant Party, pursuant to or within the
meaning of any Bankruptcy Law:

     (i) commences proceedings to be adjudicated bankrupt or insolvent;

     (ii) consents to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy Law;

     (iii) consents to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator or other similar official of it or for all or substantially
all of its property;

     (iv) makes a general assignment for the benefit of its creditors; or

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

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

     (i) is for relief against the Issuer or any Significant Party in a
proceeding in which the Issuer or any such Significant Party is to be
adjudicated bankrupt or insolvent;

     (ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or
other similar official of the Issuer or any Significant Party, or for all or
substantially all of the property of the Issuer or any Significant Party; or

-83-

 

     (iii) orders the liquidation of the Issuer or any Significant
Party; 

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

     (8) the Guarantee of any Significant Party shall for any reason cease to be in full
force and effect or be declared null and void or any responsible officer of any Guarantor
that is a Significant Party, as the case may be, denies in writing that it has any further
liability under its Guarantee or gives written notice to such effect, other than by reason
of the termination of this Indenture or the release of any such Guarantee in accordance with
this Indenture; and

     (9) failure to maintain the Guarantor Liquidity Amount or the Non-Guarantor Liquidity
Amount which failure continues for more than fifteen (15) consecutive business days;
provided, however, that upon the event of a CCU Credit Event and during the
continuance thereof, for the period that is the shorter of the continuance of the CCU Credit
Event and 60 days after the occurrence of such CCU Credit Event, it shall not be an Event of
Default if the Guarantor Liquidity Amount and the Non-Guarantor Liquidity Amount shall each
be at least $25,000,000 during such period.

          (b) In the event of any Event of Default specified in clause (4) of Section 6.01(a)
hereof, such Event of Default and all consequences thereof (excluding any resulting payment
default, other than as a result of acceleration of the 2017 A Notes) shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days
after such Event of Default arose:

     (1) the Indebtedness or guarantee that is the basis for such Event of Default has been
discharged; or

     (2) holders thereof have rescinded or waived the acceleration, notice or action (as the
case may be) giving rise to such Event of Default; or

     (3) the default that is the basis for such Event of Default has been cured.

Section 6.02 Acceleration.

          If any Event of Default (other than an Event of Default specified in clause (6) or (7) of
Section 6.01(a) hereof with respect to the Issuer or the Company) occurs and is continuing under
this Indenture, the Trustee or the Holders of at least 25.0% in principal amount of the then total
outstanding 2017 A Notes (with a copy to the Trustee) may declare the principal of, premium, if
any, interest and any other monetary obligations on all the then outstanding 2017 A Notes to be due
and payable immediately. Upon the effectiveness of such declaration, such principal, premium, if
any, and interest shall be due and payable immediately. The Trustee shall have no obligation to
accelerate the 2017 A Notes if in the best judgment of the Trustee, acceleration is not in the best
interest of the Holders of the 2017 A Notes.

          Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) or
(7) of Section 6.01(a) hereof with respect to the Issuer, all outstanding 2017 A Notes shall be due
and payable without further action or notice.

-84-

 

Section 6.03 Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal, premium, if any, and interest on the 2017 A Notes or to
enforce the performance of any provision of the 2017 A Notes or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the 2017 A Notes or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of
a 2017 A Notes in exercising any right or remedy accruing upon an Event of Default shall not impair
the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies
are cumulative to the extent permitted by law.

Section 6.04 Waiver of Past Defaults.

          The Holders of a majority in aggregate principal amount of the then outstanding 2017 A Notes
by notice to the Trustee may on behalf of the Holders of all of the 2017 A Notes waive any existing
Default and its consequences under this Indenture (except a continuing Default in the payment of
interest on, premium, if any, or the principal of any 2017 A Note held by a non-consenting Holder)
and rescind any acceleration with respect to the 2017 A Notes and its consequences (except if such
rescission would conflict with any judgment of a court of competent jurisdiction). 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 thereto.

Section 6.05 Control by Majority.

          Holders of a majority in principal amount of the then total outstanding 2017 A Notes may
direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may
refuse to follow any direction that conflicts with law or this Indenture or that the Trustee
determines is unduly prejudicial to the rights of any other Holder of a 2017 A Note or that would
involve the Trustee in personal liability.

Section 6.06 Limitation on Suits.

          Subject to Section 6.07 hereof, no Holder of a 2017 A Note may pursue any remedy with respect
to this Indenture or the 2017 A Notes unless:

     (1) such Holder has previously given the Trustee notice that an Event of Default is
continuing;

     (2) Holders of at least 25.0% in principal amount of the total outstanding 2017 A Notes
have requested the Trustee to pursue the remedy;

     (3) Holders of the 2017 A Notes have offered the Trustee security or indemnity
reasonably satisfactory to it against any loss, liability or expense;

     (4) the Trustee has not complied with such request within 60 days after the receipt
thereof and the offer of security or indemnity; and

-85-

 

     (5) Holders of a majority in principal amount of the total outstanding 2017
A Notes have not given the Trustee a direction inconsistent with such request within such
60-day period.

          A Holder of a 2017 A Note may not use this Indenture to prejudice the rights of another Holder
of a 2017 A Note or to obtain a preference or priority over another Holder of a 2017 A Note.

Section 6.07 Rights of Holders of 2017 A Notes To Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder of a 2017 A
Note to receive payment of principal premium, if any, and Special Interest, if any, and interest on
the 2017 A Note, on or after the respective due dates expressed in the 2017 A Note (including in
connection with a 2017 A Notes Purchase Offer or a Change of Control Offer), or to bring suit for
the enforcement of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.

Section 6.08 Collection Suit by Trustee.

          If an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Issuer or the Company for the whole amount of principal of, premium, if any, and
Special Interest, if any, and interest remaining unpaid on the 2017 A Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

Section 6.09 Restoration of Rights and Remedies.

          If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceedings, the Issuer, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding has been
instituted.

Section 6.10 Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen 2017 A Notes in Section 2.07 hereof, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 6.11 Delay or Omission Not Waiver.

          No delay or omission of the Trustee or of any Holder of any 2017 A Note to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this

-86-

 

Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

Section 6.12 Trustee May File Proofs of Claim.

          The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the 2017 A Notes allowed in any judicial proceedings relative to the
Issuer (or any other obligor upon the 2017 A Notes including the Guarantors), its creditors or its
property and shall be entitled and empowered to participate as a member in any official committee
of creditors appointed in such matter and to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay
to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the 2017 A Notes or the rights of any Holder, or
to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

Section 6.13 Priorities.

          If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in
the following order:

     (i) to the Trustee and the Agents and their respective agents and attorneys for
amounts due under Section 7.07 hereof, including payment of all compensation, expenses and
liabilities incurred, and all advances made, by the Trustee and any Agent and the costs and
expenses of collection;

     (ii) to Holders of 2017 A Notes for amounts due and unpaid on the 2017 A Notes for
principal, premium, if any, and Special Interest, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the 2017 A
Notes for principal, premium, if any, and Special Interest, if any, and interest,
respectively; and

     (iii) to the Issuer, to the Company or to such party as a court of competent
jurisdiction shall direct, including a Guarantor, if applicable.

          Notwithstanding the foregoing, all amounts in the Trustee Account shall be paid first to the
Holders of 2017 A Notes. The Trustee may fix a record date and payment date for any payment to
Holders of 2017 A Notes pursuant to this Section 6.13.

-87-

 

Section 6.14 Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a
suit by the Trustee, a suit by a Holder of a 2017 A Note pursuant to Section 6.07 hereof, or a suit
by Holders of more than 10% in principal amount of the then outstanding 2017 A Notes.

ARTICLE 7

TRUSTEE

Section 7.01 Duties of Trustee.

          (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs; provided that if an Event of Default occurs and is continuing, the
Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture,
the Notes and the Guarantees at the request or direction of any of the Holders unless such Holders
have offered the Trustee indemnity, security or prefunding satisfactory to the Trustee in its sole
discretion, as applicable, against loss, liability or expense.

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

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

     (ii) in the absence of bad faith on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall
examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein).

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

     (i) this paragraph (c) does not limit the effect of paragraph (b) of this
Section 7.01;

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

-88-

 

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

          (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to this Section 7.01.

          (e) The Trustee shall be under no obligation to exercise any of its rights or powers under
this Indenture at the request or direction of any of the Holders of the 2017 A Notes unless the
Holders have offered to the Trustee indemnity or security satisfactory to it against any loss,
liability or expense.

          (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law or as the Trustee may agree in
writing with the Issuer.

          (g) In the absence of bad faith, negligence or wilful misconduct on the part of the Trustee,
the Trustee shall not be responsible for the use or application of any money by any Paying Agent
other than the Trustee.

          (h) Subject to the provisions of this Indenture, the Trustee will hold the Trustee
Account in trust for the benefit of Holders of 2017 A Notes and shall be responsible for
payment of amounts therefrom.

Section 7.02 Rights of Trustee.

          (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and shall
incur no liability or additional liability of any kind by reason of such inquiry or investigation.

          (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate
or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee
may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection from liability in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

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

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this
Indenture.

          (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer.

-89-

 

          (f) None of the provisions of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise to incur any liability, financial or otherwise, in the performance of
any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it
against such risk or liability is not assured to it.

          (g) The Trustee shall not be deemed to have knowledge or notice of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a Default or Event of Default is received by the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the 2017 A Notes and this
Indenture.

          (h) In no event shall the Trustee be responsible or liable for special, indirect,
or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.

          (i) The rights, privileges, protections, immunities and benefits given to the
Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in
each of its capacities hereunder.

          (j) In the event the Issuer is required to pay Special Interest, the Issuer shall
provide
written notice to the Trustee of the Issuer’s obligation to pay Special Interest no later than 15
days prior to the next Interest Payment Date which notice shall set forth the amount of the Special
Interest to be paid by the Issuer. The Trustee shall not at any time be under any duty or
responsibility to any Holders to determine whether the Special Interest is payable or the amount
thereof.

Section 7.03 Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of 2017 A
Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it
would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for permission to
continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Sections 7.10 and 7.11 hereof.

Section 7.04 Trustee’s Disclaimer.

          The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the 2017 A Notes, it shall not be accountable for the Issuer’s use
of the proceeds from the 2017 A Notes or any money paid to the Issuer or upon the Issuer’s
direction under any provision of this Indenture, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it shall not be
responsible for any statement or recital herein or any statement in the 2017 A Notes or any other
document in connection with the sale of the 2017 A Notes or pursuant to this Indenture other than
its certificate of authentication.

-90-

 

Section 7.05 Notice of Defaults.

          If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall
mail to Holders of 2017 A Notes a notice of the Default within 90 days after it occurs. The Trustee
may withhold from the Holders notice of any continuing Default, except a Default relating to the
payment of principal, premium, if any, or interest, if it determines that withholding notice is in
their interest. The Trustee shall have no duty to inquire as to the performance of any covenants
contained in Article 4.

Section 7.06 Reports by Trustee to Holders of the 2017 A Notes.

          Within 60 days after each May 15, beginning with the May 15 following the date of this
Indenture, and for so long as 2017 A Notes remain outstanding, the Trustee shall mail to the
Holders of the 2017 A Notes a brief report dated as of such reporting date that complies with Trust
Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The
Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also
transmit by mail all reports as required by Trust Indenture Act Section 313(c).

          A copy of each report at the time of its mailing to the Holders of 2017 A Notes shall be
mailed to the Issuer and filed with the SEC and each stock exchange on which the 2017 A Notes are
listed in accordance with Trust Indenture Act Section 313(d). The Issuer shall promptly notify the
Trustee when the 2017 A Notes are listed on any stock exchange or delisted therefrom.

Section 7.07 Compensation and Indemnity.

          The Issuer shall pay to the Trustee and any Agent from time to time such compensation for its
acceptance of this Indenture and services hereunder as the parties shall agree in writing from time
to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Issuer shall reimburse each of the Trustee and each Agent promptly upon
request for all reasonable disbursements, advances and expenses incurred or made by it in addition
to the compensation for its services (other than amounts in the Trustee Account). Such expenses
shall include the reasonable compensation, disbursements (other than amounts in the Trustee
Account) and expenses of the Trustee’s or each such Agent’s agents and counsel.

          The Issuer and the Guarantors, jointly and severally, shall indemnify each of the Trustee and
each Agent for, and hold each of the Trustee and each Agent harmless against, any and all loss,
damage, claims, liability or expense (including attorneys’ fees) incurred by it in connection with
the acceptance or administration of this trust and the performance of its duties hereunder
(including the costs and expenses of enforcing this Indenture against the Issuer or any of the
Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by
any Holder, the Issuer or any Guarantor, or liability in connection with the acceptance, exercise
or performance of any of its powers or duties hereunder). Each of the Trustee and each Agent shall
notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee or
any Agent to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The
Issuer shall defend the claim and the Trustee or applicable Agent may have separate counsel and the
Issuer shall pay the fees and expenses of such counsel. The Issuer need not reimburse any expense
or indemnify against any loss, liability or expense incurred by the Trustee or any Agent through
such Person’s own willful misconduct, negligence or bad faith.

-91-

 

          The obligations of the Issuer under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee or any Agent, as
applicable.

          To secure the payment obligations of the Issuer and the Guarantors in this Section 7.07, each
of the Trustee and each Agent shall have a Lien prior to the 2017 A Notes on all money or property
held or collected by such Person, except money or property held in trust to pay principal and
interest on particular 2017 A Notes. Such Lien shall survive the satisfaction and discharge of this
Indenture.

          When the Trustee or any Agent incurs expenses or renders services after an Event of Default
specified in clause (6) or (7) of Section 6.01(a) hereof occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law.

          The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to the
extent applicable.

Section 7.08 Replacement of Trustee or Agent.

          A resignation or removal of the Trustee or any Agent and appointment of a successor Trustee or
any successor Agent shall become effective only upon the acceptance of appointment as provided in
this Section 7.08 by such successor Trustee or successor Agent, as applicable. The Trustee or any
Agent may resign in writing at any time and be discharged from the trust hereby created by so
notifying the Issuer. The Holders of a majority in principal amount of the then outstanding 2017 A
Notes may remove the Trustee or any Agent by so notifying the Trustee or such Agent and the Issuer
in writing. The Issuer may remove the Trustee or any Agent if:

     (a) in the case of the Trustee, such Trustee fails to comply with Section 7.10
hereof;

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

     (c) a custodian or public officer takes charge of the Trustee or such Agent or such
Person’s property; or

     (d) the Trustee or such Agent becomes incapable of acting.

          If the Trustee or any Agent resigns or is removed or if a vacancy exists in the office of
Trustee or any Agent for any reason, the Issuer shall promptly appoint a successor Trustee or
successor Agent. Within one year after the successor Trustee or successor Agent takes office, the
Holders of a majority in principal amount of the then outstanding 2017 A Notes may appoint a
successor Trustee or successor Agent, as applicable, to replace such successor Trustee or successor
Agent appointed by the Issuer.

          If a successor Trustee or successor Agent does not take office within 60 days after the
retiring Trustee or Agent, as applicable, resigns or is removed, the retiring Trustee or Agent (at
the Issuer’s expense), the Issuer or the Holders of at least 10% in principal amount of the then
outstanding 2017 A Notes may petition any court of competent jurisdiction for the appointment of a
successor Trustee or successor Agent.

-92-

 

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

          A successor Trustee or successor Agent shall deliver a written acceptance of its appointment
to the retiring Trustee or Agent and to the Issuer. Thereupon, the resignation or removal of the
retiring Trustee or Agent shall become effective, and the successor Trustee or successor Agent
shall have all the rights, powers and duties of the Trustee or the applicable Agent under this
Indenture. The successor Trustee or successor Agent shall mail a notice of its succession to
Holders. The retiring Trustee or Agent shall promptly transfer all property held by it as Trustee
or Agent to the successor Trustee or successor Agent, as applicable; provided all sums
owing to the retiring Trustee or Agent hereunder have been paid and subject to the Lien provided
for in Section 7.07 hereof. Notwithstanding replacement of the Trustee or any Agent pursuant to
this Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the
benefit of the retiring Trustee or Agent.

Section 7.09 Successor Trustee by Merger, etc.

          If the Trustee or any Agent consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust or relevant agent business, as applicable, to, another
corporation, the successor corporation without any further act shall be the successor Trustee or
successor Agent, as applicable.

Section 7.10
Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition.

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

Section 7.11 Preferential Collection of Claims Against Issuer.

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

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option To Effect Legal Defeasance or Covenant Defeasance.

          The Issuer may, at its option and at any time, elect to have either Section 8.02 or 8.03
hereof applied to all outstanding 2017 A Notes upon compliance with the conditions set forth below
in this Article 8.

-93-

 

Section 8.02 Legal Defeasance and Discharge.

          Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to
all outstanding 2017 A Notes and Guarantees on the date the conditions set forth below are
satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer
shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
2017 A Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section
8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, to
have satisfied all its other obligations under such 2017 A Notes and this Indenture including that
of the Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same) and to have cured all then existing Events of Default,
except for the following provisions which shall survive until otherwise terminated or discharged
hereunder;

     (a) the rights of Holders of 2017 A Notes to receive payments in respect of the
principal of, premium, if any, and interest on the 2017 A Notes when such payments are
due solely out of the trust created pursuant to this Indenture as referenced in Section
8.04 hereof;

     (b) the Issuer’s obligations with respect to 2017 A Notes concerning issuing temporary
2017 A Notes, registration of such 2017 A Notes, mutilated, destroyed, lost or stolen 2017 A
Notes and the maintenance of an office or agency for payment and money for security payments
held in trust;

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

     (d) this Section 8.02.

          Subject to compliance with this Article 8, the Issuer may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.

Section 8.03 Covenant Defeasance.

          Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, be released from their obligations under the covenants (each, a
“Defeased Covenant, and collectively, the “Defeased Covenants”) contained in
Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.16 hereof and
clauses (4) and (5) of Section 5.01(a), Sections 5.01(c) and 5.01(d) hereof with respect to the
outstanding 2017 A Notes on and after the date the conditions set forth in Section 8.04 hereof are
satisfied (“Covenant Defeasance”), and the 2017 A Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such Defeased Covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such
2017 A Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding 2017 A Notes, the Issuer may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any
Defeased Covenant, whether directly or indirectly, by reason of any reference elsewhere herein to
any such Defeased Covenant or by reason of any reference in any such Defeased Covenant to any other
provision

-94-

 

herein or in any other document, and such omission to comply shall not constitute a Default or
an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of
this Indenture and such 2017 A Notes shall be unaffected thereby. In addition, upon the Issuer’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(a)(3),
6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with respect to any Significant Party), 6.01(a)(7)
(solely with respect to any Significant Party) and 6.01(a)(8) hereof shall not constitute Events of
Default.

Section 8.04 Conditions to Legal or Covenant Defeasance.

          In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the 2017 A
Notes:

     (1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the 2017 A Notes, cash in U.S. dollars, Government Securities, or a
combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal amount of, premium,
if any, and interest due on the 2017 A Notes on the stated maturity date or on the
redemption date, as the case may be, of such principal amount, premium, if any, or interest
on such 2017 A Notes, and the Issuer must specify whether such 2017 A Notes are being
defeased to maturity or to a particular redemption date;

     (2) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to
customary assumptions and exclusions,

     (a) the Issuer has received from, or there has been published by, the United
States Internal Revenue Service a ruling, or

     (b) since the issuance of the 2017 A Notes, there has been a change in the
applicable U.S. federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, subject to customary assumptions and exclusions, the Holders of the 2017 A Notes
shall not recognize income, gain or loss for U.S. federal income tax purposes, as
applicable, as a result of such Legal Defeasance and shall be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;

     (3) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to
customary assumptions and exclusions, the Holders of the 2017 A Notes shall not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and shall be subject to such tax on the same amounts, in the same manner and at
the same times as would have been the case if such Covenant Defeasance had not occurred;

     (4) no Default (other than that resulting from borrowing funds to be applied to make
such deposit and any similar and simultaneous deposit relating to such other Indebtedness,
and in

-95-

 

each case, the granting of Liens in connection therewith) shall have occurred and be
continuing on the date of such deposit;

     (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under any Senior Credit Facility or any other material
agreement or instrument governing Indebtedness (other than this Indenture) to which, the
Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other
than that resulting from any borrowing of funds to be applied to make the deposit required
to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous
deposit relating to other Indebtedness, and, in each case, the granting of Liens in
connection therewith);

     (6) the Issuer shall have delivered to the Trustee an Officer’s Certificate stating
that the deposit was not made by the Issuer with the intent of defeating, hindering,
delaying or defrauding any creditors of the Issuer or any Guarantor or others; and

     (7) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and
exclusions) each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

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

          Subject to Section 8.06 hereof, all money and Government Securities (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding
2017 A Notes shall be held in trust and applied by the Trustee, in accordance with the provisions
of such 2017 A Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to
the Holders of such 2017 A Notes of all sums due and to become due thereon in respect of principal,
premium and Special Interest, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.

          The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or Government Securities deposited pursuant to Section 8.04 hereof or
the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding 2017 A Notes.

          Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or Government Securities
held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the
amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance
or Covenant Defeasance.

Section 8.06 Repayment to Issuer.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust
for the payment of the principal of, premium and Special Interest, if any, or interest on any 2017
A Note and remaining unclaimed for two years after such principal, and premium and Special
Interest, if

-96-

 

any, or interest has become due and payable shall be paid to the Issuer on its request or (if
then held by the Issuer) shall be discharged from such trust; and the Holder of such 2017 A Notes
shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee
thereof, shall thereupon cease.

Section 8.07 Reinstatement.

          If the Trustee or Paying Agent is unable to apply any U.S. dollars or Government Securities in
accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Issuer’s obligations under this Indenture and the 2017 A Notes shall be
revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.02 or 8.03 hereof, as the case may be; provided that, if the Issuer makes
any payment of principal of, premium and Special Interest, if any, or interest on any 2017 A Note
following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the
Holders of such 2017 A Notes to receive such payment from the money held by the Trustee or Paying
Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

          Notwithstanding Section 9.02 hereof, the Issuer, any Guarantor (with respect to a
Guarantee to which it is a party or this Indenture) and the Trustee may amend or supplement
this Indenture and any Guarantee or 2017 A Notes without the consent of any Holder:

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

     (2) to provide for uncertificated 2017 A Notes in addition to or in place of
certificated 2017 A Notes;

     (3) to comply with Section 5.01 hereof;

     (4) to provide for the assumption of the Issuer’s or any Guarantor’s obligations to
the Holders in a transaction that complies with this Indenture;

     (5) to make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the legal rights under this Indenture of any such
Holder;

     (6) to add covenants for the benefit of the Holders or to surrender any right or power
conferred upon the Issuer or any Guarantor;

     (7) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act;

     (8) to evidence and provide for the acceptance and appointment under this Indenture of
a successor Trustee thereunder pursuant to the requirements thereof;

-97-

 

     (9) to add a Guarantor under this Indenture;

     (10) to conform the text of this Indenture or the Guarantees or the 2017 A Notes to any
provision of the “Description of the Series A Notes” section of the Offering Circular to the
extent that such provision in such “Description of the Series A Notes” section was intended
to be a verbatim recitation of a provision of this Indenture, the Guarantee or the 2017 A
Notes;

     (11) to provide for the issuance of 2017 A Exchange Notes or private exchange notes,
which are identical to 2017 A Exchange Notes except that they are not freely transferable;
or

     (12) to make any amendment to the provisions of this Indenture relating to the transfer
and legending of 2017 A Notes as permitted by this Indenture, including to facilitate the
issuance and administration of the 2017 A Notes; provided, however, that (a)
compliance with this Indenture as so amended would not result in 2017 A Notes being
transferred in violation of the Securities Act or any applicable securities law and (b) such
amendment does not materially and adversely affect the rights of Holders to transfer 2017 A
Notes.

          Upon the request of the Company accompanied by a resolution of the Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.02(b) hereof (to the extent requested by the
Trustee), the Trustee shall join with the Issuer and the Guarantors in the execution of any amended
or supplemental indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee
shall not be obligated to enter into any such amended or supplemental indenture that affects its
own rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing,
no Opinion of Counsel shall be required in connection with the addition of a Guarantor under this
Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture
to this Indenture, the form of which is attached as Exhibit D hereto, and delivery of an
Officer’s Certificate.

Section 9.02 With Consent of Holders of Notes.

          Except as provided below in this Section 9.02, the Issuer and the Trustee may amend or
supplement this Indenture, any Guarantee and the 2017 A Notes with the consent of the Holders of at
least a majority in principal amount of the 2017 A Notes then outstanding, other than 2017 A Notes
beneficially owned by the Company or any of its Affiliates, including consents obtained in
connection with a purchase of, or tender offer or exchange offer for, 2017 A Notes, and any
existing Default or Event of Default or compliance with any provision of this Indenture or the 2017
A Notes issued thereunder may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding 2017 A Notes, other than 2017 A Notes beneficially owned by the
Company or any of its Affiliates (including consents obtained in connection with a purchase of or
tender offer or exchange offer for such 2017 A Notes.

          Upon the request of the Company accompanied by a resolution of the Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon the filing with
the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of 2017 A Notes
as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02(b) hereof
(to the extent requested by the Trustee), the Trustee shall join with the Issuer and the Guarantors
in the execution of such amended or supplemental indenture unless such amended or supplemental
indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the

-98-

 

Trustee may in its discretion, but shall not be obligated to, enter into such amended or
supplemental indenture.

          It shall not be necessary for the consent of the Holders of 2017 A Notes under this
Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall
be sufficient if such consent approves the substance thereof.

          After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer
shall mail to the Holders of 2017 A Notes affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver.

          Without the consent of each affected Holder of 2017 A Notes, an amendment or waiver under this
Section 9.02 may not, with respect to any 2017 A Notes held by a non-consenting Holder:

     (1) reduce the principal amount of such 2017 A Notes whose Holders must consent to an
amendment, supplement or waiver;

     (2) reduce the principal amount of or change the fixed final maturity of any such 2017
A Note or alter or waive the provisions with respect to the redemption of such 2017 A Notes
(other than provisions relating to Sections 3.09, 4.10 and 4.14 hereof);

     (3) reduce the rate of or change the time for payment of interest on any 2017 A
Note;

     (4) waive a Default in the payment of principal of or premium, if any, or interest on
the 2017 A Notes (except a rescission of acceleration of the 2017 A Notes by the Holders of
at least a majority in aggregate principal amount of the 2017 A Notes and a waiver of the
payment default that resulted from such acceleration) or in respect of a covenant or
provision contained in this Indenture or any Guarantee which cannot be amended or modified
without the consent of all affected Holders;

     (5) make any 2017 A Note payable in money other than that stated therein;

     (6) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders to receive payments of principal of or premium, if any, or
interest on the 2017 A Notes;

     (7) make any change to this paragraph of this Section 9.02;

     (8) impair the right of any Holder to receive payment of principal of, or interest on
such Holder’s 2017 A Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s 2017 A Notes;

     (9) make any change to the ranking of the 2017 A Notes that would adversely affect the
Holders;

     (10) except as expressly permitted by this Indenture, modify the Guarantees of any
Significant Party in any manner adverse to the Holders of the 2017 A Notes; or

-99-

 

     (11) after the Issuer’s obligation to purchase 2017 A Notes arises
thereunder, amend, change or modify in any respect materially adverse to the Holders of the
2017 A Notes the obligations of the Issuer to make and consummate a Change of Control Offer
in the event of a Change of Control or make and consummate a 2017 A Notes Purchase Offer
required to be made or, after such Change or Control has occurred or such requirement has
arisen, modify any of the provisions or definitions with respect thereto in a manner that is
materially adverse to the Holders of the 2017 A Notes.

          Notwithstanding anything in this Indenture to the contrary, (1) no amendment or supplement to
this Indenture or the 2017 A Notes that modifies or waives the specific rights or obligations of
any Agent may be made without the consent of such Agent (it being understood that the Trustee’s
execution of any such amendment or supplement shall constitute such consent if the Trustee is then
also acting as such Agent).

Section 9.03 Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the 2017 A Notes shall be set forth in an
amended or supplemental indenture that complies with the Trust Indenture Act as then in effect.

Section 9.04 Revocation and Effect of Consents.

          Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
2017 A Note is a continuing consent by the Holder of a 2017 A Note and every subsequent Holder of a
2017 A Note or portion of a 2017 A Note that evidences the same debt as the consenting Holder’s
2017 A Note, even if notation of the consent is not made on any 2017 A Note. However, any such
Holder of a 2017 A Note or subsequent Holder of a 2017 A Note may revoke the consent as to its 2017
A Note if the Trustee receives written notice of revocation before the date the amendment,
supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

          The Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement, or waiver. If a record
date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at
such record date (or their duly designated proxies), and only such Persons, shall be entitled to
consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether
or not such Persons continue to be Holders after such record date. No such consent shall be valid
or effective for more than 120 days after such record date unless the consent of the requisite
number of Holders has been obtained.

Section 9.05 Notation on or Exchange of Notes.

          The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
2017 A Note thereafter authenticated. The Issuer in exchange for all 2017 A Notes may issue and the
Trustee shall, upon receipt of an Authentication Order, authenticate new 2017 A Notes that reflect
the amendment, supplement or waiver.

          Failure to make the appropriate notation or issue a new 2017 A Note shall not affect the
validity and effect of such amendment, supplement or waiver.

-100-

 

Section 9.06 Trustee To Sign Amendments, etc.

          The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article
9 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Issuer may not sign an amendment, supplement or waiver until its
board of directors approves it. In executing any amendment, supplement or waiver, the Trustee shall
be provided with and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in
addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an Opinion
of Counsel stating that the execution of such amended or supplemental indenture is authorized or
permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and
binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in
accordance with its terms, subject to customary exceptions, and complies with the provisions hereof
(including Section 9.03 hereof). Notwithstanding the foregoing, no Opinion of Counsel shall be
required for the Trustee to execute any amendment or supplement adding a new Guarantor under this
Indenture.

Section 9.07 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 or for the benefit of 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 2017 A Notes unless such
consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree
to amend in the time frame set forth in the solicitation documents relating to such consent, waiver
or agreement.

ARTICLE 10

GUARANTEES

Section 10.01 Guarantee.

          Subject to this Article 10, from and after the consummation of the Transactions, each of the
Guarantors hereby, jointly and severally, unconditionally guarantees on a senior unsecured basis to
each Holder of a 2017 A Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the 2017
A Notes or the obligations of the Issuer hereunder or thereunder, that: (a) the principal of, and
interest, premium and Special Interest, if any, on the 2017 A Notes shall be promptly paid in full
when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the
overdue principal of and interest on the 2017 A Notes, if any, if lawful, and all other Obligations
of the Issuer to the Holders or the Trustee hereunder or under the 2017 A Notes shall be promptly
paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of
any extension of time of payment or renewal of any 2017 A Notes or any of such other obligations,
the same shall be promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment by
the Issuer when due of any amount so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection.

          The Guarantors hereby agree that their obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of this Indenture or the 2017 A Notes,
the absence of any action to enforce the same, any waiver or consent by any Holder of the 2017 A
Notes with respect

-101-

 

to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor (other than payment in full of all of the Obligations
of the Issuer hereunder and under the 2017 A Notes). Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest,
notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except
by complete performance of the obligations contained in the 2017 A Notes and this Indenture or by
release in accordance with the provisions of this Indenture.

          Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Section
10.01.

          If any Holder or the Trustee is required by any court or otherwise to return to the Issuer,
the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation
to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, then
this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

          Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes
of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Guarantees.

          Each Guarantee shall remain in full force and effect and continue to be effective should any
petition be filed by or against the Issuer for liquidation reorganization, should the Issuer become
insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent
permitted by law, continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the 2017 A Notes are, pursuant to applicable law, rescinded or reduced
in amount, or must otherwise be restored or returned by any obligee on the 2017 A Notes or
Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though
such payment or performance had not been made. In the event that any payment or any part thereof,
is rescinded, reduced, restored or returned, the 2017 A Notes shall, to the fullest extent
permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

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

          The Guarantee issued by any Guarantor shall be a general unsecured senior obligation of such
Guarantor, and will rank pari passu in right of payment to all unsubordinated indebtedness of the
relevant Guarantor, including, the guarantee by such Guarantor of the 2017 A Notes and, in the case
of the Company, the Company’s Obligations under the CCOH Mirror Note. Each Guarantor’s obligations

-102-

 

under its Guarantee will be effectively subordinated to the obligations of the Guarantor under
its Secured Indebtedness, if any, to the extent of the value of the assets securing such
Indebtedness.

          Each payment to be made by a Guarantor in respect of its Guarantee shall be made without
set-off, counterclaim, reduction or diminution of any kind or nature.

Section 10.02 Limitation on Guarantor Liability.

          Each Guarantor, and by its acceptance of 2017 A Notes, each Holder, hereby confirms that it is
the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum
amount as will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in
the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Guarantee
shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a
contribution from each other Guarantor in an amount equal to such other Guarantor’s pro
rata portion of such payment based on the respective net assets of all the Guarantors at
the time of such payment determined in accordance with GAAP.

Section 10.03 Execution and Delivery.

          (a) To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees
that this Indenture (or a supplemental indenture pursuant to Section 4.15 hereof) shall be executed
on behalf of such Guarantor by its President, one of its Vice Presidents or one of its Assistant
Vice Presidents.

          (b) Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall
remain in full force and effect notwithstanding the absence of the endorsement of any notation of
such Guarantee on the 2017 A Notes.

          (c) If an officer of a Guarantor whose signature is on this Indenture (or a supplemental
indenture pursuant to Section 4.15 hereof) no longer holds that office at the time the Trustee
authenticates a 2017 A Note, the Guarantee of such Guarantor shall be valid nevertheless.

          (d) The delivery of any 2017 A Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of
the Guarantors.

          (e) If required by Section 4.15 hereof, the Issuer shall cause any newly created or acquired
Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10, to
the extent applicable.

-103-

 

Section 10.04 Subrogation.

          Each Guarantor shall be subrogated to all rights of Holders of 2017 A Notes against the Issuer
in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof;
provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be
entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuer under this Indenture or the 2017 A
Notes shall have been paid in full.

Section 10.05 Benefits Acknowledged.

          Each Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that the guarantee and waivers made
by it pursuant to its Guarantee are knowingly made in contemplation of such benefits.

Section 10.06 Release of Guarantees.

          A Guarantee by a Restricted Guarantor shall be automatically and unconditionally released and
discharged, and no further action by such Guarantor, the Issuer or the Trustee is required for the
release of such Guarantor’s Guarantee, upon:

     (1) (A) any sale, exchange or transfer (by merger, consolidation or otherwise) of
(i) the Capital Stock of such Restricted Guarantor after which the applicable
Restricted Guarantor is no longer a Restricted Subsidiary or (ii) all or
substantially all of the assets of such Restricted Guarantor, which sale, exchange
or transfer is made in compliance with Sections 4.10(a)(1) and (2) hereof;

     (B) the designation of any Restricted Subsidiary that is a Guarantor as an
Unrestricted Subsidiary;

     (C) such Restricted Guarantor ceasing to be a Restricted Subsidiary as a result
of a transaction or designation permitted under this Indenture; provided,
however, if such Restricted Guarantor, immediately prior thereto, was a
guarantor of other capital markets debt securities of the Issuer or a Guarantor and
continues to be a guarantor of such other capital markets debt securities of the
Issuer or a Guarantor, no such release shall be permitted;

     (D) the exercise by the Issuer of its legal defeasance option or covenant
defeasance option as set forth in Article 8 hereof or the discharge of the
Issuer’s obligations under this Indenture in accordance with the terms set
forth in Article 12 hereof; and

     (2) such Guarantor delivering to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that all conditions precedent provided for in this Indenture
relating to such transaction have been complied with.

-104-

 

ARTICLE 11

SATISFACTION AND DISCHARGE

Section 11.01 Satisfaction and Discharge.

          This Indenture shall be discharged and shall cease to be of further effect as to all 2017 A
Notes, when either:

     (1) all 2017 A Notes theretofore authenticated and delivered, except lost, stolen or
destroyed 2017 A Notes which have been replaced or paid and 2017 A Notes for whose payment
money has theretofore been deposited in trust, have been delivered to the Trustee for
cancellation; or

     (2) (A) all 2017 A Notes not theretofore delivered to the Trustee for cancellation have
become due and payable by reason of the making of a notice of redemption or otherwise, shall
become due and payable within one year or are to be called for redemption and redeemed
within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer or
any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust solely for the benefit of the Holders of the 2017 A Notes cash in U.S.
dollars, 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 the 2017 A Notes not theretofore delivered to the Trustee for
cancellation for principal, premium, if any, and accrued interest to the date of maturity or
redemption thereof, as the case may be;

     (B) no Default (other than that resulting from borrowing funds to be applied to
make such deposit or any similar and simultaneous deposit relating to other
Indebtedness and in each case, the granting of Liens in connection therewith) with
respect to this Indenture or the 2017 A Notes shall have occurred and be continuing
on the date of such deposit or shall occur as a result of such deposit and such
deposit shall not result in a breach or violation of, or constitute a default under
any Senior Credit Facility or any other material agreement or instrument governing
Indebtedness (other than this Indenture) to which the Issuer or any Guarantor is a
party or by which the Issuer or any Guarantor is bound (other than resulting from
any borrowing of funds to be applied to make such deposit and any similar and
simultaneous deposit relating to other Indebtedness and, in each case, the granting
of Liens in connection therewith);

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

     (D) the Issuer has delivered irrevocable instructions to the Trustee to apply
the deposited money toward the payment of the 2017 A Notes at maturity or the
redemption date, as the case may be.

          In addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

-105-

 

          Notwithstanding the satisfaction and discharge of this Indenture, if money shall have
been deposited with the Trustee pursuant to subclause (A) of clause (2) of this Section 11.01,
the provisions of Section 11.02 and Section 8.06 hereof shall survive such satisfaction and
discharge.

Section 11.02 Application of Trust Money.

          Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the 2017 A Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium and Special Interest, if any) and
interest for whose payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law.

          If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the 2017 A
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01
hereof; provided that if the Issuer has made any payment of principal of, premium and
Special Interest, if any, or interest on any 2017 A Notes because of the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such 2017 A Notes to
receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

ARTICLE 12

MISCELLANEOUS

Section 12.01 Trust Indenture Act Controls.

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

Section 12.02 Notices.

          Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly
given if in writing and delivered in person or mailed by first-class mail (registered or certified,
return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, to
the others’ address:

If to the Issuer and/or any Guarantor:

Clear Channel Outdoor Holdings, Inc.

200 East Basse Road

San Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

Telephone: (210) 832-3311

Facsimile: (210) 832-3432

-106-

 

with a copy to:

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY

Attention: Jay J. Kim, Esq.

Telephone: (212) 596-9000

Facsimile: (212) 596-9090

If to the Trustee, the initial Paying Agent and the Registrar:

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota, 55107

Attention: Clear Channel Administrator

Facsimile: (651) 495-8097

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

          All notices and communications (other than those sent to Holders) shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five calendar days after being
deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged,
if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery; and, subject to compliance with the Trust Indenture Act, on
the first date on which publication is made, if given by publication; provided that any
notice or communication delivered to the Trustee shall be deemed effective upon actual receipt
thereof.

          Any notice or communication to a Holder shall be mailed by first-class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to
its address shown on the register kept by the Registrar. Any notice or communication shall also be
so mailed to any Person described in Trust Indenture Act Section 313(c), to the extent required by
the Trust Indenture Act. Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders.

          If a notice or communication is mailed or otherwise delivered in the manner provided above
within the time prescribed, such notice or communication shall be deemed duly given, whether or not
the addressee receives it.

          If the Issuer mails a notice or communication to Holders, it shall mail a copy to the
Trustee and each Agent at the same time.

Section 12.03 Communication by Holders of Notes with Other Holders of Notes.

          Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with
respect to their rights under this Indenture or the 2017 A Notes. The Issuer, the Trustee, the
Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c).

-107-

 

Section 12.04 Certificate and Opinion as to Conditions Precedent.

          Upon any request or application by the Issuer or any of the Guarantors to the Trustee to take
any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to
the Trustee:

     (a) An Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that,
in the opinion of the signers, all conditions precedent and covenants, if any, provided for
in this Indenture relating to the proposed action have been satisfied; and

     (b) An Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been satisfied.

Section 12.05 Statements Required in Certificate or Opinion.

     
     
 Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof or Trust
Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section
314(e) and shall include:

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

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

     (c) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with (and, in the case of an
Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of
fact); and

     (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with; provided, however, that with respect to
matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.

Section 12.06 Rules by Trustee and Agents.

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

Section 12.07 No Personal Liability of Directors,

Officers, Employees and Stockholders.

          No past, present or future director, officer, employee, incorporator, member, partner or
stockholder of the Issuer or any Guarantor or any of their direct or indirect parent companies
shall have any liability for any obligations of the Issuer or the Guarantors under the 2017 A
Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by reason of
such obligations or their creation.

-108-

 

Each Holder by accepting 2017 A Notes waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the 2017 A Notes.

Section 12.08 Governing Law.

          THIS INDENTURE, THE 2017 A NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

Section 12.09 Waiver of Jury Trial.

          EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE 2017 A NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

Section 12.10 Force Majeure.

          In no event shall the Trustee or any Agent be responsible or liable for any failure or delay
in the performance of its obligations under this Indenture arising out of or caused by, directly or
indirectly, forces beyond its reasonable control, including strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts
of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
or hardware) services.

Section 12.11 No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Issuer or its Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

Section 12.12 Successors.

          All agreements of the Issuer in this Indenture and the 2017 A Notes shall bind its successors.
All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each
Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section
10.06 hereof.

Section 12.13 Severability.

          In case any provision in this Indenture or in the 2017 A Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

-109-

 

Section 12.14 Counterpart Originals.

          The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. This Indenture may be executed in
multiple counterparts which, when taken together, shall constitute one instrument.

Section 12.15
Table of Contents, Headings, etc.

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

Section 12.16 Qualification of Indenture.

          The Issuer and the Guarantors shall qualify this Indenture under the Trust Indenture Act in
accordance with the terms and conditions of the Registration Rights Agreement and shall pay all
reasonable costs and expenses (including attorneys’ fees and expenses for the Issuer, the
Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs
and expenses of qualification of this Indenture and the 2017 A Notes and printing this Indenture
and the 2017 A Notes. The Trustee shall be entitled to receive from the Issuer and the Guarantors
any such Officer’s Certificates, Opinions of Counsel or other documentation as it may reasonably
request in connection with any such qualification of this Indenture under the Trust Indenture Act.

[Signatures on following page]

-110-

 

	 	 	 	 	 
	ISSUER: 	Clear Channel Worldwide Holdings, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Executive Vice President, Chief

Financial Officer and Secretary 	 
	 
	GUARANTORS: 	Clear Channel Outdoor Holdings, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Outdoor, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Adshel, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	1567 Media LLC

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Spectacolor, LLC

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 

[Signature Page to Series A Senior Notes Indenture]

 

 

	 	 	 	 	 
	GUARANTORS: 	Clear Channel Taxi Media, LLC

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Outdoor Holdings Company Canada

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Outdoor Management Services, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall  T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	In-ter-space Services, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 

[Signature Page to Series A Senior Notes Indenture]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee, Paying Agent, Registrar and Transfer Agent

 	 
	 	By:  	/s/ Richard Prokosch
 	 
	 	 	Name:  	Richard Prokosch  	 
	 	 	Title:  	Vice President 	 

[Signature Page to Series A Senior Notes Indenture]

 

 

EXHIBIT A

[Face of 2017 A Note]

          [Insert the Global Note Legend, if applicable pursuant to the provisions of the
Indenture]

          [Insert the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture]

          [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the
provisions of the Indenture]

          [THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES
OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. THE ISSUE DATE IS [•].
INFORMATION REGARDING THE ISSUE PRICE, THE YIELD TO MATURITY AND THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT UNDER THIS NOTE CAN BE PROMPTLY OBTAINED BY SENDING A WRITTEN REQUEST TO THE TREASURER OF
THE ISSUER AT 200 EAST BASSE ROAD, SAN ANTONIO, TX 78209.]

A-1

 

CUSIP [                    ]

ISIN [                    ]1

[[RULE 144A] [REGULATION S] GLOBAL NOTE

representing up to

$500,000,000

9.25% Series A Senior Notes due 2017

			
	 	 	 
	No.      
	 	[$                    ]

CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

as the Issuer

promises to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of
Exchanges of Interests in the Global Note attached hereto] [of                                          United
States Dollars] on December 15, 2017.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

 

			
	1	 	Rule 144A Note CUSIP: 18451QAA6

Rule 144A Note ISIN: US 18451QAA67

Regulation S Note CUSIP: U18294 AA3

Regulation S Note ISIN: USU18294AA32

Exchange Note CUSIP:

Exchange Note ISIN:

A-2

 

IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed.

Dated: [•]

	 	 	 	 	 
	 	CLEAR CHANNEL WORLDWIDE HOLDINGS, INC., 
as Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-3

 

This is one of the 2017 A Notes referred to in the within-mentioned Indenture:

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-4

 

[Back of 2017 A Note]

9.25% Series A Senior Notes due 2017

     Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

     1. INTEREST.

     (a) Clear Channel Worldwide Holdings, Inc., a Nevada corporation (the “Issuer”),
promises to pay interest on the principal amount of this 2017 A Note at 9.25% per annum from
December 23, 20092 until maturity and shall pay the Special Interest, if any, payable
pursuant to the 2017 A Registration Rights Agreement referred to below. The Issuer shall pay
interest and Special Interest, if any, semi-annually in arrears on June 15 and December 15 of each
year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an
“Interest Payment Date”). Interest on the 2017 A Notes shall accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the date of issuance.
The Issuer shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at 1.0% per
annum in excess of the interest rate otherwise payable on the 2017 A Notes; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Special Interest, if any, (without regard to any applicable grace
periods) from time to time on demand at 1.0% per annum in excess of the interest rate otherwise
payable on the 2017 A Notes. Interest shall be computed on the basis of a 360-day year comprised of
twelve 30-day months.

     (b) Prior to the Issue Date, the Issuer shall have caused the Trustee to establish an account
(the “Trustee Account”) to be maintained by the Trustee for the benefit of the Holders with
respect to payments of interest on the 2017 A Notes, over which the Trustee shall have sole control
and dominion. Interest on the 2017 A Notes will accrue, and be payable by or on behalf of the
Issuer to the Trustee, daily; provided that the failure by the Issuer to make or have made
any such daily payment to the Trustee on any day will not constitute a Default so long as (a) (x)
no payment or other transfer by the Company or any of its Restricted Subsidiaries shall have been
made on such day under the Cash Management Arrangements or (y) the amount of funds on deposit in
the Trustee Account on such day is equal to the amount of interest which has accrued up to and
including such day and (b) on each Interest Payment Date the aggregate amount of funds deposited in
the Trustee Account is sufficient to pay the aggregate amount of interest on the 2017 A Notes that
is payable by the Trustee to Holders of 2017 A Notes on such Interest Payment Date; provided
 further, however, that payments of interest shall only be deemed to be overdue to the
extent that the aggregate amount of funds deposited in the Trustee Account is not sufficient to pay
the aggregate amount of interest on the 2017 A Notes that is payable by the Trustee to Holders on
the applicable Interest Payment Date. The Issuer or any Guarantor will not be the legal owners of
the funds on deposit in the Trustee Account. Such amounts may be in cash in U.S. dollars, in
Government Securities or in a combination thereof. Any interest earned on Government Securities
held in the Trustee Account will be applied to pay fees and expenses of the Trustee and, to the
extent of any excess, returned to the Company. Upon the making by or on behalf of the Issuer of any
payment into the Trustee Account, the Issuer’s obligation to pay accrued interest shall be
discharged to the extent of the amount so paid. If the Trustee fails to make an interest payment on
the 2017 A Notes but the Issuer has deposited the funds with the Trustee, it will not be a Default.

 

			
	2	 	With respect to the Initial Notes

A-5

 

     2. METHOD OF PAYMENT. Interest, and Special Interest, if any, on the 2017 A Notes shall be
paid to the Persons who are registered Holders of the 2017 A Notes at the close of business on the
June 1 or December 1 (whether or not a Business Day), as the case may be, next preceding the
Interest Payment Date, even if such 2017 A Notes are canceled after such Record Date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect
to defaulted interest. Payment of interest and Special Interest, if any, may be made by check
mailed to the Holders at their addresses set forth in the register of Holders; provided
that payment by wire transfer of immediately available funds shall be required with respect to
principal of and interest, premium and Special Interest, if any, on, all Global Notes and all other
2017 A Notes the Holders of which shall have provided wire transfer instructions to the Issuer or
the Paying Agent. Such payment shall be in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts.

     3. PAYING AGENT, TRANSFER AGENT AND REGISTRAR. Initially, U.S. Bank National Association shall
act as Paying Agent, Transfer Agent and Registrar. The Issuer may change any Paying Agent, Transfer
Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in
any such capacity.

     4. INDENTURE. The Issuer issued the 2017 A Notes under an Indenture, dated as of December 23,
2009 (the “Indenture”), among the Issuer, the Company, CCO, the other Guarantors party
thereto, and the Trustee, Paying Agent, Registrar and Transfer Agent. This 2017 A Note is one of a
duly authorized issue of notes of the Issuer designated as its 9.25% Series A Senior Notes due
2017. The Issuer shall be entitled to issue Additional 2017 A Notes pursuant to Sections 2.01 and
4.09 of the Indenture. The terms of the 2017 A Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the
“Trust Indenture Act”). The 2017 A Notes are subject to all such terms, and Holders are
referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent
any provision of this 2017 A Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

     5. OPTIONAL REDEMPTION.

     (a) Except as described below under Sections 5(b) and 5(c), the 2017 A Notes shall not be
redeemable at the Issuer’s option before December 15, 2012.

     (b) At any time prior to December 15, 2012, the 2017 A Notes may be redeemed or purchased (by
the Issuer or any other Person), in whole or in part, upon notice as provided in Section 3.03 of
the Indenture, at a redemption price equal to 100.0% of the principal amount of the 2017 A Notes
redeemed plus the Applicable Premium as of the date of redemption (the “Redemption Date”)
and, without duplication, accrued and unpaid interest to the Redemption Date, subject to the right
of Holders of record on the relevant Record Date to receive interest due on the relevant Interest
Payment Date.

     (c) Until December 15, 2012, the Issuer may, at its option, on one or more occasions, redeem
up to 35.0% of the aggregate principal amount of 2017 A Notes, upon notice provided as described in
Section 3.03 of the Indenture, at a redemption price equal to 109.250% of the aggregate principal
amount thereof, plus accrued and unpaid interest thereon to the applicable Redemption Date, subject
to the right of Holders of 2017 A Notes of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity
Offerings to the extent such net cash proceeds are received by or contributed to the Issuer;
provided that at least 50.0%

A-6

 

of the sum of the aggregate principal amount of 2017 A Notes originally issued under the Indenture
on the Issue Date and any Additional 2017 A Notes that are 2017 A Notes issued under the Indenture
after the Issue Date remains outstanding immediately after the occurrence of each such redemption;
provided further that each such redemption occurs within 180 days of the date of closing of
each such Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to
the completion of the related Equity Offering, and any such redemption or notice may, at the
Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to,
completion of the related Equity Offering.

     (d) On and after December 15, 2012, the 2017 A Notes may be redeemed or purchased (by
the Issuer or any other Person), at the Issuer’s option, in whole or in part, upon notice provided
as described in Section 3.03 of the Indenture, at the redemption prices (expressed as percentages
of principal amount of the 2017 A Notes to be redeemed) set forth below, plus accrued and unpaid
interest thereon to the applicable Redemption Date, subject to the right of Holders of record on
the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed
during the twelve-month period beginning on December 15 of each of the years indicated below:

	 	 	 	 	 
	 	 	2017 A
	Year	 	Notes Percentage
	2012
	 	106.93750%
	2013
	 	104.62500%
	2014
	 	102.31250%
	2015 and thereafter
	 	100.00000%

     (e) Any redemption of 2017 A Notes pursuant to this Section 5 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture.

     6. MANDATORY REDEMPTION.

     (a) Notwithstanding the anything to the contrary in the Indenture, none of the Company or any
of its Subsidiaries shall make any purchase of, or otherwise effectively cancel or retire any 2017
A Notes (whether through open market purchases, tender offers, defeasance, offers to purchase
required by the 2017 A Notes or otherwise) if, after giving effect thereto and, if applicable, any
concurrent purchase of or other action with respect to any 2017 B Notes, the ratio of (a) the
outstanding aggregate principal amount of the 2017 B Notes to (b) the outstanding aggregate
principal amount of the 2017 A Notes shall be greater than 0.250; provided,
however, that the foregoing restriction shall not be applicable in the case of any Change
of Control Offer, 2017 A Notes Purchase Offer or offer to purchase the 2017 B Notes required to be
made under the 2017 B Indenture at the price specified with respect thereto to all holders of the
2017 B Notes, where a violation of the foregoing restriction would occur solely as a result of
different offer acceptance rates by the holders of the 2017 A Notes and the 2017 B Notes.
References to the 2017 A Notes and the 2017 B Notes in this Section 6 do not include any Additional
2017 A Notes or any Additional 2017 B Notes, as applicable.

     (b) If the Issuer makes (1) any optional redemption of the 2017 B Notes, purchase of 2017 B
Notes through open-market purchases at or above 100% of the principal amount thereof or offer to
purchase the 2017 B Notes at 100% of the principal amount thereof, plus accrued but unpaid interest
pursuant to Section 4.10(b)(2) of the 2017 B Indenture, the Issuer shall, substantially
concurrently therewith, apply a pro rata amount to make an optional redemption of the 2017
A Notes, purchase 2017 A

A-7

 

Notes through open-market purchases at or above 100% of the principal amount thereof or offer to
purchase the 2017 A Notes (in accordance with procedures similar to those applicable to the 2017 B
Notes) to all Holders of 2017 A Notes, in each case, to purchase a
pro rata amount of 2017 A Notes
at 100% of the principal amount thereof, plus accrued but unpaid interest (a “2017 A Notes Purchase
Offer”), or (2) any 2017 B Notes Asset Sale Offer under the 2017 B Notes Indenture, the Issuer
shall, substantially concurrently therewith, apply a pro rata amount to make a 2017 A Notes
Purchase Offer to purchase a pro rata amount of 2017 A Notes at 100% of the principal amount
thereof, plus accrued but unpaid interest. For purposes of this Section 6(b), “pro rata amount”
with respect to the 2017 A Notes shall be calculated taking into account all 2017 B Notes and other
Pari Passu Indebtedness subject to the applicable redemption, purchase, or offer. Any purchase or
redemption of the 2017 B Notes pursuant to Section 5.01(b)(2) of the 2017 B Indenture shall be
deemed to be a purchase of 2017 B Notes covered by clause (1) of this Section 6(b).

     7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of redemption shall
be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date
(except that redemption notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with Article 8 or Article 12 of the Indenture) to each Holder whose
2017 A Notes are to be redeemed at its registered address. Notes in denominations larger than
$2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the 2017 A
Notes held by a Holder are to be redeemed. On and after the redemption date, interest shall cease
to accrue on 2017 A Notes or portions thereof called for redemption.

     8. OFFERS TO REPURCHASE. If a Change of Control occurs, unless the Issuer has previously or
concurrently mailed a redemption notice with respect to all the outstanding 2017 A Notes as set
forth in Sections 3.03 and 3.07 of the Indenture and Section 5 hereof, the Issuer shall make an
offer to purchase all of the 2017 A Notes pursuant to the offer described below (the “Change of
Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101.0% of
the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase, subject to the right of Holders of the 2017 A Notes of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date. The Change of Control Offer shall be
made in accordance with Section 4.14 of the Indenture.

     9. DENOMINATIONS, TRANSFER, EXCHANGE. The 2017 A Notes are in registered form without coupons
in denominations of $2,000 and integral multiples of $1,000. The transfer of 2017 A Notes may be
registered and 2017 A Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and the Issuer may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Issuer need not exchange or register the transfer of any 2017 A
Note or portion of a 2017 A Note selected for redemption, except for the unredeemed portion of any
2017 A Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of
(x) any 2017 A Notes for a period of 15 days before a selection of 2017 A Notes to be redeemed or
(y) any 2017 A Notes selected for redemption or tendered (and not withdrawn) for repurchase in
connection with a Change of Control Offer or a 2017 A Notes Purchase Offer.

     10. PERSONS DEEMED OWNERS. The registered Holder of a 2017 A Note may be treated as its owner
for all purposes.

     11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the 2017 A
Notes may be amended or supplemented as provided in the Indenture.

A-8

 

     12. DEFAULTS AND REMEDIES. The Events of Default relating to the 2017 A Notes are defined in
Section 6.01 of the Indenture. If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25.0% in principal amount of the then outstanding Notes may declare the
principal, premium, if any, interest and any other monetary obligations on all the then outstanding
Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of
Default arising from certain events of bankruptcy or insolvency, all outstanding Notes shall become
due and payable immediately without further action or notice. Holders may not enforce the
Indenture, the 2017 A Notes or the Guarantees except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the 2017 A Notes notice of any continuing Default (except a Default relating to the
payment of principal, premium, if any, or interest) if it determines that withholding notice is in
their interest. The Holders of a majority in aggregate principal amount of the 2017 A Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the 2017 A Notes waive
any existing Default and its consequences under the Indenture except a continuing Default in
payment of interest on, premium, if any, or the principal of, any of the 2017 A Notes held by a
non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement
regarding compliance with the Indenture, and the Issuer is required within five (5) Business Days
after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default
and what action the Issuer proposes to take with respect thereto.

     13. AUTHENTICATION. This 2017 A Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose until authenticated by the manual signature of the
Trustee.

     14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.
In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted
Global Notes and Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement with respect to the 2017 A Notes, dated as of December 23, 2009,
among the Issuer, the Company, CCO, the other Guarantors named therein and the other parties named
on the signature pages thereof (the “2017 A Registration Rights Agreement”), including the
right to receive Special Interest (as defined in the 2017 A Registration Rights Agreement).

     15. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THE 2017 A NOTES AND THE GUARANTEES.

     16. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the 2017 A
Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the 2017 A Notes
or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

     The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the 2017 A Registration Rights Agreement. Requests may be made to the Issuer at
the following address:

Clear Channel Worldwide Holdings, Inc.

200 East Basse Road

A-9

 

San
Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

A-10

 

ASSIGNMENT FORM

	 	 	To assign this 2017 A Note, fill in the form below:

	 	 	 
	(I) or (we) assign and transfer this 2017 A Note to:
	 	 
	 

	 	 
	 

	 	(Insert assignee’s legal name)

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

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

and
irrevocably appoint                                                             
                    
                                                             
to transfer this 2017 A Note on the books of the Issuer. The agent may substitute another to act
for him.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on
the face of this 2017 A Note)

	 	 	 	 	 
	Signature Guarantee*:
	 	 	 	 
	 

	 	 

	 	 

 

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

A-11

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this 2017 A Note purchased by the Issuer pursuant to
Section 4.10 or 4.14 of the Indenture, check the appropriate box below:

o Section 4.10                      o Section 4.14

     If you want to elect to have only part of this 2017 A Note purchased by the Issuer pursuant to
Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:

$                     

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on
the face of this 2017 A Note)

	 	 	 	 	 
	 

	 	     Tax Identification No.:	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Signature Guarantee*:
	 	 	 	 
	 

	 	 

	 	 

 

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

A-12

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

     The initial outstanding principal amount of this Global Note is $                     . The
following exchanges of a part of this Global Note for an interest in another Global Note or for a
Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in
this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Principal Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	of	 	 	 	 
	 	 	Amount of	 	 	Amount of increase	 	 	this Global Note	 	 	Signature of	 
	 	 	decrease	 	 	in Principal	 	 	following such	 	 	authorized officer	 
	Date of	 	in Principal	 	 	Amount of this	 	 	decrease or	 	 	of Trustee or Note	 
	Exchange	 	Amount	 	 	Global Note	 	 	increase	 	 	Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	*	 	This schedule should be included only if the Note is issued in global form

A-13

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Clear Channel Worldwide Holdings, Inc.

200 East Basse Road

San Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota, 55107

Attention: Clear Channel Administrator

     Re: 9.25% Series A Senior Notes due 2017

     Reference is hereby made to the Indenture, dated as of December 23, 2009 (the
“Indenture”), among the Issuer, the Company, CCO, the other guarantors party thereto and
the Trustee, Paying Agent, Registrar and Transfer Agent, under which the 2017 A Notes have been
issued. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                         
(the “Transferor”) owns and proposes to transfer the 2017 A Note[s]
or interest in such 2017 A Note[s] specified in Annex A hereto, in the principal amount of $                     
in such 2017 A Note[s] or interests (the “Transfer”), to                      (the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

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

     2. [  ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S
GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant
to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the
Transferor hereby further certifies that (i) the Transfer is not being made to a person in the
United States and (x) at the time the buy order was originated, the Transferee was outside the
United States or such Transferor and any Person acting on its behalf reasonably believed and
believes that the Transferee was outside the United States or (y) the transaction was executed in,
on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in

B-1

 

the United States, (ii) no directed selling efforts have been made in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of
a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act.

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

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

or

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

or

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

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

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

     (b) [  ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the

B-2

 

Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

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

B-3

 

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

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 

	 	 

B-4

 

ANNEX A TO CERTIFICATE OF TRANSFER

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

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

	(a)	 	[  ] a beneficial interest in the:

	 	(i)	 	[  ] 144A Global Note (CUSIP [     ]), or
	 
	 	(ii)	 	[  ] Regulation S Global Note (CUSIP [     ]), or

	(b)	 	[  ] a Restricted Definitive Note.
	 
	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	(a)	 	[  ] a beneficial interest in the:

	 	(i)	 	[  ] 144A Global Note (CUSIP [     ]), or
	 
	 	(ii)	 	[  ] Regulation S Global Note (CUSIP [     ]), or
	 
	 	(iii)	 	[  ] Unrestricted Global Note (CUSIP [     ]); or

	(b)	 	[  ] a Restricted Definitive Note; or
	 
	(c)	 	[  ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

B-5

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Clear Channel Worldwide Holdings, Inc.

200 East Basse Road

San Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota, 55107

Attention: Clear Channel Administrator

Re: 9.25% Series A Senior Notes due 2017

     Reference is hereby made to the Indenture, dated as of December 23, 2009 (the
“Indenture”), among the Issuer, the Company, CCO, the other guarantors party thereto and
the Trustee, Paying Agent, Registrar and Transfer Agent, under which the 2017 A Notes have been
issued. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                         
(the “Owner”) owns and proposes to exchange the 2017 A Note[s] or
interest in such 2017 A Note[s] specified herein, in the principal amount of $                      in such 2017 A
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that:

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

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

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

C-1

 

compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

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

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

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

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

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

C-2

 

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

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 

	 	 

C-3

 

EXHIBIT D

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

     Supplemental Indenture (this “Supplemental Indenture”), dated as of                     , among
                                        
(the “Guaranteeing Subsidiary”), a subsidiary of Clear Channel Outdoor Holdings,
Inc., a Delaware corporation (the “Company”) and U.S. Bank National Association, as
trustee (the “Trustee”).

W I T N E S S E T H

     WHEREAS, Clear Channel Worldwide Holdings, Inc. (the “Issuer”) has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of December 23, 2009,
providing for the issuance of an unlimited aggregate principal amount of 9.25% Series A Senior
Notes due 2017 (the “2017 A Notes”);

     WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the
2017 A Notes and the Indenture on the terms and conditions set forth herein and under the Indenture
(the “Guarantee”);

     WHEREAS, the Guaranteeing Subsidiary is, concurrently herewith, executing a
supplemental indenture with respect to the 2017 B Indenture; and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute
and deliver this Supplemental Indenture.

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and
agree for the equal and ratable benefit of the Holders of the 2017 A Notes as follows:

     (1) Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     (2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Indenture
including but not limited to Articles 10 and 11 thereof.

     (3) No Recourse Against Others. No past, present or future director, officer,
employee, incorporator, member, partner or stockholder of the Guaranteeing Subsidiary or any of its
direct or indirect parent companies shall have any liability for any obligations of the Issuer or
the Guarantors (including the Guaranteeing Subsidiary) under the 2017 A Notes, any Guarantees, the
Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the 2017 A Notes.

D-1

 

     (4) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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

     (6) Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

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

     (8) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of
Holders of Notes against the Issuer in respect of any amounts paid by the Guaranteeing Subsidiary
pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided
that, if an Event of Default has occurred and is continuing, the Guaranteeing Subsidiary shall not
be entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuer under the Indenture or the 2017 A
Notes shall have been paid in full.

     (9) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the
terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it
will receive direct and indirect benefits from the financing arrangements contemplated by the
Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to
this Guarantee are knowingly made in contemplation of such benefits.

     (10) Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental
Indenture shall bind its Successors, except as otherwise provided in the Indenture or in this
Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind
its successors.

D-2

 

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

	 	 	 	 	 
	 	[GUARANTEEING SUBSIDIARY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S Bank National Association, as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

D-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]