Document:

exv4w1

Exhibit 4.1

EXECUTION VERSION

 

AURORA DIAGNOSTICS HOLDINGS, LLC

AURORA DIAGNOSTICS FINANCING, INC.

as Issuers

10.750% Senior Notes Due 2018

INDENTURE

Dated as of December 20, 2010

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

 

 

CROSS-REFERENCE TABLE

	 	 	 
	TIA	 	Indenture
	Section	 	Section
	310(a)(1)
	 	7.10
	(a)(2)
	 	7.10
	(a)(3)
	 	N.A.
	(a)(4)
	 	N.A.
	(b)
	 	7.08; 7.10
	(c)
	 	N.A.
	311(a)
	 	7.11
	(b)
	 	7.11
	(c)
	 	N.A.
	312(a)
	 	2.05
	(b)
	 	11.03
	(c)
	 	11.03
	313(a)
	 	7.06
	(b)(1)
	 	N.A.
	(b)(2)
	 	7.06
	(c)
	 	11.02
	(d)
	 	7.06
	314(a)
	 	4.02; 4.14; 11.02
	(b)
	 	N.A.
	(c)(1)
	 	11.04
	(c)(2)
	 	11.04
	(c)(3)
	 	N.A.
	(d)
	 	N.A.
	(e)
	 	11.05
	(f)
	 	4.14
	315(a)
	 	7.01
	(b)
	 	7.05; 11.02
	(c)
	 	7.01
	(d)
	 	7.01
	(e)
	 	6.11
	316(a)(last sentence)
	 	11.0
	(a)(1)(A)
	 	6.05
	(a)(1)(B)
	 	6.04
	(a)(2)
	 	N.A.
	(b)
	 	6.07
	317(a)(1)
	 	6.08
	(a)(2)
	 	6.09
	(b)
	 	2.04
	318(a)
	 	11.01

 

			
	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
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01. Definitions
	 	 	5	 
	SECTION 1.02. Other Definitions
	 	 	35	 
	SECTION 1.03. Incorporation by Reference of Trust Indenture Act
	 	 	35	 
	SECTION 1.04. Rules of Construction
	 	 	36	 
	 
	 	 	 	 
	Article 2

	 	 	 	 
	The Securities
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01. Form and Dating
	 	 	37	 
	SECTION 2.02. Execution and Authentication
	 	 	37	 
	SECTION 2.03. Registrar and Paying Agent
	 	 	38	 
	SECTION 2.04. Paying Agent To Hold Money in Trust
	 	 	38	 
	SECTION 2.05. Securityholder Lists
	 	 	38	 
	SECTION 2.06. Transfer and Exchange
	 	 	39	 
	SECTION 2.07. Replacement Securities
	 	 	39	 
	SECTION 2.08. Outstanding Securities
	 	 	39	 
	SECTION 2.09. Temporary Securities
	 	 	39	 
	SECTION 2.10. Cancellation
	 	 	40	 
	SECTION 2.11. Defaulted Interest
	 	 	40	 
	SECTION
2.12. CUSIP Numbers, ISINs, etc
	 	 	40	 
	SECTION 2.13. Issuance of Additional Securities
	 	 	40	 
	 
	 	 	 	 
	Article 3

	 	 	 	 
	Redemption
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01. Notices to Trustee
	 	 	41	 
	SECTION 3.02. Selection of Securities to Be Redeemed
	 	 	41	 
	SECTION 3.03. Notice of Redemption
	 	 	41	 
	SECTION 3.04. Effect of Notice of Redemption
	 	 	42	 
	SECTION 3.05. Deposit of Redemption Price
	 	 	42	 
	SECTION 3.06. Securities Redeemed in Part
	 	 	42	 
	 
	 	 	 	 
	Article 4

	 	 	 	 
	Covenants
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.01. Payment of Securities
	 	 	43	 
	SECTION 4.02. Reports
	 	 	43	 

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	 	 	Page	 
	SECTION 4.03. Limitation on Indebtedness
	 	 	44	 
	SECTION 4.04. Limitation on Restricted Payments
	 	 	48	 
	SECTION 4.05. Limitation on Restrictions on Distributions from Restricted
Subsidiaries
	 	 	51	 
	SECTION 4.06. Limitation on Sales of Assets and Subsidiary Stock
	 	 	53	 
	SECTION 4.07. Limitation on Affiliate Transactions
	 	 	55	 
	SECTION 4.08. Limitation on Line of Business
	 	 	57	 
	SECTION 4.09. Limitation on Co-Issuer
	 	 	57	 
	SECTION 4.10. Change of Control
	 	 	58	 
	SECTION 4.11. Limitation on Liens
	 	 	59	 
	SECTION 4.12. Limitation on Sale/Leaseback Transactions
	 	 	59	 
	SECTION 4.13. Future Subsidiary Guarantors
	 	 	59	 
	SECTION 4.14. Compliance Certificate
	 	 	60	 
	 
	 	 	 	 
	Article 5

	 	 	 	 
	Successor Company
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.01. When Company May Merge or Transfer Assets
	 	 	60	 
	 
	 	 	 	 
	Article 6

	 	 	 	 
	Defaults and Remedies
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.01. Events of Default
	 	 	61	 
	SECTION 6.02. Acceleration
	 	 	64	 
	SECTION 6.03. Other Remedies
	 	 	64	 
	SECTION 6.04. Waiver of Past Defaults
	 	 	64	 
	SECTION 6.05. Control by Majority
	 	 	64	 
	SECTION 6.06. Limitation on Suits
	 	 	65	 
	SECTION 6.07. Rights of Holders to Receive Payment
	 	 	65	 
	SECTION 6.08. Collection Suit by Trustee
	 	 	65	 
	SECTION 6.09. Trustee May File Proofs of Claim
	 	 	65	 
	SECTION 6.10. Priorities
	 	 	66	 
	SECTION 6.11. Undertaking for Costs
	 	 	66	 
	SECTION 6.12. Waiver of Stay or Extension Laws
	 	 	66	 
	 
	 	 	 	 
	Article 7

	 	 	 	 
	Trustee
	 	 	 	 
	 
	 	 	 	 
	SECTION 7.01. Duties of Trustee
	 	 	66	 
	SECTION 7.02. Rights of Trustee
	 	 	67	 
	SECTION 7.03. Individual Rights of Trustee
	 	 	68	 
	SECTION 7.04. Trustee’s Disclaimer
	 	 	68	 
	SECTION 7.05. Notice of Defaults
	 	 	68	 
	SECTION 7.06. Reports by Trustee to Holders
	 	 	68	 

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	 	 	Page	 
	SECTION 7.07. Compensation and Indemnity
	 	 	69	 
	SECTION 7.08. Replacement of Trustee
	 	 	69	 
	SECTION 7.09. Successor Trustee by Merger
	 	 	70	 
	SECTION 7.10. Eligibility; Disqualification
	 	 	70	 
	SECTION 7.11. Preferential Collection of Claims Against the Issuers
	 	 	71	 
	 
	 	 	 	 
	Article 8

	 	 	 	 
	Discharge of Indenture; Defeasance
	 	 	 	 
	 
	 	 	 	 
	SECTION 8.01. Discharge of Liability on Securities; Defeasance
	 	 	71	 
	SECTION 8.02. Conditions to Defeasance
	 	 	72	 
	SECTION 8.03. Application of Trust Money
	 	 	73	 
	SECTION 8.04. Repayment to Issuers
	 	 	73	 
	SECTION 8.05. Indemnity for Government Obligations
	 	 	73	 
	SECTION 8.06. Reinstatement
	 	 	73	 
	 
	 	 	 	 
	Article 9

	 	 	 	 
	Amendments
	 	 	 	 
	 
	 	 	 	 
	SECTION 9.01. Without Consent of Holders
	 	 	74	 
	SECTION 9.02. With Consent of Holders
	 	 	75	 
	SECTION 9.03. Compliance with Trust Indenture Act
	 	 	76	 
	SECTION 9.04. Revocation and Effect of Consents and Waivers
	 	 	76	 
	SECTION 9.05. Notation on or Exchange of Securities
	 	 	76	 
	SECTION 9.06. Trustee to Sign Amendments
	 	 	76	 
	SECTION 9.07. Payment for Consent
	 	 	77	 
	 
	 	 	 	 
	Article 10

	 	 	 	 
	Subsidiary Guarantees
	 	 	 	 
	 
	 	 	 	 
	SECTION 10.01. Guarantees
	 	 	77	 
	SECTION 10.02. Limitation on Liability
	 	 	78	 
	SECTION 10.03. Successors and Assigns
	 	 	79	 
	SECTION 10.04. No Waiver
	 	 	79	 
	SECTION 10.05. Modification
	 	 	79	 
	SECTION 10.06. Release of Subsidiary Guarantor
	 	 	79	 
	SECTION 10.07. Contribution
	 	 	80	 
	 
	 	 	 	 
	Article 11

	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	SECTION 11.01. Trust Indenture Act Controls
	 	 	80	 
	SECTION 11.02. Notices
	 	 	80	 
	SECTION 11.03. Communication by Holders with Other Holders
	 	 	81	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 11.04. Certificate and Opinion as to Conditions Precedent
	 	 	81	 
	SECTION 11.05. Statements Required in Certificate or Opinion
	 	 	81	 
	SECTION 11.06. When Securities Disregarded
	 	 	82	 
	SECTION 11.07. Rules by Trustee, Paying Agent and Registrar
	 	 	82	 
	SECTION 11.08. Legal Holidays
	 	 	82	 
	SECTION 11.09. Governing Law
	 	 	82	 
	SECTION 11.10. No Recourse Against Others
	 	 	82	 
	SECTION 11.11. Successors
	 	 	82	 
	SECTION 11.12. Multiple Originals
	 	 	82	 
	SECTION 11.13. Table of Contents; Headings
	 	 	82	 

Rule 144A/Regulation S Appendix

	 	 	 	 	 

	Exhibit 1

	 	—
	 	Form of Initial Security
	Exhibit A

	 	—
	 	Form of Exchange Security or Private Exchange Security
	Exhibit B

	 	—
	 	Form of Supplemental Indenture to be Delivered by Additional Subsidiary
	 

	 	 	 	Guarantors

iv

 

          INDENTURE dated as of December 20, 2010, among AURORA
 DIAGNOSTICS HOLDINGS, LLC, a Delaware limited liability company (the “Company”), AURORA DIAGNOSTICS
FINANCING, INC., a Delaware corporation (the “Co-Issuer” and, together with the Company, the
“Issuers”), each of the Guarantors named herein, as Subsidiary Guarantors, and U.S. BANK NATIONAL
ASSOCIATION (the “Trustee”).

     Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders (as defined below) of the Issuers’ Initial Securities, Exchange
Securities and Private Exchange Securities (in each case, as defined in the Rule 144A/Regulation S
Appendix attached hereto, collectively, the “Securities”):

Article 1

Definitions and Incorporation by Reference

          SECTION 1.01. Definitions.

          “Accounting Change” means any change in accounting principles required by the promulgation of
any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the
American Institute of Certified Public Accountants or, if applicable, the Securities and Exchange
Commission or successors thereto or agencies with similar functions

          “Additional Assets” means (1) any property, plant, equipment or non-current assets used in a
Related Business; (2) the Equity Interests of a Person that becomes a Restricted Subsidiary as a
result of the acquisition of such Equity Interests by the Company or another Restricted Subsidiary;
or (3) Equity Interests constituting a minority interest in any Person that at such time is a
Restricted Subsidiary; provided, however, that any such Restricted Subsidiary described in
clause (2) or (3) above is primarily engaged in a Related Business.

          “Additional Securities” means any Securities issued under this Indenture after the Issue Date
and in compliance with Sections 2.13 and 4.03, it being understood that any Securities issued in
exchange for or replacement of any Initial Security issued on the Issue Date shall not be an
Additional Security, including any such Securities issued pursuant to a Registration Rights
Agreement.

          “Adjusted Treasury Rate” means, with respect to any redemption date, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after January 15, 2015, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on
a straight-line basis, rounding to the nearest month) or (ii) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per year equal to the

5

 

semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date, in each case calculated on the third Business Day immediately preceding the redemption date,
plus 0.50%.

          “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or
controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any Person means the power to
direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities or by contract; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

          “Applicable Premium” means with respect to a Security at any redemption date, the greater of (i)
1.00% of the principal amount of such Security at such time and (ii) the excess of (A) the present
value at such redemption date of (1) the redemption price of such Security on January 15, 2015
(such redemption price being described in the second paragraph of section 5 of the Securities
exclusive of any accrued interest) plus (2) all required remaining scheduled interest payments due
on such Security through January 15, 2015 (but excluding accrued and unpaid interest to the
redemption date), computed by the Company using a discount rate equal to the Adjusted Treasury
Rate, over (B) the principal amount of such Security on such redemption date.

          “Asset Disposition” means any sale, lease, transfer or other disposition (or series of related
sales, leases, transfers or dispositions) (other than any collateral assignment or granting of a
security interest) by the Company or any Restricted Subsidiary, including any disposition by means
of a merger, consolidation or similar transaction (each referred to for the purposes of this
definition as a “disposition”), of:

     (1) any Equity Interests of a Restricted Subsidiary (other than directors’ (or similar persons)
qualifying shares or shares required by applicable law to be held by a Person other than the
Company or a Restricted Subsidiary); or

     (2) all or substantially all the assets of any division or line of business of the Company or any
Restricted Subsidiary; or

     (3) any other assets of the Company or any Restricted Subsidiary outside of the ordinary course of
business of the Company or such Restricted Subsidiary

other than, in the case of clauses (1), (2) and (3) above, (A) a disposition by a Restricted
Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary;
(B) for purposes of Section 4.06 only, (x) a disposition that constitutes a Restricted Payment (or
would constitute a Restricted Payment but for the exclusions from the definition thereof) that is
not prohibited by Section 4.04 or that constitutes a Permitted Investment and (y) a disposition of
all or substantially all the assets of the Company in accordance with Section 5.01; (C) a
disposition of assets with a Fair Market Value of less than $2.0 million; (D) a disposition of cash
or Cash Equivalents; (E) the disposition of equipment, inventory (including raw materials,
work-in-progress and finished goods), accounts receivable or other assets or rights in the

6

 

ordinary course of business, including any excess, obsolete, damaged, worn-out or surplus assets no
longer used or useful in the conduct of business as then being conducted; (F) the sale, discount or
forgiveness, in each case, of accounts receivable arising in the ordinary course of business; (G)
leases or subleases to third Persons in the ordinary course of business that do not interfere in
any material respects with the business of the Company or the Restricted Subsidiaries; (H) the
abandonment, license or sub-license of patents, trademarks, copyrights, know-how, process
technology or other intellectual property to third Persons by the Company or the Restricted
Subsidiaries; (I) condemnation or casualty events; and (J) the creation of a Lien (but not the sale
or other disposition of the property subject to such Lien).

          “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of
determination, the present value of the total obligations of the lessee for rental payments during
the remaining term of the lease included in such Sale/Leaseback Transaction (including any period
for which such lease has been extended); provided, however, that if such Sale/Leaseback
Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby
will be determined in accordance with the definition of “Capital Lease Obligation.” Such present
value shall be calculated using a discount rate equal to the rate of interest implicit in such
transaction determined in accordance with GAAP (or, in the absence thereof, the original yield to
maturity of the Securities issued on the Issue Date).

          “Average Life” means, as of the date of determination, with respect to any Indebtedness, the
quotient obtained by dividing:

     (1) the sum of the products of the numbers of years from the date of determination to the
dates of each successive scheduled principal payment of or redemption or similar payment with
respect to such Indebtedness multiplied by the amount of such payment by

     (2) the sum of all such payments.

          “Board of Managers” means, as to any Person, the board of
managers, board of directors or other similar body or Person performing a
similar function or any duly authorized committee thereof.

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

          “Capital Lease Obligation” means an obligation that is required to be classified and accounted
for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of
Indebtedness represented by such obligation shall be the capitalized amount of such obligation
determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last
payment of rent or any other amount due under such lease prior to the first date upon which such
lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.11, a
Capital Lease Obligation will be deemed to be secured by a Lien on the property being leased.

          “Capital Markets Indebtedness” means any Indebtedness (i) in the form of, or represented by,
bonds (other than surety bonds, indemnity bonds, performance bonds or bonds of a similar nature) or
other securities or any Guarantee thereof and (ii) that is, or may be, quoted,

7

 

listed or purchased and sold on any stock exchange automated trading system or over the
counter or other securities market (including, without prejudice to the generality of the
foregoing, the market for securities eligible for resale pursuant to Rule 144A under the Securities
Act).

          “Capital Stock” means:

     (1) in the case of a corporation, corporate stock;

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

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

     (4) any other interest or participation that confers on a Person the right to receive a share of
the profits and losses of, or distributions of assets of, the issuing Person.

     “Cash Equivalent” means any of the following:

     (1) any investment in direct obligations of the United States of America or any agency thereof
or obligations guaranteed by the United States of America or any agency thereof;

     (2) investments in demand and time deposit accounts, certificates of deposit and money market
deposits maturing within one year of the date of acquisition thereof issued by a bank or trust
company which is organized under the laws of the United States of America, any State thereof or any
foreign country recognized by the United States of America, and which bank or trust company has
capital, surplus and undivided profits aggregating in excess of $50.0 million (or the foreign
currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar
equivalent rating) or higher by at least one nationally recognized statistical rating organization
(as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a
registered broker dealer or mutual fund distributor;

     (3) repurchase obligations with a term of not more than 30 days for underlying securities of
the types described in clauses (1) and (2) above entered into with a bank meeting the
qualifications described in clause (2) above;

     (4) investments in commercial paper, maturing not more than one year after the date of
acquisition, issued by a corporation (other than an Affiliate of the Company) organized and in
existence under the laws of the United States of America or any foreign country recognized by the
United States of America with a rating at the time as of which any investment therein is made of
“P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P;

8

 

     (5) investments in securities with maturity of one year or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States
of America, or by any political subdivision or taxing authority thereof, and rated at least “A-1”
by S&P or “P-1” by Moody’s;

     (6) eligible banker’s acceptances, repurchase agreements and tax-exempt municipal bonds having
a maturity of within one year, in each case having a rating of, or evidencing the full recourse
obligation of a Person whose senior debt is rated at least “A” by S&P and at least “A2” by Moody’s;
and

     (7) investments in money market funds that invest substantially all their assets in securities
of the types described in clauses (1) through (6) above.

     “Change of Control” means the occurrence of any of the following events:

     (1) the Company becomes aware that any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the total voting power of the Voting Stock of the Company;
provided, however, that for purposes of this clause (1) such other Person shall be deemed to have
“beneficial ownership” of any Voting Stock of a Person held by any other Person (the “parent
entity”), if such other Person is the beneficial owner (as defined above in this clause (1)),
directly or indirectly, of more than 50% of the voting power of the Voting Stock of such parent
entity;

     (2) so long as the Company’s Capital Stock is not traded on a nationally recognized stock
exchange, the majority of the seats (other than vacant seats) on the Board of Managers of the
Company cease to be occupied by persons who either (A) were members of the Board of Managers of the
Company on the Issue Date or (B) were nominated for election by the Board of Managers of the
Company, a majority of whom were directors on the Issue Date or whose election or nomination for
election was previously approved by a majority of such directors;

     (3) the adoption of a plan relating to the liquidation or dissolution of the Company; or

     (4) the sale, lease or other transfer (other than a collateral assignment or security
interest) of all or substantially all the assets of the Company (determined on a consolidated
basis) to another Person other than (i) a transaction in which the survivor or transferee is a
Person that is controlled by one or more Permitted Holders or (ii) a transaction (other than a
transaction resulting in the occurrence of an event described in clause (1) above) following which
each transferee becomes an obligor in respect of the Securities and a Subsidiary of the transferor
of such assets.

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

          “Co-Issuer” means the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor.

9

 

          “Company” means the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained herein and required by
the TIA, each other obligor on the indenture securities.

          “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation
Agent as having a maturity comparable to the remaining term of the Securities from the redemption
date to January 15, 2015, that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a maturity most
nearly equal to January 15, 2015.

          “Comparable Treasury Price” means, with respect to any redemption date, if clause (ii) of the
Adjusted Treasury Rate is applicable, the average of three, or such lesser number as is obtained by
the Company, Reference Treasury Dealer Quotations for such redemption date.

          “Consolidated Coverage Ratio” as of any date of determination for any period means the ratio of (x)
the aggregate amount of EBITDA for such period to (y) Consolidated Interest Expense for such
period; provided, however, that:

     (1) if the Company or any Restricted Subsidiary has Incurred any Indebtedness (other than ordinary
working capital borrowings) subsequent to the commencement of the period for which the Consolidated
Coverage Ratio is being calculated and on or prior to the date as of which the Consolidated
Coverage Ratio is being determined (the “Calculation Date”) that remains outstanding or if
the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an
Incurrence of Indebtedness, or both, EBITDA and Consolidated Interest Expense for such period shall
be calculated after giving effect on a pro forma basis to such Indebtedness (and the application of
the proceeds thereof) as if such Indebtedness had been Incurred on the first day of such period;

     (2) if the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise
discharged any Indebtedness since the beginning of such period or if any Indebtedness is to be
repaid, repurchased, defeased or otherwise discharged (in each case other than Indebtedness
Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid
and has not been replaced) on the date of the transaction giving rise to the need to calculate the
Consolidated Coverage Ratio, EBITDA and Consolidated Interest Expense for such period shall be
calculated on a pro forma basis as if such discharge had occurred on the first day of such period
and as if the Company or such Restricted Subsidiary had not earned the interest income actually
earned during such period in respect of cash or Cash Equivalents used to repay, repurchase, defease
or otherwise discharge such Indebtedness;

     (3) if since the beginning of such period the Company or any Restricted Subsidiary shall have made
any Asset Disposition, EBITDA for such period shall be reduced by an amount equal to EBITDA (if
positive) directly attributable to the assets which are the subject of such Asset Disposition for
such period, or increased by an amount equal to EBITDA (if negative), directly attributable thereto
for such period and

10

 

Consolidated Interest Expense for such period shall be reduced by an amount equal to the
Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any
Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the
Company and its continuing Restricted Subsidiaries in connection with such Asset Disposition for
such period (or, if the Equity Interests of any Restricted Subsidiary is sold, the Consolidated
Interest Expense for such period directly attributable to the Indebtedness of such Restricted
Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer
liable for such Indebtedness after such sale);

     (4) if since the beginning of such period the Company or any Restricted Subsidiary (by merger or
otherwise) shall have made an Investment in any Restricted Subsidiary (or any Person which becomes
a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring
in connection with a transaction requiring a calculation to be made hereunder, which constitutes
all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest
Expense for such period shall be calculated after giving pro forma effect thereto (including the
Incurrence of any Indebtedness) as if such Investment or acquisition had occurred on the first day
of such period; and

     (5) if since the beginning of such period any Person (that subsequently became a Restricted
Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning
of such period) shall have made any Asset Disposition, any Investment or acquisition of assets that
would have required an adjustment pursuant to clause (3) or (4) above if made by the Company or a
Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period
shall be calculated after giving pro forma effect thereto as if such Asset Disposition, Investment
or acquisition had occurred on the first day of such period.

For purposes of this definition, whenever pro forma effect is to be given to an acquisition of
assets, the amount of income or earnings relating thereto and the amount of Consolidated Interest
Expense associated with any Indebtedness Incurred in connection therewith, the pro forma
calculations shall be determined in good faith by a responsible financial or accounting Officer of
the Company (and any applicable Pro Forma Cost Savings). If any Indebtedness bears a floating rate
of interest and is being given pro forma effect, the interest on such Indebtedness shall be
calculated as if the rate in effect on the date of determination had been the applicable rate for
the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness
if such Interest Rate Agreement has a remaining term in excess of 12 months or the Company intends
to replace or continue such Interest Rate Agreement). If any Indebtedness is incurred under a
revolving credit facility and is being given pro forma effect, the interest on such Indebtedness
shall be calculated based on the average daily balance of such Indebtedness for the four fiscal
quarters (taking into account any interest rate option, swap, cap or similar agreement applicable
to such Indebtedness), provided such Indebtedness was not incurred to make an Investment.

“Consolidated Interest Expense” means, for any period, the consolidated interest expense
(including that portion attributable to Capital Lease Obligations in accordance with GAAP and

11

 

capitalized interest) of the Company and its consolidated Restricted Subsidiaries (net of interest
income of the Company and its consolidated Restricted Subsidiaries) for such period with respect to
Consolidated Total Indebtedness, on a consolidated basis determined in accordance with GAAP,
including all interest expense with respect to earn outs, commissions, discounts and other fees and
charges owed with respect to letters of credit and net costs under Interest Rate Agreements, but
excluding, however, any amounts payable before the Issue Date with respect to fees and costs
incurred in connection with the Incurrence of the Credit Agreement and repayment of certain other
Indebtedness with the proceeds of the Credit Agreement. Notwithstanding the foregoing, (i) to the
extent related to the issuance of notes, debt issuance costs (including costs and fees associated
with the Credit Facilities and the use of proceeds with respect thereto), debt discount or premium
and other financing fees and expenses (other than unused line fees) shall be excluded from the
calculation of Consolidated Interest Expense and (ii) Consolidated Interest Expense shall be
calculated after giving effect to Interest Rate Agreements, but excluding unrealized gains and
losses with respect to Interest Rate Agreements.

          “Consolidated Net Income” means, with respect to the Company and its Subsidiaries, the aggregate of
the Net Income of the Company and its Subsidiaries for such period, on a consolidated basis,
determined in accordance with GAAP; provided, however, that there shall be excluded:

     (1) the net income or loss of any Person (other than the Company or its Subsidiaries) in which any
other Person (other than the Company or any Subsidiary) has a joint interest, except to the extent
of the aggregate amount of dividends or other distributions actually paid to the Company or any of
its Subsidiaries by such Person during such period;

     (2) any net income (or loss) of any Person acquired by the Company or a Subsidiary in a pooling of
interests transaction (or any transaction accounted for in a manner similar to a pooling of
interests) for any period prior to the date of such acquisition;

     (3) the net income of any Subsidiary to the extent that the declaration or payment of dividends or
similar distributions by that Subsidiary of that net income is not at the date of determination
permitted without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to that Subsidiary, except that
the Company’s equity in the net income of any such Subsidiary for such period shall be included in
such Consolidated Net Income up to the aggregate amount of such net income that could have been
distributed by such Subsidiary for such period to the Company or another Subsidiary as a dividend
or other distribution (subject, in the case of a dividend or other distribution paid to another
Restricted Subsidiary, to the limitation contained in this clause);

     (4) any after tax gain (or loss) attributable to an Asset Disposition or returned assets of any
pension plan;

     (5) the following items:

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     (i) any extraordinary gains, losses or charges;

     (ii) the non-cash cumulative effect of any change in accounting principles;

     (iii) any net after-tax gain (or loss) attributable to the early extinguishment or conversion of
Indebtedness;

     (iv) the write-off of any debt issuance costs;

     (v) any non-cash impairment charges relating to goodwill or intangible assets;

     (vi) any non-cash SFAS 133 income (or loss) relating to hedging activities;

     (vii) any income (or loss) from discontinued operations;

     (viii) any expense or gain related to recording of the fair market value of Interest Rate
Agreements, Currency Agreements and commodity agreements entered into, in each case, in the
ordinary course of business and not for speculative purposes;

     (ix) any unrealized foreign currency transaction gains or losses in respect of Indebtedness of any
Person denominated in a currency other than the functional currency of such Person;

     (x) any non-cash expense related to the establishment of allowances or reserves under the
application of SFAS 109 attributable to the recognition of deferred tax assets; and

     (xi) any
expense or charge incurred in connection with the issuance, exercise, cancellation or appreciation
of options and other equity grants in Capital Stock,

in each case, for such period. Notwithstanding
the foregoing, for the purposes of Section 4.04 only, there shall be excluded from Consolidated Net
Income any repurchases, repayments or redemptions of Investments, proceeds realized on the sale of
Investments or return of capital to the Company or a Restricted Subsidiary to the extent such
repurchases, repayments, redemptions, proceeds or returns increase the amount of Restricted
Payments permitted under Section 4.04(a)(3)(D).

     “Consolidated Secured Indebtedness” means, as of any date of determination, an amount equal to
the Consolidated Total Indebtedness as of such date that is then secured by Liens on property or
assets of the Company or any Restricted Subsidiary.

     “Consolidated Secured Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Secured Indebtedness to (b) the aggregate amount of EBITDA for

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the Company’s most recent four consecutive quarters ending at least 45 days prior to such date of
determination, in each case with such pro forma adjustments to Consolidated Secured Indebtedness
and EBITDA as are consistent with the pro forma adjustment provisions set forth in the definition
of Consolidated Coverage Ratio; provided, however, that for purposes of the calculation of
the Consolidated Secured Leverage Ratio, in connection with the Incurrence of any Lien pursuant to
clause (27) of the definition of “Permitted Liens,” the Company or its Restricted Subsidiaries may
elect, pursuant to an Officers’ Certificate delivered to the Trustee, to treat all or any portion
of the commitment under any Indebtedness which is to be secured by such Lien as being Incurred at
such time and any subsequent Incurrence of Indebtedness under such commitment shall not be deemed,
for purposes of this calculation, to be an Incurrence at such subsequent time.

          “Consolidated Total Indebtedness” means, as of any date of determination, an amount equal to
the aggregate amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries
on a consolidated basis.

          “Consulting Agreement” means that certain Consulting Agreement, dated as of June 2, 2006,
among Aurora Diagnostics, LLC, the Company and Haverford, as in effect on the Issue Date and as may
be amended to the extent not prohibited by the Credit Facilities.

          “Credit Agreement” means the Credit and Guaranty Agreement dated as of May 26, 2010, among
Aurora Diagnostics, LLC, as borrower, the Company and certain subsidiaries and affiliates of the
borrower named therein, as guarantors, Barclays Bank plc, as administrative agent and collateral
agent, and the lenders party thereto, including any related notes, guarantees, collateral
documents, instruments and agreements executed in connection therewith, as amended from time to
time.

          “Credit Facilities” means one or more debt facilities or agreements (including the Credit
Agreement), commercial paper facilities, securities purchase agreements, indentures or similar
agreements, in each case, with banks or other institutional lenders or investors providing for, or
acting as initial purchasers of, revolving loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow
from such lenders against such receivables), letters of credit or the issuance and sale of
securities including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, and, in each case, as amended, restated, replaced
(whether upon or after termination or otherwise), Refinanced, supplemented, modified or otherwise
changed (in whole or in part, and without limitation as to amount, terms, conditions, covenants and
other provisions) from time to time, or any other Indebtedness.

          “Currency Agreement” means any foreign exchange contract, currency swap agreement, futures
contract, options contract, synthetic agreement or other agreements or arrangements with respect to
currency values or currency exchange rates.

          “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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          “Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received
by the Company or one of its Restricted Subsidiaries in connection with an Asset Disposition that
is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate setting
forth the basis of such valuation, less the amount of Cash Equivalents received in connection with
a subsequent sale of such Designated Non-cash Consideration.

          “Disqualified Stock” means, with respect to any Person, any Equity Interests which by its terms (or
by the terms of any security into which it is convertible or for which it is exchangeable at the
option of the holder) or upon the happening of any event:

     (1) matures or is mandatorily redeemable (other than redeemable only for Equity Interests of such
Person which is not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise;

     (2) is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified
Stock; or

          (3) is mandatorily redeemable or must be purchased upon the occurrence of certain events or
otherwise, in whole or in part;

in each case on or prior to a date that is 91 days after the Stated
Maturity of the Securities. Notwithstanding the preceding sentence, any Capital Stock that would
constitute Disqualified Stock solely because the holders of the Capital Stock have the right to
require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control or
an Asset Disposition will not constitute Disqualified Stock if the terms of such Capital Stock
provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with Section 4.04.

          “Domestic Restricted Subsidiary” means any Restricted Subsidiary other than a Foreign Subsidiary.

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

          “EBITDA” for any period means the sum of Consolidated Net Income, plus the following to the extent
deducted in calculating such Consolidated Net Income (without duplication):

     (1) all income and franchise tax expense of the Company and its consolidated Restricted
Subsidiaries, including any applicable Tax Payments to the extent deducted from Consolidated Net
Income;

     (2) Consolidated Interest Expense;

     (3) depreciation and amortization (including amortization of goodwill, financing costs and other
intangibles) of the Company and its Restricted Subsidiaries for such period;

15

 

     (4) all other non-cash charges of the Company and its consolidated Restricted Subsidiaries,
including without limitation any non-cash charges arising from any Interest Rate Agreement or
Currency Agreement or with respect to the issuance, exercise, cancellation or appreciation of
options, other grants or post-employment benefits in connection with Equity Interests and any
non-cash charges required by GAAP relating to “fair value” of any earn out amounts, but excluding,
in each case, any such non-cash charge to the extent that it represents an accrual of or reserve
for cash expenditures in any future period;

     (5) any expenses (including fees, charges, discounts and premiums) relating to any public or
private sale of Equity Interests of the Company or its Restricted Subsidiaries, the acquisition or
disposition of assets, Investments, recapitalization, the discharge of securities registration
obligations or Indebtedness (including letter of credit fees) permitted to be incurred under this
Indenture (in each case whether or not consummated);

     (6) to the extent covered by insurance and actually reimbursed (or the Company has determined
that there exists reasonable evidence that such amount will be reimbursed by the insurer and such
amount is not denied by the applicable insurer in writing within 180 days and is reimbursed within
365 days of the date of such evidence (with a deduction in any future calculation of EBITDA for any
amount so added back to the extent so reimbursed within such 365-day period)), any expenses with
respect to liability or casualty events or business interruption;

     (7) the amount of any minority interest expense;

     (8) any non-cash expenses in such period arising from any grant of stock, stock options or other
equity-based award or any stock subscription or shareholder agreement of employees and any
out-of-pocket costs or expenses incurred pursuant to the implementation, administration and
management of any management equity plan, stock option plan or other management or employee benefit
plan or agreement, any management or employee stock based compensation agreement or any stock
subscription or shareholder agreement;

     (9) any non-cash pension and other post-employment benefit expense deducted in such period in
computing Consolidated Net Income;

     (10) any non-cash decrease in consolidated GAAP revenue resulting from purchase accounting in
connection with any acquisitions permitted hereunder less any non-cash increase in consolidated
GAAP revenue resulting from purchase accounting in connection with acquisitions permitted
hereunder;

     (11) any management, consulting, advisory or similar fees and expenses paid to (i) Permitted
Holders to the extent permitted by the Credit Facilities until the first public Equity Offering of
the Company’s common stock and (ii) to Haverford pursuant to the Consulting Agreement;

     (12) payments made with respect to the TRA;

16

 

     (13) the cumulative effect of any Accounting Changes and purchase price accounting principals;

     (14) any extraordinary, unusual or non-recurring losses, charges and expenses deducted in such
period (including severance expenses and integration costs and expenses);

     (15) acquisition related costs expensed pursuant to FASB 141(R) that would otherwise have been
capitalized under GAAP immediately prior to the effectiveness of FASB 141(R);

     (16) one-time expenses relating to enhanced accounting function and other one-time costs and
expenses associated with becoming a public company;

     (17) any other non-cash charges, including any write off or write downs, reducing Consolidated
Net Income for such period; and

     (18) the amount of any restructuring charge, including one-time costs incurred in connection
with acquisitions after the Issue Date and costs related to the closure and/or consolidation of
facilities;

in each case determined on a consolidated basis in accordance with GAAP, less all
non-cash items increasing Consolidated Net Income for such period other than accruals of revenue by
the Company and its consolidated Restricted Subsidiaries in the ordinary course of business, in
each case determined on a consolidated basis in accordance with GAAP.

Notwithstanding the foregoing, (i) the provision for taxes based on the income or profits of, and
the depreciation and amortization and non-cash charges of, a Restricted Subsidiary shall be added
to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion,
including by reason of minority interests) that the net income or loss of such Restricted
Subsidiary was included in calculating Consolidated Net Income and (ii) at any times when the
calculation of EBITDA includes the historical periods ending December 31, 2009 and March 31, 2010,
EBITDA shall be the amount for such historical periods as set forth in the Credit Agreement on the
Issue Date.

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

          “Equity Offering” means a public or private sale either of (1) Capital Stock (other than
Disqualified Stock) of the Company or (2) Capital Stock (other than Disqualified Stock) of a direct
or indirect parent of the Company (other than to the Company or a Subsidiary of the Company) but
only to the extent the Net Cash Proceeds therefrom have been contributed to the Company as a
capital contribution.

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

17

 

          “Fair Market Value” means, with respect to any asset or property, the price which could be
negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a
willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction.
Fair Market Value will be determined (x) for amounts exceeding $10.0 million in good faith by the
Board of Managers of the Company and (y) for amounts less than $10.0 million in good faith by the
Company; provided, however, that for purposes of Section 4.04 (a)(3)(B), if the Fair Market Value
of the property or assets in question is so determined to be in excess of $20.0 million and is
received from an Affiliate of the Company, such determination must be confirmed by an Independent
Qualified Party. For purposes of determining the Fair Market Value of Capital Stock, the value of
the Capital Stock of a Person shall be based upon such Person’s property and assets, exclusive of
goodwill or any similar intangible asset.

          “Foreign Subsidiary” means any Restricted Subsidiary of the Company that is not organized
under the laws of the United States of America or any State thereof or the District of Columbia.

          “GAAP” means generally accepted accounting principles in the United States of America as in
effect as of the Issue Date.

          “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any Person and any obligation, direct or indirect,
contingent or otherwise, of such Person:

     (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness of such Person (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to
maintain financial statement conditions or otherwise); or

     (2) entered into for the purpose of assuring in any other manner the obligee of such
Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part);

provided, however, that the term “Guarantee” shall not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a
corresponding meaning. The term “Guarantor” shall mean any Person Guaranteeing any obligation.

          “Guarantee Agreement” means a supplemental indenture, in a form satisfactory to the Trustee,
pursuant to which a Subsidiary Guarantor guarantees the Issuers’ obligations with respect to the
Securities on the terms provided for in this Indenture; provided that a supplemental indenture
substantially in the form attached hereto as Exhibit B shall be satisfactory to the Trustee.

          “Haverford” means Haverford Capital Advisors, Inc.

          “Hedging Obligations” of any Person means the obligations of such Person pursuant to any
Interest Rate Agreement or Currency Agreement.

18

 

          “Holder” or “Securityholder” means the Person in whose name a Security is registered on the
Registrar’s books.

          “Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness of a Person existing at the time such Person becomes a Restricted
Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be
Incurred by such Person at the time it becomes a Restricted Subsidiary. The term “Incurrence” when
used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with
Section 4.03:

     (1) amortization of debt discount or the accretion of principal with respect to a non-interest
bearing or other discount security;

     (2) the payment of regularly scheduled interest in the form of additional Indebtedness of the
same instrument or the payment of regularly scheduled dividends on Equity Interests in the form of
additional Equity Interests of the same class and with the same terms; and

     (3) the obligation to pay a premium in respect of Indebtedness arising in connection with the
issuance of a notice of redemption or the making of a mandatory offer to purchase such Indebtedness
will not be deemed to be the Incurrence of Indebtedness.

          “Indebtedness” means, with respect to any Person on any date of determination (without
duplication):

     (1) the principal in respect of (A) indebtedness of such Person for money borrowed and (B)
indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of
which such Person is responsible or liable;

     (2) all Capital Lease Obligations of such Person;

     (3) all obligations of such Person issued or assumed as the deferred purchase price of
property due more than six months after such property is acquired (but excluding any such
obligations incurred under the Employee Retirement Income Security Act of 1974, as amended, and any
accounts payable or other liability to trade creditors arising in the ordinary course of business);

     (4) all obligations of such Person for the reimbursement of any obligor on any letter of
credit (other than obligations with respect to letters of credit securing obligations (but
excluding obligations described in clauses (1) through (3) above) entered into in the ordinary
course of business of such Person to the extent such letters of credit are not drawn upon or, if
and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day
following payment on the letter of credit);

     (5) all Guarantees of such Person of obligations of the type referred to in clauses (1)
through (4);

19

 

     (6) all obligations of the type referred to in clauses (1) through (5) of other Persons
secured by any Lien on any property or asset of such Person (whether or not such obligation is
assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair
Market Value of such property or assets and the amount of the obligation so secured; and

     (7) all marked-to-market obligations of such Person in respect of any exchange traded or over
the counter derivative transaction, including, without limitation, any Interest Rate Agreement and
Currency Agreement, whether entered into for hedging or speculative purposes; provided, however, in
no event shall obligations under any Interest Rate Agreement and Currency Agreement be deemed
“Indebtedness” for purposes of determining the “Consolidated Secured Leverage Ratio” or the
“Consolidated Coverage Ratio.”

Notwithstanding the foregoing, the term “Indebtedness” will exclude indemnification, purchase
price adjustments, holdbacks, earn outs, contingency payment obligations and post-closing payment
adjustments in connection with an acquisition to which the seller may become entitled and any
amounts payable under the TRA.

          The amount of Indebtedness of any Person at any date shall be the outstanding balance at such
date of all unconditional obligations as described above;
provided, however, that in the
case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the
accreted value thereof at such time.

          “Indenture” means this Indenture as amended or supplemented from time to time. “Independent
Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national
standing; provided, however, that such firm is not an Affiliate of the Company.

          “Interest Rate Agreement” means (1) any interest rate swap agreement (whether from fixed to
floating or from floating to fixed), interest rate cap agreement and interest rate collar
agreements; and (2) other agreements meant to manage interest rate risk.

          “Investment” in any Person means any direct or indirect advance, loan (other than advances to
customers in the ordinary course of business that are recorded as accounts receivable on the
balance sheet of the lender) or other extensions of credit (including by way of Guarantee or
similar arrangement) or capital contribution to (by means of any transfer of cash or other property
to others or any payment for property or services for the account or use of others), or any
purchase or acquisition of Equity Interests, Indebtedness or other similar instruments issued by
such Person. If the Company or any Restricted Subsidiary issues, sells or otherwise disposes of any
Equity Interests of a Person that is a Restricted Subsidiary such that, after giving effect
thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or any
Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a
new Investment at such time. The amount of Investments outstanding at any time shall be reduced by
the net reduction after the Issue Date in Investments made after the Issue Date resulting from
dividends, repayments of loans or advances or other transfers of property,

20

 

proceeds realized on the sale of any such Investment and proceeds representing the return of the
capital, in each case to the Company or any Restricted Subsidiary in respect of such Investment,
less the cost of the disposition of any such Investment. The acquisition by the Company or any
Restricted Subsidiary of a Restricted Subsidiary that holds an Investment in a third Person will be
deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person at
such time.

          For purposes of the definition of “Unrestricted Subsidiary,” the definition of “Restricted
Payment” and Section 4.04:

     (1) “Investment” shall include the portion (proportionate to the Company’s equity interest in
such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Company at the
time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that, upon a
redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to
continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if
positive) equal to (A) the Company’s “Investment” in such Subsidiary at the time of such
redesignation less (B) the portion (proportionate to the Company’s equity interest in such
Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such
redesignation; and

     (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair
Market Value at the time of such transfer, in each case as determined in good faith by the Board of
Managers of the Company.

          “Issue Date” means December 20, 2010.

          “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions are not
required to be open in the State of New York. If a payment date is a Legal Holiday at a place of
payment, payment may be made at such place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue on such payment for the intervening period.

          “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including any conditional sale or other title retention agreement or lease in the nature thereof);
provided that in no event shall an operating lease be deemed to constitute a lien.

          “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. “Net Available
Cash” from an Asset Disposition means cash payments received therefrom, in each case net of:

     (1) all legal, title and recording tax expenses, commissions and other fees and expenses
incurred, and all Federal, state, provincial, foreign and local taxes required to be accrued as a
liability under GAAP, as a consequence of such Asset Disposition;

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     (2) all payments made on any Indebtedness which is secured by any assets subject to such
Asset Disposition, in accordance with the terms of any Lien upon or other security agreement
of any kind with respect to such assets, or which must by its terms, or in order to obtain a
necessary consent to such Asset Disposition, or by applicable law, be repaid out of the
proceeds from such Asset Disposition;

     (3) all distributions and other payments required to be made to minority interest
holders in Restricted Subsidiaries as a result of such Asset Disposition;

     (4) the deduction of appropriate amounts provided by the seller as a reserve, in
accordance with GAAP, against any liabilities associated with the property or other assets
disposed in such Asset Disposition and retained by the Company or any Restricted Subsidiary
after such Asset Disposition;

     (5) investment banking, consultant, legal and accounting fees and commissions;

     (6) any restructuring costs incurred in preparation for or as part of such Asset
Disposition, and any employee benefit or compensation costs (including retention services)
directly attributable to such Assets Disposition; provided, however, that such costs are
incurred within six months of such Asset Disposition; and

     (7) any portion of the purchase price from an Asset Disposition placed in escrow,
whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in
respect of such Asset Disposition or otherwise in connection with that Asset Disposition;
provided, however, that, upon the termination of that escrow, Net Available Cash will be
increased by any portion of funds in the escrow that are released to the Company or any
Restricted Subsidiary.

             “Net Cash Proceeds”, with respect to any issuance or sale of Equity Interests or Indebtedness,
means the aggregate cash proceeds of such issuance or sale net of attorneys’ fees, accountants’
fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant
and other fees actually incurred in connection with such issuance or sale and net of taxes paid or
payable as a result thereof.

             “Net Income” means, with respect to any Person, the net income (loss) of such Person,
determined in accordance with GAAP.

             “Obligations” means, with respect to any Indebtedness, all obligations for principal,
premium, interest, penalties, fees, indemnifications, reimbursements and other amounts payable
pursuant to the documentation governing such Indebtedness.

             “Offering Memorandum” means the Offering Memorandum dated December 14, 2010 pursuant to which
the Securities issued on the Issue Date were offered to investors.

             “Officer” means the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer,
the President, any Executive Vice President, Senior Vice President or Vice President, the
Treasurer, the General Counsel or the Secretary of the applicable Issuer.

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          “Officers’ Certificate” means a certificate signed by two Officers of the Company.

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

          “Parent” means any direct or indirect parent company of the Company.

          “Permitted Holders” means (i) Summit Partners, L.P. and KRG Capital Partners, LLC and each of
their respective Affiliates and funds or partnerships managed by it or any of its Affiliates, but
not including, however, any of their portfolio companies, (ii) any shareholders of the Company who
are directors, officers and other management employees of the Company and its Subsidiaries and
(iii) any other shareholders of the Company who are shareholders of the Company on the Issue Date.
Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in
respect of which a Change of Control Offer is made in accordance with the requirements of this
Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

          “Permitted Investment” means an Investment by the Company or any Restricted Subsidiary in:

     (1) the Company, a Restricted Subsidiary or a Person that will, upon the making of such
Investment, become a Restricted Subsidiary; provided,
however, that the primary business of such
Restricted Subsidiary is a Related Business;

     (2) connection with the acquisition by Company or any Restricted Subsidiary, whether by
purchase, merger or otherwise, of all or substantially all of the assets of, all of the Equity
Interests of, or a business line or unit or a division of, any
Person; provided, however, that such
Person’s primary business is a Related Business;

     (3) cash and Cash Equivalents;

     (4) receivables owing to the Company or any Restricted Subsidiary if created or acquired in
the ordinary course of business; provided, however, that such trade terms may include such
concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under
the circumstances;

     (5) payroll, travel, moving and similar advances to cover matters that are expected at the
time of such advances ultimately to be treated as expenses for accounting purposes and that are
made in the ordinary course of business;

     (6) loans or advances to officers, directors, and employees made in the ordinary course of
business for bona fide business purposes;

     (7) stock, obligations or securities received in settlement of debts created in the ordinary
course of business and owing to the Company or any Restricted Subsidiary or in satisfaction of
judgments;

23

 

     (8) any Person to the extent such Investment represents the non-cash portion of the
consideration received for (i) an Asset Disposition as permitted pursuant to Section 4.06 or (ii) a
disposition of assets not constituting an Asset Disposition (including a disposition of
intellectual property rights described in clause (H) of the definition of Asset Disposition);

     (9) any Person where such Investment was acquired by the Company or any of its Restricted
Subsidiaries (i) in exchange for any other Investment or accounts receivable held by the Company or
any Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or accounts receivable,
(ii) in compromise, satisfaction or partial satisfaction of obligations of trade creditors, account
debtors or customers that were Incurred in the ordinary course of business, the Company or any
Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon
the bankruptcy or insolvency or other reorganization of any trade creditor or customer, (iii) in
resolution of litigation, arbitration or other disputes or (iv) as a result of foreclosure,
perfection or enforcement of any Lien;

     (10) any Person to the extent such Investments consist of prepaid expenses, negotiable
instruments held for collection and lease, utility and workers’ compensation, performance and other
similar deposits and credits made in the ordinary course of business by the Company or any
Restricted Subsidiary;

     (11) any Person to the extent such Investments consist of Hedging Obligations otherwise
permitted under Section 4.03;

     (12) any Person to the extent such Investment exists on the Issue Date, and any extension,
modification or renewal of any such Investments existing on the Issue Date, but only to the extent
not involving additional advances, contributions or other Investments of cash or other assets or
other increases thereof (other than as a result of the accrual or accretion of interest or original
issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of
such Investment as in effect on the Issue Date);

     (13) repurchases of Securities;

     (14) capital expenditures and purchases and acquisitions of inventory, supplies, material or
equipment, including prepayments therefor;

     (15) guarantees of Indebtedness of the Company or any Restricted Subsidiary permitted under
Section 4.03 and any other Indebtedness of the Company or a Restricted Subsidiary constituting an
Investment and permitted under Section 4.03;

     (16) Investments in connection with the Reorganization Transactions;

     (17) Investments in Aurora Diagnostics, Inc. for administrative costs and expenses prior to
the Reorganization Transactions;

24

 

     (18) connection with the cancellation, forgiveness, set-off or capitalization of any
Indebtedness owed to the Company or any Restricted Subsidiary by the Company or any Restricted
Subsidiary;

     (19) loans or other Investments that could otherwise be made as a Restricted Payment in
accordance with the terms of this Indenture;

     (20) Investments in another Person made with respect to self-insurance programs;

     (21) Investments consisting of earnest money deposits required in connection with a purchase
agreement or other acquisition;

     (22) Investments made by the Company or a Restricted Subsidiary consisting only of Capital
Stock of the Company or its Parent; and

     (23) additional Investments, when taken together with all other Investments made pursuant to
this clause (23) and outstanding on the date such Investment is made, do not exceed the greater of
(i) $25.0 million and (ii) 5.0% of Total Assets.

          For purposes of determining whether an Investment is a Permitted Investment, in the event that
an Investment (or any portion thereof) meets the criteria of more than one of the types of
Permitted Investments described above, or is entitled to be incurred pursuant to paragraph (a)
under Section 4.04, the Company, in its sole discretion, will classify (and may later reclassify)
such Investment (or any portion thereof) at the time of Incurrence and will only be required to
include the amount and type of such Investment in one of the above clauses. The Company will be
entitled to divide and classify an Investment in more than one of the types of Permitted
Investments described above.

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

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

     (2) Liens imposed by law, such as landlords’, banks’, carriers’, warehousemen’s, mechanics’,
repairmen’s, workmen’s and materialmen’s Liens, in each case for sums not yet due or being
contested in good faith by appropriate proceedings or other Liens arising out of judgments or
awards against such Person with respect to which such Person shall then be proceeding with an
appeal or other proceedings for review and Liens arising solely by virtue of any statutory or
common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies
as to deposit accounts or other funds maintained with a creditor depository institution;

25

 

     (3) Liens for taxes, assessments, or other governmental charges or claims, in each case not
yet subject to penalties for non-payment or which are being contested in good faith by appropriate
proceedings;

     (4) Liens or deposits to secure the performance of statutory or regulatory obligations or in
favor of issuers of surety, appeal, indemnity or performance bonds, warranty and contractual
requirements, other obligations of a like nature or letters of credit issued pursuant to the
request of and for the account of such Persons in the ordinary course
of its business; provided,
however, that such letters of credit do not constitute Indebtedness;

     (5) minor survey exceptions, minor encumbrances, easements, encroachments or reservations of,
or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning or other restrictions as to the use of real property or
Liens incidental to the conduct of the business of such Person or to the ownership of its
properties which were not Incurred in connection with Indebtedness and which do not in the
aggregate materially adversely affect the value of said properties or materially impair their use
in the operation of the business of such Person;

     (6) Liens to secure Permitted Indebtedness Incurred under Section 4.03(b)(11);

     (7) Liens to secure Permitted Indebtedness Incurred under Sections 4.03(b)(1);

     (8) Liens existing on the Issue Date;

     (9) Liens on assets, property or Equity Interests of another Person at the time such other
Person becomes a Subsidiary of such Person; provided,
however, that the Liens may not extend to any
other property owned by such Person or any of its Restricted Subsidiaries (other than assets and
property affixed or appurtenant thereto);

     (10) Liens on property or assets at the time such Person or any of its Subsidiaries acquires
the property or assets, including any acquisition by means of a merger or consolidation with or
into such Person or a Subsidiary of such Person; provided,
however, that the Liens may not extend
to any other property or assets owned by such Person or any of its Restricted Subsidiaries (other
than assets and property affixed or appurtenant thereto);

     (11) Liens securing Indebtedness or other obligations of a Subsidiary of such Person owing to
such Person or a Restricted Subsidiary of such Person;

     (12) Liens securing Hedging Obligations so long as such Hedging Obligations are permitted to
be Incurred under this Indenture;

26

 

     (13) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of
any Indebtedness secured by any Lien referred to in clauses (6), (8), (9), (10) or (27) of this
definition; provided, however, that:

          (A) such new Lien shall be limited to all or part of the same property and assets that secured
or, under the written agreements pursuant to which the original Lien arose, could secure the
original Lien (plus improvements and accessions to such property or proceeds or distributions
thereof); and

          (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater
than the sum of (x) the outstanding principal amount or, if greater, committed amount of the
Indebtedness described under clauses (6), (8), (9), (10) or (27) of this definition at the time the
original Lien became a Permitted Lien and (y) an amount necessary to pay any fees and expenses,
including premiums, related to such Refinancing, refunding, extension, renewal or replacement;

     (14) Liens on equipment of the Company or any Restricted Subsidiary granted in the ordinary
course of business to clients on or about the premises of which such equipment is located;

     (15) Liens in favor of the Company or the Subsidiary Guarantors;

     (16) Liens deemed to exist in connection with Permitted Investments that constitute repurchase
obligations and in connection with setoff rights;

     (17) Liens solely on cash collateral securing reimbursement obligations in respect of standby
or documentary letters of credit permitted to be Incurred under this Indenture;

     (18) Liens incurred by the Company or any Restricted Subsidiary relating to non-assignment
provisions under service contracts;

     (19) Liens incurred in connection with the financing of insurance premiums and pledges and
deposits of cash or Cash Equivalents made in connection with self-insurance programs;

     (20) Liens arising by operation of Article 2 of the UCC in favor of a reclaiming seller of
goods or buyer of goods;

     (21) other Liens securing obligations Incurred which obligations do not exceed $15.0 million
at any one time outstanding;

     (22) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods in the ordinary course of business;

27

 

     (23) Liens solely on any cash earnest money deposits and cash earnout money deposits
made by the Company or any of its Subsidiaries in connection with any letter of intent or
purchase agreement or other Investment permitted under this Indenture;

     (24) licenses and sublicenses of intellectual property granted by the Company or any of
its Subsidiaries in the ordinary course of business and not interfering in any respect with
the ordinary conduct of the business of the Company or such Subsidiary;

     (25) attachments, judgments and other similar Liens arising in connection with court
proceedings not giving rise to an Event of Default;

     (26) leases, subleases, licenses or sublicenses entered into in the ordinary course of
business with third parties which (i) do not interfere in any material respect with the
ordinary conduct of the business of any the Company or its Subsidiaries or (ii) in the case
of leases and subleases, materially impair the use (for its intended purposes) or the value
of the property subject thereto; and

     (27) other Liens securing Indebtedness; provided, however, that, at the time of
incurrence after giving pro forma effect thereto, the Consolidated Secured Leverage Ratio
would be no greater than 3.0 to 1.0, provided that, solely for purposes of calculating the
Consolidated Secured Leverage Ratio pursuant to this clause

     (27), the amount of Credit Facility Indebtedness that has been Incurred pursuant to
clause (b)(1) of the covenant described under “—Certain Covenants—Limitation on
Indebtedness” and secured under clause (7) of this definition shall be deemed to equal the
sum of (x) $155.0 million and (y) the amount of any Indebtedness outstanding under any
revolving Credit Facility of the Company or its Restricted Subsidiaries and secured under
clause (7) of this definition.

     For purposes of determining whether Lien is a Permitted Lien, in the event that a Lien (or any
portion thereof) meets the criteria of more than one of the types of Permitted Liens described
above, the Company, in its sole discretion, will classify (and may later reclassify) such Lien (or
any portion thereof) at the time of incurrence and will only be required to include the amount and
type of such Lien in one of the above clauses. The Company will be entitled to divide and classify
a Lien in more than one of the types of Permitted Liens described above.

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

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

          “principal” of a Security means the principal of the Security plus the premium, if any,
payable on the Security which is due or overdue or is to become due at the relevant time.

28

 

          “Pro Forma Cost Savings” means, with respect to any period, the reduction in costs that were

	 	(1)	 	directly attributable to an asset acquisition and calculated on a basis that is consistent
with Regulation S-X under the Securities Act in effect and applied as of the Issue Date, or
	 
	 	(2)	 	implemented by the business that was the subject of any such asset acquisition within the
six months prior to or following the date of the asset acquisition and that are supportable and
quantifiable by the underlying accounting records of such business,

          as if, in the case of each of clause (1) and (2), all such reductions in costs had been
effected as of the beginning of such period.

          “Purchase Money Indebtedness” means Indebtedness (other than earn outs) (1) consisting of the
deferred purchase price of property, conditional sale obligations, obligations under any title
retention agreement, other purchase money obligations and obligations in respect of industrial
revenue bonds or similar Indebtedness, in each case where the maturity of such Indebtedness does
not exceed the anticipated useful life of the asset being financed, and (2) Incurred to finance the
acquisition by the Company or a Restricted Subsidiary of such asset, including additions and
improvements, in the ordinary course of business; provided,
however, that any Lien arising in
connection with any such Indebtedness shall be limited to the specific asset being financed or, in
the case of real property or fixtures, including additions and improvements, the real property on
which such asset is attached; provided further, however, that such Indebtedness is Incurred within
270 days after such acquisition of such assets.

          “Quotation Agent” means the Reference Treasury Dealer selected by the Company.

          “Reference Treasury Dealer” means, Morgan Stanley & Co. Incorporated and its successors and
assigns and two other nationally recognized investment banking firms selected by the Company that
are primary U.S. Government securities dealers.

          “Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Company, of the bid and asked prices for
the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount,
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day immediately preceding such redemption date.

          “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay,
prepay, purchase, redeem, defease, discharge or retire, or to issue other Indebtedness in exchange
or replacement for, such Indebtedness. “Refinanced” and
 “Refinancing” shall have correlative meanings.

          “Refinancing Indebtedness” means Indebtedness that Refinances any
 Indebtedness of the Issuers or any Restricted Subsidiary existing on the Issue Date or Incurred in

29

 

compliance with this Indenture, including Indebtedness that Refinances Refinancing
Indebtedness; provided, however, that:

     (1) such Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of
the Indebtedness being Refinanced;

     (2) such Refinancing Indebtedness has an Average Life at the time such Refinancing
Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness
being Refinanced;

     (3) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with
original issue discount, an aggregate issue price) that is equal to or less than the aggregate
principal amount (or if Incurred with original issue discount, the aggregate accreted value) then
outstanding (plus fees and expenses, including any premium and defeasance costs) under the
Indebtedness being Refinanced; and

     (4) if the Indebtedness being Refinanced is subordinated in right of payment to the Securities
or a Subsidiary Guarantee, such Refinancing Indebtedness is subordinated in right of payment to the
Securities or such Subsidiary Guarantee, as the case may be, on terms at least as favorable to
Holders of the Securities as those contained in the documentation governing the Indebtedness being
Refinanced.

provided
further, however, that Refinancing Indebtedness shall not include (A)
Indebtedness of a Subsidiary that Refinances Indebtedness of the Company or (B) Indebtedness of the
Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary.

          “Registration Rights Agreement” means the registration rights agreement dated the Issue Date,
among the Issuers, the Subsidiary Guarantors and the Initial Purchasers (as defined therein).

          “Related Business” means any business in which the Company or any of its Subsidiaries was
engaged on the Issue Date and any business related, ancillary, complementary or corollary to such
business.

          “Reorganization Transactions” means such term as is defined, contemplated and permitted under
the Credit Facilities, as amended from time to time in accordance with the terms of the Credit
Facilities.

          “Restricted Payment” with respect to any Person means:

     (1) the declaration or payment of any dividends or any other distributions of any sort
in respect of its Equity Interests (including any payment in connection with any merger or
consolidation involving such Person) or similar payment to the direct or indirect holders of
its Equity Interests (other than (A) dividends or distributions payable solely in its Equity
Interests (other than Disqualified Stock), (B) dividends or distributions payable solely to
the Company or a Restricted Subsidiary and (C) pro rata dividends or other
distributions made by a Subsidiary that is not a Wholly Owned

30

 

Subsidiary to minority stockholders (or owners of an equivalent interest in the case of a
Subsidiary that is an entity other than a corporation));

     (2) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for
value of any Equity Interests of the Company held by any Person (other than by a Restricted
Subsidiary) including the exercise of any option to exchange any such Equity Interests (other
than into Equity Interests of the Company that is not Disqualified Stock);

     (3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for
value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of
any Subordinated Obligations of the Company or any Subsidiary Guarantor (other than (A) from
the Company or a Restricted Subsidiary, (B ) the purchase, repurchase, redemption, defeasance
or other acquisition or retirement of Subordinated Obligations purchased in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity, in each case
due within one year of the date of such purchase, repurchase, redemption, defeasance or other
acquisition or retirement, or (C) earn outs or seller notes); or

     (4) the making of any Investment (other than a Permitted Investment) in any Person.

          “Restricted Subsidiary” means any Subsidiary of the Company that is not an Unrestricted
Subsidiary.

          “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, and any successor thereto.

          “Sale/Leaseback Transaction” means any transaction or series of related transactions pursuant
to which the Company or any Restricted Subsidiary (a) sells, transfers or otherwise disposes of any
property, real or personal, whether now owned or hereinafter acquired, and (b) thereafter, leases
such property other than leases between the Company and a Restricted Subsidiary or between
Restricted Subsidiaries.

          “SEC” means the U.S. Securities and Exchange Commission. “Securities Act” means
the U.S. Securities Act of 1933, as amended. “Senior Indebtedness” means with
respect to any Person:

     (1) Indebtedness of such Person, whether outstanding on the Issue Date or thereafter
Incurred; and

     (2) all other Obligations of such Person (including interest accruing on or
after the filing of any petition in bankruptcy or for reorganization relating to such Person
whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness
described in clause (1) above

31

 

unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same
or pursuant to which the same is outstanding, it is provided that such Indebtedness or other
Obligations are subordinate in right of payment to the Securities or the Subsidiary Guarantee of
such Person, as the case may be; provided, however, that Senior Indebtedness shall
not include:

     (1) any obligation of such Person to the Company or any Subsidiary of the
Company;

     (2) any liability for Federal, state, local or other taxes owed or owing by such
Person;

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

     (4) any Indebtedness or other Obligation of such Person which is subordinate
or junior in any respect to any other Indebtedness or other Obligation of such Person
(other than Indebtedness that is subordinate with respect to payment of proceeds of
secured assets);

     (5) that portion of any Indebtedness which at the time of Incurrence is
Incurred in violation of this Indenture;

     (6) any Indebtedness, which, when Incurred and without respect to any
election under Section 1111(b) of Title 11, United States Code, is without recourse to
such Person;

     (7) any Indebtedness of or amounts owed by such Person for compensation to
employees or for services rendered to another Person; and

          (8) Indebtedness of such Person to a Subsidiary or any other Affiliate or any
of such Affiliate’s Subsidiaries.

          “Significant Subsidiary” means any Restricted Subsidiary that would be a
“Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X
promulgated by the SEC and, for purposes of an Event of Default, any group of Restricted
Subsidiaries that combined would be such a Significant Subsidiary.

          “Stated Maturity” means, with respect to any security, the date specified in such
security as the fixed date on which the final payment of principal of such security is due and
payable, including pursuant to any mandatory redemption provision (but excluding any provision
providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency unless such contingency has occurred).

          “Subordinated Obligation” means, with respect to a Person, any Indebtedness of
such Person (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate
or junior in right of payment to the Securities or a Subsidiary Guarantee of such Person, as the

32

 

case may
be, pursuant to a written agreement, executed by such Person (or a trustee acting on
such Person’s behalf) to whom such Indebtedness is owed to that effect.

          “Subsidiary” means, with respect to any Person, any corporation, association,
partnership, joint venture (whether in corporate, partnership or other legal form) or other
business entity (a) of which more than 50% of the total voting power of shares of Voting Stock is
at the time owned or controlled, directly or indirectly, or (b) the management and policies of
which are directed (whether by ownership or contract), by:

     (1) such Person;

     (2) such Person and one or more Subsidiaries of such Person; or

     (3) one or more Subsidiaries of such Person.

          “Subsidiary Guarantee” means a Guarantee by a Subsidiary Guarantor of the
Company’s obligations with respect to the Securities pursuant to this Indenture, including any
Guarantee Agreement.

          “Subsidiary Guarantor” means each Subsidiary of the Company that executes this
Indenture as a guarantor on the Issue Date and each other Subsidiary of the Company that
thereafter guarantees the notes pursuant to the terms of this Indenture. The Subsidiaries of the
Company that shall execute this Indenture as a guarantor on the Issue Date include: Aurora
Diagnostics, LLC, Aurora Greensboro, LLC, Aurora LMC, LLC, Aurora Massachusetts, LLC,
Aurora Michigan, LLC, Aurora New Hampshire, LLC, Bernhardt Laboratories, Inc., Biopsy
Diagnostics, LLC, C R Collections, LLC, Covenant Healthcare Lab, LLC, Cunningham
Pathology, L.L.C., Greensboro Pathology, LLC, Hardman Pathology ADX, LLC, Laboratory of
Dermatopathology ADX, LLC, Mark & Kambour, LLC, Mark & Kambour Holdings, Inc.,
Pathology Solutions, LLC, Seacoast Pathology, Inc. and Twin Cities Dermatopathology, LLC.

          “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in
effect on the Issue Date.

          “Total Assets” means, as of any date of determination, the total assets reflected on
the consolidated balance sheet of the Company and its Restricted Subsidiaries as of the end of
the most recently ended fiscal quarter of the Company for which an internal balance sheet is
available, on a consolidated basis determined in accordance with GAAP (and, in the case of any
determination relating to any Incurrence of Indebtedness, any Lien or any Investment, on a pro
forma basis including any property or assets being acquired in connection therewith).

          “TRA” means the Tax Receivable Agreement to be entered into by the Company
 in connection with its first public Equity Offering, which shall be substantially in the form
provided as an exhibit to the Credit Agreement, as may be amended from time to time to the
extent permitted by the Credit Facilities.

          “Trustee” means U.S. Bank National Association until a successor replaces it and,
thereafter, means the successor.

33

 

          “Trust Officer” means the Chairman of the Board, the President or any other
officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate
trust matters.

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

          “Unrestricted Subsidiary” means:

     (1) any Subsidiary of the Company that at the time of determination shall be
designated an Unrestricted Subsidiary by the Board of Managers of the Company in the
manner provided below; and

     (2) any Subsidiary of an Unrestricted Subsidiary.

          The Board of Managers of the Company may designate any Subsidiary of the
Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted
Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or
Indebtedness of, or holds any Lien on any property of, the Company or any other Subsidiary of
the Company that is not a Subsidiary of the Subsidiary to be so designated; provided,
however, that either (A) the Subsidiary to be so designated has total assets of $1,000 or less or (B) if
such Subsidiary has assets greater than $1,000, such designation would be permitted under
Section 4.04.

          The Board of Managers of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after
giving effect to such designation (A) the Company could Incur $1.00 of additional Indebtedness under
Section 4.03(a) and (B) no Default shall have occurred and be continuing. Any such designation by the Board of Managers of the Company shall be evidenced to the Trustee by promptly filing
with the Trustee a copy of the resolution of the Board of Managers of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with
the foregoing provisions.

          “U.S. Dollar Equivalent” means, with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S.
dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as
published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two Business Days prior to such determination.

          Except as described in Section 4.03, whenever it is necessary to determine whether the Company has complied with any covenant in this Indenture or a Default has
occurred and an amount is expressed in a currency other than U.S. dollars, such amount will be treated as the U.S. Dollar Equivalent determined as of the date such amount is initially
determined in such currency.

          “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America

34

 

(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 at the issuer’s option.

          “Voting Stock” of a Person means all classes of Equity Interests of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof.

          “Wholly Owned Subsidiary” means a Restricted Subsidiary all the Equity Interests of which (other than directors’ qualifying shares) is owned by the Company or one or more other
Wholly Owned Subsidiaries.

          SECTION 1.02. Other Definitions.

	 	 	 
	Term	 	Defined in Section
	“Affiliate Transaction”
	 	4.07(a)
	“Alternate Offer”
	 	4.10
	“Appendix”
	 	2.01
	“Bankruptcy Law”
	 	6.01
	“Change of Control Offer”
	 	4.09(b)
	“Contribution Indebtedness”
	 	4.03(b)(15)
	“covenant defeasance option”
	 	8.01(b)
	“Coverage Indebtedness”
	 	4.03(a)
	“Credit Facility Indebtedness”
	 	4.03(b)(1)
	“Cross acceleration provision”
	 	6.01(5)
	“Custodian”
	 	6.01
	“Event of Default”
	 	6.01
	“Excess Proceeds”
	 	4.06(b)
	“Guaranteed Obligations”
	 	10.01
	“Initial Lien”
	 	4.11
	“Issuers”
	 	Preamble
	“legal defeasance option”
	 	8.01(b)
	“Paying Agent”
	 	2.03
	“Payment Default”
	 	6.01(5)
	“Permitted Indebtedness”
	 	4.03(b)
	“Registrar”
	 	2.03
	“Securities”
	 	Preamble
	“Successor Company”
	 	5.01(a)(1)

          SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture is
subject to the mandatory provisions of the TIA which are incorporated by reference in and made a
part of this Indenture. The following TIA terms have the following meanings:

          “Commission” means the SEC;

          “indenture securities” means the Securities and the Subsidiary Guarantees;

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          “indenture security holder” means a Securityholder or Holder;

          “indenture to be qualified” means this Indenture;

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

          “obligor” on the indenture securities means the Issuers, each Subsidiary
Guarantor and any other obligor on the indenture securities.

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

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

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

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

     (3) “or” is not exclusive;

     (4) “including” means including without limitation;

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

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

     (7) secured Indebtedness shall not be deemed to be subordinate or junior to any other
secured Indebtedness merely because it has a junior priority with respect to the same
collateral;

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

     (9) the amount of any Preferred Stock that does not have a fixed redemption, repayment
or repurchase price shall be the maximum liquidation value of such Preferred Stock;

     (10) all references to the date the Securities were originally issued shall refer to the
Issue Date, except as otherwise specified;

     (11) references to the Issuers mean either the Issuers or the applicable Issuer, as the
context requires, and references to an Issuer mean either such Issuer or the Issuers, as the
context requires; and

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     (12) whenever in this Indenture there is mentioned, in any context, principal, interest
or any other amount payable under or with respect to any Securities, such mention shall be
deemed to include mention of the payment of additional interest, to the extent that, in such
context, additional interest is, was or would be payable in respect thereof pursuant to
paragraph 1 of the Securities.

Article 2

The Securities

          SECTION 2.01. Form and Dating. Provisions relating to the Initial Securities, the
Private Exchange Securities and the Exchange Securities are set forth in the Rule 144A/Regulation S
Appendix attached hereto (the “Appendix”) which is hereby incorporated in, and expressly made part
of, this Indenture. The Initial Securities and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit 1 to the Appendix which is hereby incorporated in, and
expressly made a part of, this Indenture. The Exchange Securities, the Private Exchange Securities
and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A,
which is hereby incorporated in and expressly made a part of this Indenture. The Securities may
have notations, legends or endorsements required by law, stock exchange rule, agreements to which
the Issuers are subject, if any, or usage (provided that any such notation, legend or
endorsement is in a form acceptable to the Issuers). Each Security shall be dated the date of its
authentication. The terms of the Securities set forth in the Appendix and Exhibit A are part of the
terms of this Indenture.

          SECTION 2.02. Execution and Authentication. One Officer of each Issuer shall sign the
Securities by manual or facsimile signature.

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

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

          On the Issue Date, the Trustee shall authenticate and deliver $200,000,000 of 10.750% Senior
Notes Due 2018 and, at any time and from time to time thereafter, the Trustee shall authenticate
and deliver Securities for original issue in an aggregate principal amount specified in such order,
in each case upon a written order of the Issuers signed by one Officer of each Issuer. Such order
shall specify the amount of the Securities to be authenticated and the date on which the original
issue of Securities is to be authenticated and, in the case of an issuance of Additional Securities
pursuant to Section 2.13 after the Issue Date, shall certify that such issuance is in compliance
with Section 4.03.

          The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to
authenticate the Securities. Unless limited by the terms of such appointment, an authenticating
agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture
to authentication by the Trustee includes authentication by such agent.

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An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of
notices and demands.

          SECTION 2.03. Registrar and Paying Agent. The Issuers shall maintain an office or
agency (which may be the office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where Securities may be presented for registration of transfer or for exchange (the
“Registrar”) and an office or agency (which may be the office of the Trustee or an affiliate of the
Trustee, Registrar or co-registrar) where Securities may be presented for payment (the “Paying
Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange.
The Issuers may have one or more co-registrars and one or more additional paying agents. The term
“Paying Agent” includes any additional paying agent.

          The Issuers shall enter into an appropriate agency agreement with any Registrar, Paying Agent
or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. The
agreement shall implement the provisions of this Indenture that relate to such agent. The Issuers
shall notify the Trustee of the name and address of any such agent. If the Issuers fail to maintain
a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate
compensation therefor pursuant to Section 7.07. Either Issuer or any Wholly Owned Subsidiary
incorporated or organized within the United States of America may act as Paying Agent, Registrar,
co-registrar or transfer agent.

          The Issuers initially appoint the Trustee as Registrar and Paying Agent in connection with
the Securities.

          SECTION 2.04. Paying Agent To Hold Money in Trust. The Issuers shall deposit with the
Paying Agent a sum sufficient to pay such principal and interest when so becoming due on the dates
and in the manner provided in the Securities. Principal, premium, if any, and interest will be
considered paid on the date due if the Paying Agent holds (as of 1:00 p.m., New York City time, on
the due date) money deposited by the Issuers in immediately available funds and designated for and
sufficient to pay all principal and premium, if any, and interest, if any, then due. The Issuers
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 Securityholders or the Trustee all money held by the Paying
Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of
any default by the Issuers in making any such payment. If one of the Issuers or a Subsidiary of one
of the Issuers acts as Paying Agent, it shall segregate the money held by it as Paying Agent and
hold it as a separate trust fund. The Issuers at any time may require a Paying Agent to pay all
money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon
complying with this Section 2.04, the Paying Agent shall have no further liability for the money
delivered to the Trustee.

          SECTION 2.05. Securityholder Lists. The Trustee shall preserve in as current a form as
is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee, in
writing at least five Business Days before each interest payment date and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of Securityholders.

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          SECTION 2.06. Transfer and Exchange. The Securities shall be issued in registered form
and shall be transferable only upon the surrender of a Security for registration of transfer. When
a Security is presented to the Registrar or a co-registrar with a request to register a transfer,
the Registrar shall register the transfer as requested if the requirements of this Indenture and
Section 8-401(a) of the Uniform Commercial Code are met. When Securities are presented to the
Registrar or a co-registrar with a request to exchange them for an equal principal amount of
Securities of other denominations, the Registrar shall make the exchange as requested if the same
requirements are met.

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

          Every replacement Security is a valid Obligation of the Issuers evidencing the same debt as
the mutilated, lost, destroyed or wrongfully taken Security and shall be entitled to all the
benefits of the Indenture equally and proportionately with all other Securities duly issued
hereunder.

          SECTION 2.08. Outstanding Securities. Securities outstanding at any time are all
Securities authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section as not outstanding. A Security does not cease to
be outstanding because the Issuers or an Affiliate of the Issuers holds the Security.

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

          If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a
redemption date or maturity date money sufficient to pay all principal and interest payable on that
date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case
may be, then on and after that date such Securities (or portions thereof) cease to be outstanding
and interest on them ceases to accrue.

          SECTION 2.09. Temporary Securities. Until definitive Securities are ready for
delivery, the Issuers may prepare and the Trustee shall authenticate temporary Securities.
Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Issuers consider appropriate for temporary Securities. Without unreasonable
delay, the Issuers shall prepare and the Trustee shall authenticate definitive Securities and
deliver them in exchange for temporary Securities.

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          SECTION 2.10. Cancellation. The Issuers at any time may deliver Securities to the
Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any
Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and
no one else shall cancel and destroy (subject to the record retention requirements of the Exchange
Act) all Securities surrendered for registration of transfer, exchange, payment or cancellation and
deliver a certificate of such destruction to the Issuers. The Issuers may not issue new Securities
to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation.

          SECTION 2.11. Defaulted Interest. If the Issuers default in a payment of interest on
the Securities, the Issuers shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful) in any lawful manner at the rate provided in the Securities and Section 4.01.
The Issuers may pay the defaulted interest at the rate provided in the Securities and Section 4.01
to the persons who are Securityholders on a subsequent special record date. The Issuers shall fix
or cause to be fixed any such special record date and payment date to the reasonable satisfaction
of the Trustee and shall promptly mail to each Securityholder a notice that states the special
record date, the payment date and the amount of defaulted interest to be paid.

          SECTION 2.12. CUSIP Numbers, ISINs, etc. The Issuers in issuing the Securities may use
“CUSIP” numbers, ISINs and “Common Code” numbers (in each case if then generally in use) and, if
so, the Trustee shall use “CUSIP” numbers, ISINs and “Common Code” numbers in notices of redemption
as a convenience to Holders; provided, however, that neither the Company nor the
Issuers shall have any responsibility for any defect in the “CUSIP” numbers, ISINs or “Common Code”
numbers that appears on any security, check, advance of payment or redemption notice, any such
notice may state that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that reliance may be
placed only on the other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Issuers shall advise the
Trustee in writing of any change in any “CUSIP” numbers, ISINs or “Common Code” numbers applicable
to the Securities.

          SECTION 2.13. Issuance of Additional Securities. After the Issue Date, the Issuers
shall be entitled, subject to their compliance with Section 4.03, to issue Additional Securities
under this Indenture, which Securities shall have identical terms as the Initial Securities issued
on the Issue Date, other than with respect to the date of issuance and issue price and rights under
a related registration rights agreement, if any. All the Securities issued under this Indenture
shall be treated as a single class for all purposes of this Indenture including waivers,
amendments, redemptions and offers to purchase.

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

     (1) the aggregate principal amount of such Additional Securities to be authenticated and
delivered pursuant to this Indenture and the provision of Section 4.03 that the Issuers are relying
on to issue such Additional Securities;

40

 

     (2) the issue price and the issue date, and the “CUSIP” and/or ISIN number of such
Additional Securities, if any; provided, however, that no Additional
Securities may be issued at a price that would cause such Additional Securities to not be
fungible for U.S. federal income tax purposes with any other Securities issued under this
Indenture; and

     (3) whether such Additional Securities shall be issued in the form of Initial Securities
as set forth in Exhibit 1 or shall be issued in the form of Exchange Securities as set forth
in Exhibit A.

Article 3

Redemption

          SECTION 3.01. Notices to Trustee. If the Issuers elect to redeem Securities pursuant
to paragraph 5 of the Securities, it shall notify the Trustee in writing of the redemption date,
the principal amount of Securities to be redeemed and the paragraph of the Securities pursuant to
which the redemption will occur.

          The Issuers shall give each notice to the Trustee provided for in this Section at least 30
days before the redemption date unless the Trustee consents to a shorter period. Such notice shall
be accompanied by an Officers’ Certificate and an Opinion of Counsel from the Issuers to the effect
that such redemption will comply with the conditions herein.

          SECTION 3.02. Selection of Securities to Be Redeemed. If fewer than all the Securities
are to be redeemed, the Trustee shall select the Securities to be
redeemed pro rata to the extent
practicable by lot or such other method that complies with the applicable legal and securities
exchange requirements, if any, as the Trustee in its sole discretion shall deem to be fair and
appropriate. The Trustee shall make the selection from outstanding Securities not previously called
for redemption. The Trustee may select for redemption portions of the principal of Securities that
have denominations larger than $2,000. Securities and portions of them the Trustee selects shall be
in principal amounts of $2,000 or a whole multiple of $1,000. Provisions of this Indenture that
apply to Securities called for redemption also apply to portions of Securities called for
redemption. The Trustee shall notify the Issuers promptly of the Securities or portions of
Securities to be redeemed.

          SECTION 3.03. Notice of Redemption. At least 30 days but not more than 60 days before
a date for redemption of Securities, the Issuers shall mail or cause to be mailed a notice of
redemption by first-class mail to each Holder of Securities to be redeemed at such Holder’s
registered address, except that redemption notices may be mailed more than 60 days prior to the
redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of this Indenture pursuant to Article 8.

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

     (1) the redemption date;

     (2) the redemption price;

41

 

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

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

     (5) if fewer than all the outstanding Securities are to be redeemed, the identification
and principal amounts of the particular Securities to be redeemed;

     (6) that, unless the Issuers default in making such redemption payment, interest on
Securities (or portion thereof) called for redemption ceases to accrue on and after the
redemption date;

     (7) the “CUSIP” number, ISIN or “Common Code” number, if any, printed on the Securities
being redeemed; and

     (8) that no representation is made as to the correctness or accuracy of the “CUSIP”
number, ISIN, or “Common Code” number, if any, listed in such notice or printed on the
Securities.

          At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ names
and at the Issuers’ expense. In such event, the Issuers shall provide the Trustee with the
information required by this Section 3.03, at least 40 days (unless a shorter time shall also be
acceptable to the Trustee) prior to the redemption date.

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

          SECTION 3.05. Deposit of Redemption Price. One Business Day prior to the redemption
date, the Issuers shall deposit with the Paying Agent (or, if one of the Issuers or a Subsidiary of
one of the Issuers is the Paying Agent, shall segregate and hold in trust) money sufficient to pay
the redemption price of and accrued interest (subject to the right of Holders of record on the
relevant record date to receive interest due on the related interest payment date) on all
Securities to be redeemed on that date other than Securities or portions of Securities called for
redemption which have been delivered by the Issuers to the Trustee for cancellation. The Trustee or
the Paying Agent will promptly return to the Issuers any money deposited with the Trustee or Paying
Agent by the Issuers in excess of the amounts necessary to pay the redemption price of and accrued
interest on all securities to be redeemed.

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

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Article 4

Covenants

          SECTION 4.01. Payment of Securities. The Issuers shall promptly pay the principal of
and interest on the Securities on the dates and in the manner provided in the Securities and in
this Indenture. Principal and interest shall be considered paid on the date due if on such date the
Trustee or the Paying Agent holds in accordance with this Indenture (as of 1:00 p.m., New York City
time, on the due date) money sufficient to pay all principal and interest then due.

          The Issuers shall pay interest on overdue principal at the rate specified therefor in the
Securities, and they shall pay interest on overdue installments of interest at the same rate to the
extent lawful.

          SECTION 4.02. Reports. Whether or not the Company is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act so long as any Securities are outstanding,
the Company shall provide or cause to be provided to the Trustee and Holders (and file with the SEC
for public availability) such annual and other reports as are specified in Sections 13 and 15(d) of
the Exchange Act and applicable to a U.S. corporation subject to such Sections, such reports to be
provided at the times specified for the filings of such reports under such Sections.

          Prior to the consummation of the exchange offer or registration contemplated by the
Registration Rights Agreement, and at any time during which the SEC will not accept filing of
reports for inclusion in the EDGAR system, the posting of the reports referred to above on the
Company’s primary web site shall be deemed to satisfy the Company’s delivery obligation;
provided, however, that the Company shall use reasonable efforts to inform Holders
of the availability of such reports, which may be satisfied by, among other things, a press release
on any national business press release wire service. The Company agrees that it shall not take any
action for the purpose of causing the SEC not to accept such filings. Notwithstanding the
foregoing, the Company may satisfy such requirements prior to the effectiveness of the Exchange
Offer Registration Statement or the Shelf Registration Statement (as defined in the Registration
Rights Agreement) by filing with the SEC the Exchange Offer Registration Statement or Shelf
Registration Statement, to the extent that any such Registration Statement contains substantially
the same information as would be required to be filed by the Company if it were subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act, and by providing the Trustee and
Holders with such Registration Statement (and any amendments thereto) promptly following the filing
thereof.

          At any time that any of the Company’s Subsidiaries are Unrestricted Subsidiaries, then the
quarterly and annual financial information required by the preceding paragraph shall include a
reasonably detailed presentation, either on the face of the financial statements or in the
footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” of the financial condition and results of operations of the Company and its
Restricted Subsidiaries separate from the financial condition and results of operations of the
Unrestricted Subsidiaries of the Company.

43

 

          In addition, at any time when the Company is not subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, the Company shall furnish to the Holders and to
prospective investors, upon the requests of such Holders, any information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act so long as the Securities are not freely
transferable under the Securities Act.

          SECTION 4.03. Limitation on Indebtedness. (a) The Company shall not, and shall not
permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided,
however, that the Company and the Restricted Subsidiaries shall be entitled to Incur Indebtedness
if the Consolidated Coverage Ratio for the Company’s most recent four consecutive fiscal quarters
ending at least 45 days prior to the date on which such additional Indebtedness is Incurred would
have been at least 2.2 to 1.0 (including a pro forma application of the Net Cash Proceeds therefrom
including to Refinance other indebtedness), as if the additional Indebtedness had been Incurred at
the beginning of such four-quarter period (any such Indebtedness Incurred pursuant to this Section
4.03(a) being herein referred to as “Coverage Indebtedness”).

          (b) Notwithstanding the foregoing Section 4.03(a), the Company and the Restricted Subsidiaries
shall be entitled to Incur any or all of the following Indebtedness (any such Indebtedness Incurred
pursuant to this Section 4.03(b) being herein referred to as “Permitted Indebtedness”):

     (1) Indebtedness Incurred pursuant to any Credit Facility, including the Credit Agreement, in
an aggregate amount outstanding at any time not to exceed $265.0 million (any such Indebtedness
Incurred pursuant to this clause (1) being herein referred to as “Credit Facility Indebtedness”);

     (2) Indebtedness owed to and held by an Issuer or a Restricted Subsidiary; provided,
however, that (A) any subsequent issuance or transfer of any Equity Interests which results
in any such Indebtedness being held by a Person other than an Issuer or a Restricted Subsidiary
shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor
thereon and (B) if the Company is the obligor on any such Indebtedness owing to a Restricted
Subsidiary that is not the Co-Issuer or a Subsidiary Guarantor, such Indebtedness is expressly
subordinated to the prior payment in full in cash of all its obligations with respect to the
Securities and (C) if a Subsidiary Guarantor is the obligor on any such Indebtedness owing to a
Restricted Subsidiary that is not the Co-Issuer or a Subsidiary Guarantor, such Indebtedness is
expressly subordinated to the prior payment in full in cash of all obligations of such Subsidiary
Guarantor with respect to its Subsidiary Guarantee;

     (3) Indebtedness represented by the Securities to be issued on the Issue Date and the
Subsidiary Guarantees thereof (and any Exchange Securities (other than any Additional Securities)
and Guarantees issued in exchange for the Subsidiary Guarantees);

     (4) Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date
(other than Indebtedness described in clause (1), (2) or (3) of this Section 4.03(b));

44

 

     (5) Indebtedness of a Restricted Subsidiary Incurred and outstanding on or prior to the date
on which such Subsidiary was acquired by the Company or Restricted Subsidiary (other than
Indebtedness Incurred in connection with, or to provide all or any portion of the funds or credit
support utilized to consummate, the transaction or series of related transactions pursuant to which
such Subsidiary became a Subsidiary or was acquired by the Company or a Restricted Subsidiary);
provided, however, that on the date such Restricted Subsidiary was acquired by the
Company or by a Restricted Subsidiary or otherwise became a Restricted Subsidiary and after giving
pro forma effect to the Incurrence of such Indebtedness, either (A) the total amount of
Indebtedness Incurred and outstanding under this clause (5) is an aggregate amount not greater than
$1.0 million, or (B) either (x) the Company would have been able to Incur an additional $1.00 of
Coverage Indebtedness pursuant to Section 4.03(a) or (y) the Consolidated Coverage Ratio after
giving effect to such acquisition is no less than immediately prior to such acquisition;

     (6) Refinancing Indebtedness in respect of Coverage Indebtedness or of Permitted Indebtedness
Incurred pursuant to clauses (3), (4) or (5) of this Section 4.03(b) or this clause (6);

     (7) Hedging Obligations or entry into derivative transactions, in each case, in the normal
course of business and so long as such obligations and transactions are not entered for speculative
purposes;

     (8) obligations in respect of workers’ compensation claims, payment obligations in connection
with health or other types of social security benefits, unemployment or other insurance or
self-insurance obligations, insurance premium finance agreements and arrangements, reclamation,
statutory obligations, bankers’ acceptances, performance, bid, surety, statutory, appeal or similar
bonds or obligations and letters of credit or completion and performance guarantees or equipment
leases or other similar obligations (or guarantees thereof) provided by the Company or any
Restricted Subsidiary in the ordinary course of business;

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

     (10) Indebtedness consisting of the Subsidiary Guarantee of a Subsidiary Guarantor and any
Guarantee by an Issuer or any Subsidiary Guarantor of Indebtedness Incurred pursuant to clause (6)
to the extent the Refinancing Indebtedness Incurred thereunder directly or indirectly Refinances
Indebtedness Incurred pursuant to clause (3) or (4); provided, however, that if the
Indebtedness being guaranteed is subordinated to or pari passu with the Securities, then the
Guarantee thereof shall be subordinated or pari passu, as applicable, to the same extent as the
Indebtedness being Guaranteed;

     (11) Indebtedness including Purchase Money Indebtedness or Capital Lease Obligations Incurred to
finance all or any part of the purchase price or cost of design,

45

 

lease, development, construction, installation or improvement (including at any point subsequent to
the purchase) of property (real or personal and including acquisitions of Equity Interests), plant
or equipment used in the business of the Company or any of its Restricted Subsidiaries (in each
case, whether through the direct purchase of such assets or the Equity Interests of any Person
owning such assets), or repairs, additions or improvements to such assets, and any Refinancing
Indebtedness Incurred to Refinance such Indebtedness, in an aggregate principal amount which, when
added together with the amount of Indebtedness Incurred pursuant to this clause (11) and then
outstanding, does not exceed the greater of (x) $15.0 million and (y) 3.0% of Total Assets at the
time Incurred;

     (12) Indebtedness arising from agreements (including promissory notes) of the Company or a
Restricted Subsidiary providing for indemnification, non-compete, consulting, deferred
compensation, adjustment of purchase price, earn outs, seller notes, Guarantees or similar
obligations (including from guarantees, letters of credit, surety bonds or performance bonds
securing the performance of the Company or such Restricted Subsidiary pursuant to such agreements),
in each case, Incurred or assumed in connection with the disposition or acquisition of any
business, assets or a Subsidiary or any other Investment;

     (13) Indebtedness to the extent the Net Cash Proceeds thereof are promptly deposited to defease the
Securities pursuant to Article 8;

     (14) Indebtedness of the Company or any Restricted Subsidiary equal to 100% of the aggregate Net
Cash Proceeds received by the Company from the issuance or sale of its Equity Interests (other than
Disqualified Stock) subsequent to the Issue Date (other than an issuance or sale to a Subsidiary of
the Company and other than an issuance or sale to an employee stock ownership plan or to a trust
established by the Company or any of its Subsidiaries for the benefit of their employees) and 100%
of any cash consisting of a capital contribution received by the Company from its shareholders
subsequent to the Issue Date; provided, however, that such Net Cash Proceeds or
cash have not served (and shall not serve) as a basis for (x) making any Restricted Payment
permitted by Section 4.04(a) or clause (1) or (2) of Section 4.04(b) or (y) redeeming Securities
pursuant to paragraph 5 of the Securities (any Indebtedness Incurred pursuant to this clause (14)
being herein referred to as “Contribution Indebtedness”);

     (15) Indebtedness consisting of promissory notes issued to current or former directors,
consultants, managers, officers and employees or their spouses or estates of any Issuer or the
Restricted Subsidiaries to purchase or redeem Capital Stock of the Company issued to such director,
consultant, manager, officer or employee in an aggregate principal amount at any time outstanding
not to exceed $2.0 million;

     (16) Guarantees by the Issuers or any Restricted Subsidiary of Indebtedness of an Issuer or a
Restricted Subsidiary that was permitted to be Incurred by another provision of this Section 4.03;

46

 

     (17) Indebtedness incurred by the Company or any Restricted Subsidiary with respect to
letters of credit issued in the ordinary course of business in an aggregate principal amount
at any time outstanding not to exceed $2.0 million;

     (18) Indebtedness owed to Unrestricted Subsidiaries and Indebtedness of a joint venture
in an aggregate principal amount at any time outstanding not to exceed $10.0 million; and

     (19) Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal
amount which, when taken together with all other Indebtedness of the Company and the
Restricted Subsidiaries outstanding on the date of such Incurrence under this clause (19)
does not exceed 5.0% of Total Assets.

          (c) Notwithstanding the foregoing, neither the Company nor any Subsidiary Guarantor shall
Incur any Permitted Indebtedness if the proceeds thereof are used, directly or indirectly, to
Refinance any Subordinated Obligations of the Company or any Subsidiary Guarantor unless such
Indebtedness shall be subordinated to the Securities or the applicable Subsidiary Guarantee to at
least the same extent as such Subordinated Obligations.

          (d) For purposes of determining compliance with this Section 4.03:

          (1) any Indebtedness remaining outstanding under the Credit Agreement after the
application of the Net Cash Proceeds from the sale of the Securities initially shall be
treated as Incurred on the Issue Date under Section 4.03(b)(1);

          (2) in the event that an item of Indebtedness (or any portion thereof) meets the
criteria of more than one of the types of Indebtedness described in clauses (1) through (19)
of Section 4.03(b), or is entitled to be Incurred pursuant to Section 4.03(a), the Company,
in its sole discretion, shall classify (and may later reclassify) such item of Indebtedness
(or any portion thereof) at the time of Incurrence (and in the case of a reclassification,
only to the extent the reclassified item could be Incurred pursuant to the criteria at the
time of such reclassification) and shall only be required to include the amount and type of
such Indebtedness in one of the above clauses; and

          (3) the Company shall be entitled to divide and classify an item of Indebtedness in more
than one of the types of Indebtedness described above; and

          (4) the accrual of interest, the accretion or amortization of original issue discount,
the payment of interest on any Indebtedness in the form of additional Indebtedness with the
same terms, the reclassification of preferred stock as Indebtedness due to a change in
accounting principles, and the payment of dividends on Disqualified Stock in the form of
additional shares of the same class of Disqualified Stock will not be deemed to be an
incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section
4.03.

          (e) For purposes of determining compliance with any U.S. dollar restriction on the Incurrence
of Indebtedness where the Indebtedness Incurred is denominated in a different currency, the amount
of such Indebtedness shall be the U.S. Dollar Equivalent, determined on

47

 

the date of the Incurrence of such Indebtedness; provided, however, that if any
such Indebtedness denominated in a different currency is subject to a Currency Agreement with
respect to U.S. dollars, covering all principal, premium, if any, and interest payable on such
Indebtedness, the amount of such Indebtedness expressed in U.S. dollars shall be as provided in
such Currency Agreement. The principal amount of any Refinancing Indebtedness Incurred in the same
currency as the Indebtedness being Refinanced shall be the U.S. Dollar Equivalent of the
Indebtedness Refinanced, except to the extent that (1) such U.S. Dollar Equivalent was determined
based on a Currency Agreement, in which case the Refinancing Indebtedness shall be determined in
accordance with the preceding sentence, and (2) the principal amount of the Refinancing
Indebtedness exceeds the principal amount of the Indebtedness being Refinanced, in which case the
U.S. Dollar Equivalent of such excess shall be determined on the date such Refinancing Indebtedness
is Incurred.

          SECTION 4.04. Limitation on Restricted Payments. (a) The Company shall not, and shall
not permit any Restricted Subsidiary, directly or indirectly, to make a Restricted Payment if at
the time the Company or such Restricted Subsidiary makes such Restricted Payment:

     (1) a Default shall have occurred and be continuing (or would result therefrom);

     (2) the Company is not entitled to Incur an additional $1.00 of Coverage Indebtedness under
Section 4.03(a); or

     (3) the aggregate amount of such Restricted Payment and all other Restricted Payments since the
Issue Date (excluding Restricted Payments permitted by clauses (b)(1), (2), (4), (5), (6), (7),
(9), (10), (11), (12), (13) and (14)) would exceed the sum of (without duplication):

     (A) 50% of the Consolidated Net Income accrued during the period (treated as one accounting
period) from the beginning of the fiscal quarter immediately following the fiscal quarter during
which the Issue Date occurs to the end of the most recent fiscal quarter ending at least 45 days
prior to the date of such Restricted Payment (or, in case such Consolidated Net Income shall be a
deficit, minus 100% of such deficit); plus

     (B) 100% of the aggregate Net Cash Proceeds and the Fair Market Value of marketable
securities, assets or other property received by the Company from the issuance or sale of its
Equity Interests (other than Disqualified Stock) subsequent to the Issue Date (other than an
issuance or sale to a Subsidiary of the Company and other than an issuance or sale to an employee
stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the
benefit of their employees) and 100% of any cash (or the Fair Market Value of any Cash Equivalents)
consisting of a capital contribution received by the Company from its shareholders subsequent to
the Issue Date; provided, however, that any such Net Cash Proceeds or cash has not
served as a basis for the Incurrence of any Contribution Indebtedness; plus

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     (C) the amount by which Indebtedness of the Company is reduced upon the conversion or
exchange subsequent to the Issue Date of any Indebtedness of the Company convertible or
exchangeable for Equity Interests (other than Disqualified Stock) of the Company (less the
amount of any cash, or the fair value of any other property, distributed by the Company upon
such conversion or exchange); provided, however, that the foregoing amount
shall not exceed the Net Cash Proceeds received by the Company or any Restricted Subsidiary
from the sale of such Indebtedness (excluding Net Cash Proceeds from sales to a Subsidiary of
the Company or to an employee stock ownership plan or a trust established by the Company or
any of its Subsidiaries for the benefit of their employees); plus

     (D) an amount equal to the sum of (x) the net reduction in the Investments (other than
Permitted Investments) made by the Company or any Restricted Subsidiary in any Person
resulting from repurchases, repayments or redemptions of such Investments by such Person,
proceeds realized on the sale of such Investment and proceeds representing the return of
capital (excluding dividends and distributions), in each case received by the Company or any
Restricted Subsidiary, and (y) to the extent such Person is an Unrestricted Subsidiary, the
portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair
Market Value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted
Subsidiary is designated a Restricted Subsidiary.

     (b) The provisions of Section 4.04(a) shall not prohibit:

     (1) any Restricted Payment made out of the Net Cash Proceeds of the substantially concurrent
sale of, or made by exchange for, Equity Interests of the Company (other than Disqualified Stock
and other than Equity Interests issued or sold to a Subsidiary of the Company or an employee stock
ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit
of their employees) or a substantially concurrent cash capital contribution received by the Company
from its stockholders; provided, however, that the Net Cash Proceeds from such sale
or such cash capital contribution (to the extent so used for such Restricted Payment) shall be
excluded from the calculation of amounts under Section 4.04(a)(3)(B);

     (2) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of
Subordinated Obligations of the Issuers or a Subsidiary Guarantor made by exchange for, or out of
the proceeds of the substantially concurrent Incurrence of, Indebtedness of such Person which is
permitted to be Incurred pursuant to Section 4.03 or in exchange for Equity Interests;

     (3) the payment of any dividend or redemption of any Capital Stock or Subordinated
Indebtedness within 60 days after the date of declaration thereof or call for redemption, if at
such date of declaration or call for redemption such payment or redemption was permitted by the
provisions of Section 4.04(a) (the declaration of such payment shall be deemed a Restricted Payment
under Section 4.04(a) as of the date of

49

 

declaration, and the payment itself shall be deemed to have been paid on such date of
declaration and will not also be deemed a Restricted Payment under Section 4.04(a) (it being
understood that any Restricted Payment made in reliance on this clause (3) shall reduce the amount
available for Restricted Payments pursuant to Section 4.04(a)(3) only once);

     (4) the purchase, redemption or other acquisition of Equity Interests of the Company, any
Parent or any of its Subsidiaries from employees, former employees, directors or former directors
of the Company, any Parent or any of its Subsidiaries (or permitted transferees of such employees,
former employees, directors or former directors), upon termination of employment or pursuant to the
terms of the agreements (including employment agreements) or plans (or amendments thereto) approved
by the Board of Managers of the Company under which such individuals purchase or sell or are
granted the option to purchase or sell, such Equity Interests; provided, however,
that the aggregate amount of such Restricted Payments (excluding amounts representing cancellation
of Indebtedness) shall not exceed $10.0 million in the aggregate;

     (5) the declaration and payments of dividends or distributions on Disqualified Stock issued
pursuant to Section 4.03; provided, however, that, at the time of payment of such
dividend or distribution, no Default shall have occurred and be continuing (or result therefrom);

     (6) repurchases of Equity Interests deemed to occur upon exercise of stock options if such Equity
Interests represents a portion of the exercise price of such options and repurchases of Equity
Interests deemed to occur upon the withholding of a portion of the Equity Interests granted or
awarded to an employee to pay for taxes payable by such employee upon such grant or award or
vesting thereof;

     (7) cash payments in lieu of the issuance of fractional shares in connection with the exercise
of warrants, options or other securities convertible into or exchangeable for Equity Interests of
the Company; provided, however, that any such cash payment shall not be for the
purpose of evading the limitation of this Section 4.04 (as determined in good faith by the Board of
Managers of the Company);

     (8) in the event of a Change of Control, and if no Default shall have occurred and be
continuing, the payment, purchase, redemption, defeasance or other acquisition or retirement of
Subordinated Obligations of the Issuers or any Subsidiary Guarantor, in each case, at a purchase
price not greater than 101% of the principal amount of such Subordinated Obligations, plus any
accrued and unpaid interest thereon; provided, however, that prior to such payment,
purchase, redemption, defeasance or other acquisition or retirement, the Issuers (or a third party
to the extent permitted by this Indenture) have made a Change of Control Offer with respect to the
Securities as a result of such Change of Control and have repurchased all Securities validly
tendered and not withdrawn in connection with such Change of Control Offer;

     (9) payments of intercompany subordinated Indebtedness, the Incurrence of which
was permitted under Section 4.03(b)(2); provided, however, that no Default has

50

 

occurred and is continuing or would otherwise result therefrom (unless such payments are
otherwise not prohibited under any Credit Facility);

     (10) so long as the Company is treated as a partnership or other pass-through entity for
federal, state and/or local income tax purposes, the payment of distributions by the Company
to its members in order to pay federal, state or local taxes incurred by such members (or
their direct or indirect owners) on income or gains of the Company (determined on a
consolidated basis) in an amount equal to the required distributions (and at the required
times) pursuant to the Company’s organizational documents (“Tax Payments”);

     (11) so long as no Default or Event of Default exists or would occur, the declaration and
payment of dividends on the Company’s common stock or common membership interests (or a
Restricted Payment to any direct or indirect parent entity to fund a payment of dividends on
such entity’s common stock), following the first public Equity Offering of the Company’s
common stock (or of the common stock of any of the Company’s direct or indirect parent
entities) after the Issue Date, of, in the case of the first public Equity Offering of the
Company’s common stock, up to 6.0% per annum of the Net Cash Proceeds received by the Company
in such Equity Offering or, in the case of the first public Equity Offering of the common
stock of any of the Company’s direct or indirect parent entities, up to 6.0% per annum of the
Net Cash Proceeds contributed by such parent entity to the Company from the Net Cash Proceeds
received from such parent entity in an Equity Offering;

     (12) payments to the applicable parties to the TRA, limited to the amounts required to be
made pursuant to the TRA on an annual basis, and not to include any payments due in excess of
such annual amounts as a result of the acceleration of the TRA; provided that the Company can
make payments to reduce principal or interest of deferred or accelerated amounts that would
otherwise be due under the TRA to the extent such payments do not exceed the annual amounts
that otherwise would have been required to be made pursuant to the TRA;

     (13) Restricted Payments made in connection with the Reorganization Transactions; and

     (14) other Restricted Payments not to exceed $15.0 million.

          SECTION 4.05. Limitation on Restrictions on Distributions from Restricted
Subsidiaries. The Company shall not, and shall not permit any Restricted Subsidiary to,
create or otherwise cause or permit to exist or become effective any consensual encumbrance
or restriction on the ability of any Restricted Subsidiary to (a)(i) pay dividends or make
any other distributions to the Company or any of its Restricted Subsidiaries on its Capital
Stock or with respect to any other interest or participation in, or measured by, its profits
or (ii) pay any Indebtedness owed to the Company, (b) make any loans or advances to the
Company or (c) sell, lease or transfer any of its properties or assets to the Company, except
with respect to clauses (a), (b) and (c) any encumbrance or restriction:

51

 

     (1) pursuant to an agreement in effect at or entered into on the Issue Date, including the
Credit Agreement in effect on the Issue Date;

     (2) with respect to a Restricted Subsidiary pursuant to an agreement relating to any
Indebtedness Incurred by such Restricted Subsidiary on or prior to the date on which such
Restricted Subsidiary was acquired by the Company (other than Indebtedness Incurred as
consideration in, or to provide all or any portion of the funds or credit support utilized to
consummate, the transaction or series of related transactions pursuant to which such Restricted
Subsidiary became a Restricted Subsidiary or was acquired by the Company) and outstanding on such
date;

     (3) pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an
agreement referred to in Section 4.05(1), (2) or (12) or this clause (3) or contained in any
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
Refinancing to an agreement referred to in Section 4.05(1), (2) or (12) or this clause (3);
provided, however, that the encumbrances and restrictions with respect to such
Restricted Subsidiary contained in any such refinancing agreement or amendment are not materially
more restrictive taken as a whole, than those contained in the agreements governing the
Indebtedness being Refinanced;

     (4) imposed pursuant to an agreement entered into for, or the options or right with respect
to, the sale or disposition of all or substantially all the Equity Interests or assets of a
Restricted Subsidiary or the Company pending the closing of such sale or disposition;

     (5) contained in joint venture agreements, asset sale agreements, sale-leaseback agreements
(with respect to assets under lease), stock sale agreements, limited liability company
organizational documents and other similar agreements;

     (6) on cash, cash equivalents, marketable securities, investment grade securities or other
deposits or net worth imposed by customers or lessors (including governmental entities) under
contracts or leases entered into in the ordinary course of business;

     (7) contained in this Indenture, the Securities, any Exchange Securities and the Subsidiary
Guarantees;

     (8) under applicable laws, rules, regulations and orders;

     (9) arising in the ordinary course of business, not relating to any Indebtedness, that does
not, individually or in the aggregate, materially detract from the value of the property or assets
of the Company and its Restricted Subsidiaries, taken as a whole, or adversely affect the Company’s
ability to make principal and interest payments on the Securities, in each case, as determined in
good faith by the Company;

     (10) consisting of customary nonassignment provisions and provisions restricting subletting or
other transfers in leases, licenses, contracts (including service contracts) and other agreements
entered into in the ordinary course of business;

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     (11) in connection with any Lien permitted to be incurred pursuant to Section 4.11 that
limits the right of the debtor to dispose of the assets subject to such Lien;

     (12) with respect to purchase money obligations for property acquired and Capital Lease
Obligations that impose restrictions on the property purchased or leased;

     (13) arising in customary provisions contained in leases or licenses of intellectual
property and other agreements, in each case entered into in the ordinary course of business;

     (14) on the Company’s ability, or the ability of any Restricted Subsidiary, to transfer
its interest, or property held, in a joint venture;

     (15) that are or were created by virtue of any transfer of, agreement to transfer or
option or right with respect to any property, assets or Equity Interests not otherwise
prohibited in this Indenture; and

     (16) in connection with other Indebtedness of the Company or any Restricted Subsidiary,
in each case, that is incurred subsequent to the Issue Date pursuant to Section 4.03 and,
with respect to the Company and the Restricted Subsidiaries that are obligors or guarantors
under any Credit Facilities only, the provisions relating to such encumbrance or restriction
contained in such Indebtedness are not materially less favorable to the Company, taken as a
whole, as determined by the Board of Managers of the Company in good faith, than the
provisions contained in the Credit Agreement as in effect on the Issue Date.

          SECTION 4.06. Limitation on Sales of Assets and Subsidiary Stock. (a) The Company shall not,
and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset
Disposition unless:

     (1) the Company or such Restricted Subsidiary receives consideration at the time of such Asset
Disposition at least equal to the Fair Market Value (including as to the value of all non-cash
consideration), of the shares and assets subject to such Asset Disposition; and

     (2) at least 75% of the consideration thereof received by the Company or such Restricted
Subsidiary is in the form of cash, Cash Equivalents or Additional Assets.

          (b) Within 365 days after the receipt of Net Available Cash, the Company or such Restricted
Subsidiary may, at its option, apply such Net Available Cash:

     (1) to repay (x) Credit Facility Indebtedness, (y) any Indebtedness secured by a Lien on the
assets sold, or (z) any other Senior Indebtedness of the Company or a Subsidiary Guarantor;
provided, however, that to the extent the Company or such Restricted Subsidiary repays any such
other Senior Indebtedness, the Company shall equally and ratably reduce the principal amount of
Securities outstanding, through open-market purchases (to the extent such purchases are at or above
100% of the principal amount thereof) or through redemption, or shall offer (in accordance with the
procedures

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set forth in Section 4.06(b)) to all Holders to purchase their Securities at 100% of the
principal amount thereof, plus accrued but unpaid interest, if any, thereon up to a principal
amount which, if the offer were accepted, would result in such reduction;

     (2) to acquire Additional Assets or all or substantially all of the assets of, or majority of
Voting Stock of, another Related Business; or

     (3) to acquire other long-term assets that are used or useful in a Related Business (and
current assets incidental thereto);

provided, however, that in connection with any repayment of Indebtedness pursuant to clause
(b)(1) above, the Company or such Restricted Subsidiary shall permanently retire such Indebtedness
and shall cause the related loan commitment (if any) to be permanently reduced in an amount equal
to the principal amount so repaid.

          In Section 4.06(b)(2) and (b)(3), the entry into a definitive agreement to acquire such assets
within 365 days after the receipt of any Net Available Cash from an Asset Disposition shall be
treated as a permitted application of the Net Available Cash from the date of such agreement so
long as the Company or such Restricted Subsidiary enters into such agreement with the good faith
expectation that such Net Available Cash shall be applied to satisfy such commitment within 180
days of such agreement and such Net Available Cash is actually so applied within such 180-day
period.

          Any Net Available Cash from Asset Dispositions that are not applied or invested as provided in
Sections 4.06(b)(1)-(b)(3) shall constitute “Excess Proceeds.” When the aggregate amount of Excess
Proceeds exceeds $10.0 million, the Issuers shall make an offer to Holders (and all holders of
other Senior Indebtedness of the Company or of a Subsidiary Guarantor designated by the Company)
containing provisions similar to those set forth in this Indenture with respect to offers to
purchase with the proceeds of sales of assets to purchase the maximum principal amount of
Securities and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds.

          Pending application of Net Available Cash pursuant to this Section 4.06, such Net Available
Cash shall be held in cash, invested in Cash Equivalents or applied to temporarily reduce revolving
credit indebtedness.

          For the purposes of this Section 4.06, the following are deemed to be cash or Cash Equivalents:

     (1) the assumption or discharge of Indebtedness of the Company (other than obligations in
respect of Disqualified Stock of the Company) or any Restricted Subsidiary (other than obligations
in respect of Disqualified Stock or Preferred Stock of a Subsidiary Guarantor) and the release of
the Company or such Restricted Subsidiary from all liability on such Indebtedness in connection
with such Asset Disposition;

     (2) securities, notes, or other obligations received by the Company or any Restricted
Subsidiary from the transferee that are converted by the Company or such

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Restricted Subsidiary into cash within 180 days of the consummation of the Asset Disposition,
to the extent of the cash received in such conversion; and

     (3) any Designated Non-cash Consideration received by the Company or any of its
Restricted Subsidiaries in such Asset Disposition having an aggregate Fair Market Value,
taken together with all other Designated Non-cash Consideration received pursuant to this
clause (3) that is at that time outstanding, not to exceed an amount equal to $10.0 million
at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market
Value of each item of Designated Non-cash Consideration being measured at the time received
and without giving effect to subsequent changes in value).

          (c) In the event of an Asset Disposition that requires the Company to make an offer to
Holders of Securities pursuant to Section 4.06(b), the Company shall purchase Securities tendered
pursuant to an offer by the Company for the Securities (and such other Senior Indebtedness of the
Company or of a Subsidiary Guarantor) at a purchase price of 100% of their principal amount (or, in
the event such other Senior Indebtedness was issued with significant original issue discount, 100%
of the accreted value thereof), without premium, plus accrued but unpaid interest (or, in respect
of such other Senior Indebtedness, such lesser price, if any, as may be provided for by the terms
of such other Senior Indebtedness) in accordance with the procedures (including prorating in the
event of oversubscription) set forth in this Indenture. If the aggregate purchase price of the
securities tendered exceeds the Net Available Cash allotted to their purchase, the Company shall
select the securities to be purchased on a pro rata basis but in round denominations, which in the
case of the Securities shall be minimum denominations of $2,000 principal amount or any greater
integral multiple of $1,000. The Company shall not be required to make such an offer to purchase
Securities (and other Senior Indebtedness of the Company or of a Subsidiary Guarantor) pursuant to
this Section 4.06 if the Net Available Cash available therefor is less than $10.0 million (which
lesser amount shall be carried forward for purposes of determining whether such an offer is
required with respect to the Net Available Cash from any subsequent Asset Disposition). Upon
completion of such an offer to purchase, Net Available Cash shall be deemed to be reduced by the
aggregate amount of such offer.

          (d) The Company shall comply, to the extent applicable, with the requirements of Section 14(e)
of the Exchange Act and any other securities laws or regulations in connection with the repurchase
of Securities pursuant to this Section 4.06. To the extent that the provisions of any securities
laws or regulations conflict with provisions of this Section 4.06, the Company shall comply with
the applicable securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 4.06 by virtue of its compliance with such securities laws or
regulations.

          SECTION 4.07. Limitation on Affiliate Transactions. (a) The Company shall not, and
shall not permit any Restricted Subsidiary to, enter into or permit to exist any transaction
(including the purchase, sale, lease or exchange of any property, or the rendering of any service)
with, or for the benefit of, any Affiliate of the Company involving aggregate payments or
consideration in excess of $5.0 million (an “Affiliate Transaction”) unless:

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     (1) the terms of the Affiliate Transaction are no less favorable to the Company or such
Restricted Subsidiary than those that could be obtained at the time of the Affiliate
Transaction in arm’s-length dealings with a Person who is not an Affiliate;

     (2) if such Affiliate Transaction involves an amount in excess of $10.0 million, the
Board of Managers of the Company has determined in good faith that the criteria set forth in
Section 4.07(a)(1) are satisfied and have approved the relevant Affiliate Transaction as
evidenced by a resolution of the Board of Managers of the Company; and

     (3) if such Affiliate Transaction involves an amount in excess of $20.0 million, the
Board of Managers of the Company shall also have received a written opinion from an
Independent Qualified Party to the effect that such Affiliate Transaction is fair, from a
financial standpoint, to the Company and its Restricted Subsidiaries or is not less favorable
to the Company and its Restricted Subsidiaries than could reasonably be expected to be
obtained at the time in an arm’s-length transaction with a Person who was not an Affiliate.

     (b) The provisions of Section 4.07(a) shall not prohibit:

     (1) any Investment (including any Permitted Investment under clauses (1), (5), (6),
(12), (16), (17) and (18) of the definition thereof) or Restricted Payment, in each case
permitted to be made pursuant to Section 4.04 and the Reorganization Transactions;

     (2) any issuance of securities, or other payments, awards or grants in cash, securities
or otherwise pursuant to, or the funding of, employment arrangements, employee benefit plans,
stock options, stock ownership plans, severance arrangements or any similar arrangement
approved by the Board of Managers of the Company;

     (3) loans or advances to directors, officers and employees in the ordinary course of business;

     (4) the payment of reasonable fees, expenses and compensation to, and indemnities
provided for the benefit of, former, current or future officers, directors or managers,
employees or consultants of the Company or any of its Restricted Subsidiaries and the payment
of (i) management and advisory fees to, and expenses of, (A) Permitted Holders to the extent
permitted by the Credit Facilities until the first public Equity Offering of the Company’s
common stock and (B) to Haverford pursuant to the Consulting Agreement and (ii) costs and
expenses (including indemnification) to holders of Equity Interests (in such capacity);

     (5) any transaction with the Company, a Restricted Subsidiary or joint venture or
similar entity (including Unrestricted Subsidiaries) which would constitute an Affiliate
Transaction solely because the Company or a Restricted Subsidiary owns an equity interest in
or otherwise controls such Restricted Subsidiary, joint venture or similar entity, including
an Investment made in such entity to the extent permitted pursuant to this Indenture;

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     (6) the issuance or sale of any Equity Interests (other than Disqualified Stock) of the
Company;

     (7) any agreement as in effect on the Issue Date or as described in the Offering
Memorandum or any amendments, renewals or extensions of any such agreement (so long as such
renewals or extensions are not disadvantageous to the Company in any material respect when
taken as a whole as compared to the applicable agreement as in effect on the Issue Date) and
the transactions evidenced thereby;

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

     (9) the granting or performance of customary registration rights in respect of Equity
Interests held or acquired by Affiliates of the Company;

     (10) any transaction between the Company or any Restricted Subsidiary and an
Unrestricted Subsidiary relating to self-insurance arrangements;

     (11) acquisition or holding by an Affiliate of the Company of any Indebtedness under the
Credit Facilities, the notes or other Capital Markets Indebtedness issued by the Company or
any Restricted Subsidiary upon the same terms as those offered to Persons who are not
Affiliates;

     (12) Indebtedness under clauses (12) and (15) of Section 4.03; and

     (13) the issuance and sale of the Securities issued on the Issue Date and the
application of the proceeds therefrom as contemplated by the Offering Memorandum.

          SECTION 4.08. Limitation on Line of Business. The Company shall not, and shall not
permit any Restricted Subsidiary, to engage in any business other than a Related Business, except
as would not be material to the Company and its Restricted Subsidiaries taken as a whole.

          SECTION 4.09. Limitation on Co-Issuer. The Co-Issuer may not hold any material assets
(other than Indebtedness owing to Co-Issuer by the Company or any Restricted Subsidiary and
non-material Cash Equivalents), become liable for any obligations or engage in any business
activities (other than treasury, cash management and activities incidental thereto);
provided, however, that the Co-Issuer may be a co-obligor or guarantor with respect
to the Securities or any other Indebtedness (including the Credit Facilities) if the Company is an
obligor of such Indebtedness and the Net Cash Proceeds of such Indebtedness are received by the
Company or one or more of the Subsidiary Guarantors and may engage in activities directly related
or necessary in connection therewith. The Co-Issuer shall be a Wholly Owned
Subsidiary of the Company at all times. At any time after the Company or any successor to the

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Company is a corporation, the Co-Issuer may merge with or consolidate into the Company or any
Subsidiary of the Company.

          SECTION 4.10. Change of Control. Upon the occurrence of a Change of Control, each
Holder shall have the right to require that the Issuers repurchase such Holder’s Securities at a
purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus
accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant interest payment date).

          Subject to compliance with the provisions of the succeeding paragraph, within 30 days
following any Change of Control, the Issuers shall mail a notice to each Holder with a copy to the
Trustee (the “Change of Control Offer”) stating:

     (1) that a Change of Control has occurred and that such Holder has the right to require the
Issuers to purchase such Holder’s Securities at a purchase price in cash equal to 101% of the
principal amount thereof on the date of purchase, plus accrued and unpaid interest, if any, to the
date of purchase (subject to the right of Holders of record on the relevant record date to receive
interest on the relevant interest payment date);

     (2) the circumstances and relevant facts regarding such Change of Control (including
information to the extent available, with respect to pro forma historical income, cash flow and
capitalization, in each case after giving effect to such Change of Control);

     (3) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the
date such notice is mailed); and

     (4) the instructions, as determined by the Issuers, consistent with this Section, that a
Holder must follow in order to have its Securities purchased.

          The Issuers shall not be required to make a Change of Control Offer following a Change of
Control if (1) a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Issuers and purchases all Securities validly tendered and not withdrawn
under such Change of Control Offer, (2) notice of redemption has been given pursuant to this
Indenture as described above under Section 3.01 unless and until there is a default in the payment
of the applicable redemption price or (3) in connection with or in contemplation of any Change of
Control for which a definitive agreement is in place the Company or a third party has made an offer
to purchase (an “Alternate Offer”) any and all Securities validly and properly tendered at a cash
price equal to or higher than the Change of Control payment (as described above) and has purchased
all Securities validly and properly tendered and not withdrawn in accordance with the terms of the
Alternate Offer; provided, however, that the terms of such Alternate Offer shall
not require the Holders to irrevocably tender the Securities and such Alternate Offer shall not
close until the Change of Control is actually consummated.

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          The Issuers shall comply, to the extent applicable, with the requirements of Section 14(e) of
the Exchange Act and any other securities laws or regulations in connection with the repurchase of
Securities as a result of a Change of Control. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Section, the Issuers shall comply with the
applicable securities laws and regulations and shall not be deemed to have breached their
obligations under this Section by virtue of their compliance with such securities laws or
regulations.

          SECTION 4.11. Limitation on Liens. The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, Incur or permit to exist any Lien (other than Permitted
Liens) of any nature whatsoever on any of its property or assets (including Equity Interests of a
Restricted Subsidiary), whether now owned or hereafter acquired, securing any Indebtedness (the
“Initial Lien”) without effectively providing that the Securities, or in the case of an Initial
Lien on any property or assets of any Subsidiary Guarantor, the Subsidiary Guarantee of such
Subsidiary Guarantor, shall be secured equally and ratably with (or prior to) the obligations so
secured for so long as such obligations are so secured.

          Any such Lien thereby created in favor of the Securities or any such Subsidiary Guarantee
shall be automatically and unconditionally released and discharged upon (i) the release and
discharge of each Initial Lien to which it relates, (ii) in the case of any such Lien in favor of
any such Subsidiary Guarantee, upon the termination and discharge of such Subsidiary Guarantee in
accordance with the terms of this Indenture or (iii) any sale, exchange or transfer to any Person
not an Affiliate of the Company of the property or assets secured by such Initial Lien.

          SECTION 4.12. Limitation on Sale/Leaseback Transactions. The Company shall not, and shall not
permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any
property unless:

     (1) the Company or such Restricted Subsidiary would be entitled to (A) Incur
Indebtedness in an amount equal to the Attributable Debt with respect to such Sale/Leaseback
Transaction pursuant to Section 4.03 and (B) create a Lien on such property securing such
Attributable Debt without equally and ratably securing the Securities pursuant to Section 4.11;

     (2) the gross proceeds received by the Company or any Restricted Subsidiary in connection with such
Sale/Leaseback Transaction are at least equal to the Fair Market Value of such property; and

     (3) the Company applies the proceeds of such transaction in compliance with Section 4.06.

          SECTION 4.13. Future Subsidiary Guarantors. The Company shall cause each Restricted Subsidiary
that Guarantees any (i) Credit Facility Indebtedness or (ii) Capital Markets Indebtedness to, at
the same time, execute and deliver to the Trustee a Guarantee Agreement pursuant to which such
Restricted Subsidiary will Guarantee payment of the Securities on the same terms and conditions as
those set forth in this Indenture and applicable to the other Subsidiary Guarantors and deliver to
the Trustee an Opinion of Counsel.

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          SECTION 4.14. Compliance Certificate. The Company shall deliver to the Trustee within 120 days
after the end of each fiscal year of the Company an Officers’ Certificate stating whether or not to
the best of the knowledge of the signers thereof a Default occurred during such period. If a
Default shall have occurred during such period, the certificate shall describe the Default, its
status and what action the Company is taking or proposes to take with respect thereto.

Article 5

Successor Company

          SECTION 5.01. When Company May Merge or Transfer Assets. (a) The Company shall not
consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a
series of transactions, directly or indirectly, all or substantially all its assets to, any Person,
unless:

     (1) (x) the Company shall be the surviving corporation or limited liability company or (y) the
resulting, surviving or transferee Person (the “Successor Company”) shall be a limited liability
company or corporation organized and existing under the laws of the United States of America, any
State thereof or the District of Columbia, and the Successor Company (if not the Company) shall
expressly assume, by an indenture supplemental thereto, executed and delivered to the Trustee, in a
form reasonably satisfactory to the Trustee, all the obligations of the Company under the
Securities and this Indenture;

     (2) immediately after giving pro forma effect to such transaction (and treating any
Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of
such transaction as having been Incurred by such Successor Company or such Subsidiary at the time
of such transaction), no Default shall have occurred and be continuing;

     (3) immediately after giving pro forma effect to such transaction, either (a) the Company or
the Successor Company would have been able to Incur an additional $1.00 of Coverage Indebtedness
pursuant to Section 4.03(a) or (b) the Consolidated Coverage Ratio is no less than immediately
prior to such transaction; and

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

provided, however, that clause (3) shall not be applicable to (A) a Restricted Subsidiary
consolidating with, merging into or transferring all or part of its properties and assets to the
Company (so long as no Equity Interests of the Company are distributed to any Person), (B) the
Company merging with an Affiliate of the Company solely for the purpose and with the sole effect of
reincorporating the Company in another jurisdiction, or (C) the Company merging with a Person for
purposes of the Reorganization Transactions.

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          For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer or other
disposition of all or substantially all of the properties and assets of one or more Subsidiaries of
the Company, which properties and assets, if held by the Company instead of such Subsidiaries,
would constitute all or substantially all of the properties and assets of the Company on a
consolidated basis, shall be deemed to be the transfer of all or substantially all of the
properties and assets of the Company.

          The Successor Company (if not the Company) shall be the successor to the Company and shall
succeed to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture, and the predecessor Company, except in the case of a lease, shall be released from
the obligation to pay the principal of and interest on the Securities.

          (b) The Co-Issuer shall not consolidate with or merge with or into, or convey, transfer or
lease, in one transaction or a series of transactions, directly or indirectly, all or substantially
all its assets to, any Person, unless:

     (1) (x) the Co-Issuer shall be the surviving corporation, (y) the resulting, surviving or
transferee Person (the “Successor Co-Issuer”) is the Company or a Subsidiary Guarantor or (z) the
Successor Co-Issuer shall be a limited liability company or corporation organized and existing
under the laws of the United States of America, any State thereof or the District of Columbia, and
the Successor Co-Issuer (if not the Co-Issuer) shall expressly assume, by an indenture supplemental
thereto, executed and delivered to the Trustee, in a form reasonably satisfactory to the Trustee,
all the obligations of the Co-Issuer under the Securities and this Indenture;

     (2) immediately after giving pro forma effect to such transaction (and treating any
Indebtedness which becomes an obligation of the Successor Co-Issuer as a result of such transaction
as having been Incurred by such Successor Co-Issuer at the time of such transaction), no Default
shall have occurred and be continuing with respect to the Co-Issuer; and

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

          The Successor Co-Issuer (if not the Co-Issuer) shall be the successor to the Co-Issuer and
shall succeed to, and be substituted for, and may exercise every right and power of, the Co-Issuer
under this Indenture, and the Co-Issuer, except in the case of a lease, shall be released from the
obligation to pay the principal of and interest on the Securities.

Article 6

Defaults and Remedies

          SECTION 6.01. Events of Default. An “Event of Default” occurs if:

     (1) the Issuers default in the payment of interest on the Securities when due, continued
for 30 consecutive days;

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     (2) the Issuers default in the payment of principal of any Security when due at its Stated
Maturity, upon optional redemption, upon required purchase, upon declaration of acceleration or
otherwise;

     (3) the Issuers fail for 30 days after notice to comply with Section 5.01;

     (4) the Issuers or any Subsidiary Guarantor fails to comply with any of the other agreements
in this Indenture;

     (5) the Company or any Restricted Subsidiary defaults under any Indebtedness of the Company or
Restricted Subsidiary (or the payment of which is guaranteed by the Company or any Restricted
Subsidiary) whether such Indebtedness or Guarantee now exists, or is created after the Issue Date,
if that default:

     (A) is caused by a failure to pay any such Indebtedness at the stated maturity thereof prior
to the expiration of the grace period provided in such Indebtedness (a “Payment Default”);
or

     (B) results in the acceleration of such Indebtedness prior to its express maturity,

and, in each case, the principal amount of any such Indebtedness, together with the principal
amount of any other such Indebtedness under which there has been a Payment Default or the maturity
of which has been so accelerated, aggregates $25.0 million or more (the “cross acceleration
provision”); provided, however, where (i) neither the Company nor a Restricted
Subsidiary has general liability with respect to such Indebtedness, and (ii) the creditor has
agreed in writing that such creditor’s recourse is solely to specified assets or Unrestricted
Subsidiaries, the amount of such Indebtedness shall be deemed to be the lesser of (x) the principal
amount of such Indebtedness, and (y) the Fair Market Value of such specified assets to which the
creditor has recourse;

     (6) an Issuer or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:

     (A) commences a voluntary case;

     (B) consents to the entry of an order for relief against it in an involuntary case;

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

     (D) makes a general assignment for the benefit of its creditors; or takes any comparable
action under any foreign laws relating to insolvency;

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

     (A) is for relief against an Issuer or any Significant Subsidiary in an involuntary
case;

     (B) appoints a Custodian of an Issuer or any Significant Subsidiary or for any
substantial part of its property; or

     (C) orders the winding up or liquidation of an Issuer or any Significant Subsidiary;

or any similar relief is granted under any foreign laws and in each such case the order or
decree remains unstayed and in effect for 60 consecutive days;

     (8) the Company or any of the Restricted Subsidiaries fails to pay any final
non-appealable judgments entered by a court or courts of competent jurisdiction aggregating
in excess of $25.0 million (excluding any amounts that an insurance provider has
acknowledged liability for), which judgments are not paid, discharged or stayed, for a
period of 60 consecutive days; or

     (9) any Subsidiary Guarantee ceases to be in full force and effect (other than in
accordance with the terms of this Indenture) or any Subsidiary Guarantor that is a
Significant Subsidiary denies or disaffirms its obligations under its Subsidiary Guarantee.

          The foregoing will constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body.

          The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state
law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee,
liquidator, custodian or similar official under any Bankruptcy Law.

          A Default under clauses (4) and (5) will not constitute an Event of Default until the Trustee
or the Holders of at least 25% in principal amount of the outstanding Securities notify the Company
of the Default and the Company does not cure such Default within 60 days after receipt of such
notice. Such notice must specify the Default, demand that it be remedied and state that such notice
is a “Notice of Default”.

          If a Default occurs, is continuing and is known to the Trustee, the Trustee must mail to each
Holder of the Securities notice of the Default within 90 days after it occurs. Except in the case
of a Default in the payment of principal of or interest on any Security, the Trustee may withhold
notice if and so long as a committee of its Trust Officers in good faith determines that
withholding notice is not opposed to the interest of the Holders. In addition, the Company is
required to deliver to the Trustee, within 120 days after the end of each fiscal year, a statement
regarding compliance with this Indenture. Within 30 days of becoming aware of any Default, the
Company is required to deliver to the Trustee a written statement specifying such Default.

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          SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default
specified in Section 6.01(6) or (7) with respect to an Issuer) occurs and is continuing, the
Trustee by notice to the Issuers, or the Holders of at least 25% in principal amount of the
outstanding Securities by notice to the Issuers and the Trustee, may declare the principal of and
accrued but unpaid interest on all the Securities to be due and payable. Upon such a declaration,
such principal and interest shall be due and payable immediately. If an Event of Default specified
in Section 6.01(6) or (7) with respect to an Issuer occurs, the principal of and interest on all
the Securities shall ipso facto become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Securityholders. The Holders of a majority in
principal amount of the Securities by notice to the Trustee may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree and if all existing
Events of Default have been cured or waived except nonpayment of principal or interest that has
become due solely because of such declaration of acceleration. No such rescission shall affect any
subsequent Default or impair any right consequent thereto.

          SECTION 6.03. Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal of or interest on the
Securities or to enforce the performance of any provision of the Securities or this Indenture.

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

          SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in principal amount
of the Securities by notice to the Trustee may waive an existing Default and its consequences
except (a) a Default in the payment of the principal of or interest on a Security (b) a Default
arising from the failure to redeem or purchase any Security when required pursuant to this
Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended
without the consent of each Securityholder affected. When a Default is waived, it is deemed cured,
but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

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

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          SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment of
principal, premium (if any) or interest when due, no Securityholder may pursue any remedy with
respect to this Indenture or the Securities unless:

     (1) the Holder gives to the Trustee written notice stating that an Event of Default is
continuing;

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

     (3) such Holder or Holders offer, and if requested by the Trustee, provide to the Trustee
reasonable security or indemnity against any loss, liability or expense;

     (4) the Trustee does not comply with the request within 60 days after receipt of the request
and the offer of security or indemnity; and

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

          A Securityholder may not use this Indenture to prejudice the rights of another Securityholder
or to obtain a preference or priority over another Securityholder. In the event that the Definitive
Securities are not issued to any beneficial owner promptly after the Registrar has received a
request from the Holder of a Global Security to issue such Definitive Securities to such beneficial
owner or its nominee, the Issuers expressly agree to and acknowledge, with respect to the right of
any Holder to pursue a remedy pursuant to this Indenture, the right of such beneficial holder of
Securities to pursue such remedy with respect to the portion of the Global Security that represents
such beneficial holder’s Securities as if such Definitive Securities had been issued.

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

          SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section
6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Issuers for the whole amount then due and owing (together
with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section
7.07.

          SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee and the Securityholders allowed in any judicial proceedings relative to the Issuers,
their creditors or its property and, unless prohibited by law or applicable regulations and any
Custodian in any such judicial proceeding is hereby
authorized by each Holder to make payments to the Trustee and, in the event that the Trustee
shall consent to the making of such

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payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and
any other amounts due the Trustee under Section 7.07.

          SECTION 6.10. Priorities. If the Trustee collects any money or property pursuant to
this Article 6, it shall pay out the money or property in the following order:

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

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

     Third: to the Company.

          The Trustee may fix a record date and payment date for any payment to Securityholders pursuant
to this Section 6.10. At least 15 days before such record date, the Issuers shall mail to each
Securityholder and the Trustee a notice that states the record date, the payment date and amount to
be paid.

          SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court of competent jurisdiction in its discretion may require the filing by any
party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made
by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the
Securities.

          SECTION 6.12. Waiver of Stay or Extension Laws. The Issuers (to the extent they may
lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and the
Issuers (to the extent that they may lawfully do so) hereby expressly waive all benefit or
advantage of any such law, and shall not hinder, delay or impede the execution of any power herein
granted to the Trustee, but shall suffer and permit the execution of every such power as though no
such law had been enacted.

Article 7

Trustee

          SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is
continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use
the same degree of care and skill in their exercise as a prudent Person would exercise or use under
the circumstances in the conduct of such Person’s own affairs.

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

     (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

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

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

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

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

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

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

          (e) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuers.

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

          (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or otherwise incur financial liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

          (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section and to the
provisions of the TIA.

          SECTION 7.02. Rights of Trustee. (a) The Trustee may rely on any document believed by
it to be genuine and to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document.

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

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

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

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

          (f) Unless otherwise specifically identified in this Indenture, any demand, request, direction
or notice from an Issuer will be sufficient if signed by an Issuer.

          SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuers or
their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent,
Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee
must comply with Sections 7.10 and 7.11.

          SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of this Indenture or the Securities, it shall not
be accountable for the Issuers’ use of the proceeds from the Securities, and it shall not be
responsible for any statement of the Issuers in this Indenture or in any document issued in
connection with the sale of the Securities or in the Securities other than the Trustee’s
certificate of authentication.

          SECTION 7.05. Notice of Defaults. If a Default occurs, is continuing and is known to
the Trustee, the Trustee shall mail to each Securityholder notice of the Default within 90 days
after it occurs unless such Default shall have been cured or waived. Except in the case of a
Default in the payment of principal of or interest on any Security (including payments pursuant to
the mandatory redemption provisions of such Security, if any), the Trustee may withhold the notice
if and so long as a committee of its Trust Officers in good faith determines that withholding the
notice is not opposed to the interests of the Securityholders.

          SECTION 7.06. Reports by Trustee to Holders. As promptly as practicable after each
December 15 beginning with the December 15 following the Issue Date, and in any event prior to
February 15 in each year, the Trustee shall mail to each Securityholder a brief report dated as of
December 15 that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b).

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

          As promptly as practicable, upon the Company’s request, the Trustee shall mail to each
Securityholder any report received by the Trustee from the Company pursuant to Section 4.02.

          SECTION 7.07. Compensation and Indemnity. The Issuers shall pay to the Trustee from
time to time reasonable compensation for its services. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse
the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s
agents, counsel, accountants and experts. The Issuers shall indemnify the Trustee against any and
all loss, liability or expense (including reasonable attorneys’ fees) incurred by it in connection
with the administration of this trust and the performance of its duties hereunder. The Trustee
shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder. The
Issuers shall defend the claim and the Trustee shall cooperate in this defense. The Trustee may
have separate counsel if the Trustee has been reasonably advised by counsel that there may be one
or more legal defenses available to it that are different from or additional to those available to
the Issuers, and in the reasonable judgment of such counsel it is advisable for the Trustee to
engage separate counsel, and the Issuers shall pay the reasonable fees and expenses of such
counsel. The Issuers need not reimburse any expense or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee’s own wilful misconduct, negligence or bad
faith.

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

          The Issuers’ payment obligations pursuant to this Section shall survive the discharge of this
Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section
6.01(6) or (7) with respect to the Issuers, the expenses are intended to constitute expenses of
administration under the Bankruptcy Law.

          SECTION 7.08. Replacement of Trustee. The Trustee may resign in writing at any time
upon 30 days’ prior notice to the Company. The Holders of a majority in principal amount of the
Securities may remove the Trustee by so notifying the Trustee and the Company in writing. The
Issuers may remove the Trustee if:

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

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

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

     (4) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns, is removed by
the Issuers or by the Holders of a majority in principal amount of the Securities or if a vacancy
exists in the office of Trustee for any reason (the Trustee in such event being referred to herein
as the retiring Trustee), the Issuers shall promptly appoint a successor Trustee.

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

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

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

          Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuers’
obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

          SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee.

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

          SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy
the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition. The

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Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded
from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or
certificates of interest or participation in other securities of an Issuer are outstanding if the
requirements for such exclusion set forth in TIA § 310(b)(1) are met.

          SECTION 7.11. Preferential Collection of Claims Against the Issuers. The Trustee shall
comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who
has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

Article 8

Discharge of Indenture; Defeasance

          SECTION 8.01. Discharge of Liability on Securities; Defeasance. (a) When (1) the
Issuers deliver to the Trustee all outstanding Securities that have been authenticated (other than
(i) Securities replaced pursuant to Section 2.07 and (ii) Securities for whose payment has been
deposited in trust and thereafter repaid to the Issuers) for cancellation or (2) all outstanding
Securities that have not been delivered to the Trustee for cancelation have become due and payable
by reason of the mailing of a notice of redemption pursuant to Article 3 hereof or otherwise will
become due and payable within one year or are to be called for redemption within one year and the
Company irrevocably deposits or causes to be deposited with the Trustee as trust funds in trust
solely for the benefit of the Securityholders, cash in U.S. dollars, U.S. Government Obligations,
or a combination thereof, in amounts as will be sufficient, without consideration of any
reinvestment of interest to pay and discharge the entire Indebtedness on the Securities not
previously delivered to the Trustee for cancelation (other than Securities replaced pursuant to
Section 2.07) (including principal of, premium and interest, if any, on, the Securities to the date
of maturity or redemption), and if in either case the Issuers pay all other sums payable hereunder
by the Issuers, then this Indenture shall, subject to Section 8.01(c), cease to be of further
effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the
Issuers accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and
expense of the Issuers.

          (b) Subject to Sections 8.01(c) and 8.02, the Issuers at any time may terminate (1) all of the
Issuers’ and each Subsidiary Guarantor’s obligations under the Securities and this Indenture
(“legal defeasance option”) or (2) their obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06,
4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13 and 4.14 and the operation of Sections 6.01(4), 6.01(5),
6.01(6), 6.01(7), 6.01(8) or 6.01(9) (but, in the case of Sections 6.01(6) and (7), with respect
only to Significant Subsidiaries) and the limitations contained in Section 5.01(a)(3) (“covenant
defeasance option”). The Issuers may exercise their legal defeasance option notwithstanding their
prior exercise of their covenant defeasance option.

          If the Issuers exercises their legal defeasance option, payment of the Securities may not be
accelerated because of an Event of Default with respect thereto. If the Issuers exercise their
covenant defeasance option, payment of the Securities may not be accelerated because of an Event of
Default specified in Sections 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8) or 6.01(9) (but, in the
case of Sections 6.01(6) and (7), with respect only to Significant

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Subsidiaries) or because of the failure of the Issuers to comply with Section 5.01(a)(3). If the
Issuers exercise their legal defeasance option or their covenant defeasance option, each Subsidiary
Guarantor, if any, shall be released from all its obligations with respect to its Subsidiary
Guarantee.

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

          (c) Notwithstanding clauses (a) and (b) above, the Issuers’ obligations in Sections 2.03,
2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall survive until the
Securities have been paid in full. Thereafter, the Issuers’ obligations in Sections 7.07, 8.04 and
8.05 shall survive.

          SECTION 8.02. Conditions to Defeasance. The Issuers shall be entitled to exercise
their legal defeasance option or their covenant defeasance option only if:

     (1) the Issuers irrevocably deposit in trust with the Trustee money or U.S. Government
Obligations or a combination thereof for the payment of principal of and interest on the Securities
to maturity or redemption, as the case may be;

     (2) the Company delivers to the Trustee a certificate from a nationally recognized investment
bank, appraisal firm or firm of independent public accountants expressing their opinion that the
payments of principal and interest when due, plus any deposited money will provide cash at such
times and in such amounts as will be sufficient to pay principal and interest when due on all the
Securities to maturity or redemption, as the case may be;

     (3) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit
was not made by the Company with the intent of preferring the holders of the Securities over the
other creditors of the Company with the intent of defeating, hindering, delaying or defrauding
creditors of the Company or others;

     (4) no Default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be
applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and
the granting of Liens to secure such borrowings);

     (5) the deposit does not constitute a default under any other material agreement (other than
this Indenture and the agreements governing any other Indebtedness being defeased, discharged or
replaced) binding on an Issuer;

     (6) the Company delivers to the Trustee an Opinion of Counsel to the effect that the trust
resulting from the deposit does not constitute, nor is qualified as, a regulated investment company
under the Investment Company Act of 1940;

     (7) in the case of the legal defeasance option, the Company shall have delivered to the
Trustee an Opinion of Counsel stating that (A) the Issuers have received

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from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the
Issue Date there has been a change in the applicable Federal income tax law, in either case
to the effect that, and based thereon such Opinion of Counsel shall confirm that, the
Securityholders will not recognize income, gain or loss for Federal income tax purposes as a
result of such defeasance and will be subject to Federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such defeasance had not
occurred;

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

     (9) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent to the defeasance and discharge of the Securities
as contemplated by this Article 8 have been complied with.

          Before or after a deposit, the Issuers may make arrangements satisfactory to the Trustee for
the redemption of Securities at a future date in accordance with Article 3.

          SECTION 8.03. Application of Trust Money. The Trustee shall hold in trust money or
U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the
deposited money and the money from U.S. Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal of and interest on the Securities.

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

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

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

          SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any
money or U.S. Government Obligations in accordance with this Article 8 by reason of any legal
proceeding or by reason of any order or judgment of any court of competent jurisdiction or
governmental authority enjoining, restraining or otherwise prohibiting such application, the
Issuers’ and each Subsidiary Guarantor’s obligations under this Indenture, each Subsidiary
Guarantee and the Securities shall be revived and reinstated as though no deposit had

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occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to
apply all such money or U.S. Government Obligations in accordance with this Article 8; provided,
however, that, if the Issuers have made any payment of interest on or principal of any Securities
because of the reinstatement of their obligations, the Issuers shall be subrogated to the rights of
the Holders of such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

Article 9

Amendments

          SECTION 9.01. Without Consent of Holders. The Issuers, the Subsidiary Guarantors and
the Trustee may amend this Indenture or the Securities without notice to or consent of any
Securityholder:

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

     (2) to provide for the assumption by a successor corporation of the obligations of the Issuers
or any Subsidiary Guarantor under the Securities, this Indenture or a Subsidiary Guarantee, as
applicable;

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

     (4) to add Guarantees with respect to the Securities, including any Subsidiary Guarantees, or
to secure the Securities;

     (5) to add to the covenants for the benefit of the Holders or to surrender any right or power
herein conferred upon the Issuers or any Subsidiary Guarantor;

     (6) to make any change that would provide additional rights or benefits to the Holders or that
does not adversely affect the rights under this Indenture of any Securityholders;

     (7) to comply with any requirement of the SEC in connection with the qualification of this
Indenture under the TIA;

     (8) to conform the text of this Indenture, the Securities and the Subsidiary Guaranties to any
provision of the “Description of the Notes” contained in the Offering Memorandum to the extent that
such provision was intended to be a verbatim recitation of a provision of this Indenture, the
Securities and the Subsidiary Guarantees;

     (9) to make any amendment to the provisions of this Indenture relating to the transfer and
legending of Securities; provided, however, that (a) compliance with this Indenture
as so amended would not result in Securities being transferred in violation of

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the Securities Act or any other applicable securities law and (b) such amendment does not
materially and adversely affect the rights of Holders to transfer Securities;

     (10) to provide for a successor Trustee in accordance with the terms of this Indenture or to
otherwise comply with any requirement of this Indenture; or

     (11) to comply with the rules of any applicable securities depository. 

          After an amendment under this Section 9.01 becomes effective, the Company shall mail to Securityholders a notice
briefly describing such amendment. The failure to give such notice to all Securityholders, or any
defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

          SECTION 9.02. With Consent of Holders. The Issuers, the Subsidiary Guarantors and the
Trustee may amend this Indenture or the Securities with the written consent of the Holders of at
least a majority in principal amount of the Securities then outstanding (including consents
obtained in connection with a tender offer or exchange for the Securities) and any past default or
compliance with any provisions may also be waived with the consent of the Holders of at least a
majority in principal amount of the Securities then outstanding. However, without the consent of
each Securityholder affected thereby, an amendment or waiver may not:

     (1) reduce the amount of Securities whose Holders must consent to an amendment;

     (2) reduce the rate of or extend the time for payment of interest on any Security;

     (3) reduce the principal of or change the Stated Maturity of any Security;

     (4) (i) reduce the amount payable upon the redemption of any Security contained in Article 3
hereto or as described under paragraph (5) of the Securities or (ii) change the time at which any
Security may be redeemed, in each case contained in Article 3 hereto or as described under
paragraph (5) of the Securities;

     (5) make any Security payable in money other than that stated in the Security;

     (6) impair the right of any Securityholder to receive payment of principal of and interest on
such Securityholder’s Securities on or after the due dates therefore or to institute suit for the
enforcement of any payment on or with respect to such Securityholder’s Securities;

     (7) make any change in the amendment provisions that require each Securityholder’s consent or
in the waiver provision;

     (8) make any change in the ranking or priority of any Security that would adversely affect the
Securityholders; or

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     (9) make any change in any Subsidiary Guarantee that would adversely affect the
Securityholders or release any Subsidiary Guarantee (other than in accordance with the terms
of this Indenture).

          It shall not be necessary for the consent of the Holders under this Section 9.02 to approve
the particular form of any proposed amendment, but it shall be sufficient if such consent approves
the substance thereof.

          After an amendment under this Section 9.02 becomes effective, the Company shall mail to
Securityholders a notice briefly describing such amendment. The failure to give such notice to all
Securityholders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section 9.02.

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

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

          The Issuers may, but shall not be obligated to, fix a record date for the purpose of
determining the Securityholders entitled to give their consent or take any other action described
above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to
give such consent or to revoke any consent previously given or to take any such action, whether or
not such Persons continue to be Holders after such record date. No such consent shall be valid or
effective for more than 120 days after such record date.

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

          SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment
authorized pursuant to this Article 9 if the amendment does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it.
In signing such amendment the Trustee shall be entitled to receive indemnity satisfactory

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to it, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’
Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by
this Indenture.

          SECTION 9.07. Payment for Consent. Neither the Issuers nor any Affiliate of the
Issuers shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of
interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree
to amend in the time frame set forth in solicitation documents relating to such consent, waiver or
agreement.

Article 10

Subsidiary Guarantees

          SECTION 10.01. Guarantees. Each Subsidiary Guarantor hereby unconditionally and
irrevocably (except as set forth in Section 10.06) guarantees, jointly and severally on a senior
unsecured basis, to each Holder and to the Trustee and its successors and permitted assigns (a) the
full and punctual payment of principal of and interest on the Securities when due, whether at
maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the
Issuers under this Indenture and the Securities and (b) the full and punctual performance within
applicable grace periods of all other obligations of the Issuers under this Indenture and the
Securities (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”).
Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or
renewed, in whole or in part, without notice or further assent from such Subsidiary Guarantor and
that such Subsidiary Guarantor will remain bound under this Article 10 notwithstanding any
extension or renewal of any Guaranteed Obligation.

          Each Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the
Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each
Subsidiary Guarantor waives notice of any default under the Securities or the Guaranteed
Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by (1)
the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or
remedy against the Issuers or any other Person (including any Subsidiary Guarantor) under this
Indenture, the Securities or any other agreement or otherwise; (2) any extension or renewal of any
thereof; (3) any rescission, waiver, amendment or modification of any of the terms or provisions of
this Indenture, the Securities or any other agreement; (4) the release of any security held by any
Holder or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder
or the Trustee to exercise any right or remedy against any other guarantor of the Guaranteed
Obligations; or (6) except as set forth in Section 10.06, any change in the ownership of such
Subsidiary Guarantor.

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

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          Except as expressly set forth in Sections 8.01(b), 10.02 and 10.06, the obligations of each
Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or
termination for any reason, including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or
termination whatsoever or by reason of the invalidity, illegality or unenforceability of the
Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise
affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce
any remedy under this Indenture, the Securities or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of such Subsidiary
Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law
or equity.

          Each Subsidiary Guarantor further agrees that its Guarantee herein shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of
principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by
any Holder or the Trustee upon the bankruptcy or reorganization of an Issuer or otherwise.

          In furtherance of the foregoing and not in limitation of any other right which any Holder or
the Trustee has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the
failure of the Issuers to pay the principal of or interest on any Guaranteed Obligation when and as
the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to
perform or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises
to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in
cash, to the Holders or the Trustee an amount equal to the sum of (A) the unpaid amount of such
Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to
the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of the Issuers
to the Holders and the Trustee.

          Each Subsidiary Guarantor agrees that, as between it, on the one hand, and the Holders and the
Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations hereby may be
accelerated as provided in Article 6 for the purposes of such Subsidiary Guarantor’s Subsidiary
Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of
any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by
such Subsidiary Guarantor for the purposes of this Section.

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

          SECTION 10.02. Limitation on Liability. Any term or provision of this Indenture to the
contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed
hereunder by any Subsidiary Guarantor shall not exceed the maximum

78

 

amount that can be hereby guaranteed without rendering this Indenture, as it relates to such
Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer or similar laws affecting the rights of creditors generally.

          SECTION 10.03. Successors and Assigns. This Article 10 shall be binding upon each
Subsidiary Guarantor and its successors and assigns and shall enure to the benefit of the
successors and permitted assigns of the Trustee and the Holders and, in the event of any transfer
or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that
party in this Indenture and in the Securities shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions of this Indenture.

          SECTION 10.04. No Waiver. Neither a failure nor a delay on the part of either the
Trustee or the Holders in exercising any right, power or privilege under this Article 10 shall
operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or
further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee
and the Holders herein expressly specified are cumulative and not exclusive of any other rights,
remedies or benefits which either may have under this Article 10 at law, in equity, by statute or
otherwise.

          SECTION 10.05. Modification. No modification, amendment or waiver of any provision of
this Article 10, nor the consent to any departure by any Subsidiary Guarantor therefrom, shall in
any event be effective unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary
Guarantor to any other or further notice or demand in the same, similar or other circumstances.

          SECTION 10.06. Release of Subsidiary Guarantor. A Subsidiary Guarantor will be
released from its obligations under this Article 10 (other than any obligation that may have arisen
under Section 10.07) without further action required on the part of the Trustee or any Holder
except as expressly required hereby:

     (1) upon the sale (including any sale pursuant to any exercise of remedies by a holder of
Indebtedness of an Issuer or of such Subsidiary Guarantor) or other disposition (including by way
of consolidation or merger) of a Subsidiary Guarantor (including the sale or disposition of Equity
Interests of a Subsidiary Guarantor) following which such Subsidiary Guarantor is no longer a
Subsidiary,

     (2) upon the sale or disposition of all or substantially all the assets of a Subsidiary
Guarantor,

     (3) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary to the
extent permitted by this Indenture,

     (4) at such time as such Subsidiary Guarantor does not have any Indebtedness outstanding that
would have required such Subsidiary Guarantor to enter into a Guarantee Agreement pursuant to
Section 4.13 and the Issuers provides an Officers’ Certificate to

79

 

the Trustee certifying that no such Indebtedness is outstanding and that the Issuers elect to
have such Subsidiary Guarantor released from this Article 10, or

     (5) upon defeasance of the Securities pursuant to Article 8, or

     (6) upon the full satisfaction of the Issuers’ obligations under this Indenture;

provided, however, that in the case of clauses (1) and (2) above, (i) such sale or
other disposition is made to a Person other than an Issuer or a Restricted Subsidiary, (ii) such
sale or disposition is otherwise permitted by this Indenture and (iii) the Issuers provides an
Officers’ Certificate to the Trustee to the effect that the Issuers will comply with its
obligations under Section 4.06.

          At the request of the Issuers, the Trustee shall execute and deliver an appropriate instrument
evidencing such release.

          SECTION 10.07. Contribution. Each Subsidiary Guarantor that makes a payment under its
Subsidiary Guarantee shall be entitled upon payment in full of all Guaranteed Obligations under
this Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such
other Subsidiary Guarantor’s pro rata portion of such payment based on the respective net assets of
all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP.

Article 11

Miscellaneous

          SECTION 11.01. 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 required provision shall control.

          SECTION 11.02. Notices. Any notice or communication shall be in writing and delivered
in person or mailed by first-class mail addressed as follows:

if to the Issuers or any Subsidiary Guarantor:

Aurora Diagnostics Holdings, LLC

11025 RCA Center Drive, Suite 300

Palm Beach Gardens, FL 33410

Attention: James C. New, Chief Executive Officer

if to the Trustee:

U.S. Bank National Association

EP-MN-WS3C

60 Livingston Avenue

St. Paul, MN 55107

Attention: Donald T. Hurrelbrink

80

 

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

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

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

          SECTION 11.03. Communication by Holders with Other Holders.
Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders with respect to
their rights under this Indenture or the Securities. The Issuers, any Subsidiary Guarantor, the
Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

          SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuers to the Trustee to take or refrain from taking any action under this
Indenture, the Issuers shall furnish to the Trustee:

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

     (2) an Opinion of Counsel in form and substance satisfactory to the Trustee stating that, in
the opinion of such counsel, all such conditions precedent have been complied with.

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

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

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

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

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

81

 

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

          SECTION 11.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of Securityholders. The Registrar and the Paying Agent
may make reasonable rules for their functions.

          SECTION 11.08. Legal Holidays. If a payment date is a Legal Holiday, payment shall be
made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the
intervening period. If a regular record date is a Legal Holiday, the record date shall not be
affected.

          SECTION 11.09. Governing Law. This Indenture and the Securities shall be governed by,
and construed in accordance with, the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall
be determined in accordance with such laws.

          SECTION 11.10. No Recourse Against Others. A director, officer, manager, member,
employee or stockholders, as such, of an Issuer or any Subsidiary Guarantor shall not have any
liability for any obligations of such Issuer under the Securities or this Indenture or of such
Subsidiary Guarantor under its Subsidiary Guarantee or this Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Security, each
Securityholder shall waive and release all such liability. The waiver and release shall be part of
the consideration for the issue of the Securities.

          SECTION 11.11. Successors. All agreements of the Issuers or any Subsidiary Guarantor
in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in
this Indenture shall bind their successors.

          SECTION 11.12. Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. One signed copy is enough to prove this Indenture.

          SECTION 11.13. Table of Contents; Headings. The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify
or restrict any of the terms or provisions hereof.

[Remainder of Page Intentionally Left Blank]

82

 

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

	 	 	 	 	 
	 	The Issuers:

AURORA DIGNOSTICS HOLDINGS, LLC

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	Name:  	James C. New 	 
	 	 	Title:  	Chief Executive Officers 	 
	 
	 	AURORA DIGNOSTICS FINANCING, LLC

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	Name:  	James C. New 	 
	 	 	Title:  	Chief Executive Officers 	 
	 
	 	The Guarantors:

AURORA DIAGNOSTICS, LLC

AURORA GREENSBORO, LLC

AURORA LMC, LLC

AURORA MASSACHUSETTS, LLC

AURORA MICIUGAN, LLC

AURORA NEW HAMPSHIRE, LLC

BERNHARDT LABORATORIES, INC.

BIOPSY DIAGNOSTICS, LLC

C R COLLECTIONS, LLC

COVENANT HEALTHCARE LAB, LLC

CUNNINGHAM PATHOLOGY, L.L.C.

GREENSBORO PATHOLOGY, LLC

HARDMAN PATHOLOGY ADX, LLC

LABORATORY OF

DERMATOPATHOLOGY ADX, LLC

MARK & KAMBOUR, LLC

MARK & KAMBOUR HOLDINGS, INC.

PATHOLOGY SOLUTIONS, LLC

SEACOAST PATHOLOGY, INC.

TWIN CITIES DERMATOPATHOLOGY, LLC

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	Name:  	James C. New 	 
	 	 	Title:  	Chief Executive Officers 	 
	 

Indenture

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Joel Geist
 	 
	 	 	Name:  	Joel Geist 	 
	 	 	Title:  	Vice President 	 

Indenture

 

 

RULE 144A/REGULATION S APPENDIX

PROVISIONS RELATING TO INITIAL SECURITIES,

PRIVATE EXCHANGE SECURITIES

AND EXCHANGE SECURITIES

          1. Definitions.

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

          “Additional Securities” means Securities (other than the Initial Securities issued on the Issue
Date) issued under the Indenture, as part of the same series as the Initial Securities issued on
the Issue Date.

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

          “Definitive Security” means a certificated Initial Security or Exchange Security or Private
Exchange Security bearing, if required, the appropriate restricted securities legend set forth in
Section 2.3(e).

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

          “Distribution Compliance Period”, with respect to any Securities, means the period of 40
consecutive days beginning on and including the later of (i) the day on which such Securities are
first offered to Persons other than distributors (as defined in Regulation S under the Securities
Act) in reliance on Regulation S and (ii) the issue date with respect to such Securities.

          “Exchange Securities” means (1) the 10.750% Senior Notes Due 2018 issued pursuant to the
Indenture in connection with a Registered Exchange Offer pursuant to a Registration Rights
Agreement and (2) Additional Securities, if any, issued pursuant to a registration statement filed
with the SEC under the Securities Act.

          “Initial Purchasers” means (1) with respect to the Initial Securities issued on the Issue
Date, Morgan Stanley & Co. Incorporated, Barclays Capital Inc., UBS Securities LLC, RBC Capital
Markets Corporation and BMO Capital Markets Corp., and (2) with respect to each issuance of
Additional Securities, the Persons purchasing such Additional Securities under the related Purchase
Agreement.

          “Initial Securities” means (1) $200,000,000 aggregate principal amount of 10.750% Senior Notes
Due 2018 issued on the Issue Date and (2) Additional Securities, if any, issued in a transaction
exempt from the registration requirements of the Securities Act.

 

 

          “Private Exchange” means the offer by the Issuers, pursuant to a Registration Rights
Agreement, to the Initial Purchasers to issue and deliver to each Initial Purchaser, in exchange
for the Initial Securities held by the Initial Purchaser as part of its initial distribution, a
like aggregate principal amount of Private Exchange Securities.

          “Private Exchange Securities” means any 10.750% Senior Notes Due 2018 issued in connection
with a Private Exchange.

          “Purchase Agreement” means (1) with respect to the Initial Securities issued on the Issue
Date, the Purchase Agreement dated December 14, 2010, among the Issuers, the Guarantors and the
Initial Purchasers, and (2) with respect to each issuance of Additional Securities, the purchase
agreement or underwriting agreement among the Issuers, the Guarantors and the Persons purchasing
such Additional Securities.

          “QIB” means a “qualified institutional buyer” as defined in Rule 144A. “Registered Exchange
Offer” means the offer by the Issuers, pursuant to a Registration Rights Agreement, to certain
Holders of Initial Securities, to issue and deliver to such Holders, in exchange for the Initial
Securities, a like aggregate principal amount of Exchange Securities registered under the
Securities Act.

          “Registration Rights Agreement” means (1) with respect to the Initial Securities issued on the
Issue Date, the Registration Rights Agreement dated December 20, 2010, among the Issuers, the
Guarantors and the Initial Purchasers and (2) with respect to each issuance of Additional
Securities issued in a transaction exempt from the registration requirements of the Securities Act,
the registration rights agreement, if any, among the Issuers and the Persons purchasing such
Additional Securities under the related Purchase Agreement.

          “Rule 144A Securities” means all Securities offered and sold to QIBs in reliance on Rule 144A.

          “Securities” means the Initial Securities, the Exchange Securities and the Private Exchange
Securities, treated as a single class.

          “Securities Act” means the Securities Act of 1933.

          “Securities Custodian” means the custodian with respect to a Global Security (as appointed by
the Depository), or any successor Person thereto and shall initially be the Trustee.

          “Shelf Registration Statement” means the registration statement issued by the Issuers in
connection with the offer and sale of Initial Securities or Private Exchange Securities pursuant to
a Registration Rights Agreement.

          “Transfer Restricted Securities” means Securities that bear or are required to bear the legend
relating to restrictions on transfer relating to the Securities Act set forth in Section 2.3(e)
hereto.

          1.2 Other Definitions.

2

 

	 	 	 	 	 
	Term	 	Defined in Section:
	“Agent Members”

	 	 	2.1	(b)
	“Global Securities”

	 	 	2.1	(a)
	“Permanent Regulation S Global Security”

	 	 	2.1	(a)
	“Regulation S”

	 	 	2.1	(a)
	“Regulation S Global Security”

	 	 	2.1	(a)
	“Rule 144A”

	 	 	2.1	(a)
	“Rule 144A Global Security”

	 	 	2.1	(a)
	“Temporary Regulation S Global Security”

	 	 	2.1	(a)

          2. The Securities.

          2.1 (a) Form and Dating. The Initial Securities will be offered and sold by the
Issuers pursuant to a Purchase Agreement. The Initial Securities will be resold initially only to
(i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other
than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the Securities Act
(“Regulation S”). Initial Securities may thereafter be transferred to, among others, QIBs and
purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth herein.
Initial Securities initially resold pursuant to Rule 144A shall be issued initially in the form of
one or more permanent global Securities in definitive, fully registered form (collectively, the
“Rule 144A Global Security”); and Initial Securities initially resold pursuant to Regulation S
shall be issued initially in the form of one or more temporary global securities in fully
registered form (collectively, the “Temporary Regulation S Global Security”), in each case without
interest coupons and with the global securities legend and the applicable restricted securities
legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the
Initial Securities represented thereby with the Securities Custodian and registered in the name of
the Depository or a nominee of the Depository, duly executed by the Issuers and authenticated by
the Trustee as provided in the Indenture. Except as set forth in this Section 2.1(a), beneficial
ownership interests in the Temporary Regulation S Global Security will not be exchangeable for
interests in the Rule 144A Global Security, a permanent Regulation S global security (the
“Permanent Regulation S Global Security”, and together with the Temporary Regulation S Global
Security, the “Regulation S Global Security”) or any other Security prior to the expiration of the
Distribution Compliance Period and then, after the expiration of the Distribution Compliance
Period, may be exchanged for interests in a Rule 144A Global Security or the Permanent Regulation S
Global Security only upon certification in form satisfactory to the Trustee that beneficial
ownership interests in such Temporary Regulation S Global Security are owned either by non-U.S.
persons or U.S. persons who purchased such interests in a transaction that did not require
registration under the Securities Act.

          Beneficial interests in Temporary Regulation S Global Securities may be exchanged for
interests in Rule 144A Global Securities if (1) such exchange occurs in connection with a transfer
of Securities in compliance with Rule 144A and (2) the transferor of the beneficial interest in the
Temporary Regulation S Global Security first delivers to the Trustee a written certificate (in a
form satisfactory to the Trustee) to the effect that the beneficial interest in the Temporary
Regulation S Global Security is being transferred to a Person (a) who the transferor reasonably
believes to be a QIB, (b) purchasing for its own account or the account of a

3

 

QIB in a transaction meeting the requirements of Rule 144A, and (c) in accordance with all
applicable securities laws of the States of the United States and other jurisdictions.

          Beneficial interests in a Rule 144A Global Security may be transferred to a Person who takes
delivery in the form of an interest in a Regulation S Global Security, whether before or after the
expiration of the Distribution Compliance Period, only if the transferor first delivers to the
Trustee a written certificate (in the form provided in the Indenture) to the effect that such
transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if
applicable).

          The Rule 144A Global Security, the Temporary Regulation S Global Security and the Permanent
Regulation S Global Security are collectively referred to herein as “Global Securities”. The
aggregate principal amount of the Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter
provided.

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

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

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

          (c) Definitive Securities. Except as provided in this Section 2.1 or Section 2.3 or
2.4, owners of beneficial interests in Global Securities shall not be entitled to receive physical
delivery of Definitive Securities.

          2.2 Authentication. The Trustee shall authenticate and deliver: (1) on the Issue Date,
an aggregate principal amount of $200,000,000 10.750% Senior Notes Due 2018, (2) any Additional
Securities for an original issue in an aggregate principal amount specified in the written order of
the Issuers pursuant to Section 2.02 of the
Indenture and (3) Exchange Securities or Private Exchange Securities for issue only in a
Registered Exchange Offer or a Private Exchange, respectively, pursuant to a Registration Rights
Agreement, for a like principal amount of Initial Securities, in each case upon a written order of
the Issuers signed by one

4

 

Officer of each Issuer. Such order shall specify the amount of the Securities to be authenticated
and the date on which the original issue of Securities is to be authenticated and, in the case of
any issuance of Additional Securities pursuant to Section 2.13 of the Indenture, shall certify that
such issuance is in compliance with Section 4.03 of the Indenture.

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

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

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

the Registrar shall register the transfer or make the exchange as requested if its reasonable
requirements for such transaction are met; provided, however, that the Definitive Securities
surrendered for transfer or exchange:

     (i) shall be duly endorsed or accompanied by a written instrument of transfer in form
reasonably satisfactory to the Issuers and the Registrar, duly executed by the Holder thereof
or its attorney duly authorized in writing; and

     (ii) if such Definitive Securities are required to bear a restricted securities legend,
they are being transferred or exchanged pursuant to an effective registration statement under
the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and
are accompanied by the following additional information and documents, as applicable:

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

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

     (C) if such Definitive Securities are being transferred (x) pursuant to an exemption from
registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act;
or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a
certification to that effect (in the form set forth on the reverse of the Security) and (ii) if
the Issuers so request, an opinion of counsel or other evidence reasonably satisfactory to it
as to the compliance with the restrictions set forth in the legend set forth in Section
2.3(e)(i).

          (b) Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global
Security. A Definitive Security may not be exchanged for a beneficial interest in a Rule 144A
Global Security or a Permanent Regulation S Global Security except
upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive

5

 

Security, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory
to the Trustee, together with:

     (i) certification, in the form set forth on the reverse of the Security, that such
Definitive Security is either (A) being transferred to a QIB in accordance with Rule 144A or
(B) being transferred after expiration of the Distribution Compliance Period by a Person who
initially purchased such Security in reliance on Regulation S to a buyer who elects to hold
its interest in such Security in the form of a beneficial interest in the Permanent
Regulation S Global Security; and

     (ii) written instructions directing the Trustee to make, or to direct the Securities
Custodian to make, an adjustment on its books and records with respect to such Rule 144A
Global Security (in the case of a transfer pursuant to clause (b)(i)(A)) or Permanent
Regulation S Global Security (in the case of a transfer pursuant to clause (b)(i)(B)) to
reflect an increase in the aggregate principal amount of the Securities represented by the
Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, such
instructions to contain information regarding the Depository account to be credited with
such increase,

then the Trustee shall cancel such Definitive Security and cause, or direct the Securities
Custodian to cause, in accordance with the standing instructions and procedures existing between
the Depository and the Securities Custodian, the aggregate principal amount of Securities
represented by the Rule 144A Global Security or Permanent Regulation S Global Security, as
applicable, to be increased by the aggregate principal amount of the Definitive Security to be
exchanged and shall credit or cause to be credited to the account of the Person specified in such
instructions a beneficial interest in the Rule 144A Global Security or Permanent Regulation S
Global Security, as applicable, equal to the principal amount of the Definitive Security so
canceled. If no Rule 144A Global Securities or Permanent Regulation S Global Securities, as
applicable, are then outstanding, the Issuers shall issue and the Trustee shall authenticate, upon
written order of the Issuers in the form of an Officers’ Certificate of the Issuers, a new Rule
144A Global Security or Permanent Regulation S Global Security, as applicable, in the appropriate
principal amount.

          (c) Transfer and Exchange of Global Securities.

     (i) The transfer and exchange of Global Securities or beneficial interests therein shall be
effected through the Depository, in accordance with the Indenture (including applicable
restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A
transferor of a beneficial interest in a Global Security shall deliver to the Registrar a written
order given in accordance with the Depository’s procedures containing information regarding the
participant account of the Depository to be credited with a beneficial interest in the Global
Security. The Registrar shall, in accordance with such instructions, cause the Depository to credit
to the account of the Person specified in such instructions a

6

 

beneficial interest in the Global Security and to debit the account of the Person
making the transfer the beneficial interest in the Global Security being
transferred.

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

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

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

          (d) Restrictions on Transfer of Temporary Regulation S Global Securities.
During the Distribution Compliance Period, beneficial ownership interests in Temporary
Regulation S Global Securities may only be sold, pledged or transferred in accordance with the
Applicable Procedures and only (i) to the Issuers, (ii) in an offshore transaction in accordance
with Regulation S (other than a transaction resulting in an exchange for an interest in a Permanent
Regulation S Global Security) and (iii) pursuant to an effective registration statement under the
Securities Act, in each case in accordance with any applicable securities laws of any State of the
United States.

          (e) Legend.

     (i) Except as permitted by the following paragraphs (ii), (iii) and (iv), each
Security certificate evidencing the Global Securities (and all Securities issued in
exchange therefor or in substitution thereof), in the
case of Securities offered otherwise than in reliance on Regulation S shall
bear a legend in substantially the following form:

7

 

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

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUERS, (II) IN THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH THE PROVISIONS OF RULE 903 AND RULE 904 UNDER THE
SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR
(V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES, AND IN EACH OF CASES (III) AND (IV) SUBJECT TO THE COMPANY’S AND TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND THAT (B)
THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

     Each certificate evidencing a Security offered in reliance on Regulation S shall, in addition
to the foregoing, bear a legend in substantially the following form:

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE
SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER
THE SECURITIES ACT.

8

 

Each Definitive Security shall also bear the following additional legend:

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

     (ii) Upon any sale or transfer of a Transfer Restricted Security (including any
Transfer Restricted Security represented by a Global Security) pursuant to Rule 144 under
the Securities Act, the Registrar shall permit the transferee thereof to exchange such
Transfer Restricted Security for a certificated Security that does not bear the legend set
forth above and rescind any restriction on the transfer of such Transfer Restricted
Security, if the transferor thereof certifies in writing to the Registrar that such sale
or transfer was made in reliance on Rule 144 (such certification to be in the form set
forth on the reverse of the Security).

     (iii) After a transfer of any Initial Securities or Private Exchange Securities
pursuant to and during the period of the effectiveness of a Shelf Registration Statement
with respect to such Initial Securities or Private Exchange Securities, as the case may
be, all requirements pertaining to legends on such Initial Security or such Private
Exchange Security will cease to apply, the requirements requiring any such Initial
Security or such Private Exchange Security issued to certain Holders be issued in global
form will cease to apply, and a certificated Initial Security or Private Exchange Security
or an Initial Security or Private Exchange Security in global form, in each case without
restrictive transfer legends, will be available to the transferee of the Holder of such
Initial Securities or Private Exchange Securities upon exchange of such transferring
Holder’s certificated Initial Security or Private Exchange Security or directions to
transfer such Holder’s interest in the Global Security, as applicable.

     (iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial
Securities, all requirements pertaining to such Initial Securities that Initial Securities
issued to certain Holders be issued in global form will still apply with respect to
Holders of such Initial Securities that do not exchange their Initial Securities, and
Exchange Securities in certificated or global form, in each case without the restricted
securities legend set forth in Exhibit 1 hereto will be available to Holders that exchange
such Initial Securities in such Registered Exchange Offer.

     (v) Upon the consummation of a Private Exchange with respect to the Initial
Securities, all requirements pertaining to such Initial Securities that Initial
Securities issued to certain Holders be issued in global form will still apply with
respect to Holders of such Initial Securities that do not exchange their Initial
Securities, and Private Exchange Securities in global form with the global
securities legend and the applicable restricted securities legend set forth in

9

 

Exhibit 1 hereto will be available to Holders that exchange such Initial Securities
in such Private Exchange.

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

          (g) No Obligation of the Trustee.

     (i) The Trustee shall have no responsibility or obligation to any beneficial
owner of a Global Security, a member of, or a participant in the Depository or
other Person with respect to the accuracy of the records of the Depository or its
nominee or of any participant or member thereof, with respect to any ownership
interest in the Securities or with respect to the delivery to any participant,
member, beneficial owner or other Person (other than the Depository) of any notice
(including any notice of redemption) or the payment of any amount, under or with
respect to such Securities. All notices and communications to be given to the
Holders and all payments to be made to Holders under the Securities shall be given
or made only to or upon the order of the registered Holders (which shall be the
Depository or its nominee in the case of a Global Security). The rights of
beneficial owners in any Global Security shall be exercised only through the
Depository subject to the applicable rules and procedures of the Depository. The
Trustee may rely and shall be fully protected in relying upon information furnished
by the Depository with respect to its members, participants and any beneficial
owners.

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

          2.4 Definitive Securities. (a) A Global Security deposited with the Depository or with
the Trustee as Securities Custodian for the Depository pursuant to Section 2.1 shall be transferred
to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal
amount equal to the principal amount of such Global Security, in exchange for such Global Security,
only if such transfer complies with Section 2.3 hereof and (i) the

10

 

Depository notifies the Issuers that it is unwilling or unable to continue as Depository for such
Global Security and the Depository fails to appoint a successor depository or if at any time such
Depository ceases to be a “clearing agency” registered under the Exchange Act, in either case, and
a successor depository is not appointed by the Issuers within 90 days of such notice, or (ii) an
Event of Default has occurred and is continuing or (iii) the Issuers, in their sole discretion,
notify the Trustee in writing that they elect to cause the issuance of Definitive Securities under
the Indenture.

          (b) Any Global Security that is transferable to the beneficial owners thereof pursuant to this
Section 2.4 shall be surrendered by the Depository to the Trustee located at its principal
corporate trust office to be so transferred, in whole or from time to time in part, without charge,
and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global
Security, an equal aggregate principal amount of Definitive Securities of authorized denominations.
Any portion of a Global Security transferred pursuant to this Section 2.4 shall be executed,
authenticated and delivered only in denominations of $2,000 principal amount and any integral
multiple of $1,000 in excess thereof and registered in such names as the Depository shall direct.
Any Definitive Security delivered in exchange for an interest in the Transfer Restricted Security
shall, except as otherwise provided by Section 2.3(e) hereof, bear the applicable restricted
securities legend and definitive securities legend set forth in Exhibit 1 hereto.

          (c) Subject to the provisions of Section 2.4(b) hereof, the registered Holder of a Global
Security shall be entitled to grant proxies and otherwise authorize any Person, including Agent
Members and Persons that may hold interests through Agent Members, to take any action which a
Holder is entitled to take under the Indenture or the Securities.

          (d) In the event of the occurrence of one of the events specified in Section 2.4(a) hereof,
the Issuers shall promptly make available to the Trustee a reasonable supply of Definitive
Securities in definitive, fully registered form without interest coupons. In the event that such
Definitive Securities are not issued, the Issuers expressly acknowledge, with respect to the right
of any Holder to pursue a remedy pursuant to Section 6.06 of the Indenture, the right of any
beneficial owner of Securities to pursue such remedy with respect to the portion of the Global
Security that represents such beneficial owner’s Securities as if such Definitive Securities had
been issued.

11

 

EXHIBIT 1

to

RULE 144A/REGULATION S APPENDIX

[FORM OF FACE OF INITIAL SECURITY]

[Global Securities Legend]

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

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

          [[FOR REGULATION S GLOBAL SECURITY ONLY] UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR
COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS
DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH
RULE 144A THEREUNDER.]

[Restricted Securities Legend for Securities offered otherwise than in Reliance on Regulation S]

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

          THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUERS, (II) IN THE UNITED STATES

 

 

TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH THE PROVISIONS OF RULE 903
AND RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (V) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND IN EACH OF CASES (III)
AND (IV) SUBJECT TO THE COMPANY’S AND TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM AND THAT (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

[Restricted Securities Legend for Securities Offered in Reliance on Regulation S.]

          THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, ANY U.S. PERSON WITHOUT REGISTRATION EXCEPT PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE
SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE
SECURITIES ACT.

[Temporary Regulation S Global Security Legend]

          EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S
GLOBAL SECURITY WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL
SECURITY OR ANY OTHER SECURITY REPRESENTING AN INTEREST IN THE SECURITIES REPRESENTED HEREBY WHICH
DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY
DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(3) OF REGULATION S UNDER THE
SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE
THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S.
PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE
REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD,
BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY MAY ONLY BE SOLD,
PLEDGED OR TRANSFERRED (I) TO THE ISSUERS, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN
ACCORDANCE WITH RULE 904 OF

2

 

REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF
INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY WILL NOTIFY ANY PURCHASER OF THIS SECURITY
OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

          AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS
TEMPORARY REGULATION S GLOBAL SECURITY MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL
SECURITY ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE SECURITIES IN
COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL SECURITY FIRST DELIVERS
TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT
THE REGULATION S GLOBAL SECURITY IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY
BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A PERSON WHO
IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

          BENEFICIAL INTERESTS IN A RULE 144A GLOBAL SECURITY MAY BE TRANSFERRED TO A PERSON WHO TAKES
DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL SECURITY, WHETHER BEFORE OR AFTER
THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS
TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT
SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF
AVAILABLE).

[Definitive Securities Legend]

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

3

 

No.                                                                                                                                                                            $                                            

10.750% Senior Notes Due 2018

          Aurora Diagnostics Holdings, LLC, a Delaware limited liability company, and Aurora Diagnostics
Financing, Inc., a Delaware corporation, promise to pay to                    
, or registered assigns, the principal sum of                     Dollars or such other amount as stated in the Schedule
of Increases or Decreases in Global Security on January 15, 2018.

          Interest Payment Dates: January 15 and July 15.

          Record Dates: January 1 and July 1.

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

4

 

Dated:

	 	 	 	 	 
	 	AURORA DIAGNOSTICS HOLDINGS, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AURORA DIAGNOSTICS FINANCING, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

5

 

	 	 	 	 	 

TRUSTEE’S CERTIFICATE OF

          AUTHENTICATION

U.S. Bank National Association

as Trustee, certifies

that this is one of

the Securities referred

to in the Indenture.

	 	 	 	 	 
	 	 
	By:  	 	 
	 	Authorized Signatory 	 
	 	 	 

6

 

	 	 	 	 	 

[FORM OF REVERSE SIDE OF INITIAL SECURITY]

10.750% Senior Note Due 2018

1. Interest.

          Aurora Diagnostics Holdings, LLC, a Delaware limited liability company, and Aurora Diagnostics
Financing, Inc., a Delaware corporation (such company and corporation, and their successors and
assigns under the Indenture hereinafter referred to, being herein called the “Issuers”), promise to
pay interest on the principal amount of this Security at the rate per annum shown above; provided,
however, that if a Registration Default (as defined in the Registration Rights Agreement) occurs,
additional interest will accrue on this Security at a rate of 0.25% per annum (increasing by an
additional 0.25% per annum after each consecutive 90-day period that occurs after the date on which
such Registration Default occurs up to a maximum additional interest rate of 1.00% per annum) from
and including the date on which any such Registration Default shall occur to but excluding the date
on which all Registration Defaults have been cured. Within a reasonable amount of time following
the occurrence of a Registration Default, the Issuers will provide notice to the Trustee of such
Registration Default. The Issuers will pay interest semiannually on January 15 and July 15 of each
year, commencing July 15, 2011. Interest on the Securities will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from December 20, 2010. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. The Issuers will pay
interest on overdue principal at the rate borne by this Security plus 1.00% per annum, and it will
pay interest on overdue installments of interest at the same rate to the extent lawful.

2. Method of Payment.

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

7

 

3. Paying Agent and Registrar.

          Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent and
Registrar. The Issuers may appoint and change any Paying Agent, Registrar or co-registrar without
notice. The Issuers or any of their domestically incorporated Wholly Owned Subsidiaries may act as
Paying Agent, Registrar or co-registrar.

4. Indenture.

          The Issuers issued the Securities under an Indenture dated as of December 20, 2010
(“Indenture”), among the Issuers, the Subsidiary Guarantors and the Trustee. The terms of the
Securities include those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “Act”). Terms defined in the
Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The
Securities are subject to all such terms, and Securityholders are referred to the Indenture and the
Act for a statement of those terms.

          The Securities are general unsecured senior obligations of the Issuers. The Issuers shall be
entitled, subject to its compliance with Section 4.03 of the Indenture, to issue Additional
Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue
Date, any Additional Securities and all Exchange Securities or Private Exchange Securities issued
in exchange therefor will be treated as a single class for all purposes under the Indenture. The
Indenture contains covenants that limit the ability of the Issuers and their subsidiaries to incur
additional indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock;
make investments; issue or sell capital stock of subsidiaries; engage in transactions with
affiliates; create liens on assets; transfer or sell assets; guarantee indebtedness; restrict
dividends or other payments of subsidiaries; consolidate, merge or transfer all or substantially
all of their assets; and engage in sale/leaseback transactions. These covenants are subject to
important exceptions and qualifications.

5. Optional Redemption.

          Except as set forth below, the Issuers shall not be entitled to redeem the Securities at their
option prior to January 15, 2015.

          On and after January 15, 2015, the Issuers shall be entitled at their option to redeem all or
a portion of the Securities upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed in percentages of principal amount on the redemption date), plus accrued and
unpaid interest to the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date), if redeemed during the
12-month period commencing on January 15 of the years set forth below:

	 	 	 	 	 
	 	 	Redemption	 
	Period	 	Price	 
	2015
	 	 	105.375	%
	2016
	 	 	102.688	%
	2017 and thereafter
	 	 	100.000	%

8

 

          Unless the Issuers default in payment of the redemption price, interest will cease to accrue
on the Securities or portions thereof called for redemption on the applicable redemption date.

          In addition, prior to January 15, 2014, the Issuers shall be entitled at their option on one
or more occasions to redeem Securities (which includes Additional Securities, if any) in an
aggregate principal amount not to exceed 35% of the aggregate principal amount of the Securities
(which includes Additional Securities, if any) originally issued at a redemption price (expressed
as a percentage of principal amount) of 110.750%, plus accrued and unpaid interest to the
redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), with the Net Cash Proceeds from one or more
Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of
Securities (which includes Additional Securities and Exchange Securities, if any) remains
outstanding immediately after the occurrence of each such redemption (other than the Securities
held, directly or indirectly, by the Issuers or Affiliates of the Issuers); (2) each such
redemption occurs within 90 days after the date of the related Equity Offering; and (3) that no
such redemption occurs in the 90 days preceding or following a Change of Control.

          Prior to January 15, 2015, the Issuers shall be entitled at their option to redeem all, but
not less than all, of the Securities at a redemption price equal to 100% of the principal amount of
the Securities plus the Applicable Premium as of, and accrued and unpaid interest to, the
redemption date (subject to the right of Holders on the relevant record date to receive interest
due on the relevant interest payment date). The Issuers shall cause notice of such redemption to be
mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60
days prior to the redemption date.

6. Notice of Redemption.

          The Issuers shall cause notices of redemption to be mailed by first-class mail at least 30
days but not more than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address, except that redemption notices may be mailed more than 60 days
prior to the redemption date if the notice is issued in connection with a defeasance of the
Securities or a satisfaction and discharge of the Indenture. Any inadvertent defect in the notice
of redemption, including an inadvertent failure to give notice, to any Holder selected for
redemption will not impair or affect the validity of the redemption of any other Security redeemed
in accordance with provisions of the Indenture. The Issuers will redeem Securities in denominations
of $2,000 or less in whole and not in part. If money sufficient to pay the redemption price of and
accrued interest on all Securities (or portions thereof) to be redeemed on the redemption date is
deposited with the Paying Agent by 1:00 P.M., New York City time, on the redemption date and
certain other conditions are satisfied, on and after such date interest ceases to accrue on such
Securities (or such portions thereof) called for redemption.

7. Put Provisions.

          Upon a Change of Control, any Holder of Securities will have the right to cause the Issuers to
repurchase all or any part of the Securities of such Holder at a repurchase price equal to 101% of
the principal amount of the Securities to be repurchased plus accrued and

9

 

unpaid interest, if any, to the date of repurchase (subject to the right of Holders of record on
the relevant record date to receive interest due on the related interest payment date) as provided
in, and subject to the terms of, the Indenture.

8. Guarantee.

          The payment by the Issuers of the principal of, and premium and interest on, the Securities is
fully and unconditionally guaranteed on a joint and several senior unsecured basis by each of the
Subsidiary Guarantors to the extent set forth in the Indenture.

9. Denominations; Transfer; Exchange.

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

10. Persons Deemed Owners.

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

11. Unclaimed Money.

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

12. Discharge and Defeasance.

          Subject to certain conditions, the Issuers at any time shall be entitled to terminate some or
all of the Issuers’ and Subsidiary Guarantors’ obligations under the Securities, the Subsidiary
Guarantees and the Indenture if the Issuers deposit with the Trustee money or U.S. Government
Obligations for the payment of principal and interest on the Securities to redemption or maturity,
as the case may be.

13. Amendment; Waiver.

          Subject to certain exceptions set forth in the Indenture, (a) the Indenture and the Securities
may be amended with the written consent of the Holders of at least a majority in principal amount
outstanding of the Securities and (b) any default or noncompliance with any provision may be waived
with the written consent of the Holders of a majority in principal amount outstanding of the
Securities. Subject to certain exceptions set forth in the Indenture,

10

 

without the consent of any Securityholder, the Issuers, the Subsidiary Guarantors and the Trustee
shall be entitled to amend the Indenture or the Securities to cure any ambiguity, omission, defect
or inconsistency, or to comply with Article 5 of the Indenture, or to provide for uncertificated
Securities in addition to or in place of certificated Securities, or to add Guarantees with respect
to the Securities, including Subsidiary Guarantees, or to secure the Securities, or to add
additional covenants or surrender rights and powers conferred on the Issuers or the Subsidiary
Guarantors, or to make any change that would provide additional rights or benefits to the
Securityholder or that does not adversely affect the rights of any Securityholder, or to conform
the text of the Indenture, the Securities or the Subsidiary Guaranties to any provision of the
“Description of Notes” section of the Offering Memorandum (as defined in the Indenture), or to
comply with any requirement of the SEC in connection with qualifying the Indenture under the Act,
or to make amendments to provisions of the Indenture relating to the form, authentication, transfer
and legending of the Securities or to comply with the rules of any applicable securities depository
or to provide for a successor Trustee in accordance with the terms of the Indenture or to otherwise
comply with any requirement of the Indenture.

14. Defaults and Remedies.

          Under the Indenture and subject to the terms of the Indenture, Events of Default include (a)
default for 30 consecutive days in payment of interest on the Securities when due; (b) default in
payment of principal on the Securities at maturity, upon redemption pursuant to paragraph 5 of the
Securities, upon acceleration or otherwise, or failure by the Issuers to redeem or purchase
Securities when required; (c) failure by the Issuers or any Subsidiary Guarantor to comply with
other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse
of time; (d) certain accelerations (including failure to pay within any grace period after final
maturity) of other Indebtedness of the Issuers if the principal amount of Indebtedness accelerated
(or so unpaid) exceeds $25.0 million; (e) certain events of bankruptcy or insolvency with respect
to the Issuers and the Significant Subsidiaries; (f) certain judgments or decrees for the payment
of money in excess of $25.0 million; and (g) certain defaults with respect to Subsidiary
Guarantees. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least
25% in principal amount of the Securities may declare all the Securities to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in
the Securities being due and payable immediately upon the occurrence of such Events of Default.

          Securityholders may not enforce the Indenture or the Securities except as provided in the
Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives
indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in
principal amount of the Securities may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in
payment of principal or interest) if it determines that withholding notice is in the interest of
the Holders.

15. Trustee Dealings with the Issuers.

          Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Securities and may

11

 

otherwise deal with and collect obligations owed to it by the Issuers or their Affiliates and may
otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were
not Trustee.

16. No Recourse Against Others.

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

17. Authentication.

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

18. Abbreviations.

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

19. CUSIP Numbers.

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

20. Holders’ Compliance with Registration Rights Agreement.

          Each Holder of a Security, by acceptance hereof, acknowledges and agrees to the provisions of
the Registration Rights Agreement, including the obligations of the Holders with respect to a
registration and the indemnification of the Issuers to the extent provided therein.

21. Governing Law.

          THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

12

 

          The Issuers will furnish to any Securityholder upon written request and without charge to the
Securityholder a copy of the Indenture which has in it the text of this Security in larger type.
Requests may be made to:

Aurora Diagnostics Holdings, LLC

11025 RCA Center Drive, Suite
300
 Palm Beach Gardens, FL 33410

Attention: James C. New, Chief Executive Officer

13

 

ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

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

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

and irrevocably appoint           agent to transfer this Security on the books of the Issuers. The agent may
substitute another to act for him.

 

	 	 	 	 	 	 	 
	Date:	 	 	 	Your Signature:	 	 
	 	 	 	 	 	 	 
	 

 

Sign exactly as your name appears on the other side of this Security.

In connection with any transfer of any of the Securities evidenced by this certificate occurring
prior to the expiration of the period referred to in Rule 144(k) under the Securities Act after the
later of the date of original issuance of such Securities and the last date, if any, on which such
Securities were owned by an Issuer or any Affiliate of an Issuer, the undersigned confirms that
such Securities are being transferred in accordance with its terms:

CHECK ONE BOX BELOW

	 	 	 	 	 

	(1)

	 	o
	 	to an Issuer; or
	 
	 	 	 	 
	(2)

	 	o
	 	inside the United States to a “qualified institutional buyer” (as defined in
Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that such transfer is being made in
reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the
Securities Act of 1933; or
	 
	 	 	 	 
	(3)

	 	o
	 	outside the United States in an offshore transaction within the meaning of Regulation S under
the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or pursuant to an
effective registration statement under the Securities Act of 1933; or
	 
	 	 	 	 
	(4)

	 	o
	 	pursuant to the exemption from registration provided by Rule 144 under the Securities Act of
1933.

Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities
evidenced by this certificate in the name of any person other than the registered holder thereof;

14

 

provided, however, that if box (3) or (4) is checked, the Trustee shall be entitled to require,
prior to registering any such transfer of the Securities, such legal opinions, certifications and
other information as the Issuers have reasonably requested to confirm that such transfer is being
made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such
Act.

	 	 	 	 	 	 
	 	  	 	 	 
	 	 	 	Signature 	 
	Signature Guarantee:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 
	Signature must be guaranteed

	 	 	Signature	 

     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.

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

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

	 	 	 

	Dated:                                                  
	 	 
	 

	 	 
	 

	 	Notice: To be executed by an executive officer

15

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal amount of this	 	 
	 	 	Amount of decrease in	 	Amount of increase in	 	Global Security	 	Signature of authorized
	 	 	Principal amount of this	 	Principal amount of this	 	following such decrease	 	officer of Trustee or
	Date of Exchange	 	Global Security	 	Global Security	 	or increase	 	Securities Custodian
	 
	 	 
	 	 
	 	 
	 	 

16

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Security purchased by the Issuers pursuant to Section 4.06
or 4.10 of the Indenture, check the box: o

          If you want to elect to have only part of this Security purchased by the Issuers pursuant to
Section 4.06 or 4.10 of the Indenture, state the amount in principal amount:
$____________

	 	 	 	 	 	 	 

	Dated:

	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 
	 

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

	 	 	 

	Signature Guarantee:
	 	 
	 

	 	 
	 

	 	(Signature must be guaranteed)

     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.

17

 

EXHIBIT A

[FORM OF FACE OF EXCHANGE SECURITY

[OR PRIVATE EXCHANGE SECURITY]] */**/

	 	 	 

	*/

	 	[If the Security is to be issued in global form, add the Global Securities Legend from Exhibit 1
to Appendix A and the attachment from such Exhibit 1 captioned “[TO BE ATTACHED TO GLOBAL
SECURITIES]—SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY”.]
	 
	 	 
	**/

	 	[If the Security is a Private Exchange Security issued in a Private Exchange to an Initial
Purchaser holding an unsold portion of its initial allotment, add the Restricted Securities Legend
from Exhibit 1 to Appendix A and replace the Assignment Form included in this Exhibit A with the
Assignment Form included in such Exhibit 1.]

 

 

			
	No. ____________
	 	$____________

10.750% Senior Notes Due 2018

          Aurora Diagnostics Holdings, LLC, a Delaware limited liability company, and Aurora Diagnostics
Financing, Inc., a Delaware corporation, promise to pay to                     , or registered assigns, the principal
sum of                     Dollars or such other amount as stated in the Schedule of Increases or Decreases in Global
Security on January 15, 2018.

          Interest Payment Dates: January 15 and July 15.

          Record Dates: January 1 and July 1.

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

2

 

Dated:

	 	 	 	 	 
	 	AURORA DIAGNOSTICS HOLDINGS, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AURORA DIAGNOSTICS FINANCING, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

3

 

TRUSTEE’S CERTIFICATE OF

      AUTHENTICATION

U.S. Bank National Association

     as Trustee, certifies

          that this is one of

          the Securities referred

          to in the Indenture.

	 	 	 	 
	By:  	 	 
	 	Authorized Signatory 	 
	 	 	 

4

 

	 	 	 	 	 

[FORM OF REVERSE SIDE OF [EXCHANGE] SECURITY

[OR PRIVATE EXCHANGE SECURITY]]

10.750% Senior Note Due 2018

1. Interest.

          Aurora Diagnostics Holdings, LLC, a Delaware limited liability company, and Aurora Diagnostics
Financing, Inc., a Delaware corporation (such company and corporation, and their successors and
assigns under the Indenture hereinafter referred to, being herein called the “Issuers”), promise to
pay interest on the principal amount of this Security at the rate per annum shown above; provided,
however, that if a Registration Default (as defined in the Registration Rights Agreement) occurs,
additional interest will accrue on this Security at a rate of 0.25% per annum (increasing by an
additional 0.25% per annum after each consecutive 90-day period that occurs after the date on which
such Registration Default occurs up to a maximum additional interest rate of 1.00% per annum) from
and including the date on which any such Registration Default shall occur to but excluding the date
on which all Registration Defaults have been cured. Within a reasonable amount of time following
the occurrence of a Registration Default, the Issuers will provide notice to the Trustee of such
Registration Default. The Issuers will pay interest semiannually on January 15 and July 15 of each
year, commencing July 1, 2011. Interest on the Securities will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from December 20, 2010. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. The Issuers will pay
interest on overdue principal at the rate borne by this Security plus 1.00% per annum, and it will
pay interest on overdue installments of interest at the same rate to the extent lawful.

2. Method of Payment.

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

5

 

3. Paying Agent and Registrar.

          Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent and
Registrar. The Issuers may appoint and change any Paying Agent, Registrar or co-registrar without
notice. The Issuers or any of their domestically incorporated Wholly Owned Subsidiaries may act as
Paying Agent, Registrar or co-registrar.

4. Indenture.

          The Issuers issued the Securities under an Indenture dated as of December 20, 2010
(“Indenture”), among the Issuers, the Subsidiary Guarantors and the Trustee. The terms of the
Securities include those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “Act”). Terms defined in the
Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The
Securities are subject to all such terms, and Securityholders are referred to the Indenture and the
Act for a statement of those terms.

          The Securities are general unsecured senior obligations of the Issuers. The Issuers shall be
entitled, subject to its compliance with Section 4.03 of the Indenture, to issue Additional
Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue
Date, any Additional Securities and all Exchange Securities or Private Exchange Securities issued
in exchange therefor will be treated as a single class for all purposes under the Indenture. The
Indenture contains covenants that limit the ability of the Issuers and their subsidiaries to incur
additional indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock;
make investments; issue or sell capital stock of subsidiaries; engage in transactions with
affiliates; create liens on assets; transfer or sell assets; guarantee indebtedness; restrict
dividends or other payments of subsidiaries; consolidate, merge or transfer all or substantially
all of their assets; and engage in sale/leaseback transactions. These covenants are subject to
important exceptions and qualifications.

5. Optional Redemption.

          Except as set forth below, the Issuers shall not be entitled to redeem the Securities at their
option prior to January 15, 2015.

          On and after January 15, 2015, the Issuers shall be entitled at their option to redeem all or
a portion of the Securities upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed in percentages of principal amount on the redemption date), plus accrued and
unpaid interest to the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date), if redeemed during the
12-month period commencing on January 15 of the years set forth below:

	 	 	 	 	 
	 	 	Redemption	 
	Period	 	Price	 
	2015
	 	 	105.375	%
	2016
	 	 	102.688	%
	2017 and thereafter
	 	 	100.000	%

6

 

          Unless the Issuers default in payment of the redemption price, interest will cease to accrue
on the Securities or portions thereof called for redemption on the applicable redemption date.

          In addition, prior to January 15, 2014, the Issuers shall be entitled at their option on one
or more occasions to redeem Securities (which includes Additional Securities, if any) in an
aggregate principal amount not to exceed 35% of the aggregate principal amount of the Securities
(which includes Additional Securities, if any) originally issued at a redemption price (expressed
as a percentage of principal amount) of 110.750%, plus accrued and unpaid interest to the
redemption date(subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), with the Net Cash Proceeds from one or more
Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of
Securities (which includes Additional Securities and Exchange Securities, if any) remains
outstanding immediately after the occurrence of each such redemption (other than Securities held,
directly or indirectly, by the Issuers or Affiliates of the Issuers); (2) each such redemption
occurs within 90 days after the date of the related Equity Offering and ; (3) that no such
redemption occurs in the 90 days preceding or following a Change of Control.

          Prior to January 15, 2015, the Issuers shall be entitled at their option to redeem all, but
not less than all, of the Securities at a redemption price equal to 100% of the principal amount of
the Securities plus the Applicable Premium as of, and accrued and unpaid interest to, the
redemption date (subject to the right of Holders on the relevant record date to receive interest
due on the relevant interest payment date). The Issuers shall cause notice of such redemption to be
mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60
days prior to the redemption date.

6. Notice of Redemption.

          The Issuers shall cause notices of redemption to be mailed by first-class mail at least 30
days but not more than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address, except that redemption notices may be mailed more than 60 days
prior to the redemption date if the notice is issued in connection with a defeasance of the
Securities or a satisfaction and discharge of the Indenture. Any inadvertent defect in the notice
of redemption, including an inadvertent failure to give notice, to any Holder selected for
redemption will not impair or affect the validity of the redemption of any other Security redeemed
in accordance with provisions of the Indenture. The Issuers will redeem Securities in denominations
of $2,000 or less in whole and not in part. If money sufficient to pay the redemption price of and
accrued interest on all Securities (or portions thereof) to be redeemed on the redemption date is
deposited with the Paying Agent by 1:00 P.M., New York City time, on the redemption date and
certain other conditions are satisfied, on and after such date interest ceases to accrue on such
Securities (or such portions thereof) called for redemption.

7. Put Provisions.

          Upon a Change of Control, any Holder of Securities will have the right to cause the Issuers to
repurchase all or any part of the Securities of such Holder at a repurchase price equal to 101% of
the principal amount of the Securities to be repurchased plus accrued and

7

 

unpaid interest, if any, to the date of repurchase (subject to the right of Holders of record on
the relevant record date to receive interest due on the related interest payment date) as provided
in, and subject to the terms of, the Indenture.

8. Guarantee.

          The payment by the Issuers of the principal of, and premium and interest on, the Securities is
fully and unconditionally guaranteed on a joint and several senior unsecured basis by each of the
Subsidiary Guarantors to the extent set forth in the Indenture.

9. Denominations; Transfer; Exchange.

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

10. Persons Deemed Owners.

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

11. Unclaimed Money.

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

12. Discharge and Defeasance.

          Subject to certain conditions, the Issuers at any time shall be entitled to terminate some or
all of the Issuers’ and Subsidiary Guarantors’ obligations under the Securities, the Subsidiary
Guarantees and the Indenture if the Issuers deposit with the Trustee money or U.S. Government
Obligations for the payment of principal and interest on the Securities to redemption or maturity,
as the case may be.

13. Amendment; Waiver.

          Subject to certain exceptions set forth in the Indenture, (a) the Indenture and the Securities
may be amended with the written consent of the Holders of at least a majority in principal amount
outstanding of the Securities and (b) any default or noncompliance with any provision may be waived
with the written consent of the Holders of a majority in principal amount outstanding of the
Securities. Subject to certain exceptions set forth in the Indenture,

8

 

without the consent of any Securityholder, the Issuers, the Subsidiary Guarantors and the Trustee
shall be entitled to amend the Indenture or the Securities to cure any ambiguity, omission, defect
or inconsistency, or to comply with Article 5 of the Indenture, or to provide for uncertificated
Securities in addition to or in place of certificated Securities, or to add Guarantees with respect
to the Securities, including Subsidiary Guarantees, or to secure the Securities, or to add
additional covenants or surrender rights and powers conferred on the Issuers or the Subsidiary
Guarantors, or to make any change that would provide additional rights or benefits to the
Securityholder or that does not adversely affect the rights of any Securityholder, or to conform
the text of the Indenture, the Securities or the Subsidiary Guaranties to any provision of the
“Description of Notes” section of the Offering Memorandum (as defined in the Indenture), or to
comply with any requirement of the SEC in connection with qualifying the Indenture under the Act,
or to make amendments to provisions of the Indenture relating to the form, authentication, transfer
and legending of the Securities or to comply with the rules of any applicable securities depository
or to provide for a successor Trustee in accordance with the terms of the Indenture or to otherwise
comply with any requirement of the Indenture.

14. Defaults and Remedies.

          Under the Indenture and subject to the terms of the Indenture, Events of Default include (a)
default for 30 consecutive days in payment of interest on the Securities when due; (b) default in
payment of principal on the Securities at maturity, upon redemption pursuant to paragraph 5 of the
Securities, upon acceleration or otherwise, or failure by the Issuers to redeem or purchase
Securities when required; (c) failure by the Issuers or any Subsidiary Guarantor to comply with
other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse
of time; (d) certain accelerations (including failure to pay within any grace period after final
maturity) of other Indebtedness of the Issuers if the principal amount of the Indebtedness
accelerated (or so unpaid) exceeds $25.0 million; (e) certain events of bankruptcy or insolvency
with respect to the Issuers and the Significant Subsidiaries; (f) certain judgments or decrees for
the payment of money in excess of $25.0 million; and (g) certain defaults with respect to
Subsidiary Guarantees. If an Event of Default occurs and is continuing, the Trustee or the Holders
of at least 25% in principal amount of the Securities may declare all the Securities to be due and
payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will
result in the Securities being due and payable immediately upon the occurrence of such Events of
Default.

          Securityholders may not enforce the Indenture or the Securities except as provided in the
Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives
indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in
principal amount of the Securities may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in
payment of principal or interest) if it determines that withholding notice is in the interest of
the Holders.

15. Trustee Dealings with the Issuers.

9

 

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

16. No Recourse Against Others.

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

17. Authentication.

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

18. Abbreviations.

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

19. CUSIP Numbers.

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

[20. Holders’ Compliance with Registration Rights Agreement.

          Each Holder of a Security, by acceptance hereof, acknowledges and agrees to the provisions of
the Registration Rights Agreement, including the obligations of the Holders with respect to a
registration and the indemnification of the Issuers to the extent provided therein.]1

20. Governing Law.

 

			
	1	 	Delete if this Security is not being issued in exchange for an Initial Security.

10

 

          THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          The Issuers will furnish to any Securityholder upon written request and without charge to the
Securityholder a copy of the Indenture which has in it the text of this Security in larger type.
Requests may be made to:

Aurora Diagnostics Holdings, LLC

11025 RCA Center Drive, Suite 300

Palm Beach Gardens, FL 33410

Attention: James C. New, Chief Executive Officer

11

 

ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

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

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

and irrevocably appoint           agent to transfer this Security on the books of the Issuers. The agent may
substitute another to act for him.

	 	 	 	 	 	 	 

	 
	 
	 	 	 	 	 	 
	Date:

	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

Sign exactly as your name appears on the other side of this Security.

12

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Security purchased by the Issuers pursuant to Section 4.06
or 4.10 of the Indenture, check the box: o

     If you want to elect to have only part of this Security purchased by the Issuers pursuant to
Section 4.06 or 4.10 of the Indenture, state the amount in principal amount: $____________

	 	 	 	 	 	 	 

	Dated:

	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 
	 

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

	 	 	 

	Signature Guarantee: 
	 	 
	 

	 	 
	 

	 	(Signature must be guaranteed)

     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.

 

 

EXHIBIT B

[FORM OF SUPPLEMENTAL INDENTURE TO BE

DELIVERED BY ADDITIONAL SUBSIDIARY GUARANTORS]

          Supplemental Indenture (this “Supplemental Indenture”), dated as of __________, among
__________________ (the “Additional Subsidiary Guarantor”), Aurora Diagnostics Holdings,
LLC, a Delaware limited liability company (the “Company”), Aurora Diagnostics Financing,
Inc., a Delaware corporation (the “Co-Issuer” and, together with the Company, the
“Issuers”), and U.S. Bank National Association (the “Trustee”).

WITNESSETH:

          WHEREAS, the Issuers and the Subsidiary Guarantors have heretofore executed and delivered to
the Trustee an Indenture (the “Indenture”), dated as of December 20, 2010, providing for the
issuance of an unlimited aggregate principal amount of 10.750% Senior Notes due 2018 (the
“Securities”);

          WHEREAS, the Additional Subsidiary Guarantor is a direct or indirect subsidiary of [the
Company];

          WHEREAS, Section 4.13 of the Indenture provides that under certain circumstances the Issuers
shall cause the Additional Subsidiary Guarantor to execute and deliver to the Trustee a guaranty
agreement pursuant to which the Additional Subsidiary Guarantor shall Guarantee payment of the
Securities on the same terms and conditions as those set forth in Article 10 of the Indenture; and

          WHEREAS, pursuant to Section 9.01(4) of the Indenture, the Trustee and the Issuers are
authorized to execute and deliver this Supplemental Indenture.

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

          (1) Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

          (2) Agreement to be Bound. The Additional Subsidiary Guarantor hereby becomes a party
to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject
to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.

          (3) Guarantee. The Additional Subsidiary Guarantor agrees, on a joint and several
basis with all the existing Subsidiary Guarantors, to Guarantee to each Holder of
the Securities and the Trustee the Guaranteed Obligations pursuant to Article 10 of the
Indenture.

 

 

          (4) No Recourse Against Others. No director, officer, employee, manager, member or stockholder
of the Additional Subsidiary Guarantor shall have any liability for any obligations of the Issuers
or the Guarantors (including the Additional Subsidiary Guarantor) under the Securities, any
Guarantee Agreement, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting
Securities waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Securities and the Guarantees.

          (5) Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

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

          (7) Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof.

          (8) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Additional Subsidiary
Guarantor.

          (9) Benefits Acknowledged. The Additional Subsidiary Guarantor’s Guarantee is subject to the
terms and conditions set forth in the Indenture. The Additional Subsidiary Guarantor acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by
the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Guarantee are knowingly made in contemplation of such benefits.

          (10) Successors. All agreements of the Additional Subsidiary Guarantor in this Supplemental
Indenture shall bind its successors, except as otherwise provided in the Indenture. All agreements
of the Trustee in this Supplemental Indenture shall bind its successors.

2

 

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

	 	 	 	 	 
	 	The Issuers:

AURORA DIAGNOSTICS HOLDINGS, LLC

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AURORA DIAGNOSTICS FINANCING, INC.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	The Additional Subsidiary Guarantor:

[ADDITIONAL SUBSIDIARY GUARANTOR],

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

3

 

	 	 	 	 	 

U.S BANK NATIONAL BANK,

as Trustee

	 	 	 	 
	By  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

4exv4w2

Exhibit 4.2

FIRST SUPPLEMENTAL INDENTURE

          First Supplemental Indenture (this “Supplemental Indenture”), dated as of December 31,
2010, among Texas Pathology, LLC, a Texas limited liability company (the “Additional
Subsidiary Guarantor”), Aurora Diagnostics Holdings, LLC, a Delaware limited liability
company (the “Company”), Aurora Diagnostics Financing, Inc., a Delaware corporation (the
“Co-Issuer” and, together with the Company, the “Issuers”), and U.S. Bank National
Association (the “Trustee”).

WITNESSETH:

          WHEREAS, the Issuers and the Subsidiary Guarantors have heretofore executed and delivered to the
Trustee an Indenture (the “Indenture”), dated as of December 20, 2010, providing for the
issuance of an unlimited aggregate principal amount of 10.750% Senior Notes due 2018 (the
“Securities”);

          WHEREAS, the Additional Subsidiary Guarantor is a direct or indirect subsidiary of the Company;

          WHEREAS, Section 4.13 of the Indenture provides that under certain circumstances the Issuers shall
cause the Additional Subsidiary Guarantor to execute and deliver to the Trustee a guaranty
agreement pursuant to which the Additional Subsidiary Guarantor shall Guarantee payment of the
Securities on the same terms and conditions as those set forth in Article 10 of the Indenture; and

          WHEREAS, pursuant to Section 9.0 1(4) of the Indenture, the Trustee and the Issuers are authorized
to execute and deliver this Supplemental Indenture.

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

          (1) Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

          (2)
Agreement to be Bound. The Additional Subsidiary Guarantor hereby becomes a party to
the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to
all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.

          (3) Guarantee. The Additional Subsidiary Guarantor agrees, on a joint and several basis
with all the existing Subsidiary Guarantors, to Guarantee to each Holder of the Securities and the
Trustee the Guaranteed Obligations pursuant to Article 10 of the Indenture.

          (4) No Recourse Against Others. No director, officer, employee, manager, member or
stockholder of the Additional Subsidiary Guarantor shall have any liability for any obligations of
the Issuers or the Guarantors (including the Additional Subsidiary Guarantor)

 

 

under the Securities, any Guarantee Agreement, the Indenture or this Supplemental Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
by accepting Securities waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Securities and the Guarantees.

          (5) Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

          (7) Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof.

          (8) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Additional Subsidiary
Guarantor.

          (9) Benefits Acknowledged. The Additional Subsidiary Guarantor’s Guarantee is subject to
the terms and conditions set forth in the Indenture. The Additional Subsidiary Guarantor
acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers
made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.

          (10) Successors. All agreements of the Additional Subsidiary Guarantor in this Supplemental
Indenture shall bind its successors, except as otherwise provided in the Indenture. All agreements
of the Trustee in this Supplemental Indenture shall bind its successors.

- 2 -

 

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

	 	 	 	 	 
	 	The Issuers:

AURORA DIAGNOSTICS HOLDINGS, LLC

 	 
	 	By:	
/s/  Martin J. Stefanelli
 	 
	 	 	Martin J. Stefanelli	 
	 	 	Chief Operating Officer 	 
	 
	 	AURORA DIAGNOSTICS FINANCING, INC.

 	 
	 	By:  	/s/ Martin J. Stefanelli
 	 
	 	 	Martin J. Stefanelli	 
	 	 	Chief Operating Officer 	 
	 
	 	The Additional Subsdlary Guarantor:

TEXAS PATH LLC

 	 
	 	By:  	/s/ Martin J. Stefanelli
 	 
	 	 	Martin J. Stefanelli	 
	 	 	Chief Operating Officer 	 

[Signature
page of First Supplemental Indenture]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ Laurie A. Howard
 	 
	 	 	Name:  	Laurie A. Howard 	 
	 	 	Title:  	Vice President 	 

[Signature
page of First Supplemental Indenture]

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