Document:

Exhibit
      4.3

    
      

    

    
      

    

     

     

     

     

     

    NEXTWAVE
      WIRELESS LLC

     

    $149,000,000

     

    ZERO
      COUPON NON-RECOURSE SECURED NOTES DUE 2055

     

    ______________________________

     

    INDENTURE

     

    Dated
      as
      of April 13, 2005

     

    ______________________________

     

    JPMORGAN
      CHASE BANK, N.A.,

    as
      Trustee

     

     

     

     

    
       

      
        
        

        
        

        
          

          

        

      

      
        
        

      

    

     

    This
      INDENTURE dated as of April 13, 2005, is by and between NEXTWAVE WIRELESS LLC,
      a
      Delaware limited liability company (the “Company”),
      and
      JPMORGAN CHASE BANK, N.A., a national banking association, as trustee (the
      “Trustee”).

     

    RECITALS

     

    WHEREAS,
      the Company was formed on December 29, 2004 to facilitate the implementation
      of
      the Second Modified Third Joint Plan of Reorganization of NextWave Personal
      Communications Inc., NextWave Power Partners Inc., NextWave Partners Inc.,
      NextWave Wireless Inc. and NextWave Telecom Inc (the “Plan”)
      upon
      confirmation thereof by the Bankruptcy Court (as defined herein);

     

    WHEREAS,
      the Plan was confirmed by the Bankruptcy Court on March 1, 2005 and became
      effective on April 13, 2005;

     

    WHEREAS,
      pursuant to the Plan, the Company is required to issue non-recourse notes in
      an
      aggregate principal amount of $149 million (the “Notes”)
      to
      holders of certain equity interests as more fully described in the
      Plan;

     

    WHEREAS,
      the Notes shall entitle a Holder (as defined herein) to receive payment of
      a
      principal amount as set forth in the Plan, which amount represents all of the
      Company’s entitlement with respect to the Verizon Escrow Amount (as defined
      herein) net of any amounts required to be remitted to the Federal Communications
      Commission; 

     

    WHEREAS,
      for Federal income tax purposes, it is intended that the Holders shall be
      treated as holding a direct beneficial interest in, and as the tax owners of,
      any entitlements, which, but for the Holders’ rights, the Company would have
      with respect to the Verizon Escrow Amount, which entitlements shall remain
      subject to a first-priority security interest held by Verizon Wireless (as
      defined herein) and VZW Corp. in the Verizon Escrow Account (as defined herein)
      which security interest shall cease and have no effect with respect to any
      Released Escrow Amount; and 

     

    WHEREAS,
      the Company has duly authorized the issuance of the Notes, and to provide
      therefor the Company has duly authorized the execution and delivery of this
      Indenture, the Pledge, Assignment and Security Agreement (as defined herein)
      and
      certain security and other documents related thereto.

     

    NOW,
      THEREFORE, THIS INDENTURE WITNESSETH:

     

    The
      Company and the Trustee agree as follows for the benefit of each other and
      for
      the equal and ratable benefit of the Holders of the Notes issued under this
      Indenture:

     

    ARTICLE
      1.

     

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    Section
      1.01. Definitions.

     

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

     

    “Acquisition
      Agreement”
means
      the Acquisition Agreement, dated as of November 4, 2004, among NextWave Telecom
      Inc., VZW Corp. and Verizon Wireless, as approved by the Bankruptcy Court,
      as
      such agreement may be amended from time to time.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Acquisition
      Closing”
means
      the closing of the transactions contemplated by the Acquisition Agreement.
      

     

    “Acquisition
      Closing Date”
means
      the date on which the Acquisition Closing occurs.

     

    “Agent”
means
      any Registrar, co-registrar, Paying Agent or additional paying
      agent.

     

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

     

    “Bankruptcy
      Court”
means
      the United States Bankruptcy Court for the Southern District of New York (White
      Plains).

     

    “Board
      of Directors”
means
      (1) in respect of a corporation, the board of directors of the corporation,
      or
      any duly authorized committee thereof; and (2) in respect of any other Person,
      the board or committee of that Person serving an equivalent
      function.

     

    “Board
      Resolution”
      of a
      Person means a copy of a resolution certified by the secretary or an assistant
      secretary (or individual performing comparable duties) of the applicable Person
      to have been duly adopted by the Board of Directors of such Person and to be
      in
      full force and effect on the date of such certification, and delivered to the
      Trustee.

     

    “Business
      Day”
means
      any day excluding Saturday, Sunday and any day which is a legal holiday under
      the laws of the State of New York or is a day on which banking institutions
      located in such state are required or authorized by law or other governmental
      action to close.

     

    “Cancellation
      Date”
      means
      the fifth Business Day following the Verizon Escrow Termination Date, provided
      that any unpaid Released Escrow Amount is paid to the account of any Holder
      of
      Notes prior to cancellation.

     

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

     

    “Collateral”
means
      any and all “Collateral” as defined in the Pledge, Assignment and Security
      Agreement.

     

    “Commission”
means
      the United States Securities and Exchange Commission.

     

    “Company”
means
      NextWave Wireless LLC, a Delaware limited liability company, and any successor
      or assign thereto.

     

    “Company
      Request”
or
      “Company
      Order”
means
      a
      written request or order signed in the name of the Company by any Officer and
      delivered to the Trustee.

     

    “Corporate
      Trust Office of the Trustee”
shall
      be at the address of the Trustee specified in Section 13.02 hereof, or such
      other address as to which the Trustee may give notice to the
      Company.

     

    “Custodian”
means
      any Person authorized by the Company to serve as custodian with respect to
      the
      Notes in global form, or any successor entity thereto.

     

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

     

    
      
        
        

      

      
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    “Definitive
      Note”
means
      a
      certificated Note registered in the name of the Holder thereof and issued in
      accordance with Sections 2.02(d), 2.05 or 2.10 hereof, in substantially the
      form
      of Exhibit A hereto, except that such Note shall not bear the Global Note Legend
      and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto.

     

    “Depositary”
means,
      with respect to the Notes issuable or issued in whole or in part in global
      form,
      any Person authorized by the Company to serve as the Depositary with respect
      to
      the Notes, until a successor shall have been appointed and become such pursuant
      to the applicable provision of this Indenture and, thereafter, “Depositary”
shall mean or include such successor.

     

    “dollars”
or
      “$”
refers
      to lawful money of the United States of America.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “GAAP”
means
      generally accepted accounting principles in the United States of America,
      including those set forth in the opinions and pronouncements of the Accounting
      Principles Board of the American Institute of Certified Public Accountants
      and
      statements and pronouncements of the Financial Accounting Standards Board or
      in
      such other statements by such other entity as approved by a significant segment
      of the accounting profession as may from time to time be in effect.

     

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

     

    “Global
      Note”
means
      a
      Note substantially in the form of the Note attached hereto as Exhibit A.

     

    “Holder”
means
      a
      Person in whose name a Note is registered in the Security Register.

     

    “Indenture”
means
      this instrument, as originally executed or as it may from time to time be
      supplemented or amended in accordance with Article 8 hereof.

     

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

     

    “Instruction
      Letter”
means
      a
      letter of instructions from the Company to the Verizon Escrow Agent in the
      form
      of Schedule C to the Pledge, Assignment and Security Agreement.

     

    “Issue
      Date”
means
      April 13, 2005.

     

    “Maturity
      Date”
means
      April 13, 2055.

     

    “Notes”
has
      the
      meaning set forth in the recitals to this Indenture.

     

    “Notes
      Escrow Account”
means
      an account to be established on or prior to the Acquisition Closing Date by
      the
      Trustee to hold, for the benefit of the Holders, the Released Escrow Amount
      and
      Tax Distribution Amounts.

     

    “Notes
      Escrow Documents”
means
      any agreement, document or instrument, including this Indenture, the Notes
      and
      the Pledge, Assignment and Security Agreement, as may be required to facilitate
      (i) the issuance of the Notes and (ii) the establishment of the Notes Escrow
      Account and the granting of a first-priority security interest in the Collateral
      to the Holders.

     

    
      
        
        

      

      
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    “Obligations”
means
      all obligations for principal, penalties, fees, indemnifications,
      reimbursements, damages and other liabilities payable under this Indenture,
      the
      Notes or the Notes Escrow Documents.

     

    “Officer”
means
      the Chief Executive Officer, the President, the Chief Financial Officer, any
      Executive Vice President or any Vice President of the Company.

     

    “Officers’
      Certificate”
means
      a
      certificate signed by two Officers of the Company, at least one of whom shall
      be
      the principal executive officer or principal financial officer of the Company,
      and delivered to the Trustee.

     

    “Opinion
      of Counsel”
means
      a
      written opinion of counsel, who may (unless otherwise required by the TIA)
      be
      counsel for the Company, and who shall be reasonably acceptable to the
      Trustee.

     

    “Participant”
means,
      with respect to the Depositary, a Person who has an account with the
      Depositary.

     

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

     

    “Pledge,
      Assignment and Security Agreement”
means
      the Pledge, Assignment and Security Agreement, dated as of April 13, 2005,
      substantially in the form of Exhibit C hereto, by and between the Company and
      the Trustee, as such agreement may be amended from time to time.

     

    “Predecessor
      Note” of
      any
      particular Note means every previous Note evidencing all or a portion of the
      same debt as that evidenced by such particular Note; and any Note authenticated
      and delivered under Section 2.08 in lieu of a lost, destroyed or stolen Note
      shall be deemed to evidence the same debt as the lost, destroyed or stolen
      Note.

     

    “Redemption
      Date,”
when
      used with respect to any Note to be redeemed means the date fixed from time
      to
      time for such redemption by or pursuant to this Indenture, whether in whole
      or
      in part.

     

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

     

    “Released
      Escrow Amount”
means
      any and all funds released from time to time from the Verizon Escrow Account
      to
      the Company, or directly to the Notes Escrow Account pursuant to the Company’s
      written instructions in the Instruction Letter, in each case but only pursuant
      to the terms and conditions of the Verizon Escrow Agreement, but excluding
      (i)
      any funds released under Section 3 of the Verizon Escrow Agreement which are
      payable to the Federal Communications Commission (or any successor entity
      thereto) or (ii) any Tax Distribution Amounts.

     

    “Responsible
      Officer,”
when
      used with respect to the Trustee, means any officer within the Conventional
      Debt
      Unit of the Institutional Trust Services department of the Trustee (or any
      successor unit or department of the Trustee) located at the Corporate Trust
      Office of the Trustee who has direct responsibility for the administration
      of
      this Indenture and, for purposes of Sections 5.01(c)(ii) and 5.14 hereof, means
      any other officer to whom such matter is referred because of his or her
      knowledge of and familiarity with the particular subject. 

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    
      
        
        

      

      
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    “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. 

     

    “Tax
      Distribution Amounts”
means
      any and all funds released from time to time from the Verizon Escrow Account
      to
      the Company, or directly to the Notes Escrow Account pursuant to the Company’s
      written instruction in the Instruction Letter, pursuant to Section 20(b) of
      the
      Verizon Escrow Agreement.

     

    “TIA”
means
      the Trust Indenture Act of 1939, as amended, and the rules and regulations
      thereunder.

     

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

     

    “U.S.
      Government Securities”
      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.

     

    “Verizon
      Escrow Account”
means
      the separate escrow account to be maintained by the Verizon Escrow Agent under
      the Verizon Escrow Agreement to hold the Verizon Escrow Amount, which account
      shall be subject to a first-priority perfected security interest held by Verizon
      Wireless and AirTouch Cellular granted by the Trustee and the Company pursuant
      to the Verizon/Trustee Security Agreement.

     

    “Verizon
      Escrow Agent”
means
      JPMorgan Chase Bank, N.A., as escrow agent under the Verizon Escrow
      Agreement.

     

    “Verizon
      Escrow Agreement”
means
      that certain Escrow Agreement among CellCo Partnership d/b/a Verizon Wireless,
      AirTouch Cellular, NextWave Wireless LLC, NextWave Telecom Inc. and JPMorgan
      Chase Bank, N.A., dated as of April 13, 2005, as such agreement may be amended
      from time to time.

     

    “Verizon
      Escrow Amount”
means
      the funds in the escrow established under the Verizon Escrow
      Agreement.

     

    “Verizon
      Escrow Termination Date”
means
      the date on which the Verizon Escrow Agreement is terminated in accordance
      with
      its terms.

     

    “Verizon/NextWave
      Security Agreement”
means
      that certain Security Agreement, dated as of April 13, 2005, between NextWave
      Wireless LLC and Cellco Partnership d/b/a Verizon Wireless, as agent for itself
      and AirTouch Cellular, as such agreement may be amended from time to
      time.

     

    “Verizon/Trustee
      Security Agreement”
      means
      that certain Security Agreement entered into among JPMorgan Chase Bank, N.A.,
      as
      Trustee, Cellco Partnership d/b/a Verizon Wireless, as agent for itself and
      AirTouch Cellular, on April 13, 2005, as such agreement may be amended from
      time
      to time.

     

    “Verizon
      Wireless”
means
      Cellco Partnership d/b/a Verizon Wireless.

     

    
      
        
        

      

      
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    “Voting
      Stock”
of
      any
      Person as of any date means the voting securities of that Person that is at
      the
      time entitled to vote in the election of that Person’s Board of
      Directors.

     

    Section
      1.02. Other
      Definitions.

     

    
      
        	 	 	
                Defined
                  in

              	 
	
                Term

              	 	
                 Section

              	 
	
                “Authentication
                  Order”

              	 	 	
                2.02

              	 
	
                “CUSIP”

              	 	 	
                2.13

              	 
	
                “DTC”

              	 	 	
                2.03

              	 
	
                “Event
                  of Default”

              	 	 	
                4.01

              	 
	
                “Notice
                  of Default”

              	 	 	
                4.01

              	 
	
                “Paying
                  Agent”

              	 	 	
                2.03

              	 
	
                “Registrar”

              	 	 	
                2.03

              	 
	
                “Security
                  Register”

              	 	 	
                2.03

              	 
	
                “Surviving
                  Entity”

              	 	 	
                6.01

              	 
	 	 	 	 	 

      

    

    Section
      1.03. Incorporation
      by Reference of Trust Indenture Act.

     

    (a) Whenever
      this Indenture refers to a provision of the TIA, the provision is incorporated
      by reference in and made a part of this Indenture.

     

    (b) The
      following TIA terms used in this Indenture have the following
      meanings:

     

    “indenture
      securities”
      means
      the Notes;

     

    “indenture
      security holder”
      means a
      Holder of a Note;

     

    “indenture
      to be qualified”
      means
      this Indenture;

     

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

     

    “obligor”
      on the
      Notes means the Company and any successor obligor upon the Notes.

     

    (c) All
      other
      terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by Commission rule under the TIA and
      not
      otherwise defined herein have the meanings so assigned to them either in the
      TIA, by another statute or Commission rule, as applicable.

     

    Section
      1.04. Rules
      of Construction.

     

    (a) Unless
      the context otherwise requires:

     

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

     

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

     

    (iii) “or”
is
      not exclusive;

     

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

     

    
      
        
        

      

      
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    (v) all
      references in this instrument to “Articles,” “Sections” and other subdivisions
      are to the designated Articles, Sections and subdivisions of this
      Indenture;

     

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

     

    (vii) “including”
      means “including without limitation;”

     

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

     

    (ix) references
      to sections of or rules under the Securities Act, the Exchange Act or the TIA
      shall be deemed to include substitute, replacement or successor sections or
      rules adopted by the Commission from time to time thereunder.

     

    ARTICLE
      2.

     

    THE
      NOTES

     

    Section
      2.01. Form
      and Dating.

     

    (a) General.
      The
      Notes and the Trustee’s certificate of authentication shall be substantially in
      the form included in Exhibit A hereto, which is hereby incorporated in and
      expressly made part of this Indenture. The Notes may have notations, legends
      or
      endorsements required by law, stock exchange rule, Applicable Procedures or
      usage, which the Company shall provide to the Trustee in writing, in addition
      to
      those set forth on Exhibit A and in Section 2.06, respectively. Each Note shall
      be dated the date of its authentication. The Notes shall be in denominations
      of
      $1.00 and integral multiples thereof. The terms and provisions contained in
      the
      Notes shall constitute a part of this Indenture and the Company and the Trustee,
      by their execution and delivery of this Indenture, expressly agree to such
      terms
      and provisions and to be bound thereby. To the extent any provision of any
      Note
      conflicts with the express provisions of this Indenture, the provisions of
      this
      Indenture shall govern and be controlling.

     

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

     

    (c) Book-Entry
      Provisions.
      This
      Section 2.01(c) shall apply only to Global Notes deposited with the Depositary
      or with the Trustee, as custodian for the Depositary. Participants and Indirect
      Participants shall have no rights under this Indenture or any Global Note with
      respect to any Global Note held on their behalf by the Depositary or by the
      Trustee as custodian for the Depositary, and the Depositary shall be treated
      by
      the Company, the Trustee and any agent of the Company or the Trustee as the
      absolute owner of such Global Note 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 Depositary or
      impair, as between the Depositary and its Participants or Indirect Participants,
      the Applicable Procedures or the operation of customary practices of the
      Depositary governing the exercise of the rights of a holder of a beneficial
      interest in any Global Note. None of the Company, the Trustee or any Agent
      thereof shall have any responsibility or liability for any aspect of the records
      relating to or payments made on account of beneficial ownership interests in
      a
      Global Note, or for maintaining, supervising or reviewing any records relating
      to such beneficial ownership interests. The Company, the Trustee and each Agent
      shall be entitled to deal with the Depositary, and any nominee thereof, for
      all
      purposes of this Indenture relating to a Global Note (including the payment
      of
      principal and the giving of instructions or directions by or to the owner or
      holder of a beneficial ownership interest in such Global Note) as the sole
      Holder of such Global Note and shall have no obligations to the beneficial
      owners thereof. None of the Company, the Trustee or any Agent shall have any
      responsibility or liability for any acts or omissions of the Depositary with
      respect to a Global Note, for the records of the Depositary, including records
      in respect of beneficial ownership interests in respect of such Global Security,
      for any transactions between the Depositary and any Participant or between
      or
      among the Depositary, any Participant and/or any Indirect Participant and/or
      holder or owner of a beneficial interest in a Global Note or for any transfers
      of beneficial interests in such Global Note.

     

    
      
        
        

      

      
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    (d) Certificated
      Securities.
      The
      Company shall exchange Global Notes for Definitive Notes if (i) at any time
      the
      Depositary notifies the Company that it is unwilling or unable to continue
      to
      act as Depositary for the Global Notes or if at any time the Depositary shall
      no
      longer be eligible to act as such because it ceases to be a clearing agency
      registered under the Exchange Act, and, in either case, the Company shall not
      have appointed a successor Depositary within 90 days after the Company receives
      such notice or becomes aware of such ineligibility or (ii) upon written request
      of a Holder with respect to any amount of Notes held by such Holder.
      Notwithstanding any other provision in this Indenture, a Global Note issued
      pursuant to the preceding sentence may be transferred only to, and may be
      registered and exchanged for Notes registered only in the name or names of,
      such
      Person or Persons as the Depositary for such Global Note shall have directed,
      and no transfer thereof other than such a transfer may be registered. Every
      Note
      authenticated and delivered upon registration or transfer of, or in exchange
      for
      or in lieu of, a Global Note issued pursuant to the first sentence of this
      paragraph, whether pursuant to this Section 2.01(d) or otherwise, shall be
      authenticated and delivered in the form of, and shall be, a Global
      Note.

     

    Upon
      the
      occurrence of any of the events set forth in the preceding paragraph, the
      Company shall execute, and, upon receipt of an Authentication Order in
      accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver,
      Definitive Notes, in authorized denominations, in an aggregate principal amount
      up to the principal amount of the Global Notes in exchange or partial exchange
      for such Global Notes.

     

    Upon
      the
      exchange or partial exchange of a Global Note for Definitive Notes, such Global
      Note shall be cancelled by the Trustee. Definitive Notes issued in exchange
      for
      a Global Note pursuant to this Section 2.01 shall be registered in such names
      and in such authorized denominations as the Depositary, pursuant to instructions
      from its Participants or its Applicable Procedures, shall instruct the Trustee
      or an agent of the Company or the Trustee in writing. The Trustee or such agent
      shall deliver such Definitive Notes to or as directed by the Persons in whose
      names such Definitive Notes are so registered or to the Depositary.

     

    Section
      2.02. Execution
      and Authentication.

     

    (a) One
      Officer shall execute the Notes on behalf of the Company by manual or facsimile
      signature. 

     

    (b) If
      an
      Officer whose signature is on a Note no longer holds that office at the time
      a
      Note is authenticated by the Trustee, the Note shall nevertheless be
      valid.

     

    
      
        
        

      

      
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    (c) A
      Note
      shall not be valid until authenticated by the manual signature of the Trustee.
      The signature shall be conclusive evidence that the Note has been authenticated
      under this Indenture.

     

    (d) The
      Trustee shall, upon a written order of the Company signed by an Officer (an
      “Authentication
      Order”),
      authenticate Notes for issuance.

     

    (e) The
      Trustee may appoint an authenticating agent acceptable to the Company to
      authenticate Notes. Unless otherwise provided in such appointment, an
      authenticating agent may authenticate Notes whenever the Trustee may do so.
      Each
      reference in this Indenture to authentication by the Trustee includes
      authentication by such agent. An authenticating agent shall have the same rights
      as the Trustee to deal with Holders, the Company or an affiliate of the
      Company.

     

    Section
      2.03. Registrar
      and Paying Agent.

     

    (a) The
      Company shall maintain an office or agency where Notes may be presented for
      registration of transfer or for exchange (“Registrar”)
      and an
      office or agency where Notes may be presented for payment (“Paying
      Agent”).
      The
      Registrar shall keep a register (the “Security
      Register”)
      of the
      Notes and of their transfer and exchange. The Company may change any Registrar
      without notice to any Holder. If the Company fails to appoint or maintain
      another entity as Registrar, the Trustee shall act as such. Neither the Company
      nor any of its Subsidiaries shall act as Paying Agent or Registrar.

     

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

     

    (c) The
      Company appoints the Trustee to act as Registrar and Paying Agent and to act
      as
      Custodian with respect to the Global Notes, and the Trustee hereby agrees to
      so
      act.

     

    (d) The
      Company appoints the Corporate Trust Office of the Trustee as the office or
      agency of the Company where notices and demands to or upon the Company in
      respect of the Notes and this Indenture may be served and hereby appoints the
      Trustee as its agent to receive such notices and demands.

     

    Section
      2.04. Paying
      Agent to Hold Money in Trust.

     

    The
      Company shall require each Paying Agent other than the Trustee to agree in
      writing that the Paying Agent shall hold in trust for the benefit of Holders
      or
      the Trustee all money held by the Paying Agent for the payment of principal
      on
      the Notes, and shall notify the Trustee of any default by the Company in making
      any such payment. While any such default continues, the Trustee may require
      a
      Paying Agent to pay all funds held by it relating to the Notes to the Trustee.
      The Company at any time may require a Paying Agent to pay all funds held by
      it
      to the Trustee. Upon payment over to the Trustee, the Paying Agent shall have
      no
      further liability for such paid funds. 

     

    Section
      2.05. Transfer
      and Exchange.

     

    (a) Transfer
      and Exchange of Definitive Notes.
      When
      Definitive Notes are presented by a Holder to the Registrar with a request
      (1)
      to register the transfer of the Definitive Notes or (2) to exchange such
      Definitive Notes for an equal principal amount of Definitive Notes of other
      authorized denominations, the Registrar shall register the transfer or make
      the
      exchange as requested if its requirements for such transactions are met;
provided
      that
      any
      Definitive Notes presented or surrendered for registration of transfer or
      exchange shall be duly endorsed or accompanied by a written instruction of
      transfer in form reasonably satisfactory to the Registrar duly executed by
      the
      Holder thereof or by his attorney duly authorized in writing.

     

    (b) Transfer
      of a Definitive Note for a Beneficial Interest in the Global
      Note.
      A
      Definitive Note may be exchanged for a beneficial interest in the Global Note
      only upon receipt by the Trustee of a Definitive Note, duly endorsed or
      accompanied by appropriate instruments of transfer, in form satisfactory to
      the
      Trustee, together with written instructions directing the Trustee pursuant
      to
      Applicable Procedures to make an endorsement on the Global Note to reflect
      an
      increase in the aggregate principal amount of the Notes represented by the
      Global Note.

     

    
      
        
        

      

      
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    (c) Transfer
      of a Beneficial Interest in a Global Note for a Definitive
      Note.
      A
      beneficial interest in the Global Note may be exchanged for a Definitive Note
      only under the circumstances described in Section 2.01(d) and upon receipt
      by the Trustee of written transfer instructions (or such other form of
      instructions as is customary for the Depositary) from the Depositary (or its
      nominee) on behalf of any Person having a beneficial interest in a Global Note
      that such Note is being transferred, in which case the Trustee shall, in
      accordance with the standing instructions and procedures existing between the
      Depositary and the Trustee, cause the aggregate principal amount of the Global
      Note to be reduced accordingly and, following such reduction, the Company shall
      execute and the Trustee shall authenticate and make available for delivery
      to
      the transferee a Definitive Note in the appropriate principal
      amount.

     

    (d) Transfer
      and Exchange of Beneficial Interests in the Global
      Note.
      The
      transfer and exchange of beneficial interests in the Global Note shall be
      effected through the Depositary in accordance with this Indenture and the
      procedures of the Depositary therefor, which shall include restrictions on
      transfer, if any, comparable to those set forth herein to the extent required
      by
      the Securities Act.

     

    When
      a
      Global Note is presented to the Registrar with a request (1) to register the
      transfer of the Global Note or (2) to exchange such Global Notes for an equal
      principal amount of Notes of other denominations, the Registrar shall register
      the transfer or make the exchange if its requirements for such transactions
      are
      met; provided,
      however,
      that
      any Note presented or surrendered for registration of transfer or exchange
      shall
      be duly endorsed or accompanied by a written instruction of transfer in form
      satisfactory to the Registrar and the Trustee duly executed by the Holder
      thereof or by his attorney duly authorized in writing. To permit registrations
      of transfer and exchanges, the Company shall issue and the Trustee shall
      authenticate Notes at the Registrar’s request, subject to such rules as the
      Trustee may reasonably require.

     

    (e) Cancellation
      and/or Adjustment of the Global Note.
      At such
      time as all beneficial interests in the Global Note have either been exchanged
      for Definitive Notes, redeemed, repurchased or canceled, the Global Note shall
      be returned to or retained and canceled by the Trustee. At any time prior to
      such cancellation, if any beneficial interest in the Global Note is exchanged
      for Definitive Notes, redeemed, repurchased or canceled, the aggregate principal
      amount of Notes represented by such Global Note shall be reduced accordingly,
      and an endorsement shall be made on such Global Note by the Trustee or by the
      Custodian at the direction of the Trustee to reflect such reduction.

     

    (f) General
      Provisions Relating to Transfers and Exchanges.
      To
      permit registrations of transfers and exchanges effected in accordance with
      this
      Indenture, the Company shall execute and the Trustee shall authenticate the
      Global Note and any Definitive Notes at the Registrar’s request. The Global Note
      and any Definitive Notes issued upon any registration of transfer or exchange
      of
      beneficial interests in the Global Note or the Definitive Notes shall be legal,
      valid and binding obligations of the Company, evidencing the same debt, and
      entitled to the same benefits under this Indenture, as the Definitive Notes
      or
      Global Notes surrendered upon such registration of transfer or
      exchange.

     

    Neither
      the Company nor the Registrar shall be required to (1) issue, register the
      transfer of or exchange Notes during a period beginning at the opening of
      business 15 days before the day of mailing of any notice of redemption of Notes
      under Section 9.05 hereof and ending at the close of business on the day of
      such
      mailing or (2) register the transfer of or exchange any Note so selected for
      redemption in whole or in part, except the unredeemed portion of any Note being
      redeemed in part.

     

    No
      service fee shall be charged to any Holder of a Note for any registration of
      transfer or exchange (except as otherwise expressly permitted herein), 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 such
      transfer tax or similar governmental charge payable upon exchanges pursuant
      to
      Sections 2.07 or 2.10 hereof, which shall be paid by the Company).

     

    
      
        
        

      

      
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    Prior
      to
      due presentment to the Trustee for registration of the transfer of any Note,
      the
      Trustee, any Agent and the Company may deem and treat the Person in whose name
      any Note is registered as the absolute owner of such Note for the purpose of
      receiving payment of principal of such Note and for all other purposes
      whatsoever, whether or not such Note is overdue, and none of the Trustee, any
      Agent or the Company shall be affected by notice to the contrary.

     

    The
      Trustee shall authenticate Global Notes and Definitive Notes in accordance
      with
      the provisions of Sections 2.02 and 2.05 hereof.

     

    All
      certifications, certificates and Opinions of Counsel required to be submitted
      to
      the Registrar pursuant to this Section 2.05 to effect a registration of transfer
      or exchange may be submitted by facsimile.

     

    Neither
      the Trustee nor any Agent shall have any 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 Note, (including any transfers between or among Participants,
      Indirect Participants or beneficial owners of interests in any Global Note),
      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
      Trustee is hereby authorized to enter into a letter of representation with
      the
      Depositary (should the Trustee’s execution and delivery of such a letter be
      required) in the form provided by the Company and to act in accordance with
      such
      letter.

     

    Section
      2.06. Legend.

     

    To
      the
      extent required by the Depositary, all Global Notes issued under this Indenture
      shall bear a legend substantially in the form below:

     

    “THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
      THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
      HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
      THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
      TO SECTIONS 2.01 AND 2.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
      EXCHANGED PURSUANT TO SECTION 2.05 OF THE INDENTURE, (III) THIS GLOBAL NOTE
      MAY
      BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
      INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
      WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

    UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
      THIS
      NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
      OF
      THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
      NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
      SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
      CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST
      COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

     

    
      
        
        

      

      
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    Section
      2.07. Replacement
      Notes.

     

    If
      any
      mutilated Note is surrendered to the Trustee or the Company and the Trustee
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Note, the Company shall issue and, upon receipt of an Authentication Order
      in
      accordance with Section 2.02 hereof, the Trustee shall authenticate a
      replacement Note. If required by the Trustee or the Company, the Holder of
      such
      Note shall provide security or indemnity that is sufficient, in the judgment
      of
      the Trustee or the Company, to protect the Company, the Trustee, any Agent
      and
      any authenticating agent from any loss that any of them may suffer in connection
      with such replacement. If required by the Company, such Holder shall reimburse
      the Company for its reasonable expenses in connection with such replacement.
      

     

    Every
      replacement Note issued in accordance with this Section 2.07 shall be the valid
      obligation of the Company, evidencing the same debt as the destroyed, lost
      or
      stolen Note, and shall be entitled to all of the benefits of this Indenture
      equally and proportionately with all other Notes duly issued
      hereunder.

     

    Section
      2.08. Outstanding
      Notes.

     

    (a) The
      Notes
      outstanding at any time shall be the entire principal amount of Notes
      represented by all of the Global Notes and Definitive Notes authenticated by
      the
      Trustee except for those cancelled by it, those delivered to it for
      cancellation, those subject to reductions in beneficial interests effected
      by
      the Trustee in accordance with Section 2.05 hereof, and those described in
      this
      Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof,
      a
      Note shall not cease to be outstanding because the Company or an affiliate
      of
      the Company holds the Note.

     

    (b) If
      a Note
      is replaced pursuant to Section 2.07 hereof, it shall cease to be outstanding
      unless the Company receives proof satisfactory to it that the replaced Note
      is
      held by a protected purchaser.

     

    (c) If
      the
      principal amount of any Note is considered paid under Section 3.01 hereof,
      it
      shall cease to be outstanding.

     

    (d) All
      Notes
      outstanding on the Cancellation Date shall be null, void and of no effect,
      and
      shall be surrendered to the Trustee in accordance with Section 2.11 and shall
      thereafter be deemed to be no longer outstanding.

     

    (e) If
      the
      Paying Agent holds on the Maturity Date funds sufficient to pay Notes payable
      on
      that date, then on and after that date such Notes shall be deemed to be no
      longer outstanding.

     

    
      
        
        

      

      
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    Section
      2.09. Treasury
      Notes.

     

    In
      determining whether the Holders of the required principal amount of Notes have
      concurred in any direction, waiver or consent, Notes owned by the Company,
      or by
      any affiliate of the Company, shall be considered as though not outstanding,
      except that for the purposes of determining whether the Trustee shall be
      protected in relying on any such direction, waiver or consent, only Notes that
      a
      Responsible Officer of the Trustee knows are so owned shall be so
      disregarded.

     

    Section
      2.10. Temporary
      Notes.

     

    Until
      certificates representing Notes are ready for delivery, the Company may prepare
      and, upon receipt of an Authentication Order in accordance with Section 2.02
      hereof, the Trustee shall authenticate temporary Notes. Temporary Notes shall
      be
      substantially in the form of Definitive Notes but may have variations that
      the
      Company considers appropriate for temporary Notes and as shall be reasonably
      acceptable to the Trustee. Without unreasonable delay, the Company shall prepare
      and the Trustee shall authenticate Global Notes or Definitive Notes in exchange
      for temporary Notes, as applicable. After preparation of Definitive Notes,
      the
      temporary Note will be exchangeable for Definitive Notes upon surrender of
      the
      temporary Notes.

     

    Holders
      of temporary Notes shall be entitled to all of the benefits of this Indenture
      equally and proportionately with all other Notes duly issued
      hereunder.

     

    Section
      2.11. Cancellation.

     

    On
      the
      Cancellation Date, all outstanding Notes shall be null, void and of no effect,
      and shall be surrendered to the Trustee for cancellation. In addition, the
      Company at any time may deliver Notes to the Trustee for cancellation. The
      Registrar and Paying Agent shall forward to the Trustee any Notes surrendered
      to
      them for registration of transfer, exchange or payment. The Trustee and no
      one
      else shall cancel all Notes surrendered for registration of transfer, exchange,
      payment, replacement or cancellation and shall dispose of cancelled Notes
      (subject to the record retention requirements of the Exchange Act or other
      applicable laws), in accordance with the Trustee’s then current practice, unless
      by written order, signed by an Officer of the Company, the Company directs
      them
      to be returned to it. Certification of the disposition of all cancelled Notes
      shall be delivered to the Company from time to time upon request. The Company
      may not issue new Notes to replace Notes that it has paid or that have been
      delivered to the Trustee for cancellation (other than Notes surrendered for
      registration of transfer, exchange or replacement). Following cancellation
      on
      the Cancellation Date, all obligations of the Trustee with respect to this
      Indenture will be discharged.

     

    Section
      2.12. Record
      Date.

     

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

     

    Section
      2.13. CUSIP
      Numbers.

     

    Pursuant
      to a recommendation promulgated by the Committee on Uniform Security
      Identification Procedures (“CUSIP”),
      the
      Company may cause CUSIP numbers to be printed on the Notes and may direct the
      Trustee to use CUSIP numbers in notices of redemption as a convenience to
      Holders of Notes. No representation is made as to the accuracy of the CUSIP
      numbers either as printed on the Notes or as contained in any notice of
      redemption and reliance may be placed only on the other identification numbers
      placed thereon. The Company will promptly notify the Trustee of any change
      in
      the CUSIP numbers.

     

    
      
        
        

      

      
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    ARTICLE
      3.

     

    COVENANTS

     

    Section
      3.01. Payment
      of Notes.

     

    No
      interest will be payable on the Notes. On the Maturity Date, (i) the principal
      amount of the Notes remaining after giving effect to any mandatory redemptions
      pursuant to Article 9 hereof will be payable, subject to Article 12 hereof
      and
      (ii) any additional Released Escrow Amounts will be paid pursuant to Section
      3.08 hereof. 

     

    Section
      3.02. Delivery
      of Released Escrow Amount

     

    The
      Company has, contemporaneously with the execution of this Indenture, pursuant
      to
      the Instruction Letter, directed the Verizon Escrow Agent to deposit, from
      time
      to time, any and all of the Released Escrow Amount into the Notes Escrow Account
      immediately upon such release and in accordance with such instructions. The
      Company covenants that in the event it should receive, at any time, any of
      the
      Released Escrow Amount, it will hold such amounts in trust for the Holders
      and
      promptly deliver any and all such amounts in their entirety to the Trustee
      for
      deposit in the Notes Escrow Account.

     

    Section
      3.03. Delivery
      and Payment of Tax Distribution Amounts

     

    The
      Company has, contemporaneously with the execution of this Indenture, pursuant
      to
      the Instruction Letter, directed the Verizon Escrow Agent to deposit, from
      time
      to time, any and all Tax Distribution Amounts payable from the Verizon Escrow
      Account into the Notes Escrow Account immediately upon such release and in
      accordance with such instruction. The Company covenants that in the event it
      should receive, at any time, any Tax Distribution Amounts, it will hold such
      amounts in trust for the Holders and promptly deliver any and all such amounts
      in their entirety to the Trustee for deposit in the Notes Escrow Account. Within
      five Business Days after the deposit of any Tax Distribution Amounts into the
      Notes Escrow Account, subject to Section 3.08 hereof, the Trustee will
      distribute such Tax Distribution Amounts to the Holders on a pro rata basis
      based on the principal amount of Notes held by such Holders. Payments of Tax
      Distribution Amounts shall not reduce, or be deemed a prepayment or redemption
      of, the principal amount of the Notes.

     

    Section
      3.04. Maintenance
      of Office or Agency.

     

    The
      Company will maintain an office or agency where Notes may be presented or
      surrendered for payment, where Notes may be surrendered for registration of
      transfer or exchange and where notices and demands to or upon the Company in
      respect of the Notes and this Indenture may be served. The Company will give
      prompt written notice to the Trustee of the location, and any change in the
      location, of such office or agency. If at any time the Company shall fail to
      maintain any such required office or agency or shall fail to furnish the Trustee
      with the address thereof, such presentations, surrenders, notices and demands
      may be made or served at the Corporate Trust Office of the Trustee, and the
      Company hereby appoints the Trustee as its agent to receive all such
      presentations, surrenders, notices and demands. The Trustee may resign any
      agency capacity under this Indenture upon 30 days’ written notice to the
      Company.

     

    The
      Company may also from time to time designate one or more other offices or
      agencies where the Notes may be presented or surrendered for any or all such
      purposes and may from time to time rescind such designations. The Company will
      give prompt written notice to the Trustee of any such designation or remission
      and of any change in the location of any such other office or
      agency.

     

    
      
        
        

      

      
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    Section
      3.05. Compliance
      Certificate; Reports.

     

    (a) The
      Company shall deliver to the Trustee, within 90 days after the end of each
      fiscal year, an Officers’ Certificate stating that a review of the activities of
      the Company and its Subsidiaries during the preceding fiscal year has been
      made
      under the supervision of the signing Officers with a view to determining whether
      the Company and its Subsidiaries have kept, observed, performed and fulfilled
      their obligations under this Indenture, and further stating, as to each such
      Officer signing such certificate, that to the best of his or her knowledge
      the
      Company and its Subsidiaries have kept, observed, performed and fulfilled each
      and every covenant contained in this Indenture and is not in default in the
      performance or observance of any of the terms, provisions and conditions of
      this
      Indenture.

     

    (b) The
      Company shall otherwise comply with TIA Section 314(a).

     

    (c) The
      Company will deliver to the Trustee forthwith, upon, but, in any event, within
      five (5) Business Days of becoming aware of, any Default or Event of Default,
      an
      Officers’ Certificate specifying such Default or Event of Default and what
      action the Company is taking or proposes to take with respect
      thereto.

     

    (d) The
      Company shall file with the Trustee and the Commission, and transmit to Holders,
      such information, documents and other reports, and such summaries thereof,
      as
      may be required pursuant to the Trust Indenture Act at the times and in the
      manner provided pursuant to such Act; provided,
      however,
      that
      any such information, documents or reports required to be filed with the
      Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed
      with the Trustee within 15 days after the same is so required to be filed with
      the Commission unless such reports are publicly available in electronic form
      on
      the Commission’s website. Delivery of such reports, information and documents to
      the Trustee is for informational purposes only and the Trustee’s receipt of same
      shall not constitute constructive notice of any information contained therein
      or
      determinable from information contained therein, including the Company’s
      compliance with any of its covenants hereunder (as to which the Trustee is
      entitled to rely exclusively on Officers’ Certificates).

     

    Section
      3.06. Stay,
      Extension and Usury Laws.

     

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

     

    Section
      3.07. Corporate
      Existence.

     

    Subject
      to Article 7 hereof, the Company shall do or cause to be done all things
      necessary to preserve and keep in full force and effect (i) its legal existence,
      and the corporate, partnership or other existence of each Subsidiary, in
      accordance with the respective organizational documents (as the same may be
      amended from time to time) of the Company or any such Subsidiary and (ii) the
      rights (charter and statutory), licenses and franchises of the Company and
      its
      Subsidiaries; provided,
      however,
      that
      the Company shall not be required to preserve any such right, license or
      franchise, or the corporate, partnership or other existence of any Subsidiary,
      if the Board of Directors shall determine that the preservation thereof is
      no
      longer desirable in the conduct of the business of the Company and its
      Subsidiaries, taken as a whole, and that the loss thereof is not adverse in
      any
      material respect to the Holders of the Notes, or that such preservation is
      not
      necessary in connection with any transaction not prohibited by this Indenture;
      provided,
      further,
      that
      nothing contained in this Indenture shall limit or preclude in any way the
      conversion of the Company from a limited liability company to a
      corporation.

     

    
      
        
        

      

      
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    Section
      3.08. Payment
      of Escrow Amounts

     

    Subject
      to Section 4.09 hereof and notwithstanding anything to the contrary contained
      in
      the Notes Escrow Documents, any money collected by the Trustee pursuant to
      this
      Article 3 or under any other Notes Escrow Document shall be paid out in the
      following order:

     

    First:
      to
      Holders for principal amounts due and unpaid on the Notes without preference
      or
      priority of any kind, according to the amounts due and payable on the Notes;
      and

     

    Second:
      to the
      Holders pro rata based on the principal amount of Notes held by such Holders
      immediately prior to giving effect to any payments made pursuant to paragraph
      First of this Section 3.08.

     

    ARTICLE
      4.

     

    DEFAULTS
      AND REMEDIES

     

    Section
      4.01. Events
      of Default.

     

    The
      following constitutes an “Event of Default” with respect to the
      Notes:

     

    failure
      to comply with any covenant or agreement contained in the Notes Escrow
      Documents, and such failure continues for ten days after written notice is
      given
      to the Company by the Trustee or to the Company and the Trustee by the Holders
      of not less than 20% in aggregate principal amount of the Notes then outstanding
      specifying the default, demanding that it be remedied and stating that such
      notice is a “Notice of Default.” 

     

    Section
      4.02. Remedies.

     

    Subject
      to Article 12 hereof, if an Event of Default occurs and is continuing, the
      Trustee may pursue any available remedy to collect the payment of principal
      of
      the Notes or to enforce the performance of any provision of the Notes, this
      Indenture or the other Notes Escrow Documents.

     

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

     

    Section
      4.03. Waiver
      of Defaults.

     

    The
      Holders of at least 66-2/3% in aggregate principal amount of the Notes then
      outstanding by notice to the Trustee may on behalf of the Holders of all of
      the
      Notes, waive any existing Default or Event of Default, and its consequences,
      except a continuing Default or Event of Default (i) in the payment of the
      principal of the Notes and (ii) in respect of a covenant or provision which
      under this Indenture cannot be modified or amended without the consent of the
      Holder of each Note affected by such modification or amendment. 

     

    Upon
      any
      waiver of a Default or Event of Default, such Default shall cease to exist,
      and
      any Event of Default arising therefrom shall be deemed cured for every purpose
      of this Indenture but no such waiver shall extend to any subsequent or other
      Default or Event of Default or impair any right consequent thereon.

     

    
      
        
        

      

      
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    Section
      4.04. Control
      by Majority.

     

    Subject
      to Article 12, Section 5.01, Section 5.02 and Section 5.06 hereof, in case
      an
      Event of Default shall occur, the Holders of a majority in aggregate principal
      amount of the Notes then outstanding shall have the right to direct the time,
      method and place of conducting any proceeding for any remedy available to the
      Trustee or exercising any trust or power conferred on the Trustee with respect
      to the Notes. However, the Trustee may refuse to follow any direction that
      conflicts with law or this Indenture, is unduly prejudicial to the rights of
      other Holders, or would involve the Trustee in personal liability or
      expense.

     

    Section
      4.05. Limitation
      on Suits.

     

    No
      Holder
      shall have any right to institute any proceeding with respect to this Indenture
      or any other Notes Escrow Document, or for the appointment of a receiver or
      trustee, or for any remedy thereunder, unless:

     

    (a) such
      Holder has previously given to the Trustee written notice of a continuing Event
      of Default or the Trustee receives the notice from the Company,

     

    (b) Holders
      of at least 25% in aggregate principal amount of the Notes then outstanding
      have
      made written request and offered reasonable indemnity to the Trustee to
      institute such proceeding as trustee, and

     

    (c) the
      Trustee shall not have received from the Holders of a majority in aggregate
      principal amount of the Notes then outstanding a direction inconsistent with
      such request and shall have failed to institute such proceeding within 30
      days.

     

    The
      preceding limitations shall not apply to a suit instituted by a Holder for
      enforcement of payment of principal of, or Tax Distribution Amounts on, a Note
      on or after the respective due dates for such payments set forth in such
      Note.

     

    Subject
      to Section 8.02, a Holder may not use this Indenture to affect, disturb or
      prejudice the rights of another Holder or to obtain a preference or priority
      over another Holder.

     

    Section
      4.06. Rights
      of Holders to Receive Payment.

     

    Subject
      to Section 8.02 and Article 12 but notwithstanding any other provision of this
      Indenture (including Section 4.05), the right of any Holder to receive payment
      of principal of the Notes held by such Holder, on or after the Maturity Date
      (in
      the case of redemption, on the Redemption Date), or to bring suit for the
      enforcement of any such payment on or after the Maturity Date, shall not be
      impaired or affected without the consent of such Holder.

     

    Section
      4.07. Collection
      Suit by Trustee.

     

    If
      an
      Event of Default occurs and is continuing, the Trustee is authorized to recover
      judgment in its own name and as trustee of an express trust against the
      Collateral for the whole amount of principal of the Notes then due and owing
      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, and any other amounts due
      the
      Trustee under Section 5.06 hereof.

     

    
      
        
        

      

      
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    Section
      4.08. Trustee
      May File Proofs of Claim.

     

    The
      Trustee shall be authorized to file such proofs of claim and other papers or
      documents as may be necessary or advisable in order to have the claims of the
      Trustee (including any claim for the reasonable compensation, expenses,
      disbursements and advances of the Trustee, its agents and counsel) and the
      Holders allowed in any judicial proceedings relative to this Indenture, the
      Notes or the other Notes Escrow Documents and shall be entitled and empowered
      to
      collect, receive and distribute any money or other property payable or
      deliverable on any such claims and any custodian in any such judicial proceeding
      is hereby authorized by each Holder to make such payments to the Trustee, and
      in
      the event that the Trustee shall consent to the making of such payments directly
      to the Holders, to pay to the Trustee any amount due to it for the reasonable
      compensation, expenses, disbursements and advances of the Trustee, its agents
      and counsel, and any other amounts due the Trustee under Section 5.06 hereof.
      To
      the extent that the payment of any such compensation, expenses, disbursements
      and advances of the Trustee and its agents and counsel, and any other amounts
      due the Trustee under Section 5.06 hereof out of the estate in any such
      proceeding, shall be denied for any reason, payment of the same shall be secured
      by a lien on, and shall be paid out of, any and all distributions, moneys,
      securities and any other properties that the Holders may be entitled to receive
      in such proceeding whether in liquidation or under any plan of reorganization
      or
      arrangement or otherwise. Nothing herein contained shall be deemed to authorize
      the Trustee to authorize or consent to or accept or adopt on behalf of any
      Holder any plan of reorganization, arrangement, adjustment or composition
      affecting the Notes or the rights of any Holder, or to authorize the Trustee
      to
      vote in respect of the claim of any Holder in any such proceeding.

     

    Section
      4.09. Priorities.

     

    Any
      money
      collected by the Trustee pursuant to this Article 4 or under any other Notes
      Escrow Document, and after an Event of Default any money or other property
      distributable in respect of the Company’s obligations under this Indenture or
      any other Notes Escrow Document, shall be paid out in the following
      order:

     

    First:
      to the
      Trustee (including any predecessor Trustee), its agents and attorneys for
      amounts due under Section 5.06 hereof, including payment of all compensation,
      expenses and liabilities incurred, and all advances made, by the Trustee and
      the
      costs and expenses of collection;

     

    Second,
      to
      Holders for principal amounts due and unpaid on the Notes without preference
      or
      priority of any kind, according to the amounts due and payable on the Notes;
      and

     

    Third:
      to the
      Holders pro rata based on the principal amount of Notes held by such Holders
      immediately prior to giving effect to any payments made pursuant to paragraph
      Second of this Section 4.09, or to such party as a court of competent
      jurisdiction shall direct.

     

    The
      Trustee may fix a record date and payment date for any payment to Holders
      pursuant to this Section 4.09.

     

    The
      Company will be deemed to be in noncompliance with this Indenture to the extent
      that the Trustee applies any funds to the payment of its expenses pursuant
      to
      paragraph First of this Section 4.09, and, notwithstanding anything to the
      contrary contained herein, the Holders shall be entitled to recourse against
      the
      Company for any such amounts.

     

    Section
      4.10. Undertaking
      for Costs.

     

    In
      any
      suit for the enforcement of any right or remedy under this Indenture or any
      other Notes Escrow Document or in any suit against the Trustee for any action
      taken or omitted by it as a Trustee, a court in its discretion may require
      the
      filing by any party litigant in such suit of an undertaking to pay the costs
      of
      such suit, and the court in its discretion may assess reasonable costs,
      including reasonable attorneys’ fees, against any party litigant in such suit,
      having due regard to the merits and good faith of the claims or defenses made
      by
      the party litigant.  This Section 4.10 shall not apply to a suit by the
      Trustee, a suit by the Company, a suit by a Holder pursuant to Section 4.06
      hereof, or a suit by Holders of more than 10% in principal amount of the then
      outstanding Notes.

     

    
      
        
        

      

      
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    ARTICLE
      5.

     

    TRUSTEE

     

    Section
      5.01. Certain
      Duties and Responsibilities.

     

    (a) Except
      during the continuance of an Event of Default,

     

    (i) the
      Trustee undertakes to perform such duties and only such duties as are
      specifically set forth in this Indenture and the other Notes Escrow Documents
      to
      which it is a party or by which it is bound, and no implied covenants or
      obligations shall be read into this Indenture or any of the other Notes Escrow
      Documents against the Trustee; and

     

    (ii) in
      the
      absence of bad faith on its part, the Trustee may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Indenture; but in the case of any such certificates or
      opinions which by any provision hereof are specifically required to be furnished
      to the Trustee, the Trustee shall be under a duty to examine the same to
      determine whether or not they conform to the requirements of this Indenture
      (but
      need not confirm or investigate the accuracy of mathematical calculations or
      other facts stated therein).

     

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

     

    (c) No
      provision of this Indenture shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act, or
      its
      own willful misconduct, except that

     

    (i) this
      Subsection shall not be construed to limit the effect of Subsections (a) and
      (d)
      of this Section;

     

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

     

    (iii) the
      Trustee shall not be liable with respect to any action taken or omitted to
      be
      taken by it in good faith in accordance with the direction of the Holders of
      a
      majority in principal amount of the Notes then outstanding, relating to the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee, or exercising any trust or power conferred upon the Trustee, under
      this Indenture or any of the other Notes Escrow Documents.

     

    (d) No
      provision of this Indenture or any of the other Notes Escrow Documents 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 under this Indenture
      or any of the other Notes Escrow Documents, or in the exercise of any of its
      rights or powers, if it shall have reasonable grounds for believing that
      repayment of such funds or adequate indemnity against such risk or liability
      is
      not reasonably assured to it.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (e) No
      provision of this Indenture or any of the other Notes Escrow Documents shall
      be
      deemed to impose any duty or obligation on the Trustee to perform any act or
      acts, receive or obtain any interest in property or exercise any interest in
      property, or exercise any right, power, duty or obligation conferred or imposed
      on it in any jurisdiction in which it shall be illegal, or in which the Trustee
      shall be unqualified or incompetent in accordance with applicable law, to
      perform any such act or acts, to receive or obtain any such interest in property
      or to exercise any such right, power, duty or obligation; and no permissive
      or
      discretionary power or authority available to the Trustee shall be construed
      to
      be a duty. 

     

    (f) Whether
      or not therein expressly so provided, every provision of this Indenture or
      any
      of the other Notes Escrow Documents relating to the conduct or affecting the
      liability of or affording protection to the Trustee shall be subject to the
      provisions of this Section.

     

    Section
      5.02. Certain
      Rights of Trustee.

     

    Subject
      to the provisions of Section 5.01:

     

    (a) the
      Trustee may conclusively rely and shall be fully protected in acting or
      refraining from acting in reliance upon any resolution, certificate, statement,
      instrument, opinion, report, notice, request, direction, consent, order, bond,
      debenture, note, other evidence of indebtedness or other paper or document
      believed by it to be genuine and to have been signed or presented by the proper
      party or parties;

     

    (b) any
      request or direction of the Company mentioned herein or in the other Notes
      Escrow Documents 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;

     

    (c) whenever
      in the administration of this Indenture or the other Notes Escrow Documents
      the
      Trustee shall deem it desirable that a matter be proved or established prior
      to
      taking, suffering or omitting any action hereunder or thereunder, the Trustee
      (unless other evidence be herein or therein specifically prescribed) may, in
      the
      absence of bad faith on its part, request from the Company and conclusively
      rely
      upon an Officers’ Certificate and/or an Opinion of Counsel;

     

    (d) the
      Trustee may consult with counsel of its selection, and the advice of such
      counsel or any Opinion of Counsel shall be full and complete authorization
      and
      protection in respect of any action taken, suffered or omitted by it hereunder
      or under the other Notes Escrow Documents in good faith and in reliance
      thereon;

     

    (e) 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 upon reasonable request
      to examine the books, records and premises of the Company, personally or by
      agent or attorney;

     

    (f) the
      Trustee may execute any of the trusts or powers hereunder or under the other
      Notes Escrow Documents or perform any duties hereunder or thereunder either
      directly or by or through agents or attorneys, and the Trustee shall not be
      responsible for any misconduct or negligence on the part of any agent or
      attorney appointed with due care by it hereunder or thereunder; 

     

    (g) the
      Trustee shall have no duty to inquire as to the performance of the Company
      with
      respect to the covenants contained in Article 3 or in any other Notes Escrow
      Document; 

     

    (h) 
      the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Indenture or any of the other Notes Escrow Documents at
      the
      request or direction of any of the Holders pursuant to the Indenture, unless
      such Holders shall have offered to the Trustee security or indemnity reasonably
      satisfactory to the Trustee against the costs, expenses and liabilities which
      might be incurred by it in compliance with such request or
      direction;

     

    
      
        
        

      

      
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    (i) the
      Trustee shall not be deemed to have notice or be charged with knowledge of
      any
      Default or Event of Default unless written notice of such Default or Event
      of
      Default, as the case may be, is received by a Responsible Officer of the Trustee
      at the Corporate Trust Office of the Trustee from the Company, any other obligor
      upon the Notes or by any Holder, and such notice references the Notes and this
      Indenture; 

     

    (j) 
      the
      permissive right of the Trustee under the Indenture or any of the other Notes
      Escrow Documents to take or omit to take any action shall not be construed
      as a
      duty; 

     

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

     

    (l) 
      anything
      in this Indenture or any of the other Notes Escrow Documents notwithstanding,
      in
      no event shall the Trustee be liable for special, indirect, punitive or
      consequential loss or damage of any kind whatsoever (including but not limited
      to loss of profit), even if the Company has been advised as to the likelihood
      of
      such loss or damage and regardless of the form of action; 

     

    (m) the
      Trustee shall not be responsible or liable for any failure or delay in the
      performance of its obligations under this Indenture or any of the other Notes
      Escrow Documents arising out of or caused, directly or indirectly, by
      circumstances beyond its reasonable control, including, without limitation,
      acts
      of God; earthquakes; fire; flood; terrorism; wars and other military
      disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions
      of
      utilities, computer (hardware or software) or communication services; accidents;
      labor disputes; acts of civil or military authority and governmental
      action;

     

    (n) the
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, the Trustee in each of its capacities hereunder or
      under the other Notes Escrow Documents, and each agent, custodian and other
      Person employed to act hereunder and thereunder; and

     

    (o) the
      Trustee may request that the Company deliver an Officers’ Certificate setting
      forth the names of individuals and/or titles of officers authorized at such
      time
      to take specified actions pursuant to this Indenture or under the Notes Escrow
      Documents, which Officers’ Certificate may be signed by any person authorized to
      sign an Officers’ Certificate, including any Person specified as so authorized
      in any such certificate previously delivered and not superseded.

     

    Section
      5.03. Not
      Responsible for Recitals or Issuance of Notes.

     

    The
      recitals and other representations and warranties of the Company contained
      herein and in the or any of the other Notes Escrow Documents (except the
      Trustee's certificate of authentication on the Notes) shall be taken as the
      statements of the Company, and neither the Trustee nor any Agent assumes any
      responsibility for their correctness. The Trustee makes no representations
      as to
      the value or condition of the Collateral or any part thereof, or as to the
      title
      of the Company thereto or as to the security afforded thereby, or as to the
      validity or genuineness of any securities or other property at any time pledged
      and deposited with the Trustee under this Indenture or any of the other Notes
      Escrow Documents, or as to the validity or sufficiency of this Indenture, the
      Notes, or any of the other Notes Escrow Documents, or as to the validity,
      attachment, perfection, priority or enforceability of the liens in any of the
      Collateral created or intended to be created by any of the Notes Escrow
      Documents. The Trustee shall not be accountable for the use or application
      by
      the Company of the Notes or the proceeds thereof. The Trustee shall have no
      responsibility to make or to see to the making of any recording, filing or
      registration of any instrument or notice (including any financing or
      continuation statement or any tax or securities form) (or any rerecording,
      refiling or reregistration of any thereof) at any time in any public office
      or
      elsewhere for the purpose of perfecting, maintaining the perfection of or
      otherwise making effective the lien of any of the Notes Escrow Documents or
      for
      any other purpose, and shall have no responsibility for seeing to the insurance
      on the Collateral or for paying any taxes, charges or assessments on or relating
      to the Collateral or for otherwise maintaining the Collateral.

     

    
      
        
        

      

      
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    Section
      5.04. May
      Hold Notes.

     

    The
      Trustee, any Paying Agent, any Registrar or any other agent of the Company,
      in
      its individual or any other capacity, may become the owner or pledgee of Notes
      and, subject to Sections 5.08 and 5.13, may otherwise deal with the Company
      with the same rights it would have if it were not Trustee, Paying Agent,
      Registrar or such other agent.

     

    Section
      5.05. Money
      Held in Trust.

     

    Money
      held by the Trustee in trust hereunder or under any other Notes Escrow Document
      shall be segregated from other funds and held in the account described in the
      Pledge, Assignment and Security Agreement. The Trustee shall be under no
      liability for interest on any money received by it hereunder or thereunder
      except as otherwise agreed in writing with the Company.

     

    Section
      5.06. Compensation
      and Indemnity.

     

    The
      Company shall be solely responsible for and agrees:

     

    (a) to
      pay or
      cause to be paid to the Trustee from time to time such compensation as the
      Company and the Trustee shall from time to time agree in writing for all
      services rendered by it hereunder or under any of the other Notes Escrow
      Documents or the Verizon/Trustee Security Agreement (which compensation shall
      not be limited by any provision of law in regard to the compensation of a
      trustee of an express trust);

     

    (b) to
      reimburse the Trustee upon its request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustee in accordance with
      any provision of this Indenture or the other Notes Escrow Documents or the
      Verizon/Trustee Security Agreement (including the reasonable compensation and
      the expenses and disbursements of its agents and counsel (including local legal
      counsel)), except any such expense, disbursement or advance as may be
      attributable to its gross negligence or willful misconduct; and

     

    (c) to
      indemnify each of the Trustee, its employees, officers, directors and agents
      or
      any predecessor Trustee for, and to hold it and each of them harmless against,
      any and all loss, liability, damage, claim or expense incurred without gross
      negligence or willful misconduct on its part, arising out of or in connection
      with the acceptance or administration of this trust, including the costs and
      expenses of defending itself against any claim (whether asserted by the Company,
      a Holder or any other Person) or liability in connection with the exercise
      or
      performance of any of its powers or duties hereunder or under any of the other
      Notes Escrow Documents or the Verizon/Trustee Security Agreement.

     

    As
      security for the performance of the obligations of the Company under this
      Section, the Trustee shall have a lien upon all property and assets of the
      Company.

     

    In
      addition and without prejudice to the rights provided to the Trustee under
      any
      of the provisions of this Indenture or any of the other Notes Escrow Documents
      or the Verizon/Trustee Security Agreement, when the Trustee incurs expenses
      or
      renders services in connection with an Event of Default, the expenses (including
      the reasonable charges and expenses of its counsel) and the compensation for
      the
      services are intended to constitute expenses of administration under any
      applicable federal or state bankruptcy or comparable law.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    The
      Company’s obligations under this Section 5.06 and any lien arising hereunder
      shall survive the resignation or removal of any Trustee, the discharge of the
      Company’s obligations pursuant to this Indenture and/or the termination of this
      Indenture.

     

    “Trustee”
      for purposes of this Section 5.06 shall include any predecessor Trustee and
      the
      Trustee in each of its other capacities under the Indenture or any of the other
      Notes Escrow Documents or the Verizon/Trustee Security Agreement and to each
      agent, custodian and other Person employed to act hereunder or thereunder;
      provided,
      however,
      that
      the negligence, bad faith or willful misconduct of any Trustee or any such
      agent, custodian or other Person hereunder or thereunder shall not affect the
      rights of any other Trustee or any such other agent, custodian or other
      Person.

     

    Section
      5.07. Disqualification;
      Conflicting Interests.

     

    If
      the
      Trustee has or shall acquire a conflicting interest within the meaning of the
      TIA, the Trustee shall either eliminate such interest or resign, to the extent
      and in the manner provided by, and subject to the provisions of, the TIA and
      this Indenture. Nothing contained herein shall prevent the Trustee from filing
      the application provided for in the second to last sentence of Section 310(b)
      of
      the TIA.

     

    Section
      5.08. Corporate
      Trustee Required; Eligibility.

     

    There
      shall at all times be a Trustee hereunder which shall be a Person that is
      eligible pursuant to the TIA to act as such and has a combined capital and
      surplus of (a) at least $25,000,000 and be a member of a bank holding company
      that has a combined capital and surplus of at least $100,000,000 or (b) at
      least
      $50,000,000. If such Person publishes reports of condition at least annually,
      pursuant to law or to the requirements of any supervising or examining
      authority, then for the purposes of this Section 5.08, the combined capital
      and
      surplus of such Person shall be deemed to be its combined capital and surplus
      as
      set forth in its most recent report of condition so published. If at any time
      the Trustee shall cease to be eligible in accordance with the provisions of
      this
      Section, it shall resign immediately in the manner and with the effect
      hereinafter specified in this Article.

     

    This
      Indenture shall always have a Trustee who satisfies the requirements of TIA
      Sections 310(a)(1), (2) and (5).

     

    Section
      5.09. Resignation
      and Removal; Appointment of Successor.

     

    (a) No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this Article shall become effective until the acceptance of
      appointment by the successor Trustee under Section 5.10. If an instrument of
      acceptance by a successor Trustee shall not have been delivered to the Trustee
      within 30 days after the giving of such notice of resignation or removal, the
      Trustee resigning or being removed may, at the expense of the Company, petition
      any court of competent jurisdiction for the appointment of a successor
      Trustee.

     

    (b) The
      Trustee may resign at any time by giving written notice thereof to the
      Company.

     

    (c) If
      at any
      time:

     

    (1) the
      Trustee shall fail to comply with Section 5.07 after written request therefor
      by
      the Company or by any Holder who has been a bona fide Holder of a Note for
      at
      least six months,

     

    
      
        
        

      

      
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    (2) the
      Trustee shall cease to be eligible under Section 5.08 and shall fail to resign
      after written request therefor by the Company or by any such Holder,
      or

     

    (3) the
      Trustee shall become incapable of acting or shall be adjudged bankrupt or
      insolvent or a receiver of the Trustee or of its property shall be appointed
      or
      any public officer shall take charge or control of the Trustee or of its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation,

     

    then,
      in
      any such case, (i) the Company by a Board Resolution may remove the Trustee,
      or
      (ii) any Holder who has been a bona fide Holder of a Note for at least six
      months may, on behalf of himself and all others similarly situated, petition
      any
      court of competent jurisdiction for the removal of the Trustee and the
      appointment of a successor Trustee.

     

    (d) If
      the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of Trustee for any cause, the Company, by a Board
      Resolution, shall promptly appoint a successor Trustee. If, within one year
      after such resignation, removal or incapability, or the occurrence of such
      vacancy, the Holders representing a majority of the aggregate principal amount
      of the Notes shall promptly appoint a successor Trustee, who, when so appointed
      shall, forthwith upon its acceptance of such appointment, become the successor
      Trustee and supercede the successor Trustee appointed by the Company. If no
      successor Trustee shall have been so appointed by the Company or the Holders
      and
      shall have accepted appointment in the manner hereinafter provided, any Holder
      who has been a bona fide Holder of a Note for at least six months may, on behalf
      of himself and all others similarly situated, petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

     

    (e) The
      Company shall give prompt notice of each resignation and each removal of the
      Trustee and each appointment of a successor Trustee to all Holders in the manner
      provided in Section 13.02. Each notice shall include the name of the successor
      Trustee and the address of its Corporate Trust Office.

     

    Section
      5.10. Acceptance
      of Appointment by Successor.

     

    Every
      successor Trustee appointed hereunder shall execute, acknowledge and deliver
      to
      the Company and to the retiring Trustee an instrument accepting such
      appointment, and thereupon the resignation or removal of the retiring Trustee
      shall become effective and such successor Trustee, without any further act,
      deed
      or conveyance, shall become vested with all the rights, powers, trusts and
      duties of the retiring Trustee; but, on request of the Company or the successor
      Trustee, such retiring Trustee shall, upon payment of its charges, execute
      and
      deliver an instrument transferring to such successor Trustee all the rights,
      powers and trusts of the retiring Trustee and shall duly assign, transfer and
      deliver to such successor Trustee all property and money held by such retiring
      Trustee hereunder or under any other Notes Escrow Document, subject to its
      lien
      provided for in Section 5.06. Upon request of any such successor Trustee, the
      Company shall execute any and all instruments for more fully and certainly
      vesting in and confirming to such successor Trustee all such rights, powers
      and
      trusts.

     

    No
      successor Trustee shall accept its appointment unless at the time of such
      acceptance such successor Trustee shall be qualified and eligible under this
      Article.

     

    Section
      5.11. Merger,
      Conversion, Consolidation or Succession to Business.

     

    Any
      Person into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any Person succeeding
      to
      all or substantially all the corporate trust business of the Trustee, shall
      be
      the successor of the Trustee hereunder; provided
      such
      corporation shall be otherwise qualified and eligible under this Article,
      without the execution or filing of any paper or any further act on the part
      of
      any of the parties hereto.

     

    
      
        
        

      

      
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    Section
      5.12. Preferential
      Collection of Claims Against Company.

     

    If
      and
      when the Trustee shall be or become a creditor of the Company (or any other
      obligor upon the Notes), the Trustee shall be subject to the provisions of
      the
      TIA regarding the collection of claims against the Company (or any such other
      obligor).

     

    Section
      5.13. Appointment
      of Co-Trustee.

     

    It
      is the
      purpose of this Indenture that there shall be no violation of any law of any
      jurisdiction, including particularly the law of the State of New York, denying
      or restricting the right of banking corporations or associations to transact
      business as Trustee in such jurisdiction. It is recognized that in case of
      litigation under this Indenture or under any other Notes Escrow Document or
      in
      case the Trustee deems that by reason of any present or future law of any
      jurisdiction it may not exercise any of the powers, rights or remedies herein
      or
      therein granted to the Trustee or hold title to the properties, in trust, as
      herein or therein granted, or take any other action which may be desirable
      or
      necessary in connection therewith, it may be necessary that the Trustee appoint
      (and the Trustee is hereby authorized to so appoint) an additional individual
      or
      institution as a separate or co-trustee. The following provisions of this
      Section 5.13 are adopted to these ends.

     

    In
      the
      event that the Trustee appoints an additional individual or institution as
      a
      separate or co-trustee, each and every remedy, power, right, claim, demand,
      cause of action, immunity, estate, title, interest and lien expressed or
      intended by this Indenture to be exercised by or vested in or conveyed to the
      Trustee with respect thereto shall be exercisable by and vested in such separate
      or co-trustee but only to the extent necessary to enable such separate or
      co-trustee to exercise such powers, rights and remedies, and every covenant
      and
      obligation necessary to the exercise thereof by such separate or co-trustee
      shall run to and be enforceable by such separate or co-trustee.

     

    No
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder.

     

    Should
      any instrument in writing be required by the separate trustee or co-trustee
      so
      appointed by the Trustee for more fully and certainly vesting in and confirming
      to him or it such properties, rights, powers, trusts, duties and obligations,
      any and all such instruments in writing shall, on request, be executed,
      acknowledged and delivered by the Company. In case any separate trustee or
      co-trustee, or a successor to either, shall die, become incapable of acting,
      resign or be removed, all the estates, properties, rights, powers, trusts,
      duties and obligations of such separate trustee or co-trustee, so far as
      permitted by law, shall vest in and be exercised by the Trustee until the
      appointment of a new trustee or successor to such separate trustee or
      co-trustee.

     

    Section
      5.14. Notice
      of Defaults.

     

    If
      a
      Default or Event of Default occurs and if it is known to the Trustee, the
      Trustee shall mail to Holders a notice of the Default or Event of Default within
      30 days after it occurs. Except with respect to a Default resulting from the
      failure to pay principal of any Note, the Trustee may withhold the notice if
      and
      so long as a committee of its Responsible Officers in good faith determines
      that
      withholding the notice is in the interests of the Holders.

     

    
      
        
        

      

      
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    ARTICLE
      6.

     

    HOLDERS’
      LISTS AND REPORTS BY TRUSTEE

     

    Section
      6.01. Company
      to Furnish Trustee Names and Addresses of Holders.

     

    (a) The
      Company will furnish or cause to be furnished to the Trustee:

     

    (i) semi-annually,
      not more than 5 Business Days after June 30 and December 31 of the relevant
      calendar year, a list, in such form as the Trustee may reasonably require,
      of
      the names and addresses of the Holders as of such date, and

     

    (ii) at
      such
      other times as the Trustee may request in writing, within 30 days after the
      receipt by the Company of any such request, a list of similar form and content
      as of a date not more than 15 days prior to the time such list is
      furnished;

     

    excluding
      from any such list names and addresses received by the Trustee in its capacity
      as Registrar.

     

    (b)
      The
      Company will provide to the Trustee information consistent with the tax
      treatment of the Holders as the direct owners of the Company’s entitlements with
      respect to the Verizon Escrow Amount as provided for in Section 13.07 hereof,
      in
      particular the amount of interest and other income earned on the Verizon Escrow
      Amount and any expenses incurred in connection with the administration of the
      Verizon Escrow Account, and a breakdown of amounts and such other specific
      information as may be relevant under the Code from time to time.

     

    Section
      6.02. Preservation
      of Information; Communications to Holders.

     

    (a) The
      Trustee shall preserve, in as current a form as is reasonably practicable,
      the
      names and addresses of Holders contained in the most recent list furnished
      to
      the Trustee as provided in Section 6.01 and the names and addresses of Holders
      received by the Trustee in its capacity as Registrar and shall otherwise comply
      with TIA Section 312(a). The Trustee may destroy any list furnished to it as
      provided in Section 6.01 upon receipt of a new list so furnished.

     

    (b) The
      rights of Holders to communicate with other Holders with respect to their rights
      under this Indenture or under the Notes, and the corresponding rights and duties
      of the Trustee, shall be as provided by the TIA.

     

    (c) Every
      Holder of Notes, by receiving and holding the same, agrees with the Company
      and
      the Trustee that neither the Company nor the Trustee nor any agent of either
      of
      them shall be held accountable by reason of any disclosure of information as
      to
      names and addresses of Holders made pursuant to the TIA.

     

    Section
      6.03. Reports
      by Trustee.

     

    (a) The
      Trustee shall transmit to Holders such reports concerning the Trustee and its
      actions under this Indenture as may be required pursuant to the TIA at the
      times
      and in the manner provided pursuant thereto. If required by Section 313(a)
      of
      the TIA, the Trustee shall, within sixty days after each February 15 following
      the date of this Indenture, deliver to Holders a brief report, dated as of
      such
      February 15, which complies with the provision of such Section 313(a). The
      Trustee shall also transmit by mail all reports as required by TIA Section
      313(c).

     

    (b) A
      copy of
      each such report shall, at the time of such transmission to Holders, be mailed
      to the Company and each stock exchange upon which the Notes are listed and
      the
      Commission in accordance with Section 313(d) of the TIA. The Company will
      promptly notify the Trustee when the Notes are listed on or delisted from any
      securities exchange.

     

    
      
        
        

      

      
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    ARTICLE
      7.

     

    CONSOLIDATION,
      MERGER,

    CONVEYANCE,
      TRANSFER OR LEASE

     

    Section
      7.01. Consolidation,
      Etc., Only on Certain Terms.

     

    The
      Company will not consolidate with or merge with or into any other Person or
      convey, transfer or lease its properties and assets as an entirety to any Person
      or Persons, and the Company will not permit any of its subsidiaries to enter
      into any such transaction or series of transactions, if such transaction or
      series of transactions, in the aggregate, would result in the conveyance,
      transfer or lease of all or substantially all of the properties and assets
      of
      the Company and its subsidiaries on a consolidated basis to any Person, unless
      either (i) the Company is the surviving corporation or (ii) the Person (if
      other
      than the Company) formed by such consolidation or into which the Company or
      such
      Subsidiary is merged or the Person which acquires, by conveyance, transfer
      or
      lease, the properties and assets of the Company or such Subsidiary, as the
      case
      may be, substantially as an entirety (the “Surviving
      Entity”)
      (A)
      shall be a corporation, partnership, limited liability company or trust
      organized and validly existing under the laws of the United States of America,
      any state thereof or the District of Columbia and (B) shall expressly assume,
      by
      a supplemental indenture executed and delivered to the Trustee, the performance
      and observance of every covenant of this Indenture and the other Notes Escrow
      Documents on the part of the Company to be performed or observed.

     

    In
      connection with any such consolidation, merger, conveyance, transfer or lease,
      the Company or the Surviving Entity shall have delivered to the Trustee, an
      Officers’ Certificate and an Opinion of Counsel, each stating that such
      consolidation, merger, conveyance, transfer or lease, and if a supplemental
      indenture is required in connection with such transaction, such supplemental
      indenture, comply with the requirements of this Section 7.01, and that all
      conditions precedent herein provided for relating to such transaction have
      been
      complied with.

     

    Section
      7.02. Successor
      Substituted.

     

    Upon
      any
      transaction or series of transactions that are of the type described in, and
      are
      effected in accordance with, conditions described in Section 7.01, the Surviving
      Entity shall succeed to, and be substituted for, and may exercise every right
      and power of, the Company under this Indenture and the other Notes Escrow
      Documents with the same effect as if such Surviving Entity had been named as
      the
      Company herein; and when a Surviving Entity duly assumes all of the obligations
      and covenants of the Company pursuant to this Indenture, the Notes and the
      other
      Notes Escrow Documents, except in the case of a lease, the predecessor Person
      shall be relieved of all such obligations.

     

    ARTICLE
      8.

     

    AMENDMENT,
      SUPPLEMENT AND WAIVER

     

    Section
      8.01. Without
      Consent of Holders of Notes.

     

    Notwithstanding
      Section 8.02 of this Indenture, the Company and the Trustee may amend or
      supplement this Indenture, the Notes or any of the other Notes Escrow Documents
      without the consent of any Holder to:

     

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

     

    
      
        
        

      

      
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    (b) provide
      for the assumption by a Surviving Entity of the obligations of the Company
      under
      this Indenture;

     

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

     

    (d) further
      secure the Notes;

     

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

     

    (f) make
      any
      other change that does not materially adversely affect the legal rights
      hereunder of any such Holder; or

     

    (g) make
      any
      change to comply with any requirement of the Commission in order to effect
      or
      maintain the qualification of this Indenture under the TIA.

     

    Section
      8.02. With
      Consent of Holders of Notes.

     

    Except
      as
      provided below in this Section 8.02, the Company and the Trustee may amend
      or
      supplement this Indenture, the Notes or any of the other Notes Escrow Documents
      with the consent of the Holders of at least a majority in aggregate principal
      amount of the Notes then outstanding voting as a single class or compliance
      with
      any provision of this Indenture or the Notes may be waived with the consent
      of
      the Holders of at least a majority in aggregate principal amount of the Notes
      then outstanding voting as a single class.

     

    Without
      the consent of each Holder, an amendment or waiver under this Section 8.02
      may
      not (with respect to any Notes held by a non-consenting Holder):

     

    (a) reduce
      the principal of any Note; 

     

    (b) extend
      the Maturity Date of any Note; or

     

    (c) amend
      the
      provisions of Section 9.01 hereof in a manner which adversely affects the legal
      rights thereunder of any such non-consenting Holder.

     

    The
      Company may, but shall not be obligated to, fix a record date for the purpose
      of
      determining the Persons entitled to consent to any supplemental indenture.
      If a
      record date is fixed, the Holders on such record date, or their duly designated
      proxies, and only such Persons, shall be entitled to consent to such
      supplemental indenture, whether or not such Holders remain Holders after such
      record date; provided
      that
      unless such consent shall have become effective by virtue of the requisite
      percentage having been obtained prior to the date which is 120 days after such
      record date, any such consent previously given shall automatically and without
      further action by any Holder be cancelled and of no further effect.

     

    It
      shall
      not be necessary for the consent of the Holders under this Section 8.02 to
      approve the particular form of any proposed amendment or waiver, but it shall
      be
      sufficient if such consent approves the substance thereof.

     

    After
      an
      amendment, supplement or waiver under this Section 8.02 becomes effective,
      the
      Company shall mail to the Holder of each Note affected thereby to such Holder’s
      address appearing in the Security Register a notice briefly describing the
      amendment, supplement or waiver. Any failure of the Company to mail such notice,
      or any defect therein, shall not, however, in any way impair or affect the
      validity of any such amended or supplemental indenture or waiver.

     

    
      
        
        

      

      
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    Section
      8.03. Compliance
      with Trust Indenture Act.

     

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

     

    Section
      8.04. Revocation
      and Effect of Consents.

     

    Until
      an
      amendment, supplement or waiver becomes effective, a consent to it by a Holder
      is a continuing consent by the Holder of a Note and every subsequent Holder
      of a
      Note or portion thereof that evidences the same debt as the consenting Holder’s
      Note, even if notation of the consent is not made on any Note. However, any
      such
      Holder or subsequent Holder may revoke the consent as to its Note or portion
      thereof if the Trustee receives written notice of revocation before the date
      the
      waiver, supplement or amendment becomes effective. An amendment, supplement
      or
      waiver shall become effective in accordance with its terms and thereafter shall
      bind every Holder.

     

    Section
      8.05. Notation
      on or Exchange of Notes.

     

    The
      Trustee may place an appropriate notation about an amendment, supplement or
      waiver on any Note thereafter authenticated.  The Company in exchange for
      all Notes may issue and, upon receipt of an Authentication Order in accordance
      with Section 2.02 hereof, the Trustee shall authenticate new Notes that reflect
      the amendment, supplement or waiver.

     

    Failure
      to make the appropriate notation or issue a new Note shall not affect the
      validity and effect of such amendment, supplement or waiver.

     

    Section
      8.06. Trustee
      to Sign Amendments, etc.

     

    The
      Trustee shall sign any amended or supplemental indenture authorized pursuant
      to
      this Article 8 if the amendment or supplement does not adversely affect the
      rights, duties, liabilities or immunities of the Trustee.  The Company may
      not sign an amendment or supplemental indenture until its Board of Directors
      (or
      committee serving a similar function) approves it. In executing any amended
      or
      supplemental indenture, the Trustee shall be entitled to receive and (subject
      to
      Section 5.02 hereof) shall be fully protected in relying upon an Officers’
Certificate and an Opinion of Counsel stating that the execution of such amended
      or supplemental indenture is authorized or permitted by this Indenture and
      that
      such amended or supplemental indenture is the legal, valid and binding
      obligations of the Company, enforceable against it in accordance with its terms,
      subject to customary exceptions, and that such amended or supplemental indenture
      complies with the provisions hereof (including Section 8.03).

     

    ARTICLE
      9.

     

    REDEMPTION
      OF NOTES

     

    Section
      9.01. Mandatory
      Redemption.

     

    In
      the
      event and on each occasion that any Released Escrow Amount is released from
      the
      Verizon Escrow Account and is subject to the Instruction Letter, on the tenth
      Business Day after such release, subject to Section 3.08 hereof, the Company
      shall redeem Notes in an amount equal to the aggregate amount of such Released
      Escrow Amount.

     

    
      
        
        

      

      
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    Section
      9.02. Notice
      to Trustee.

     

    (a) In
      case
      of any redemption of the Notes, the Company shall, at least 60 days prior to
      the
      Redemption Date fixed by the Company (unless a shorter notice shall be
      satisfactory to the Trustee), notify the Trustee in writing of such Redemption
      Date and of the principal amount of Notes to be redeemed.

     

    (b) The
      Company shall provide, concurrently with its notice or communication pursuant
      to
      the Verizon Escrow Account regarding the release of any funds that constitute
      the Released Escrow Amount and/or the Tax Distribution Amount, to the Trustee
      copies of any such notice or communication and a written notification of such
      release (including the amount of funds released).

     

    (c) The
      Company shall provide reasonable notice in writing to the Trustee of the Verizon
      Escrow Termination Date.

     

    Section
      9.03. Selection
      by Trustee of Notes to Be Redeemed.

     

    If
      less
      than all of the Notes are to be redeemed at any time, selection of Notes for
      redemption will be made by the Trustee (i) in compliance with the requirements
      of the principal national securities exchange, if any, on which the Notes are
      listed or (ii) if the Notes are not so listed, (A) on a pro rata basis or (B)
      if
      all of the Notes are represented by a Global Note, and if selection on a pro
      rata basis would be inconsistent with the Applicable Procedures, then in
      accordance with the Applicable Procedures from among those Notes that are
      outstanding and not previously called for redemption. The portions of the
      principal of Notes so selected for partial redemption shall be equal to $1.00
      or
      an integral multiple thereof. 

     

    The
      Trustee shall promptly notify the Company and each Note Registrar in writing
      of
      the Notes selected for redemption and, in the case of any Notes selected for
      partial redemption, the principal amount thereof to be redeemed.

     

    For
      all
      purposes of this Indenture, unless the context otherwise requires, all
      provisions relating to the redemption of Notes shall relate, in the case of
      any
      Notes redeemed or to be redeemed only in part, to the portion of the principal
      amount of such Notes which has been or is to be redeemed.

     

    Section
      9.04. Notice
      of Redemption.

     

    Notice
      of
      redemption shall be given by first-class mail, postage prepaid, mailed not
      less
      than 30 days prior to the Redemption Date, to each Holder of Notes to be
      redeemed, at such Holder’s address appearing in the Note Register.

     

    All
      notices of redemption shall identify the Notes to be redeemed (including CUSIP
      numbers) and shall state:

     

    (A) the
      Redemption Date,

     

    (B) the
      Redemption Price, which shall, in each case, be the principal amount of the
      Notes to be redeemed,

     

    (C) if
      less
      than all the outstanding Notes are to be redeemed, the identification (and,
      in
      the case of partial redemption of any Notes, the principal amounts) of the
      particular Notes to be redeemed,

     

    (D) that
      on
      the Redemption Date the Redemption Price will become due and payable upon each
      such Note to be redeemed, and 

     

    
      
        
        

      

      
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    (E) the
      place
      or places where such Notes are to be surrendered for payment of the Redemption
      Price.

     

    Notice
      of
      redemption of Notes to be redeemed shall be given by the Company or, at the
      Company’s request and at its expense, by the Trustee in the name of the
      Company.

     

    Section
      9.05. Notes
      Payable on Redemption Date.

     

    Notice
      of
      redemption having been given as aforesaid, the Notes so to be redeemed shall,
      on
      the Redemption Date, become due and payable at the Redemption Price therein
      specified. Upon surrender of any such Note for redemption in accordance with
      said notice, such Note shall be paid by the Trustee, solely from the funds
      held
      in the Notes Escrow Account, at the Redemption Price. Upon payment of the
      Redemption Price for any Note, the Trustee shall cancel such Note in accordance
      with Section 2.11, whereupon such Note shall be null, void and of no
      effect.

     

    Section
      9.06. Notes
      Redeemed in Part.

     

    Any
      Note
      which is to be redeemed only in part shall be surrendered at an office or agency
      maintained by the Company for that purpose pursuant to Section 3.04 (with,
      if
      the Company or the Trustee so requires, due endorsement by, or a written
      instrument of transfer in form satisfactory to the Company and the Trustee
      duly
      executed by, the Holder thereof or such Holder’s attorney duly authorized in
      writing), and the Company shall execute, and the Trustee shall authenticate
      and
      deliver to the Holder of such Note, without service charge to the Holder, a
      new
      Note or Notes, of any authorized denomination as requested by such Holder,
      in
      aggregate principal amount equal to and in exchange for the unredeemed portion
      of the principal of the Note so surrendered.

     

    ARTICLE
      10.

     

    COLLATERAL
      AND SECURITY

     

    Section
      10.01. Pledge,
      Assignment and Security Agreement.

     

    The
      due
      and punctual payment of the principal of the Notes, when and as the same shall
      be due and payable, are secured as provided in the Pledge, Assignment and
      Security Agreement which the Company has entered into simultaneously with the
      execution of this Indenture and which is attached as Exhibit C hereto. Each
      Holder, by its acceptance thereof, consents and agrees to the terms of the
      Pledge, Assignment and Security Agreement (including, without limitation, the
      provisions providing for foreclosure of Collateral) as the same may be in effect
      or may be amended from time to time in accordance with its terms and authorizes
      and directs the Trustee to enter into the Pledge, Assignment and Security
      Agreement and to perform its obligations and exercise its rights thereunder
      in
      accordance therewith. The Company will do or cause to be done all such acts
      and
      things as may be necessary or proper, or as may be required by the provisions
      of
      the Pledge, Assignment and Security Agreement, to assure and confirm to the
      Trustee the security interest in the Collateral contemplated hereby, by the
      Pledge, Assignment and Security Agreement or any part thereof, as from time
      to
      time constituted, so as to render the same available for the security and
      benefit of this Indenture and of the Notes secured hereby, according to the
      intent and purposes herein expressed. The Company will take, and will cause
      its
      Subsidiaries to take any and all actions reasonably required to cause the
      Pledge, Assignment and Security Agreement to create and maintain, as security
      for the Obligations, a valid and enforceable perfected first priority lien
      in
      and on all the Collateral, in favor of the Trustee for the benefit of itself
      and
      the Holders, superior to and prior to the rights of all third Persons and
      subject to no other liens.

     

    
      
        
        

      

      
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    Section
      10.02. Recording
      and Opinions

     

    The
      Company will furnish to the Trustee on the 13th day of April of each year
      beginning with April 13, 2006, an Opinion of Counsel, dated as of such date,
      stating that, in the opinion of such counsel, either:

     

    (a) action
      has been taken with respect to the recording, registering, filing, re-recording,
      re-registering and re-filing of all supplemental indentures, financing
      statements, continuation statements or other instruments of further assurance
      as
      is necessary to maintain the lien of the Pledge, Assignment and Security
      Agreement and reciting with respect to the security interest in the Collateral
      the details of such action or referring to prior Opinions of Counsel in which
      such details are given, and based on relevant laws as in effect on the date
      of
      such Opinion of Counsel, all financing statements and continuation statements
      have been executed and filed that are necessary as of such date and during
      the
      succeeding 12 months fully to preserve and protect, to the extent such
      protection and preservation are possible by filing, the rights of the Holders
      and the Trustee hereunder and under the Pledge, Assignment and Security
      Agreement with respect to the security interest in the Collateral;
      or

     

    (b) no
      such
      action is necessary to maintain such lien and assignment.

     

    The
      Company will otherwise comply with the provisions of TIA Section
      314(b).

     

    Section
      10.03. Authorization
      of Actions to Be Taken by the Trustee Under the Security
 Agreement.

     

    Subject
      to the provisions of Section 5.01 and 5.02 hereof, the Trustee may, in its
      sole
      discretion and without the consent of the Holders, take, on behalf of the
      Holders, all actions it deems necessary or appropriate in order to:

     

    (a) enforce
      any of the terms of the Pledge, Assignment and Security Agreement; and

     

    (b) collect
      and receive any and all amounts payable in respect of the
      Obligations.

     

    The
      Trustee will have power to institute and maintain such suits and proceedings
      as
      it may deem expedient to prevent any impairment of the Collateral by any acts
      that may be unlawful or in violation of the Pledge, Assignment and Security
      Agreement or this Indenture, and such suits and proceedings as the Trustee
      may
      deem expedient to preserve or protect its interests and the interests of the
      Holders in the Collateral (including power to institute and maintain suits
      or
      proceedings to restrain the enforcement of or compliance with any legislative
      or
      other governmental enactment, rule or order that may be unconstitutional or
      otherwise invalid if the enforcement of, or compliance with, such enactment,
      rule or order would impair the security interest hereunder or be prejudicial
      to
      the interests of the Holders or of the Trustee).

     

    Section
      10.04. Authorization
      of Receipt of Funds by the Trustee Under the Pledge and
 Assignment
      Agreement.

     

    The
      Trustee is authorized to receive any funds for the benefit of the Holders
      distributed under the Pledge, Assignment and Security Agreement, and to make
      further distributions of such funds to the Holders according to the provisions
      of this Indenture.

     

    Section
      10.05. Termination
      of Security Interest.

     

    Upon
      the
      indefeasible payment in full and discharge of all Obligations of the Company
      under this Indenture, the Notes and the other Notes Escrow Documents, the
      Trustee will, at the request and expense of the Company, release the liens
      pursuant to this Indenture and the Pledge, Assignment and Security
      Agreement.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      11.

     

    SATISFACTION
      AND DISCHARGE

     

    Section
      11.01. Satisfaction
      and Discharge.

     

    Subject
      to the penultimate paragraph of Section 5.06 hereof, this Indenture shall be
      discharged and shall cease to be of further effect as to all Notes issued
      hereunder, when either:

     

    (i) all
      Notes
      that have been previously authenticated and delivered (except lost, stolen
      or
      destroyed Notes that have been replaced or paid) have been delivered to the
      Trustee for cancellation; or

     

    (ii) all
      Notes
      that have not been previously delivered to the Trustee for cancellation have
      become due and payable or cancelled by their terms, and the Pledge, Assignment
      and Security Agreement is in full force and effect, the Verizon Escrow
      Termination Date has occurred, the Company is not in breach of its obligations
      under Sections 3.02 and 3.03 hereof, and any and all funds in the Notes Escrow
      Account have been paid in accordance with Sections 3.08 or 4.09 hereof, as
      applicable; and

     

    in
      the
      case of either clause (i) or (ii), the Company shall have delivered to the
      Trustee an Officers’ Certificate and Opinion of Counsel stating that all
      conditions precedent relating to the satisfaction and discharge of this
      Indenture have been satisfied.

     

    Section
      11.02. Deposited
      Cash and U.S. Government Securities to be Held in Trust;
      Other

     

    Miscellaneous
      Provisions

     

    All
      cash
      and non-callable U.S. Government Securities (including the proceeds thereof)
      deposited with the Trustee (or other qualifying trustee, collectively for
      purposes of this Section 11.02, the “Trustee”) in respect of the outstanding
      Notes shall be held in trust and applied by the Trustee, in accordance with
      the
      provisions of such Notes and this Indenture, to the payment, either directly
      or
      through any Paying Agent as the Trustee may determine, to the Holders of such
      Notes of all sums due and to become due thereon in respect of principal, but
      such cash and securities need not be segregated from other funds except to
      the
      extent required by law.

     

    ARTICLE
      12.

     

    NON-RECOURSE
      OBLIGATION

     

    Section
      12.01. Non-Recourse

     

    (a) THE
      NOTES CONVEY TO EACH HOLDER A DIRECT BENEFICIAL INTEREST IN THE COLLATERAL,
      SUBJECT TO THE TERMS AND CONDITIONS SET FORTH AND DESCRIBED MORE FULLY IN THIS
      INDENTURE AND THE PLEDGE, ASSIGNMENT AND SECURITY AGREEMENT. EACH HOLDER OF
      NOTES, BY ACCEPTING A NOTE, ACKNOWLEDGES THAT THE NOTES ARE NON-RECOURSE NOTES
      AND THAT A HOLDER’S SOLE RECOURSE FOR ANY OBLIGATIONS SHALL BE LIMITED TO THE
      COLLATERAL, SUBJECT TO THE EXCEPTIONS SET FORTH BELOW. NO HOLDER SHALL HAVE
      RECOURSE AGAINST (1) NEXTWAVE WIRELESS LLC OR ITS ASSETS OR ITS AFFILIATES,
      EXCEPT TO THE EXTENT THAT NEXTWAVE WIRELESS LLC RECEIVES ANY PORTION OF THE
      COLLATERAL OR OTHERWISE DOES NOT COMPLY WITH ANY OF THE NOTES ESCROW DOCUMENTS
      (FOR THE AVOIDANCE OF DOUBT, IT BEING UNDERSTOOD THAT NEXTWAVE WIRELESS LLC
      SHALL NOT BE DEEMED TO BE IN SUCH NONCOMPLIANCE DUE TO ITS FAILURE TO PAY THE
      NOTES ON THE MATURITY DATE FROM ANY OF ITS ASSETS, OTHER THAN THE COLLATERAL),
      OR (2) ANY OF THE OTHER REORGANIZED DEBTORS (AS DEFINED IN THE PLAN), VERIZON
      WIRELESS, AIRTOUCH CELLULAR, OR ANY OF THEIR RESPECTIVE AFFILIATES, OR THE
      VERIZON ESCROW ACCOUNT, IN EACH CASE FOR PAYMENT OF ANY AMOUNTS UNDER THE NOTES.
      ANY CLAIMS UNDER THE NOTES (EXCEPT AS DESCRIBED IN THE IMMEDIATELY PRECEDING
      SENTENCE WITH RESPECT TO NEXTWAVE WIRELESS LLC) WILL ONLY BE SATISFIED OUT
      OF
      THE COLLATERAL.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    (b) No
      past,
      present or future director, officer, employee, incorporator, stockholder,
      organizer or member of the Company shall have any liability for any Obligations
      under the Notes or this Indenture for any claim based on, in respect of, or
      by
      reason of, such Obligations or their creation. Each Holder of Notes by accepting
      a Note waives and releases all such liability. The waiver and release are part
      of the consideration for issuance of the Notes. The waiver or release may not
      be
      effective to waive or release liabilities under the federal securities
      laws.

     

    Section
      12.02. Acknowledgement
      of the Security Interest of Verizon Wireless and AirTouch
      Cellular

     

    Following
      the Issue Date, the Verizon Escrow Account shall remain subject to the
      first-priority security interest held by Verizon Wireless and AirTouch Cellular
      pursuant to the Verizon/NextWave Security Agreement and the Verizon/Trustee
      Security Agreement. Each Holder of Notes by accepting a Note acknowledges and
      affirms such security interest. The Trustee is hereby authorized and directed
      to
      grant, on behalf of itself and the Holders, a first-priority security interest
      in the Verizon Escrow Account to Verizon Wireless and AirTouch Cellular and
      to
      execute, deliver and perform all obligations under the Verizon/Trustee Security
      Agreement and to take all actions contemplated thereby. The Trustee is not
      authorized to grant, on behalf of itself or any Holder, a security interest
      in
      any “Collateral” (as defined in the Verizon/Trustee Security Agreement) or to
      authorize the filing of any financing statement covering such “Collateral”,
      except, in each case, pursuant to the Verizon/Trustee Security
      Agreement.

     

    Section
      12.03. No
      Rights in Verizon Escrow Account

     

    Following
      the Issue Date, the Company shall continue to exercise all of its rights and
      privileges under the Verizon Escrow Agreement solely for the benefit of the
      Holders, and the Holders shall have no power to exercise such rights and
      privileges.

     

    ARTICLE
      13.

     

    MISCELLANEOUS

     

    Section
      13.01. Trust
      Indenture Act Controls.

     

    If
      any
      provision of this Indenture limits, qualifies or conflicts with another
      provision which is required to be included in this Indenture by the TIA, the
      provision required by the TIA shall control.

     

    Section
      13.02. Notices.

     

    Any
      notice or communication by the Company or the Trustee to the other is duly
      given
      if in writing and delivered in person or mailed by first class mail, registered
      or certified mail (return receipt requested), facsimile transmission or
      overnight air courier guaranteeing next-day delivery, to the other’s
      address:

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    If
      to the
      Company:

    

    NextWave
      Wireless LLC

    411
      West
      Putnam Avenue

    Greenwich,
      CT 06830

    

    Attention:
      Frank Cassou, Esq.

    

    Facsimile
      No.: (203) 422-2645

    

    If
      to the
      Trustee:

    

    JPMorgan
      Chase Bank, N.A.

    4
      New
      York Plaza, 15th Floor

    New
      York,
      NY 10004

    

    Attention:
      Institutional Trust Services

    

    Facsimile
      No.: (212) 623-6167

    

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

     

    All
      notices and communications (other than those sent to the Trustee or Holders)
      shall be deemed to have been duly given: at the time delivered by hand, if
      personally delivered; five Business Days after being deposited in the mail,
      postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile
      transmission; and the next Business Day after timely delivery to the courier,
      if
      sent by overnight air courier guaranteeing next-day delivery. All notices and
      communications to the Trustee shall be deemed duly given and effective only
      upon
      receipt.

     

    Any
      notice or communication to a Holder shall be mailed by first class mail to
      its
      address shown on the Security Register.  Any notice or communication shall
      also be so mailed to any Person described in TIA Section 313(c), to the
      extent required by the TIA. Failure to mail a notice or communication to a
      Holder or any defect in it shall not affect its sufficiency with respect to
      other Holders. If a notice or communication is mailed in the manner provided
      above within the time prescribed, it is duly given, whether or not the addressee
      receives it.

     

    If
      the
      Company mails a notice or communication to Holders, it shall mail a copy to
      the
      Trustee and each Agent at the same time.

     

    Section
      13.03. Communication
      by Holders of Notes with Other Holders of Notes.

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    Section
      13.04. Certificate
      and Opinion as to Conditions Precedent.

     

    Upon
      any
      request or application by the Company to the Trustee to take any action under
      any provision of this Indenture or any of the other Notes Escrow Documents,
      the
      Company shall furnish to the Trustee:

     

    (a) an
      Officers’ Certificate (which shall include the statements set forth in Section
      13.05 hereof) stating that, in the opinion of the signers, all conditions
      precedent, if any, provided for in this Indenture and in any of the other
      applicable Notes Escrow Documents relating to the proposed action have been
      complied with; and

     

    (b) an
      Opinion of Counsel (which shall include the statements set forth in Section
      13.05 hereof) stating that, in the opinion of such counsel, all such conditions
      precedent have been complied with.

     

    Section
      13.05. Statements
      Required in Certificate or Opinion.

     

    Each
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture or any of the other Notes Escrow Documents (other
      than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply
      with
      the provisions of TIA Section 314(e) and shall include:

     

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

     

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

     

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

     

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

     

    With
      respect to matters of fact, an Opinion of Counsel may rely on an Officers’
Certificate, certificates of public officials or reports or opinions of
      experts.

     

    Section
      13.06. Rules
      by Trustee and Agents.

     

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

     

    Section
      13.07. Tax
      Treatment

     

    For
      Federal income tax purposes, absent a contrary determination by the Internal
      Revenue Service or a court of competent jurisdiction, the Notes shall be treated
      as evidencing a direct beneficial interest by the Holders in the Verizon Escrow
      Amount to which the Company is entitled pursuant to the Verizon Escrow
      Agreement, and the Holders shall be treated as direct owners of the Company’s
      entitlement to the Verizon Escrow Amount (rather than the Company). The Company
      and the Holders shall report consistent therewith for tax purposes, including,
      to the extent permitted by applicable law, for state and local income tax
      purposes.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    Section
      13.08. Governing
      Law; Waiver of Jury Trial.

     

    THE
      INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
      THIS
      INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
      CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
      JURISDICTION WOULD BE REQUIRED THEREBY.

     

    EACH
      PARTY HERETO AND EACH HOLDER, BY ITS ACCEPTANCE OF A SECURITY, HEREBY WAIVES,
      TO
      THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
      TRIAL
      BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF,
      UNDER OR IN CONNECTION WITH THIS INDENTURE, THE OTHER NOTES ESCROW DOCUMENTS
      OR
      THE SECURITIES.

     

    Section
      13.09. No
      Adverse Interpretation of Other Agreements.

     

    This
      Indenture may not be used to interpret any other indenture, loan or debt
      agreement of the Company or its Subsidiaries or of any other Person.  Any
      such indenture, loan or debt agreement may not be used to interpret this
      Indenture.

     

    Section
      13.10. Successors.

     

    All
      covenants and agreements of the Company in this Indenture and the Notes shall
      bind its successors.  

     

    Section
      13.11. Severability.

     

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

     

    Section
      13.12. Counterpart
      Originals.

     

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

     

    Section
      13.13. Table
      of Contents, Headings, etc.

     

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

     

    [Signatures
      on following page]

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    

    SIGNATURES

    

    

    Dated
      as
      of April 13, 2005

    Company:

     

    NEXTWAVE
      WIRELESS LLC

     

    By:_________________________________

    Name:

    Title:

     

     

    
      SIGNATURE
        PAGE FOR THE INDENTURE, DATED AS OF APRIL 13, 2005, BY AND BETWEEN NEXTWAVE
        WIRELESS LLC AND JPMORGAN CHASE BANK, N.A.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Trustee:

     

    JPMORGAN
      CHASE BANK, N.A.

     

    By:_______________________________

    Name:

    Title:

     

     

    
      SIGNATURE
        PAGE FOR THE INDENTURE, DATED AS OF APRIL 13, 2005, BY AND BETWEEN NEXTWAVE
        WIRELESS LLC AND JPMORGAN CHASE BANK, N.A.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    
      

      

    

     (Face
      of
      Note)

     

    ZERO
      COUPON NON-RECOURSE SECURED NOTES DUE 2055

     

     

    CUSIP
      65337P
      AA9

    
      
        	 	 
	
                No. ____

              	
                $_____________

              

      

    

     

    NEXTWAVE
      WIRELESS LLC

     

    promises
      to pay to [______________] or registered assigns, the principal sum of
      _________________ Dollars ($______________) on April 13, 2055.

     

    Dated:
      April 13, 2005.

     

     

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

     

     

    NEXTWAVE
      WIRELESS LLC

     

    By:______________________________

    Name:

    Title:

     

    

    

    

    

    

    This
      is
      one of the [Global] Notes 

    referred
      to in the

    within-mentioned
      Indenture:

    

    JPMORGAN
      CHASE BANK, N.A.,

    as
      Trustee

    

    By:___________________________

    Authorized
      Officer

    

    Dated:
      April 13, 2005

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    

    (Back
      of
      Note)

     

    ZERO
      COUPON NON-RECOURSE SECURED NOTES DUE 2055

     

    [Insert
      the Global Note Legend, if applicable pursuant to the terms of the
      Indenture]

    

    Capitalized
      terms used herein shall have the meanings assigned to them in the Indenture
      referred to below unless otherwise indicated.

     

    
      	
              1.

            	
              Method
                of Payment. 
                The Notes shall be payable as to principal only at the office or
                agency of
                the Paying Agent maintained for such purpose.

            

    

     

    
      	
              2.

            	
              Paying
                Agent and Registrar.  
                JPMorgan Chase Bank, N.A., the Trustee under the Indenture, shall
                act as
                Paying Agent and Registrar.  Neither the Company nor any of its
                Subsidiaries shall act in any such
                capacity.

            

    

     

    
      	
              3.

            	
              Indenture.
                The Company issued the Notes under an Indenture dated as of April
                13, 2005
                (“Indenture”)
                between the Company and the Trustee.  The terms of the Notes include
                those stated in the Indenture and those made part of the Indenture
                by
                reference to the Trust Indenture Act of 1939, as amended.  The Notes
                are subject to all such terms, and Holders are referred to the Indenture
                and such Act for a statement of such terms.  To the extent any
                provision of this Note conflicts with the express provisions of the
                Indenture, the provisions of the Indenture shall govern and be
                controlling. 

            

    

     

    
      	
              4.

            	
              Denominations,
                Transfer, Exchange. 
                The Notes are in registered form without coupons in denominations
                of $1.00
                and integral multiples thereof.  The transfer of Notes may be
                registered and Notes may be exchanged as provided in the Indenture. 
                The Registrar and the Trustee may require a Holder, among other things,
                to
                furnish appropriate endorsements and transfer documents and the Company
                may require a Holder to pay any taxes and fees required by law or
                permitted by the Indenture.  The Company need not exchange or
                register the transfer of any Note or portion of a Note selected for
                redemption, except for the unredeemed portion of any Note being redeemed
                in part.  Also, the Company need not exchange or register the
                transfer of any Notes for a period of 15 days before the mailing
                of a
                notice of redemption of Notes to be
                redeemed.

            

    

     

    
      	
              5.

            	
              Persons
                Deemed Owners. 
                The registered Holder of a Note may be treated as its owner for all
                purposes.

            

    

     

    
      	
              6.

            	
              Amendment,
                Supplement and Waiver. 
                Subject to certain exceptions, the Company and the Trustee may amend
                or
                supplement the Indenture or the Notes with the consent of the Holders
                of a
                majority in principal amount of the then outstanding Notes voting
                as a
                single class. Without the consent of any Holder, the Company and
                the
                Trustee may amend or supplement the Indenture or the Notes to cure
                any
                ambiguity, omission, defect or inconsistency, to provide for the
                assumption by a successor corporation, partnership or limited liability
                company of the obligations of the Company under the Indenture, to
                provide
                for uncertificated Notes in addition to certificated Notes, to further
                secure the Notes, to add to the covenants of the Company for the
                benefit
                of the Holders of the Notes or to surrender any right or power conferred
                upon the Company, to make any change that would provide any additional
                rights or benefits to the Holders of Notes or that does not materially
                adversely affect the legal rights under the Indenture of any such
                Holder,
                to make any change to comply with any requirement of the Commission
                in
                order to effect or maintain the qualification of the Indenture under
                the
                TIA.

            

    

     

    
      	
              7.

            	
              Trustee
                Dealings with Company.
                Subject to certain limitations, the Trustee in its individual or
                any other
                capacity may become the owner or pledgee of Notes and may otherwise deal
                with the Company or any affiliate of the Company with the same rights
                it
                would have if it were not the
                Trustee.

            

    

     

    
      	
              8.

            	
              Non-Recourse.  

            

    

     

    THE
      NOTES CONVEY TO EACH HOLDER A DIRECT BENEFICIAL INTEREST IN THE COLLATERAL,
      SUBJECT TO THE TERMS AND CONDITIONS SET FORTH AND DESCRIBED MORE FULLY IN THIS
      INDENTURE AND THE PLEDGE, ASSIGNMENT AND SECURITY AGREEMENT. EACH HOLDER OF
      NOTES, BY ACCEPTING A NOTE, ACKNOWLEDGES THAT THE NOTES ARE NON-RECOURSE NOTES
      AND THAT A HOLDER’S SOLE RECOURSE FOR ANY OBLIGATIONS SHALL BE LIMITED TO THE
      COLLATERAL, SUBJECT TO THE EXCEPTIONS SET FORTH BELOW. NO HOLDER SHALL HAVE
      RECOURSE AGAINST (1) NEXTWAVE WIRELESS LLC OR ITS ASSETS OR ITS AFFILIATES,
      EXCEPT TO THE EXTENT THAT NEXTWAVE WIRELESS LLC RECEIVES ANY PORTION OF THE
      COLLATERAL OR OTHERWISE DOES NOT COMPLY WITH ANY OF THE NOTES ESCROW DOCUMENTS
      (FOR THE AVOIDANCE OF DOUBT, IT BEING UNDERSTOOD THAT NEXTWAVE WIRELESS LLC
      SHALL NOT BE DEEMED TO BE IN SUCH NONCOMPLIANCE DUE TO ITS FAILURE TO PAY THE
      NOTES ON THE MATURITY DATE FROM ANY OF ITS ASSETS, OTHER THAN THE COLLATERAL),
      OR (2) ANY OF THE OTHER REORGANIZED DEBTORS (AS DEFINED IN THE PLAN), VERIZON
      WIRELESS, AIRTOUCH CELLULAR, OR ANY OF THEIR RESPECTIVE AFFILIATES, OR THE
      VERIZON ESCROW ACCOUNT, IN EACH CASE FOR PAYMENT OF ANY AMOUNTS UNDER THE NOTES.
      ANY CLAIMS UNDER THE NOTES (EXCEPT AS DESCRIBED IN THE IMMEDIATELY PRECEDING
      SENTENCE WITH RESPECT TO NEXTWAVE WIRELESS LLC) WILL ONLY BE SATISFIED OUT
      OF
      THE COLLATERAL.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    No
      past,
      present or future director, officer, employee, incorporator, stockholder,
      organizer or member of the Company, shall have any liability for any obligations
      of the Company under the Indenture, the Notes or for any claim based on, in
      respect of, or by reason of, such obligations or their creation.  Each
      Holder by accepting a Note waives and releases all such liability.

     

    
      	
              9.

            	
              Mandatory
                Redemption.
                In
                the event and on each occasion that any Released Escrow Amount is
                released
                from the Verizon Escrow Account and is subject to the Instruction
                Letter,
                on the tenth Business Day after such release, subject to Section
                3.08 of
                the Indenture, the Company shall redeem Notes in an amount equal
                to the
                aggregate amount of such Released Escrow
                Amount.

            

    

     

    
      	
              10.

            	
              Notice
                of Redemption.
                Notice of redemption shall be mailed at least 30 days before the
                redemption date to each Holder whose Notes are to be redeemed at
                its
                registered address.  

            

    

     

    
      	
              11.

            	
              Cancellation.
                Upon the occurrence of the Cancellation Date, this Note shall be
                null,
                void and of no effect, and shall be surrendered to the Trustee for
                cancellation in accordance with Section 2.11 of the
                Indenture.

            

    

     

    
      	
              12.

            	
              Tax
                Treatment.
                For Federal income tax purposes, absent a contrary determination
                by the
                Internal Revenue Service or a court of competent jurisdiction, the
                Notes
                shall be treated as evidencing a direct beneficial interest by the
                Holders
                in the Verizon Escrow Amount to which the Company is entitled pursuant
                to
                the Verizon Escrow Agreement, and the Holders shall be treated as
                direct
                owners of the Company’s entitlement to the Verizon Escrow Amount (rather
                than the Company). The Company, the Trustee and the Holders shall
                report
                consistent therewith for tax purposes, including, to the extent permitted
                by applicable law, for state and local income tax
                purposes.

            

    

     

    
      	
              13.

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

            

    

     

    
      	
              14.

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

            

    

     

    
      	
              15.

            	
              Governing
                Law.
                The internal law of the State of New York shall govern and be used
                to
                construe this Note without giving effect to applicable principals
                of
                conflicts of law to the extent that the application of the laws of
                another
                jurisdiction would be required
                thereby.

            

    

     

    
      	
              16.

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

            

    

     

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

     

    NextWave
      Wireless LLC

    411
      West
      Putnam Avenue

    Greenwich,
      CT 06830

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    Assignment
      Form

     

    To
      assign
      this Note, fill in the form below: 

     

    (I)
      or
      (we) assign and transfer this Note to

     

    
      
        

      

    

    (Insert
      assignee’s social security or other tax I.D. no.)

     

     

      
        

      

    

     

      
        

      

    

     

      
        

      

    

     

    
      
        

      

    

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

    

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

    

    Date:
      ______________

    Your
      Signature:__________________________________

    (Sign
      exactly as your name appears on the face of this Note)

     

    Signature
      Guarantee:______________________________

     

    

     

    SIGNATURE
      GUARANTEE

     

    Signatures
      must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    The
      following exchanges of a part of this Global Note for an interest in another
      Global Note or for a Definitive Note, or exchanges of a part of another Global
      Note or Definitive Note for an interest in this Global Note, have been
      made:

     

    
      	
              Date
                of Exchange

            	 	
              Amount
                of

              decrease
                in

              Principal
                Amount

              of
                this Global Note

            	 	
              Amount
                of increase

              in
                Principal Amount

              of
                this Global Note

            	 	
              Principal
                Amount

              of
                this Global Note

              following
                such

              decrease
                (or

              increase)

            	 	
              Signature
                of

              authorized
                signatory

              of
                Trustee or

              Note
                Custodian

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

     

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    

    CROSS-REFERENCE
      TABLE

     

    
      	
              TIA
                Section Reference

            	
              Indenture
                Section

            
	
              310(a)(1)

            	
              5.08

            
	
              (a)(2)

            	
              5.08

            
	
              (a)(3)

            	
              5.13

            
	
              (a)(4)

            	
              N.A.

            
	
              (a)(5)

            	
              5.08

            
	
              (b)

            	
              5.07

            
	
              (c)

            	
              N.A.

            
	
              311(a)

            	
              5.12

            
	
              (b)

            	
              5.12

            
	
              (c)

            	
              N.A

            
	
              312(a)

            	
              6.02

            
	
              (b)

            	
              6.02;
                13.03

            
	
              (c)

            	
              13.03

            
	
              313(a)

            	
              6.03

            
	
              (b)

            	
              N.A.

            
	
              (c)

            	
              6.03;
                13.02

            
	
              (d)

            	
              6.03

            
	
              314(a)

            	
              3.05

            
	
              (b)

            	
              10.02

            
	
              (c)(1)
                and (2)

            	
              11.01;
                13.04

            
	
              (c)(3)

            	
              N.A.

            
	
              (d)

            	
              N.A.

            
	
              (e)

            	
              13.05

            
	
              315(a)

            	
              5.01;
                5.02

            
	
              (b)

            	
              5.14

            
	
              (c)

            	
              5.01

            
	
              (d)

            	
              5.01

            
	
              (e)

            	
              4.10

            
	
              3.16(a)(1)(A)

            	
              4.04

            
	
              3.16(a)(1)(B)
                

            	
              4.03

            
	
              (a)(2)
                

            	
              N.A.

            
	
              (b)

            	
              4.06

            
	
              (c)
                

            	
              2.12

            
	
              317(a)(1)

            	
              4.07

            
	
              (a)(2)
                

            	
              4.08

            
	
              (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 part
      of
      this Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    

    Page

    
      	
            	 	 
	
              ARTICLE
                1.

            	
              DEFINITIONS
                AND INCORPORATION BY REFERENCE

            	
              1

            
	 	 	 
	
              Section
                1.01.

            	
              Definitions

            	
              1

            
	
              Section
                1.02.

            	
              Other
                Definitions

            	
              6

            
	
              Section
                1.03.

            	
              Incorporation
                by Reference of Trust Indenture Act

            	
              6

            
	
              Section
                1.04.

            	
              Rules
                of Construction

            	
              6

            
	 	 	 
	
              ARTICLE
                2.

            	
              THE
                NOTES

            	
              7

            
	
              Section
                2.01.

            	
              Form
                and Dating

            	
              7

            
	
              Section
                2.02.

            	
              Execution
                and Authentication

            	
              8

            
	
              Section
                2.03.

            	
              Registrar
                and Paying Agent

            	
              9

            
	
              Section
                2.04.

            	
              Paying
                Agent to Hold Money in Trust

            	
              9

            
	
              Section
                2.05.

            	
              Transfer
                and Exchange

            	
              9

            
	
              Section
                2.06.

            	
              Legend

            	
              11

            
	
              Section
                2.07.

            	
              Replacement
                Notes

            	
              12

            
	
              Section
                2.08.

            	
              Outstanding
                Notes

            	
              12

            
	
              Section
                2.09.

            	
              Treasury
                Notes

            	
              13

            
	
              Section
                2.10.

            	
              Temporary
                Notes

            	
              13

            
	
              Section
                2.11.

            	
              Cancellation

            	
              13

            
	
              Section
                2.12.

            	
              Record
                Date

            	
              13

            
	
              Section
                2.13.

            	
              CUSIP
                Numbers

            	
              13

            
	 	 	 
	
              ARTICLE
                3.

            	
              COVENANTS

            	
              14

            
	
              Section
                3.01.

            	
              Payment
                of Notes

            	
              14

            
	
              Section
                3.02.

            	
              Delivery
                of Released Escrow Amount

            	
              14

            
	
              Section
                3.03.

            	
              Delivery
                and Payment of Tax Distribution Amounts

            	
              14

            
	
              Section
                3.04.

            	
              Maintenance
                of Office or Agency

            	
              14

            
	
              Section
                3.05.

            	
              Compliance
                Certificate; Reports

            	
              15

            
	
              Section
                3.06.

            	
              Stay,
                Extension and Usury Laws

            	
              15

            
	
              Section
                3.07.

            	
              Corporate
                Existence

            	
              15

            
	
              Section
                3.08.

            	
              Payment
                of Escrow Amounts

            	
              16

            
	 	 	 
	
              ARTICLE
                4.

            	
              DEFAULTS
                AND REMEDIES

            	
              16

            
	
              Section
                4.01.

            	
              Events
                of Default

            	
              16

            
	
              Section
                4.02.

            	
              Remedies

            	
              16

            
	
              Section
                4.03.

            	
              Waiver
                of Defaults

            	
              16

            
	
              Section
                4.04.

            	
              Control
                by Majority

            	
              17

            
	
              Section
                4.05.

            	
              Limitation
                on Suits

            	
              17

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    

      TABLE
        OF CONTENTS

      (continued)

      Page

       

    

    
      	
              Section
                4.06.

            	
              Rights
                of Holders to Receive Payment

            	
              17

            
	
              Section
                4.07.

            	
              Collection
                Suit by Trustee

            	
              17

            
	
              Section
                4.08.

            	
              Trustee
                May File Proofs of Claim

            	
              18

            
	
              Section
                4.09.

            	
              Priorities

            	
              18

            
	
              Section
                4.10.

            	
              Undertaking
                for Costs

            	
              18

            
	 	 	 
	
              ARTICLE
                5.

            	
              TRUSTEE

            	
              19

            
	
              Section
                5.01.

            	
              Certain
                Duties and Responsibilities

            	
              19

            
	
              Section
                5.02.

            	
              Certain
                Rights of Trustee

            	
              20

            
	
              Section
                5.03.

            	
              Not
                Responsible for Recitals or Issuance of Notes

            	
              21

            
	
              Section
                5.04.

            	
              May
                Hold Notes

            	
              22

            
	
              Section
                5.05.

            	
              Money
                Held in Trust

            	
              22

            
	
              Section
                5.06.

            	
              Compensation
                and Indemnity

            	
              22

            
	
              Section
                5.07.

            	
              Disqualification;
                Conflicting Interests

            	
              23

            
	
              Section
                5.08.

            	
              Corporate
                Trustee Required; Eligibility

            	
              23

            
	
              Section
                5.09.

            	
              Resignation
                and Removal; Appointment of Successor

            	
              23

            
	
              Section
                5.10.

            	
              Acceptance
                of Appointment by Successor

            	
              24

            
	
              Section
                5.11.

            	
              Merger,
                Conversion, Consolidation or Succession to Business

            	
              24

            
	
              Section
                5.12.

            	
              Preferential
                Collection of Claims Against Company

            	
              25

            
	
              Section
                5.13.

            	
              Appointment
                of Co-Trustee

            	
              25

            
	
              Section
                5.14.

            	
              Notice
                of Defaults

            	
              25

            
	 	 	 
	
              ARTICLE
                6.

            	
              HOLDERS’
                LISTS AND REPORTS BY TRUSTEE

            	
              26

            
	
              Section
                6.01.

            	
              Company
                to Furnish Trustee Names and Addresses of Holders

            	
              26

            
	
              Section
                6.02.

            	
              Preservation
                of Information; Communications to Holders

            	
              26

            
	
              Section
                6.03.

            	
              Reports
                by Trustee

            	
              26

            
	 	 	 
	
              ARTICLE
                7.

            	
              CONSOLIDATION,
                MERGER, CONVEYANCE, TRANSFER OR LEASE

            	
              27

            
	
              Section
                7.01.

            	
              Consolidation,
                Etc., Only on Certain Terms

            	
              27

            
	
              Section
                7.02.

            	
              Successor
                Substituted

            	
              27

            
	 	 	 
	
              ARTICLE
                8.

            	
              AMENDMENT,
                SUPPLEMENT AND WAIVER

            	
              27

            
	
              Section
                8.01.

            	
              Without
                Consent of Holders of Notes

            	
              27

            
	
              Section
                8.02.

            	
              With
                Consent of Holders of Notes

            	
              28

            
	
              Section
                8.03.

            	
              Compliance
                with Trust Indenture Act

            	
              29

            
	
              Section
                8.04.

            	
              Revocation
                and Effect of Consents

            	
              29

            
	
              Section
                8.05.

            	
              Notation
                on or Exchange of Notes

            	
              29

            
	
              Section
                8.06.

            	
              Trustee
                to Sign Amendments, etc.

            	
              29

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

      TABLE
        OF CONTENTS

      (continued)

      Page

    

    
      	 	 	 
	
              ARTICLE
                9.

            	
              REDEMPTION
                OF NOTES

            	
              29

            
	
              Section
                9.01.

            	
              Mandatory
                Redemption

            	
              29

            
	
              Section
                9.02.

            	
              Notice
                to Trustee

            	
              30

            
	
              Section
                9.03.

            	
              Selection
                by Trustee of Notes to Be Redeemed

            	
              30

            
	
              Section
                9.04.

            	
              Notice
                of Redemption

            	
              30

            
	
              Section
                9.05.

            	
              Notes
                Payable on Redemption Date

            	
              31

            
	
              Section
                9.06.

            	
              Notes
                Redeemed in Part

            	
              31

            
	 	 	 
	
              ARTICLE
                10.

            	
              COLLATERAL
                AND SECURITY

            	
              31

            
	
              Section
                10.01.

            	
              Pledge,
                Assignment and Security Agreement.

            	
              31

            
	
              Section
                10.02.

            	
              Recording
                and Opinions

            	
              32

            
	
              Section
                10.03.

            	
              Authorization
                of Actions to Be Taken by the Trustee Under the Security
                Agreement.

            	
              32

            
	
              Section
                10.04.

            	
              Authorization
                of Receipt of Funds by the Trustee Under the Pledge and Assignment
                Agreement.

            	
              32

            
	
              Section
                10.05.

            	
              Termination
                of Security Interest.

            	
              32

            
	 	 	 
	
              ARTICLE
                11.

            	
              SATISFACTION
                AND DISCHARGE

            	
              33

            
	
              Section
                11.01.

            	
              Satisfaction
                and Discharge

            	
              33

            
	
              Section
                11.02.

            	
              Deposited
                Cash and U.S. Government Securities to be Held in Trust; Other
                Miscellaneous Provisions

            	
              33

            
	 	 	 
	
              ARTICLE
                12.

            	
              NON-RECOURSE
                OBLIGATION

            	
              33

            
	
              Section
                12.01.

            	
              Non-Recourse

            	
              33

            
	
              Section
                12.02.

            	
              Acknowledgement
                of the Security Interest of Verizon Wireless and AirTouch
                Cellular

            	
              34

            
	
              Section
                12.03.

            	
              No
                Rights in Verizon Escrow Account

            	
              34

            
	 	 	 
	
              ARTICLE
                13.

            	
              MISCELLANEOUS

            	
              34

            
	
              Section
                13.01.

            	
              Trust
                Indenture Act Controls

            	
              34

            
	
              Section
                13.02.

            	
              Notices

            	
              34

            
	
              Section
                13.03.

            	
              Communication
                by Holders of Notes with Other Holders of Notes

            	
              35

            
	
              Section
                13.04.

            	
              Certificate
                and Opinion as to Conditions Precedent

            	
              35

            
	
              Section
                13.05.

            	
              Statements
                Required in Certificate or Opinion

            	
              36

            
	
              Section
                13.06.

            	
              Rules
                by Trustee and Agents

            	
              36

            
	
              Section
                13.07.

            	
              Tax
                Treatment

            	
              36

            
	
              Section
                13.08.

            	
              Governing
                Law; Waiver of Jury Trial

            	
              36

            
	
              Section
                13.09.

            	
              No
                Adverse Interpretation of Other Agreements

            	
              37

            
	
              Section
                13.10.

            	
              Successors

            	
              37

            
	
              Section
                13.11.

            	
              Severability

            	
              37

            
	
              Section
                13.12.

            	
              Counterpart
                Originals

            	
              37

            
	
              Section
                13.13.

            	
              Table
                of Contents, Headings, etc.

            	
              37

            

    

    

    EXHIBITS
      

    

    EXHIBIT
      A Form
      of
      Non-Recourse Secured Note

    EXHIBIT
      B
 Schedule
      of Exchanges of Interests in the Global Note

    EXHIBIT
      C Form
      of
      Pledge, Assignment and Security Agreement

     

    
      
        
        

      

      
        iiiExhibit
      10.1

    NEXTWAVE
      WIRELESS LLC

    2005
      UNITS PLAN

     

    SECTION
      1.   Purpose
      of the Plan.
      

     

    The
      NextWave Wireless LLC 2005 Units Plan (the “Plan”) is intended to promote the
      interests of NextWave Wireless LLC, a Delaware limited liability company (the
      “Company”), and
      its
      members by encouraging officers, employees, non-employee managers and
      consultants of the
      Company and its Affiliates to acquire or increase their equity interests in
      the
      Company and to provide
      a
      means whereby they may develop a sense of proprietorship and personal
      involvement in
      the
      development and financial success of the Company, and to encourage them to
      remain with
      and
      devote their best efforts to the business of the Company thereby advancing
      the
      interests of the Company and its members. The Board of Managers of the Company
      also contemplates that through the Plan, the Company and its Affiliates will
      be
      better able to attract and retain the services of individuals who are essential
      for the growth and profitability of the Company. The Plan provides for payment
      of various forms of incentive compensation and accordingly is not intended
      to be a plan that is subject to the Employee Retirement Income Security Act
      of
      1974, as
      amended,
      and shall be administered accordingly.

     

    SECTION
      2.   Definitions.
      

     

    As
      used
      in the Plan, the following terms shall have the meanings set forth
      below:

     

    “Affiliate”
      shall mean, with respect to any Person, any other Person that directly or
      indirectly through one or more intermediaries controls, is controlled by or
      is
      under common control with, the Person in question. As used herein, the term
      “control” means the possession, direct
      or
      indirect, of the power to direct or cause the direction of the management and
      policies of
      a
      Person, whether through ownership of voting securities, by contract or
      otherwise.

     

    “Award”
      shall mean any Option, Restricted Unit, Performance Award, Phantom Unit, Bonus
      Units or Other Unit-Based Award.

     

    “Award
      Agreement” shall mean any written agreement, contract, or other instrument or
      document evidencing any Award, which may, but need not, be executed or
      acknowledged by a Participant.

     

    “Board”
      shall mean the Board of Managers of the Company.

     

    “Bonus
      Units” shall mean an award of Units granted pursuant to Section 6(d) of the
      Plan.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Change
      in Control” shall mean the occurrence of any one of the following
      events:

     

    	(a)    	
            any
              “person” (as defined in Section 3(a)(9) of the Exchange Act, and as
              modified in Section 13(d) and 14(d) of the Exchange Act) other than
              (A)
              the Company or any of its subsidiaries, (B) any employee benefit plan
              of
              the Company or any of its
              subsidiaries, (C) any Affiliate, (D) a company owned, directly or
              indirectly, by members
              of the Company in substantially the same proportions as their
              ownership
              of
              the Company, or (E) an underwriter temporarily holding securities pursuant
              to an offering of such securities (a “Person”), becomes the “beneficial
              owner” (as defined
              in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities
              of
              the Company representing more than 50% of the combined voting securities
              of the Company then outstanding;

          

     

    	(b)    	
            the
              consummation of any merger, organization, business combination or
              consolidation of the Company or one of its subsidiaries with or into
              any
              other entity
              or organization; provided, however,
              that a merger, reorganization, business
              combination or consolidation which would result in the holders of the
              voting securities of the Company outstanding immediately prior thereto
              holding securities which represent immediately after such merger,
              reorganization, business combination or consolidation more than 50%
              of the
              combined voting power of the voting securities of the Company or the
              surviving company or the parent
              of such surviving company shall not be covered by this subparagraph
              (b);

          

     

    	(c)    	
            the
              consummation of a sale, lease, transfer, conveyance or other disposition
              (including by merger or consolidation) by the Company in one or a series
              of related
              transactions, of all or substantially all of the Company’s assets, other
              than
              any such transaction if the holders of the voting securities of the
              Company outstanding immediately prior thereto hold securities immediately
              thereafter which represent more than 50% of the combined voting power
              of
              the voting securities of the acquiror, or parent of the acquiror, of
              such
              assets;

          

     

    	(d)    	
            the
              Board of Managers of the Company approves a plan of complete liquidation
              or dissolution of the Company, except in connection with a transaction
              described in the proviso to subparagraph (b);
              or

          

     

    	(e)    	
            individuals
              who, as of the Effective Date, constitute the Board (the “Incumbent
              Board”) cease for any reason to constitute at least a majority of the
              Board; provided, however, that any individual becoming a Manager
              subsequent to the Effective Date whose election by the Board, was approved
              by a vote of at least a majority of the Managers then comprising the
              Incumbent Board shall be considered as though such individual were
              a
              Manager of the Incumbent Board, but excluding, for this purpose, any
              such
              individual whose initial assumption of office occurs as a result of
              either
              (i) an actual or threatened election contest (as such terms are used
              in
              Rule 14A-11 of Regulation 14A promulgated under the Exchange
              Act) with respect to the election or removal of Managers or an actual
              or
              threatened solicitation of proxies or consents by or on behalf of a
              Person
              other than
              the Board or (ii) a plan or agreement to replace a majority of the
              Managers of
              the Board then comprising the Incumbent
              Board.

          

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Solely
      with respect to any Award that is subject to Section 409A of the Code, this
      definition is intended
      to comply with the definition of change in control under Section 409A of the
      Code as in
      effect
      commencing January 1, 2005 and, to the extent that the above definition does
      not
      so comply, such definition shall be void and of no effect and, to the extent
      required to ensure that this definition complies with the requirements of
      Section 409A of the Code, the definition of such
      term
      set forth in regulations or other regulatory guidance issued under Section
      409A
      of the
      Code by
      the appropriate governmental authority is hereby incorporated by reference
      into
      and shall
      form part of this Plan as fully as if set forth herein verbatim and the Plan
      shall be operated in
      accordance with the above definition of Change in Control as modified to the
      extent necessary to
      ensure
      that the above definition complies with the definition prescribed in such
      regulations or
      other
      regulatory guidance insofar as the definition relates to any Award that is
      subject to Section 409A of the Code.

     

    “Code”
      shall mean the Internal Revenue Code of 1986, as amended from time to time,
      and
      the rules and regulations thereunder.

     

    “Committee”
      shall mean the compensation committee of the Board.

     

    “Company”
      shall mean the limited liability company described in Section 1 of the Plan
      or
      any
      successor thereto that assumes and continues the Plan.

     

    “Consultant”
      shall mean any individual, other than a Manager or an Employee, who renders
      consulting services to the Company or an Affiliate for a fee.

     

    “Effective
      Date” means the date that the Plan is adopted by the Board.

     

    “Employee”
      shall mean any employee of the Company or an Affiliate.

     

    “Exchange
      Act” shall mean the Securities Exchange Act of 1934, as amended.

     

    “Fair
      Market Value” shall mean, with respect to Units, the closing sales price of a
      Unit on the
      applicable date (or if there is no trading in the Units on such date, on the
      next preceding date
      on which
      there was trading) as reported in The Wall Street Journal (or other reporting
      service approved by the Committee). In the event the Units are not publicly
      traded at the time a determination
      of its fair market value is required to be made hereunder, the determination
      of
      fair
      market
      value shall be made in good faith by the Committee.

     

    “Liquidity
      Event” shall mean a Change in Control.

     

    “Manager”
      shall mean a member of the Board.

     

    “Option”
      shall mean an option granted under Section 6(a) of the Plan. Options granted
      under the Plan may constitute nonqualified Unit options, but shall not
      constitute “incentive options” for purposes of Section 422 of the
      Code.

     

    “Other
      Unit-Based Award” shall mean an award granted pursuant to Section 6(f) of the
      Plan that is not otherwise specifically provided for, the value of which is
      based in whole or in part upon the value of a Unit.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Participant”
      shall mean any Employee, Manager or Consultant granted an Award
      under
      the
      Plan.

     

    “Performance
      Award” shall mean any right granted under Section 6(c) of the Plan.

     

    “Performance
      Objectives” means the objectives, if any, established by the Committee
that
      are
      to be achieved with respect to an Award granted under this Plan, which may
      be
      described in
      terms
      of Company-wide objectives, in terms of objectives that are related to
      performance of a
      division, subsidiary, department or function within the Company or an Affiliate
      in which the Participant receiving the Award is employed or in individual or
      other terms, and which will relate to the period of time determined by the
      Committee. Which objectives to use with respect to
      an
      Award, the weighting of the objectives if more than one is used, and whether
      the
      objective
      is to be
      measured against a Company-established budget or target, an index or a peer
      group of companies, shall be determined by the Committee in its discretion
      at
      the time of grant of the Award.
      A
      Performance Objective need not be based on an increase or a positive result
      and
      may
      include,
      for example, maintaining the status quo or limiting economic
      losses.

     

    “Person”
      shall mean an individual or a corporation, limited liability company,
partnership,
      association, joint-stock company, trust, unincorporated organization, government
      or
      political subdivision thereof or other entity.

     

    “Phantom
      Unit” shall mean an Award of the right to receive Units issued at the end of a
      Restricted Period which is granted pursuant to Section 6(e) of the
      Plan.

     

    “Plan”
      means the plan described in Section 1 of the Plan and set forth in this
      document,
      as
      amended from time to time.

     

    “Restricted
      Period” shall mean any period established by the Committee with respect to an
      Award during which the Award remains subject to forfeiture, is not exercisable
      by the Participant, and/or remains subject to the occurrence of a Liquidity
      Event.

     

    “Restricted
      Unit” shall mean any Unit, prior to the lapse of restrictions thereon, granted
      under Sections 6(b) of the Plan.

     

    “SEC”
      shall mean the Securities and Exchange Commission, or any successor
      thereto.

     

    “Units”
      or “Common Units” or “Common Unit” shall mean a Common Unit or the Common Units
      of the Company that represent a membership interest in the capital and profits
      of the Company, and such other securities or property as may become the subject
      of Awards under the Plan or into which Units may be converted.

     

    SECTION
      3.   Administration.

     

    The
      Plan
      shall be administered by the Committee. A majority of the Committee shall
      constitute a quorum, and the acts of the members of the Committee who are
      present at any meeting thereof at which a quorum is present, or acts unanimously
      approved by the members of the Committee in writing, shall be the acts of the
      Committee. No member of the Committee shall
      vote or act upon any matter relating solely to himself. Grants of Awards to
      members of the
      Committee must be ratified by the Board.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Subject
      to the terms of the Plan and applicable law, and in addition to other express
      powers and authorizations conferred on the Committee by the Plan, the Committee
      shall have full
      power and authority to: (i) designate Participants; (ii) determine the type
      or
      types of Awards
      to be
      granted to a Participant; (iii) determine the number of Units to be covered
      by,
      or with respect to which payments, rights, or other matters are to be calculated
      in connection with, Awards; (iv) determine the terms and conditions of any
      Award; (v) determine whether, to what extent, and under what circumstances
      Awards may be settled or exercised in cash, Units, other securities,
      other Awards or other property, or canceled, forfeited, or suspended and the
      method or
      methods
      by which Awards may be settled, exercised, canceled, forfeited, or suspended;
      (vi) determine whether, to what extent, and under what circumstances cash,
      Units, other securities, other Awards, other property, and other amounts payable
      with respect to an Award shall
      be
      deferred either automatically or at the election of the holder thereof or of
      the
      Committee; (vii) interpret
      and administer the Plan and any instrument or agreement relating to an Award
      made under the Plan; (viii) establish, amend, suspend, or waive such rules
      and
      regulations and appoint such agents as it shall deem appropriate for the proper
      administration of the Plan; and (ix)
      make
      any other determination and take any other action that the Committee deems
      necessary
      or
      desirable for the administration of the Plan.

     

    Unless
      otherwise expressly provided in the Plan, all designations, determinations,
      interpretations, and other decisions under or with respect to the Plan or any
      Award shall be within the sole discretion of the Committee, may be made at
      any
      time and shall be final, conclusive,
      and binding upon all Persons, including the Company, any Affiliate, any
      Participant,
      any
      holder or beneficiary of any Award, any member of the Company and any Employee,
      Manager or Consultant. No Manager or member of the Committee shall be liable
      for
      any action or
      determination made in good faith with respect to the Plan or any Award granted
      hereunder and
      the
      Managers and the members of the Committee shall be entitled to indemnification
      and reimbursement by the Company and its Affiliates in respect of any claim,
      loss, damage or expense (including legal fees) arising therefrom to the full
      extent permitted by law.

     

    SECTION
      4.   Units
      Available for Awards.
      

     

    	(a)    	
            Units
              Available.
              Subject to adjustment as provided in Section 4(c), the number of Units
              with respect to which Awards may be granted under the Plan shall be
              55
              million. In the event that any outstanding Award expires, is cancelled
              or
              otherwise terminated, any rights to acquire Units allocable to the
              unexercised or unvested portion of such Award shall again be available
              for
              the purposes of the Plan.
              In the event that Units issued under the Plan are reacquired by the
              Company
              pursuant to any forfeiture provision, such Units shall again be available
              for the purposes
              of the Plan. In the event a Participant pays for any Award through
              the
              delivery of previously acquired Units, the number of Units available
              shall
              be increased by the number of Units delivered by the
              Participant.

          

     

    	(b)    	
            Sources
              of Units Deliverable Under Awards.
              Any Units delivered pursuant to an Award may only be authorized and
              unissued Units and, unless permitted under Delaware law, may not be
              treasury Units. No fractional Units shall be issued under the Plan;
              payment for any fractional Units shall be made in
              cash.

          

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    	(c)    	
            Adjustments.
              In
              the event that the Committee determines that any distribution (whether
              in
              the form of cash, Units, other securities, or other property),
              recapitalization, Unit split, reverse Unit split, reorganization, merger,
              consolidation,
              split-up, spin-off, combination, repurchase, or exchange of Units
              or other
              securities of the Company, issuance of warrants or other rights to
              purchase
              Units or other securities of the Company, or other similar transaction
              or
              event affects the Units such that an adjustment is determined by the
              Committee to be appropriate in order to prevent dilution or enlargement
              of
              the benefits or potentialbenefits
              intended to be made available under the Plan, then the Committee
              shall,
              in
              such manner as it may deem equitable, adjust any or all of (i) the
              number
              and type
              of Units (or other securities or property) with respect to which Awards
              may
              be
              granted, (ii) the number and type of Units (or other securities or
              property) subject
              to outstanding Awards, and (iii) the grant or exercise price with respect
              to
              any Award or, if deemed appropriate, make provision for a cash payment
              to
              the holder
              of an outstanding Award; provided,
              however,
              the Committee shall not take
              any action otherwise authorized under this subparagraph (c) to the
              extent
              that (i)
              such action would cause (A) the application of Section 409A or 162(m)
              of
              the Code
              to the Award or (B) create adverse tax consequences under Section 409A
              or
              162(m) of the Code should either or both of those Code sections apply
              to
              the Award
              or (ii) except as permitted in Section 7(c), materially reduce the
              benefit
              to
              the Participant without the consent of the
              Participant.

          

     

    SECTION
      5.   Eligibility.
      

     

    Any
      Employee, Manager
      or Consultant
      shall
      be eligible to be designated a Participant
      and
      receive an Award under the Plan.

     

    SECTION
      6.   Awards.
      

     

    	(a)    	
            Options.
              Subject to the provisions of the Plan, the Committee shall have the
              authority to determine the Participants to whom Options shall be granted,
              the number
              of Units to be covered by each Option, the purchase price therefor
              and
              the
              conditions and limitations applicable to the exercise of the Option,
              including the following terms and conditions and such additional terms
              and
              conditions (including Performance Objectives), as the Committee shall
              determine, that are not inconsistent with the provisions of the
              Plan.

          

     

    	(i)     	
            Exercise
              Price.
              The purchase price per Unit purchasable under an Option shall be
              determined by the Committee at the time the Option is granted,
              but
              shall not be less than 100% of the Fair Market Value per Unit on
              such
              grant date.

          

     

    	(ii)     	
            Time
              and Method of Exercise.
              The Committee shall determine the time or times
              at which an Option may be exercised in whole or in part (which
              may
              include the achievement of one or more Performance Objectives), and
              the
              method or methods by which, and the form or forms (which may include,
              without limitation, cash, check acceptable to the Company, Units already
              owned for more than six months, outstanding Awards, other securities
              or
              other
              property, or any combination thereof, having a Fair Market Value
              on
              the exercise date equal to the relevant exercise price) in which payment
              of the exercise price with respect thereto may be
              made.

          

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    	(iii)     	
            Option
              Repricing.
              With approval of the Company’s members, the Committee,
              in its absolute discretion, may grant to holders of
              outstanding
              Options, in exchange for the surrender and cancellation of such Options,
              new Options having exercise prices lower (or higher with any required
              consent) than the exercise price provided in the Options so surrendered
              and canceled and containing such other terms and conditions as the
              Committee may deem appropriate.

          

     

    	(b)    	
            Restricted
              Units.
              Subject to the provisions of the Plan, the Committee shall have the
              authority to determine the Participants to whom Restricted Units shall
              be
              granted,
              the number of Restricted Units to be granted to each such Participant,
              the
              duration of the Restricted Period during which, and the conditions,
              including Performance
              Objectives, if any, under which if not achieved, the Restricted
              Units
              may be forfeited to the Company, and the other terms and conditions
              of
              such Awards. Unless subject to the achievement of Performance Objectives
              or a special
              determination is made by the Committee as to a shorter Restricted
              Period,
              the Restricted Period shall not be less than three
              years.

          

     

    	(i)     	
            Unit
              Distribution Right (“UDR”).
              To the extent provided by the Committee, in its discretion, a grant
              of
              Restricted Units may provide that distributions made by the Company
              with
              respect to the Restricted Units shall be subject to the same forfeiture
              and other restrictions as the Restricted
              Unit and, if restricted, such distributions shall be held,
              without interest,
              until the Restricted Unit vests or is forfeited with the UDR
              being
              paid or forfeited at the same time, as the case may be. Absent such
              a
              restriction on the UDRs in the Award agreement, UDRs shall be paid
              to the
              holder of the Restricted Unit without
              restriction.

          

     

    	(ii)     	
            Registration.
              Any Restricted Unit may be evidenced in such manner as the Committee
              shall
              deem appropriate, including, without limitation, book-entry registration
              or issuance of a Unit certificate or certificates. In the event any
              Unit
              certificate is issued in respect of Restricted Unit granted
              under the Plan, such certificate shall be registered in the name of
              the
              Participant and shall bear an appropriate legend referring to the terms,
              conditions, and restrictions applicable to such Restricted
              Unit.

          

     

    	(iii)     	
            Forfeiture
              and Restrictions Lapse.
              Except as otherwise determined by the Committee or the terms of the
              Award
              that granted the Restricted Unit, upon termination of a Participant’s
              employment (as determined under criteria established by the Committee)
              for
              any reason during the applicable Restricted Period, all Restricted
              Units
              shall be forfeited by the Participant and reacquired by the Company.
              Unrestricted Units, evidenced in such manner as the Committee shall
              deem
              appropriate, shall be issued to the holder of Restricted Units promptly
              after the applicable restrictions have lapsed or otherwise been
              satisfied.

          

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    	(iv)     	
            Transfer
              Restrictions.
              During the Restricted Period, Restricted Units will be subject to the
              limitations on transfer as provided in Section
              6(g)(iii).

          

     

    	(c)    	
            Performance
              Awards.
              The Committee shall have the authority to determine the Participants
              who
              shall receive a Performance Award, which shall be denominated as a
              cash
              amount (e.g.,
              $100 per award unit) at the time of grant and confer on the Participant
              the right to receive payment of such Award, in whole or in part, upon
              the
              achievement of such Performance Objectives during such performance
              periods
              as the Committee shall establish with respect to the
              Award.

          

     

    	(i)     	
            Terms
              and Conditions.
              Subject to the terms of the Plan and any applicable Award Agreement,
              the
              Committee shall determine the Performance Objectives to be achieved
              during
              any performance period, the length of any performance period, the amount
              of any Performance Award and the amount of any payment or transfer
              to be
              made pursuant to any Performance Award.

          

     

    	(ii)     	
            Payment
              of Performance Awards.
              Performance Awards, to the extent earned,
              shall be paid (in cash and/or
              in Units, in the sole discretion of the Committee)
              following the close of the performance period. Payment described
              in the immediately preceding sentence shall be made by the later
              of
              (i) the date that is 21⁄2
              months after the end of the Participant’s first taxable
              year in which the Performance
              Award is earned
              and payable
              under the
              Plan and
              (ii) the date that is 21⁄2
              months after the end of the Company’s first
              taxable year in which the Performance Award is earned
              and payable
              under the Plan, and such
              payment shall not be subject to any election
              by the
              Participant to defer the payment to a later
              period.

          

     

    	(iii)     	
            General.
              Performance Objectives shall be designed to be objective and shall
              be substantially uncertain at the time of grant. The Committee
              may determine that such Performance
              Awards shall be granted and/or settled
              upon
              achievement of any one
              performance
              goal or that two or more of the performance
              goals must be achieved as a condition to the grant and/or settlement
              of such Performance Awards. Performance Objectives may differ among
              Performance Awards granted to any one Participant or for Performance
              Awards granted to different Participants.

          

     

    	(iv)     	
            Performance
              Period Timing for Establishing Performance Goals.
              Achievement of Performance Objectives shall be measured over a performance
              period of not less than six months and not more than ten years, as
              specified by the Committee. Performance Objectives in the case of any
              Award granted to a Participant shall be established not later than
              90 days
              after the beginning of any performance period applicable to such
              Performance Awards, or at such other date as may be determined by the
              Committee.

          

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    	(v)     	
            Written
              Determinations.
              All determinations by the Committee as to the establishment
              of Performance Objectives, the amount of any Performance
              Award, and the achievement of Performance Objectives relating to
              Performance Awards shall be made in a written agreement or other document
              covering the Performance Award.

          

     

    	(d)      	
            Bonus
              Units.
              The Committee shall have the authority, in its discretion, to grant
              Bonus
              Units to Participants. Each Bonus Unit shall constitute a transfer
              of an
              unrestricted
              Unit to the Participant, without other payment therefor, as
              additional compensation
              for the Participant’s services to the Company. Bonus Units shall
              be
              in
              lieu of a cash bonus that otherwise would be
              granted.

          

     

    	(e)      	
            Phantom
              Units.
              The Committee shall have the authority to grant Awards of Phantom Units
              to
              Participants upon such terms and conditions as the Committee may
              determine; provided, however, any such Award shall contain terms that
              are
              designed to avoid application of Section 409A of the Code to the Award
              or
              are designed to avoid adverse tax consequences under Section 409A of
              the
              Code should that Code section apply to the Award. Phantom Units that
              are
              vested on the date of grant shall be in lieu of a cash bonus that
              otherwise would have been granted.

          

     

    	(i)      	
            Terms
              and Conditions.
              Each Phantom Unit Award shall constitute an agreement by the Company
              to
              issue or transfer a specified number of Units or pay an amount of cash
              equal to a specified number of Units, or a combination thereof to the
              Participant in the future, subject to the fulfillment during the
              Restricted Period or other period set by the Committee of such conditions,
              including Performance Objectives, if any, as the Committee may specify
              at
              the date of grant. During the Restricted Period, the Participant shall
              not
              have any rights of ownership in the Phantom Units and shall not have
              any
              right to vote such Units.

          

     

    	(ii)      	
            Distributions.
              Any Phantom Units Award may provide that an amount equal to any
              distributions made by the Company with respect to Units during the
              Restricted Period be credited in a cash bookkeeping account (without
              interest) or that equivalent additional Phantom Units be awarded, which
              account or Units may be subject to the same restrictions as the underlying
              Award or such other restrictions as the Committee may determine.
              Notwithstanding any other provision of the Plan to the contrary, any
              award
              of distributions on Units (described in the immediately preceding
              sentence) shall contain terms that (i) are designed to avoid application
              of Section 409A of the Code to the Award or (ii) are designed to avoid
              adverse tax consequences under Section 409A should that Code section
              apply.

          

     

    	(f)      	
            Other
              Unit-Based Awards.
              The Committee may also grant to Participants an Other Unit-Based Award,
              which shall consist of a right which is an Award denominated or payable
              in, valued in whole or in part by reference to, or otherwise based
              on or
              related to, Units as is deemed by the Committee to be consistent with
              the
              purposes of the Plan. Subject to the terms of the Plan, including the
              Performance Objectives, if any, applicable to such Award, the Committee
              shall determine the terms and conditions of any such Other Unit-Based
              Award. Notwithstanding any other provision of the Plan to the contrary,
              any Other Unit-Based Award granted under the Plan shall contain terms
              that
              (i) are designed to avoid application of Section 409A of the Code or
              (ii)
              are designed
              to avoid adverse tax consequences under Section 409A should that
              Code
              section apply to such Award.

          

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    	(g)      	
            General
              Provisions applicable to all Awards.
              

          

     

    	(i)      	
            Awards
              May Be Granted Separately or Together.
              Awards may, in the discretion of the Committee, be granted either alone
              or
              in addition to, in tandem with, or in substitution for any other Award
              granted under the Plan or any award granted under any other plan of
              the
              Company or any Affiliate. No Award shall be issued in tandem with another
              Award if the tandem awards would result in adverse tax consequences
              under
              Section 409A of the Code. Awards granted in addition to or in tandem
              with
              other Awards or awards granted under any other plan of the Company
              or any
              Affiliate may be granted either at the same time as or at a different
              time
              from the grant of such other Awards or
              awards.

          

     

    	(ii)      	
            Forms
              of Payment by Company Under Awards.
              Subject to the terms of the Plan and of any applicable Award Agreement,
              payments or transfers to be made by the Company or an Affiliate upon
              the
              grant, exercise or payment of an Award may be made in such form or
              forms
              as the Committee shall determine, including, without limitation, cash,
              Units, other securities, other Awards or other property, or any
              combination thereof, and may be made in a single payment or transfer,
              in
              installments, or on a deferred basis, in each case in accordance with
              rules and procedures established by the Committee. Such rules and
              procedures may include, without limitation, provisions for the payment
              or
              crediting of reasonable interest on installment or deferred
              payments.

          

     

    	(iii)      	
            Limits
              on Transfer of Awards.

          

     

    	(A)    	
            Except
              as provided in (C) below, each Award, and each right under any Award,
              shall be exercisable only by the Participant during the Participant’s
              lifetime, or by the person to whom the Participant’s rights shall pass by
              will or the laws of descent and distribution. Notwithstanding anything
              in
              the Plan to the contrary, an Award of Options shall be transferable
              pursuant to a domestic relations order.

          

     

    	(B)     	
            Except
              as provided in (C) below, no Award and no right under any such Award
              may
              be assigned, alienated, pledged, attached, sold or otherwise transferred
              or encumbered by a Participant and any such purported assignment,
              alienation, pledge, attachment, sale, transfer or encumbrance shall
              be
              void and unenforceable against the Company or any
              Affiliate.

          

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    	(C)     	
            Notwithstanding
              anything in the Plan to the contrary, to the extent specifically provided
              by the Committee with respect to a grant, an Award of Options may be
              transferred to immediate family members or related family trusts, or
              similar entities on such terms and conditions as the Committee may
              establish.

          

     

    	(iv)     	
            Term
              of Awards.
              The term of each Award shall be for such period as may be
              determined by
              the Committee;
              provided, that
              in no event shall the term of
              any Award exceed a period of 10 years from the date of its
              grant.

          

     

    	(v)      	
            Unit
              Certificates.
              All certificates for Units or other securities of the Company
              or any Affiliate delivered under the Plan pursuant to any
              Award
              or
              the exercise thereof shall be subject to such stop transfer orders
              and
              other
              restrictions as the Committee may deem advisable under the Plan
              or
              the rules, regulations, and other requirements of the SEC, any stock
              exchange upon which such Units or other securities are then listed,
              and
              any applicable federal or state laws, and the Committee may cause a
              legend
              or legends to be put on any such certificates to make appropriate
              reference to such restrictions.

          

     

    	(vi)      	
            Delivery
              of Units or other Securities and Payment by Participant of
              Consideration.
              No Units or other securities shall be delivered pursuant to any Award
              until payment in full of any amount required to be paid pursuant to
              the
              Plan or the applicable Award Agreement (including, without limitation,
              any
              exercise price, tax payment or tax withholding pursuant to Section
              9(b) of
              the Plan) is received by the Company. Such payment may be made by such
              method or methods and in such form or forms as the Committee shall
              determine, including, without limitation, cash, reduction of a current
              payment of compensation with the consent of the Participant, Units,
              other
              securities, other Awards or other property, withholding
              of Units, cashless exercise with simultaneous sale, or any combination
              thereof; provided that the combined value, as determined by the
              Committee, of all cash and cash equivalents and the Fair Market
              Value of
              any such Units or other property so tendered to the Company, as of
              the date
              of such tender, is at least equal to the full amount required to be
              paid pursuant
              to the Plan or the applicable Award Agreement to the
              Company.

          

     

    	(vii)      	
            Notwithstanding
              any other provision of the Plan to the contrary, any Award granted
              under
              the Plan shall contain terms that (i) are designed to avoid application
              of
              Section 409A of the Code to the Award or (ii) are designed to avoid
              adverse tax consequences under Section 409A of the Code should that
              Code
              Section apply to the Award.

          

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    SECTION
      7.   Amendment
      and Termination.
      

     

    Except
      to
      the extent prohibited by applicable law and unless otherwise expressly provided
      in an Award Agreement or in the Plan:

     

    	(a)    	
            Amendments
              to the Plan.
              The Board or the Committee may amend, alter, suspend, discontinue,
              or
              terminate the Plan without the consent of any Unit holder, Participant,
              other holder or beneficiary of an Award, or other Person; provided,
              however, no such amendment may be made without Unit holder approval
              to the
              extent that such approval is required by (i) applicable legal requirements
              or (ii) the requirements of any securities exchange or market on which
              the
              Units are listed. Notwithstanding the foregoing, the Board or the
              Committee
              may amend the Plan in such manner as it deems necessary in order
              to
              permit Awards to meet the requirements of the Code or other applicable
              laws, or to prevent adverse tax consequences to the Company or the
              Participants.

          

     

    	(b)    	
            Amendments
              to Awards.
              The Committee may waive any conditions or rights under, amend any terms
              of, or alter any Award theretofore granted, provided no change in any
              Award (i) shall (A) cause the application of Section 409A or 162(m)
              of the
              Code to the Award or (B) create adverse tax consequences under
              Section
              409A or 162(m) of the Code should either or both of those Code
              sections
              apply to the Award or (ii) except as provided in Section 7(c), shall
              materially reduce the benefit to Participant without the consent of
              such
              Participant.

          

     

    	(c)    	
            Adjustment
              of Awards Upon the Occurrence of Certain Unusual or Nonrecurring
              Events.
              Except as provided in Section 7(b), the Committee is hereby authorized
              to
              make adjustments in the terms and conditions of, and the criteria included
              in, Awards in recognition of unusual or nonrecurring events (including,
              without limitation, the events described in Section 4(c) of the Plan)
              affecting the Company, any Affiliate, or the financial statements of
              the
              Company or any Affiliate,
              or of changes in applicable laws, regulations, or accounting
              principles,
              whenever the Committee determines that such adjustments are appropriate
              in
              order
              to prevent dilution or enlargement of the benefits or potential benefits
              intended
              to be made available under the Plan.

          

     

    SECTION
      8.   Adjustments
      Upon Changes in Units/Change in Control.
      

     

    	(a)    	
            If
              any change is made in the Units subject to the Plan, or subject to
              any
              Award, without the receipt of consideration by the Company through
              merger,
              consolidation,
              reorganization, recapitalization, reincorporation, Unit
              distribution,
              Unit split, liquidating distribution, combination of Units, exchange
              of
              Units, change in corporate structure or other transaction not involving
              the receipt of consideration by the Company), the Plan will be
              appropriately adjusted in the class(es) and maximum number of Units
              subject to the Plan pursuant to, and subject to the limits of, Section
              4(c) and the outstanding Awards will be appropriately
              adjusted in the class(es) and number of Units and exercise price
              per
              Unit subject to such outstanding Awards. Such adjustments shall be
              made by
              the Board or the Committee, the determination of which shall be final,
              binding and conclusive. (The conversion of any convertible securities
              of
              the Company shall not be treated as a “transaction not involving the
              receipt of consideration by the
              Company”.)

          

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    	(b)    	
            In
              the event of a Change in Control, (1) if the Company does not survive
              as
              an independent entity or organization (excluding as a subsidiary),
              the
              surviving entity or organization or an affiliate of such surviving
              entity
              or organization shall assume the Awards outstanding under the Plan
              or
              substitute similar awards (including
              an award to acquire the same consideration paid to the security
              holders
              of
              the Company in the transaction effecting the Change in Control) for
              those
              outstanding under the Plan, or (2) if the Company continues as an
              independent entity or organization (excluding as a subsidiary), such
              Awards shall continue in full force and effect. In addition, upon a
              Change
              in Control all Awards shall become
              fully vested immediately prior to the Change in Control. In the event
              of
              a
              Change in Control in which the Company does not survive as an independent
              entity or organization (excluding as a subsidiary), if any surviving
              entity or organization and its affiliates refuse to assume or continue
              the
              Awards, or to substitute similar awards for those outstanding under
              the
              Plan, then the Awards not exercised or paid prior to such event shall
              terminate on such event.

          

     

    SECTION
      9.   General
      Provisions.
      

     

    	(a)    	
            No
              Rights to Awards.
              No Employee, Manager, Consultant or other Person shall have
              any claim to be granted any Award, and there is no obligation for
              uniformity of
              treatment of Employees, Managers, Consultants, or holders or beneficiaries
              of Awards. The terms and conditions of Awards need not be the same
              with
              respect to each recipient.

          

     

    	(b)    	
            Withholding.
              The Company or any Affiliate is authorized to withhold at the minimum
              statutory rate from any Award, from any payment due or transfer made
              under
              any Award or under the Plan or from any compensation or other amount
              owing
              to a Participant the amount (in cash, Units, other securities, Units
              that
              would otherwise be issued pursuant to such Award, other Awards or other
              property) of any applicable federal, state or local taxes payable in
              respect of an Award, its exercise, the lapse of restrictions thereon,
              or
              any payment or transfer under an Award or under the Plan and to take
              such
              other action as may be necessary
              in the opinion of the Company to satisfy all obligations for the
              payment
              of
              such taxes. In addition, the Committee may provide, in an Award Agreement,
              that the Participant may direct the Company to satisfy such Participant’s
              tax obligation through the “constructive” tender of already-owned Units or
              the withholding of Units otherwise to be acquired upon the exercise
              or
              payment of such Award.

          

     

    	(c)    	
            No
              Right to Employment.
              The grant of an Award shall not be construed as giving a Participant
              the
              right to be retained in the employ of the Company or any Affiliate.
              Further, the Company or an Affiliate may at any time dismiss a
              Participant
              from employment, free from any liability or any claim under the
              Plan,
              unless otherwise expressly provided in the Plan or in any Award
              Agreement.

          

     

    	(d)    	
            Governing
              Law.
              The validity, construction, and effect of the Plan and any rules and
              regulations relating to the Plan shall be determined in accordance
              with
              the laws of the State of Delaware and applicable federal
              law.

          

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    	(e)    	
            Severability.
              If any provision of the Plan or any Award is or becomes or is deemed
              to be
              invalid, illegal, or unenforceable in any jurisdiction or as to any
              Person
              or Award, or would disqualify the Plan or any Award under any law deemed
              applicable by the Committee, such provision shall be construed or
              deemed
              amended to conform to the applicable laws, or if it cannot be construed
              or
              deemed amended without, in the determination of the Committee, materially
              altering
              the intent of the Plan or the Award, such provision shall be stricken
              as
              to
              such jurisdiction, Person or Award and the remainder of the Plan and
              any
              such Award shall remain in full force and
              effect.

          

     

    	(f)    	
            Other
              Laws.
              The Committee may refuse to issue or transfer any Units or other
              consideration under an Award if, acting in its sole discretion, it
              determines that the issuance of transfer or such Units or such other
              consideration might violate any
              applicable law or regulation or entitle the Company to recover the
              same
              under Section
              16(b) of the Exchange Act, and any payment tendered to the Company
              by
              a
              Participant, other holder or beneficiary in connection with the exercise
              of such Award shall be promptly refunded to the relevant Participant,
              holder or beneficiary.

          

     

    	(g)    	
            No
              Trust or Fund Created.
              Neither the Plan nor the Award shall create or be construed
              to create a trust or separate fund
              of any kind or a fiduciary relationship
              between
              the Company or any Affiliate and a Participant or any other Person.
              To
              the
              extent that
              any Person
              acquires a
              right to receive
              payments from
              the Company or
              any Affiliate pursuant to an Award, such right shall be no greater
              than
              the right
              of
              any general unsecured creditor of the Company or any
              Affiliate.

          

     

    	(h)    	
            No
              Fractional Units.
              No fractional Units shall be issued or delivered pursuant to the Plan
              or
              any Award, and the Committee shall determine whether cash, other
              securities, or other property shall be paid or transferred in lieu
              of any
              fractional Units or whether such fractional Units or any rights thereto
              shall be canceled, terminated, or otherwise
              eliminated.

          

     

    	(i)    	
            Securityholders’
              Agreement.
              The Committee may condition the grant, payment and/or exercise of any
              Award upon the Participant’s already being, or becoming subject
              to, an agreement between and among holders of securities in the
              Company
              covering, inter
              alia,
              the transferability of the Units, rights of the Company to repurchase
              such
              Units and such other matters as the Committee deems appropriate; provided,
              however, any such restrictions shall automatically lapse upon the Units
              becoming readily tradeable on a national securities
              market.

          

     

    	(j)    	
            Securities
              Laws Compliance.
              Unless the Units have been registered under the Securities
              Act of 1933 (and, in the case of any Participant who may be deemed
              an
              affiliate of the Company for securities law purposes, such Units have
              been
              registered under such Act for resale by such Participant), or the Company
              has determined that an exemption from registration is available, the
              Company may require prior to and as a condition of the exercise or
              payment
              of any Award that (i) the Participant desiring to exercise or receive
              payment such Award give the Company written notice thereof and that
              such
              notice may not be given by the Participant until 45 days thereafter
              (which
              time period may be waived by the Committee
              in its sole discretion) in order to allow the Company the opportunity
              to
              provide to such Participant any disclosure materials, or to make such
              filings, as may be required under federal and state securities laws
              and
              (ii) the Participant desiring to exercise or be paid such Award famish
              the
              Company with a written representation in a form prescribed by the
              Committee to the effect that such person
              is acquiring said Units solely with a view to investment for his or
              her
              own account
              and not with a view to the resale or distribution of all or any part
              thereof,
              and that such person will not dispose of any of such Units otherwise
              than
              in accordance with the provisions of Rule 144 under the Act unless
              and
              until either the Units are registered under the Act or the Company
              is
              satisfied that an exemption from such registration is
              available.

          

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    	(k)    	
            Headings.
              Headings are given to the Sections and subsections of the Plan solely
              as
              a convenience to facilitate reference. Such headings shall not be deemed
              in any
              way material or relevant to the construction or interpretation of the
              Plan
              or any
              provision thereof.

          

     

    	(l)    	
            No
              Guarantee of Tax Consequences.
              None of the Board, the Company nor the Committee makes any commitment
              or
              guarantee that any federal, state or local tax treatment will apply
              or be
              available to any person participating or eligible to participate
              hereunder.

          

     

    SECTION
      10.   Effective
      Date of the Plan.
      

     

    The
      Plan
      is contingent on approval by the U.S. Bankruptcy Court and, if approved, will
      be
      effective as of the date of such approval.

     

    SECTION
      11.   Term
      of the Plan.
      

     

    No
      Award
      shall be granted under the Plan after the 10th anniversary of the date the
      Plan is
      adopted by the Board and the Plan shall expire on that date unless earlier
      terminated pursuant
      to
      Section 7. However, unless otherwise expressly provided in the Plan or in an
      applicable Award
      Agreement, any Award granted prior to such expiration or termination, and the
      authority
      of the
      Board or the Committee to amend, alter, adjust, suspend, discontinue, or
      terminate any such Award or to waive any conditions or rights under such Award,
      shall extend beyond such expiration or termination date.

     

    
      
         

      

      
        15

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