Document:

exv4w1

 

Exhibit 4.1

 

INDENTURE

Dated as of September 29, 2005

Among

LIN TELEVISION CORPORATION, as Issuer,

and

The Guarantors Named Herein

and

THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee

 

$190,000,000

6 1/2% Senior Subordinated Notes due 2013 — Class B

 

 

 

CROSS-REFERENCE TABLE

	 	 	 	 	 
	Trust Indenture	 	 	 	Indenture
	Act Section	 	 	 	Section
	§ 310(a)(1)
	 	 	 	8.10
	(a)(2)
	 	 	 	8.10
	(a)(3)
	 	 	 	N.A.
	(a)(4)
	 	 	 	N.A.
	(a)(5)
	 	 	 	8.08, 8.10
	(b)
	 	 	 	8.08; 8.10; 13.02
	(c)
	 	 	 	N.A.
	§ 311(a)
	 	 	 	8.11
	(b)
	 	 	 	8.11
	(c)
	 	 	 	N.A.
	§ 312(a)
	 	 	 	2.05
	(b)
	 	 	 	13.03
	(c)
	 	 	 	13.03
	§313(a)
	 	 	 	8.06
	(b)(1)
	 	 	 	N.A.
	(b)(2)
	 	 	 	8.06
	(c)
	 	 	 	8.06; 13.02
	(d)
	 	 	 	8.06
	§ 314(a)
	 	 	 	4.11; 4.12, 13.02
	(b)
	 	 	 	N.A.
	(c)(1)
	 	 	 	13.04
	(c)(2)
	 	 	 	13.04
	(c)(3)
	 	 	 	N.A.
	(d)
	 	 	 	N.A.
	(e)
	 	 	 	13.05
	(f)
	 	 	 	N.A.
	§ 315(a)
	 	 	 	8.01(b)
	(b)
	 	 	 	8.05; 13.02
	(c)
	 	 	 	8.01(a)
	(d)
	 	 	 	8.01(c)
	(e)
	 	 	 	6.11
	§ 316(a)(last sentence)
	 	 	2.09
	(a)(1)(A)
	 	 	 	6.05
	(a)(1)(B)
	 	 	 	6.04
	(a)(2)
	 	 	 	N.A.
	(b)
	 	 	 	6.07
	(c)
	 	 	 	10.04
	§ 317(a)(1)
	 	 	 	6.08
	(a)(2)
	 	 	 	6.09
	(b)
	 	 	 	2.04
	§ 318(a)
	 	 	 	13.01

 

			
	N.A. means Not Applicable.
	 
	NOTE: This Cross-Reference Table shall not, for any purpose, be deemed to be a part of the
Indenture.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE

	 
	 	 	 	 
	SECTION 1.01. Definitions
	 	 	1	 
	SECTION 1.02. Incorporation by Reference of Trust Indenture Act
	 	 	16	 
	SECTION 1.03. Rules of Construction
	 	 	17	 
	 
	 	 	 	 
	ARTICLE TWO THE SECURITIES

	 
	 	 	 	 
	SECTION 2.01. Form and Dating
	 	 	17	 
	SECTION 2.02. Execution and Authentication
	 	 	18	 
	SECTION 2.03. Registrar and Paying Agent
	 	 	18	 
	SECTION 2.04. Paying Agent To Hold Assets in Trust
	 	 	19	 
	SECTION 2.05. Holder Lists
	 	 	19	 
	SECTION 2.06. Transfer and Exchange
	 	 	19	 
	SECTION 2.07. Replacement Securities
	 	 	20	 
	SECTION 2.08. Outstanding Securities
	 	 	20	 
	SECTION 2.09. Treasury Securities
	 	 	20	 
	SECTION 2.10. Temporary Securities
	 	 	21	 
	SECTION 2.11. Cancellation
	 	 	21	 
	SECTION 2.12. Defaulted Interest
	 	 	21	 
	SECTION 2.13. CUSIP Number
	 	 	22	 
	SECTION 2.14. Deposit of Moneys
	 	 	22	 
	SECTION 2.15. Book-Entry Provisions for Global Securities
	 	 	22	 
	SECTION 2.16. Registration of Transfers and Exchanges
	 	 	23	 
	SECTION 2.17. Issuance of Additional Securities
	 	 	26	 
	 
	 	 	 	 
	ARTICLE THREE REDEMPTION

	 
	 	 	 	 
	SECTION 3.01. Notices to Trustee
	 	 	27	 
	SECTION 3.02. Selection of Securities To Be Redeemed
	 	 	27	 
	SECTION 3.03. Notice of Redemption
	 	 	27	 
	SECTION 3.04. Effect of Notice of Redemption
	 	 	28	 
	SECTION 3.05. Deposit of Redemption Price
	 	 	28	 
	SECTION 3.06. Securities Redeemed in Part
	 	 	29	 
	 
	 	 	 	 
	ARTICLE FOUR COVENANTS

	 
	 	 	 	 
	SECTION 4.01. Payment of Securities
	 	 	29	 
	SECTION 4.02. Maintenance of Office or Agency
	 	 	29	 
	SECTION 4.03. Limitation on Transactions with Affiliates
	 	 	29	 
	SECTION 4.04. Limitation on Incurrence of Additional Indebtedness and Issuance of Capital Stock
	 	 	30	 
	SECTION 4.05. Limitation on Layering
	 	 	30	 
	SECTION 4.06. Payments for Consents
	 	 	30	 
	SECTION 4.07. Limitation on Investment Company Status
	 	 	31	 
	SECTION 4.08. Limitation on Asset Sales
	 	 	31	 

-i-

 

	 	 	 	 	 
	 	 	Page	 
	 
	SECTION 4.09. Limitation on Asset Swaps
	 	 	32	 
	SECTION 4.10. Limitation on Restricted Payments
	 	 	32	 
	SECTION 4.11. Notice of Defaults
	 	 	34	 
	SECTION 4.12. Reports
	 	 	34	 
	SECTION 4.13. Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	 	 	34	 
	SECTION 4.14. Guarantees by Restricted Subsidiaries
	 	 	35	 
	SECTION 4.15. Change of Control
	 	 	35	 
	SECTION 4.16. Limitation on Liens
	 	 	37	 
	SECTION 4.17. Compliance Certificate
	 	 	37	 
	SECTION 4.18. Corporate Existence
	 	 	38	 
	SECTION 4.19. Maintenance of Properties and Insurance
	 	 	38	 
	SECTION 4.20. Payment of Taxes and Other Claims
	 	 	38	 
	SECTION 4.21. Waiver of Stay, Extension or Usury Laws
	 	 	38	 
	 
	 	 	 	 
	ARTICLE FIVE MERGERS; SUCCESSOR CORPORATION

	 
	 	 	 	 
	SECTION 5.01. Mergers, Sale of Assets, etc.
	 	 	39	 
	SECTION 5.02. Successor Corporation Substituted
	 	 	39	 
	 
	 	 	 	 
	ARTICLE SIX DEFAULT AND REMEDIES

	 
	 	 	 	 
	SECTION 6.01. Events of Default
	 	 	40	 
	SECTION 6.02. Acceleration
	 	 	41	 
	SECTION 6.03. Other Remedies
	 	 	42	 
	SECTION 6.04. Waiver of Past Default
	 	 	42	 
	SECTION 6.05. Control by Majority
	 	 	42	 
	SECTION 6.06. Limitation on Suits
	 	 	43	 
	SECTION 6.07. Rights of Holders To Receive Payment
	 	 	43	 
	SECTION 6.08. Collection Suit by Trustee
	 	 	43	 
	SECTION 6.09. Trustee May File Proofs of Claim
	 	 	43	 
	SECTION 6.10. Priorities
	 	 	44	 
	SECTION 6.11. Undertaking for Costs
	 	 	44	 
	 
	 	 	 	 
	ARTICLE SEVEN SUBORDINATION OF SECURITIES

	 
	 	 	 	 
	SECTION 7.01. Agreement To Subordinate
	 	 	44	 
	SECTION 7.02. Liquidation, Dissolution, Bankruptcy
	 	 	45	 
	SECTION 7.03. Default on Senior Indebtedness
	 	 	45	 
	SECTION 7.04. Acceleration of Payment of Securities
	 	 	46	 
	SECTION 7.05. When Distribution Must Be Paid Over
	 	 	46	 
	SECTION 7.06. Subrogation
	 	 	46	 
	SECTION 7.07. Relative Rights
	 	 	47	 
	SECTION 7.08. Subordination May Not Be Impaired by Company
	 	 	47	 
	SECTION 7.09. Rights of Trustee and Paying Agent
	 	 	47	 
	SECTION 7.10. Distribution or Notice to Representative
	 	 	47	 
	SECTION 7.11. Article Seven Not To Prevent Events of Default or Limit Right To Accelerate
	 	 	47	 
	SECTION 7.12. Trust Moneys Not Subordinated
	 	 	48	 
	SECTION 7.13. Trustee Entitled To Rely
	 	 	48	 
	SECTION 7.14. Trustee To Effectuate Subordination
	 	 	48	 
	SECTION 7.15. Trustee Not Fiduciary for Holders of Senior Indebtedness
	 	 	48	 

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	 	 	Page	 
	 
	SECTION 7.16. Reliance by Holders of Senior Indebtedness on Subordination Provisions
	 	 	48	 
	 
	 	 	 	 
	ARTICLE EIGHT TRUSTEE

	 
	 	 	 	 
	SECTION 8.01. Duties of Trustee
	 	 	49	 
	SECTION 8.02. Rights of Trustee
	 	 	50	 
	SECTION 8.03. Individual Rights of Trustee
	 	 	51	 
	SECTION 8.04. Trustee’s Disclaimer
	 	 	51	 
	SECTION 8.05. Notice of Defaults
	 	 	51	 
	SECTION 8.06. Reports by Trustee to Holders
	 	 	51	 
	SECTION 8.07. Compensation and Indemnity
	 	 	52	 
	SECTION 8.08. Replacement of Trustee
	 	 	53	 
	SECTION 8.09. Successor Trustee by Merger, etc.
	 	 	54	 
	SECTION 8.10. Eligibility; Disqualification
	 	 	54	 
	SECTION 8.11. Preferential Collection of Claims Against the Company
	 	 	54	 
	 
	 	 	 	 
	ARTICLE NINE DISCHARGE OF INDENTURE; DEFEASANCE

	 
	 	 	 	 
	SECTION 9.01. Termination of the Company’s Obligations
	 	 	54	 
	SECTION 9.02. Legal Defeasance and Covenant Defeasance
	 	 	55	 
	SECTION 9.03. Conditions to Legal Defeasance or Covenant Defeasance
	 	 	55	 
	SECTION 9.04. Application of Trust Money; Trustee Acknowledgment and Indemnity
	 	 	57	 
	SECTION 9.05. Repayment to Company
	 	 	57	 
	SECTION 9.06. Reinstatement
	 	 	57	 
	 
	 	 	 	 
	ARTICLE TEN AMENDMENTS, SUPPLEMENTS AND WAIVERS

	 
	 	 	 	 
	SECTION 10.01. Without Consent of Holders
	 	 	58	 
	SECTION 10.02. With Consent of Holders
	 	 	58	 
	SECTION 10.03. Compliance with Trust Indenture Act
	 	 	59	 
	SECTION 10.04. Record Date for Consents and Effect of Consents
	 	 	60	 
	SECTION 10.05. Notation on or Exchange of Securities
	 	 	60	 
	SECTION 10.06. Trustee To Sign Amendments, etc.
	 	 	60	 
	 
	 	 	 	 
	ARTICLE ELEVEN GUARANTEES OF THE NOTES

	 
	 	 	 	 
	SECTION 11.01. Unconditional Guarantee
	 	 	60	 
	SECTION 11.02. Severability
	 	 	61	 
	SECTION 11.03. Release of a Guarantor
	 	 	61	 
	SECTION 11.04. Limitation of Guarantor’s Liability
	 	 	62	 
	SECTION 11.05. Contribution
	 	 	62	 
	SECTION 11.06. Execution of Guarantee
	 	 	62	 
	SECTION 11.07. Subordination of Subrogation and Other Rights
	 	 	62	 
	 
	 	 	 	 
	ARTICLE TWELVE SUBORDINATION OF GUARANTEE

	 
	 	 	 	 
	SECTION 12.01. Agreement To Subordinate
	 	 	63	 
	SECTION 12.02. Liquidation, Dissolution, Bankruptcy
	 	 	63	 
	SECTION 12.03. Default on Guarantor Senior Indebtedness
	 	 	63	 
	SECTION 12.04. Acceleration of Payment of Securities
	 	 	64	 
	SECTION 12.05. When Distribution Must Be Paid Over
	 	 	64	 

-iii-

 

	 	 	 	 	 
	 	 	Page	 
	 
	SECTION 12.06. Subrogation
	 	 	64	 
	SECTION 12.07. Relative Rights
	 	 	65	 
	SECTION 12.08. Subordination May Not Be Impaired by Guarantor
	 	 	65	 
	SECTION 12.09. Rights of Trustee and Paying Agent
	 	 	65	 
	SECTION 12.10. Distribution or Notice to Representative
	 	 	65	 
	SECTION 12.11. Article Twelve Not To Prevent Events of Default or Limit Right To Accelerate
	 	 	65	 
	SECTION 12.12. Trust Moneys Not Subordinated
	 	 	66	 
	SECTION 12.13. Trustee Entitled To Rely
	 	 	66	 
	SECTION 12.14. Trustee To Effectuate Subordination
	 	 	66	 
	SECTION 12.15. Trustee Not Fiduciary for Holders of Guarantor Senior Indebtedness
	 	 	66	 
	SECTION 12.16. Reliance by Holders of Guarantor Senior Indebtedness on Subordination Provisions
	 	 	67	 
	 
	 	 	 	 
	ARTICLE THIRTEEN MISCELLANEOUS

	 
	 	 	 	 
	SECTION 13.01. Trust Indenture Act Controls
	 	 	67	 
	SECTION 13.02. Notices
	 	 	67	 
	SECTION 13.03. Communications by Holders with Other Holders
	 	 	68	 
	SECTION 13.04. Certificate and Opinion as to Conditions Precedent
	 	 	68	 
	SECTION 13.05. Statements Required in Certificate
	 	 	69	 
	SECTION 13.06. Rules by Trustee, Paying Agent, Registrar
	 	 	69	 
	SECTION 13.07. Governing Law
	 	 	69	 
	SECTION 13.08. No Recourse Against Others
	 	 	69	 
	SECTION 13.09. Successors
	 	 	69	 
	SECTION 13.10. Counterpart Originals
	 	 	70	 
	SECTION 13.11. Severability
	 	 	70	 
	SECTION 13.12. No Adverse Interpretation of Other Agreements
	 	 	70	 
	SECTION 13.13. Legal Holidays
	 	 	70	 
	 
	 	 	 	 
	SIGNATURES
	 	 	S-1	 
	 
	 	 	 	 
	EXHIBIT A Form of Security
	 	 	A-1	 
	EXHIBIT B Form of Legend for Global Securities
	 	 	B-1	 
	EXHIBIT C Form of Transfer Certificate
	 	 	C-1	 
	EXHIBIT D Form of Transfer Certificate for Institutional Accredited Investors
	 	 	D-1	 
	EXHIBIT E Form of Transfer Certificate for Regulation S Transfers
	 	 	E-1	 

 

			
	NOTE:	 	This Table of Contents shall not, for any purpose, be deemed to be a part of this Indenture.

-iv-

 

          INDENTURE dated as of September 29, 2005, among LIN TELEVISION CORPORATION, a Delaware
corporation (the “Company"), the Guarantors named herein, and THE BANK OF NEW YORK TRUST
COMPANY, N.A., as trustee (the “Trustee”).

          Each party hereto agrees as follows for the benefit of each other party and for the equal and
ratable benefit of the Holders of the Securities:

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01. Definitions.

          “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries
existing at the time such Person becomes a Restricted Subsidiary of the Company or at the time it
merges or consolidates with the Company or any of its Restricted Subsidiaries or assumed in
connection with the acquisition of assets from such Person and not incurred by such Person in
connection with, or in anticipation or contemplation of, such Person becoming a Restricted
Subsidiary of the Company or such acquisition, merger or consolidation.

          “Acquired Preferred Stock” means the Preferred Stock of any Person at such time as
such Person becomes a Restricted Subsidiary of the Company or at the time it merges or consolidates
with the Company or any of its Restricted Subsidiaries and not issued by such Person in connection
with, or in anticipation or contemplation of, such acquisition, merger or consolidation.

          “Additional Securities” means subject to the Company’s compliance with Section 4.04,
61/2% Senior Subordinated Notes due 2013 — Class B issued from time to time after the Issue Date
under the terms of this Indenture (other than issuances pursuant to Section 2.07, 2.10, 3.06 or
10.05 of this Indenture and other than Exchange Securities or Private Exchange Securities issued
pursuant to an exchange offer for other securities outstanding under this Indenture).

          “Affiliate” means, as to any Person, any other Person which, directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with,
such Person. The term “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. Chase, Deutsche and their respective
Affiliates shall not be deemed Affiliates of the Company by reason of their direct or indirect
investments in any fund managed by Hicks Muse or any Person in which such fund is invested.

          “Affiliate Transaction” has the meaning provided in Section 4.03.

          “Agent” means any Registrar, Paying Agent or co-Registrar.

          “Applicable Premium” has the meaning provided in paragraph 5 on the reverse of each
Security.

          “Asset Acquisition” means (i) an Investment by the Company or any Restricted
Subsidiary of the Company in any other Person pursuant to which such Person shall become a
Restricted Subsidiary of the Company or shall be consolidated or merged with the Company or any
Restricted Subsidiary of the Company or

 

-2-

(ii) the acquisition by the Company or any Restricted Subsidiary of the Company of assets of
any Person comprising a division or line of business of such Person.

          “Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease
(other than operating leases entered into in the ordinary course of business), assignment or other
transfer for value by the Company or any of its Restricted Subsidiaries (excluding any sale and
leaseback transaction or any pledge of assets or stock by the Company or any of its Restricted
Subsidiaries) to any Person other than the Company or a Restricted Subsidiary of the Company of (i)
any Capital Stock of any Restricted Subsidiary of the Company or (ii) any other property or assets
of the Company or any Restricted Subsidiary of the Company other than in the ordinary course of
business; provided, however, that for purposes of Section 4.08, Asset Sales shall not include (a) a
transaction or series of related transactions in which the Company or any of its Restricted
Subsidiaries receives aggregate consideration of less than $1,000,000, (b) transactions permitted
under Section 4.09, (c) transactions covered by Section 5.01, (d) a Restricted Payment that
otherwise qualifies under Section 4.10, (e) any disposition of obsolete or worn out equipment or
equipment that is no longer useful in the conduct of the business of the Company and its
Subsidiaries and that is disposed of, in each case, in the ordinary course of business and (f) any
transaction that constitutes a Change of Control. Solely for purposes of Section 11.03(a), an
Asset Sale is deemed to include a sale, conveyance or transfer by the Representative following a
foreclosure on such assets.

          “Asset Swap” means the execution of a definitive agreement, subject only to Federal
Communications Commission approval, if applicable, and other customary closing conditions that the
Company in good faith believes will be satisfied, for a substantially concurrent purchase and sale,
or exchange, of Productive Assets between the Company or any of its Restricted Subsidiaries and
another Person or group of affiliated Persons; provided that any amendment to or waiver of any
closing condition that individually or in the aggregate is material to the Asset Swap shall be
deemed to be a new Asset Swap; it being understood that an Asset Swap may include a cash
equalization payment made in connection therewith provided that such cash payment, if received by
the Company or its Subsidiaries, shall be deemed to be proceeds received from an Asset Sale and
shall be applied in accordance with Section 4.08.

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

          “Board of Directors” means the Board of Directors or other governing body charged with
the ultimate management of any Person, or any duly authorized committee thereof.

          “Board Resolution” means, with respect to any Person, a duly adopted resolution of the
Board of Directors of such Person or a duly authorized committee of such Board of Directors.

          “Business Day” means any day (other than a day which is a Saturday, Sunday or legal
holiday in the State of New York) on which banks are open for business in New York, New York.

          “Capital Stock” means (i) with respect to any Person that is a corporation, any and
all shares, interests, participations or other equivalents (however designated) of capital stock of
such Person and (ii) with respect to any Person that is not a corporation, any and all partnership
or other equity interests of such Person.

          “Capitalized Lease Obligation” means, as to any Person, the obligation of such Person
to pay rent or other amounts under a lease to which such Person is a party that is required to be
classified and accounted for as a capital lease obligation under GAAP, and for purposes of this
definition, the amount of such obligation at any date shall be the capitalized amount of such
obligation at such date, determined in accordance with GAAP.

 

-3-

          “Cash Equivalents” means (i) marketable direct obligations issued by, or
unconditionally guaranteed by, the United States Government or issued by any agency thereof and
backed by the full faith and credit of the United States, in each case maturing within one year
from the date of acquisition thereof; (ii) marketable direct obligations issued by any state of the
United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the
time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s
Corporation or Moody’s Investors Service, Inc. or their successor agencies; (iii) commercial paper
maturing no more than one year from the date of creation thereof and, at the time of acquisition,
having a rating of at least A-1 from Standard & Poor’s Corporation or at least P-1 from Moody’s
Investors Service, Inc. or their successor agencies; (iv) certificates of deposit or bankers’
acceptances maturing within one year from the date of acquisition thereof issued by any commercial
bank organized under the laws of the United States of America or any state thereof or the District
of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof combined
capital and surplus of not less than $200,000,000; (v) repurchase obligations with a term of not
more than seven days for underlying securities of the types described in clause (i) above entered
into with any bank meeting the qualifications specified in clause (iv) above; and (vi) investments
in money market funds that invest substantially all their assets in securities of the types
described in clauses (i) through (v) above.

          “Change of Control” means the occurrence of one or more of the following events: (i)
any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company to any Person or group of
related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”) (whether or
not otherwise in compliance with the provisions of this Indenture), other than to Hicks Muse or any
of its Affiliates, officers or directors (the “Permitted Holders”); or (ii) a majority of
the board of directors of the Company or LIN TV shall consist of Persons who are not Continuing
Directors; or (iii) the acquisition by any Person or Group (other than the Permitted Holders or any
direct or indirect subsidiary of any Permitted Holder, including without limitation a Holding
Company) of the power, directly or indirectly, to vote or direct the voting of securities having
more than 50% of the ordinary voting power for the election of directors of the Company.

          “Change of Control Date” has the meaning provided in Section 4.15.

          “Change of Control Offer” has the meaning provided in Section 4.15.

          “Change of Control Payment Date” has the meaning provided in Section 4.15.

          “Change of Control Redemption” has the meaning specified in paragraph 5 of the
Securities.

          “Chase” means JPMorgan Chase Bank or any successor corporation thereto.

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

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

          “Company Request” or “Company Order” means a written request or order signed
in the name of the Company by its Chairman of the Board, its Vice Chairman of the Board, its
President, a Vice President or its Treasurer, and by its Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.

 

-4-

          “Consolidated Cash Flow” means, with respect to any Person, for any period, the sum
(without duplication) of (i) Consolidated Net Income, (ii) to the extent Consolidated Net Income
has been reduced thereby, (a) all income taxes of such Person and its Restricted Subsidiaries paid
or accrued in accordance with GAAP for such period (other than income taxes attributable to
extraordinary or nonrecurring gains or losses), (b) Consolidated Interest Expense and (c)
Consolidated Non-Cash Charges, all as determined on a consolidated basis for such Person and its
Restricted Subsidiaries in conformity with GAAP, and (iii) the lesser of (x) dividends or
distributions paid in cash to such Person or its Restricted Subsidiaries by another Person whose
results are reflected as a minority interest in the consolidated financial statements of such first
Person and (y) such Person’s equity interest in the Consolidated Cash Flow of such other Person
(but in no event less than zero), except, that in the case of the Joint Venture, (I) such amount
shall not exceed 10% of the Consolidated Cash Flow of the Company for such period and (II) such
first Person shall be deemed to have received by dividend its proportionate share of distributable
cash retained by the Joint Venture to fund the interest reserve.

          “Consolidated Interest Expense” means, with respect to any Person for any period,
without duplication, the sum of (i) the interest expense of such Person and its Restricted
Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP,
including, without limitation, (a) any amortization of debt discount, (b) the net cost under
Interest Swap Agreements (including any amortization of discounts) but only to the extent not
already included in interest expense and specifically identifiable in the applicable agreement, (c)
the interest portion of any deferred payment obligation, (d) all commissions, discounts and other
fees and charges owed with respect to letters of credit, bankers’ acceptance financing or similar
facilities, and (e) all accrued interest and (ii) the interest component of Capitalized Lease
Obligations paid or accrued by such Person and its Subsidiaries during such period as determined on
a consolidated basis in accordance with GAAP.

          “Consolidated Net Income” of any Person means, for any period, the aggregate net
income (or loss) of such Person and its Restricted Subsidiaries for such period on a consolidated
basis, determined in accordance with GAAP; provided, however, that there shall be excluded
therefrom, without duplication, (a) gains and losses from Asset Sales (without regard to the
$1,000,000 limitation set forth in the definition thereof) or abandonments or reserves relating
thereto and the related tax effects, (b) items classified as extraordinary or nonrecurring gains
and losses, and the related tax effects according to GAAP, (c) the net income of any Restricted
Subsidiary to the extent that the declaration of dividends or similar distributions by that
Restricted Subsidiary of that income is restricted by contract, operation of law or otherwise, and
(d) the net income or loss of any Person, other than a Restricted Subsidiary; and provided further,
however, that there shall be added to net income an amount equal to the consolidated cash flow
losses attributable to stations which the Company or any of its Restricted Subsidiaries operates
pursuant to local marketing agreements provided that such addback shall not exceed $3,000,000 in
any Four Quarter Period.

          “Consolidated Non-Cash Charges” means, with respect to any Person for any period, the
aggregate depreciation, amortization and other non-cash expenses of such Person and its Restricted
Subsidiaries (excluding any such charges constituting an extraordinary or nonrecurring item)
reducing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP.

          “Continuing Director” means, as of the date of determination, any Person who (i) was a
member of the Board of Directors of the Company or LIN TV on the Issue Date, (ii) was nominated for
election or elected to the Board of Directors of the Company or LIN TV, as the case may be, with
the affirmative vote of a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination or election or (iii) is a representative of a Permitted
Holder.

 

-5-

          “Corporate Trust Office of the Trustee” means the principal corporate trust office of
the Trustee at which at any particular time this Indenture principally shall be administered, which
office at the date of original execution of this Indenture is located at 470 Atlantic Avenue, Suite
4082, Boston, MA 02210, Attention: Corporate Trust Administration.

          ’‘Credit Facilities’’ means the Credit Facilities, under that certain Amended and
Restated Credit Agreement dated as of March 11, 2005, among the Company, Televicientro of Puerto
Rico, LLC, JPMorgan Chase Bank, N.A. as administrative agent, Deutsche Bank Trust Company Americas,
as syndication agent, The Bank of Nova Scotia, Bank of America, N.A. and Wachovia Bank, National
Association, as documentation agents, and SunTrust Bank, as co-documentation agent, and the other
financial institutions from time to time party thereto, together with the related documents thereto
(including, without limitation, any guarantee agreements and any security documents), in each case
as such agreements may be amended (including any amendment and restatement thereof), supplemented
or otherwise modified from time to time, including any agreement extending the maturity of,
refinancing, replacing or otherwise restructuring (including by way of adding Subsidiaries of the
Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness
under such agreement or any successor or replacement agreement and whether by the same or any other
agent, lender or group of lenders (or other institutions).

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

          “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar
official under any Bankruptcy Law.

          “Default” means an event or condition the occurrence of which is, or with the lapse of
time or the giving of notice or both would be, an Event of Default.

          “Depository” means, with respect to the Securities issued in the form of one or more
Global Securities, The Depository Trust Company or another Person designated as Depository by the
Company, which must be a clearing agency registered under the Exchange Act.

          “Designated Senior Indebtedness” means (i) all obligations under the Credit Facilities
and (ii) any other Senior Indebtedness of the Company which, at the date of determination, has an
aggregate principal amount outstanding of, or under which, at the date of determination, the
holders thereof are committed to lend up to, at least $20,000,000 and is specifically designated by
the Company in the instrument evidencing or governing such Senior Indebtedness as “Designated
Senior Indebtedness” for purposes of this Indenture.

          “Deutsche” means Deutsche Bank Trust Company Americas or any successor corporation
thereto.

          “Disposition” means, with respect to any Person, any merger, consolidation or other
business combination involving such Person (whether or not such Person is the Surviving Person) or
the sale, assignment, or transfer, lease, conveyance, plan of liquidation or other disposition of
all or substantially all of such Person’s assets.

          “Disqualified Capital Stock” means any Capital Stock that, by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable), or upon the
happening of any event, matures (excluding any maturity as the result of an optional redemption by
the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon
the occurrence of a Change of Control), in whole or in part, on or prior to the Final

 

-6-

Maturity Date of the Securities; provided that only the portion of Capital Stock which so
matures or is mandatorily redeemable or is so redeemable at the sole option of the holder thereof
prior to May 15, 2013 shall be deemed Disqualified Capital Stock.

          “Equity Offering” means a private sale or public offering of Capital Stock (other than
Disqualified Capital Stock) of the Company or a Holding Company (to the extent, in the case of a
Holding Company, that the net cash proceeds thereof are contributed to the common or non-redeemable
preferred equity capital of the Company).

          “Event of Default” has the meaning provided in Section 6.01.

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

          “Exchangeable Debentures” means the 2 1/2% Exchangeable Senior Subordinated Debentures
due 2033 of the Company issued under the Exchangeable Debentures Indenture.

          “Exchangeable Debentures Indenture” means the indenture, as amended or supplemented
from time to time, dated May 12, 2003 between the Company, the guarantors named therein and The
Bank of New York, as trustee.

          “Exchange
Securities” means the
6 1/2%
Senior Subordinated Notes due 2013 — Class B —
Series B, to be issued in exchange for the Initial Securities pursuant to the Registration Rights
Agreement.

          “Existing Senior Subordinated Notes” means the 6 1/2% Senior Subordinated Notes due 2013
of the Company issued under the indenture, as amended, dated May 12, 2003, between the Company, the
guarantors named therein and The Bank of New York (as successor to United States Trust Company of
New York), as Trustee.

          “Final Maturity Date” means May 15, 2013.

          “Financial Advisory Agreement” means the Financial Advisory Agreement by and among the
Company, Holdings and Hicks Muse Partners, as in effect on May 12, 2003.

          “Funding Guarantor” has the meaning provided in Section 11.05.

          “GAAP” means generally accepted accounting principles in the United States of America
as in effect as of the Issue Date, including those set forth in the statements and pronouncements
of the Public Company Accounting Oversight Board, the American Institute of Certified Public
Accountants, the Financial Accounting Standards Board or the Commission or in such other statements
by such other entity as approved by a significant segment of the accounting profession. All ratios
and computations based on GAAP contained in this Indenture shall be computed in conformity with
GAAP.

          “Global Securities” means one or more 144A Global Securities, Regulation S Global
Securities or IAI Global Securities.

          “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, by way

 

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of a pledge of assets or through letters of credit or reimbursement agreements in respect
thereof), of all or any part of any Indebtedness.

          “Guarantees” means the Form of Guarantee of each Guarantor to be endorsed on each of
the Securities in the form of Exhibit A hereto.

          “Guarantor” means (i) LIN TV and (ii) each Subsidiary Guarantor.

          “Guarantor Senior Indebtedness” means, as to any Guarantor, Senior Indebtedness of
such Guarantor, it being understood that for the purpose of this definition, all references to the
Company in the definition of Senior Indebtedness shall be deemed references to such Guarantor.

          “Guarantor Senior Subordinated Indebtedness” means, as to any Guarantor, Senior
Subordinated Indebtedness of such Guarantor, it being understood that for purposes of this
definition, all references to the Company in the definition of Senior Subordinated Indebtedness
shall be deemed references to such Guarantor.

          “Hicks Muse” means Hicks, Muse, Tate & Furst Incorporated, a Delaware corporation.

          “Hicks Muse Partners” means Hicks, Muse & Co. Partners, L.P., an affiliate of Hicks
Muse.

          “Holders” means the registered holders of the Securities.

          “Holdings” means LIN Holdings Corp., a Delaware corporation, and any successor in
interest thereto.

          “Holding Company” has the meaning provided in Section 4.10(b).

          “IAI Global Security” means a permanent global security in registered form
representing the aggregate principal amount of Securities transferred after the Issue Date to
Institutional Accredited Investors.

          “Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary with total
assets, as of the last day of the most recently ended four full fiscal quarter period for which
financial statements are available immediately preceding such date, of less than $50,000 and with
total revenue of the most recently ended four full fiscal quarters for which financial statements
are available immediately preceding such date of less than $50,000.

          “incur” has the meaning set forth in Section 4.04.

          “Indebtedness” means with respect to any Person, without duplication, any liability of
such Person (i) for borrowed money, (ii) evidenced by bonds, debentures, notes or other similar
instruments, (iii) constituting Capitalized Lease Obligations, (iv) incurred or assumed as the
deferred purchase price of property, or pursuant to conditional sale obligations and title
retention agreements (but excluding trade accounts payable arising in the ordinary course of
business), (v) for the reimbursement of any obligor on any letter of credit, banker’s acceptance or
similar credit transaction, (vi) for Indebtedness of others guaranteed by such Person, (vii) for
Interest Swap Agreements, Commodity Agreements and Currency Agreements to the extent of the net
amount payable by such Person thereunder and (viii) for Indebtedness of any other Person of the
type referred to in clauses (i) through (vii) which is secured by any Lien on any property or asset
of such first referred to Person, the amount of such Indebtedness being deemed to be the lesser of
the value of such property or asset or the amount of the Indebtedness so secured. The amount of
Indebtedness of any Person at any date shall be (i) the outstanding principal

 

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amount of all unconditional obligations described above, as such amount would be reflected
on a balance sheet prepared in accordance with GAAP, and the maximum liability at such date of such
Person for any contingent obligations described above, (ii) the accreted value thereof, in the case
of any Indebtedness issued with original issue discount, and (iii) the principal amount thereof,
together with any interest thereon that is more than 30 days past due, in the case of any other
Indebtedness.

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

          “Initial Purchasers” means J.P. Morgan Securities Inc., Deutsche Bank Securities Inc.,
Goldman, Sachs & Co. Inc., Banc of America Securities LLC, Scotia Capital (USA) Inc. and Wachovia
Capital Markets, LLC.

          “Initial Securities” means the 6 1/2% Senior Subordinated Notes due 2013 — Class B, of
the Company.

          “Institutional Accredited Investor” means an institution that is an “accredited
investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

          “interest” means, with respect to the Securities, the sum of any cash interest and any
Liquidated Damages (as defined in the Registration Rights Agreement) on the Securities.

          “Interest Payment Date” means May 15 and November 15 of each year, commencing on
November 15, 2005.

          “Interest Record Date” for the interest payable on any Interest Payment Date (except a
date for payment of defaulted interest) means the May 1 or November 1 (whether or not a Business
Day), as the case may be, immediately preceding such Interest Payment Date.

          “Interest Swap Agreements” means any interest rate protection agreement, interest rate
future, interest rate option, interest rate swap, interest rate cap or other interest rate hedge or
arrangement.

          “Investment” in any Person means any direct or indirect advance, loan or other
extension of credit (in each case, including by way of Guarantee or similar arrangement, but
excluding (i) any debt or extension of credit represented by a bank deposit other than a time
deposit and (ii) advances to customers in the ordinary course of business) or capital contribution
to (by means of any transfer of cash or other property to others or any payment for property or
services for the account or use of others), or any purchase or acquisition of Capital Stock,
Indebtedness or other similar instruments issued by such Person. For purposes of Section 4.10, (A)
“Investment” shall include the portion (proportionate to the Company’s equity interest in a
Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of
the net assets of such Restricted Subsidiary of the Company at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation
of such Unrestricted Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue
to have an “Investment” (if positive) equal to (1) the Company’s “Investment” in such Unrestricted
Subsidiary at the time of such redesignation less (2) the portion (proportionate to the Company’s
equity interest in such Unrestricted Subsidiary) of the fair market value of the net assets of such
Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is so redesignated from an
Unrestricted Subsidiary to a Restricted Subsidiary; and (B) any property transferred to or from an
Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in
each case as determined in good faith by the board of directors of the Company.

 

-9-

          “Issue Date” means September 29, 2005, the date on which the Initial Securities are
originally issued.

          “Joint Venture” means the television station joint venture formed pursuant to an
agreement dated January 15, 1998, as amended, by and between NBC Universal, the Company and certain
affiliates of the Company and NBC Universal as a party thereto, pursuant to which both the Company
and NBC Universal contributed television stations to the Joint Venture in exchange for equity
interests therein.

          “Leverage Ratio” means, as to any Person, the ratio of (i) the aggregate outstanding
amount of Indebtedness of such Person and its Restricted Subsidiaries as of the date of calculation
on a consolidated basis in accordance with GAAP plus the aggregate liquidation preference of all
Disqualified Capital Stock of such Person and of all outstanding Preferred Stock of Restricted
Subsidiaries of such Person (other than any such Disqualified Capital Stock or Preferred Stock held
by such Person or any of its Restricted Subsidiaries) to (ii) the Consolidated Cash Flow of such
Person for the four full fiscal quarters (the “Four Quarter Period”) ending on or prior to
the date of determination.

          For purposes of this definition, the aggregate outstanding principal amount of Indebtedness of
the Person and its Restricted Subsidiaries for which such calculation is made shall be determined
on a pro forma basis as if the Indebtedness giving rise to the need to perform such calculation had
been incurred and the proceeds therefrom had been applied, and all other transactions in respect of
which such Indebtedness is being incurred has occurred, on the last day of the Four Quarter Period.
In addition to the foregoing, for purposes of this definition, “Consolidated Cash Flow” shall be
calculated on a pro forma basis after giving effect to (i) the Transaction, (ii) the incurrence of
the Indebtedness of such Person and its Restricted Subsidiaries (and the application of the
proceeds therefrom) giving rise to the need to make such calculation and any incurrence (and the
application of the proceeds therefrom) or repayment of other Indebtedness, other than the
incurrence or repayment of Indebtedness pursuant to working capital facilities, at any time
subsequent to the beginning of the Four Quarter Period and on or prior to the date of
determination, as if such incurrence (and the application of the proceeds thereof), or the
repayment, as the case may be, occurred on the first day of the Four Quarter Period, (iii) any
Asset Sales (including those excluded from the definition thereof by clause (b), (c) or (d) of the
definition thereof) or Asset Acquisitions (including, without limitation, any Asset Acquisition
giving rise to the need to make such calculation as a result of such Person or one of its
Subsidiaries (including any Person that becomes a Restricted Subsidiary as a result of such Asset
Acquisition) incurring, assuming or otherwise becoming liable for Indebtedness) or Asset Swaps at
any time on or subsequent to the first day of the Four Quarter Period and on or prior to the date
of determination, as if such Asset Sale, Asset Acquisition (including the incurrence, assumption or
liability for any such Indebtedness and also including any Consolidated Cash Flow associated with
such Asset Acquisition) or Asset Swap occurred on the first day of the Four Quarter Period and (iv)
cost savings resulting from employee termination, facilities consolidations and closings,
standardization of employee benefits and compensation practices, consolidation of property,
casualty and other insurance coverage and policies, standardization of sales representation
commissions and other contract rates, and reductions in taxes other than income taxes
(collectively, “Cost Savings Measures”), which Cost Savings Measures the Company reasonably
believes in good faith could have been achieved during the Four Quarter Period as a result of such
Asset Acquisition or Asset Swap (regardless of whether such Cost Savings Measures could then be
reflected in pro forma financial statements under GAAP, Regulation S-X promulgated by the
Commission or any other regulation or policy of the Commission), less the amount of any additional
expenses that the Company reasonably estimates would result from anticipated replacement of any
items constituting Cost Savings Measures in connection with such Asset Acquisition or Asset Swap;
provided, however, that both (A) such Cost Savings Measures were identified and such Cost Savings
Measures were quantified in an officer’s certificate delivered to the Trustee at the time of the
consummation of the Asset Acquisition or Asset Swap and (B) with respect to each Asset Acquisition
or Asset Swap completed prior to the 90th day preceding such date of determination, actions were
commenced or initiated

 

-10-

by the Company within 90 days of such Asset Acquisition or Asset Swap to effect the Cost
Savings Measures identified in such officer’s certificate (regardless, however, of whether the
corresponding cost savings have been achieved). Furthermore, in calculating “Consolidated Interest
Expense” for purposes of the calculation of “Consolidated Cash Flow,” (i) interest on Indebtedness
determined on a fluctuating basis as of the date of determination (including Indebtedness actually
incurred on the date of the transaction giving rise to the need to calculate the Leverage Ratio)
and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed
rate per annum equal to the rate of interest on such Indebtedness as in effect on the date of
determination and (ii) notwithstanding (i) above, interest determined on a fluctuating basis, to
the extent such interest is covered by Interest Swap Agreements, shall be deemed to accrue at the
rate per annum resulting after giving effect to the operation of such agreements.

          “Lien” means, with respect to any asset, any lien, mortgage, deed of trust, pledge,
security interest, charge or encumbrance of any kind (including any conditional sale or other title
retention agreement, any lease in the nature thereof and any agreement to give any security
interest).

          “LIN TV” means LIN TV Corp., a Delaware corporation, or any successor in interest
thereto.

          “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of
cash or Cash Equivalents (including payments in respect of deferred payment obligations when
received in the form of cash or Cash Equivalents) received by the Company or any of its
Subsidiaries from such Asset Sale net of (i) reasonable out-of-pocket expenses and fees relating to
such Asset Sale (including, without limitation, legal, accounting and investment banking fees and
sales commissions, recording fees, relocation costs, title insurance premiums, appraisers fees and
costs reasonably incurred in preparation of any asset or property for sale), (ii) taxes paid or
reasonably estimated to be payable (calculated based on the combined state, federal and foreign
statutory tax rates applicable to the Company or the Restricted Subsidiary engaged in such Asset
Sale), (iii) all distributions and other payments required to be made to any Person owning a
beneficial interest in the assets subject to sale or minority interest holders in Subsidiaries or
joint ventures as a result of such Asset Sale and (iv) any reserves established in accordance with
GAAP for adjustment in respect of the sales price of the asset or assets subject to such Asset Sale
or for any liabilities associated with such Asset Sale and (v) repayment of Indebtedness secured by
assets subject to such Asset Sale; provided, however, that if the instrument or agreement governing
such Asset Sale requires the transferor to maintain a portion of the purchase price in escrow
(whether as a reserve for adjustment of the purchase price or otherwise) or to indemnify the
transferee for specified liabilities in a maximum specified amount, the portion of the cash or Cash
Equivalents that is actually placed in escrow or segregated and set aside by the transferor for
such indemnification obligation shall not be deemed to be Net Cash Proceeds until the escrow
terminates or the transferor ceases to segregate and set aside such funds, in whole or in part, and
then only to the extent of the proceeds released from escrow to the transferor or that are no
longer segregated and set aside by the transferor.

          “Obligations” means all obligations for principal, premium, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing, or otherwise relating to, any Indebtedness.

          “Offering” means the initial offering of the Securities.

          “Offering Memorandum” means the final offering memorandum dated September 23, 2005
setting forth information concerning the Company, LIN TV and the Securities.

 

 -11-

          “Officer” means the Chairman, any Vice Chairman, the President, any Vice President,
the Chief Financial Officer, the Treasurer or the Secretary of the Company or any other officer
designated by the Board of Directors serving in a similar capacity.

          “Officers’ Certificate” means a certificate signed by two Officers or by an Officer
and an Assistant Treasurer or Assistant Secretary of the Company complying with Sections 13.04 and
13.05.

          “144A Global Security” means a permanent global security in registered form
representing the aggregate principal amount of Initial Securities sold in reliance on Rule 144A.

          “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
Trustee.

          “Participants” has the meaning provided in Section 2.15.

          “Paying Agent” has the meaning provided in Section 2.03.

          “Permitted Holders” has the meaning provided in the definition of “Change of
Control.”

          “Permitted Indebtedness” means, without duplication, (i) Indebtedness outstanding on
the Issue Date (including the Exchangeable Debentures and the Existing Senior Subordinated Notes);
(ii) Indebtedness of the Company and any of its Restricted Subsidiaries that is a Guarantor (a)
outstanding under the Credit Facilities (including letter of credit obligations); provided that the
aggregate principal amount at any time outstanding does not exceed $570,000,000 or (b) incurred
under the Credit Facilities pursuant to and in compliance with (x) clause (v) of this definition or
(y) the proviso in Section 4.04; (iii) Indebtedness evidenced by or arising under the Securities
and this Indenture in each case incurred on the Issue Date; (iv) Interest Swap Agreements,
Commodity Agreements and Currency Agreements; provided, however, that such agreements are entered
into for bona fide hedging purposes and not for speculative purposes; (v) additional Indebtedness
of the Company or any of its Restricted Subsidiaries that is a Guarantor not to exceed $50,000,000
in principal amount outstanding at any time (which amount may, but need not, be incurred under the
Credit Facilities); (vi) Refinancing Indebtedness; (vii) Indebtedness owed by the Company to any
Restricted Subsidiary of the Company or by any Restricted Subsidiary of the Company to the Company
or any Restricted Subsidiary of the Company; (viii) guarantees by the Company or Restricted
Subsidiaries of any Indebtedness permitted to be incurred pursuant to this Indenture; (ix)
Indebtedness in respect of performance bonds, bankers’ acceptances and surety or appeal bonds
provided by the Company or any of its Restricted Subsidiaries to their customers in the ordinary
course of their business; (x) Indebtedness arising from agreements providing for indemnification,
adjustment of purchase price or similar obligations, or from guarantees or letters of credit,
surety bonds or performance bonds securing any obligations of the Company or any of its Restricted
Subsidiaries pursuant to such agreements, in each case incurred in connection with the disposition
of any business assets or Restricted Subsidiaries of the Company (other than guarantees of
Indebtedness or other obligations incurred by any Person acquiring all or any portion of such
business assets or Restricted Subsidiaries of the Company for the purpose of financing such
acquisition) in a principal amount not to exceed the gross proceeds actually received by the
Company or any of its Restricted Subsidiaries in connection with such disposition; provided,
however, that the principal amount of any Indebtedness incurred pursuant to this clause (x), when
taken together with all Indebtedness incurred pursuant to this clause (x) and then outstanding,
shall not exceed $50,000,000; and (xi) Indebtedness represented by Capitalized Lease Obligations,
mortgage financings or purchase money obligations, in each case incurred for the purpose of
financing all or any part of the purchase price or cost of construction or improvement of property
or assets used in a related business or incurred to refinance any such purchase price or cost of
construction or improvement, in each case incurred no later than 365 days after the date of such
acquisition or the date of completion of such construction or improvement; provided,

 

-12-

however, that the principal amount of any Indebtedness incurred pursuant to this clause (xi)
shall not exceed $25,000,000 at any time outstanding.

          “Permitted Investments” means (i) Investments by the Company or any Restricted
Subsidiary of the Company to acquire the stock or assets of any Person (or Acquired Indebtedness or
Acquired Preferred Stock acquired in connection with a transaction in which such Person becomes a
Restricted Subsidiary of the Company) engaged in the broadcast business or businesses reasonably
related, ancillary or complimentary thereto; provided, however, that if any such Investment or
series of related Investments involves an Investment by the Company in excess of $10,000,000, the
Company is able, at the time of such Investment and immediately after giving effect thereto, to
incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance
with Section 4.04, (ii) Investments received by the Company or its Restricted Subsidiaries as
consideration for a sale of assets made in compliance with the other terms of this Indenture, (iii)
Investments by the Company or any Restricted Subsidiary of the Company in any Restricted Subsidiary
of the Company (whether existing on the Issue Date or created thereafter) or any Person that after
such Investments, and as a result thereof, becomes a Restricted Subsidiary of the Company and
Investments in the Company or any Restricted Subsidiary by any Restricted Subsidiary of the
Company, (iv) Investments in cash and Cash Equivalents, (v) Investments in securities of trade
creditors, wholesalers or customers received pursuant to any plan of reorganization or similar
arrangement, (vi) loans or advances to employees of the Company or any Restricted Subsidiary
thereof for purposes of purchasing the Company’s or a Holding Company’s Capital Stock and other
loans and advances to employees made in the ordinary course of business consistent with past
practices of the Company or any Restricted Subsidiary and (vii) additional Investments in an
aggregate amount not to exceed $5,000,000 at any time outstanding.

          “Person” means an individual, partnership, corporation, limited liability company,
unincorporated organization, trust or joint venture, or a governmental agency or political
subdivision thereof.

          “Physical Securities” means one or more certificated Securities in registered form.

          “Preferred Stock” of any Person means any Capital Stock of such Person that has
preferential rights to any other Capital Stock of such Person with respect to dividends or
redemptions or upon liquidation.

          “Private Exchange Securities” has the meaning provided in the Registration Rights
Agreement.

          “Private Placement Legend” means the legend initially set forth on the Initial
Securities in the form set forth on Exhibit A hereto.

          “Productive Assets” means assets of a kind used or usable by the Company and its
Restricted Subsidiaries in the broadcast business or businesses reasonably related, ancillary or
complementary thereto, and specifically includes assets acquired through Asset Acquisitions (it
being understood that “assets” may include Capital Stock of a Person that owns such Productive
Assets, provided that after giving effect to such transaction, such Person would be a Restricted
Subsidiary of the Company).

          “Public Equity Offering” means an underwritten public offering of Capital Stock (other
than Disqualified Capital Stock) of the Company or a Holding Company (to the extent, in the case of
a Holding Company, that the net cash proceeds thereof are contributed to the common or
non-redeemable preferred equity capital of the Company), pursuant to an effective registration
statement filed with the Commission in accordance with the Securities Act.

          “Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital
Stock.

 

-13-

          “Qualified Institutional Buyer” or “QIB” means a “qualified institutional
buyer” as that term is defined in Rule 144A under the Securities Act.

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

          “redemption price,” when used with respect to any Security to be redeemed, means the
price fixed for such redemption pursuant to this Indenture as set forth in the form of Security
annexed hereto as Exhibit A.

          “Refinancing Indebtedness” means any refinancing by the Company of Indebtedness of the
Company or any of its Restricted Subsidiaries incurred in accordance with Section 4.04 (other than
pursuant to clause (iii) or (iv) of the definition of “Permitted Indebtedness”) that does not (i)
result in an increase in the aggregate principal amount of Indebtedness (such principal amount to
include, for purposes of this definition, any premiums, penalties or accrued interest paid with the
proceeds of the Refinancing Indebtedness) of such Person or (ii) create Indebtedness with (A) a
Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the
Indebtedness being refinanced or (B) a final maturity earlier than the final maturity of the
Indebtedness being refinanced.

          “Registrar” has the meaning provided in Section 2.03.

          “Registration” means a registered exchange offer for the Securities by the Company or
other registration of the Securities under the Securities Act pursuant to and in accordance with
the terms of the Registration Rights Agreement.

          “Registration Rights Agreement” means (i) with respect to the Initial Securities, the
Exchange and Registration Rights Agreement dated as of the Issue Date by and among the Company, the
Guarantors and the Initial Purchasers and (ii) with respect to each issuance of Additional
Securities issued in a transaction exempt from the registration requirements of the Securities Act,
the registration rights agreement, if any, among the Company, the guarantors and the Persons
purchasing such Additional Securities under the related purchase agreement.

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

          “Regulation S Global Security” means a permanent global security in registered form
representing the aggregate principal amount of Securities sold in reliance on Regulation S under
the Securities Act.

          “Representative” means the indenture trustee or other trustee, agent or representative
in respect of any Senior Indebtedness; provided, however, that if, and for so long as, any issue of
Senior Indebtedness lacks such a representative, then the Representative for such issue of Senior
Indebtedness shall at all times constitute the holders of a majority in outstanding principal
amount of such issue of Senior Indebtedness.

          “Restricted Payment” means (i) the declaration or payment of any dividend or the
making of any other distribution (other than dividends or distributions payable in Qualified
Capital Stock or in options, rights or warrants to acquire Qualified Capital Stock) on shares of
the Company’s Capital Stock, (ii) the purchase, redemption, retirement or other acquisition for
value of any Capital Stock of the Company, or any warrants, rights or options to acquire shares of
Capital Stock of the Company, other than through the exchange of such Capital Stock or any
warrants, rights or options to acquire shares of any class of such Capital Stock for Qualified

 

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Capital Stock or warrants, rights or options to acquire Qualified Capital Stock or (iii) the
making of any Investment (other than a Permitted Investment).

          “Restricted Security” means a Security that is a “restricted security” within the
meaning set forth in Rule 144(a)(3) under the Securities Act; provided, however, that the Trustee
shall be entitled to request and conclusively rely upon an Opinion of Counsel with respect to
whether any Security is a Restricted Security.

          “Restricted Subsidiary” means a Subsidiary of the Company other than an Unrestricted
Subsidiary and includes all of the Subsidiaries of the Company existing as of the Issue Date. The
Board of Directors of the Company may designate any Unrestricted Subsidiary or any Person that is
to become a Subsidiary as a Restricted Subsidiary if immediately after giving effect to such action
(and treating any Acquired Indebtedness as having been incurred at the time of such action), the
Company could have incurred at least $1.00 of additional indebtedness (other than Permitted
Indebtedness) pursuant to Section 4.04.

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

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

          “SEC” or “Commission” means the Securities and Exchange Commission.

          “Securities” means, collectively, the Initial Securities, any Additional Securities,
the Private Exchange Securities and the Unrestricted Securities treated as a single class of
securities, as amended or supplemented from time to time in accordance with the terms of this
Indenture.

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

          “Senior Indebtedness” means, whether outstanding on the Issue Date or thereafter
issued, all Indebtedness of the Company, including interest (including interest accruing on or
after the filing of any petition in bankruptcy or for reorganization relating to the Company or any
Restricted Subsidiary whether or not a claim for post-filing interest is allowed in such
proceeding) and premium, if any, thereon, and other monetary amounts (including fees, expenses,
reimbursement obligations under letters of credit and indemnities) owing in respect thereof unless,
in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it
is provided that the obligations in respect of such Indebtedness rank pari passu with the
Securities; provided, however, that Senior Indebtedness will not include (1) any obligation of the
Company to any Restricted Subsidiary, (2) any liability for federal, state, foreign, local or other
taxes owed or owing by the Company, (3) any accounts payable or other liability to trade creditors
arising in the ordinary course of business (including Guarantees thereof or instruments evidencing
such liabilities), (4) any Indebtedness, guarantee or obligation of the Company that is expressly
subordinate or junior in right of payment to any other Indebtedness, guarantee or obligation of the
Company, including any Senior Subordinated Indebtedness, or (5) obligations in respect of any
Capital Stock.

          “Senior Subordinated Indebtedness” means the Securities and any other Indebtedness of
the Company that specifically provides that such Indebtedness is to rank pari passu with the
Securities in right of payment and is not subordinated by its terms in right of payment to any
Indebtedness or other obligation of the Company which is not Senior Indebtedness.

 

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          “Significant Restricted Subsidiary” means, at any date of determination, any
Restricted Subsidiary that would be a “significant subsidiary” as defined in Article I, Rule 1-02
of Regulation S-X, promulgated under the Securities Act, as such rule is in effect on the Issue
Date.

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

          “Subsidiary,” with respect to any Person, means (i) any corporation of which the
outstanding Capital Stock having at least a majority of the votes entitled to be cast in the
election of directors under ordinary circumstances shall at the time be owned, directly or
indirectly through one or more intermediaries, by such Person or (ii) any other Person of which at
least a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly through one or more intermediaries, owned by such Person. Notwithstanding anything in
this Indenture to the contrary, all references to the Company and its consolidated Subsidiaries or
to financial information prepared on a consolidated basis in accordance with GAAP shall be deemed
to include the Company and its Subsidiaries as to which financial statements are prepared on a
combined basis in accordance with GAAP and to financial information prepared on such a combined
basis. Notwithstanding anything in this Indenture to the contrary, an Unrestricted Subsidiary
shall not be deemed to be a Restricted Subsidiary for purposes of this Indenture.

          “Subsidiary Guarantor” means each of the Company’s direct and indirect, existing and
future Restricted Subsidiaries, other than (i) a Subsidiary organized under the laws of a
jurisdiction other than the United States or any state thereof, provided that all or substantially
all of such Subsidiary’s assets and principal place of business are located outside the United
States and (ii) an Immaterial Subsidiary; provided that, notwithstanding the foregoing, each of the
Company’s Subsidiaries that guarantee the Credit Facilities shall constitute a Subsidiary
Guarantor.

          “Surviving Person” means, with respect to any Person involved in or that makes any
Disposition, the Person formed by or surviving such Disposition or the Person to which such
Disposition is made.

          “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as
amended, as in effect on the date of this Indenture (except as provided in Section 10.03) until
such time as this Indenture is qualified under the TIA, and thereafter as in effect on the date on
which this Indenture is qualified under the TIA.

          “Transaction” means the consummation of the Offering of the Securities and the use of
proceeds thereof (collectively).

          “Treasury Rate” has the meaning provided in paragraph 5 on the reverse of each
Security.

          “Trust Officer” means any officer within the corporate trust department (or any
successor group of the Trustee) including any vice president, assistant vice president, assistant
secretary or any other officer or assistant officer of the Trustee customarily performing functions
similar to those performed by the persons who at that time shall be such officers, and also means,
with respect to a particular corporate trust matter, any other officer to whom such trust matter is
referred because of his knowledge of and familiarity with the particular subject.

          “Trustee” means the party named as such in the first paragraph of this Indenture until
a successor replaces it in accordance with the provisions of this Indenture and thereafter means
such successor.

 

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          “Unrestricted Securities” means one or more Securities that do not and are not
required to bear the Private Placement Legend in the form set forth in Exhibit A hereto,
including, without limitation, the Exchange Securities and any Securities registered under the
Securities Act pursuant to and in accordance with the Registration Rights Agreement.

          “Unrestricted Subsidiary” means a Subsidiary of the Company so designated by a
resolution adopted by the Board of Directors of the Company; provided, however, that (a) neither
the Company nor any of its other Restricted Subsidiaries (1) provides any credit support for any
Indebtedness or other Obligations of such Subsidiary (including any undertaking, agreement or
instrument evidencing such Indebtedness) or (2) is directly or indirectly liable for any
Indebtedness or other Obligations of such Subsidiary and (b) at the time of designation of such
Subsidiary, such Subsidiary has no property or assets (other than de minimis assets resulting from
the initial capitalization of such Subsidiary). The Board of Directors may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after
giving effect to such designation (x) the Company could incur $1.00 of additional Indebtedness
(other than Permitted Indebtedness) in compliance with Section 4.04 and (y) no Default or Event of
Default shall have occurred or be continuing. Any designation pursuant to this definition by the
Board of Directors of the Company shall be evidenced to the Trustee by the filing with the Trustee
of a certified copy of the resolution of the Company’s Board of Directors giving effect to such
designation and an Officers’ Certificate certifying that such designation complied with the
foregoing conditions.

          “U.S. Government Obligations” means direct obligations (or certificates representing
an ownership interest in such obligations) of the United States of America (including any agency or
instrumentality thereof) for the payment of which the full faith and credit of the United States of
America is pledged and which are not callable or redeemable at the issuer’s option.

          “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any
date, the number of years obtained by dividing (a) the then outstanding aggregate principal amount
of such Indebtedness into (b) the total of the product obtained by multiplying (i) the amount of
each then remaining installment, sinking fund, serial maturity or other required payment of
principal, including payment at final maturity, in respect thereof, by (ii) the number of years
(calculated to the nearest one-twelfth) which will elapse between such date and the making of such
payment.

SECTION 1.02. Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

          ”Commission” means the SEC.

          ”indenture securities” means the Securities.

          ”indenture security holder” means a Holder.

          ”indenture to be qualified” means this Indenture.

          ”indenture trustee” or “institutional trustee” means the Trustee.

          ”obligor” means the Company or any other obligor on the Securities.

 

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          All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule and not otherwise defined herein have the
meanings assigned to them therein.

SECTION 1.03. Rules of Construction.

     Unless the context otherwise requires:

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

     (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles in effect from time to time, and
any other reference in this Indenture to “generally accepted accounting principles” refers
to GAAP;

     (3) “or” is not exclusive;

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

     (5) provisions apply to successive events and transactions; and

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

ARTICLE TWO

THE SECURITIES

SECTION 2.01. Form and Dating.

          The Initial Securities and the Trustee’s certificate of authentication thereof shall be
substantially in the form of Exhibit A hereto, which is hereby incorporated in and
expressly made a part of this Indenture. The Exchange Securities and the Trustee’s certificate of
authentication thereof shall be substantially in the form of Exhibit A hereto. The
Securities may have notations, legends or endorsements (including the Subsidiary Guarantee)
required by law, stock exchange rule or usage. The Company and the Trustee shall approve the form
of the Securities and any notation, legend or endorsement (including the Guarantee) on them. Each
Security shall be dated the date of its issuance and shall show the date of its authentication.

          Securities offered and sold in reliance on Rule 144A and Securities offered and sold in
reliance on Regulation S shall be issued initially in the form of one or more Global Securities,
substantially in the form set forth in Exhibit A hereto, deposited with the Trustee, as
custodian for the Depository, duly executed by the Company and authenticated by the Trustee as
hereinafter provided and shall bear the legend set forth in Exhibit B hereto. The
aggregate principal amount of the Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee, as custodian for the Depository, as hereinafter
provided.

 

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SECTION 2.02. Execution and Authentication.

          One or more Officers shall sign (each of whom shall, in each case, have been duly authorized
by all requisite corporate actions) the Securities for the Company by manual or facsimile
signature.

          If an Officer whose signature is on a Security or a Guarantee, as the case may be, was an
Officer at the time of such execution but no longer holds that office at the time the Trustee
authenticates the Security or Guarantee, as the case may be, the Security or Guarantee, as the case
may be, shall be valid nevertheless.

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

          The Trustee shall authenticate (i) Initial Securities for original issue in an aggregate
principal amount not to exceed $190,000,000, (ii) Private Exchange Securities from time to time
only in exchange for a like principal amount of Initial Securities and (iii) Unrestricted
Securities from time to time only in exchange for (A) a like principal amount of Initial Securities
or (B) a like principal amount of Private Exchange Securities, in each case upon a written order of
the Company in the form of an Officers’ Certificate. Each such written order shall specify the
amount of Securities to be authenticated and the date on which the Securities are to be
authenticated, whether the Securities are to be Initial Securities, Private Exchange Securities or
Unrestricted Securities and whether the Securities are to be issued as Physical Securities or
Global Securities and such other information as the Trustee may reasonably request. Additional
Securities may be issued in accordance with Section 2.17. Any such order shall specify the amount
of the Additional Securities to be authenticated and the date on which the original issue of
Additional Securities is to be authenticated and, in the case of an issuance of Additional
Securities pursuant to Section 2.17 after the Issue Date, shall certify that such issuance will not
be prohibited by Section 4.04.

          Notwithstanding the foregoing, all Securities issued under this Indenture shall vote and
consent together on all matters (as to which any of such Securities may vote or consent) as one
class and no series of Securities will have the right to vote or consent as a separate class on any
matter.

          The Trustee may appoint an authenticating agent reasonably acceptable to the Company to
authenticate Securities. Unless otherwise provided in the appointment, an authenticating agent may
authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent shall
have the same rights as an Agent to deal with the Company and Affiliates of the Company.

          The Securities shall be issuable only in registered form without coupons in denominations of
$1,000 and any integral multiple thereof.

SECTION 2.03. Registrar and Paying Agent.

          The Company shall maintain an office or agency, which may be in the Borough of Manhattan, The
City of New York, where (a) Securities may be presented or surrendered for registration of transfer
or for exchange (the “Registrar”), (b) Securities may be presented or surrendered for
payment (the “Paying Agent”) and (c) notices and demands in respect of the Securities and
this Indenture may be served. The Registrar shall keep a register of the Securities and of their
transfer and exchange. The Company, upon notice to the Trustee, may appoint one or more
co-Registrars and one or more additional Paying Agents. The term “Paying Agent” includes

 

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any additional Paying Agent. Except as provided herein, the Company may act as Paying Agent,
Registrar or co-Registrar.

          The Company shall enter into an appropriate agency agreement with any Agent not a party to
this Indenture, which shall incorporate the provisions of the TIA. The agreement shall implement
the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee
of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying
Agent, or fails to give the foregoing notice, the Trustee shall act as such and shall be entitled
to appropriate compensation in accordance with Section 8.07.

          The Company initially appoints the Trustee as Registrar and Paying Agent until such time as
the Trustee has resigned or a successor has been appointed.

SECTION 2.04. Paying Agent To Hold Assets in Trust.

          The Company shall require each Paying Agent other than the Trustee to agree in writing that
each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by
the Paying Agent for the payment of principal of, or interest on, the Securities, and shall notify
the Trustee of any Default by the Company in making any such payment. The Company at any time may
require a Paying Agent to distribute all assets held by it to the Trustee and account for any
assets disbursed and the Trustee may at any time during the continuance of any payment Default,
upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by
it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of
all assets that shall have been delivered by the Company to the Paying Agent (if other than the
Company), the Paying Agent shall have no further liability for such assets. If the Company or any
of their Affiliates acts as Paying Agent, it shall, on or before each due date of the principal of
or interest on the Securities, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal or interest so becoming due until such sums shall be
paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act.

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 Holders. If the Trustee is not the Registrar,
the Company shall furnish to the Trustee before each Interest Record Date and at such other times
as the Trustee may request in writing a list as of such date and in such form as the Trustee may
reasonably require of the names and addresses of Holders, which list may be conclusively relied
upon by the Trustee.

SECTION 2.06. Transfer and Exchange.

          Subject to the provisions of Sections 2.15 and 2.16, when Securities are presented to the
Registrar or a co-Registrar with a request to register the transfer of such Securities or to
exchange such Securities for an equal principal amount of Securities of other authorized
denominations of the same series, the Registrar or co-Registrar shall register the transfer or make
the exchange as requested if its requirements for such transaction are met; provided, however, that
the Securities surrendered for transfer or exchange shall be duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Registrar or
co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Securities at the Registrar’s or co-Registrar’s written request. No service charge
shall be made for any registration of transfer or exchange, but the Company may require payment of
a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or other governmental charge

 

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payable upon exchanges or transfers pursuant to Section 2.02, 2.10, 3.06, or 10.05). The
Registrar or co-Registrar shall not be required to register the transfer or exchange of any
Security (i) during a period beginning at the opening of business 15 days before the mailing of a
notice of redemption of Securities and ending at the close of business on the day of such mailing
and (ii) selected for redemption in whole or in part pursuant to Article Three hereof, except the
unredeemed portion of any Security being redeemed in part.

          Prior to the registration of any transfer by a Holder as provided herein, the Company, the
Trustee and any Agent of the Company shall treat the person in whose name the Security is
registered as the owner thereof for all purposes whether or not the Security shall be overdue, and
none of the Company, the Trustee nor any such Agent shall be affected by notice to the contrary.
Any consent, waiver or actions of a Holder shall be binding upon any subsequent Holders of such
Security or a Security received upon transfer. Any Holder of a beneficial interest in a Global
Security shall, by acceptance of such beneficial interest in a Global Security, agree that
transfers of beneficial interests in such Global Security may be effected only through a book-entry
system maintained by the Depository (or its agent), and that ownership of a beneficial interest in
a Global Security shall be required to be reflected in a book entry.

SECTION 2.07. Replacement Securities.

          If a mutilated Security is surrendered to the Trustee or if the Holder of a Security claims
that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the
Trustee shall authenticate a replacement Security if the Trustee’s requirements for replacement of
Securities are met. If required by the Company or the Trustee, such Holder must provide an
indemnity bond or other indemnity, sufficient in the judgment of the Company and the Trustee, to
protect the Company, the Trustee and any Agent from any loss which any of them may suffer if a
Security is replaced. The Company may charge such Holder for their reasonable out-of-pocket
expenses in replacing a Security, including reasonable fees and expenses of counsel.

          Every replacement Security is an additional obligation of the Company.

SECTION 2.08. Outstanding Securities.

          Securities outstanding at any time are all the Securities that have been authenticated by the
Trustee except those canceled by it, those delivered to it for cancellation and those described in
this Section 2.08 as not outstanding. Subject to Section 2.09, a Security does not cease to be
outstanding because the Company or any Affiliates of the Company holds the Security.

          If a Security is replaced pursuant to Section 2.07 (other than a mutilated Security
surrendered for replacement), it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. A mutilated
Security ceases to be outstanding upon surrender of such Security and replacement thereof pursuant
to Section 2.07.

          If on a Redemption Date or the Final Maturity Date the Paying Agent holds money sufficient to
pay all of the principal and interest due on the Securities payable on that date, and is not
prohibited from paying such money to the Holders pursuant to the terms of this Indenture, then on
and after that date such Securities cease to be outstanding and interest on them ceases to accrue.

SECTION 2.09. Treasury Securities.

          In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Company, the Guarantors or
any of their respective

 

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Affiliates shall be disregarded, except that, for the purposes of determining whether
the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities
that a Trust Officer of the Trustee actually knows are so owned shall be disregarded.

          The Company shall notify the Trustee, in writing, when the Company or any of its respective
Affiliates repurchases or otherwise acquires Securities, of the aggregate principal amount of such
Securities so repurchased or otherwise acquired.

SECTION 2.10. Temporary Securities.

          Until definitive Securities are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities upon receipt of a written order of the Company in the form
of an Officers’ Certificate. The Officers’ Certificate shall specify the amount of temporary
Securities to be authenticated and the date on which the temporary Securities are to be
authenticated.

          Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Company considers appropriate for temporary Securities. Without unreasonable
delay, the Company shall prepare and the Trustee shall authenticate upon receipt of a written order
of the Company pursuant to Section 2.02 definitive Securities in exchange for temporary Securities.

SECTION 2.11. Cancellation.

          The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for 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, and at the written direction of the Company, dispose of and
deliver evidence of such disposal of all Securities surrendered for transfer, exchange, payment or
cancellation. Subject to Section 2.07, the Company may not issue new Securities to replace
Securities that they have paid or delivered to the Trustee for cancellation. If the Company shall
acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Securities unless and until the same are surrendered to the
Trustee for cancellation pursuant to this Section 2.11.

SECTION 2.12. Defaulted Interest.

          The Company shall pay interest on overdue principal from time to time on demand at the rate of
interest then borne by the Securities. The Company shall, to the extent lawful, pay interest on
overdue installments of interest (without regard to any applicable grace periods) from time to time
on demand at the rate of interest then borne by the Securities.

          If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted
interest, plus (to the extent lawful) any interest payable on the defaulted interest to the Persons
who are Holders on a subsequent special record date, which date shall be the fifteenth day
preceding the date fixed by the Company for the payment of defaulted interest or the next
succeeding Business Day if such date is not a Business Day. At least 15 days before the subsequent
special record date, the Company shall mail to each Holder, with a copy to the Trustee, a notice
that states the subsequent special record date, the payment date and the amount of defaulted
interest, and interest payable on such defaulted interest, if any, to be paid.

 

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          Notwithstanding the foregoing, any interest which is paid prior to the expiration of the
30-day period set forth in Section 6.01(a) shall be paid to Holders as of the Interest Record Date
for the Interest Payment Date for which interest has not been paid.

SECTION 2.13. CUSIP Number.

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

SECTION 2.14. Deposit of Moneys.

          Prior to 11:00 a.m. New York City time on each Interest Payment Date, Redemption Date, and the
Final Maturity Date, the Company shall deposit with the Paying Agent in immediately available funds
money sufficient to make cash payments, if any, due on such Interest Payment Date, Redemption Date
or Final Maturity Date, as the case may be, in a timely manner which permits the Paying Agent to
remit payment to the Holders on such Interest Payment Date, Redemption Date or Final Maturity Date,
as the case may be.

SECTION 2.15. Book-Entry Provisions for Global Securities.

          (a) The Global Securities initially shall (i) be registered in the name of the Depository or
the nominee of such Depository, (ii) be delivered to the Trustee as custodian for such Depository
and (iii) bear legends as set forth in Exhibit B.

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

          (b) Transfers of Global Securities shall be limited to transfers in whole, but not in part,
to the Depository, its successors or their respective nominees. Interests of beneficial owners in
the Global Securities may be transferred or exchanged for Physical Securities in accordance with
the rules and procedures of the Depository and the provisions of Section 2.16; provided, however,
that Physical Securities shall be transferred to all beneficial owners in exchange for their
beneficial interests in Global Securities only if (i) the Depository notifies the Company that it
is unwilling or unable to continue as Depository for any Global Security and a successor Depository
is not appointed by the Company within 90 days of such notice or (ii) an Event of Default has
occurred and is continuing and the Registrar has received a request from the Depository to issue
Physical Securities.

          (c) In connection with the transfer of Global Securities as an entirety to beneficial owners
pursuant to paragraph (b) of this Section 2.15, the Global Securities shall be deemed to be
surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall
upon written instructions from the Company authenticate and deliver, to each beneficial owner
identified by the Depository in exchange for its beneficial

 

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interest in the Global Securities, an equal aggregate principal amount of Physical Securities
of authorized denominations.

          (d) Any Physical Security constituting a Restricted Security delivered in exchange for an
interest in a Global Security pursuant to paragraph (c) of this Section 2.15 shall, except as
otherwise provided by Section 2.16, bear the Private Placement Legend.

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

SECTION 2.16. Registration of Transfers and Exchanges.

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

     (i) to register the transfer of the Physical Securities; or

     (ii) to exchange such Physical Securities for an equal principal amount of Physical
Securities of other authorized denominations,

the Registrar or co-Registrar shall register the transfer or make the exchange as requested if the
requirements under this Indenture as set forth in this Section 2.16 for such transactions are met;
provided, however, that the Physical Securities presented or surrendered for registration of
transfer or exchange:

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

     (II) in the case of Physical Securities the offer and sale of which have not been
registered under the Securities Act, such Physical Securities shall be accompanied, in the
sole discretion of the Company, by the following additional information and documents, as
applicable:

	 	(A)	 	if such Physical Security is being delivered to the Registrar
or co-Registrar by a Holder for registration in the name of such Holder,
without transfer, a certification from such Holder to that effect
(substantially in the form of Exhibit C hereto); or
	 
	 	(B)	 	if such Physical Security is being transferred to a QIB in
accordance with Rule 144A, a certification to that effect (substantially in the
form of Exhibit C hereto); or
	 
	 	(C)	 	if such Physical Security is being transferred to an
Institutional Accredited Investor, delivery of a certification to that effect
(substantially in the form of Exhibit C hereto) and a transferee letter
of representation (substantially in the form of Exhibit D hereto) and,
at the option of the Company, an Opinion of Counsel reasonably satisfactory to
the Company to the effect that such transfer is in compliance with the
Securities Act; or
	 
	 	(D)	 	if such Physical Security is being transferred in reliance on
Rule 144 under the Securities Act, delivery of a certification to that effect
(substantially in the form of Exhibit C

 

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	 	 	 	hereto) and, at the option of the Company, an Opinion of Counsel reasonably
satisfactory to the Company to the effect that such transfer is in
compliance with the Securities Act; or
	 
	 	(E)	 	if such Physical Security is being transferred in reliance on
Regulation S, delivery of a certification to that effect (substantially in the
form of Exhibit C hereto) and a transferor certificate for Regulation S
transfers (substantially in the form of Exhibit E hereto) and, at the
option of the Company, an Opinion of Counsel reasonably satisfactory to the
Company to the effect that such transfer is in compliance with the Securities
Act; or
	 
	 	(F)	 	if such Physical Security is being transferred in reliance on
another exemption from the registration requirements of the Securities Act, a
certification to that effect (substantially in the form of Exhibit C
hereto) and, at the option of the Company, an Opinion of Counsel reasonably
acceptable to the Company to the effect that such transfer is in compliance
with the Securities Act.

          (b) Restrictions on Transfer of a Physical Security for a Beneficial Interest in a Global
Security. A Physical Security the offer and sale of which has not been registered under the
Securities Act may not be exchanged for a beneficial interest in a Global Security except upon
satisfaction of the requirements set forth below. Upon receipt by the Registrar or co-Registrar of
a Physical Security, duly endorsed or accompanied by appropriate instruments of transfer, in form
satisfactory to the Registrar or co-Registrar, together with:

	 	(A)	 	certification, substantially in the form of Exhibit C
hereto, that such Physical Security is being transferred (I) to a QIB, (II) to
an Institutional Accredited Investor or (III) in an offshore transaction in
reliance on Regulation S and, with respect to (II) or (III), at the option of
the Company, an Opinion of Counsel reasonably acceptable to the Company to the
effect that such transfer is in compliance with the Securities Act; and
	 
	 	(B)	 	written instructions directing the Registrar or co-Registrar to
make, or to direct the Depository to make, an endorsement on the applicable
Global Security to reflect an increase in the aggregate amount of the
Securities represented by the Global Security,

then the Registrar or co-Registrar shall cancel such Physical Security and cause, or direct the
Depository to cause, in accordance with the standing instructions and procedures existing between
the Depository and the Registrar or co-Registrar, the principal amount of Securities represented by
the applicable Global Security to be increased accordingly. If no 144A Global Security, IAI Global
Security or Regulation S Global Security, as the case may be, is then outstanding, the Company
shall, unless either of the events in the proviso to Section 2.15(b) have occurred and are
continuing, issue and the Trustee shall, upon written instructions from the Company in accordance
with Section 2.02, authenticate such a Global Security in the appropriate principal amount.

          (c) Transfer and Exchange of Global Securities. The transfer and exchange of Global
Securities or beneficial interests therein shall be effected through the Depository in accordance
with this Indenture (including the restrictions on transfer set forth herein) and the procedures of
the Depository therefor. Upon receipt by the Registrar or Co-Registrar of written instructions, or
such other instruction as is customary for the Depository, from the Depository or its nominee,
requesting the registration of transfer of an interest in a 144A Global Security, an IAI Global
Security or a Regulation S Global Security, as the case may be, to another type of Global Security,
together with the applicable Global Securities (or, if the applicable type of Global Security
required to represent the interest as requested to be obtained is not then outstanding, only the
Global Security representing

 

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the interest being transferred), the Registrar or Co-Registrar shall reflect on its books and
records (and the applicable Global Security) the applicable increase and decrease of the principal
amount of Securities represented by such types of Global Securities, giving effect to such
transfer. If the applicable type of Global Security required to represent the interest as
requested to be obtained is not outstanding at the time of such request, the Company shall issue
and the Trustee shall, upon written instructions from the Company in accordance with Section 2.02,
authenticate a new Global Security of such type in principal amount equal to the principal amount
of the interest requested to be transferred.

          (d) Transfer of a Beneficial Interest in a Global Security for a Physical Security.

               (i) Any Person having a beneficial interest in a Global Security may upon request exchange
such beneficial interest for a Physical Security; provided, however, that prior to the
Registration, a transferee that is a QIB or Institutional Accredited Investor may not exchange a
beneficial interest in Global Security for a Physical Security. Upon receipt by the Registrar or
co-Registrar of written instructions, or such other form of instructions as is customary for the
Depository, from the Depository or its nominee on behalf of any Person having a beneficial interest
in a Global Security and upon receipt by the Trustee of a written order or such other form of
instructions as is customary for the Depository or the Person designated by the Depository as
having such a beneficial interest containing registration instructions and, in the case of any such
transfer or exchange of a beneficial interest in Securities the offer and sale of which have not
been registered under the Securities Act, the following additional information and documents:

	 	(A)	 	if such beneficial interest is being transferred in reliance on
Rule 144 under the Securities Act, delivery of a certification to that effect
(substantially in the form of Exhibit C hereto) and, at the option of
the Company, an Opinion of Counsel reasonably satisfactory to the Company to
the effect that such transfer is in compliance with the Securities Act; or
	 
	 	(B)	 	if such beneficial interest is being transferred in reliance on
another exemption from the registration requirements of the Securities Act, a
certification to that effect (substantially in the form of Exhibit C
hereto) and, at the option of the Company, an Opinion of Counsel reasonably
satisfactory to the Company to the effect that such transfer is in compliance
with the Securities Act,

then the Registrar or co-Registrar will cause, in accordance with the standing instructions and
procedures existing between the Depository and the Registrar or co-Registrar, the aggregate
principal amount of the applicable Global Security to be reduced and, following such reduction, the
Company will execute and, upon receipt of an authentication order in the form of an Officers’
Certificate in accordance with Section 2.02, the Trustee will authenticate and deliver to the
transferee a Physical Security in the appropriate principal amount.

               (ii) Securities issued in exchange for a beneficial interest in a Global Security pursuant to
this Section 2.16(d) shall be registered in such names and in such authorized denominations as the
Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Registrar or co-Registrar in writing. The Registrar or co-Registrar shall deliver
such Physical Securities to the Persons in whose names such Physical Securities are so registered.

          (e) Restrictions on Transfer and Exchange of Global Securities. Notwithstanding any other
provisions of this Indenture, a Global Security may not be transferred as a whole except by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or
another nominee of the Depository

 

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or by the Depository or any such nominee to a successor Depository or a nominee of
such successor Depository.

          (f) Private Placement Legend. Upon the transfer, exchange or replacement of Securities not
bearing the Private Placement Legend, the Registrar or co-Registrar shall deliver Securities that
do not bear the Private Placement Legend. Upon the transfer, exchange or replacement of Securities
bearing the Private Placement Legend, the Registrar or co-Registrar shall deliver only Securities
that bear the Private Placement Legend unless, and the Trustee is hereby authorized to deliver
Securities without the Private Placement Legend if, (i) there is delivered to the Trustee an
Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that
neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act; (ii) such Security has been sold pursuant to
an effective registration statement under the Securities Act (including pursuant to a
Registration); or (iii) the date of such transfer, exchange or replacement is two years after the
later of (x) the Issue Date and (y) the last date that the Company or any affiliate (as defined in
Rule 144 under the Securities Act) of the Company was the owner of such Securities (or any
predecessor thereto).

          (g) General. By its acceptance of any Security bearing the Private Placement Legend, each
Holder of such a Security acknowledges the restrictions on transfer of such Security set forth in
this Indenture and in the Private Placement Legend and agrees that it will transfer such Security
only as provided in this Indenture.

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

          The Registrar shall retain copies of all letters, notices and other written communications
received pursuant to Section 2.15 or this Section 2.16. The Company shall have the right to
inspect and make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Registrar.

SECTION 2.17. Issuance of Additional Securities.

          The Company shall be entitled to issue Additional Securities under this Indenture which shall
have identical terms as the Securities issued on the Issue Date, other than with respect to the
date of issuance, issue price and amount of interest payable on the first payment date applicable
thereto (and, if such Additional Securities shall be issued in the form of Exchange Securities,
other than with respect to transfer restrictions); provided that such issuance is not prohibited by
Section 4.04. The Initial Securities issued on the Issue Date, any Additional Securities and all
Exchange Securities or Private Exchange Securities issued in exchange therefor shall be treated as
a single class for all purposes under this Indenture.

          With respect to any Additional Securities, the Company shall set forth in a Board Resolution
and in an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the
following information:

     (1) the aggregate principal amount of such Additional Securities to be authenticated
and delivered pursuant to this Indenture;

 

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     (2) the issue price, the issue date and the CUSIP number of such Additional Securities
and the amount of interest payable on the first payment date applicable thereto; and

     (3) whether such Additional Securities shall be Restricted Securities and issued in the
form of Initial Securities or shall be registered securities issued in the form of
Unrestricted Securities.

ARTICLE THREE

REDEMPTION

SECTION 3.01. Notices to Trustee.

          If the Company elects to redeem Securities pursuant to paragraph 5 of the Securities at the
applicable redemption price set forth thereon, it shall notify the Trustee in writing of the
Redemption Date and the principal amount of Securities to be redeemed. The Company shall give such
notice to the Trustee at least 45 days before the Redemption Date (unless a shorter notice shall be
agreed to by the Trustee in writing), together with an Officers’ Certificate stating that such
redemption will comply with the conditions contained herein.

SECTION 3.02. Selection of Securities To Be Redeemed.

          If less than all of the Securities are to be redeemed pursuant to paragraph 5 of the
Securities, the Trustee shall select the Securities to be redeemed in compliance with the
requirements of the principal national securities exchange, if any, on which the Securities are
listed or, in the absence of such requirements or if the Securities are not then listed on a
national securities exchange, on a pro rata basis, provided that no such Securities of $1,000 or
less shall be redeemed in part. Selection of the Securities to be redeemed pursuant to paragraph
5(b) of the Securities shall be made by the Trustee only on a pro rata basis or on as nearly a pro
rata basis as is practicable (subject to the procedures of the Depository) based on the aggregate
principal amount of Securities held by each Holder. The Trustee shall make the selection from the
Securities then outstanding, subject to redemption and not previously called for redemption.

          The Trustee may select for redemption pursuant to paragraph 5 of the Securities portions of
the principal amount of Securities that have denominations equal to or larger than $1,000 principal
amount. Securities and portions of them the Trustee so selects shall be in amounts of $1,000
principal amount or integral multiples thereof. Provisions of this Indenture that apply to
Securities called for redemption also apply to portions of Securities called for redemption.

SECTION 3.03. Notice of Redemption.

          At least 30 days but not more than 60 days before a Redemption Date, the Company shall mail a
notice of redemption by first-class mail to each Holder whose Securities are to be redeemed at such
Holder’s registered address; provided, however, that notice of a redemption pursuant to paragraph
5(b) of the Securities shall be mailed to each Holder whose Securities are to be redeemed no later
than 60 days after the date of the closing of the relevant Equity Offering of the Company.

          Each notice of redemption shall identify the Securities to be redeemed (including the CUSIP
number thereon) and shall state:

 

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     (1) the Redemption Date;

     (2) the redemption price;

     (3) the name and address of the Paying Agent to which the Securities are to be
surrendered for redemption;

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

     (5) that, as long as the Company has deposited with the Paying Agent funds in
satisfaction of the applicable redemption price pursuant to this Indenture, interest on
Securities called for redemption ceases to accrue on and after the Redemption Date and the
only remaining right of the Holders is to receive payment of the redemption price upon
surrender to the Paying Agent;

     (6) in the case of any redemption pursuant to paragraph 5 of the Securities, if any
Security is being redeemed in part, the portion of the principal amount of such Security to
be redeemed and that, after the Redemption Date, upon surrender of such Security, a new
Security or Securities in principal amount equal to the unredeemed portion thereof will be
issued;

     (7) the subparagraph of the Securities pursuant to which such redemption is being made;
and

     (8) that no representation is made as to the accuracy of the CUSIP number listed in
such notice or printed on such Security.

          At the Company’s request, the Trustee shall give the notice of redemption on behalf of the
Company, in the Company’s name and at the Company’s expense.

SECTION 3.04. Effect of Notice of Redemption.

          Once a notice of redemption is mailed, Securities called for redemption become due and payable
on the Redemption Date and at the redemption price. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price, plus accrued interest thereon, if any, to the
Redemption Date, but interest installments whose maturity is on or prior to such Redemption Date
shall be payable to the Holders of record at the close of business on the relevant Interest Record
Date.

SECTION 3.05. Deposit of Redemption Price.

          At least one Business Day before the Redemption Date, the Company shall deposit with the
Paying Agent (or if the Company is its own Paying Agent, it shall, on or before the Redemption
Date, segregate and hold in trust) money, in immediately available funds, sufficient to pay the
redemption price of and accrued interest, if any, on all Securities to be redeemed on that date
other than Securities or portions thereof called for redemption on that date which have been
delivered by the Company to the Trustee for cancellation.

          If any Security surrendered for redemption in the manner provided in the Securities shall not
be so paid on the Redemption Date due to the failure of the Company to deposit with the Paying
Agent money sufficient to pay the redemption price thereof, the principal and accrued and unpaid
interest, if any, thereon shall, until

 

-29-

paid or duly provided for, bear interest as provided in Sections 2.12 and 4.01 with respect to
any payment default.

SECTION 3.06. Securities Redeemed in Part.

          Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the
Holder a new Security equal in principal amount to the unredeemed portion of the Security
surrendered.

ARTICLE FOUR

COVENANTS

SECTION 4.01. Payment of Securities.

          The Company shall pay the principal of and interest on the Securities in the manner provided
in the Securities and the Registration Rights Agreement. An installment of principal or interest
shall be considered paid on the date due if the Trustee or Paying Agent (other than the Company or
any Affiliates of the Company) holds on that date money designated for and sufficient to pay the
installment in full and is not prohibited from paying such money to the Holders of the Securities
pursuant to the terms of this Indenture.

          The Company shall pay cash interest on overdue principal at the same rate per annum borne by
the Securities. The Company shall pay cash interest on overdue installments of interest at the
same rate per annum borne by the Securities, to the extent lawful, as provided in Section 2.12.

SECTION 4.02. Maintenance of Office or Agency.

          The Company shall give prompt written notice to the Trustee of the location, and any change in
the location, of any office or agency required by Section 2.03. If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the
address of the Trustee set forth in Section 13. The Company hereby initially designates the
Trustee at its address 101 Barclay Street, New York, New York 10286, Attention: Corporate Trust
Services as its office or agency in The Borough of Manhattan, The City of New York, for such
purposes.

SECTION 4.03. Limitation on Transactions with Affiliates.

          The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, enter into or permit to exist any transaction (including, without limitation, the
purchase, sale, lease, contribution or exchange of any property or the rendering of any service)
with or for the benefit of any of its Affiliates (other than transactions between the Company and a
Restricted Subsidiary of the Company or among Restricted Subsidiaries of the Company) (an
“Affiliate Transaction”), other than Affiliate Transactions on terms that are no less
favorable than those that might reasonably have been obtained in a comparable transaction on an
arm’s-length basis from a person that is not an Affiliate; provided, however, that for a
transaction or series of related transactions involving value of $5,000,000 or more, such
determination shall be made in good faith by a majority of members of the Board of Directors of the
Company and by a majority of the disinterested members of the Board of Directors of the Company, if
any; provided, further, that for a transaction or series of related transactions involving value of
$15,000,000 or more, the Board of Directors of the Company has received an opinion

 

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from an independent investment banking firm of nationally recognized standing that such
Affiliate Transaction is fair, from a financial point of view, to the Company or such Restricted
Subsidiary. The foregoing restrictions shall not apply to (1) reasonable and customary directors’
fees, indemnification and similar arrangements and payments thereunder; (2) any obligations of the
Company under any employment agreement, noncompetition or confidentiality agreement with any
officer of the Company who is an Affiliate, as in effect on the Issue Date (provided that each
amendment of any of the foregoing agreements shall be subject to the limitations of this covenant);
(3) any Restricted Payment permitted to be made pursuant Section 4.10; (4) any issuance of
securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or
the funding of, employment arrangements, stock options and stock ownership plans approved by the
Board of Directors of the Company; (5) loans or advances to employees in the ordinary course of
business of the Company or any of its Restricted Subsidiaries consistent with past practices; and
(6) payments by the Company to Hicks Muse Partners in accordance with the terms of the Financial
Advisory Agreement.

SECTION 4.04. Limitation on Incurrence of Additional Indebtedness and Issuance of Capital
Stock.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, assume, guarantee or otherwise become directly or indirectly
liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness
(other than Permitted Indebtedness) and the Company shall not issue any Disqualified Capital Stock
and its Restricted Subsidiaries shall not issue any Preferred Stock (except Preferred Stock issued
to the Company or a Restricted Subsidiary of the Company so long as it is so held); provided,
however, that the Company and its Restricted Subsidiaries that are Guarantors may incur
Indebtedness or issue shares of such Capital Stock if, in either case, the Company’s Leverage Ratio
at the time of incurrence of such Indebtedness or the issuance of such Capital Stock, as the case
may be, after giving pro forma effect to such incurrence or issuance as of such date and to the use
of proceeds therefrom is less than 7.0 to 1.

          (b) The Company shall not incur or suffer to exist, or permit any of its Restricted
Subsidiaries to incur or suffer to exist, any Obligations with respect to an Unrestricted
Subsidiary that would violate the provisions set forth in the definition of Unrestricted
Subsidiary.

SECTION 4.05. Limitation on Layering.

          The Company shall not incur any Indebtedness if such Indebtedness is subordinate or junior in
ranking in any respect to any Senior Indebtedness unless such Indebtedness is Senior Subordinated
Indebtedness or is contractually subordinated in right of payment to all Senior Subordinated
Indebtedness (including the Securities).

SECTION 4.06. Payments for Consents.

          Neither the Company nor any of its Subsidiaries shall, directly or indirectly, pay or cause to
be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of any
Securities for or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Securities unless such consideration is offered to be paid or
is paid to all Holders of the Securities that consent, waive or agree to amend in the time frame
set forth in the solicitation documents relating to such consent, waiver or agreement.

 

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SECTION 4.07. Limitation on Investment Company Status.

          The Company and its Subsidiaries shall not take any action, or otherwise permit to exist any
circumstance, that would require the Company to register as an “investment company” under the
Investment Company Act of 1940, as amended.

SECTION 4.08. Limitation on Asset Sales.

          The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate
an Asset Sale unless (i) the Company or the applicable Restricted Subsidiary, as the case may be,
receives consideration at the time of such Asset Sale at least equal to the fair market value of
the assets sold or otherwise disposed of (as determined in good faith by management of the Company
or, if such Asset Sale involves consideration in excess of $10,000,000, by the board of directors
of the Company, as evidenced by a board resolution), (ii) at least 75% of the consideration
received by the Company or such Restricted Subsidiary, as the case may be, from such Asset Sale is
in the form of cash or Cash Equivalents and is received at the time of such disposition and (iii)
upon the consummation of an Asset Sale, the Company applies, or causes such Restricted Subsidiary
to apply, such Net Cash Proceeds within 360 days of receipt thereof either (A) to repay any Senior
Indebtedness of the Company or any Indebtedness of a Restricted Subsidiary of the Company (and, to
the extent such Senior Indebtedness relates to principal under a revolving credit or similar
facility, to obtain a corresponding reduction in the commitments thereunder, except that the
Company may temporarily repay Senior Indebtedness using the Net Cash Proceeds from such Asset Sale
and thereafter use such funds to reinvest pursuant to clause (B) below within the period set forth
therein without having to obtain a corresponding reduction in the commitments thereunder), (B) to
reinvest, or to be contractually committed to reinvest pursuant to a binding agreement, in
Productive Assets and, in the latter case, to have so reinvested within 540 days of the date of
receipt of such Net Cash Proceeds or (C) to purchase Securities and other Senior Subordinated
Indebtedness, pro rata tendered to the Company for purchase at a price equal to 100% of the
principal amount thereof (or the accreted value of such other Senior Subordinated Indebtedness, if
such other Senior Subordinated Indebtedness is issued at a discount) plus accrued interest thereon,
if any, to the date of purchase pursuant to an offer to purchase made by the Company as set forth
below (a “Net Proceeds Offer”); provided, however, that the Company may defer making a Net
Proceeds Offer until the aggregate Net Cash Proceeds from Asset Sales not otherwise applied in
accordance with this covenant equal or exceed $15,000,000.

          Subject to the deferral right set forth in the final proviso of the preceding paragraph, each
notice of a Net Proceeds Offer shall be mailed, by first-class mail, to Holders not more than 360
days after the relevant Asset Sale or, in the event the Company or a Restricted Subsidiary has
entered into a binding agreement as provided in (B) above, within 360 days following the
termination of such agreement but in no event later than 540 days after the relevant Asset Sale.
Such notice shall specify, among other things, the purchase date (which shall be no earlier than 30
days nor later than 45 days from the date such notice is mailed, except as otherwise required by
law) and shall otherwise comply with the procedures set forth in this Indenture. Upon receiving
notice of the Net Proceeds Offer, Holders may elect to tender their Securities in whole or in part
in integral multiples of $1,000. To the extent Holders properly tender Securities in an amount
which, together with all other Senior Subordinated Indebtedness so tendered, exceeds the Net
Proceeds Offer, Securities and other Senior Subordinated Indebtedness of tendering Holders shall be
repurchased on a pro rata basis in integral multiples of $1,000 (based upon the aggregate principal
amount tendered, or, if applicable, the aggregate accreted value tendered). To the extent that the
aggregate principal amount of Securities tendered pursuant to any Net Proceeds Offer, which,
together with the aggregate principal amount or aggregate accreted value, as the case may be, of
all other Senior Subordinated Indebtedness so tendered, is less than the amount of Net Cash
Proceeds subject to such Net Proceeds Offer, the Company may use any remaining portion of such Net
Cash Proceeds not required to fund the repurchase of tendered Securities and other Senior
Subordinated Indebtedness for any purposes not otherwise

 

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prohibited by this Indenture. Upon the consummation of any Net Proceeds Offer, the amount of
Net Cash Proceeds subject to any future Net Proceeds Offer from the Asset Sales giving rise to such
Net Cash Proceeds shall be deemed to be zero.

          The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act to the
extent applicable in connection with the repurchase of Securities pursuant to a Net Proceeds Offer.

SECTION 4.09. Limitation on Asset Swaps.

          The Company shall not, and shall not permit any Restricted Subsidiary to, engage in any Asset
Swap unless: (i) at the time of entering into such Asset Swap, and immediately after giving effect
to such Asset Swap, no Default or Event of Default shall have occurred and be continuing, (ii) in
the event such Asset Swap involves an aggregate amount in excess of $10,000,000, the terms of such
Asset Swap have been approved by a majority of the members of the Board of Directors of the Company
and (iii) in the event such Asset Swap involves an aggregate amount in excess of $50,000,000, the
Company has received a written opinion from an independent investment banking firm of nationally
recognized standing that such Asset Swap is fair to the Company or such Restricted Subsidiary, as
the case may be, from a financial point of view.

SECTION 4.10. Limitation on Restricted Payments.

          (a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries,
to, directly or indirectly, make any Restricted Payment if at the time of such Restricted Payment
and immediately after giving effect thereto:

     (i) a Default or Event of Default shall have occurred and be continuing; or

     (ii) the Company is not able to incur $1.00 of additional Indebtedness (other than
Permitted Indebtedness) in compliance with Section 4.04; or

     (iii) the aggregate amount of Restricted Payments made subsequent to June 1, 2001 (the
amount expended for such purposes, if other than in cash, being the fair market value of
such property as determined by the Board of Directors of the Company in good faith) exceeds
the sum of (a)(x) 100% of the aggregate Consolidated Cash Flow of the Company (or, in the
event such Consolidated Cash Flow shall be a deficit, minus 100% of such deficit) accrued
subsequent to June 1, 2001 to the most recent date for which financial information is
available to the Company, taken as one accounting period, less (y) 1.4 times Consolidated
Interest Expense for the same period, plus (b) 100% of the aggregate net proceeds, including
the fair market value of property other than cash as determined by the Board of Directors of
the Company in good faith, received subsequent to June 1, 2001 by the Company from any
Person (other than a Restricted Subsidiary of the Company) from the issuance and sale
subsequent to June 1, 2001 of Qualified Capital Stock of the Company (excluding (i) any net
proceeds from issuances and sales financed directly or indirectly using funds borrowed from
the Company or any Restricted Subsidiary of the Company, until and to the extent such
borrowing is repaid, but including the proceeds from the issuance and sale of any securities
convertible into or exchangeable for Qualified Capital Stock to the extent such securities
are so converted or exchanged and including any additional proceeds received by the Company
upon such conversion or exchange and (ii) any net proceeds received from issuances and sales
that are used to consummate a transaction described in clause (2) of paragraph (b) below),
plus (c) without duplication of any amount included in clause (iii)(b) above, 100% of the
aggregate net proceeds, including the fair market value of property other than cash (valued
as provided in clause (iii)(b) above), received by the Company as a capital contribution
subsequent to June 1, 2001,

 

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plus (d) the amount equal to the net reduction in Investments (other than Permitted
Investments) made by the Company or any of its Restricted Subsidiaries in any Person
resulting from, and without duplication, (i) repurchases or redemptions of such Investments
by such Person, proceeds realized upon the sale of such Investment to an unaffiliated
purchaser and repayments of loans or advances or other transfers of assets by such Person to
the Company or any Restricted Subsidiary of the Company or (ii) the redesignation of
Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the
definition of “Investment”) not to exceed, in the case of any Restricted Subsidiary, the
amount of Investments previously made by the Company or any of its Restricted Subsidiaries
in such Unrestricted Subsidiary, which amount was included in the calculation of Restricted
Payments; provided, however, that no amount shall be included under this clause (d) to the
extent it is already included in Consolidated Cash Flow, plus (e) the aggregate net cash
proceeds received by a Person in consideration for the issuance of such Person’s Capital
Stock (other than Disqualified Capital Stock) that are held by such Person at the time such
Person is merged with and into the Company in accordance with Section 5.01 subsequent to
June 1, 2001; provided, however, that concurrently with or promptly following such merger
the Company uses an amount equal to such net cash proceeds to redeem or repurchase the
Company’s Capital Stock, plus (f) $15,000,000.

          (b) Notwithstanding the foregoing, these provisions will not prohibit: (1) the payment of any
dividend or the making of any distribution within 60 days after the date of its declaration if such
dividend or distribution would have been permitted on the date of declaration; (2) the purchase,
redemption or other acquisition or retirement of any Capital Stock of the Company or any warrants,
options or other rights to acquire shares of any class of such Capital Stock either (x) solely in
exchange for shares of Qualified Capital Stock or other rights to acquire Qualified Capital Stock
or (y) through the application of the net proceeds of a substantially concurrent sale for cash
(other than to a Restricted Subsidiary of the Company) of shares of Qualified Capital Stock or
warrants, options or other rights to acquire Qualified Capital Stock or (z) in the case of
Disqualified Capital Stock, solely in exchange for, or through the application of the net proceeds
of a substantially concurrent sale for cash (other than to a Restricted Subsidiary of the Company)
of, Disqualified Capital Stock; (3) payments made pursuant to any merger, consolidation or sale of
assets effected in accordance with Section 5.01; provided, however, that no such payment may be
made pursuant to this clause (3) unless, after giving effect to such transaction (and the
incurrence of any Indebtedness in connection therewith and the use of the proceeds thereof), the
Company would be able to incur $1.00 of additional Indebtedness (other than Permitted Indebtedness)
in compliance with Section 4.04 such that after incurring that $1.00 of additional Indebtedness,
the Leverage Ratio would be less than 6.0 to 1; (4) payments to enable LIN TV to pay dividends on
its Capital Stock (other than Disqualified Capital Stock) in an annual amount not to exceed
$21,770,000; (5) payments by the Company to fund the payment by any company as to which the Company
is, directly or indirectly, a Subsidiary (a “Holding Company”) of audit, accounting, legal
or other similar expenses, to pay franchise or other similar taxes and to pay other corporate
overhead expenses, so long as such dividends are paid as and when needed by its respective direct
or indirect Holding Company and so long as the aggregate amount of payments pursuant to this clause
(5) does not exceed $3,000,000 in any calendar year; (6) payments by the Company to repurchase, or
to enable a Holding Company to repurchase, Capital Stock or other securities from employees of the
Company or a Holding Company in an aggregate amount not to exceed $15,000,000 since June 1, 2001;
(7) payments by the Company to redeem or repurchase, or to enable a Holding Company to redeem or
repurchase, stock purchase or similar rights granted by the Company or a Holding Company with
respect to its Capital Stock in an aggregate amount not to exceed $500,000 since June 1, 2001; (8)
payments, not to exceed $500,000 in the aggregate since June 1, 2001, to enable the Company or a
Holding Company to make cash payments to holders of its Capital Stock in lieu of the issuance of
fractional shares of its Capital Stock; (9) payments by the Company to fund taxes of a Holding
Company for a given taxable year in an amount equal to the Company’s “separate return liability,”
as if the Company were the parent of a consolidated group (for purposes of this clause (9)
“separate return liability” for a given taxable

 

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 year shall mean the hypothetical United States tax liability of the Company defined as if
the Company had filed its own U.S. federal tax return for such taxable year); and (10) payments by
the Company to Hicks Muse Partners in accordance with the terms of the Financial Advisory
Agreement; provided, however, that in the case of clauses (3), (4), (6), (7) and (8), no Event of
Default shall have occurred or be continuing at the time of such payment or as a result thereof.
In determining the aggregate amount of Restricted Payments made subsequent to June 1, 2001, amounts
expended pursuant to clauses (1), (4), (6), (7) and (8) shall be included in such calculation.

SECTION 4.11. Notice of Defaults.

          (a) In the event that any Indebtedness of the Company or any of its Subsidiaries is declared
due and payable before its maturity because of the occurrence of any default (or any event which,
with notice or lapse of time, or both, would constitute such a default) under such Indebtedness,
the Company shall promptly give written notice to the Trustee of such declaration, the status of
such default or event and what action the Company is taking or proposes to take with respect
thereto.

          (b) Upon becoming aware of the occurrence and continuation of any Default or Event of
Default, the Company shall promptly deliver an Officers’ Certificate to the Trustee specifying the
Default or Event of Default.

SECTION 4.12. Reports.

          So long as any of the Securities are outstanding, the Company shall provide to the Trustee and
the Holders and file with the Commission, to the extent such submissions are accepted for filing by
the Commission, copies of the annual reports and of the information, documents and other reports
that the Company would have been required to file with the Commission pursuant to Sections 13 or
15(d) of the Exchange Act, regardless of whether the Company is then obligated to file such
reports.

SECTION 4.13. Limitations on Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

          The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create or otherwise cause to permit to exist or become effective, by operation of the
charter of such Restricted Subsidiary or by reason of any agreement, instrument, judgment, decree,
rule, order, statute or governmental regulation, any encumbrance or restriction on the ability of
any Restricted Subsidiary to (a) pay dividends or make any other distributions on its Capital
Stock; (b) make loans or advances or pay any Indebtedness or other obligation owed to the Company
or any of its Restricted Subsidiaries; or (c) transfer any of its property or assets to the
Company, except for such encumbrances or restrictions existing under or by reason of: (1)
applicable law; (2) this Indenture; (3) customary nonassignment provisions of any lease governing a
leasehold interest of the Company or any Restricted Subsidiary; (4) any instrument governing
Acquired Indebtedness or Acquired Preferred Stock, which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person, or the
property or assets of the Person, so acquired; (5) agreements existing on the Issue Date (including
the Credit Facilities) as such agreements are from time to time in effect; provided, however, that
any amendments or modifications of such agreements that affect the encumbrances or restrictions of
the types subject to this covenant shall not result in such encumbrances or restrictions being less
favorable to the Company in any material respect, as determined in good faith by the Board of
Directors of the Company, than the provisions as in effect before giving effect to the respective
amendment or modification; (6) any restriction with respect to such a Restricted Subsidiary imposed
pursuant to an agreement entered into for the sale or disposition of all or substantially all the
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sale or disposition; (7) an agreement effecting a refinancing, replacement or substitution of
Indebtedness issued, assumed or incurred pursuant to an agreement referred to in clause (2), (4) or
(5) above or any other agreement evidencing Indebtedness permitted under this Indenture; provided,
however, that the provisions relating to such encumbrance or restriction contained in any such
refinancing, replacement or substitution agreement or any such other agreement are no less
favorable to the Company in any material respect as determined in good faith by the Board of
Directors of the Company than the provisions relating to such encumbrance or restriction contained
in agreements referred to in such clause (2), (4) or (5); (8) restrictions on the transfer of the
assets subject to any Lien imposed by the holder of such Lien; (9) a licensing agreement to the
extent such restrictions or encumbrances limit the transfer of property subject to such licensing
agreement; (10) restrictions relating to Subsidiary Preferred Stock that require that due and
payable dividends thereon to be paid in full prior to dividends on such Subsidiary’s common stock;
or (11) any agreement or charter provision evidencing Indebtedness or Capital Stock permitted under
this Indenture; provided, however, that the provisions relating to such encumbrance or restriction
contained in such agreement or charter provision are not less favorable to the Company in any
material respect as determined in good faith by the Board of Directors of the Company than the
provisions relating to such encumbrance or restriction contained in this Indenture.

SECTION 4.14. Guarantees by Restricted Subsidiaries.

          (a) The Company shall not create or acquire, nor cause or permit any of its Restricted
Subsidiaries, directly or indirectly, to create or acquire, any Subsidiary other than (1) an
Unrestricted Subsidiary in accordance with the other terms of this Indenture or (2) a Restricted
Subsidiary that either (i) simultaneously with such creation or acquisition, (x) executes and
delivers to the Trustee a supplemental indenture to this Indenture pursuant to which it will become
a Subsidiary Guarantor in accordance with Article Eleven hereof and (y) delivers to the Trustee an
Opinion of Counsel that such supplemental indenture has been duly authorized, executed and
delivered by such Restricted Subsidiary and constitutes a valid, binding and enforceable obligation
of such Restricted Subsidiary (which opinion may be subject to customary assumptions and
qualifications), or (ii) does not satisfy the definition of Subsidiary Guarantor.

          (b) Any Unrestricted Subsidiary that is redesignated as a Restricted Subsidiary shall upon
such redesignation be required to become a Guarantor in accordance with the requirements of Section
4.14(a)(2).

SECTION 4.15. Change of Control Offer.

          (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require
that the Company purchase all or a portion of such Holder’s Securities in cash pursuant to the
offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of
the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase.

          (b) Prior to the mailing of the notice referred to below, but in any event within 30 days
following the date on which the Company becomes aware that a Change of Control has occurred (the
“Change of Control Date”), the Company covenants that if the purchase of the Securities
would violate or constitute a default under any other Indebtedness of the Company, then the Company
shall, to the extent needed to permit such purchase of Securities, either (i) repay all such
Indebtedness and terminate all commitments outstanding thereunder or (ii) obtain the requisite
consents, if any, under any such Indebtedness to permit the purchase of the Securities as provided
below. The Company shall first comply with the covenant in the preceding sentence before it will
be required to make the Change of Control Offer or purchase the Securities pursuant to the
provisions described below.

 

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          (c) Within 30 days following the date on which the Company becomes aware that a Change of
Control has occurred, the Company must send, by first class mail, postage prepaid, a notice to each
Holder, which notice shall govern the terms of the Change of Control Offer. The notice to the
Holders shall contain all instructions and materials necessary to enable such Holders to tender
Securities pursuant to the Change of Control Offer. Such notice shall state:

     (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and
that all Securities validly tendered and not withdrawn will be accepted for payment;

     (2) the purchase price (including the amount of accrued interest, if any) and the
purchase date (which shall be no earlier than 30 days nor later than 45 days from the date
such notice is mailed, other than as may be required by law) (the “Change of Control
Payment Date”);

     (3) that any Security not tendered will continue to accrue interest;

     (4) that, unless the Company defaults in making payment therefor, any Security accepted
for payment pursuant to the Change of Control Offer shall cease to accrue interest after the
Change of Control Payment Date;

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

     (6) that Holders shall be entitled to withdraw their election if the Paying Agent
receives, not later than five Business Days prior to the Change of Control Payment Date, a
telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of the Securities the Holder delivered for purchase and a statement that
such Holder is withdrawing his election to have such Security purchased;

     (7) that Holders whose Securities are purchased only in part shall be issued new
Securities in a principal amount equal to the unpurchased portion of the Securities
surrendered; provided, however, that each Security purchased and each new Security issued
shall be in a principal amount of $1,000 or integral multiples thereof; and

     (8) the circumstances and relevant facts regarding such Change of Control.

          (d) On or before the Change of Control Payment Date, the Company shall (i) accept for payment
Securities or portions thereof (in integral multiples of $1,000) validly tendered pursuant to the
Change of Control Offer, (ii) deposit with the Paying Agent in accordance with Section 2.14 cash in
U.S. dollars or United States Government Obligations sufficient to pay the purchase price plus
accrued and unpaid interest, if any, of all Securities so tendered and (iii) deliver to the Trustee
Securities so accepted together with an Officers’ Certificate stating the Securities or portions
thereof being purchased by the Company. Upon receipt by the Paying Agent of the monies specified
in clause (ii) above and a copy of the Officers’ Certificate specified in clause (iii) above, the
Paying Agent shall promptly mail to the Holders of Securities so accepted payment in an amount
equal to the purchase price plus accrued and unpaid interest, if any, out of the funds deposited
with the Paying Agent in accordance with the preceding sentence. The Trustee shall promptly
authenticate and mail to such Holders new Securities equal in principal amount to any unpurchased
portion of the Securities surrendered. Upon the payment

 

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of the purchase price for the Securities accepted for purchase, the Trustee shall return the
Securities purchased to the Company for cancellation. Any monies remaining after the purchase of
Securities pursuant to a Change of Control Offer shall be returned within three Business Days by
the Trustee to the Company except with respect to monies owed as obligations to the Trustee
pursuant to Article Eight. For purposes of this Section 4.15, the Trustee shall, except with
respect to monies owed as obligations to the Trustee pursuant to Article Eight, act as the Paying
Agent.

          (e) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent such laws and regulations are
applicable in connection with the purchase of the Securities pursuant to a Change of Control Offer.
To the extent the provisions of any such rule conflict with the provisions of this Indenture
relating to a Change of Control Offer, the Company shall comply with the provisions of such rule
and be deemed not to have breached its obligations relating to such Change of Control Offer by
virtue thereof.

          (f) Paragraphs (a)-(e) of this Section 4.15 notwithstanding, the Company shall not be
required to make a Change of Control Offer if, instead, the Company elects to effect a Change of
Control Redemption in compliance with the requirements listed on the Securities in Exhibit
A hereof.

          (g) Paragraphs (a)-(f) notwithstanding, the Company shall not be required to make a Change of
Control Offer or a Change of Control Redemption in the event of (i) changes in a majority of the
board of directors of the Company or LIN TV so long as a majority of such board of directors
continues to consist of Continuing Directors and (ii) certain transactions with Permitted Holders
(including Hicks Muse, its officers and directors, and their respective Affiliates).

SECTION 4.16. Limitation on Liens.

          The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur or assume any Lien securing Indebtedness on any asset now
owned or hereafter acquired, or any income or profits therefrom or assign or convey any right to
receive income or profit therefrom, unless contemporaneously therewith effective provision is made,
in the case of the Company, to secure the Securities and all other amounts due under this
Indenture, and in the case of a Restricted Subsidiary which is a Guarantor, to secure such
Restricted Subsidiary’s Guarantee of the Securities and all other amounts due under this Indenture,
equally and ratably with such Indebtedness (or, in the event that such Indebtedness is subordinated
in right of payment to the Securities or such Subsidiary’s Guarantee, prior to such Indebtedness)
with a Lien on the same properties and assets securing such Indebtedness for so long as such
Indebtedness is secured by such Lien, except for (i) Liens securing Senior Indebtedness and
Guarantor Senior Indebtedness and (ii) Liens securing Indebtedness described in clause (xi) of the
definition of “Permitted Indebtedness”; provided that such Liens cover only the property referred
to in such definition.

SECTION 4.17. Compliance Certificate.

          The Company shall deliver to the Trustee within 120 days after the close of each fiscal year a
certificate signed by the principal executive officer, principal financial officer or principal
accounting officer stating that a review of the activities of the Company has been made under the
supervision of the signing officer with a view to determining whether a Default or Event of Default
has occurred and whether or not the signers know of any Default or Event of Default by the Company
that occurred during such fiscal year. If they do know of such a Default or Event of Default,
their status and the action the Company is taking or proposes to take with respect thereto. The
first certificate to be delivered by the Company pursuant to this Section 4.17 shall be for the
fiscal year ending December 31, 2005.

 

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SECTION 4.18. Corporate Existence.

          Subject to Article Five, the Company shall do or shall cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence and the corporate,
partnership or other existence of each Subsidiary in accordance with the respective organizational
documents of each such Subsidiary and the rights (charter and statutory) and material franchises of
the Company and the Subsidiaries; provided, however, that the Company shall not be required to
preserve any such right or franchise, or the corporate existence of any Subsidiary, if the Board of
Directors of the Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and the Subsidiaries, taken as a whole; provided,
further, however, that a determination of the Board of Directors of the Company shall not be
required in the event of a merger of one or more Restricted Subsidiaries of the Company with or
into another Restricted Subsidiary of the Company or another Person, if the surviving Person is a
Restricted Subsidiary of the Company organized under the laws of the United States or a State
thereof or of the District of Columbia. This Section 4.18 shall not prohibit the Company from
taking any other action otherwise permitted by, and made in accordance with, the provisions of this
Indenture.

SECTION 4.19. Maintenance of Properties and Insurance.

          (a) The Company shall, and shall cause each of its Restricted Subsidiaries to, maintain its
material properties in normal condition (subject to ordinary wear and tear) and make all reasonably
necessary repairs, renewals or replacements thereto as in the judgment of the Company may be
reasonably necessary to the conduct of the business of the Company and its Restricted Subsidiaries;
provided, however, that nothing in this Section 4.19 shall prevent the Company or any of its
Restricted Subsidiaries from discontinuing the operation and maintenance of any of its properties,
if such properties are, in the reasonable and good faith judgment of the Board of Directors of the
Company or the Restricted Subsidiary, as the case may be, no longer reasonably necessary in the
conduct of their respective businesses.

          (b) The Company shall provide or cause to be provided, for itself and each of its Restricted
Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds
that, in the reasonable, good faith opinion of the Company, are reasonably adequate and appropriate
for the conduct of the business of the Company and such Restricted Subsidiaries.

SECTION 4.20. Payment of Taxes and Other Claims.

          The Company shall pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (i) all material taxes, assessments and governmental charges (including
withholding taxes and any penalties, interest and additions to taxes) levied or imposed upon it or
any of its Restricted Subsidiaries or properties of it or any of its Restricted Subsidiaries and
(ii) all material lawful claims for labor, materials, supplies and services that, if unpaid, might
by law become a Lien upon the property of it or any of its Restricted Subsidiaries; provided,
however, that there shall not be required to be paid or discharged any such tax, assessment or
charge, the amount, applicability or validity of which is being contested in good faith by
appropriate proceedings and for which adequate provision has been made or where the failure to
effect such payment or discharge is not adverse in any material respect to the Holders.

SECTION 4.21. Waiver of Stay, Extension or Usury Laws.

          The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay
or extension law or any usury law or other law that would prohibit or forgive the Company from
paying all or any portion of the

 

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principal of, premium or interest on the Securities as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the obligations or the performance of
this Indenture; and (to the extent that it may lawfully do so) the Company hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted.

ARTICLE FIVE

MERGERS; SUCCESSOR CORPORATION

SECTION 5.01. Mergers, Consolidation and Sale of Assets, etc.

          (a) The Company shall not, in a single transaction or a series of related transactions,
consolidate with or merge with or into, or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of the Company’s assets determined on a consolidated basis for
the Company to another Person or adopt a plan of liquidation unless (i) either (1) the Company is
the surviving Person or (2) the Person (if other than the Company) formed by such consolidation or
into which the Company is merged or the person that acquires by conveyance, transfer or lease the
properties and assets of the Company substantially as an entirety or in the case of a plan of
liquidation, the Person to which assets of the Company have been transferred, shall be a
corporation, partnership, limited liability company or trust organized and existing under the laws
of the United States or any State thereof or the District of Columbia; (ii) such surviving person
shall assume all of the obligations of the Company under the Securities and this Indenture pursuant
to a supplemental indenture in a form reasonably satisfactory to the Trustee; (iii) immediately
after giving effect to such transaction and the use of the proceeds therefrom (on a pro forma
basis, including giving effect to any Indebtedness incurred or anticipated to be incurred in
connection with such transaction), (x) no Default or Event of Default shall have occurred and be
continuing and (y) the Company (in the case of clause (1) of the foregoing clause (i)) or such
Person (in the case of clause (2) of the foregoing clause (i)) shall be able to incur $1.00 of
additional Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.04; and
(iv) the Company has delivered to the Trustee prior to the consummation of the proposed transaction
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or
transfer complies with this Indenture and that all conditions precedent in this Indenture relating
to such transaction have been satisfied.

          (b) For purposes of the foregoing subsection (a), the transfer (by lease, assignment, sale or
otherwise, in a single transaction or series of related transactions) of all or substantially all
the properties and assets of one or more Restricted Subsidiaries, the Capital Stock or assets of
which constitutes all or substantially all the properties and assets of the Company, shall be
deemed to be the transfer of all or substantially all the properties and assets of the Company.

          (c) Notwithstanding and without compliance with clauses (ii) and (iii) in paragraph (a)
above, (1) any Restricted Subsidiary of the Company may consolidate with, merge into or transfer
all or part of its properties and assets to the Company and (2) the Company may merge with an
Affiliate thereof organized solely for the purpose of reorganizing the Company in another
jurisdiction in the U.S. to realize tax or other benefits.

SECTION 5.02. Successor Corporation Substituted.

          In the event of any transaction (other than a lease) described in and complying with the
conditions listed in Section 5.01 in which the Company is not the surviving person and the
surviving person is to assume all the

 

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Obligations of the Company under the Securities, this Indenture and the Registration Rights
Agreement pursuant to a supplemental indenture, such surviving person shall succeed to, and be
substituted for, and may exercise every right and power of the Company, and the Company shall be
discharged from its Obligations under this Indenture, the Securities and the Registration Rights
Agreement.

ARTICLE SIX

DEFAULT AND REMEDIES

SECTION 6.01. Events of Default.

          Each of the following shall be an “Event of Default” for purposes of this Indenture:

     (a) the failure to pay interest on any Security when the same becomes due and payable
and the Default continues for a period of 30 days (whether or not such payment is prohibited
by Article Seven);

     (b) the failure to pay principal of or premium, if any, on any Security when such
principal or premium, if any, becomes due and payable, at maturity, upon redemption or
otherwise (whether or not such payment is prohibited by Article Seven);

     (c) a default in the observance or performance of any other covenant or agreement
contained in the Securities or this Indenture, which default continues for a period of 30
days after the Company receives written notice thereof specifying the default from the
Trustee or Holders of at least 25% in aggregate principal amount of outstanding Securities;

     (d) the failure to pay at the final stated maturity (giving effect to any extensions
thereof) the principal amount of any Indebtedness of the Company or any Restricted
Subsidiary of the Company, or the acceleration of the final stated maturity of any such
Indebtedness, if the aggregate principal amount of such Indebtedness, together with the
aggregate principal amount of any other such Indebtedness in default for failure to pay
principal at the final stated maturity (giving effect to any extensions thereof) or which
has been accelerated, aggregates $10,000,000 or more at any time in each case after a 10-day
period during which such default shall not have been cured or such acceleration rescinded;

     (e) one or more judgments in an aggregate amount in excess of $15,000,000 (which are
not covered by insurance) being rendered against the Company or any of its Significant
Restricted Subsidiaries and such judgment or judgments remain undischarged or unstayed for a
period of 60 days after such judgment or judgments become final and nonappealable;

     (f) the Company or any of its Significant Restricted Subsidiaries (or one or more
Restricted Subsidiaries that, taken together would constitute a Significant Restricted
Subsidiary) pursuant to or within the meaning of any Bankruptcy Law: (i) admits in writing
its inability to pay its debts generally as they become due; (ii) commences a voluntary case
or proceeding; (iii) consents to the entry of an order for relief against it in an
involuntary case or proceeding; (iv) consents or acquiesces in the institution of a
bankruptcy or insolvency proceeding against it; (v) consents to the appointment of a
Custodian of it or for all or substantially all of its property; or (vi) makes a general
assignment for the benefit of its creditors, or any of them takes any action to authorize or
effect any of the foregoing;

 

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     (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: (i) is for relief against the Company or any Significant Restricted Subsidiary
(or one or more Restricted Subsidiaries that, taken together would constitute a Significant
Restricted Subsidiary) of the Company in an involuntary case or proceeding; (ii) appoints a
Custodian of the Company or any Significant Restricted Subsidiary (or one or more Restricted
Subsidiaries that, taken together would constitute a Significant Restricted Subsidiary) of
the Company for all or substantially all of its property; or (iii) orders the liquidation of
the Company or any Significant Restricted Subsidiary (or one or more Restricted Subsidiaries
that, taken together would constitute a Significant Restricted Subsidiary) of the Company;
and in each case the order or decree remains unstayed and in effect for 60 days; provided,
however, that if the entry of such order or decree is appealed and dismissed on appeal, then
the Event of Default hereunder by reason of the entry of such order or decree shall be
deemed to have been cured; or

     (h) except as permitted by this Indenture, any Guarantee shall be held in a judicial
proceeding to be unenforceable or invalid or shall cease for any reason to be in full force
and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or
disaffirm its obligations under its Guarantee.

SECTION 6.02. Acceleration.

          If an Event of Default with respect to the Securities (other than an Event of Default
specified in clause (f) or (g) of Section 6.01) occurs and is continuing, the Trustee may, or the
Trustee upon the written request of Holders of 25% in principal amount of the outstanding
Securities shall, or the Holders of at least 25% in aggregate principal amount of the outstanding
Securities may declare the principal of all the Securities, together with all accrued and unpaid
interest and premium, if any, to be due and payable by notice in writing to the Company and the
Trustee specifying the respective Event of Default and that it is a “notice of acceleration” (the
“Acceleration Notice”), and the same (i) shall become immediately due and payable or (ii)
if there are any amounts outstanding under the Credit Facilities, will become due and payable upon
the first to occur of an acceleration under the Credit Facilities or five Business Days after
receipt by the Company and the agent under the Credit Facilities of such Acceleration Notice
(unless all Events of Default specified in such Acceleration Notice have been cured or waived).

          If an Event of Default specified in clause (f) or (g) of Section 6.01 occurs and is
continuing, all unpaid principal of and accrued interest on all outstanding Securities shall ipso
facto become immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.

          At any time after such declaration with respect to the Securities, the Holders of a majority
in principal amount of Securities then outstanding (by notice to the Trustee) may rescind and
cancel such declaration and its consequences if (i) the rescission would not conflict with any
judgment or decree of a court of competent jurisdiction, (ii) all existing Defaults and Events of
Default have been cured or waived except nonpayment of principal of or interest on the Securities
that has become due solely by such declaration of acceleration, (iii) to the extent the payment of
such interest is lawful, interest (at the same rate specified in the Securities) on overdue
installments of interest and overdue payments of principal, which has become due otherwise than by
such declaration of acceleration has been paid, (iv) the Company has paid the Trustee its
reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and
advances and (v) in the event of the cure or waiver of a Default or Event of Default of the type
described in clause (f) or (g) of Section 6.01, the Trustee has received an Officers’ Certificate
and Opinion of Counsel to the effect that such Default or Event of Default has been cured or
waived. The Holders of a majority in principal amount of the Securities may waive any existing
Default or Event of Default under this Indenture, and its consequences, except a default in the
payment of the

 

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principal of or interest on any Securities. No such rescission shall affect any subsequent
Default or impair any right consequent thereto.

SECTION 6.03. Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
by proceeding at law or in equity to collect the payment of principal of or interest on the
Securities or to enforce the performance of any provision of the Securities or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the Securities or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder
in exercising any right or remedy maturing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive
of any other remedy. All available remedies are cumulative to the extent permitted by law.

SECTION 6.04. Waiver of Past Default.

          Subject to Sections 2.09, 6.07 and 10.02, prior to the declaration of acceleration of the
Securities, the Holders of not less than a majority in aggregate principal amount of the
outstanding Securities by written notice to the Trustee may waive an existing Default or Event of
Default and its consequences, except a Default in the payment of principal of or interest on any
Security as specified in clauses (a) and (b) of Section 6.01 or a Default in respect of any term or
provision of this Indenture that may not be amended or modified without the consent of each Holder
affected as provided in Section 10.02. The Company shall deliver to the Trustee an Officers’
Certificate stating that the requisite percentage of Holders have consented to such waiver and
attaching copies of such consents. In case of any such waiver, the Company, the Trustee and the
Holders shall be restored to their former positions and rights hereunder and under the Securities,
respectively. This paragraph of this Section 6.04 shall be in lieu of § 316(a)(1)(B) of the TIA
and such § 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture and the
Securities, as permitted by the TIA.

          Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and
not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured
and not to have occurred for every purpose of this Indenture and the Securities, but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereon.

SECTION 6.05. Control by Majority.

          Subject to Section 2.09, the Holders of a majority in principal amount of the outstanding
Securities may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on it. However, the Trustee
may refuse to follow any direction that conflicts with law or this Indenture that the Trustee
determines may be unduly prejudicial to the rights of another Holder, it being understood that the
Trustee shall have no duty (subject to Section 8.01) to ascertain whether or not such actions or
forebearances are unduly prejudicial to such Holders, or that may involve the Trustee in personal
liability or for an expense for which it is not adequately indemnified; provided, however, that the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction. In the event the Trustee takes any action or follows any direction pursuant to this
Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against any loss, liability or expense caused by taking such action or following such
direction. This Section 6.05 shall be in lieu of § 316(a)(1)(A) of the TIA, and such §
316(a)(1)(A) of the TIA is hereby expressly excluded from this Indenture and the Securities, as
permitted by the TIA.

 

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SECTION 6.06. Limitation on Suits.

          A Holder may not pursue any remedy with respect to this Indenture or the Securities unless:

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

     (ii) the Holders of at least 25% in aggregate principal amount of the outstanding
Securities make a written request to the Trustee to pursue a remedy;

     (iii) such Holder or Holders offer and, if requested, provide to the Trustee indemnity
satisfactory to the Trustee against any loss, liability or expense;

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

     (v) during such 60-day period the Holders of a majority in principal amount of the
outstanding Securities do not give the Trustee a direction which, in the opinion of the
Trustee, is inconsistent with the request.

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

SECTION 6.07. Rights of Holders To Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder to receive
payment of principal of or interest on a Security, on or after the respective due dates expressed
in the Security, 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 in payment of principal or interest specified in Section 6.01(a) or (b)
occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an
express trust against the Company or any other obligor on the Securities for the whole amount of
principal and accrued interest remaining unpaid, together with interest overdue on principal and to
the extent that payment of such interest is lawful, interest on overdue installments of interest,
in each case at the rate per annum borne by the Securities and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

SECTION 6.09. Trustee May File Proofs of Claim.

          The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the
Securities), its creditors or its property and shall be entitled and empowered to collect and
receive any monies or other property payable or deliverable on any such claims and to distribute
the same, and any Custodian in any such judicial proceedings 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

 

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compensation, expenses, disbursements and advances of the Trustee, its agent and counsel,
and any other amounts due the Trustee under Section 8.07. 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 Securities or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders,
vote for the election of a trustee in bankruptcy or similar official and may be a member of the
creditors’ committee.

SECTION 6.10. Priorities.

          If the Trustee collects any money or property pursuant to this Article Six, it shall pay out
the money or property in the following order:

     First: to the Trustee for amounts due under Section 8.07;

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

     Third: to the Company.

          The Trustee, upon prior written notice to the Company, may fix a record date and payment date
for any payment to the Holders pursuant to this Section 6.10.

SECTION 6.11. Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may
require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees 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 6.11 shall not apply to a
suit by the Trustee, a suit by a Holder or group of Holders of more than 10% in aggregate principal
amount of the outstanding Securities, or to any suit instituted by any Holder for the enforcement
or the payment of the principal or interest on any Securities on or after the respective due dates
expressed in the Security.

ARTICLE SEVEN

SUBORDINATION OF SECURITIES

SECTION 7.01. Agreement To Subordinate.

          The Company agrees, and each Holder by accepting any Security agrees, that the Indebtedness
evidenced by the Securities is subordinated in right of payment, to the extent and in the manner
provided in this Article Seven, to the payment when due of all existing and future Senior
Indebtedness of the Company and that such subordination is for the benefit of and enforceable by
the holders of Senior Indebtedness. The Securities shall in all respects rank pari passu with all
other Senior Subordinated Indebtedness of the Company (including

 

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the Exchangeable Debentures and the Existing Senior Subordinated Notes), and only Indebtedness
of the Company which is Senior Indebtedness will rank senior to the Securities in accordance with
the provisions set forth herein. Unsecured Indebtedness is not deemed to be subordinate or junior
to Secured Indebtedness merely because it is unsecured, nor is any Indebtedness deemed to be
subordinate or junior to other Indebtedness merely because it matures after such other
Indebtedness. Secured Indebtedness is not deemed to be Senior Indebtedness merely because it is
secured. All provisions of this Article Seven shall be subject to Section 7.12.

SECTION 7.02. Liquidation, Dissolution, Bankruptcy.

          Upon any payment or distribution of the assets of the Company upon a total or partial
liquidation or dissolution or reorganization or bankruptcy of or similar proceeding relating to the
Company or its property:

     (1) holders of Senior Indebtedness of the Company shall be entitled to receive payment
in full in cash or Cash Equivalents of all Senior Indebtedness of the Company before holders
of Securities shall be entitled to receive any payment of principal of or interest on or
other amounts with respect to the Securities from the Company; and

     (2) until the Senior Indebtedness of the Company is paid in full, in cash or Cash
Equivalents, any payment or distribution to which Holders would be entitled but for the
provisions of this Article Seven shall be made to holders of Senior Indebtedness as their
interests may appear.

SECTION 7.03. Default on Senior Indebtedness.

          The Company may not pay the principal of, premium (if any), or interest on, or additional
amounts with respect to, the Securities or make any deposit pursuant to Section 9.03 or repurchase,
redeem or otherwise retire any Securities (collectively, “pay the Securities”) if (i) any
Senior Indebtedness has not been paid when due or (ii) any other default on Senior Indebtedness
occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms
unless, in either case, (x) the default has been cured or waived or is no longer continuing and/or
any such acceleration has been rescinded or (y) such Senior Indebtedness has been paid in full;
provided, however, that the Company may pay the Securities, subject to the provisions of Section
7.02, without regard to the foregoing if the Company and the Trustee receive written notice
approving such payment from the Representatives of the Senior Indebtedness with respect to which
either of the events set forth in clause (i) or (ii) of this sentence has occurred or is
continuing. During the continuance of any default (other than a default described in clause (i) or
(ii) of the preceding sentence) with respect to any Designated Senior Indebtedness pursuant to
which the maturity thereof may be accelerated immediately without further notice (except such
notice as may be required to effect such acceleration) or the expiration of any applicable grace
periods, the Company may not pay the Securities (except (i) in Qualified Capital Stock issued by
the Company to pay interest on the Securities or issued in exchange for the Securities, (ii) in
securities substantially identical to the Securities issued by the Company in payment of interest
accrued thereon or (iii) in securities issued by the Company which are subordinated to the Senior
Indebtedness at least to the same extent as the Securities and having a Weighted Average Life to
Maturity at least equal to the remaining Weighted Average Life to Maturity of the Securities) for a
period (a “Payment Blockage Period”) commencing upon the receipt by the Trustee (with a
copy to the Company) of written notice (a “Blockage Notice”) of such default from the
Representative of the holders of such Designated Senior Indebtedness specifying an election to
effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment
Blockage Period is terminated (i) by written notice to the Trustee and the Company from the Person
or Persons who gave such Blockage Notice, (ii) because the default giving rise to such Blockage
Notice has been cured, waived or is no longer continuing or (iii) because such Designated Senior
Indebtedness has been repaid in full). Notwithstanding the provisions of the immediately preceding
sentence, but

 

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subject to the provisions of the first sentence of this Section 7.03 and the provisions of
Section 7.02, the Company may resume payments on the Securities after the end of such Payment
Blockage Period. Not more than one Blockage Notice may be given, and not more than one Payment
Blockage Period may occur, in any consecutive 360-day period, irrespective of the number of
defaults with respect to Designated Senior Indebtedness during such period. However, if any
Blockage Notice within such 360-day period is given by or on behalf of any holders of Designated
Senior Indebtedness (other than the agent under the Credit Facilities), the agent under the Credit
Facilities may give another Blockage Notice within such period. In no event, however, may the
total number of days during which any Payment Blockage Period or Payment Blockage Periods are in
effect exceed 179 days in the aggregate during any 360 consecutive day period. No nonpayment
default that existed or was continuing on the date of delivery of any Blockage Notice to the
Trustee shall be, or be made, the basis for a subsequent Blockage Notice unless such default shall
have been cured or waived for a period of not less than 90 consecutive days.

SECTION 7.04. Acceleration of Payment of Securities.

          If payment of the Securities is accelerated because of an Event of Default, the Company or the
Trustee shall promptly notify the Representative of any issue of Designated Senior Indebtedness
which is then outstanding; provided, however, that the Company and the Trustee shall be obligated
to notify such a Representative (other than with respect to the Credit Facilities) only if such
Representative has delivered or caused to be delivered an address for the service of such a notice
to the Company and the Trustee (and the Company and the Trustee shall be obligated only to deliver
the notice to the address so specified). If a notice is required pursuant to the immediately
preceding sentence, the Company may not pay the Securities (except payment (i) in Qualified Capital
Stock issued by the Company to pay interest on the Securities or issued in exchange for the
Securities, (ii) in securities substantially identical to the Securities issued by the Company in
payment of interest accrued thereon or (iii) in securities issued by the Company which are
subordinated to the Senior Indebtedness at least to the same extent as the Securities and have a
Weighted Average Life to Maturity at least equal to the remaining Weighted Average Life to Maturity
of the Securities), until five Business Days after the respective Representative of the Designated
Senior Indebtedness receives notice (at the address specified in the preceding sentence) of such
acceleration and thereafter may pay the Securities only if the provisions of this Article Seven
otherwise permit payment at that time.

SECTION 7.05. When Distribution Must Be Paid Over.

          If a distribution is made to the Trustee or to Holders that because of this Article Seven
should not have been made to them, the Trustee or the Holders who receive such distribution shall
hold it in trust for holders of Senior Indebtedness and promptly pay it over to them as their
respective interests may appear; provided, however, that the liabilities of the Trustee under this
Section 7.05 are limited by Section 7.15.

SECTION 7.06. Subrogation.

          After all Senior Indebtedness is paid in full and until the Securities are paid in full,
Holders shall be subrogated to the rights of holders of Senior Indebtedness to receive
distributions applicable to Senior Indebtedness. A distribution made under this Article Seven to
holders of Senior Indebtedness which otherwise would have been made to Holders is not, as between
the Company and the Holders, a payment by the Company of Senior Indebtedness.

 

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SECTION 7.07. Relative Rights.

          This Article Seven defines the relative rights of Holders of the Securities on the one hand
and holders of Senior Indebtedness on the other hand. Nothing in this Indenture shall:

     (1) impair, as between the Company and the Holders, the obligation of the Company,
which is absolute and unconditional, to pay principal of and interest on the Securities in
accordance with their terms; or

     (2) prevent the Trustee or any Holder from exercising its available remedies upon a
Default or Event of Default, subject to the rights of holders of Senior Indebtedness to
receive distributions otherwise payable to Holders.

SECTION 7.08. Subordination May Not Be Impaired by Company.

          No right of any holder of Senior Indebtedness to enforce the subordination of the Indebtedness
evidenced by the Securities shall be impaired by any act or failure to act by the Company or by the
failure of the Company to comply with this Indenture.

SECTION 7.09. Rights of Trustee and Paying Agent.

          Notwithstanding Section 7.03, the Trustee or Paying Agent may continue to make payments on the
Securities and shall not be charged with knowledge of the existence of facts that would prohibit
the making of any such payments unless, not less than two Business Days prior to the date of such
payment, a Trust Officer of the Trustee receives notice satisfactory to it that payments may not be
made under this Article Seven. The Company, the Registrar or co-registrar, the Paying Agent, a
Representative or a holder of Senior Indebtedness may give the notice; provided, however, that if
an issue of Senior Indebtedness has a Representative, only the Representative may give the notice.

          The Trustee in its individual or any other capacity may hold Senior Indebtedness with the same
rights it would have if it were not Trustee. The Registrar and co-registrar and the Paying Agent
may do the same with like rights. The Trustee shall be entitled to all the rights set forth in
this Article Seven with respect to any Senior Indebtedness which may at any time be held by it, to
the same extent as any other holder of Senior Indebtedness; and nothing in Article Seven shall
deprive the Trustee of any of its rights as such holder. Nothing in this Article Seven shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 8.07.

SECTION 7.10. Distribution or Notice to Representative.

          Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness, the
distribution may be made and the notice given to their Representative (if any).

SECTION 7.11. Article Seven Not To Prevent Events of Default or Limit Right To Accelerate.

          The failure to make a payment in respect of the Securities by reason of any provision in this
Article Seven shall not be construed as preventing the occurrence of a Default or Event of Default.
Nothing in this Article Seven shall have any effect on the right of the Holders or the Trustee to
accelerate the maturity of the Securities.

 

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SECTION 7.12. Trust Moneys Not Subordinated.

          Notwithstanding anything contained herein to the contrary, payments from money or the proceeds
of U.S. Government Obligations held in trust under Article Nine by the Trustee for the payment of
principal of and interest on the Securities shall not be subordinated to the prior payment of any
Senior Indebtedness or subject to the restrictions set forth in this Article Seven, and none of the
Holders shall be obligated to pay over any such amount to the Company, any holder of Senior
Indebtedness of the Company, or any other creditor of the Company.

SECTION 7.13. Trustee Entitled To Rely.

          Upon any payment or distribution pursuant to this Article Seven, the Trustee and the Holders
shall be entitled to rely (i) upon any order or decree of a court of competent jurisdiction in
which any proceedings of the nature referred to in Section 7.02 are pending, (ii) upon a
certificate of the liquidating trustee or agent or other Person making such payment or distribution
to the Trustee or to the Holders or (iii) upon the Representatives for the holders of Senior
Indebtedness for the purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of Senior Indebtedness and other Indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article Seven. In the event that the Trustee determines, in good
faith, that evidence is required with respect to the right of any Person as a holder of Senior
Indebtedness to participate in any payment or distribution pursuant to this Article Seven, the
Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and other facts pertinent to the rights of
such Person under this Article Seven, and, if such evidence is not furnished, the Trustee may defer
any payment to such Person pending judicial determination as to the right of such Person to receive
such payment. The Trustee shall have the right to seek a declaratory judgment as to any right of
such Person to receive such payment. The provisions of Sections 8.01 and 8.02 shall be applicable
to all actions or omissions of actions by the Trustee pursuant to this Article Seven.

SECTION 7.14. Trustee To Effectuate Subordination.

          Each Holder by accepting a Security authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to acknowledge or effectuate the subordination
between the Holder and the holders of Senior Indebtedness as provided in this Article Seven and
appoints the Trustee as attorney-in-fact for any and all such purposes.

SECTION 7.15. Trustee Not Fiduciary for Holders of Senior Indebtedness.

          The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if it shall mistakenly pay over or
distribute to Holders or the Company, or any other Person, money or assets to which any holders of
Senior Indebtedness shall be entitled by virtue of this Article Seven or otherwise.

SECTION 7.16. Reliance by Holders of Senior Indebtedness on Subordination Provisions.

          Each Holder by accepting a Security acknowledges and agrees that the foregoing subordination
provisions are, and are intended to be, an inducement and a consideration to each holder of any
Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the
issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior
Indebtedness and such holder of Senior Indebtedness

 

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shall be deemed conclusively to have relied on such subordination provisions in
acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness.

ARTICLE EIGHT

TRUSTEE

SECTION 8.01. Duties of Trustee.

          (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture and use the same degree of care and skill in
their exercise as a prudent man would exercise or use under the circumstances in the conduct of his
own affairs.

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

     (1) The Trustee shall not be liable except for the performance of such duties as are
specifically set forth herein; and

     (2) 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 conforming to the requirements of this Indenture; provided,
however, that 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 such
certificates and opinions to determine whether or not they conform to the requirements of
this Indenture.

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

     (1) This paragraph does not limit the effect of paragraph (b) of this Section 8.01;

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

     (3) 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 Sections 6.02,
6.04 and 6.05.

          (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder or to
take or omit to take any action under this Indenture or take any action at the request or direction
of Holders if it shall have reasonable grounds for believing that repayment of such funds is not
assured to it or it does not receive from such Holders an indemnity satisfactory to it in its sole
discretion against such risk, liability, loss, fee or expense which might be incurred by it in
compliance with such request or direction.

          (e) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b), (c) and (d) of this Section 8.01.

 

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          (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.

SECTION 8.02. Rights of Trustee.

          Subject to Section 8.01:

     (a) The Trustee may rely on any document believed by it to be genuine and to have been
signed or presented by the proper Person; and may assume, so long as it is acting in good
faith, the authenticity and due authorization of any signature appearing thereon. The
Trustee need not investigate any fact or matter stated in the document.

     (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate and/or an Opinion of Counsel, which shall conform to the provisions of Section
13.05. The Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such certificate or opinion.

     (c) The Trustee may act through attorneys and agents of its selection and shall not be
responsible for the misconduct or negligence of any agent or attorney (other than an agent
who is an employee of the Trustee) appointed with due care and appointed with the consent of
the Company.

     (d) The Trustee shall not be liable for any action it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights or powers.

     (e) Before the Trustee acts or refrains from acting, it may consult with counsel and
the advice or opinion of such counsel as to matters of law shall be full and complete
authorization and protection from liability in respect of any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such
counsel.

     (f) Any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution.

     (g) The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to
this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction.

     (h) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney.

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

 

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     thereof at the Corporate Trust Office of the Trustee, and such notice references the
Securities and this Indenture.

     (j) The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder.

     (k) The permissive rights of the Trustee to do things enumerated in this Indenture
shall not be construed as a duty and the Trustee shall not be answerable for other than its
gross negligence or willful misconduct.

SECTION 8.03. Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or their Affiliates with the same rights it
would have if it were not Trustee. Any Agent may do the same with like rights. However, the
Trustee is subject to Sections 8.10 and 8.11.

SECTION 8.04. 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 Securities, it shall not be accountable for the Company’s use of
the proceeds from the Securities, and it shall not be responsible for any statement of the Company
or any Guarantor in this Indenture or any document issued in connection with the sale of Securities
or any statement in the Securities other than the Trustee’s certificate of authentication.

SECTION 8.05. Notice of Defaults.

          If a Default or an Event of Default occurs and is continuing and the Trustee has actual
knowledge of such Defaults or Events of Default, the Trustee shall mail to each Holder notice of
the Default or Event of Default within 30 days after the occurrence thereof. Except in the case of
a Default or an Event of Default in payment of principal of or interest on any Security or a
Default or Event of Default in complying with Section 5.01, the Trustee may withhold the notice if
and so long as a committee of its Trust Officers in good faith determines that withholding the
notice is in the interest of the Holders. This Section 8.05 shall be in lieu of the proviso to §
315(b) of the TIA and such proviso to § 315(b) of the TIA is hereby expressly excluded from this
Indenture and the Securities, as permitted by the TIA.

SECTION 8.06. Reports by Trustee to Holders.

          If required by TIA § 313(a), within 60 days after each February 1 beginning with February 1,
2006, the Trustee shall mail to each Holder a report dated as of such February 1 that complies with
TIA § 313(a). The Trustee also shall comply with TIA § 313(b), (c) and (d).

          A copy of each such report at the time of its mailing to Holders shall be filed with the
Commission and each stock exchange, if any, on which the Securities are listed.

          The Company shall promptly notify the Trustee in writing if the Securities become listed on
any stock exchange or of any delisting thereof.

 

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SECTION 8.07. Compensation and Indemnity.

          The Company and the Guarantors shall pay (and they agree, jointly and severally, to pay), to
the Trustee and the Agents from time to time, and the Trustee and the Agents shall be entitled to,
such compensation as the Company and the Trustee and the Agents shall from time to time agree in
writing for their respective services. The Trustee’s compensation shall not be limited by any law
on compensation of a trustee of an express trust. The Company and the Guarantors shall reimburse
the Trustee and the Agents upon request for all reasonable disbursements, expenses and advances,
including all costs and expenses of collection and reasonable fees, disbursements and expenses of
its agents and outside counsel incurred or made by any of them in addition to the compensation for
their respective services except any such disbursements, expenses and advances as may be
attributable to negligence or willful misconduct of the party to be reimbursed. Such expenses
shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents,
accountants, experts and outside counsel and any taxes or other expenses incurred by a trust
created pursuant to Section 9.01 hereof.

          The Company and the Guarantors, jointly and severally, shall indemnify the Trustee and the
Agents for, and hold them harmless against any and all loss, damage, claims, liability or expense,
including reasonable attorney fees and expenses, and taxes (other than franchise taxes imposed on
the indemnified party and taxes based upon, measured by or determined by the income of the
indemnified party), arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of defending themselves against or
investigating any claim or liability in connection with the exercise or performance of any of their
powers or duties hereunder, except to the extent that such loss, damage, claim, liability or
expense is due to negligence or willful misconduct of the indemnified party. The indemnified party
shall notify the Company promptly of any claim asserted against the indemnified party for which it
may seek indemnity. However, the failure by the indemnified party to so notify the Company shall
not relieve the Company and the Guarantors of their obligations hereunder unless the Company and
the Guarantors have been prejudiced thereby. The Company and the Guarantors shall defend the claim
and the indemnified party shall cooperate in the defense at the expense of the Company and the
Guarantors; provided that the Company and the Guarantors shall not be liable in any action or for
which they have assumed the defense for the expenses of separate counsel to the indemnified party
unless (1) the employment of separate counsel has been authorized by the Company and the
Guarantors, (2) the indemnified party has reasonably concluded (based upon advice of counsel to the
indemnified party) that there may be legal defenses available to the indemnified party that are
different from or in addition to those available to the Company and the Guarantors or (3) a
conflict or potential conflict exists (based upon advice of counsel to the indemnified party)
between the indemnified party, the Company and the Guarantors; provided further, however, that in
any such event the reimbursement obligation of the Company and the Guarantors with respect to
separate counsel of the indemnified party will be limited to the reasonable fees and expenses of
such counsel.

          The Company and the Guarantors need not pay for any settlement made without their written
consent, which consent shall not be unreasonably withheld. The Company and the Guarantors need not
reimburse any expense or indemnify against any loss or liability incurred by the Trustee or an
Agent as a result of its own negligence or willful misconduct.

          To secure the payment obligations of the Company and the Guarantors in this Section 8.07, the
Trustee shall have a Lien prior to the Securities against all money or property held or collected
by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal
of or interest on particular Securities.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(f) or (g) occurs, the expenses (including the reasonable fees and expenses of its
agents and counsel)

 

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and the compensation for the services shall be preferred over the status of the Holders in a
proceeding under any Bankruptcy Law and are intended to constitute expenses of administration under
any Bankruptcy Law.

          The obligations of the Company and the Guarantors under or pursuant to this Section 8.07 shall
survive the termination of this Indenture.

SECTION 8.08. Replacement of Trustee.

          The Trustee may resign at any time by so notifying the Company in writing. The Holders of a
majority in principal amount of the outstanding Securities may remove the Trustee by so notifying
the Trustee and the Company in writing and may appoint a successor Trustee with the Company’s
consent. The Company may remove the Trustee if:

     (a) the Trustee fails to comply with Section 8.10;

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

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

     (d) the Trustee becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company
shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes
office, the Holders of a majority in principal amount of the Securities may appoint a successor
Trustee to replace the successor Trustee appointed by the Company.

          A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. As promptly as practicable after that, the retiring Trustee shall
transfer, after payment of all sums then owing to the Trustee pursuant to Section 8.07, all
property held by it as Trustee to the successor Trustee, subject to the Lien provided in Section
8.07, the resignation or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have the rights, powers and duties of the Trustee under this Indenture. A successor
Trustee shall mail notice of its succession to each Holder.

          If a successor Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount
of the outstanding Securities may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee.

          If the Trustee fails to comply with Section 8.10, any Holder may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

          Notwithstanding replacement of the Trustee pursuant to this Section 8.08, the Company’s
obligations under Section 8.07 shall continue for the benefit of the retiring Trustee.

 

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SECTION 8.09. Successor Trustee by Merger, etc.

          If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation or banking corporation, the resulting,
surviving or transferee corporation or banking corporation without any further act shall be the
successor Trustee; provided, however, that such corporation shall be otherwise qualified and
eligible under this Article Eight.

SECTION 8.10. Eligibility; Disqualification.

          This Indenture shall always have a Trustee which shall be eligible to act as Trustee under TIA
§§ 310(a)(1) and 310(a)(2). The Trustee shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition. If the Trustee
has or shall acquire any “conflicting interest” within the meaning of TIA § 310(b), the Trustee and
the Company shall comply with the provisions of TIA § 310(b); provided, however, that there shall
be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of the Company are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. If at any
time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.10,
the Trustee shall resign immediately in the manner and with the effect hereinbefore specified in
this Article Eight. The provisions of TIA § 310 shall apply to the Company and any other obligor
of the Securities.

SECTION 8.11. Preferential Collection of Claims Against the Company.

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

ARTICLE NINE

DISCHARGE OF INDENTURE; DEFEASANCE

SECTION 9.01. Termination of the Company’s Obligations.

          The Company may terminate its obligations under the Securities and this Indenture as well as
the obligations of the Guarantors under their respective Guarantees, except those obligations
referred to in the penultimate paragraph of this Section 9.01, if :

     (i) either (a) all the Securities theretofore authenticated and delivered (except lost,
stolen or destroyed Securities which have been replaced or paid and Securities for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust) have been
delivered to the Trustee for cancellation or (b) all Securities not theretofore delivered to
the Trustee for cancellation have become due and payable or have been called for redemption
and the Company has irrevocably deposited or caused to be deposited with the Trustee funds
in an amount sufficient to pay and discharge the entire Indebtedness on the Securities not
theretofore delivered to the Trustee for cancellation, for principal of, premium, if any,
and interest on the Securities to the date of deposit together with irrevocable instructions
from the Company directing the Trustee to apply such funds to the payment thereof at
maturity or redemption, as the case may be;

 

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     (ii) the Company has paid all other sums payable under this Indenture by the Company;
and

     (iii) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel stating that all conditions precedent under this Indenture relating to the
satisfaction and discharge of this Indenture have been complied with.

          Notwithstanding the first paragraph of this Section 9.01, the Company’s obligations in
Sections 2.03, 2.04, 2.05, 2.06, 2.07, 8.07, 8.08, 9.05 and 9.06 shall survive until the Securities
are no longer outstanding pursuant to Section 2.08. After the Securities are no longer
outstanding, the Company’s obligations in Sections 8.07, 8.08, 9.05 and 9.06 shall survive.

          After such delivery or irrevocable deposit, the Trustee upon request shall acknowledge in
writing the discharge of the Company’s and Guarantors’ obligations under the Securities, the
Guarantees and this Indenture except for those surviving obligations specified above.

SECTION 9.02. Legal Defeasance and Covenant Defeasance

          (a) The Company may terminate its obligations in respect of the Securities by delivering all
outstanding Securities to the Trustee for cancellation and paying all sums payable by it on account
of principal of and interest on all Securities or otherwise. In addition to the foregoing, the
Company may, at its option, at any time elect to have either paragraph (b) or (c) below be applied
to all outstanding Securities, subject in either case to compliance with the conditions set forth
in Section 9.03.

          (b) Upon the Company’s exercise under paragraph (a) hereof of the option applicable to this
paragraph (b), the Company shall, subject to the satisfaction of the conditions set forth in
Section 9.03, be deemed to have paid and discharged the entire indebtedness represented by the
outstanding Securities, except for (i) the rights of Holders to receive payments in respect of the
principal of, premium, if any, and interest on the Securities when such payments are due, (ii) the
Company’s obligations with respect to the Securities under Sections 2.03 through 2.07, inclusive,
and 4.02, (iii) the rights, powers, trust, duties and immunities of the Trustee under this
Indenture and the Company’s obligations in connection therewith and (iv) Article Nine of this
Indenture (hereinafter, “Legal Defeasance”). Subject to compliance with this Article Nine,
the Company may exercise its option under this paragraph (b) notwithstanding the prior exercise of
its option under paragraph (c) hereof.

          (c) Upon the Company’s exercise under paragraph (a) hereof of the option applicable to this
paragraph (c), the Company shall, subject to the satisfaction of the conditions set forth in
Section 9.03, be released from its obligations under Sections 4.03 through 4.16, inclusive, 4.19
and Article Five with respect to the outstanding Securities (hereinafter, “Covenant
Defeasance”) and thereafter any omission to comply with such obligations shall not constitute a
Default or an Event of Default with respect to the Securities.

SECTION 9.03. Conditions to Legal Defeasance or Covenant Defeasance.

          In order to exercise either Legal Defeasance pursuant to Section 9.02(b) or Covenant
Defeasance pursuant to Section 9.02(c):

     (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit
of the Holders, cash in U.S. dollars or United States Government Obligations, or a
combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public

 

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accountants, to pay the principal of, premium, if any, and interest on the Securities
on the stated date for payment thereof or on the applicable redemption date, as the case may
be;

     (b) in the case of an election under Section 9.02(b), the Company shall have delivered
to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that (A) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has
been a change in the applicable federal income tax law, in either case to the effect that,
and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities
will not recognize income, gain or loss for federal income tax purposes as a result of such
Legal Defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Legal Defeasance had not
occurred;

     (c) in the case of an election under Section 9.02(c), the Company shall have delivered
to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that the Holders of the Securities will not recognize income, gain or
loss for federal income tax purposes as a result of such Covenant Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred;

     (d) no Default or Event of Default shall have occurred and be continuing on the date
of such deposit (other than a Default or Event of Default resulting from the borrowing of
funds to be applied to such deposit) or insofar as Sections 6.01(f) and 6.01(g) are
concerned, at any time in the period ending on the 91st day after the date of such deposit;

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

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

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

     (h) the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that assuming no intervening bankruptcy or insolvency of the Company between the date
of deposit and the 91st day following the deposit and that no Holder is an insider of the
Company, after the 91st day following the deposit, the trust funds will not be subject to
the effect of any applicable bankruptcy, insolvency, reorganization or similar law affecting
creditors’ rights generally.

          Notwithstanding the foregoing, the Opinion of Counsel or IRS private letter ruling required by
clause (b) above need not be delivered if all Securities not theretofore delivered to the Trustee
for cancellation (x) have become due and payable, (y) will become due and payable on the Final
Maturity Date within one year or

 

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(z) are to be called for redemption 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 Company.

SECTION 9.04. Application of Trust Money; Trustee Acknowledgment and Indemnity.

          The Trustee shall hold in trust money or United States Government Obligations deposited with
it pursuant to Section 9.03, and shall apply the deposited money and the money from United States
Government Obligations in accordance with this Indenture solely to the payment of principal of,
premium, if any, and interest on the Securities.

          After such delivery or irrevocable deposit and delivery of an Officers’ Certificate and
Opinion of Counsel, the Trustee upon request shall acknowledge in writing the discharge of the
Company’s obligations under the Securities and this Indenture except for those surviving
obligations specified above.

          The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the United States Government Obligations deposited pursuant to Section 9.03
or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of outstanding Securities.

SECTION 9.05. Repayment to Company.

          Subject to Sections 8.07 and 9.04, the Trustee shall promptly pay to the Company upon written
request any excess money held by it at any time. The Trustee shall pay to the Company upon written
request any money held by it for the payment of principal or interest that remains unclaimed for
two years; provided, however, that the Trustee before being required to make any payment may at the
expense of the Company cause to be published once in a newspaper of general circulation in The City
of New York or mail to each Holder entitled to such money notice that such money remains unclaimed
and that, after a date specified therein which shall be at least 30 days from the date of such
publication or mailing, any unclaimed balance of such money then remaining shall be repaid to the
Company. After payment to the Company, Holders entitled to money must look solely to the Company
for payment as general creditors unless an applicable abandoned property law designates another
person and all liability of the Trustee or Paying Agent with respect to such money shall thereupon
cease.

SECTION 9.06. Reinstatement.

          If the Trustee is unable to apply any money or United States Government Obligations in
accordance with Section 9.02 by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture and the Securities shall be
revived and reinstated as though no deposit had occurred pursuant to Section 9.02 until such time
as the Trustee is permitted to apply all such money or United States Government Obligations in
accordance with Section 9.02; provided, however, that if the Company has made any payment of
interest on or principal of any Securities because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Securities to receive such payment
from the money or United States Government Obligations held by the Trustee.

 

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ARTICLE TEN

AMENDMENTS, SUPPLEMENTS AND WAIVERS

SECTION 10.01. Without Consent of Holders.

          The Company and the Guarantors, when authorized by a resolution of the Board of Directors, and
the Trustee may amend or supplement this Indenture or the Securities without notice to or consent
of any Holder:

     (a) to cure any ambiguity, defect or inconsistency; provided, however, that such
amendment or supplement does not adversely affect the rights of any Holder;

     (b) to effect the assumption by a successor Person of all obligations of the Company
under the Securities and this Indenture in connection with any transaction complying with
Article Five of this Indenture;

     (c) to provide for uncertificated Securities in addition to or in place of
certificated Securities;

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

     (e) to make any change that would provide any additional benefit or rights to the
Holders;

     (f) to make any other change that does not adversely affect the rights of any Holder
under this Indenture;

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

     (h) to reflect the release of a Guarantor from its obligations with respect to its
Guarantee in accordance with the provisions of Section 11.03 and to add a Guarantor pursuant
to the requirements of Section 4.14; or

     (i) to secure the Securities pursuant to the requirements of Section 4.16 or
otherwise;

provided, however, that the Company has delivered to the Trustee an Opinion of Counsel stating that
such amendment or supplement complies with the provisions of this Section 10.01.

SECTION 10.02. With Consent of Holders.

          Subject to Section 6.07, the Company and the Guarantors, when authorized by a Board
Resolution, and the Trustee may modify, amend or supplement, or waive compliance by the Company
with any provision of, this Indenture or the Securities with the written consent of the Holders of
at least a majority in principal amount of the outstanding Securities. However, without the
consent of each Holder affected, no such modification, amendment, supplement or waiver, including a
waiver pursuant to Section 6.04, may:

     (a) [reserved];

 

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     (b) reduce the principal amount of or change the Stated Maturity of any Security or
alter the provisions with respect to the repurchase or redemption of the Securities (other
than provisions relating to Section 4.08 or 4.15);

     (c) reduce the rate of or change the time for payment of interest, including defaulted
interest, on any Security;

     (d) make any Security payable in money other than that stated in the Securities and in
this Indenture;

     (e) make any change in the provisions of this Indenture protecting the rights of
Holders of Securities to receive payments of principal of or premium, if any, or interest on
the Securities on or after the due date thereof;

     (f) modify any provisions of Section 6.04 (other than to add sections of this
Indenture or the Securities subject thereto) or 6.07 or this Section 10.02 (other than to
add sections of this Indenture or the Securities which may not be modified, amended,
supplemented or waived without the consent of each Holder affected);

     (g) reduce the percentage of the principal amount of outstanding Securities necessary
for amendment to or waiver of compliance with any provision of this Indenture or the
Securities or for waiver of any Default in respect thereof;

     (h) waive a Default or Event of Default in the payment of principal of or premium, if
any, or interest on the Securities (except a rescission of acceleration of the Securities by
the Holders thereof as provided in Section 6.02 and a waiver of the payment default that
resulted from such acceleration);

     (i) waive a mandatory repurchase or redemption payment with respect to any Security
required by Section 4.08 or 4.15; or

     (j) modify the ranking or priority of any Security or the Guarantee in respect thereof
of any Guarantor in any manner adverse to the Holders of the Securities.

          It shall not be necessary for the consent of the Holders under this Section 10.02 to approve
the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if
such consent approves the substance thereof.

          After an amendment, supplement or waiver under this Section 10.02 becomes effective, the
Company shall mail to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.

SECTION 10.03. Compliance with Trust Indenture Act.

          Every amendment to or supplement of this Indenture or the Securities shall comply with the TIA
as then in effect.

 

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SECTION 10.04. Record Date for Consents and Effect of Consents.

          The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders of Securities entitled to consent to any amendment, supplement or waiver.
If a record date is fixed, then those persons who were Holders of Securities at such record date
(or their duly designated proxies), and only those 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 of such Securities after such record date. No such consent shall be
valid or effective for more than 90 days after such record date. The Trustee is entitled to rely
upon any electronic instruction from beneficial owners to the Holders of any Global Security.

          After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless
it makes a change described in any of clauses (a) through (j) of Section 10.02. In that case the
amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and
every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security.

SECTION 10.05. Notation on or Exchange of Securities.

          If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require
the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate
notation on the Security about the changed terms and return it to the Holder. Alternatively, if
the Company or the Trustee so determine, the Company in exchange for the Security shall issue and
the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the
appropriate notation or issue a new Security shall not affect the validity and effect of such
amendment, supplement or waiver.

SECTION 10.06. Trustee To Sign Amendments, etc.

          The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized
pursuant to this Article Ten is authorized or permitted by this Indenture and that such amendment,
supplement or waiver constitutes the legal, valid and binding obligation of the Company,
enforceable in accordance with its terms (subject to customary exceptions). The Trustee may, but
shall not be obligated to, execute any such amendment, supplement or waiver which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise. In signing any
amendment, supplement or waiver, the Trustee shall be entitled to receive an indemnity reasonably
satisfactory to it.

ARTICLE ELEVEN

GUARANTEES OF THE NOTES

SECTION 11.01. Unconditional Guarantee.

          Each Guarantor hereby unconditionally, jointly and severally, guarantees (each, a
“Guarantee”) to each Holder of a Security authenticated by the Trustee and to the Trustee
and its successors and assigns that: the principal of and interest on the Securities will be
promptly paid in full when due, subject to any applicable grace period, whether at maturity, by
acceleration or otherwise, and interest on the overdue principal and interest on any overdue
interest on the Securities and all other obligations of the Company to the Holders or the Trustee
hereunder or under the Securities will be promptly paid in full or performed, all in accordance
with the

 

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terms hereof and thereof; subject, however, to the limitations set forth in Section 11.04.
Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of
the validity, regularity or enforceability of the Securities or this Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Securities with respect to
any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice and all demands
whatsoever and covenants that the Guarantee will not be discharged except by complete performance
of the obligations contained in the Securities, this Indenture and this Guarantee. If any Holder
or the Trustee is required by any court or otherwise to return to the Company, any Guarantor, or
any custodian, trustee, liquidator or other similar official acting in relation to the Company or
any Guarantor, any amount paid by the Company or any Guarantor to the Trustee or such Holder, this
Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and
the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article Six for the purpose 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 acceleration of such obligations as provided in
Article Six, such obligations (whether or not due and payable) shall forth become due and payable
by each Guarantor for the purpose of this Guarantee.

SECTION 11.02. Severability.

          In case any provision of this 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.

SECTION 11.03. Release of a Guarantor.

          (a) If the Securities are defeased in accordance with the terms of this Indenture, or if,
subject to the requirements of Section 5.01(a), all or substantially all of the assets of any
Subsidiary Guarantor or all of the equity interests in any Subsidiary Guarantor are sold (including
through merger or consolidation, by issuance or otherwise) by the Company in a transaction
constituting an Asset Sale and (x) the Net Cash Proceeds from such Asset Sale are used in
accordance with Section 4.08 or (y) the Company delivers to the Trustee an Officers’ Certificate to
the effect that the Net Cash Proceeds from such Asset Sale shall be used in accordance with Section
4.08 and within the time limits specified by Section 4.08, then each Guarantor (in the case of
defeasance) or such Subsidiary Guarantor (in the event of a sale or other disposition of all of the
equity interests of such Guarantor) or the Person acquiring such assets (in the event of a sale or
other disposition of all or substantially all of the assets of such Subsidiary Guarantor) shall be
released and discharged from all obligations under this Article Eleven without any further action
required on the part of the Trustee or any Holder. The Trustee shall, at the sole cost and expense
of the Company and upon receipt at the reasonable request of the Trustee of an Opinion of Counsel
that the provisions of this Section 11.03 have been complied with, deliver an appropriate
instrument evidencing such release upon receipt of a request by the Company accompanied by an
Officers’ Certificate certifying as to the compliance with this Section 11.03. Any Guarantor not
so released remains liable for the full amount of principal of and interest on the Securities and
the other obligations of the Company hereunder as provided in this Article Eleven.

          (b) Any Subsidiary Guarantor that is designated an Unrestricted Subsidiary shall upon such
designation be released and discharged of all obligations under this Article Eleven without any
further action required on the part of the Trustee or any Holder.

 

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SECTION 11.04. Limitation of Guarantor’s Liability.

          Each Subsidiary Guarantor, and by its acceptance hereof each Holder and the Trustee, hereby
confirms that it is the intention of all such parties that the Guarantee by such Subsidiary
Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes
of title 11 of the United States Code, as amended, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar U.S. Federal or state or other applicable law. To
effectuate the foregoing intention, the Holders and each Subsidiary Guarantor hereby irrevocably
agree that the obligations of each Subsidiary Guarantor under its Guarantee shall be limited to the
maximum amount as will, after giving effect to all other contingent and fixed liabilities of such
Subsidiary Guarantor and after giving effect to any collections from or payments made by or on
behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary
Guarantor under its Guarantee or pursuant to Section 11.05, result in the obligations of such
Subsidiary Guarantor under its Guarantee not constituting such a fraudulent transfer or conveyance.

SECTION 11.05. Contribution.

          In order to provide for just and equitable contribution among the Guarantors, the Guarantors
agree, inter se, that in the event any payment or distribution is made by any Guarantor (a
“Funding Guarantor”) under the Guarantee, such Funding Guarantor shall be entitled to a
contribution from all other Guarantors in a pro rata amount, based on the net assets of each
Guarantor (including the Funding Guarantor), determined in accordance with GAAP, subject to Section
11.04, for all payments, damages and expenses incurred by such Funding Guarantor in discharging the
Company’s obligations with respect to the Securities or any other Guarantor’s obligations with
respect to the Guarantee.

SECTION 11.06. Execution of Guarantee.

          To further evidence its guarantee to the Holders, each of the Guarantors hereby agrees to
execute a Guarantee to be endorsed on each Security ordered to be authenticated and delivered by
the Trustee. Each Guarantor hereby agrees that its Guarantee set forth in Section 11.01 shall
remain in full force and effect notwithstanding any failure to endorse on each Security a
Guarantee. Each such Guarantee shall be signed on behalf of each Guarantor by its Chairman of the
Board, its President or one of its Vice Presidents prior to the authentication of the Security on
which it is endorsed, and the delivery of such Security by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of such Guarantee on behalf of such Guarantor.
Such signature upon the Guarantee may be manual or facsimile signature of such officer and may be
imprinted or otherwise reproduced on the Guarantee, and in case such officer who shall have signed
the Guarantee shall cease to be such officer before the Security on which such Guarantee is
endorsed shall have been authenticated and delivered by the Trustee or disposed of by the Company,
such Security nevertheless may be authenticated and delivered or disposed of as though the Person
who signed the Guarantee had not ceased to be such officer of such Guarantor.

SECTION 11.07. Subordination of Subrogation and Other Rights.

          Each Guarantor hereby agrees that any claim against the Company that arises from the payment,
performance or enforcement of such Guarantor’s obligations under its Guarantee or this Indenture,
including, without limitation, any right of subrogation, shall be subject and subordinate to, and
no payment with respect to any such claim of such Guarantor shall be made before, the payment in
full in cash of all outstanding Securities in accordance with the provisions provided therefor in
this Indenture.

 

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ARTICLE TWELVE

SUBORDINATION OF GUARANTEE

SECTION 12.01. Agreement To Subordinate.

          Each Guarantor agrees, and each Holder by accepting a Guarantee agrees, that the Indebtedness
of such Guarantor evidenced by the Guarantee is subordinated in right of payment, to the extent and
in the manner provided in this Article Twelve, to the payment when due of all Guarantor Senior
Indebtedness of such Guarantor and that such subordination is for the benefit of and enforceable by
the holders of Guarantor Senior Indebtedness. The Guarantee shall in all respects rank pari passu
with all other Guarantor Senior Subordinated Indebtedness of a Guarantor, and only Indebtedness of
a Guarantor which is Guarantor Senior Indebtedness will rank senior to the Guarantee in accordance
with the provisions set forth herein. Unsecured Indebtedness is not deemed to be subordinate or
junior to Secured Indebtedness merely because it is unsecured, nor is any Indebtedness deemed to be
subordinate or junior to other Indebtedness merely because it matures after such other
Indebtedness. Secured Indebtedness is not deemed to be Senior Indebtedness merely because it is
secured. All provisions of this Article Twelve shall be subject to Section 12.12.

SECTION 12.02. Liquidation, Dissolution, Bankruptcy.

          Upon any payment or distribution of the assets of a Guarantor upon a total or partial
liquidation or dissolution or reorganization or bankruptcy of or similar proceeding relating to a
Guarantor or its property:

     (1) holders of Guarantor Senior Indebtedness of such Guarantor shall be entitled to
receive payment in full in cash or Cash Equivalents of all Guarantor Senior Indebtedness of
such Guarantor before Holders shall be entitled to receive any payment of principal of or
interest on or other amounts with respect to the Securities from such Guarantor; and

     (2) until the Guarantor Senior Indebtedness of such Guarantor is paid in full, any
payment or distribution to which Holders would be entitled but for the provisions of this
Article Twelve shall be made to holders of Guarantor Senior Indebtedness as their interests
may appear.

SECTION 12.03. Default on Guarantor Senior Indebtedness.

          No Guarantor may pay the principal of, premium (if any), or interest on, and other obligations
with respect to, the Securities or make any deposit pursuant to Section 9.03 or repurchase, redeem
or otherwise retire any Securities (collectively, “pay the Securities”) if (i) any
Guarantor Senior Indebtedness is not paid in cash or Cash Equivalents when due or (ii) any other
default on Guarantor Senior Indebtedness occurs and the maturity of such Guarantor Senior
Indebtedness is accelerated in accordance with its terms unless, in either case, (x) the default
has been cured or waived or is no longer continuing and/or any such acceleration has been rescinded
or (y) such Guarantor Senior Indebtedness has been paid in full; provided, however, that the
Guarantor may pay the Securities subject to the provisions of Section 12.02, without regard to the
foregoing if the Guarantor and the Trustee receive written notice approving such payment from the
Representatives of the Senior Indebtedness with respect to which either of the events set forth in
clause (i) or (ii) of this sentence has occurred or is continuing. During the continuance of any
default (other than a default described in clause (i) or (ii) of the preceding sentence) with
respect to any Designated Senior Indebtedness pursuant to which the maturity thereof may be
accelerated immediately without further notice (except such notice as may be required to effect
such acceleration) or the expiration of any applicable grace periods, a Guarantor may not pay the
Securities (except (i) in

 

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Qualified Capital Stock issued by such Guarantor to pay interest on the Securities or issued
in exchange for the Securities, (ii) in securities substantially identical to the Securities issued
by such Guarantor in payment of interest accrued thereon or (iii) in securities issued by such
Guarantor which are subordinated to the Guarantor Senior Indebtedness at least to the same extent
as the Securities and having a Weighted Average Life to Maturity at least equal to the remaining
Weighted Average Life to Maturity of the Securities) for a period (a “Guarantor Payment
Blockage Period”) commencing upon the receipt by the Trustee (with a copy to the Guarantor) of
written notice (a “Guarantor Blockage Notice”) of such default from the Representative of
the holders of such Designated Senior Indebtedness specifying an election to effect a Guarantor
Payment Blockage Period and ending 179 days thereafter (or earlier if such Guarantor Payment
Blockage Period is terminated (i) by written notice to the Trustee and the Guarantor from the
Person or Persons who gave such Guarantor Blockage Notice, (ii) because the default giving rise to
such Guarantor Blockage Notice is no longer continuing or (iii) because such Designated Senior
Indebtedness has been repaid in full). Notwithstanding the provisions of the immediately preceding
sentence, but subject to the provisions of the first sentence of this Section 12.03 and the
provisions of Section 12.02, the Guarantor may resume payments on the Securities after the end of
such Payment Blockage Period. Not more than one Blockage Notice may be given, and not more than
one Payment Blockage Period may occur, in any consecutive 360-day period, irrespective of the
number of defaults with respect to Designated Senior Indebtedness during such period. However, if
any Blockage Notice within such 360-day period is given by or on behalf of any holders of
Designated Senior Indebtedness (other than the agent under the Credit Facilities), the agent under
the Credit Facilities may give another Blockage Notice within such period. In no event, however,
may the total number of days during which any Payment Blockage Period or Payment Blockage Periods
are in effect exceed 179 days in the aggregate during any 360 consecutive day period. No
nonpayment default that existed or was continuing on the date of delivery of any Blockage Notice to
the Trustee shall be, or be made, the basis for a subsequent Blockage Notice unless such default
shall have been cured or waived for a period of not less than 90 consecutive days.

SECTION 12.04. Acceleration of Payment of Securities.

          If a notice is required pursuant to the first sentence of Section 7.04, no Guarantor may pay
the Securities (except payment (i) in Qualified Capital Stock issued by the Guarantor to pay
interest on the Securities or issued in exchange for the Securities, (ii) in securities
substantially identical to the Securities issued by the Guarantor in payment of interest accrued
thereon or (iii) securities issued by the Guarantor which are subordinated to the Guarantor Senior
Indebtedness at least to the same extent as the Securities and have a Weighted Average Life to
Maturity at least equal to the remaining Weighted Average Life to Maturity of the Securities),
until five Business Days after the respective Representative of the Designated Senior Indebtedness
receives notice (at the address specified in the preceding sentence) of such acceleration and
thereafter, may pay the Securities only if the provisions of this Article Twelve otherwise permit
payment at that time.

SECTION 12.05. When Distribution Must Be Paid Over.

          If a distribution is made to the Trustee or to Holders that because of this Article Twelve
should not have been made to them, the Trustee or the Holders who receive such distribution shall
hold it in trust for holders of Guarantor Senior Indebtedness and promptly pay it over to them as
their respective interests may appear; provided, however, that the liabilities of the Trustee under
this Section 12.05 are limited by Section 12.15.

SECTION 12.06. Subrogation.

          After all Guarantor Senior Indebtedness is paid in full and until the Securities are paid in
full, Holders shall be subrogated to the rights of holders of Guarantor Senior Indebtedness to
receive distributions applicable to Guarantor Senior Indebtedness. A distribution made under this
Article Twelve to holders of Guarantor

 

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Senior Indebtedness which otherwise would have been made to Holders is not, as between
the Guarantor and the Holders, a payment by any Guarantor of Guarantor Senior Indebtedness.

SECTION 12.07. Relative Rights.

          This Article Twelve defines the relative rights of Holders of the Securities on the one hand
and holders of Guarantor Senior Indebtedness on the other hand. Nothing in this Indenture shall:

     (a) impair, as between the Guarantor and the Holders, the obligations of any
Guarantor, which are absolute and unconditional, in respect of its Guarantee; or

     (b) prevent the Trustee or any Holder from exercising its available remedies upon a
Default or Event of Default, subject to the rights of holders of Guarantor Senior
Indebtedness to receive distributions otherwise payable to Holders.

SECTION 12.08. Subordination May Not Be Impaired by Guarantor.

          No right of any holder of Guarantor Senior Indebtedness to enforce the subordination of the
obligations under any Guarantee evidenced by the Securities shall be impaired by any act or failure
to act by any Guarantor or by the failure of any Guarantor to comply with this Indenture.

SECTION 12.09. Rights of Trustee and Paying Agent.

          Notwithstanding Section 12.03, the Trustee or Paying Agent may continue to make payments on
the Securities and shall not be charged with knowledge of the existence of facts that would
prohibit the making of any such payments unless, not less than two Business Days prior to the date
of such payment, a Trust Officer of the Trustee receives notice satisfactory to it that payments
may not be made under this Article Twelve. A Guarantor, the Registrar or co-registrar, the Paying
Agent, a Representative or a holder of Guarantor Senior Indebtedness may give the notice; provided,
however, that if an issue of Guarantor Senior Indebtedness has a Representative, only the
Representative may give the notice.

          The Trustee in its individual or any other capacity may hold Guarantor Senior Indebtedness
with the same rights it would have if it were not Trustee. The Registrar and co-registrar and the
Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set
forth in this Article Twelve with respect to any Guarantor Senior Indebtedness which may at any
time be held by it, to the same extent as any other holder of Guarantor Senior Indebtedness; and
nothing in Article Twelve shall deprive the Trustee of any of its rights as such holder. Nothing
in this Article Twelve shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 8.07.

SECTION 12.10. Distribution or Notice to Representative.

          Whenever a distribution is to be made or a notice given to holders of Guarantor Senior
Indebtedness, the distribution may be made and the notice given to their Representative, if any.

SECTION 12.11. Article Twelve Not To Prevent Events of Default or Limit Right To
Accelerate.

          The failure to make a payment in respect of the Securities by reason of any provision in this
Article Twelve shall not be construed as preventing the occurrence of a Default or Event of
Default. Nothing in

 

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this Article Twelve shall have any effect on the right of the Holders or the Trustee to
enforce any Guarantee or to accelerate the maturity of the Securities.

SECTION 12.12. Trust Moneys Not Subordinated.

          Notwithstanding anything contained herein to the contrary, payments from money or the proceeds
of U.S. Government Obligations held in trust under Article Eight by the Trustee for payment in
respect of the Guarantees shall not be subordinated to the prior payment of any Guarantor Senior
Indebtedness or subject to the restrictions set forth in this Article Twelve, and none of the
Holders shall be obligated to pay over any such amount to such Guarantor, any holder of Guarantor
Senior Indebtedness of such Guarantor, or any other creditor of such Guarantor.

SECTION 12.13. Trustee Entitled To Rely.

          Upon any payment or distribution pursuant to this Article Twelve, the Trustee and the Holders
shall be entitled to rely (i) upon any order or decree of a court of competent jurisdiction in
which any proceedings of the nature referred to in Section 12.02 are pending, (ii) upon a
certificate of the liquidating trustee or agent or other Person making such payment or distribution
to the Trustee or to the Holders or (iii) upon the Representatives for the holders of Guarantor
Senior Indebtedness for the purpose of ascertaining the Persons entitled to participate in such
payment or distribution, the holders of Guarantor Senior Indebtedness and other Indebtedness of any
Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article Twelve. In the event that the Trustee
determines, in good faith, that evidence is required with respect to the right of any Person as a
holder of Guarantor Senior Indebtedness to participate in any payment or distribution pursuant to
this Article Twelve, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Guarantor Senior Indebtedness held by such Person,
the extent to which such Person is entitled to participate in such payment or distribution and
other facts pertinent to the rights of such Person under this Article Twelve, and, if such evidence
is not furnished, the Trustee may defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment. The Trustee shall have the right to seek a
declaratory judgment as to any right of such Person to receive such payment. The provisions of
Sections 8.01 and 8.02 shall be applicable to all actions or omissions of actions by the Trustee
pursuant to this Article Twelve.

SECTION 12.14. Trustee To Effectuate Subordination.

          Each Holder by accepting a Guarantee authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to acknowledge or effectuate the subordination
between the Holder and the holders of Guarantor Senior Indebtedness as provided in this Article
Twelve and appoints the Trustee as attorney-in-fact for any and all such purposes.

SECTION 12.15. Trustee Not Fiduciary for Holders of Guarantor Senior Indebtedness.

          The Trustee shall not be deemed to owe any fiduciary duty to the holders of Guarantor Senior
Indebtedness and shall not be liable to any such holders if it shall mistakenly pay over or
distribute to Holders or the Guarantor, or any other Person, money or assets to which any holders
of Guarantor Senior Indebtedness shall be entitled by virtue of this Article Twelve or otherwise.

 

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SECTION 12.16. Reliance by Holders of Guarantor Senior Indebtedness on Subordination
Provisions.

          Each Holder by accepting a Guarantee acknowledges and agrees that the foregoing subordination
provisions are, and are intended to be, an inducement and a consideration to each holder of any
Guarantor Senior Indebtedness, whether such Guarantor Senior Indebtedness was created or acquired
before or after the issuance of the Guarantee, to acquire and continue to hold, or to continue to
hold, such Guarantor Senior Indebtedness and such holder of Guarantor Senior Indebtedness shall be
deemed conclusively to have relied on such subordination provisions in acquiring and continuing to
hold, or in continuing to hold, such Guarantor Senior Indebtedness.

ARTICLE THIRTEEN

MISCELLANEOUS

SECTION 13.01. Trust Indenture Act Controls.

          This Indenture is subject to the provisions of the TIA that are required to be a part of this
Indenture, and shall, to the extent applicable, be governed by such provisions. If any provision
of this Indenture modifies any TIA provision that may be so modified, such TIA provision shall be
deemed to apply to this Indenture as so modified. If any provision of this Indenture excludes any
TIA provision that may be so excluded, such TIA provision shall be excluded from this Indenture.

          The provisions of TIA §§ 310 through 317 that impose duties on any Person (including the
provisions automatically deemed included unless expressly excluded by this Indenture) are a part of
and govern this Indenture, whether or not physically contained herein.

SECTION 13.02. Notices.

          Any notice or communication shall be sufficiently given if in writing and delivered in person,
by facsimile and confirmed by overnight courier, or mailed by first-class mail addressed as
follows:

if to the Company:

LIN Television Corporation

Four Richmond Square, Suite 230E

Providence, Rhode Island 02906

Attention: Deborah Jacobson

Facsimile: (401) 457-9403

Telephone: (401) 273-8779

 

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Copy to:

Hicks, Muse, Tate & Furst Incorporated

200 Crescent Court, Suite 1600

Dallas, Texas 75201

Attention: Peter Brodsky

Facsimile: (214) 740-7363

Telephone: (214) 720-7888

if to the Trustee:

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

470 Atlantic Avenue, Suite 4082

Boston, Massachusetts 02210

Attention: Corporate Trust Department

Facsimile: (617) 273-8001

Telephone: (617) 273-8368

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

          Any notice or communication mailed, first-class, postage prepaid, to a Holder including any
notice delivered in connection with TIA § 310(b), TIA § 313(c), TIA § 314(a) and TIA § 315(b),
shall be mailed to him at his address as set forth on the Security register and shall be
sufficiently given to him if so mailed within the time prescribed. To the extent required by the
TIA, any notice or communication shall also be mailed to any Person described in TIA § 313(c).

          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. Except for a notice to the Trustee, which is deemed
given only when received, if a notice or communication is mailed in the manner provided above, it
is duly given, whether or not the addressee receives it.

SECTION 13.03. Communications by Holders with Other Holders.

          Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and any
other person shall have the protection of TIA § 312(c).

SECTION 13.04. Certificate and Opinion as to Conditions Precedent.

          Upon any request or application by the Company to the Trustee to take or refrain from taking
any action under this Indenture, the Company shall furnish to the Trustee at the request of the
Trustee:

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

 

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     (2) an Opinion of Counsel in form and substance satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an
Officers’ Certificate or certificates of public officials.

SECTION 13.05. Statements Required in Certificate.

          Each certificate with respect to compliance with a condition or covenant provided for in this
Indenture shall include:

     (1) a statement that the person making such certificate has read such covenant or
condition;

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

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

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

SECTION 13.06. Rules by Trustee, Paying Agent, Registrar.

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

SECTION 13.07. Governing Law.

          THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS INDENTURE, THE SECURITIES AND THE
GUARANTEES WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

SECTION 13.08. No Recourse Against Others.

          No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, shall have any liability for any obligations of the Company or any Guarantor under the
Securities or the Guarantees, as the case may be, or this Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a
Security and the Guarantees waives and releases all such liability. The waiver and release are
part of the consideration for the issuance of the Securities and the Guarantees.

SECTION 13.09. Successors.

          All agreements of the Company in this Indenture and the Securities shall bind its successor.
All agreements of each Guarantor in this Indenture shall bind its successor. All agreements of the
Trustee in this Indenture shall bind its successor.

 

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SECTION 13.10. Counterpart Originals.

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

SECTION 13.11. Severability.

          In case any provision in this Indenture, in the Securities or in the Guarantees 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, and a Holder shall have no claim
therefor against any party hereto.

SECTION 13.12. No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture.

SECTION 13.13. Legal Holidays.

          If a payment date is not a Business Day at a place of payment, payment may be made at that
place on the next succeeding Business Day.

[Remainder of page intentionally left blank]

 

S-1

SIGNATURES

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

	 	 	 	 	 
	 	 	LIN TELEVISION CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	/s/ Denise M. Parent 
	 

	 	 	 	 
	 

	 	 	 	Name:  Denise M. Parent 
	 

	 	 	 	Title:  Vice President
           Deputy General Counsel
	 
	 	 	 	 
	 	 	LIN TV CORP., as Guarantor
	 
	 	 	 	 
	 

	 	By:	 	/s/ Denise M. Parent 
	 

	 	 	 	 
	 

	 	 	 	Name:  Denise M. Parent
	 

	 	 	 	Title:  Vice President
            Deputy General Counsel

 

S-2

	 	 	 	 	 
	 	 	AIRWAVES, INC.

KXAN, INC.

KXTX HOLDINGS, INC.

LINBENCO, INC.

LIN SPORTS, INC.

LIN TELEVISION OF SAN JUAN, INC.

LIN TELEVISION OF TEXAS, INC.

PRIMELAND TELEVISION, INC.

NORTH TEXAS BROADCASTING

   CORPORATION

WAPA AMERICA, INC.

WNJX-TV, INC.

WOOD TELEVISION, INC.

WTNH BROADCASTING, INC.

TVL BROADCASTING, INC.

S&E NETWORK, INC.

   as Guarantors

	 
	 	 	 	 
	 

	 	By:	 	/s/ Denise M. Parent 
	 

	 	 	 	 
	 

	 	 	 	Name:   Denise M. Parent
	 

	 	 	 	Title:  Vice President
           Deputy General Counsel
	 
	 	 	 	 
	 	 	TELEVICENTRO OF PUERTO RICO,

   LLC, as a Guarantor
	 
	 	 	 	 
	 	 	By: LIN Television of San Juan, Inc.,
	 

	 	 	 	its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ Denise M. Parent 
	 

	 	 	 	 
	 

	 	 	 	Name:  Denise M. Parent
	 

	 	 	 	Title:  Vice President
           Deputy General Counsel

 

S-3

	 	 	 	 	 
	 	 	INDIANA BROADCASTING, LLC

LIN AIRTIME, LLC

LIN OF ALABAMA, LLC

LIN OF COLORADO, LLC

LIN OF NEW MEXICO, LLC

LIN OF WISCONSIN, LLC

PROVIDENCE BROADCASTING, LLC

WAVY BROADCASTING, LLC

WOOD LICENSE CO., LLC

WIVB BROADCASTING, LLC

WLBB BROADCASTING, LLC

WWHO BROADCASTING, LLC

WWLP BROADCASTING, LLC

   as Guarantors
	 
	 	 	 	 
	 

	 	By:
	 	LIN Television Corporation,
	 

	 	 	 	its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ Denise M. Parent 
	 

	 	 	 	 
	 

	 	 	 	Name:  Denise M. Parent
	 

	 	 	 	Title:  Vice President
           Deputy General Counsel
	 
	 	 	 	 
	 	 	LIN TELEVISION OF TEXAS, L.P.
	 

	 	 	 	as Guarantor
	 
	 	 	 	 
	 

	 	By:
	 	LIN Television of Texas, Inc.,
	 

	 	 	 	its General Partner
	 
	 	 	 	 
	 

	 	By:	 	/s/ Denise M. Parent 
	 

	 	 	 	 
	 

	 	 	 	Name: Denise M. Parent
	 

	 	 	 	Title:  Vice President
           Deputy General Counsel

 

S-4

	 	 	 	 	 
	 	 	TVL BROADCASTING OF RHODE

   ISLAND, LLC

WDTN BROADCASTING, LLC

WUPW BROADCASTING, LLC
	 
	 	 	 	 
	 	 	   as Guarantors
	 
	 	 	 	 
	 

	 	By:
	 	TVL Broadcasting, Inc.,
	 

	 	 	 	its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ Denise M. Parent
	 

	 	 	 	 
	 

	 	 	 	Name: Denise M. Parent
	 

	 	 	 	Title: Vice President
	 

	 	 	 	           Deputy
General Counsel
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY N.A., as Trustee
	 
	 	 	 	 
	 

	 	By:	 	/s/ Peter M. Murphy
	 

	 	 	 	 
	 

	 	 	 	Name: Peter M. Murphy
	 

	 	 	 	Title: Vice President

 

EXHIBIT A

[FORM OF SECURITY]

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, REGISTRATION.1

     THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO
YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR
ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE
144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL INVESTOR ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN
EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND
NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND, IN THE CASE OF
THE FOREGOING CLAUSE (D), A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS
SECURITY COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE ISSUERS AND THE TRUSTEE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

			
	1	 	This legend to be removed upon registration pursuant to the Securities Act.

A-1

 

LIN TELEVISION CORPORATION

6 1/2% Senior Subordinated Note due 2013 — Class B

CUSIP
No. :[      ]

	 	 	 
	No. [      ]

	 	$[           ]

          LIN TELEVISION CORPORATION, a Delaware corporation (the “Company,” which term includes
any successor corporation), for value received, promises to pay to [           ] or registered
assigns the principal sum of [           ] Dollars, on May 15, 2013.

          Interest Payment Dates: May 15 and November 15, commencing on November 15, 2005.

          Interest Record Dates: May 1 and November 1.

          Reference is made to the further provisions of this Security contained herein, which will for
all purposes have the same effect as if set forth at this place.

          IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile
by its duly authorized officers.

	 	 	 	 	 
	 	 	LIN TELEVISION CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Dated:

A-2

 

[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]

          This is one of the 6 1/2% Senior Subordinated Notes due 2013 — Class B described in the
within-mentioned Indenture.

Dated:

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

A-3

 

(REVERSE OF SECURITY)

LIN TELEVISION CORPORATION

6 1/2% Senior Subordinated Note due 2013 — Class B

1. Interest.

     LIN TELEVISION CORPORATION promises to pay interest on the principal amount of this Security
at the rate per annum shown above. Cash interest on the Securities will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from September 29,
2005. The Company will pay interest semi-annually in arrears on each Interest Payment Date,
commencing on November 15, 2005. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

     The Company shall pay interest on overdue principal from time to time on demand and on overdue
installments of interest (without regard to any applicable grace periods) to the extent lawful from
time to time on demand, in each case at the rate borne by the Securities.

2. Method of Payment.

     The Company shall pay interest on the Securities (except defaulted interest) to the persons
who are the registered Holders at the close of business on the Interest Record Date immediately
preceding the Interest Payment Date even if the Securities are canceled on registration of transfer
or registration of exchange after such Interest Record Date. Holders must surrender Securities to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in
money of the United States that at the time of payment is legal tender for payment of public and
private debts (“U.S. Legal Tender”). However, the Company may pay principal and interest
by wire transfer of Federal funds (provided that the Paying Agent shall have received wire
instructions on or prior to the relevant Interest Record Date), or interest by check payable in
such U.S. Legal Tender. The Company may deliver any such interest payment to the Paying Agent or
to a Holder at the Holder’s registered address.

3. Paying Agent and Registrar.

     Initially, The Bank of New York Trust Company, N.A. (the “Trustee”) will act as Paying
Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the
Holders. The Company may, subject to certain exceptions, act as Registrar.

4. Indenture.

     The Company issued the Securities under an Indenture, dated as of September 29, 2005 (the
“Indenture”), by and among the Company, the Guarantors named therein and the Trustee. Capitalized
terms herein are used as defined in the Indenture unless otherwise defined herein. This Security
is one of a duly authorized issue of Securities of the Company designated as its 6 1/2% Senior
Subordinated Notes due 2013 — Class B (the “Initial Securities”), which may be issued under
the Indenture. Subject to compliance with Section 4.04 of the Indenture, the Company shall be
entitled to issue Additional Securities pursuant to Section 2.17 of the Indenture. The Securities
include the Initial Securities, the Private Exchange Securities (as defined in the Indenture) and
the Unrestricted Securities (as defined in the Indenture). All Securities issued under the
Indenture are treated as a single class of securities under the Indenture. The terms of the
Securities include those stated in the Indenture

A-4

 

and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture (except as otherwise
indicated in the Indenture) until such time as the Indenture is qualified under the TIA, and
thereafter as in effect on the date on which the Indenture is qualified under the TIA.
Notwithstanding anything to the contrary herein, the Securities are subject to all such terms, and
Holders are referred to the Indenture and the TIA for a statement of them. The Securities are
general unsecured obligations of the Company. The Securities are subordinated in right of payment
to all existing and future Senior Indebtedness of the Company to the extent and in the manner
provided in the Indenture. Each Holder of a Security, by accepting a Security, agrees to such
subordination, authorizes the Trustee to give effect to such subordination and appoints the Trustee
as attorney-in-fact for such purpose.

5. Optional Redemption.

     (a) The Securities will be redeemable at the option of the Company, in whole or in part, at
any time on or after May 15, 2008, at the redemption prices (expressed as a percentage of principal
amount) set forth below, plus accrued and unpaid interest thereon, if any, to the Redemption Date
(subject to the right of Holders of record on the relevant Interest Record Date to receive interest
due on the relevant Interest Payment Date) if redeemed during the 12-month period commencing on May
15 of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage	 
	2008
	 	 	103.250	%
	2009
	 	 	102.167	%
	2010
	 	 	101.083	%
	2011 and thereafter
	 	 	100.000	%

     (b) Prior to May 15, 2006, the Company may, at its option, use the net cash proceeds of one
or more Equity Offerings to redeem up to 35% of the principal amount of the Securities at a
redemption price equal to 106.5% of the principal amount thereof plus accrued and unpaid interest
to the redemption date; provided, however, that after any such redemption, at least 65% of the
aggregate principal amount of the Securities originally issued would remain outstanding immediately
after giving effect to such redemption. Any such redemption will be required to occur on or prior
to the date that is one year after the receipt by the Company of the proceeds of an Equity
Offering. The Company shall effect such redemption on a pro rata basis, provided that no such
Notes of $1,000 or less shall be redeemed in part.

     (c) Prior to May 15, 2008, upon the occurrence of a Change of Control, the Company will have
the option to redeem the Securities in whole but not in part (a “Change of Control
Redemption”) at a redemption price equal to 100% of the principal amount thereof, plus accrued
and unpaid interest to the redemption date, plus the Applicable Premium. In order to effect a
Change of Control Redemption, the Company must send a notice to each Holder, which notice shall
govern the terms of the Change of Control Redemption. Such notice must comply with the provisions
of Section 3.03 of the Indenture; provided, however, that such notice must be mailed to Holders
within 30 days following the date the Change of Control occurred (the “Change of Control
Redemption Date”) and state that the Company is effecting a Change of Control Redemption in
lieu of a Change of Control Offer.

     “Applicable Premium” means, with respect to a Security at any Change of Control
Redemption Date, the greater of (i) 1.0% of the principal amount of such Security and (ii) the
excess of (A) the present value at such time of (1) the redemption price of such Security at May
15, 2008 (such redemption price being described in paragraph (a) above) plus (2) all semi-annual
payments of interest through May 15, 2008 computed using a discount rate equal to the Treasury Rate
plus 75 basis points over (B) the principal amount of such Security.

A-5

 

     “Treasury Rate” means the yield to maturity at the time of computation 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 Change of Control 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 Change of Control Redemption Date to May 15, 2008; provided, however, that if the
period from the Change of Control Redemption Date to May 15, 2008 is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a
year) from the weekly average yields of United States Treasury securities for which such yields are
given except that if the period from the Change of Control Redemption Date to May 15, 2008 is less
than one year, the weekly average yield on actually traded United States Treasury securities with a
maturity of one year, or, if there are no such Treasury securities outstanding, to United States
Treasury securities with a remaining maturity closest to one year that are adjusted to a constant
maturity of one year shall be used.

6. Notice of Redemption.

     Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60
days before the Redemption Date to each Holder of Securities to be redeemed at its registered
address. The Trustee may select for redemption portions of the principal amount of Securities that
have denominations equal to or larger than $1,000 principal amount. Securities and portions of
them the Trustee so selects shall be in amounts of $1,000 principal amount or integral multiples
thereof.

     If any Security is to be redeemed in part only, the notice of redemption that relates to such
Security shall state the portion of the principal amount thereof to be redeemed. A new Security in
a principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder
thereof upon cancellation of the original Security. On and after the Redemption Date, interest
will cease to accrue on Securities or portions thereof called for redemption so long as the Company
has deposited with the Paying Agent for the Securities funds in satisfaction of the redemption
price pursuant to the Indenture and the Paying Agent is not prohibited from paying such funds to
the Holders pursuant to the terms of the Indenture.

7. Change of Control Offer.

     Following the occurrence of a Change of Control (the date of such occurrence being the
“Change of Control Date”), the Company shall, within 30 days after the Change of Control
Date, be required to offer to purchase all Securities then outstanding at a purchase price in cash
equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon,
if any, to the date of such purchase (subject to the right of Holders of record on the relevant
Interest Record Date to receive interest due on the relevant Interest Payment Date).

8. Limitation on Disposition of Assets.

     The Company is, subject to certain conditions and certain exceptions, obligated to offer to
purchase the Securities at a purchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest thereon, if any, to the date of such purchase (subject to the right of
Holders of record on the relevant Interest Record Date to receive interest due on the relevant
Interest Record Date) with the proceeds of certain asset dispositions.

A-6

 

9. Denominations; Transfer; Exchange.

     The Securities are in registered form, without coupons, in denominations of $1,000 and
integral multiples of $1,000. A Holder shall register the transfer of or exchange Securities in
accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Registrar
need not register the transfer of or exchange any Securities or portions thereof selected for
redemption, except the unredeemed portion of any security being redeemed in part.

10. Persons Deemed Owners.

     The registered Holder of a Security shall be treated as the owner of it for all purposes.

11. Unclaimed Funds.

     If funds for the payment of principal or interest remain unclaimed for two years, the Trustee
and the Paying Agent will repay the funds to the Company at their written request. After that, all
liability of the Trustee and such Paying Agent with respect to such funds shall cease.

12. Legal Defeasance and Covenant Defeasance.

     The Company and the Guarantors may be discharged from their obligations under the Indenture,
the Securities and the Guarantees, except for certain provisions thereof, and may be discharged
from obligations to comply with certain covenants contained in the Indenture, the Securities and
the Guarantees, in each case upon satisfaction of certain conditions specified in the Indenture.

13. Amendment; Supplement; Waiver.

     Subject to certain exceptions, the Indenture and the Securities (including the Guarantees) may
be amended or supplemented with the written consent of the Holders of at least a majority in
aggregate principal amount of the Securities then outstanding, and any existing Default or Event of
Default or compliance with any provision may be waived with the consent of the Holders of a
majority in aggregate principal amount of the Securities then outstanding. Without notice to or
consent of any Holder, the parties thereto may amend or supplement the Indenture, the Securities
and the Guarantees to, among other things, cure any ambiguity, defect or inconsistency, provide for
uncertificated Securities in addition to or in place of certificated Securities or comply with any
requirements of the SEC in connection with the qualification of the Indenture under the TIA, or
make any other change that does not materially adversely affect the rights of any Holder.

14. Restrictive Covenants.

     The Indenture contains certain covenants that, among other things, limit the ability of the
Company and the Restricted Subsidiaries to make restricted payments, to incur indebtedness, to sell
assets, to permit restrictions on dividends and other payments by Subsidiaries to the Company, to
consolidate, merge or sell all or substantially all of its assets and to engage in transactions
with affiliates. The limitations are subject to a number of important qualifications and
exceptions. The Company must report annually to the Trustee on compliance with such limitations.

A-7

 

15. Defaults and Remedies.

     If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of Securities then outstanding may declare all the Securities to be due
and payable immediately in the manner and with the effect provided in the Indenture. Holders of
Securities may not enforce the Indenture, the Securities or the Guarantees except as provided in
the Indenture. The Trustee is not obligated to enforce the Indenture, the Securities or the
Guarantees unless it has received security and indemnity satisfactory to it against any loss,
liability or expense. The Indenture permits, subject to certain limitations therein provided,
Holders of a majority in aggregate principal amount of the Securities then outstanding to direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of
Securities notice of certain continuing Defaults or Events of Default if it determines that
withholding notice is in their interest.

16. Trustee Dealings with Company and Guarantors.

     The Trustee under the Indenture, in its individual or any other capacity, may become the owner
or pledgee of Securities and may otherwise deal with the Company, the Guarantors, their respective
Subsidiaries or their respective Affiliates as if it were not the Trustee.

17. No Recourse Against Others.

     No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, shall have any liability for any obligations of the Company or any Guarantor under the
Securities or the Guarantees, as the case may be, or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a
Security waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Securities and the Guarantees.

18. Authentication.

     This Security shall not be valid until the Trustee or authenticating agent signs the
certificate of authentication on this Security.

19. Abbreviations and Defined Terms.

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

20. CUSIP Numbers.

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the accuracy of such numbers as
printed on the Securities and reliance may be placed only on the other identification numbers
printed hereon.

21. Registration Rights.

     Pursuant to the Registration Rights Agreement, the Company and the Guarantors will be
obligated to consummate an exchange offer pursuant to which the Holder of this Security shall have
the right to exchange

A-8

 

this Security for a 6 1/2% Senior Subordinated Note due 2013 — Class B — Series B of
the Company which has been registered under the Securities Act, in like principal amount and having
terms identical in all material respects to the Initial Securities. The Holders shall be entitled
to receive certain liquidated damages payments in the event such exchange offer is not consummated
and upon certain other conditions, all pursuant to and in accordance with the terms of the
Registration Rights Agreement.

22. Governing Law.

     The laws of the State of New York shall govern the Indenture, this Security and any Guarantee
hereof without regard to principles of conflicts of laws to the extent that the application of the
laws of another jurisdiction would be required thereby.

A-9

 

[FORM OF GUARANTEE]

SENIOR SUBORDINATED GUARANTEE

     Each undersigned Guarantor (as defined in the Indenture referred to in the Security upon which
this notation is endorsed) hereby unconditionally guarantees on a senior subordinated basis (such
guaranty by such Guarantor being referred to herein as the “Guarantee”), jointly and severally, the
due and punctual payment of the principal of, premium, if any, and interest on the Securities,
whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the
overdue principal, premium and interest on the Securities, and the due and punctual performance of
all other obligations of the Company to the Holders or the Trustee, all in accordance with the
terms set forth in Article Eleven of the Indenture.

     The obligations of each undersigned Guarantor to the Holders of Securities and to the Trustee
pursuant to its Guarantee and the Indenture are expressly set forth in, and are expressly
subordinated and subject in right of payment to the prior payment in full of all Guarantor Senior
Indebtedness (as defined in the Indenture) of such Guarantor to the extent and in the manner
provided in, Article Eleven and Article Twelve of the Indenture, and reference is hereby made to
such Indenture for the precise terms of such Guarantee therein made.

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

     This Guarantee shall be governed by and construed in accordance with the laws of the State of
New York without regard to principles of conflicts of law.

     This Guarantee is subject to release upon the terms set forth in the Indenture.

	 	 	 	 	 
	 	 	LIN TV CORP., as Guarantor
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

A-10

 

	 	 	 	 	 
	 	 	AIRWAVES, INC.

KXAN, INC.

KXTX HOLDINGS, INC.

LINBENCO, INC.

LIN SPORTS, INC.

LIN TELEVISION OF SAN JUAN, INC.

LIN TELEVISION OF TEXAS, INC.

PRIMELAND TELEVISION, INC.

NORTH TEXAS BROADCASTING

   CORPORATION

WAPA AMERICA, INC.

WNJX-TV, INC.

WOOD TELEVISION, INC.

WTNH BROADCASTING, INC.

TVL BROADCASTING, INC.

S&E NETWORK, INC.

   as Guarantors
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	TELEVICENTRO OF PUERTO RICO,

   LLC, as a Guarantor
	 
	 	 	 	 
	 	 	By: LIN Television of San Juan, Inc.,
	 

	 	 	 	its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

A-11

 

	 	 	 	 	 
	 	 	INDIANA BROADCASTING, LLC

LIN AIRTIME, LLC

LIN OF ALABAMA, LLC

LIN OF COLORADO, LLC

LIN OF NEW MEXICO, LLC

LIN OF WISCONSIN, LLC

PROVIDENCE BROADCASTING, LLC

WAVY BROADCASTING, LLC

WOOD LICENSE CO., LLC

WIVB BROADCASTING, LLC

WLBB BROADCASTING, LLC

WWHO BROADCASTING, LLC

WWLP BROADCASTING, LLC

   as Guarantors
	 
	 	 	 	 
	 

	 	By:
	 	LIN Television Corporation,
	 

	 	 	 	its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	LIN TELEVISION OF TEXAS, L.P.
	 

	 	 	 	as Guarantor
	 
	 	 	 	 
	 

	 	By:
	 	LIN Television of Texas, Inc.,
	 

	 	 	 	its General Partner
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

A-12

 

	 	 	 	 	 
	 	 	TVL BROADCASTING OF RHODE

   ISLAND, LLC

WDTN BROADCASTING, LLC

WUPW BROADCASTING, LLC
	 
	 	 	 	 
	 	 	   as Guarantors
	 
	 	 	 	 
	 

	 	By:
	 	TVL Broadcasting, Inc.,
	 

	 	 	 	its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

A-13

 

ASSIGNMENT FORM

I or we assign and transfer this Security to

 

 

(Print or type name, address and zip code of assignee or transferee)

 

(Insert Social Security or other identifying number of assignee or transferee)

	 	 	 
	and irrevocably appoint
	 	 
	 

	 	 

agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signed:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(Signed exactly as name appears
on the other side of this Security)

	 	 	 
	Signature Guarantee:
	 	 
	 

	 	 
	 

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

 

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Security purchased by the Company pursuant to Section 4.08
or Section 4.15 of the Indenture, check the appropriate box:

	 	 	 	 	 
	 

	 	Section 4.08 [      ]
	 	Section 4.15 [      ]

          If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.08 or Section 4.15 of the Indenture, state the amount: $                                        

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(Signed exactly as name appears
on the other side of this Security)

	 	 	 
	Signature Guarantee:
	 	 
	 

	 	 
	 

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

 

 

EXHIBIT B

FORM OF LEGEND FOR GLOBAL SECURITIES

     Any Global Security authenticated and delivered hereunder shall bear a legend (which would be
in addition to any other legends required in the case of a Restricted Security) in substantially
the following form:

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR
DEPOSITORY. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED 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 ISSUERS OR THEIR AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN SECTION 2.16 OF THE INDENTURE.

B-1

 

EXHIBIT C

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES

     Re:
6 1/2% Senior Subordinated Notes due 2013 — Class B

          (the “Securities”) of LIN Television Corporation

          This Certificate relates to $___principal amount of Securities held in the form of* ___a
beneficial interest in a Global Security or* ___Physical Securities by ___(the
“Transferor”).

The Transferor:*

     o has requested by written order that the Registrar deliver in exchange for its beneficial
interest in the Global Security held by the Depositary a Physical Security or Physical Securities
in definitive, registered form of authorized denominations and an aggregate number equal to its
beneficial interest in such Global Security (or the portion thereof indicated above); or

     o has requested that the Registrar by written order exchange or register the transfer of a
Physical Security or Physical Securities.

          In connection with such request and in respect of each such Security, the Transferor does
hereby certify that the Transferor is familiar with the Indenture relating to the above captioned
Securities and the restrictions on transfers thereof as provided in Section 2.16 of such Indenture,
and that the transfer of the Securities does not require registration under the Securities Act of
1933, as amended (the “Act”), because*:

     o Such Security is being acquired for the Transferor’s own account, without transfer (in
satisfaction of Section 2.16 of the Indenture).

     o Such Security is being transferred to a “qualified institutional buyer” (as defined in Rule
144A under the Act), in reliance on Rule 144A.

     o Such Security is being transferred to an institutional “accredited investor” (within the
meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 under the Act) which delivers a
certificate to the Trustee in the form of Exhibit D to the Indenture.

     o Such Security is being transferred in reliance on Rule 144 under the Act.

     o Such Security is being transferred in reliance on and in compliance with an exemption from the
registration requirements of the Act other than Rule 144A or Rule 144 under the Act to a person
other than an institutional “accredited investor.” [An Opinion of Counsel to the effect that such
transfer does not require registration under the Securities Act accompanies this certification.]

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	[INSERT NAME OF TRANSFEROR]
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	[Authorized Signatory]
	 
	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	*Check applicable box.	 	 	 	 	 	 

C-1

 

EXHIBIT D

Form of Transferee Letter of Representation

LIN TELEVISION CORPORATION

One Richmond Square, Suite 230E

Providence, Rhode Island 02906

Ladies and Gentlemen:

          This certificate is delivered to request a transfer of $___principal amount of the 61/2%
Senior Subordinated Notes due 2013 — Class B (the “Notes”) of LIN TELEVISION CORPORATION
(the “Company”). Upon transfer, the Notes would be registered in the name of the new
beneficial owner as follows:

	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 
	 

	 	
 

	 	 
	 

	 	Address:	 	 	 	 
	 

	 	
 

	 	 
	 

	 	Taxpayer ID Number:	 	 	 	 
	 

	 	
 

	 	 

          The undersigned represents and warrants to you that:

          1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act of 1933 (the “Securities Act”)) purchasing for our own account
or for the account of such an institutional “accredited investor” at least $250,000 principal
amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in
connection with, any distribution in violation of the Securities Act. We have such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risk of
our investment in the Notes and we invest in or purchase securities similar to the Notes in the
normal course of our business. We and any accounts for which we are acting are each able to bear
the economic risk of our or its investment.

          2. We understand that the Notes have not been registered under the Securities Act and, unless
so registered, may not be sold except as permitted in the following sentence. We agree on our own
behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or
otherwise transfer such Notes prior to the date which is two years after the later of the date of
the original issue date of the Notes and the last date on which the Company or any affiliate of the
Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction
Termination Date”) only (a) to the Company, (b) pursuant to a registration statement which has
been declared effective under the Securities Act, (c) in a transaction complying with the
requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a
qualified institutional buyer under Rule 144A (a “QIB”) that purchases for its own account
or for the account of a QIB and to whom notice is given that the transfer is being made in reliance
on Rule 144A, (d) to an institutional “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account
of such an institutional “accredited investor,” in each case in a minimum principal amount of Notes
of $250,000, (e) pursuant to offers and sales that occur outside the United States within the
meaning of Regulation S under the Securities Act or (f) pursuant to any other available exemption
from the registration requirements of the Securities Act, subject in each of the foregoing cases to
any requirement of law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in compliance with any
applicable state securities laws. The foregoing restrictions on resale will

D-1

 

not apply subsequent to the Resale Restriction Termination Date. If any resale or other
transfer of the Notes is proposed to be made pursuant to clause (d) above prior to the Resale
Restriction Termination Date, the transferor shall deliver a letter from the transferee
substantially in the form of this letter to the Company and the Trustee, which shall provide, among
other things, that the transferee is an institutional “accredited investor” within the meaning of
Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for
investment purposes and not with a view to or for offer or sale in connection with any distribution
in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee
reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction
Termination Date of the Notes pursuant to clause (d), (e) or (f) above to require the delivery of
an opinion of counsel, certificates and/or other information satisfactory to the Company and the
Trustee.

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	TRANSFEREE:	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 

D-2

 

EXHIBIT E

Form of Certificate To Be

Delivered in Connection

with Regulation S Transfers

                    ,                     

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

470 Atlantic Avenue, Suite 4082

Boston, MA 02210

Attention: Corporate Trust Department

	 	 	 
	Re:

	 	LIN TELEVISION CORPORATION (the “Company”)
	 

	 	6 1/2% Senior Subordinated Notes due 2013 — Class B, (the “Securities”)

Ladies and Gentlemen:

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

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

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

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

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

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

E-1

 

          You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Defined terms used
herein without definition have the respective meanings provided in Regulation S.

	 	 	 	 	 
	 	 	Very truly yours,

[Name of Transferor]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	[Authorized Signatory]

E-2exv10w1

 

Exhibit 10.1

REGISTRATION RIGHTS AGREEMENT

September 29, 2005

J. P. MORGAN SECURITIES INC.

DEUTSCHE BANK SECURITIES INC.

GOLDMAN, SACHS & CO.

BANC OF AMERICA SECURITIES LLC

SCOTIA CAPITAL (USA) INC.

WACHOVIA CAPITAL MARKETS, LLC

c/o J.P. Morgan Securities Inc.

     270 Park Avenue, 5th Floor

     New York, New York 10017

Ladies and Gentlemen:

          LIN Television Corporation, a Delaware corporation (the “Company”), proposes to issue
and sell to J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co., Banc
of America Securities LLC, Scotia Capital (USA) Inc. and Wachovia Capital Markets, LLC (together,
the “Initial Purchasers”), upon the terms and subject to the conditions set forth in a
purchase agreement dated September 23, 2005 (the “Purchase Agreement”) among the Company,
the Guarantors identified on the signature pages hereto (together with the Company, the
“Issuers”) and the Initial Purchasers, $190,000,000 aggregate principal amount of its 6 1/2%
% Senior Subordinated Notes due 2013-Class B (the “Notes”). The Notes will be guaranteed
on an unsecured senior subordinated basis (the “Guarantees” and, together with the Notes,
the “Securities”) by the Guarantors. Capitalized terms used but not defined herein shall
have the meanings given to such terms in the Purchase Agreement.

          As an inducement to the Initial Purchasers to enter into the Purchase Agreement and in
satisfaction of a condition to the obligations of the Initial Purchasers thereunder, the Issuers
agree with the Initial Purchasers, for the benefit of the holders (including the Initial
Purchasers) of the Securities, the Exchange Securities (as defined herein) and the Private Exchange
Securities (as defined herein) (collectively, the “Holders”), as follows:

          1. Registered Exchange Offer. The Issuers shall (i) use their reasonable best efforts
to prepare and, not later than 120 days following the date of original issuance of the Securities
(the “Issue Date”), file with the Commission a registration statement (the “Exchange
Offer Registration Statement”) on an appropriate form under the Securities Act with respect to
a proposed offer to the Holders of the Securities (the “Registered Exchange Offer”) to
issue and deliver to such Holders, in exchange for the Securities, a like aggregate principal
amount of debt securities of the Company that are identical in all material respects to the Notes
and are unconditionally guaranteed by the Guarantors (the
“Exchange Securities”),

 

A-2

except that the Exchange Securities will not contain terms with respect to
transfer restrictions, (ii) use their reasonable best efforts to cause the Exchange Offer
Registration Statement to become effective under the Securities Act no later than 210 days after
the Issue Date and the Registered Exchange Offer to be consummated no later than 255 days after the
Issue Date and (iii) keep the Exchange Offer Registration Statement effective for not less than 30
days (or longer, if required by applicable law) after the date on which notice of the Registered
Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer
Registration Period”). The Exchange Securities will be issued under the Indenture or an
indenture (the “Exchange Securities Indenture”) between the Company, the Guarantors party
thereto and the Trustee or such other bank or trust company that is reasonably satisfactory to the
Initial Purchasers, as trustee (the “Exchange Securities Trustee”), such indenture to be
identical in all material respects to the Indenture, except with respect to the transfer
restrictions relating to the Securities (as described above).

          Upon the effectiveness of the Exchange Offer Registration Statement, the Issuers shall as soon
as practicable commence the Registered Exchange Offer, it being the objective of such Registered
Exchange Offer to enable each Holder electing to exchange Securities for Exchange Securities
(assuming that such Holder (a) is not an affiliate (as defined in Rule 405 under the Securities
Act) of the Issuers or an Exchanging Dealer (as defined herein) not complying with the requirements
of the next sentence, (b) is not an Initial Purchaser holding Securities that have, or that are
reasonably likely to have, the status of an unsold allotment in an initial distribution, (c)
acquires the Exchange Securities in the ordinary course of such Holder’s business, and (d) has no
arrangements or understandings with any person to participate in the distribution of the Exchange
Securities) and to trade such Exchange Securities from and after their receipt without any
limitations or restrictions under the Securities Act and without material restrictions under the
securities laws of the several states of the United States. Each Issuer, each Initial Purchaser
and each Exchanging Dealer acknowledges that, pursuant to current interpretations by the
Commission’s staff of Section 5 of the Securities Act, (i) each Holder that is a broker-dealer
electing to exchange Securities acquired for its own account as a result of market-making
activities or other trading activities for Exchange Securities (an “Exchanging Dealer”) is
required to deliver a prospectus containing substantially the information set forth in Annex
A hereto on the cover of such prospectus, in Annex B hereto in the “Exchange Offer
Procedures” and “Purpose of the Exchange Offer” sections of such prospectus, and in Annex C
hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any
such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange
Offer and (ii) if any Initial Purchaser elects to sell Private Exchange Securities (as defined
below) acquired in exchange for Securities constituting any portion of an unsold allotment, it is
required to deliver a prospectus containing the information required by Items 507 and 508 of
Regulation S-K under the Securities Act and the Exchange Act (“Regulation S-K”), as
applicable, in connection with such sale.

          Upon consummation of the Registered Exchange Offer in accordance with this Section 1, the
provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to
Transfer Restricted Securities (as defined) that are Private Exchange Securities, Exchange
Securities as to which clause (v) of the first paragraph of Section 2 is applicable

 

A-3

and Exchange Securities held by Exchanging Dealers, and the Issuers shall have no further
obligations to register Transfer Restricted Securities (other than Private Exchange Securities and
other than in respect of any Exchange Securities as to which clause (v) of the first paragraph of
Section 2 hereof applies) pursuant to Section 2 hereof.

          If, prior to the consummation of the Registered Exchange Offer, any Holder holds any
Securities acquired by it that have, or that are reasonably likely to be determined to have, the
status of an unsold allotment in an initial distribution, or any Holder is not entitled to
participate in the Registered Exchange Offer, the Issuers shall, upon the request of any such
Holder, simultaneously with the delivery of the Exchange Securities in the Registered Exchange
Offer, issue and deliver to any such Holder, in exchange for the Securities held by such Holder
(the “Private Exchange”), a like aggregate principal amount of debt securities of the
Company and the Guarantors that are identical in all material respects to the Exchange Securities
(the “Private Exchange Securities”), except with respect to the transfer restrictions
relating to such Private Exchange Securities. The Private Exchange Securities will be issued under
the same indenture as the Exchange Securities, and the Company shall use its reasonable best
efforts to cause the Private Exchange Securities to bear the same CUSIP number as the Exchange
Securities.

          In connection with the Registered Exchange Offer, the Issuers shall:

     (a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and related
documents;

     (b) keep the Registered Exchange Offer open for not less than 30 days (or longer, if
required by applicable law) after the date on which notice of the Registered Exchange Offer
is mailed to the Holders;

     (c) utilize the services of a depositary for the Registered Exchange Offer with an
address in the Borough of Manhattan, The City of New York;

     (d) permit Holders to withdraw tendered Securities at any time prior to the close of
business, New York City time, on the last business day on which the Registered Exchange
Offer shall remain open; and

     (e) otherwise comply in all respects with all laws that are applicable to the
Registered Exchange Offer.

          As soon as practicable after the close of the Registered Exchange Offer and any Private
Exchange, as the case may be, the Issuers shall:

     (a) accept for exchange all Securities tendered and not validly withdrawn pursuant to
the Registered Exchange Offer and the Private Exchange Offer;

 

A-4

     (b) deliver to the Trustee for cancellation all Securities so accepted for exchange;
and

     (c) cause the Trustee or the Exchange Securities Trustee, as the case may be, promptly
to authenticate and deliver to each Holder, Exchange Securities or Private Exchange
Securities, as the case may be, equal in principal amount to the Securities of such Holder
so accepted for exchange.

          The Issuers shall use their reasonable best efforts to keep the Exchange Offer Registration
Statement effective and to amend and supplement the prospectus contained therein in order to permit
such prospectus to be used by all persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as such persons must comply with such requirements in order
to resell the Exchange Securities; provided that the Issuers shall make such prospectus and
any amendment or supplement thereto available to any broker-dealer for use in connection with any
resale of any Exchange Securities for a period of 90 days after the consummation of the Registered
Exchange Offer.

          The Indenture or the Exchange Securities Indenture, as the case may be, shall provide that the
Securities, the Exchange Securities and the Private Exchange Securities shall vote and consent
together on all matters as one class and that none of the Securities, the Exchange Securities or
the Private Exchange Securities will have the right to vote or consent as a separate class on any
matter.

          Interest on each Exchange Security and Private Exchange Security issued pursuant to the
Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment
date on which interest was paid on the Securities surrendered in exchange therefor or, if no
interest has been paid on the Securities, from the Issue Date.

          Each Holder participating in the Registered Exchange Offer shall be required to represent to
the Issuers that at the time of the consummation of the Registered Exchange Offer (i) any Exchange
Securities received by such Holder will be acquired in the ordinary course of business, (ii) such
Holder will have no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of the Securities Act
and (iii) such Holder is not an affiliate (as defined in Rule 405 under the Securities Act) of any
of the Issuers or, if it is such an affiliate, such Holder will comply with the registration and
prospectus delivery requirements of the Securities Act to the extent applicable.

          Notwithstanding any other provisions hereof, each of the Issuers will ensure that (i) any
Exchange Offer Registration Statement and any amendment thereto and any prospectus forming part
thereof and any supplement thereto complies in all material respects with the Securities Act and
the rules and regulations of the Commission thereunder, (ii) any Exchange Offer Registration
Statement and any amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, and (iii) any prospectus forming part of
any Exchange Offer Registration Statement, and any

 

A-5

supplement to such prospectus, does not, as of the consummation of the Registered Exchange
Offer, include an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made,
not misleading.

          2. Shelf Registration. If (i) because of any change in law or applicable
interpretations thereof by the Commission’s staff the Issuers are not permitted to effect the
Registered Exchange Offer as contemplated by Section 1 hereof, or (ii) any Securities validly
tendered pursuant to the Registered Exchange Offer are not exchanged for Exchange Securities within
255 days after the Issue Date, or (iii) any Initial Purchaser so requests in writing within 90 days
after the Registered Exchange Offer with respect to Private Exchange Securities, or (iv) any
applicable law or interpretations do not permit any Holder to participate in the Registered
Exchange Offer, or (v) any Holder that participates in the Registered Exchange Offer does not
receive freely transferable Exchange Securities in exchange for tendered Securities, or (vi) the
Issuers so elect, then the following provisions shall apply:

     (a) The Issuers shall use their reasonable best efforts to file as promptly as
practicable (but in no event more than 120 days after so required or requested, in each case
pursuant to this Section 2) with the Commission, and thereafter shall use their reasonable
best efforts to cause to be declared effective, a shelf registration statement on an
appropriate form under the Securities Act relating to the offer and sale of the Transfer
Restricted Securities by the Holders thereof from time to time in accordance with the
methods of distribution set forth in such registration statement (hereafter, a “Shelf
Registration Statement” and, together with any Exchange Offer Registration Statement, a
“Registration Statement”); provided, however, that no Holder of
Securities or Exchange Securities (other than the Initial Purchasers) shall be entitled to
have Securities or Exchange Securities held by it covered by such Shelf Registration
Statement, unless such Holder agrees in writing to be bound by all of the provisions of this
Agreement applicable to such Holder.

     (b) The Issuers shall use their reasonable best efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus forming part thereof to
be used by Holders of Transfer Restricted Securities for a period ending on the earlier of
two years from the Issue Date or the date on which all the Transfer Restricted Securities
covered by the Shelf Registration Statement have been sold pursuant thereto (in any such
case, such period being called the “Shelf Registration Period”). The Issuers shall
be deemed not to have used their reasonable best efforts to keep the Shelf Registration
Statement effective during the requisite period if they voluntarily take any action that
would result in Holders of Transfer Restricted Securities covered thereby not being able to
offer and sell such Transfer Restricted Securities during that period, unless such action is
required by applicable law; provided, however, that the foregoing shall not
apply to actions taken by the Issuers in good faith and for valid business reasons (not
including avoidance of their obligations hereunder), including, without limitation, the
acquisition or divestiture of assets, so long as the Issuers within 120 days thereafter
comply with the requirements of Section 4(j) hereof. Any such period during which the
Issuers fail to keep

 

A-6

the Shelf Registration Statement effective and usable for offers and sales of
Securities and Exchange Securities is referred to as a “Suspension Period.” A Suspension
Period shall commence on and include the date that the Issuers give notice that the Shelf
Registration Statement is no longer effective or the prospectus included therein is no
longer usable for offers and sales of Securities and Exchange Securities and shall end on
the date when each Holder of Securities and Exchange Securities covered by such registration
statement either receives the copies of the supplemented or amended prospectus contemplated
by Section 4(j) hereof or is advised in writing by the Issuers that use of the prospectus
may be resumed. If one or more Suspension Periods occur, the two-year period referenced
above shall be extended by the aggregate of the number of days included in each Suspension
Period.

     (c) Notwithstanding any other provisions hereof, the Issuers will ensure that (i) any
Shelf Registration Statement and any amendment thereto and any prospectus forming part
thereof and any supplement thereto complies in all material respects with the Securities Act
and the rules and regulations of the Commission thereunder, (ii) any Shelf Registration
Statement and any amendment thereto (in either case, other than with respect to information
included therein in reliance upon or in conformity with written information furnished to the
Issuers by or on behalf of any Holder specifically for use therein (the “Holders’
Information”)) does not contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein
not misleading and (iii) any prospectus forming part of any Shelf Registration Statement,
and any supplement to such prospectus (in either case, other than with respect to Holders’
Information), does not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

          3. Liquidated Damages. (a) The parties hereto agree that the Holders of Transfer
Restricted Securities will suffer damages if the Issuers fail to fulfill their obligations under
Section 1 or Section 2, as applicable, and that it would not be feasible to ascertain the extent of
such damages. Accordingly, if (i) the applicable Registration Statement is not filed with the
Commission on or prior to 120 days after the Issue Date, (ii) the Exchange Offer Registration
Statement or the Shelf Registration Statement, as the case may be, is not declared effective within
210 days after the Issue Date (or in the case of a Shelf Registration Statement required to be
filed in response to a change in law or the applicable interpretations of the Commission’s staff,
if later, within 45 days after publication of the change in law or interpretation), (iii) the
Registered Exchange Offer is not consummated on or prior to 255 days after the Issue Date, or (iv)
the Shelf Registration Statement is filed and declared effective within 210 days after the Issue
Date (or in the case of a Shelf Registration Statement required to be filed in response to a change
in law or the applicable interpretations of the Commission’s staff, if later, within 45 days after
publication of the change in law or interpretation) but shall thereafter cease to be effective (at
any time that the Issuers are obligated to maintain the effectiveness thereof) without being
succeeded within 60 days by an additional Registration Statement filed and declared effective (each
such event referred to in clauses (i) through (iv), a “Registration Default”), the Company
and the Guarantors (other than LIN TV

 

A-7

Corp.) will, jointly and severally, be obligated to pay liquidated damages to each Holder of
Transfer Restricted Securities, during the period of one or more such Registration Defaults, in an
amount equal to $ 0.10 per week per $1,000 principal amount of Transfer Restricted Securities held
by such Holder until (a) the applicable Registration Statement is filed, (b) the Exchange Offer
Registration Statement is declared effective, (c) the Registered Exchange Offer is consummated, (d)
the Shelf Registration Statement is declared effective, (e) the Shelf Registration Statement again
becomes effective, or (f) the Shelf Registration Period shall have ended, as the case may be.
Following the cure of all Registration Defaults, the accrual of liquidated damages will cease. As
used herein, the term “Transfer Restricted Securities” means (i) each Security until the
date on which such Security has been exchanged for a freely transferable Exchange Security in the
Registered Exchange Offer, (ii) each Security or Private Exchange Security until the date on which
it has been effectively registered under the Securities Act and disposed of in accordance with the
Shelf Registration Statement or (iii) each Security or Private Exchange Security until the date on
which it is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable
pursuant to Rule 144(k) under the Securities Act. Notwithstanding anything to the contrary in this
Section 3(a), the Company and the Guarantors (other than LIN TV Corp.) shall not be required to pay
liquidated damages to a Holder of Transfer Restricted Securities if such Holder failed to comply
with its obligations to make the representations set forth in the second to last paragraph of
Section 1 or failed to provide the information required to be provided by it, if any, pursuant to
Section 4(n).

     (b) The Issuers shall notify the Trustee and the Paying Agent under the Indenture immediately
upon the happening of each and every Registration Default. The Company and the Guarantors (other
than LIN TV Corp.) shall, jointly and severally, pay the liquidated damages due on the Transfer
Restricted Securities by depositing with the Paying Agent (which may not be any of the Issuers for
these purposes), in trust, for the benefit of the Holders thereof, prior to 10:00 a.m., New York
City time, on the next interest payment date specified by the Indenture and the Securities, sums
sufficient to pay the liquidated damages then due. The liquidated damages due shall be payable on
each interest payment date specified by the Indenture and the Securities to the Holder of record
entitled to receive the interest payment to be made on such date. Each obligation to pay
liquidated damages shall be deemed to accrue from and including the date of the applicable
Registration Default.

     (c) The parties hereto agree that the liquidated damages provided for in this Section 3
constitute a reasonable estimate of and are intended to constitute the sole damages that will be
suffered by Holders of Transfer Restricted Securities by reason of the failure of (i) the Shelf
Registration Statement or the Exchange Offer Registration Statement to be filed, (ii) the Shelf
Registration Statement to remain effective or (iii) the Exchange Offer Registration Statement to be
declared effective and the Registered Exchange Offer to be consummated, in each case to the extent
required by this Agreement.

          4. Registration Procedures. In connection with any Registration Statement, the
following provisions shall apply:

 

A-8

     (a) The Issuers shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each amendment thereof
and each supplement, if any, to the prospectus included therein and shall use its reasonable
best efforts to reflect in each such document, when so filed with the Commission, such
comments as any Initial Purchaser may reasonably propose; (ii) if applicable, include the
information set forth in Annex A hereto on the cover, in Annex B hereto in
the “Exchange Offer Procedures” and “Purpose of the Exchange Offer” sections and in
Annex C hereto in the “Plan of Distribution” section of the prospectus forming a
part of the Exchange Offer Registration Statement, and include the information set forth in
Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered
Exchange Offer; and (iii) if requested by any Initial Purchaser, include the information
required by Items 507 or 508 of Regulation S-K, as applicable, in the prospectus forming a
part of the Exchange Offer Registration Statement.

     (b) The Issuers shall advise each Initial Purchaser, each Exchanging Dealer and the
Holders (if applicable) and, if requested by any such person, confirm such advice in writing
(which advice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to
suspend the use of the prospectus until the requisite changes have been made):

     (i) when any Registration Statement and any amendment thereto has been filed
with the Commission and when such Registration Statement or any post-effective
amendment thereto has become effective;

     (ii) of any request by the Commission for amendments or supplements to any
Registration Statement or the prospectus included therein or for additional
information;

     (iii) of the issuance by the Commission of any stop order suspending the
effectiveness of any Registration Statement or the initiation of any proceedings for
that purpose;

     (iv) of the receipt by the Issuers of any notification with respect to the
suspension of the qualification of the Securities, the Exchange Securities or the
Private Exchange Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; and

     (v) of the happening of any event that requires the making of any changes in
any Registration Statement or the prospectus included therein in order that the
statements therein are not misleading and do not omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading.

 

A-9

     (c) The Issuers will make every reasonable effort to obtain the withdrawal at the
earliest possible time of any order suspending the effectiveness of any Registration
Statement.

     (d) The Issuers will furnish to each Holder of Transfer Restricted Securities included
within the coverage of any Shelf Registration Statement, without charge, at least one
conformed copy of such Shelf Registration Statement and any post-effective amendment
thereto, including financial statements and schedules and, if any such Holder so requests in
writing, all exhibits thereto (including those, if any, incorporated by reference).

     (e) The Issuers will, during the Shelf Registration Period, promptly deliver to each
Holder of Transfer Restricted Securities included within the coverage of any Shelf
Registration Statement, without charge, as many copies of the prospectus (including each
preliminary prospectus) included in such Shelf Registration Statement and any amendment or
supplement thereto as such Holder may reasonably request; and the Issuers consent to the use
of such prospectus or any amendment or supplement thereto by each of the selling Holders of
Transfer Restricted Securities in connection with the offer and sale of the Transfer
Restricted Securities covered by such prospectus or any amendment or supplement thereto.

     (f) The Issuers will furnish to each Initial Purchaser and each Exchanging Dealer, and
to any other Holder who so requests, without charge, at least one conformed copy of the
Exchange Offer Registration Statement and any post-effective amendment thereto, including
financial statements and schedules and, if any Initial Purchaser or Exchanging Dealer or any
such Holder so requests in writing, all exhibits thereto (including those, if any,
incorporated by reference).

     (g) The Issuers will, during the Exchange Offer Registration Period or the Shelf
Registration Period, as applicable, promptly deliver to each Initial Purchaser, each
Exchanging Dealer and such other persons that are required to deliver a prospectus following
the Registered Exchange Offer, without charge, as many copies of the final prospectus
included in the Exchange Offer Registration Statement or the Shelf Registration Statement
and any amendment or supplement thereto as such Initial Purchaser, Exchanging Dealer or
other persons may reasonably request; and the Issuers consent to the use of such prospectus
or any amendment or supplement thereto by any such Initial Purchaser, Exchanging Dealer or
other persons, as applicable, as aforesaid.

     (h) Prior to the effective date of any Registration Statement, the Issuers will use
their reasonable best efforts to register or qualify, or cooperate with the Holders of
Securities, Exchange Securities or Private Exchange Securities included therein and their
respective counsel in connection with the registration or qualification of, such Securities,
Exchange Securities or Private Exchange Securities for offer and sale under the securities
or blue sky laws of such jurisdictions as any such Holder reasonably requests in writing and
do any and all other acts or things necessary or

 

A-10

advisable to enable the offer and sale in such jurisdictions of the Securities,
Exchange Securities or Private Exchange Securities covered by such Registration Statement;
provided that the Issuers will not be required to qualify generally to do business
in any jurisdiction where they are not then so qualified or to take any action which would
subject them to general service of process or to taxation in any such jurisdiction where
they are not then so subject.

     (i) The Issuers will cooperate with the Holders of Securities, Exchange Securities or
Private Exchange Securities to facilitate the timely preparation and delivery of
certificates representing Securities, Exchange Securities or Private Exchange Securities to
be sold pursuant to any Registration Statement free of any restrictive legends and in such
denominations and registered in such names as the Holders thereof may request in writing
prior to sales of Securities, Exchange Securities or Private Exchange Securities pursuant to
such Registration Statement.

     (j) If (i) any event contemplated by Section 4(b)(ii) through (v) occurs during the
period for which the Issuers are required to maintain an effective Registration Statement,
or (ii) any Suspension Period remains in effect more than 120 days after the occurrence
thereof, the Issuers will promptly prepare and file with the Commission a post-effective
amendment to the Registration Statement or a supplement to the related prospectus or file
any other required document so that, as thereafter delivered to purchasers of the
Securities, Exchange Securities or Private Exchange Securities from a Holder, the prospectus
will not include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

     (k) Not later than the effective date of the applicable Registration Statement, the
Issuers will provide a CUSIP number for the Securities, the Exchange Securities and the
Private Exchange Securities, as the case may be, and provide the applicable trustee with
printed certificates for the Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, in a form eligible for deposit with The Depository Trust
Company.

     (l) Each of the Issuers will comply with all applicable rules and regulations of the
Commission and will make generally available to its security holders as soon as practicable
after the effective date of the applicable Registration Statement an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act; provided that in
no event shall such earnings statement be delivered later than 45 days after the end of a
12-month period (or 90 days, if such period is a fiscal year) beginning with the first month
of such Issuer’s first fiscal quarter commencing after the effective date of the applicable
Registration Statement, which statement shall cover such 12-month period.

     (m) The Issuers will cause the Indenture or the Exchange Securities Indenture, as the
case may be, to be qualified under the Trust Indenture Act as required by applicable law in
a timely manner.

 

A-11

     (n) The Issuers may require each Holder of Transfer Restricted Securities to be
registered pursuant to any Shelf Registration Statement to furnish to the Issuers such
information concerning the Holder and the distribution of such Transfer Restricted
Securities as the Issuers may from time to time reasonably require for inclusion in such
Shelf Registration Statement, and the Issuers may exclude from such registration the
Transfer Restricted Securities of any Holder that fails to furnish such information within a
reasonable time after receiving such request.

     (o) In the case of a Shelf Registration Statement, each Holder of Transfer Restricted
Securities to be registered pursuant thereto agrees by acquisition of such Transfer
Restricted Securities that, upon receipt of any notice from the Issuers (i) of a Suspension
Period under Section 2(b) hereof or (ii) pursuant to Section 4(b)(ii) through (v) hereof,
such Holder will discontinue disposition of such Transfer Restricted Securities until such
Holder’s receipt of (x) notice that the Suspension Period has ended or (y) copies of the
supplemental or amended prospectus contemplated by Section 4(j) hereof, as the case may be,
or until advised in writing (the “Advice”) by the Issuers that the use of the
applicable prospectus may be resumed. If the Issuers shall give any notice under Section
4(b)(ii) through (v) during the period that the Issuers are required to maintain an
effective Registration Statement (the “Effectiveness Period”), such Effectiveness
Period shall be extended by the number of days during such period from and including the
date of the giving of such notice to and including the date when each seller of Transfer
Restricted Securities covered by such Registration Statement shall have received (x) the
copies of the supplemental or amended prospectus contemplated by Section 4(j) (if an amended
or supplemental prospectus is required) or (y) the Advice (if no amended or supplemental
prospectus is required).

     (p) In the case of a Shelf Registration Statement, the Issuers shall enter into such
customary agreements (including, if requested, an underwriting agreement in customary form)
and take all such other action, if any, as Holders of a majority in aggregate principal
amount of the Securities, Exchange Securities and Private Exchange Securities being sold or
the managing underwriters (if any) shall reasonably request in order to facilitate any
disposition of Securities, Exchange Securities or Private Exchange Securities pursuant to
such Shelf Registration Statement.

     (q) In the case of a Shelf Registration Statement, the Issuers shall (i) make
reasonably available for inspection by a representative of, and Special Counsel (as defined
below) acting for, Holders of a majority in aggregate principal amount of the Securities,
Exchange Securities and Private Exchange Securities being sold and any underwriter
participating in any disposition of Securities, Exchange Securities or Private Exchange
Securities pursuant to such Shelf Registration Statement, all relevant financial and other
records, pertinent corporate documents and properties of the Issuers and their respective
subsidiaries and (ii) use their reasonable best efforts to have their officers, directors,
employees, accountants and counsel supply all relevant information reasonably requested by
such representative, Special Counsel or any such underwriter (an “Inspector”) in
connection with such Shelf Registration Statement; provided that the Inspectors
shall first agree in writing with the Company that

 

A-12

any information that is reasonably designated by the Company as confidential at the
time of delivery of such information shall be kept confidential by such persons and shall be
used solely for the purposes of exercising rights under this Agreement, unless (i)
disclosure of such information is required by court or administrative order or is necessary
to respond to inquiries of regulatory authorities, (ii) disclosure of such information is
required by law (including any disclosure requirements pursuant to federal securities laws
in connection with the filing of any Registration Statement or the use of any prospectus
referred to in this Agreement), (iii) such information becomes generally available to the
public other than as a result of a disclosure or failure to safeguard by any such person,
(iv) such information becomes available to any such person from a source other than the
Issuers and such source is not bound by a confidentiality agreement, or (v) such information
relates to the U.S. federal income tax treatment or U.S. federal income tax structure of the
Transactions or materials of any kind relating to such tax treatment or tax structure,
including opinions or other tax analyses. Any person legally compelled to disclose any such
confidential information made available for inspection shall provide the Company with prompt
prior written notice of such requirement so that the Company may seek a protective order or
other appropriate remedy.

     (r) In the case of a Shelf Registration Statement, the Issuers shall, if requested by
Holders of a majority in aggregate principal amount of the Securities, Exchange Securities
and Private Exchange Securities being sold, their Special Counsel or the managing
underwriters (if any) in connection with such Shelf Registration Statement, use their
reasonable best efforts to cause (i) their counsel to deliver an opinion relating to the
Shelf Registration Statement and the Securities, Exchange Securities or Private Exchange
Securities, as applicable, in customary form and (ii) their officers to execute and deliver
all customary documents and certificates requested by Holders of a majority in aggregate
principal amount of the Securities, Exchange Securities and Private Exchange Securities
being sold, their Special Counsel or the managing underwriters (if any). In addition, in
the case of a Shelf Registration Statement, the Issuers shall, if requested by Holders of a
majority in aggregate principal amount of the Securities, Exchange Securities and Private
Exchange Securities being sold, their Special Counsel, or the managing underwriters (if any)
in connection with such Shelf Registration Statement, but only if the registration is an
underwritten registration, use their reasonable best efforts to cause their independent
public accountants to provide a comfort letter or letters in customary form, subject to
receipt of appropriate documentation as contemplated, and only if permitted, by Statement of
Auditing Standards No. 72.

          5. Registration Expenses. The Issuers will, jointly and severally, bear all expenses
incurred in connection with the performance of their obligations under Sections 1, 2, 3 and 4 and
the Issuers will, jointly and severally, reimburse the Initial Purchasers and the Holders for the
reasonable fees and disbursements of one firm of attorneys (in addition to any local counsel)
chosen by the Holders of a majority in aggregate principal amount of the Securities, the Exchange
Securities and the Private Exchange Securities to be sold pursuant

 

A-13

to each Registration Statement (the “Special Counsel”) acting for the Initial
Purchasers or Holders in connection therewith.

          6. Indemnification. (a) In the event of a Shelf Registration Statement or in
connection with any prospectus delivery pursuant to an Exchange Offer Registration Statement by an
Initial Purchaser or Exchanging Dealer, as applicable, the Issuers shall, jointly and severally,
indemnify and hold harmless each Holder (including, without limitation, any such Initial Purchaser
or Exchanging Dealer), its affiliates, each person who controls such Holder or such affiliates
within the meaning of the Securities Act or Exchange Act and their respective officers, directors,
employees, representatives and agents (collectively referred to for purposes of this Section 6 and
Section 7 as a “Holder”) from and against any loss, claim, damage or liability, joint or
several, or any action in respect thereof (including, without limitation, any loss, claim, damage,
liability or action relating to purchases and sales of Securities, Exchange Securities or Private
Exchange Securities), to which that Holder may become subject, whether commenced or threatened,
under the Securities Act, the Exchange Act, any other federal or state statutory law or regulation,
at common law or otherwise, insofar as such loss, claim, damage, liability or action arises out of,
or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained
in any such Registration Statement or any prospectus forming part thereof or in any amendment or
supplement thereto or (ii) the omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, and shall, jointly and severally,
reimburse each Holder promptly upon demand for any legal or other expenses reasonably incurred by
that Holder in connection with investigating or defending or preparing to defend against or
appearing as a third party witness in connection with any such loss, claim, damage, liability or
action as such expenses are incurred; provided, however, that the Issuers shall not
be liable in any such case to the extent that any such loss, claim, damage, liability or action
arises out of, or is based upon, an untrue statement or alleged untrue statement in or omission or
alleged omission from any of such documents in reliance upon and in conformity with any Holders’
Information; and provided further, however, that with respect to any such
untrue statement in or omission from any related preliminary prospectus (as amended or
supplemented) or, if amended or supplemented, any related final prospectus (excluding the
correcting amendment or supplement), the indemnity agreement contained in this Section 6(a) shall
not inure to the benefit of any such Holder from whom the person asserting any such loss, claim,
damage, liability or action received Securities, Exchange Securities or Private Exchange Securities
to the extent that such loss, claim, damage, liability or action of or with respect to such Holder
results from the fact that both (A) a copy of the final prospectus (together with any correcting
amendments or supplements) was not sent or given to such person at or prior to the written
confirmation of the sale of such Securities, Exchange Securities or Private Exchange Securities to
such person and (B) the untrue statement in or omission from any related preliminary prospectus (as
amended or supplemented) or, if amended or supplemented, any related final prospectus (excluding
the correcting amendment or supplement) was corrected in the final prospectus or, if applicable, an
amendment or supplement thereto and the final prospectus (as amended or supplemented) does not
contain any other untrue statement or omission or alleged untrue statement or omission of a
material fact

 

A-14

unless, in either case, such failure to deliver the final prospectus was a result of
non-compliance by the Issuers with Sections 4(d), 4(f) or 4(g).

          (a) In the event of a Shelf Registration Statement, each Holder, severally and not jointly,
shall indemnify and hold harmless the Issuers, their respective affiliates, each person who
controls any such Issuer or any such affiliates within the meaning of the Securities Act or
Exchange Act and their respective officers, directors, employees, representatives and agents
(collectively referred to for purposes of this Section 6(b) and Section 7 as the “Issuers”), from
and against any loss, claim, damage or liability, joint or several, or any action in respect
thereof, to which the Issuers may become subject, whether commenced or threatened, under the
Securities Act, the Exchange Act, any other federal or state statutory law or regulation, at common
law or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is
based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in
any such Registration Statement or any prospectus forming part thereof or in any amendment or
supplement thereto or (ii) the omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, but in each case only to the extent
that the untrue statement or alleged untrue statement or omission or alleged omission was made in
reliance upon and in conformity with any Holders’ Information furnished to the Issuers by such
Holder, and shall reimburse the Issuers for any legal or other expenses reasonably incurred by the
Issuers in connection with investigating or defending or preparing to defend against or appearing
as a third party witness in connection with any such loss, claim, damage, liability or action as
such expenses are incurred; provided, however, that no such Holder shall be liable
for any indemnity claims hereunder in excess of the amount of net proceeds received by such Holder
from the sale of Securities, Exchange Securities or Private Exchange Securities pursuant to such
Shelf Registration Statement.

          (b) Promptly after receipt by an indemnified party under this Section 6 of notice of any claim
or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to
be made against the indemnifying party pursuant to Section 6(a) or 6(b), notify the indemnifying
party in writing of the claim or the commencement of that action; provided,
however, that the failure to notify the indemnifying party shall not relieve it from any
liability which it may have under this Section 6 except to the extent that it has been materially
prejudiced by such failure; and provided further, however, that the failure
to notify the indemnifying party shall not relieve it from any liability which it may have to an
indemnified party otherwise than under this Section 6. If any such claim or action shall be
brought against an indemnified party, and it shall notify the indemnifying party thereof, the
indemnifying party shall be entitled to participate therein and, to the extent that it wishes,
jointly with any other similarly notified indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party
to the indemnified party of its election to assume the defense of such claim or action, the
indemnifying party shall not be liable to the indemnified party under this Section 6 for any legal
or other expenses subsequently incurred by the indemnified party in connection with the defense
thereof other than the reasonable costs of investigation; provided, however, that
an indemnified party shall have the right to employ its own counsel in any such action, but the
fees, expenses

 

A-15

and other charges of such counsel for the indemnified party will be at the expense of
such indemnified party unless (1) the employment of counsel by the indemnified party has been
authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded
(based upon advice of counsel to the indemnified party) that there may be legal defenses available
to it or other indemnified parties that are different from or in addition to those available to the
indemnifying party, (3) a conflict or potential conflict exists (based upon advice of counsel to
the indemnified party) between the indemnified party and the indemnifying party (in which case the
indemnifying party will not have the right to direct the defense of such action on behalf of the
indemnified party) or (4) the indemnifying party has not in fact employed counsel reasonably
satisfactory to the indemnified party to assume the defense of such action within a reasonable time
after receiving notice of the commencement of the action, in each of which cases the reasonable
fees, disbursements and other charges of counsel will be at the expense of the indemnifying party
or parties. It is understood that the indemnifying party or parties shall not, in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements and other charges of more than one separate firm of attorneys (in addition to any
local counsel) at any one time for all such indemnified party or parties. Each indemnified party,
as a condition of the indemnity agreements contained in Sections 6(a) and 6(b), shall use all
reasonable efforts to cooperate with the indemnifying party in the defense of any such action or
claim. No indemnifying party shall be liable for any settlement of any such action effected
without its written consent (which consent shall not be unreasonably withheld), but if settled with
its written consent or if there be a final judgment for the plaintiff in any such action, the
indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any
loss or liability by reason of such settlement or judgment. No indemnifying party shall, without
the prior written consent of the indemnified party (which consent shall not be unreasonably
withheld), effect any settlement of any pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been sought hereunder by
such indemnified party, unless such settlement includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of such proceeding.

          7. Contribution. If the indemnification provided for in Section 6 is unavailable or
insufficient to hold harmless an indemnified party under Section 6(a) or 6(b), then each
indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or
action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative
benefits received by the Issuers from the offering and sale of the Securities, on the one hand, and
a Holder with respect to the sale by such Holder of Securities, Exchange Securities or Private
Exchange Securities, on the other, or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Issuers on the one hand
and such Holder on the other with respect to the statements or omissions that resulted in such
loss, claim, damage or liability, or action in respect thereof, as well as any other relevant
equitable considerations. The relative benefits received by the Issuers, on the one hand, and a
Holder, on the other, with respect to such offering and such sale shall be deemed to be in the same
proportion as the total net proceeds

 

A-16

from the offering of the Securities (before deducting expenses) received by or on behalf
of the Issuers, on the one hand, bear to the total proceeds received by such Holder with respect to
its sale of Securities, Exchange Securities or Private Exchange Securities, on the other. The
relative fault shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to the Issuers or information supplied by the Issuers, on the one hand, or to any
Holders’ Information supplied by such Holder, on the other, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The parties hereto agree that it would not be just and equitable if
contributions pursuant to this Section 7 were to be determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable considerations referred to
herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage
or liability, or action in respect thereof, referred to above in this Section 7 shall be deemed to
include, for purposes of this Section 7, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending or preparing to defend any such
action or claim. Notwithstanding the provisions of this Section 7, an indemnifying party that is a
Holder of Securities, Exchange Securities or Private Exchange Securities shall not be required to
contribute any amount in excess of the amount by which the total price at which the Securities,
Exchange Securities or Private Exchange Securities sold by such indemnifying party to any purchaser
exceeds the amount of any damages which such indemnifying party has otherwise paid or become liable
to pay by reason of any untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

          8. Rules 144 and 144A. Each of the Issuers shall use its commercially reasonable best
efforts to file the reports required to be filed by it under the Securities Act and the Exchange
Act in a timely manner and, if at any time such Issuer is not required to file such reports, it
will, upon the written request of any Holder of Transfer Restricted Securities, make publicly
available other information for so long as necessary to permit sales of such Holder’s securities
pursuant to Rules 144 and 144A. Each of the Issuers covenants that it will take such further
action as any Holder of Transfer Restricted Securities may reasonably request, all to the extent
required from time to time to enable such Holder to sell Transfer Restricted Securities without
registration under the Securities Act within the limitation of the exemptions provided by Rules 144
and 144A (including, without limitation, the requirements of Rule 144A(d)(4)). Upon the written
request of any Holder of Transfer Restricted Securities, each of the Issuers shall deliver to such
Holder a written statement as to whether it has complied with such requirements. Notwithstanding
the foregoing, nothing in this Section 8 shall be deemed to require any of the Issuers to register
any of its securities pursuant to the Exchange Act.

          9. Underwritten Registrations. If any of the Transfer Restricted Securities covered
by any Shelf Registration Statement are to be sold in an underwritten offering, the investment
banker or investment bankers and manager or managers that will administer the offering will be
selected by the Holders of a majority in aggregate principal amount of such

 

A-17

Transfer Restricted Securities included in such offering, subject to the consent of the
Issuers (which shall not be unreasonably withheld or delayed), and such Holders shall be
responsible for all underwriting commissions and discounts in connection therewith.

          No person may participate in any underwritten registration hereunder unless such person (i)
agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve such arrangements
and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting
arrangements.

          10. Miscellaneous. (a) Amendments and Waivers. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, unless the Issuers have obtained the written consent of
Holders of a majority in aggregate principal amount of the Securities, the Exchange Securities and
the Private Exchange Securities, taken as a single class. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that relates exclusively
to the rights of Holders whose Securities, Exchange Securities or Private Exchange Securities are
being sold pursuant to a Registration Statement and that does not directly or indirectly affect the
rights of other Holders may be given by Holders of a majority in aggregate principal amount of the
Securities, the Exchange Securities and the Private Exchange Securities being sold by such Holders
pursuant to such Registration Statement.

          (b) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, first-class mail, telecopier or air courier guaranteeing
next-day delivery:

     (i) if to a Holder, at the most current address given by such Holder to the Issuers in
accordance with the provisions of this Section 10(b), which address initially is, with
respect to each Holder, the address of such Holder maintained by the Registrar under the
Indenture, with a copy in like manner to J.P. Morgan Securities Inc., Deutsche Bank
Securities Inc., Goldman, Sachs & Co., Banc of America Securities LLC, Scotia Capital (USA)
Inc. and Wachovia Capital Markets, LLC.

     (ii) if to an Initial Purchaser, initially to J.P. Morgan Securities Inc. at its
address set forth in the Purchase Agreement; and

     (iii) if to the Issuers, initially at the address of the Company set forth in the
Purchase Agreement.

          All such notices and communications shall be deemed to have been duly given: when delivered
by hand, if personally delivered; one business day after being delivered to a next-day air courier;
five business days after being deposited in the mail; and when receipt is acknowledged by the
recipient’s telecopier machine, if sent by telecopier.

 

A-18

          (c) Successors and Assigns. This Agreement shall be binding upon the Issuers and
their successors and assigns.

          (d) Counterparts. This Agreement may be executed in any number of counterparts (which
may be delivered in original form or by telecopier) and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

          (e) Definition of Terms. For purposes of this Agreement, (a) the term “business
day” means any day on which the New York Stock Exchange, Inc. is open for trading, (b) the term
“subsidiary” has the meaning set forth in Rule 405 under the Securities Act and (c) except
where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule
405 under the Securities Act.

          (f) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

          (g) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York without regard to conflicts of law provisions thereof to the
extent the application of the laws of another jurisdiction would be required thereby.

          (g) Remedies. In the event of a breach by the Issuers or by any Holder of any of
their obligations under this Agreement, each Holder or the Issuers, as the case may be, in addition
to being entitled to exercise all rights granted by law, including recovery of damages (other than
the recovery of damages for a breach by the Issuers of their obligations under Sections 1 or 2
hereof for which liquidated damages have been paid pursuant to Section 3 hereof), will be entitled
to specific performance of its rights under this Agreement. The Issuers and each Holder agree that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by
it of any of the provisions of this Agreement and hereby further agree that, in the event of any
action for specific performance in respect of such breach, it shall waive the defense that a remedy
at law would be adequate.

          (i) No Inconsistent Agreements. The Issuers represent, warrant and agree that (i)
they have not entered into, and shall not, on or after the date of this Agreement, enter into, any
agreement that is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof, (ii) they have not previously entered into any
agreement which remains in effect granting any registration rights with respect to any of their
debt securities to any person except for the obligation to maintain the effectiveness of the
Registration Statement on Form S-3 relating to the Company’s 2.50% Exchangeable Senior Subordinated
Debentures due 2033 and (iii) without limiting the generality of the foregoing, without the written
consent of the Holders of a majority in aggregate principal amount of the then outstanding Transfer
Restricted Securities, they shall not grant to any person the right to request any of the Issuers
to register any debt securities of such Issuer under the Securities Act unless the rights so
granted are not in conflict or inconsistent with the provisions of this Agreement.

 

A-19

          (j) No Piggyback on Registrations. Neither the Issuers nor any of their respective
security holders (other than the Holders of Transfer Restricted Securities in such capacity) shall
have the right to include any securities of the Issuers in any Shelf Registration or Registered
Exchange Offer other than Transfer Restricted Securities.

          (k) Severability. The remedies provided herein are cumulative and not exclusive of any
remedies provided by law. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable best efforts to find and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable.

[Remainder of page intentionally left blank]

 

A-20

          Please confirm that the foregoing correctly sets forth the agreement between the Issuers and
the Initial Purchasers.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	LIN TELEVISION CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	/s/ William A. Cunningham
	 

	 	 	 	 
	 

	 	 	 	Name: William A. Cunningham
	 

	 	 	 	Title: Vice President,
Controller
	 
	 	 	 	 
	 	 	LIN TV CORP.,

as Guarantor
	 
	 	 	 	 
	 

	 	By:	 	/s/ William A. Cunningham
	 

	 	 	 	 
	 

	 	 	 	Name: William A. Cunningham
	 

	 	 	 	Title: Vice President,
Controller

 

A-21

	 	 	 	 	 
	 	 	AIRWAVES, INC.

KXAN, INC.

KXTX HOLDINGS, INC.

LINBENCO, INC.

LIN SPORTS, INC.

LIN TELEVISION OF SAN JUAN, INC.

LIN TELEVISION OF TEXAS, INC.

NORTH TEXAS BROADCASTING

   CORPORATION

PRIMELAND TELEVISION, INC.

WAPA AMERICA, INC.

WNJX-TV, INC.

WOOD TELEVISION, INC.

WTNH BROADCASTING, INC.

TVL BROADCASTING, INC.

   as Guarantors
	 
	 	 	 	 
	 

	 	By:	 	/s/ William A. Cunningham
	 

	 	 	 	 
	 

	 	 	 	Name: William A. Cunningham
	 

	 	 	 	Title: Vice President,
Controller
	 
	 	 	 	 
	 	 	TELEVICENTRO OF PUERTO RICO, LLC,

   as a Guarantor
	 
	 	 	 	 
	 

	 	By:
	 	LIN Television of San Juan, Inc.,

its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ William A. Cunningham
	 

	 	 	 	 
	 

	 	 	 	Name: William A. Cunningham
	 

	 	 	 	Title: Vice President,
Controller

 

A-22

	 	 	 	 	 
	 	 	INDIANA BROADCASTING, LLC

LIN AIRTIME, LLC

PROVIDENCE BROADCASTING, LLC

WAVY BROADCASTING, LLC

WIVB BROADCASTING, LLC

WOOD LICENSE CO., LLC

WWLP BROADCASTING, LLC,

   as Guarantors
	 
	 	 	 	 
	 

	 	By:
	 	LIN Television Corporation,

its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ William A. Cunningham
	 

	 	 	 	 
	 

	 	 	 	Name: William A. Cunningham
	 

	 	 	 	Title: Vice President,
Controller

 

A-23

	 	 	 	 	 
	 	 	LIN TELEVISION OF TEXAS, L.P.,

   as a Guarantor
	 
	 	 	By:LIN Television of Texas, Inc.,

its General Partner
	 
	 	 	 	 
	 

	 	By:	 	/s/ William A. Cunningham
	 

	 	 	 	 
	 

	 	 	 	Name: William A. Cunningham
	 

	 	 	 	Title: Vice President,
Controller
	 
	 	 	 	 
	 	 	TVL BROADCASTING OF RHODE ISLAND, LLC

WDTN BROADCASTING, LLC

WUPW BROADCASTING, LLC,

   as Guarantors
	 
	 	 	 	 
	 	 	By: TVL Broadcasting, Inc.,

its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ William A. Cunningham
	 

	 	 	 	 
	 

	 	 	 	Name: William A. Cunningham
	 

	 	 	 	Title: Vice President,
Controller

 

A-24

Accepted by:

J.P. MORGAN SECURITIES INC.

For itself and on behalf of the several

Initial Purchasers named in Schedule I hereto.

	 	 	 	 	 
	By: 
	 	/s/ Robert Dorr	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory
Robert
Dorr
Vice President
J.P. Morgan Securities Inc.	 	 

 

SCHEDULE I

Initial Purchasers

J.P. Morgan Securities Inc.

Deutsche Bank Securities Inc.

Goldman, Sachs & Co.

Banc of America Securities LLC

Scotia Capital (USA) Inc.

Wachovia Capital Markets, LLC

 

 

ANNEX A

     Each broker-dealer that receives Exchange Securities for its own account pursuant to the
Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any
resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and
by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented
from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities
received in exchange for Securities where such Securities were acquired by such broker-dealer as a
result of market-making activities or other trading activities. The Issuers have agreed that, for
a period of 90 days after the Expiration Date (as defined herein), they will make this Prospectus
available to any broker-dealer for use in connection with any such resale. See “Plan of
Distribution.”

 

 

ANNEX B

     Each broker-dealer that receives Exchange Securities for its own account in exchange for
Securities, where such Securities were acquired by such broker-dealer as a result of market-making
activities or other trading activities, must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities. See “Plan of Distribution.”

 

 

ANNEX C

PLAN OF DISTRIBUTION

     Each broker-dealer that receives Exchange Securities for its own account pursuant to the
Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any
resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from
time to time, may be used by a broker-dealer in connection with resales of Exchange Securities
received in exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Issuers have agreed that, for a period
of 90 days after the Expiration Date, they will make this prospectus, as amended or supplemented,
available to any broker-dealer for use in connection with any such resale. In addition, until
[DATE], all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.

     The Issuers will not receive any proceeds from any sale of Exchange Securities by
broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to
the Registered Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of options on the Exchange
Securities or a combination of such methods of resale, at market prices prevailing at the time of
resale, at prices related to such prevailing market prices or at negotiated prices. Any such
resale may be made directly to purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from any such broker-dealer or the
purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities
that were received by it for its own account pursuant to the Registered Exchange Offer and any
broker or dealer that participates in a distribution of such Exchange Securities may be deemed to
be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of
Exchange Securities and any commission or concessions received by any such persons may be deemed to
be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be
deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

     For a period of 90 days after the Expiration Date the Issuers will promptly send additional
copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer
that requests such documents in the Letter of Transmittal. The Issuers have agreed to pay all
expenses incident to the Registered Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any broker-dealers and will
indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities,
including liabilities under the Securities Act.

 

 

ANNEX D

	 	 	 	 	 	 	 
	 	 	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO.
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	
 

	 	 
	 

	 	Address:	 	 	 	 
	 

	 	
 

	 	 

If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in,
and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Securities
that were acquired as a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of such Exchange
Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not
be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

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