Document:

LPL HOLDINGS, INC.

AND EACH OF THE GUARANTORS PARTY HERETO

$550 MILLION

10.75% SENIOR SUBORDINATED NOTES DUE 2015

INDENTURE

Dated as of December 28, 2005

Wells Fargo Bank, N.A.

Trustee

 

Table of Contents

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
  ARTICLE 1 DEFINITIONS
  AND INCORPORATION BY REFERENCE

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01

  	
   

  	
  Definitions

  	
   

  	
  1

  	
   

  
	
  Section 1.02

  	
   

  	
  Other Definitions

  	
   

  	
  36

  	
   

  
	
  Section 1.03

  	
   

  	
  Incorporation by
  Reference of Trust Indenture Act

  	
   

  	
  37

  	
   

  
	
  Section 1.04

  	
   

  	
  Rules of Construction

  	
   

  	
  37

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2 THE NOTES

  	
   

  	
  38

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01

  	
   

  	
  Form and Dating

  	
   

  	
  38

  	
   

  
	
  Section 2.02

  	
   

  	
  Execution and
  Authentication

  	
   

  	
  39

  	
   

  
	
  Section 2.03

  	
   

  	
  Registrar and Paying
  Agent

  	
   

  	
  39

  	
   

  
	
  Section 2.04

  	
   

  	
  Paying Agent to Hold
  Money in Trust

  	
   

  	
  40

  	
   

  
	
  Section 2.05

  	
   

  	
  Holder Lists

  	
   

  	
  40

  	
   

  
	
  Section 2.06

  	
   

  	
  Transfer and Exchange

  	
   

  	
  40

  	
   

  
	
  Section 2.07

  	
   

  	
  Replacement Notes

  	
   

  	
  51

  	
   

  
	
  Section 2.08

  	
   

  	
  Outstanding Notes

  	
   

  	
  51

  	
   

  
	
  Section 2.09

  	
   

  	
  Treasury Notes

  	
   

  	
  52

  	
   

  
	
  Section 2.10

  	
   

  	
  Temporary Notes

  	
   

  	
  52

  	
   

  
	
  Section 2.11

  	
   

  	
  Cancellation

  	
   

  	
  52

  	
   

  
	
  Section 2.12

  	
   

  	
  Defaulted Interest

  	
   

  	
  52

  	
   

  
	
  Section 2.13

  	
   

  	
  Computation of Interest

  	
   

  	
  53

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3 REDEMPTION
  AND PREPAYMENT

  	
   

  	
  53

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01

  	
   

  	
  Notices to Trustee

  	
   

  	
  53

  	
   

  
	
  Section 3.02

  	
   

  	
  Selection of Notes to
  Be Redeemed or Purchased

  	
   

  	
  53

  	
   

  
	
  Section 3.03

  	
   

  	
  Notice of Redemption

  	
   

  	
  54

  	
   

  
	
  Section 3.04

  	
   

  	
  Effect of Notice of
  Redemption

  	
   

  	
  54

  	
   

  
	
  Section 3.05

  	
   

  	
  Deposit of Redemption
  or Purchase Price

  	
   

  	
  55

  	
   

  
	
  Section 3.06

  	
   

  	
  Notes Redeemed or
  Purchased in Part

  	
   

  	
  55

  	
   

  
	
  Section 3.07

  	
   

  	
  Optional Redemption

  	
   

  	
  55

  	
   

  
	
  Section 3.08

  	
   

  	
  Mandatory Redemption

  	
   

  	
  56

  	
   

  
	
  Section 3.09

  	
   

  	
  Offer to Purchase by
  Application of Excess Proceeds

  	
   

  	
  57

  	
   

  
	
  Section 3.10

  	
   

  	
  Replacement Right Upon
  Failure to Consent

  	
   

  	
  58

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4 COVENANTS

  	
   

  	
  59

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01

  	
   

  	
  Payment of Notes

  	
   

  	
  59

  	
   

  
	
  Section 4.02

  	
   

  	
  Maintenance of Office
  or Agency

  	
   

  	
  59

  	
   

  
	
  Section 4.03

  	
   

  	
  Reports

  	
   

  	
  59

  	
   

  
	
  Section 4.04

  	
   

  	
  Compliance Certificate

  	
   

  	
  60

  	
   

  
	
  Section 4.05

  	
   

  	
  Taxes

  	
   

  	
  60

  	
   

  
	
  Section 4.06

  	
   

  	
  Stay, Extension and
  Usury Laws

  	
   

  	
  61

  	
   

  

 

 i
 

 

	
  Section 4.07

  	
   

  	
  Restricted Payments

  	
   

  	
  61

  	
   

  
	
  Section 4.08

  	
   

  	
  Dividend and Other
  Payment Restrictions Affecting Restricted Subsidiaries

  	
   

  	
  68

  	
   

  
	
  Section 4.09

  	
   

  	
  Incurrence of
  Indebtedness and Issuance of Disqualified Stock

  	
   

  	
  70

  	
   

  
	
  Section 4.10

  	
   

  	
  Asset Sales

  	
   

  	
  76

  	
   

  
	
  Section 4.11

  	
   

  	
  Transactions with
  Affiliates

  	
   

  	
  78

  	
   

  
	
  Section 4.12

  	
   

  	
  Liens

  	
   

  	
  80

  	
   

  
	
  Section 4.13

  	
   

  	
  Limitation on Issuances
  and Sales of Equity Interests of Broker-Dealer Restricted Subsidiaries

  	
   

  	
  80

  	
   

  
	
  Section 4.14

  	
   

  	
  Corporate Existence

  	
   

  	
  81

  	
   

  
	
  Section 4.15

  	
   

  	
  Offer to Repurchase
  Upon Change of Control

  	
   

  	
  81

  	
   

  
	
  Section 4.16

  	
   

  	
  Additional Guarantees

  	
   

  	
  83

  	
   

  
	
  Section 4.17

  	
   

  	
  Release of Guarantees

  	
   

  	
  83

  	
   

  
	
  Section 4.18

  	
   

  	
  Limitations on Sale and
  Leaseback Transactions

  	
   

  	
  84

  	
   

  
	
  Section 4.19

  	
   

  	
  Limitation on Layering

  	
   

  	
  84

  	
   

  
	
  Section 4.20

  	
   

  	
  Restrictions on
  Activities of Holdings

  	
   

  	
  85

  	
   

  
	
  Section 4.21

  	
   

  	
  Suspension of Covenants

  	
   

  	
  86

  	
   

  
	
  Section 4.22

  	
   

  	
  Payments for Consents

  	
   

  	
  87

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5 SUCCESSORS

  	
   

  	
  87

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01

  	
   

  	
  Merger, Consolidation,
  or Sa1e of Assets

  	
   

  	
  87

  	
   

  
	
  Section 5.02

  	
   

  	
  Successor Corporation
  Substituted

  	
   

  	
  89

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6 DEFAULTS AND
  REMEDIES

  	
   

  	
  89

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01

  	
   

  	
  Events of Default

  	
   

  	
  89

  	
   

  
	
  Section 6.02

  	
   

  	
  Acceleration

  	
   

  	
  92

  	
   

  
	
  Section 6.03

  	
   

  	
  Other Remedies

  	
   

  	
  92

  	
   

  
	
  Section 6.04

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  93

  	
   

  
	
  Section 6.05

  	
   

  	
  Control by Majority

  	
   

  	
  93

  	
   

  
	
  Section 6.06

  	
   

  	
  Limitation on Suits

  	
   

  	
  93

  	
   

  
	
  Section 6.07

  	
   

  	
  Rights of Holders of
  Notes to Receive Payment

  	
   

  	
  94

  	
   

  
	
  Section 6.08

  	
   

  	
  Collection Suit by
  Trustee

  	
   

  	
  94

  	
   

  
	
  Section 6.09

  	
   

  	
  Trustee May File Proofs
  of Claim

  	
   

  	
  94

  	
   

  
	
  Section 6.10

  	
   

  	
  Priorities

  	
   

  	
  95

  	
   

  
	
  Section 6.11

  	
   

  	
  Undertaking for Costs

  	
   

  	
  95

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7 TRUSTEE

  	
   

  	
  95

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01

  	
   

  	
  Duties of Trustee

  	
   

  	
  95

  	
   

  
	
  Section 7.02

  	
   

  	
  Rights of Trustee

  	
   

  	
  96

  	
   

  
	
  Section 7.03

  	
   

  	
  Individual Rights of
  Trustee

  	
   

  	
  97

  	
   

  
	
  Section 7.04

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  97

  	
   

  
	
  Section 7.05

  	
   

  	
  Notice of Defaults

  	
   

  	
  97

  	
   

  
	
  Section 7.06

  	
   

  	
  Reports by Trustee to
  Holders of the Notes

  	
   

  	
  98

  	
   

  
	
  Section 7.07

  	
   

  	
  Compensation and
  Indemnity

  	
   

  	
  98

  	
   

  

 

 ii
 

 

	
  Section 7.08

  	
   

  	
  Replacement of Trustee

  	
   

  	
  99

  	
   

  
	
  Section 7.09

  	
   

  	
  Successor Trustee by
  Merger, etc

  	
   

  	
  100

  	
   

  
	
  Section 7.10

  	
   

  	
  Eligibility;
  Disqualification

  	
   

  	
  100

  	
   

  
	
  Section 7.11

  	
   

  	
  Preferential Collection
  of Claims Against the Issuer

  	
   

  	
  100

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8 LEGAL
  DEFEASANCE AND COVENANT DEFEASANCE

  	
   

  	
  100

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.01

  	
   

  	
  Option to Effect Legal
  Defeasance or Covenant Defeasance

  	
   

  	
  100

  	
   

  
	
  Section 8.02

  	
   

  	
  Legal Defeasance and
  Discharge

  	
   

  	
  100

  	
   

  
	
  Section 8.03

  	
   

  	
  Covenant Defeasance

  	
   

  	
  101

  	
   

  
	
  Section 8.04

  	
   

  	
  Conditions to Legal or
  Covenant Defeasance

  	
   

  	
  101

  	
   

  
	
  Section 8.05

  	
   

  	
  Deposited Money and
  Government Securities to be Held in Trust; Other Miscellaneous Provisions

  	
   

  	
  103

  	
   

  
	
  Section 8.06

  	
   

  	
  Repayment to the Issuer

  	
   

  	
  103

  	
   

  
	
  Section 8.07

  	
   

  	
  Reinstatement

  	
   

  	
  104

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9 AMENDMENT,
  SUPPLEMENT AND WAIVER

  	
   

  	
  104

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.01

  	
   

  	
  Without Consent of
  Holders of Notes

  	
   

  	
  104

  	
   

  
	
  Section 9.02

  	
   

  	
  With Consent of Holders
  of Notes

  	
   

  	
  105

  	
   

  
	
  Section 9.03

  	
   

  	
  Compliance with Trust
  Indenture Act

  	
   

  	
  106

  	
   

  
	
  Section 9.04

  	
   

  	
  Revocation and Effect
  of Consents

  	
   

  	
  106

  	
   

  
	
  Section 9.05

  	
   

  	
  Notation on or Exchange
  of Notes

  	
   

  	
  107

  	
   

  
	
  Section 9.06

  	
   

  	
  Trustee to Sign
  Amendments, etc.

  	
   

  	
  107

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10
  SUBORDINATION OF NOTES

  	
   

  	
  107

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.01

  	
   

  	
  Notes Subordinated to
  Senior Debt

  	
   

  	
  107

  	
   

  
	
  Section 10.02

  	
   

  	
  Suspension of Payment
  When Designated Senior Debt Is in Default

  	
   

  	
  108

  	
   

  
	
  Section 10.03

  	
   

  	
  Notes Subordinated to
  Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization
  of the Issuer

  	
   

  	
  109

  	
   

  
	
  Section 10.04

  	
   

  	
  Payments May Be Made
  Prior to Dissolution

  	
   

  	
  111

  	
   

  
	
  Section 10.05

  	
   

  	
  Holders to be
  Subrogated to Rights of Holders of Senior Debt

  	
   

  	
  111

  	
   

  
	
  Section 10.06

  	
   

  	
  Obligations of the
  Issuer Unconditional

  	
   

  	
  111

  	
   

  
	
  Section 10.07

  	
   

  	
  Notice to Trustee

  	
   

  	
  112

  	
   

  
	
  Section 10.08

  	
   

  	
  Reliance on Judicial
  Order or Certificate of Liquidating Agent

  	
   

  	
  112

  	
   

  
	
  Section 10.09

  	
   

  	
  Trustee’s Relation to
  Senior Debt

  	
   

  	
  112

  	
   

  
	
  Section 10.10

  	
   

  	
  Subordination Rights
  Not Impaired by Acts or Omissions of the Issuer or Holders of Senior Debt

  	
   

  	
  113

  	
   

  
	
  Section 10.11

  	
   

  	
  Noteholders Authorize
  Trustee To Effectuate Subordination of Notes

  	
   

  	
  113

  	
   

  
	
  Section 10.12

  	
   

  	
  This Article 10 Not To
  Prevent Events of Default

  	
   

  	
  114

  	
   

  
	
  Section 10.13

  	
   

  	
  Trustee’s Compensation
  Not Prejudiced

  	
   

  	
  114

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11 GUARANTEES

  	
   

  	
  114

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.01

  	
   

  	
  Guarantee

  	
   

  	
  114

  	
   

  

 

 iii
 

 

	
  Section 11.02

  	
   

  	
  Limitation on Guarantor
  Liability

  	
   

  	
  115

  	
   

  
	
  Section 11.03

  	
   

  	
  Subordination of
  Guarantees

  	
   

  	
  115

  	
   

  
	
  Section 11.04

  	
   

  	
  Execution and Delivery
  of Guarantee

  	
   

  	
  116

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12 SATISFACTION
  AND DISCHARGE

  	
   

  	
  116

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.01

  	
   

  	
  Satisfaction and
  Discharge

  	
   

  	
  116

  	
   

  
	
  Section 12.02

  	
   

  	
  Application of Trust
  Money

  	
   

  	
  117

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 13
  MISCELLANEOUS

  	
   

  	
  118

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.01

  	
   

  	
  Notices

  	
   

  	
  118

  	
   

  
	
  Section 13.02

  	
   

  	
  Communication by
  Holders of Notes with Other Holders of Notes

  	
   

  	
  119

  	
   

  
	
  Section 13.03

  	
   

  	
  Certificate and Opinion
  as to Conditions Precedent

  	
   

  	
  119

  	
   

  
	
  Section 13.04

  	
   

  	
  Statements Required in
  Certificate or Opinion

  	
   

  	
  120

  	
   

  
	
  Section 13.05

  	
   

  	
  Rules by Trustee and
  Agents

  	
   

  	
  120

  	
   

  
	
  Section 13.06

  	
   

  	
  No Personal Liability
  of Directors, Officers, Employees and Stockholders

  	
   

  	
  120

  	
   

  
	
  Section 13.07

  	
   

  	
  Governing Law

  	
   

  	
  120

  	
   

  
	
  Section 13.08

  	
   

  	
  No Adverse
  Interpretation of Other Agreements

  	
   

  	
  120

  	
   

  
	
  Section 13.09

  	
   

  	
  Successors

  	
   

  	
  121

  	
   

  
	
  Section 13.10

  	
   

  	
  Severability

  	
   

  	
  121

  	
   

  
	
  Section 13.11

  	
   

  	
  Counterpart Originals

  	
   

  	
  121

  	
   

  
	
  Section 13.12

  	
   

  	
  Table of Contents,
  Headings, etc.

  	
   

  	
  121

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit
  A1:

  	
   

  	
  FORM OF NOTE

  	
   

  	
   

  	
   

  
	
  Exhibit
  A2:

  	
   

  	
  FORM OF REGULATION S
  TEMPORARY GLOBAL NOTE

  	
   

  	
   

  	
   

  
	
  Exhibit
  B:

  	
   

  	
  FORM OF CERTIFICATE OF
  TRANSFER

  	
   

  	
   

  	
   

  
	
  Exhibit
  C:

  	
   

  	
  FORM OF CERTIFICATE OF
  EXCHANGE

  	
   

  	
   

  	
   

  
	
  Exhibit
  D:

  	
   

  	
  FORM
  OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTORS

  	
   

  	
   

  	
   

  
	
  Exhibit
  E:

  	
   

  	
  FORM OF NOTATION OF
  GUARANTEE

  	
   

  	
   

  	
   

  
	
  Exhibit F:

  	
   

  	
  FORM OF SUPPLEMENTAL INDENTURE

  	
   

  	
   

  	
   

  

 

 iv

INDENTURE dated as of December 28, 2005 between LPL
Holdings, Inc., a Massachusetts corporation (the “Issuer”),
Holdings (as defined herein), Initial Guarantors listed in clauses (a) through
(d) of the definition of Guarantors, as guarantors (each an “Initial
Guarantor”) and Wells Fargo Bank, N.A., as trustee (“Trustee”).

The Issuer, the Guarantors and the Trustee agree as
follows for the benefit of each other and for the equal and ratable benefit of
the Holders (as defined) of the 10.75% Senior Subordinated Notes due 2015 (the “Notes”):

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01   Definitions.

“144A Global Note”
means a Global Note substantially in the form of Exhibit Al hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on
behalf of, and registered in the name of, the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of
the Notes sold in reliance on Rule 144A.

“Acceptable Commitment”
has the meaning ascribed to it in Section 4.10(b).

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

(a)           Indebtedness of any
other Person existing at the time such other Person is merged with or into or
became a Restricted Subsidiary of such specified Person, including, without
limitation, Indebtedness incurred in connection with, or in contemplation of,
such other Person merging with or into or becoming a Restricted Subsidiary of
such specified Person; and

(b)           Indebtedness secured
by a Lien encumbering any asset at the time such asset is acquired by such
specified Person.

“Acquisition”
means the acquisition by affiliates of the Sponsors of the Company pursuant to
the Transaction Agreement, pursuant to which AcquisitionCo is being merged with
and into the Company, with the Company as the surviving corporation of such
merger.

“AcquisitionCo”
means BD Acquisition Inc., a Massachusetts corporation and a Wholly-Owned
Subsidiary of Holdings.

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

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

 

“Aggregate Customer Debits”
shall have the meaning set forth in Rule 15(c)3-3 of the Exchange Act.

“Applicable Premium”
means, with respect to any Note on any Redemption Date: (a) the present value
at such Redemption Date of (i) the redemption price of the Note as of the fifth
anniversary of the Issue Date (such redemption price being set forth in the
table appearing in Section 3.07 hereof), plus
(ii) all required interest payments due on the Note through the fifth
anniversary of the Issue Date (excluding accrued but unpaid interest to the
Redemption Date), computed using a discount rate (applied semi-annually) equal
to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the principal amount of the
Note, if greater; provided that
in no event shall the Applicable Premium shall be less than “0”. Determinations
required to be made hereunder shall be made by the Issuer in good faith.

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

“Asset Sale” means

(a)           the sale,
conveyance, transfer, assignment, lease (other than operating leases entered
into in the ordinary course of business) or other disposition, whether in a
single transaction or a series of related transactions, of property or assets
(including by way of a sale and leaseback) of the Issuer or any Restricted
Subsidiary (each referred to in this definition as a “disposition”); and

(b)           the issuance or sale
of Equity Interests of any Restricted Subsidiary (other than Preferred Stock of
Restricted Subsidiaries issued in compliance with Section 4.09 hereof), whether
in a single transaction or a series of related transactions, in each case,
other than:

(1)                                  a disposition of cash
or Cash Equivalents or Investment Grade Securities or obsolete or worn out equipment,
vehicles or other similar assets in the ordinary course of business or
inventory or goods held for sale in the ordinary course of business;

(2)                                  the disposition of
all or substantially all of the assets of the Issuer in a manner permitted
pursuant to the provisions of Section 5.01 hereof or any disposition that
constitutes a Change of Control pursuant to this Indenture;

(3)                                  the making of any
Restricted Payment or Permitted Investment that is permitted to be made, and is
made, under Section 4.07 hereof;

(4)                                  any disposition of
assets or issuance or sale of Equity Interests of any Restricted Subsidiary in
any transaction or series of transactions with an aggregate Fair Market Value
of less than $10.0 million;

(5)                                  any disposition of
property or assets or issuance of securities by a Restricted Subsidiary to the
Issuer or by the Issuer or a Restricted Subsidiary to an Unlimited Restricted
Subsidiary;

 2
 

 

(6)                                  any disposition of
property or assets by the Issuer or an Unlimited Restricted Subsidiary to a
Limited Restricted Subsidiary so long as (x) such disposition is made in the
ordinary course of business of the Issuer and its Restricted Subsidiaries
consistent with past practices or (y) at the time and after giving effect to
such disposition, the Leverage Ratio of the Issuer and its Restricted
Subsidiaries is less than 4.5 to l.0;

(7)                                  to the extent
allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange
of like property (excluding any “boot” thereon) for use in a Similar Business;

(8)                                  the lease, assignment
or sub lease of any real or personal property in the ordinary course of
business;

(9)                                  foreclosures on
assets;

(10)                            any financing transaction
with respect to property built or acquired by the Issuer or any Restricted
Subsidiary after the Issue Date, including, without limitation, any sale
leaseback transaction and asset securitization permitted by this Indenture;

(11)                            any sale of Equity
Interests in, or Indebtedness or other securities of, an Unrestricted
Subsidiary;

(12)                            sales of accounts
receivable, or participations therein;

(13)                            sales of Investments in “seed investment portfolios”; and

(14)                            the unwinding of any
Hedging Obligations.

“Attributable Debt”
in respect of a sale and leaseback transaction means, at the time of
determination, the present value (discounted at the rate of interest implicit
in such transaction, determined in accordance with GAAP) of the obligation of
the lessee for net rental payments during the remaining term of the lease
included in such sale and leaseback transaction (including any period for which
such lease has been extended or may, at the option of the lessor, be extended);
provided, however that if such sale and leaseback
transaction results in a Capitalized Lease Obligation, the amount of
Indebtedness represented thereby shall be determined in accordance with the
definition of “Capitalized Lease Obligations”.

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

“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the
Exchange Act, except that in calculating the beneficial ownership of any
particular “person” (as that term is used in Section 13(d)(3) of the Exchange
Act), such “person” will be deemed to have beneficial ownership of all
securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms “Beneficially Owns,” “Beneficially
Owned” and “Beneficial Ownership” have a corresponding meaning.

 3
 

 

“Board of Directors”
means:

(a)           with respect to a
corporation, the Board of Directors of the corporation or any committee thereof
duly authorized to act on behalf of such board,

(b)           with respect to a
partnership, the Board of Directors of the general partner of the partnership,

(c)           with respect to a
limited liability company, the managing member or members or any controlling
committee of managing members thereof, and

(d)           with respect to any
other Person, the board or committee of such Person serving a similar function.

“Broker-Dealer Capital Requirement”
means the greater of (a) $40,000,000 and (b) 15% of Aggregate Customer Debits.

“Broker-Dealer Regulated Subsidiary”
means any Subsidiary that is registered as a broker-dealer under the Exchange
Act or any other applicable law requiring such registration.

“Broker-Dealer Required Cash”
means the greater of (a) the difference of (i) all cash and cash equivalents
(including Segregated Cash) on the balance sheet of the Broker-Dealer Regulated
Subsidiary and (ii) Broker-Dealer Surplus Capital of the Broker-Dealer
Regulated Subsidiary and (b) Calculated Segregated Cash.

“Broker-Dealer Restricted Subsidiary”
means a Restricted Subsidiary of the Issuer that is a Broker-Dealer Regulated
Subsidiary.

“Broker-Dealer Surplus Capital”
means the difference of (a) the Net Capital (as defined in Rule 15(c)3-1 of the
Exchange Act) of the Broker-Dealer Regulated Subsidiary and (b) the
Broker-Dealer Capital Requirement.

“Business Day”
means any day other than a Legal Holiday.

“Calculated Segregated Cash”
means all cash and qualified cash equivalents required to be segregated as
calculated under Rule 15(c)3-3 of the Exchange Act.

“Calculation Date”
has the meaning assigned to it in the definition of “Fixed Charge Coverage Ratio”.

“Capital Stock”
means

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

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

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

 4
 

 

(d)           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.

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

“Cash Equivalents”
means

(a)           United States
dollars,

(b)           pounds sterling,

(c)           (i) euro, or any national
currency of any participating member state in the European Union or,

(ii) in the
case of any Foreign Subsidiary that is a Restricted Subsidiary, such local
currencies held by them time to time in the ordinary course of business,

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

(e)           certificates of
deposit, time deposits and eurodollar time deposits with maturities of one year
or less from the date of acquisition, bankers’ acceptances with maturities not
exceeding two years and overnight bank deposits, in each case with any
commercial bank having capital and surplus in excess of $250.0 million in the
case of a domestic bank and $100.0 million in the case of a foreign bank,

(f)            repurchase
obligations for underlying securities of the types described in clauses (d) and
(e) entered into with any financial institution meeting the qualifications
specified in clause (d) above,

(g)           commercial paper
rated at least P-2 by Moody’s or at least A-2 by S&P and in each case
maturing within 12 months after the date of creation thereof,

(h)           investment funds
investing 95% of their assets in securities of the types described in clauses
(a) through (f) above,

(i)            readily marketable
direct obligations issued by any state of the United States of America or any
political subdivision thereof having one of the two highest rating categories
obtainable from either Moody’s or S&P with maturities of 24 months or less
from the date of acquisition and

(j)            Indebtedness or
preferred stock issued by Persons with a rating of “A” or higher from S&P
or “A2” or higher from Moody’s with maturities of 12 months or less from the
date of 

 5
 

 

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

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

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

(b)           prior to the initial
public Equity Offering to occur after the Issue Date, (i) the Sponsors directly
or indirectly sell or dispose of (other than to one or more Sponsors) a number
of shares of Capital Stock of Holdings (adjusted for stock splits,
combinations, and comparable transactions) representing more than 50% of the
number of shares of any class of Capital Stock of Holdings owned by the
Sponsors as of the Issue Date (or of any class of Capital Stock into which any
such class is converted after the Issue Date or a result of a recapitalization,
merger or otherwise), or (ii) the Sponsors, at any time after the Issue Date,
do not have the unilateral right or ability, by voting power, contract or
otherwise, and without the consent of any other holder of Capital Stock of
Holdings, to (A) designate and cause the election of at least 50% of the Board
of Directors of Holdings, or (B) require, in their capacity as holders of
Capital Stock of Holdings, that business decisions by Holdings or its
Subsidiaries with respect to (a) the hiring and/or removal of the chief
executive officer; (b) debt or equity financings generating gross proceeds in
the case of each individual financing at least equal to the greater of (1)
6.50% of Total Assets and (2) $200.0 million or more; (c) asset sales involving
consideration in the case of each individual asset sale at least equal to the
greater of (1) 10.00% of Total Assets and (2) $300.0 million or more; and (d)
acquisitions and other business combinations involving consideration in the
case of each individual acquisition or other business combination at least
equal to the greater of (1) 10.00% of Total Assets and (2) $300.0 million or
more, be approved by the Sponsors or their representatives; or

(c)           after the initial
public Equity Offering to occur after the Issue Date, the acquisition by any
Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), including any group acting for
the purpose of acquiring, holding or disposing of securities (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act), other than the Permitted
Holders, in a single transaction or in a related series of transactions, by way
of merger, consolidation or other business combination or purchase, of any
shares of Capital Stock, after giving effect to which such Person or group is
or becomes the Beneficial Owner of Capital Stock of Holdings representing 50%
or more of the total voting power of the Voting Stock of Holdings (it being
understood that no Change of Control shall be deemed to occur if any such
Person or group is the Beneficial Owner of 50% or more of the total voting
power of the Voting Stock of Holdings immediately after giving effect to the
consummation of such initial public Equity Offering, except to the extent that
such Person or group thereafter acquires shares of Capital Stock and this
clause (c) would otherwise apply after giving effect to such acquisition).

 6

“Clearstream” means Clearstream
Banking, S.A.

“CNTA Growth Factor”, as of any
determination date, means (i) l plus
(ii) a fraction, (x) the numerator of which is the difference (whether positive
or negative) between the Consolidated Net Tangible Assets of the Issuer (A) as
of the most recent fiscal quarter of the Issuer prior to such determination
date for which financial statements are available, and (B) as of the beginning
of the first full fiscal quarter of the Issuer after the Issue Date, and (y)
the denominator of which is the Consolidated Net Tangible Assets as of the
beginning of the first full fiscal quarter of the Issuer after the Issue Date.

“Consolidated Depreciation and Amortization Expense”
means with respect to any Person for any period, the total amount of
depreciation and amortization expense, including the amortization of deferred
financing fees of such Person and its Restricted Subsidiaries for such period
on a consolidated basis and otherwise determined in accordance with GAAP.

“Consolidated Indebtedness” means
(i) the sum of (a) Indebtedness of the Issuer and its Restricted Subsidiaries
(exclusive of (x) Indebtedness referred to in clause (a)(4) (unless such
Indebtedness is required to be recorded as a liability on the consolidated
balance sheet of the Company and its Restricted Subsidiaries in accordance with
GAAP) of the definition thereof, (y) Customer Financing Indebtedness and (z)
for the avoidance of doubt, all obligations relating to Receivables Facilities)
in respect of borrowed money, Obligations in respect of Capitalized Lease
Obligations and debt obligations evidenced by promissory notes and similar
instruments, plus (b) the amount of all Disqualified Stock of the Issuer then
outstanding, plus (c) the amount of all Preferred Stock of each Restricted
Subsidiary then outstanding and not held by the Issuer or another Restricted
Subsidiary, less (ii) (x) the sum of the aggregate
amount of cash and cash equivalents included in the cash accounts listed on the
consolidated balance sheet of the Issuer and the Restricted Subsidiaries, plus
all Segregated Cash, as at such date, to the extent that such sum exceeds (y)
the amount of Required Cash and to the extent the use thereof for application
to the payment of Indebtedness is not otherwise prohibited by law or any
contract to which the Issuer and the Restricted Subsidiaries is a party.

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

(a)           consolidated interest expense of such
Person and its Restricted Subsidiaries for such period, to the extent such
expense was deducted in computing Consolidated Net Income (including
amortization of original issue discount resulting from the issuance of
Indebtedness at less than par, noncash interest payments (but excluding any
noncash interest expense attributable to the movement in the mark-to-market
valuation of Hedging Obligations or other derivative instruments pursuant to
Financial Accounting Standards Board Statement No. 133—”Accounting for
Derivative Instruments and Hedging Activities”), the interest component of
Capitalized Lease Obligations and net payments, if any, pursuant to interest
rate Hedging Obligations with respect to Indebtedness, and excluding (i)
amortization of deferred financing fees, debt issuance costs, commissions, fees
and expenses, (ii) any expensing of bridge or other financing fees,
commitments, administration and transaction fees and charges, (iii) interest
relating to any Customer Financing Indebtedness, (iv) Receivables Fees and any
other commissions, discounts, 

 7
 

 

yields and other
fees and charges (including any interest expense) relating to a Receivables
Facility), and

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

(c)           interest income for such period
except to the extent already included in Consolidated Net Income.

“Consolidated Net Income” means with
respect to any Person for any period, the aggregate of the Net income, of such
Person and its Restricted Subsidiaries for such period, on a consolidated
basis, and otherwise determined in accordance with GAAP; provided, however,
that

(a)           there shall be excluded in computing
Consolidated Net Income (x) any extraordinary gains, (y) any extraordinary
losses and unusual or non-recurring charges (during any period properly
classified as such on the balance sheet of the Issuer in conformity with GAAP)
including any Transaction Expenses to the extent incurred on or prior to
December 31, 2006, and (z) severance, relocation costs and curtailment or
modification to pension and post-retirement employee benefit plans,

(b)           the Net Income for such period shall
not include the cumulative effect of a change in accounting principles or
policies during such period, whether effected through a cumulative effect
adjustment or a retroactive application in each case in accordance with GAAP,

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

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

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

(f)            solely for the purpose of
determining the amount available for Restricted Payments under clause (iii)(A)
of Section 4.07(a) hereof, the positive Net Income for such period of any
Restricted Subsidiary (other than (i) any Guarantor and (ii) any Broker-Dealer
Restricted Subsidiary if the Issuer delivers to the Trustee on the date of the
event requiring calculation of Consolidated Net Income a certificate of the
chief financial officer of the Company certifying that the restrictions on the
payments of dividends or the making of distributions by such Broker-Dealer
Restricted Subsidiary to the Issuer do not impair the Company’s ability to make
payments of interest and scheduled payments of principal in respect of the
Securities, in each case as and when due) shall be excluded to the extent that
the declaration or payment of dividends or similar distributions by that
Restricted Subsidiary of its Net Income is not at the date of determination 

 8
 

 

wholly permitted
without any prior governmental approval (which has not been obtained) or,
directly or indirectly, by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule, or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, unless
such restriction with respect to the payment of dividends or in similar
distributions has been legally waived; provided,
that Consolidated Net Income of the Issuer will be increased by the amount of
dividends or other distributions or other payments actually paid in cash (or to
the extent converted into cash) to the Issuer or a Restricted Subsidiary
thereof in respect of such period, to the extent not already included therein,
and provided  further
that, any net loss of any Restricted Subsidiary (including any Guarantor and
any Broker-Dealer Restricted Subsidiary), shall not be excluded,

(g)           any net after-tax income (loss) from
the early extinguishment of Indebtedness or Hedging Obligations or other
derivative instruments shall be excluded,

(h)           any impairment charge or asset
write-off pursuant to Financial Accounting Standards Board Statement No. 142-”Goodwill
and Other Intangible Assets” or Financial Accounting Standards Board Statement
No. 144-”Accounting for the Impairment or Disposal of Long-Lived Assets” and
the amortization of intangibles arising pursuant to Financial Accounting
Standards Board Statement No, 141-”Business Combinations” shall be excluded,

(i)            any noncash compensation expense
recorded from grants of stock appreciation or similar rights, stock options,
restricted stock or other rights to officers, directors or employees shall be
excluded, and

(j)            any increase in amortization or
depreciation or other noncash charges resulting from the application of
purchase accounting in relation to the Transactions or any acquisition that is
consummated after the Issue Date, net of taxes, shall be excluded.

Notwithstanding the
foregoing, for the purpose of Section 4.07 hereof only (other than clause
(iii)(D) of Section 4.07(a) hereof), there shall be excluded from Consolidated
Net Income any income arising from any sale or other disposition of Restricted
Investments made by the Issuer and the Restricted Subsidiaries, any repurchases
and redemptions of Restricted Investments from the Issuer and the Restricted
Subsidiaries, any repayments of loans and advances which constitute Restricted
Investments by the Issuer or any Restricted Subsidiary, any sale of the stock
of an Unrestricted Subsidiary or any distribution or dividend from an
Unrestricted Subsidiary, in each case only to the extent such amounts increase
the amount of Restricted Payments permitted under clause (iii)(D) of Section
4.07(a) hereof.

“Consolidated Net Tangible Assets”
means, as of any date of determination, the total amount of (i) all Total Assets
of the Issuer and its Restricted Subsidiaries less (ii) the stated balance
sheet “goodwill” of the Issuer
and its Restricted Subsidiaries and less (iii) the stated balance sheet “intangible assets” of the Issuer and
its Restricted Subsidiaries, in each case determined on a consolidated basis in
accordance with GAAP as of such date.

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

 9
 

 

directly or indirectly,
including, without limitation, any obligation of such Person, whether or not
contingent,

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

(b)           to advance or supply funds

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

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

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

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

“Credit Agreement” means the Credit
Agreement, dated as of December 28, 2005, among the Issuer, Holdings, Goldman
Sachs Credit Partners L.P., as Joint Lead Arranger, Joint Bookrunner and
Syndication Agent, Morgan Stanley Senior Funding, Inc., as Joint Lead Arranger,
Joint Bookrunner and Administrative Agent, Morgan Stanley & Co, as
Collateral Agent, and Bear Stearns Corporate Lending Inc., as Documentation
Agent, and the other financial institutions named therein as lenders, with
respect to an aggregate of $1,000.0 million of senior secured facilities, as
amended, restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt
securities to institutional investors) in whole or in part from time to time.

“Credit Facilities” means, with
respect to the Issuer, one or more debt facilities, including, without
limitation, the Credit Agreement, any letter of credit facility for Hedging
Obligations or commercial paper facilities with banks or other institutional
lenders or investors or indentures providing for revolving credit 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 receivables, letters of credit or other long-term indebtedness,
including any guarantees, collateral documents, instruments and agreements
executed in connection therewith, and any amendments, supplements,
modifications, extensions, renewals, restatements or refundings thereof and any
indentures or credit facilities or commercial paper facilities with banks or
other institutional lenders or investors that replace, refund or refinance any
part of the loans, notes, other credit facilities or commitments thereunder,
including any such replacement, refunding or refinancing facility or indenture
that increases the amount borrowable thereunder or alters the maturity thereof.

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

 10
 

 

“Customer Financing Indebtedness”
means Margin Lines of Credit and Warehouse Lines of Credit.

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

“Default Interest Rate” means a rate
equal to 2% per annum.

“Definitive Note” means a
certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06 hereof, substantially in the form of Exhibit A1
hereto except that such Note shall not bear the Global Note Legend and shall
not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto.

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

“Designated Noncash Consideration” means
the fair market value of noncash consideration received by the Issuer or a
Restricted Subsidiary in connection with an Asset Sale that is so designated as
Designated Noncash Consideration pursuant to an Officer’s Certificate, setting
forth the basis of such valuation, executed by a vice president and the
principal financial officer of the Issuer, less the amount
of cash or Cash Equivalents received in connection with a subsequent sale of
such Designated Noncash Consideration.

“Designated Preferred Stock” means
preferred stock of the Issuer or any parent corporation thereof (in each case
other than Disqualified Stock) that is issued for cash (other than to a
Restricted Subsidiary) and is so designated as Designated Preferred Stock,
pursuant to an Officer’s Certificate executed by an executive vice president
and the principal financial officer of the Issuer or the applicable parent
corporation thereof, as the case may be, on the issuance date thereof, the cash
proceeds of which are excluded from the calculation set forth in clause (iii)
of Section 4.07(a) hereof.

“Designated Senior Debt” means:

(a)           any Indebtedness outstanding under
the Credit Agreement; and

(b)           any other Senior Debt permitted under
this Indenture the principal amount of which is $25.0 million or more and that
has been designated by the Issuer in the instrument evidencing that Senior Debt
as “Designated Senior Debt.”

“Disposition Date” means the first
day on which the GSMP Group has disposed of at least 10% of the aggregate
principal amount of the Notes held by the GSMP Group on the Issue Date to
non-affiliated third parties (it being understood and agreed that redemption
under Article 3 hereof shall not constitute the disposition by the GSMP Group).

“Disqualified Stock” means, with
respect to any Person, any Capital Stock of such Person which, by its terms, or
by the terms of any security into which it is convertible or for which it is
putable 

 11
 

 

or exchangeable, or upon
the happening of any event, matures or is mandatorily redeemable, other than as
a result of a change of control or asset sale, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of the holder thereof,
other than as a result of a change of control or asset sale, in whole or in
part, in each ease prior to the date 91 days after the earlier of the maturity
date of the Notes or the date the Notes are no longer outstanding; provided, however,
that if such Capital Stock is issued to any plan for the benefit of employees
of the Issuer or its Subsidiaries or by any such plan to such employees, such
Capital stock shall not constitute Disqualified Stock solely because it may be
required to be repurchased by the Issuer or its Subsidiaries in order to
satisfy applicable statutory or regulatory obligations.

For purposes hereof, the
amount (or principal amount) of any Disqualified Stock shall be equal to its
voluntary or involuntary liquidation preference.

“Domestic Subsidiary” means, with
respect to any Person, any Restricted Subsidiary of such Person other than (i)
a Foreign Subsidiary or (ii) a Domestic Subsidiary of a Foreign Subsidiary, but
in each case including any Subsidiary that guarantees or otherwise provides
direct credit support for Indebtedness under the Credit Agreement or any other
Indebtedness of the Issuer.

“EBITDA” means, with respect to any
Person for any period, the Consolidated Net Income of such Person for such
period plus, without duplication,

(a)           provision for taxes based on income
or profits, plus franchise or
similar taxes, of such Person for such period deducted in computing
Consolidated Net Income, plus

(b)           Consolidated Interest Expense of such
Person for such period to the extent the same was deducted in calculating such
Consolidated Net Income, plus

(c)           Consolidated Depreciation and Amortization
Expense of such Person for such period to the extent such depreciation and
amortization were deducted in computing Consolidated Net Income, plus

(d)           to the extent deducted in computing
Consolidated Net Income, any fees and expenses incurred during such period, or
any amortization thereof for such period, in connection with any acquisition,
disposition, recapitalization, Investment, Asset Sale, issuance or repayment of
Indebtedness, issuance of Equity Interests, refinancing transaction or amendment
or modification of any debt instrument (in each case, including any such
transaction consummated prior to the Issue Date and any such transaction
undertaken but not completed) and any charges or non-recurring merger costs
incurred during such period as a result of any such transaction, plus

(e)           restructuring charges, accruals or
reserves (excluding any non-cash item to the extent that it represents an
accrual or reserve for potential cash items in any future period or
amortization of a prepaid cash item that was paid in a prior period), including
any one-time costs incurred in connection with acquisitions after the Issue
Date, in each case to the extent deducted in computing Consolidated Net Income,
plus

(f)            the amount of cost savings in
respect of cost reduction efforts, calculated on a pro forma basis as though
such cost savings had been achieved on the first day of any such period,
pursuant to specified actions taken in connection with the Transactions during
such period minus the 

 12
 

 

amount of actual
benefits realized for such period from such actions (provided that (1) such actions are commenced within 36
months of the Issue Date, (2) the amount of cost savings added pursuant to this
clause (g) shall not exceed $10.0 million for any four quarter period during
such period, (3) no amount shall be added pursuant to this clause (g) to the
extent such amount is included in clause (e) above with respect to such period
and (4) any such cost savings shall be certified to the Trustee in writing in
reasonable detail by a responsible financial or accounting officer of the
Issuer and, if they exceed $5.0 million, by the Board of Directors of the
Issuer), plus

(g)           without duplication, any writeoffs,
writedowns or other non-cash charges reducing Consolidated Net Income for such
period, excluding any such charge that represents an accrual or reserve for a
cash expenditure for a future period, plus

(h)           the amount of any minority interest
expense deducted in calculating Consolidated Net Income (less the amount of any cash dividends paid
to the holders of such minority interests), plus

(i)            any non-cash gain or loss
attributable to Hedging Obligations, plus

(j)            to the extent deducted in computing
Consolidated Net Income, any costs or expenses incurred by Holdings, the Issuer
or a Restricted Subsidiary pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement or
any stock subscription or shareholder agreement, to the extent that such costs
or expenses are funded with cash proceeds contributed to the capital of
Holdings or the Issuer or net cash proceeds of an issuance of Capital Stock of
Holdings or the Issuer; plus

(k)           the amount of management, monitoring,
consulting and advisory fees and related expenses paid to the Sponsors
(including any amortization thereof) to the extent permitted by Section
4.11(b)(3), less, without
duplication,

(l)            non-cash items increasing
Consolidated Net Income of such Person for such period, excluding any items
which represent the reversal of any accrual of, or cash reserve for,
anticipated cash charges in any prior period.

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

“Equity Offering” means any public
or private sale of common stock or preferred stock of the Issuer or any of its
direct or indirect parent corporations (excluding Disqualified Stock), other
than

(a)           public offerings with respect to the
Issuer’s or any direct or indirect parent corporation’s common stock registered
on Form S-8; and

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

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

 13

 

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

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

(a)           contributions to its
common equity capital, and

(b)           the sale (other than
to a Subsidiary of the Issuer or to any management equity plan or stock option
plan or any other management or employee benefit plan or agreement of the
Issuer) of Capital Stock (other than Disqualified Stock and Designated
Preferred Stock) of the Issuer, in each case designated as Excluded
Contributions pursuant to an officers’ certificate executed by an executive
vice president and the principal financial officer of the Issuer on the date
such capital contributions are made or the date such Equity Interests are sold,
as the case may be, which are excluded from the calculation set forth in clause
(iii) of Section 4.07(a) hereof.

“Existing Indebtedness”
means Indebtedness of the Issuer or the Restricted Subsidiaries in existence on
the Issue Date, plus interest
accruing thereon.

“Fair Market Value”
means the value that would be paid by a willing buyer to an unaffiliated
willing seller in a transaction not involving distress or necessity of either
party, determined in good faith by the Issuer (unless otherwise provided in
this Indenture).

“Fixed Charge Coverage Ratio”
means, with respect to any Person for any period, the ratio of EBITDA of such
Person for such period to the Fixed Charges of such Person for such period. In
the event that the Issuer or any Restricted Subsidiary incurs, assumes,
guarantees or redeems any Indebtedness or issues or redeems Disqualified Stock
or preferred stock subsequent to the commencement of the period for which the
Fixed Charge Coverage Ratio is being calculated but prior to the event for
which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect to such incurrence, assumption, guarantee or
redemption of Indebtedness, or such issuance or redemption of Disqualified
Stock or preferred stock, as if the same had occurred at the beginning of the
applicable four-quarter period (the “reference period”).

For purposes of
making the computation referred to above, Investments, acquisitions,
dispositions, mergers, consolidations and disposed operations (as determined in
accordance with GAAP) that have been made by the Issuer or any Restricted
Subsidiary during the six-quarter period ending on the last day of the
reference period or subsequent to such reference period and on or prior to or
simultaneously with the Calculation Date shall be calculated on a pro forma
basis assuming that all such Investments, acquisitions, dispositions, mergers,
consolidations and disposed operations had occurred on the first day of the
reference period; provided that
the pro forma change in EBITDA projected by the Issuer in good faith as a
result of reasonably identifiable and factually supportable cost savings and
costs (excluding one-time transition, transaction and restructuring costs), as
the case may be, expected to be realized during the consecutive four-quarter
period commencing after such acquisition or transaction (the “Savings
Period”) shall be included in such calculation for any
reference period that includes any of the Savings Period; provided, further,
that any such pro forma change to such EMI DA shall be 

 14
 

 

without
duplication for cost savings and costs (excluding one-time transition,
transaction and restructuring costs) actually realized and already included in
such EBITDA. If since the beginning of such period any Person that subsequently
became a Restricted Subsidiary or was merged with or into the issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment,
acquisition, disposition, merger, consolidation or disposed operation that
would have required adjustment pursuant to this definition, then the Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect thereto for
such period as if such Investment, acquisition, disposition, merger,
consolidation or disposed operation had occurred at the beginning of the
reference period.

For purposes of
this definition, whenever pro forma effect is to be given to a transaction, the
pro forma calculations shall be made in good faith by a responsible financial
or accounting officer of the Issuer. 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 Calculation
Date had been the applicable rate for the entire period (taking into account
any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized
Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Issuer to be
the rate of interest implicit in such Capitalized Lease Obligation in
accordance with GAAP. For purposes of making the computation referred to above,
interest on any Indebtedness under a revolving credit facility computed on a
pro forma basis shall be computed based upon the average daily balance of such
Indebtedness during the applicable period. Interest on Indebtedness that may
optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate, or other rate, shall be
deemed to have been based upon the rate actually chosen, or, if none, then
based upon such optional rate chosen as the Issuer may designate.

Any Person that is
a Restricted Subsidiary on the Calculation Date will be deemed to have been a
Restricted Subsidiary at all times during such four-quarter period, and any
Person that is not a Restricted Subsidiary on the Calculation Date will be
deemed not to have been a Restricted Subsidiary at any time during such
four-quarter period.

“Fixed Charges”
means, with respect to any Person for any period, the sum of

(a)           Consolidated
Interest Expense of such Person for such period,

(b)           all cash dividend
payments (excluding items eliminated in consolidation) on any series of
preferred stock (including any Designated Preferred Stock) or any Refunding
Capital Stock of such Person, and

(c)           all cash dividend
payments (excluding items eliminated in consolidation) on any series of
Disqualified Stock.

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

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

 15
 

 

“Global Note Legend”  means the legend set forth in
Section 2.06(f)(2) hereof, which is required to be placed on all Global Notes
issued under this Indenture.

“Global Notes”
means, individually and collectively, each of the Restricted Global Notes and
the Unrestricted Global Notes deposited with or on behalf of and registered in
the name of the Depository or its nominee, substantially in the form of Exhibit
A1 hereto and that bears the Global Note Legend and that has the “Schedule of
Exchanges of Interests in the Global Note” attached thereto, issued in
accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(f) hereof.

“Governmental Authority”
shall mean any nation or government, any state, province, territory or other
political subdivision thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

“Government Securities”
means securities that are

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

(b)           obligations of a
Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America,
which, in either case, are not callable or redeemable at the option of the
issuer thereof, and shall also include a depository receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such Government Securities or a specific payment of principal of
or interest on any such Government Securities held by such custodian for the
account of the holder of such depository receipt; provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of
the Government Securities or the specific payment of principal of or interest
on the Government Securities evidenced by such depository receipt.

“GS&Co Purchase Agreement”
means the Purchase Agreement, dated as of December 27, 2005, among the Issuer,
Holdings and the purchasers listed on Schedule 1 thereto, as amended or
supplemented from time to time.

“GSMP Group”
means, collectively, GS Mezzanine Partners II, L.P., GS Mezzanine Partners II
Offshore, L.P., GS Mezzanine Partners III Onshore Fund, L.P.; GS Mezzanine
Partners III Offshore Fund, L.P., and any Subsidiaries of the foregoing, as a
group.

“guarantee” means
a guarantee (other than by endorsement of negotiable instruments for collection
in the ordinary course of business), direct or indirect, in any manner
(including, without limitation, letters of credit and reimbursement agreements
in respect thereof), of all or any part of any Indebtedness or other
obligations.

“Guarantee” means
the guarantee by any Guarantor of the Issuer’s Indenture Obligations.

“Guarantor” means
each of:

 16
 

 

(a)           Holdings,

(b)           Glenoak, LLC,

(c)           Independent Advisers
Group Corporation,

(d)           Linsco/Private
Ledger Insurance Associates, Inc. and

(e)           any other Subsidiary
of the Issuer that executes a Guarantee in accordance with the provisions of
this Indenture.

“Guarantor Senior Debt”
means, with respect to any Guarantor, the principal of, premium, if any, and
interest (including any interest accruing subsequent to the filing of a
petition of bankruptcy at the rate provided for in the documentation with
respect thereto, whether or not such interest is an allowed or allowable claim
under applicable law) on any Indebtedness of such Guarantor, whether
outstanding on the Issue Date or thereafter created, incurred or assumed,
unless, in the case of any particular obligation, the instrument creating or
evidencing the same or pursuant to which the same is outstanding expressly
provides that such obligation shall not be senior in right of payment to the
Guarantee of such Guarantor. Without limiting the generality of the foregoing, “Guarantor Senior Debt” shall also
include the principal of, premium, if any, interest (including any interest
accruing subsequent to the filing of a petition of bankruptcy at the rate
provided for in the documentation with respect thereto, whether or not such
interest is an allowed or allowable claim under applicable law) on, and all
other amounts owing in respect of (including guarantees of the foregoing
obligations):

(a)           all monetary
obligations of every nature of such Guarantor under, or with respect to, the
Credit Agreement, including, without limitation, obligations to pay principal,
premium and interest, reimbursement obligations under letters of credit, fees,
expenses and indemnities (and guarantees thereof); and

(b)           all Hedging
Obligations (and guarantees thereof), in each case whether outstanding on the
Issue Date or thereafter incurred.

Notwithstanding
the foregoing, “Guarantor Senior Debt” shall not include:

(1)                                  any Indebtedness of
such Guarantor to a Subsidiary of such Guarantor;

(2)                                  Indebtedness to, or
guaranteed on behalf of, any shareholder, director, officer or employee of such
Guarantor or any Subsidiary of such Guarantor (including, without limitation,
amounts owed for compensation), other than the guarantee of a direct or
indirect parent of Indebtedness under the Credit Agreement;

(3)                                  Indebtedness to trade
creditors and other amounts incurred in connection with obtaining goods,
materials or services (including guarantees thereof or instruments evidencing
such liabilities);

(4)                                  Indebtedness
represented by Capital Stock;

 

 17
 

 

(5)                                  any liability for
federal, state, local or other taxes owed or owing by such Guarantor;

(6)                                  that portion of any
Indebtedness incurred in violation of this Indenture (but, as to any such
Indebtedness, no such violation shall be deemed to exist for purposes of this
clause (6) if the holder(s) of such Indebtedness or their representative shall
have received an officers’ certificate of the Issuer to the effect that the
incurrence of such Indebtedness does not (or, in the case of revolving credit
Indebtedness, that the incurrence of the entire committed amount thereof at the
date on which the initial borrowing thereunder is made would not) violate this
Indenture);

(7)                                  Indebtedness which,
when incurred and without respect to any election under Section 1111(b) of
Title 11, United States Code, is without recourse to the Issuer;

(8)                                  any Indebtedness
which is, by its express terms, subordinated in right of payment to any other
Indebtedness of such Guarantor and, until the Disposition Date (unless
otherwise consented by the GSMP Group), any Secured Debt which is, by its
express terms, subordinated as to rights to receive proceeds of collateral to
any other Secured Debt of such Guarantor (including any second lien
Indebtedness) secured in whole or in part by the same collateral; and

(9)                                  any Indebtedness of
the types described in clauses (5), (6), (11), (15), (16), (18) or (19) of the
definition of Permitted Debt (and without regard to any limitations on the
amount of such items of Indebtedness than may be incurred in order to qualify
as Permitted Debt hereunder).

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under
currency exchange, interest rate or commodity swap, cap or collar agreements,
and other similar agreements or arrangements designed primarily to protect such
Person against fluctuations in currency exchange, interest rates or commodity
prices.

“Holder” means a
holder of the Notes.

“Holdings” means
BD Investment Holdings Inc., a corporation incorporated under the laws of
Delaware.

“HUD” means the
United States Department of Housing and Urban Development.

“HUD-Regulated Subsidiary Capital
Requirement” means the difference of (a) all cash and cash
equivalents on the balance sheet of the HUD-Regulated Subsidiary and (b) the
Adjusted Net Worth (as referenced in 12 CFR Section 202.5(n)) of the
HUD-Regulated Subsidiary above $500,000.

“HUD-Regulated Subsidiary”
means the Subsidiary of the Issuer that is a HUD-approved non-supervised
mortgagee.

“HUD-Regulated Subsidiary Required
Cash” means the greater of (a) $100,000 and (b) the
HUD-Regulated Subsidiary Capital Requirement.

 

 18
 

 

“IAI Global Note”
means a Global Note substantially in the form of Exhibit A1 hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on
behalf of and registered in the name of the Depositary or its nominee that will
be issued in a denomination equal to the outstanding principal amount of the
Notes sold to Institutional Accredited Investors.

“Indebtedness”
means, with respect to any Person,

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

(1)                                  in respect of
borrowed money,

(2)                                  evidenced by bonds,
notes, debentures or similar instruments or letters of credit to the extent not
collateralized with cash and Cash Equivalents or bankers’ acceptances (or,
without double counting, reimbursement agreements in respect thereof),

(3)                                  representing the
balance deferred and unpaid of the purchase price of any property (including
Capitalized Lease Obligations), except any such balance that constitutes a
trade payable or similar obligation to a trade creditor, in each case accrued
in the ordinary course of business, or

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

(b)           to the extent not
otherwise included, any obligation by such Person to be liable for, or to pay,
as obligor, guarantor or otherwise, on the Indebtedness of another Person,
other than by endorsement of negotiable instruments for collection in the
ordinary course of business, and

(c)           to the extent not
otherwise included, Indebtedness of another Person secured by a Lien on any
asset owned by such Person, whether or not such Indebtedness is assumed by such
Person;

provided,
however, that Contingent
Obligations incurred in the ordinary course of business shall be deemed not to
constitute Indebtedness and obligations under or in respect of Receivables
Facilities shall not be deemed to constitute Indebtedness.

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

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

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

 19

 

“Initial Purchasers”
means GS Mezzanine Partners II, L.P., GS Mezzanine Partners II Offshore, L.P.,
GS Mezzanine Partners III Onshore Fund, L.P.; GS Mezzanine Partners III
Offshore Fund, L.P., and Goldman, Sachs & Co.

“insolvency or liquidation
proceeding” means:

(a)           any case commenced
by or against the Issuer or any other Restricted Subsidiary under Title 11,
U.S. Code or any similar federal or state law for the relief of debtors, any
other proceeding for the reorganization, recapitalization or adjustment or
marshalling of the assets or liabilities of the Issuer or any other Restricted
Subsidiary, any receivership or assignment for the benefit of creditors
relating to the Issuer or any other Restricted Subsidiary or any similar case
or proceeding relative to the Issuer or any other Restricted Subsidiary or its
creditors, as such, in each case whether or not voluntary;

(b)           any liquidation,
dissolution, marshalling of assets or liabilities or other winding up of or
relating to the Issuer or any other Restricted Subsidiary, in each case whether
or not voluntary and whether or not involving bankruptcy or insolvency; or

(c)           any other proceeding
of any type or nature in which substantially all claims of creditors of the
Issuer or any other Restricted Subsidiary are determined and any payment or
distribution is or may be made on account of such claims.

“Institutional Accredited Investor”
means an institution that is an “accredited
investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act, who are not also QIBs.

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

“Investment Grade Securities”
means:

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

(b)           highly liquid debt
securities or debt instruments with a rating of BBB- or higher by S&P or Baa3
or higher by Moody’s or the equivalent of such rating by such rating
organization, or, if no rating of S&P or Moody’s then exists, the
equivalent of such rating by any other nationally recognized securities rating
agency, but excluding any debt securities or instruments constituting loans or
advances among the Issuer and its Subsidiaries,

(c)           highly liquid
investments in any fund that invests exclusively in investments of the type
described in clauses (a) and (b) which fund may also hold immaterial amounts of
cash pending investment and/or distribution, and

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

 20
 

 

“Investments”
means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit,
advances to customers, commission, travel and similar advances to officers and
employees, in each case made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other
securities issued by any other Person and investments that are required by GAAP
to be classified on the balance sheet (excluding the footnotes) of the Issuer
in the same manner as the other investments included in this definition to the
extent such transactions involve the transfer of cash or other property. For
purposes of the definition of “Unrestricted
Subsidiary” and Section 4.07 hereof,

(a)           “Investments” shall
include the portion (proportionate to the Issuer’s equity interest in such
Subsidiary) of the fair market value of the net assets of a Subsidiary of the
Issuer 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 Issuer shall be deemed to continue to have a
permanent “investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to

(1)                                  the Issuer’s “Investment” in such Subsidiary
at the time of such redesignation less

(2)                                  the portion (proportionate to the Issuer’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

(b)           any property
transferred to or from an Unrestricted Subsidiary shall be valued at its fair
market value at the time of such transfer, in each case as determined in good
faith by the Issuer.

“Issuer” has the
meaning set forth in the first preamble to this Indenture, provided that when used in the context of
determining the fair market value of an asset or liability under this
Indenture, “Issuer” shall be
deemed to mean the Board of Directors of the Issuer when the fair market value
is equal to or in excess of $25.0 million (unless otherwise expressly stated).

“Issue Date” means
December 28, 2005.

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

“Leverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated
Indebtedness as of such date to (b) EBITDA for the applicable four-quarter
period ending on the last day of the most recently ended quarter for which
consolidated financial statements of the Issuer and its Restricted Subsidiaries
are, or should have been, available in accordance with this Indenture, in each
case with such pro forma adjustments to Consolidated Indebtedness and EBITDA as
are appropriate and consistent with the pro forma adjustment provisions set
forth in the definition of Fixed Charge Coverage Ratio.

 21
 

 

“Lien” means, with
respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law, including any conditional
sale or other title retention agreement, any lease in the nature thereof, any
option or other agreement to sell or give a security interest; provided that in no event shall an operating lease be deemed
to constitute a Lien.

“Limited Restricted Subsidiary”
means a Broker-Dealer Restricted Subsidiary of the Issuer that is neither (a) a
Guarantor nor (b) a Restricted Subsidiary at least 90% of the issued and
outstanding Equity Interests, and in any event at least 90% of all Voting
Stock, of which are owned by the Issuer or one or more of its Wholly-Owned
Restricted Subsidiaries.

“Margin Line of Credit”
means any lines of credit established consistent with past business practices
and used by the Issuer and its Restricted Subsidiaries in the ordinary course
of business and to fund or support Margin Loans of customers of the Issuer and
its Restricted Subsidiaries and any replacement lines established on
substantially similar terms and conditions.

“Margin Loans” has
the meaning assigned to such term in Regulation T of the Board of Governors of
Federal Reserve System of the United States or any successor definition thereof.

“Mezzanine Purchase Agreement”
means the Purchase Agreement, dated as of the date hereof, among Holdings, the
Issuer and the GSMP Group, as amended or supplemented from time to time.

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

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

“Net Proceeds”
means the aggregate cash proceeds received by the Issuer or any Restricted
Subsidiary in respect of any Asset Sale, including, without limitation, any
cash received upon the sale or other disposition of any Designated Noncash
Consideration received in any Asset Sale, net of the direct costs relating to
such Asset Sale and the sale or disposition of such Designated Noncash
Consideration, including, without limitation, legal, accounting and investment
banking fees, and brokerage and sales commissions, any relocation expenses incurred
as a result thereof, taxes paid or payable as a result thereof (after taking
into account any available tax credits or deductions and any tax sharing
arrangements), amounts required to be applied to the repayment of principal,
premium, if any, and interest on Indebtedness required (other than in clause
(1) of Section 4.10(b) hereof) to be paid as a result of such transaction and
any deduction of appropriate amounts to be provided by the Issuer as a reserve
in accordance with GAAP against any liabilities associated with the asset
disposed of in such transaction and retained by the Issuer after such sale or
other disposition thereof, including, without limitation, pension and other
post-employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with such
transaction.

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

 22
 

 

“Notes” has the
meaning assigned to it in the preamble to this Indenture.

“Obligations”
means any principal (including reimbursement obligations with respect to
letters of credit whether or not drawn), interest (including, to the extent
legally permitted, all interest accrued thereon after the commencement of any
insolvency or liquidation proceeding at the rate, including any applicable
post-default rate, specified in the applicable agreement), premium (if any),
guarantees of payment, fees, indemnifications, reimbursements, expenses,
damages and other liabilities payable under the documentation governing any Indebtedness;
provided that Obligations with
respect to the Notes shall not include fees or indemnifications in favor of the
Trustee and other third parties other than the Holders of the Notes.

“OCC” means the
Office of the Comptroller of the Currency or any successor agency thereof.

“Offering Circular”
means the offering circular, dated December 27, 2005, with respect to the Notes
and the Guarantees.

“OCC-Regulated Subsidiary”
means the Subsidiary of the Issuer that is regulated by the OCC.

“OCC-Regulated Subsidiary Required
Cash” means the difference of (a) all cash and cash
equivalents on the balance sheet of the OCC-Regulated Subsidiary minus the
difference of (b)(i) the Risk-Based Capital (as referenced in 12 U.S.C. Section
282) of the OCC-Regulated Subsidiary and (ii) $4,000,000 (or such other amount
that is required by the OCC or otherwise agreed to by the OCC-Regulated
Subsidiary and the OCC).

“Officer” means
the Chairman of the Board, the Chief Executive Officer, any Executive Vice
President, Senior Vice President or Vice President, the Treasurer, Chief Legal
Officer, the Secretary, any principal executive officer or any principal
accounting officer of the Issuer.

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer of the Issuer
that meets the requirements of Section 13.04 hereof.

“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the
Trustee, that meets the requirements of Section 13.04 hereof. The counsel may
be an employee of or counsel to the Issuer, any Subsidiary of the Issuer or the
Trustee.

“Pari Passu Indebtedness”
means any senior subordinated Indebtedness of the Issuer or any Guarantor that
ranks pari  passu in right of payment with the Notes
or the relevant Guarantee issued by such Guarantor with respect to the Notes.

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

“Permitted Asset Swap”
means the concurrent purchase and sale or exchange of Related Business Assets
or a combination of Related Business Assets and cash or Cash Equivalents
between the Issuer or any of its Restricted Subsidiaries and another Person
that is not the Issuer or any of its Restricted Subsidiaries; provided that any cash or Cash Equivalents received must be
applied in accordance with Section 4.10 hereof.

 23
 

 

“Permitted Holders”
means (i) each of the Sponsors and (ii) members of senior management of
Holdings and its Subsidiaries and any Permitted Transferee of any such person.

“Permitted Investments”
means:

(a)           any Investment in
the Issuer or any Unlimited Restricted Subsidiary;

(b)           any Investment in a
Limited Restricted Subsidiary so long as (x) such Investment is made in the
ordinary course of business of the Issuer and its Restricted Subsidiaries
consistent with past practices or (y) at the time and after giving effect to
such Investment, the Leverage Ratio of the Issuer and its Restricted
Subsidiaries is less than 4.5 to 1.0;

(c)           any Investment in
cash and Cash Equivalents or Investment Grade Securities;

(d)           any Investment by
the Issuer or any Restricted Subsidiary of the Issuer in a Person that is
engaged in a Similar Business so long as:

(1)                                  no Default or Event
of Default shall have occurred or be continuing or will result therefrom,

(2)                                  after giving effect
to such Investment, either (1) the Issuer could incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test
described in the first sentence under Section 4.09 hereof or (2) the Fixed
Charge Coverage Ratio immediately after giving effect to such Investment equals
or exceeds the Fixed Charge Coverage Ratio immediately prior to such Investment,

(3)                                  if such Person is not
or does not become or is not merged into a Broker-Dealer Subsidiary, such
Investment is made solely from the proceeds of an Excluded Contribution; and

(4)                                  as a result of such
Investment:

(A)                              such
Person becomes an Unlimited Restricted Subsidiary or, subject to compliance
with conditions (x) or (y) set forth in the above clause (b) of this
definition, a Limited Restricted Subsidiary, or

(B)                                such
Person, in one transaction or a series of related transactions, is merged, consolidated
or amalgamated with or into, or transfers or conveys substantially all of its
assets to, or is liquidated into, the Issuer or an Unlimited Restricted
Subsidiary or, subject to compliance with conditions (x) or (y) set forth in
the foregoing clause (b), a Limited Restricted Subsidiary;

(e)           any Investment in
securities or other assets not constituting cash or Cash Equivalents and
received in connection with an Asset Sale made pursuant to the provisions of
Section 4.10 hereof or any other disposition of assets not constituting an
Asset Sale;

 24
 

 

(f)            any Investment
existing on the Issue Date or made pursuant to legally binding written
commitments in existence on the Issue Date;

(g)           loans and advances
to officers, directors and employees of Holdings, the Issuer or any of its
Subsidiaries (i) to finance the purchase of Capital Stock of Holdings, the
Issuer or any direct or indirect parent company of Holdings or the Issuer (provided, that the amount of such loans
and advances used to acquire such Capital Stock shall be contributed to
Holdings or the Issuer, as applicable, in cash as common equity), (ii) for
reasonable and customary business related travel expenses, moving expenses and
similar expenses, in each case incurred in the ordinary course of business, and
(iii) for additional purposes not contemplated by subclause (i) or (ii) above
in an aggregate principal amount at any time outstanding with respect to this
clause (iii) not exceeding $10,000,000;

(h)           any Investment
acquired by the Issuer or any Restricted Subsidiary;

(1)                                  in exchange for any
other Investment or accounts receivable held by the Issuer or any such
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 or

(2)                                  as a result of a
foreclosure by the Issuer or any Restricted Subsidiary with respect to any
secured Investment or other transfer of title with respect to any secured
Investment in default;

(i)            Hedging Obligations
permitted under clause (10) of Section 4.09(b) hereof;

(j)            Investments the
payment for which consists of Equity Interests of the Issuer, or any of its
direct or indirect parent corporations (exclusive of Disqualified Stock); provided, however,
that such Equity Interests will not increase the amount available for
Restricted Payments under Section 4.07 hereof;

(k)           guarantees of
Indebtedness permitted under Section 4.09 hereof;

(l)            Investments
consisting of purchases and acquisitions of inventory, supplies, material or
equipment or the licensing or contribution of intellectual property pursuant to
joint marketing arrangements with other Persons;

(m)          any Investments in or
repurchases of the Notes;

(n)           additional
Investments having an aggregate fair market value, taken together with all
other Investments made pursuant to this clause (n) that are at that time
outstanding (without giving effect to the sale of an Unrestricted Subsidiary to
the extent the proceeds of such sale do not consist of cash and/or marketable securities),
not to exceed the greater of (x) $100.0 million and (y) the product of $100.0
million multiplied by the CNTA Growth Factor at the time of such Investment
(with the fair market value of each Investment being measured at the time made
and without giving effect to subsequent changes in value);

 25
 

 

(o)           Investments of any
OCC-regulated Subsidiary in the Capital Stock of the Federal Reserve Bank in
the district in which such Subsidiary is located in accordance with the
provisions of the Federal Reserve Act, as amended, and any successor
legislation;

(p)           Investments in “seed
investment portfolios” for the purpose of testing and determining model
portfolios in the ordinary course of business and consistent with past business
practice; provided, that
such Investments, as valued at the fair market value of such Investments at the
time each such Investment is made, would not exceed (x) $15,000,000 plus (y) an
amount equal to any repayments, interest, returns, profits, distributions,
income and similar amounts actually received in cash in respect of any such
Investment (which amount shall not exceed the amount of such Investment valued
at the fair market value of such Investment at the time such Investment was
made);

(q)           to the extent
constituting an Investment, Margin Loans, mortgage and warehouse loans or other
similar advances or extensions of credit made by the Issuer or any of its
Restricted Subsidiaries in the ordinary course of business to its customers;

(r)            securities owned
(as set forth on the balance sheet of the Broker-Dealer Regulated Subsidiary)
for a period of no longer than ten (10) Business Days following a securities
trade from a customer account and constituting securities transactions entered
into by the Broker-Dealer Regulated Subsidiary for the purpose of making
adjustments to such Subsidiary’s customer accounts with respect to such
securities trade, with the amount of all such securities owned (as set forth on
the balance sheet of the Broker-Dealer Regulated Subsidiary), not to exceed
$15,000,000 in the aggregate at any time outstanding;

(s)           Investments relating
to a Receivables Subsidiary that in the good faith determination of the Issuer
are necessary or advisable to effect transactions contemplated under the
Receivables Facility; and

(t)            Investments in
respect of loans and advances to licensed financial advisors to facilitate the
transfer of such advisors’ businesses to the Issuer or its Subsidiaries or to
platforms utilized by the Issuer and its Subsidiaries and for incidental and
working capital purposes; provided, such
Investments shall be in the ordinary course of business and shall not in the
aggregate exceed (x) $7,500,000 at any time plus (y) an amount equal to any
repayments, interest, returns, profits, distributions, income and similar
amounts actually received in cash in respect of any such Investment (which
amount shall not exceed the amount of such Investment valued at the fair market
value of such Investment at the time such Investment was made).

“Permitted Junior Securities”
means:

(a)           Equity Interests in
the Issuer, any Guarantor or any direct or indirect parent of the Issuer; or

(b)           unsecured debt
securities that are subordinated to all Senior Debt (and any debt securities
issued in exchange for Senior Debt) to substantially the same extent as, or to
a greater extent than, the Notes and Guarantees are subordinated to Senior Debt
under this Indenture.

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

 26

 

(a)           Liens on assets of
the Issuer or any of its Restricted Subsidiaries securing Indebtedness and
other Obligations that constitute Senior Debt or Guarantor Senior Debt;

(b)           pledges or deposits
by such Person under workmen’s compensation laws, unemployment insurance laws
or similar legislation, or deposits to secure bids, tenders, contracts (other
than for the payment of Indebtedness) or leases to which such Person is a
party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or U.S. government bonds to secure 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;

(c)           Liens imposed by
law, such as carriers’, warehousemen’s and mechanics’ Liens and other similar
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;

(d)           Liens for taxes,
assessments or other governmental charges or claims not yet due or payable or
subject to penalties for nonpayment or which are being contested in good faith
by appropriate proceedings;

(e)           Liens in favor of
issuer of performance and surety bonds or bid bonds or with respect to other
regulatory requirements or letters of credit issued pursuant to the request of
and for the account of such Person in the ordinary course of its business;

(f)            Liens securing
Indebtedness existing on the Issue Date and on any date on which a Suspension
Period ceases;

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

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

(i)            Liens securing
interest rate or currency Hedging Obligations;

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

(k)           any Liens to secure
any refinancing, refunding, extension, renewal or replacement (or successive
refinancing, refunding, extensions, renewals or replacements) as a whole, or in
part, 

 27
 

 

of any such Indebtedness secured by any Lien of the type referred to in
clauses (f), (g), (h), (i), (j), (m), (o) and (p); provided  however, that
(x) such new Lien shall be limited to all or part of the same property that
secured the original Lien (plus improvements on such property), and (y) the
Indebtedness secured by such Lien at such time is not increased to any amount
greater than the sum of (A) the outstanding principal amount of the
Indebtedness permitted pursuant to such clause (f), (g), (h), (i), (j), (m),
(o) and (p) and (B) an amount necessary to pay any fees and expenses, including
premiums, related to such refinancing, refunding, extension, renewal or
replacement;

(l)            other Liens
securing obligations not otherwise permitted by this definition not exceeding
$10.0 million at any one time outstanding;

(m)          for so long as the
Suspension Period shall be in effect and the Secured Leverage Ratio as of the
end of the Issuer’s most recently ended fiscal quarter for which internal
financial statements are available immediately preceding the date on which a
Lien is incurred pursuant to this clause (m) does not exceed 3.00:1.00
(determined on a pro forma basis after giving effect to the incurrence of such
Lien and the application of proceeds from the incurrence of related
Indebtedness), Liens securing any Indebtedness of the Issuer or any of its
Restricted Subsidiaries permitted to be incurred and secured hereunder.

(n)           Liens securing
Customer Financing Indebtedness;

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

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

(q)           Liens securing
Indebtedness or other obligations of Restricted Subsidiaries owing to the
Issuer or another Restricted Subsidiary permitted to be incurred in accordance
with Section 4.09 hereof.

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

(a)           the spouse, former
spouse, lineal descendants, heirs, executors, administrators, testamentary
trustees, legatees or beneficiaries of any such Person;

(b)           a trust, the
beneficiaries of which, or a corporation or partnership or limited liability
company, the stockholders, general or limited partners or members of which,
include only such Person or his or her spouse, former spouse, lineal
descendants or heirs, in each case to whom such Person has transferred, or
through which such Person holds, the Beneficial Ownership of any securities of
the Issuer; and

 

 28
 

 

(c)           any investment fund
or investment entity that is a subsidiary of such Person or a Permitted
Transferee of such Person or managed by the same Person as such Person.

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

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

For purposes
hereof, the amount (or principal amount) of any preferred stock shall be equal
to its voluntary or involuntary liquidation preference.

“Private Placement Legend”
means the legend set forth in Section 2.06(f)(1) hereof to be placed on all
Notes issued under this Indenture except where otherwise permitted by the
provisions of this Indenture.

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

“Qualified Proceeds”
means assets that are used or useful in, or Capital Stock of any Person engaged
in, a Similar Business; provided that
the fair market value of any such assets or Capital Stock shall be determined
by the Issuer in good faith or by an Independent Financial Advisor if the Fair
Market Value exceeds $50.0 million.

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

“Receivables Facility”
means one or more receivables financing facilities as amended, supplemented,
modified, extended, renewed, restated or refunded from time to time, the
Obligations of which are non-recourse (except for customary representations,
warranties, covenants and indemnities made in connection with such facilities)
to the Issuer or any of its Restricted Subsidiaries (other than a Receivables
Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries
sells its accounts receivable to either (a) a Person that is not a Restricted
Subsidiary or (b) a Receivables Subsidiary.

“Receivables Fees”
means distributions or payments made directly or by means of discounts with
respect to any accounts receivable or participation interest therein issued or
sold in connection with, and other fees paid to a Person that is not a
Restricted Subsidiary in connection with, any Receivables Facility.

“Receivables Subsidiary”
means any Subsidiary formed for the purpose of, and that solely engages only in
one or more Receivables Facilities and other activities reasonably related
thereto.

“reference period”
has the meaning assigned to it in the definition of “Fixed Charge Coverage Ratio”.

 29
 

 

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

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

“Regulation S Permanent Global Note”
means a permanent Global Note in the form of Exhibit A1 hereto bearing the Global
Note Legend and the Private Placement Legend and deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Regulation S
Temporary Global Note upon expiration of the Restricted Period.

“Regulation S Temporary Global Note”
means a temporary Global Note in the form of Exhibit A2 hereto deposited with
or on behalf of and registered in the name of the Depositary or its nominee,
issued in a denomination equal to the outstanding principal amount of the Notes
initially sold in reliance on Rule 903 of Regulation S.

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

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

“Required Cash”
means the sum of Broker-Dealer Required Cash, OCC-Regulated Subsidiary Required
Cash and HUD-Regulated Subsidiary Required Cash; provided, that to the extent, after the Closing Date, the
Issuer or any of its Subsidiaries shall acquire or create any new “regulated”
Domestic Subsidiary that shall not be required to guarantee the Obligations
pursuant to the Guaranty, then the definition of “Required Cash” shall also
include the required cash of any such Person, which required cash shall be
calculated in a substantially equivalent manner as Broker-Dealer Required Cash,
OCC-Regulated Subsidiary Required Cash and HUD-Regulated Subsidiary Required
Cash have been calculated.

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

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

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

“Restricted Investment”
means an Investment other than a Permitted Investment.

 30
 

 

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

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

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

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

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

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

“S&P” means
Standard and Poor’s Ratings Group.

“Savings Period”
has the meaning assigned to it in the definition of “Fixed Charge Coverage
Ratio”.

“SEC” means the
Securities and Exchange Commission.

“Secured Debt”
means Indebtedness of the Issuer and its Restricted Subsidiaries that is
secured by a Lien permitted hereunder.

“Secured Leverage Ratio”
means, on any date, the ratio of:

(a)           the aggregate
principal amount of Consolidated Indebtedness (exclusive of items of
Indebtedness not constituting Secured Debt) on such date, to:

(b)           the aggregate amount
of the Issuer’s EBITDA for the most recent four-quarter period for which
consolidated financial statements of the Issuer and its Restricted Subsidiaries
are, or should have been, available in accordance with this Indenture; in each
case with such pro forma adjustments to Consolidated Indebtedness and EBITDA as
are appropriate and consistent with the pro forma adjustment provisions set
forth in the definition of “Fixed Charge Coverage Ratio.”

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

“Segregated Cash”
means all cash and qualified cash equivalents segregated on the balance sheet
of the Broker-Dealer Regulated Subsidiary under Rule 15(c)3-3 of the Exchange
Act.

“Senior Debt”
means the principal of, premium, if any, and interest (including any interest
accruing subsequent to the filing of a petition of bankruptcy at the rate
provided for in the documentation with respect thereto, whether or not such interest
is an allowed or allowable claim under applicable law) on any Indebtedness of
the Issuer, whether outstanding on the Issue Date or thereafter created,
incurred or assumed, unless, in the case of any particular obligation, the 

 31
 

 

instrument creating
or evidencing the same or pursuant to which the same is outstanding expressly
provides that such obligation shall not be senior in right of payment to the
Notes. Without limiting the generality of the foregoing, “Senior Debt” shall
also include the principal of, premium, if any, interest (including any
interest accruing subsequent to the filing of a petition of bankruptcy at the
rate provided for in the documentation with respect thereto, whether or not
such interest is an allowed or allowable claim under applicable law) on, and
all other amounts owing in respect of (including guarantees of the foregoing
obligations):

(a)           all monetary
obligations of every nature of the Issuer under, or with respect to, the Credit
Agreement, including, without limitation, obligations to pay principal, premium
and interest, reimbursement obligations under letters of credit, fees, expenses
and indemnities (and guarantees thereof); and

(b)           all Hedging
Obligations (and guarantees thereof),

in each case
whether outstanding on the Issue Date or thereafter incurred.

Notwithstanding
the foregoing, “Senior Debt” shall not include:

(1)                                  any Indebtedness of
the Issuer to a Subsidiary of the Issuer;

(2)                                  Indebtedness to, or
guaranteed on behalf of, any shareholder, director, officer or employee of the
Issuer or any Subsidiary of the Issuer (including, without limitation, amounts
owed for compensation), other than any guarantee of a direct or indirect parent
of Indebtedness under the Credit Agreement;

(3)                                  Indebtedness to trade
creditors and other amounts incurred in connection with obtaining goods,
materials or services (including guarantees thereof or instruments evidencing
such liabilities);

(4)                                  Indebtedness
represented by Capital Stock;

(5)                                  any liability for
federal, state, local or other taxes owed or owing by the Issuer;

(6)                                  that portion of any
Indebtedness incurred in violation of this Indenture (but, as to any such
Indebtedness, no such violation shall be deemed to exist for purposes of this
clause (6) if the holder(s) of such Indebtedness or their representative shall
have received an officers’ certificate of the Issuer to the effect that the
incurrence of such Indebtedness does not (or, in the case of revolving credit
Indebtedness, that the incurrence of the entire committed amount thereof at the
date on which the initial borrowing thereunder is made would not) violate this
Indenture);

(7)                                  Indebtedness which,
when incurred and without respect to any election under Section 1111(b) of
Title 11, United States Code, is without recourse to the Issuer; and

(8)                                  any Indebtedness
which is, by its express terms, subordinated in right of payment to any other
Indebtedness of the Issuer and, until the Disposition Date (unless 

 32
 

 

otherwise consented by the GSMP Group), any Secured Debt which is, by
its express terms, subordinated as to rights to receive proceeds of collateral
to any other Secured Debt of the Issuer (including any second lien
Indebtedness) secured in whole or in part by the same collateral; and

(9)                                  any Indebtedness of
the types described in clauses (5), (6), (11), (15), (16), (18) or (19) of the
definition of Permitted Debt (and without regard to any limitations on the
amount of such items of Indebtedness than may be incurred in order to qualify
as Permitted Debt hereunder).

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation is in effect on the date hereof.

“Similar Business”
means any business conducted by the Company and its Restricted Subsidiaries on
the Issue Date (including financial planning services businesses) which in any
event shall include any business that is similar, reasonably related,
incidental or ancillary thereto or any reasonable extension thereof.

“Sponsors” means
Hellman & Friedman LLC and Texas Pacific Group and their respective
Affiliates.

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

“Subordinated Indebtedness”
means

(a)           with respect to the
Issuer, any Indebtedness of the Issuer which is by its terms subordinated in
right of payment to the Notes, and

(b)           with respect to any
Guarantor, any Indebtedness of such Guarantor which is by its terms
subordinated in right of payment to the guarantee of such Guarantor.

“Subsidiary”
means, with respect to any Person,

(a)           any corporation,
association, or other business entity (other than a partnership, joint venture,
limited liability company or similar entity) of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time of determination owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person or a combination thereof and

(b)           any partnership,
joint venture, limited liability company or similar entity of which

 33

 

(1)                                  more than 50% of the
capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof whether in the form of
membership, general, special or limited partnership or otherwise, and

(2)                                  such Person or any
Restricted Subsidiary of such Person is a controlling general partner or
otherwise controls such entity.

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

“Total Assets”
means the total amount of all assets of the Issuer and the Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP as
shown on the most recent balance sheet of the Issuer.

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

“Transactions”
means the Acquisition, and the financing and related matters thereof as
disclosed in the Offering Circular.

“Transaction Agreement”
means the Agreement and Plan of Merger, dated October 27, 2005, among the
Issuer, Holdings and BD Acquisition, Inc. (“Acquisition Sub”), together with all
exhibits, schedules, documents, agreements, and instruments executed and
delivered in connection therewith, as the same may be amended, or modified in
accordance with the terms and provisions thereof.

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

“Trustee” means
Wells Fargo Bank, N.A., as trustee, until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

“Unlimited Restricted Subsidiary”
means a Restricted Subsidiary of the Issuer that is not a Limited Restricted
Subsidiary.

“Unrestricted Definitive Note”
means a Definitive Note that does not bear and is not required to bear the
Private Placement Legend.

 34
 

 

“Unrestricted Global Note”
means a Global Note that does not bear and is not required to bear the Private
Placement Legend.

“Unrestricted Subsidiary”
means

(a)           any Subsidiary of
the Issuer which at the time of determination is an Unrestricted Subsidiary (as
designated by the Issuer, as provided below) and

(b)           any Subsidiary of an
Unrestricted Subsidiary.

The Issuer may
designate any Subsidiary of the Issuer (including any existing Subsidiary and
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 owns or holds any Lien on, any property of,
the Issuer or any Subsidiary of the Issuer (other than any Subsidiary of the
Subsidiary to be so designated), provided that
any Unrestricted Subsidiary must be an entity of which shares of the capital
stock or other equity interests (including partnership interests) entitled to
cast at least a majority of the votes that may be cast by all shares or equity
interests having ordinary voting power for the election of directors or other
governing body are owned, directly or indirectly, by the Issuer, such
designation complies with Section 4.07 hereof and each of the Subsidiary to be
so designated and its Subsidiaries has not at the time of designation, and does
not thereafter, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable with respect to any Indebtedness pursuant to
which the lender has recourse to any of the assets of the Issuer or any
Restricted Subsidiary.

The Issuer may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving
effect to such designation no Default or Event of Default shall have occurred
and be continuing and the Issuer could incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test described in the
first sentence under Section 4.09 hereof on a pro forma basis taking into
account such designation.

Any such
designation by the Issuer shall be notified by the Issuer to the Trustee by
promptly filing with the Trustee a copy of the board resolution giving effect
to such designation and an Officer’s Certificate certifying that such
designation complied with the foregoing provisions.

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

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

“Warehouse Line of Credit”
means any warehouse lines of credit established consistent with past business
practices and used by the Issuer and its Restricted Subsidiaries in the
ordinary course of business to fund or support their mortgage lending business
and any replacement lines established on substantially similar terms and
conditions.

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

 35
 

 

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

(b)           the sum of all such
payments.

“Wholly-Owned Restricted Subsidiary”
of any Person means a Restricted Subsidiary of such Person that is a
Wholly-Owned Subsidiary of such Person.

“Wholly-Owned Subsidiary”
of any Person means a Subsidiary of such Person, 100% of the outstanding
Capital Stock or other ownership interests of which (other than directors’
qualifying shares) shall at the time be owned by such Person or by one or more
Wholly Owned Subsidiaries of such Person.

Section 1.02   Other Definitions.

	
  Term

  	
   

  	
  Defined in Section

  
	
  “Acceptable
  Commitment”

  	
   

  	
  4.10

  
	
  “Affiliate
  Transaction”

  	
   

  	
  4.11

  
	
  “Asset
  Sale Offer”

  	
   

  	
  3.09

  
	
  “Authentication
  Order”

  	
   

  	
  2.02

  
	
  “Change
  of Control Offer”

  	
   

  	
  4.15

  
	
  “Change
  of Control Payment”

  	
   

  	
  4.15

  
	
  “Change
  of Control Payment Date”

  	
   

  	
  4.15

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.03

  
	
  “Covenant
  Suspension Event”

  	
   

  	
  4.21

  
	
  “DTC”

  	
   

  	
  2.03

  
	
  “Event
  of Default”

  	
   

  	
  6.01

  
	
  “Excess
  Proceeds”

  	
   

  	
  4.10

  
	
  “incur”

  	
   

  	
  4.09

  
	
  “Legal,
  Defeasance”

  	
   

  	
  8.02

  
	
  “Non-Consenting
  Holder”

  	
   

  	
  3.10

  
	
  “Non-payment
  Default”

  	
   

  	
  10.02

  
	
  “Offer
  Amount”

  	
   

  	
  3.09

  
	
  “Offer
  Period”

  	
   

  	
  3.09

  
	
  “Paying
  Agent”

  	
   

  	
  2.03

  
	
  “Permitted
  Debt”

  	
   

  	
  4.09

  
	
  “Payment
  Blockage Notice”

  	
   

  	
  10.02

  
	
  “Payment
  Blockage Period”

  	
   

  	
  10.02

  
	
  “Payment
  Default”

  	
   

  	
  10.02

  
	
  “Purchase
  Date”

  	
   

  	
  3.09

  
	
  “Redemption
  Date”

  	
   

  	
  3.07

  
	
  “Refinancing
  Indebtedness”

  	
   

  	
  4.09

  
	
  “Registrar”

  	
   

  	
  2.03

  

 

 36
 

 

	
  “Restricted
  Payments”

  	
   

  	
  4.07

  
	
  “Reversion
  Date”

  	
   

  	
  4.21

  
	
  “Successor
  Company”

  	
   

  	
  5.01

  
	
  “Successor
  Person”

  	
   

  	
  5.01

  
	
  “Suspended
  Covenants”

  	
   

  	
  4.21

  
	
  “Suspension
  Date”

  	
   

  	
  4.21

  
	
  “Suspension
  Period”

  	
   

  	
  4.21

  

 

Section 1.03   Incorporation by Reference
of Trust Indenture Act.

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

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

“indenture securities” means the Notes;

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

“indenture to be qualified” means this Indenture;

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

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

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

Section 1.04   Rules of Construction.

Unless the context otherwise requires:

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

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

(c)           “or”
is not exclusive;

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

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

 37
 

 

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

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

ARTICLE 2

THE NOTES

Section 2.01   Form and Dating.

(a)           General. The Notes and the Trustee’s
certificate of authentication will be substantially in the form of Exhibits Al
and A2 hereto. The Notes may have notations, legends or endorsements required
by law, stock exchange rule or usage. Each Note will be dated the date of its
authentication. The Notes shall be in denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

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

(b)           Global Notes. Notes issued in global form
will be substantially in the form of Exhibits Al or A2 hereto (including the
Global Note Legend thereon and the “Schedule  of Exchanges of Interests in the Global
Note” attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit Al hereto (but without the Global Note
Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note”
attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents
the aggregate principal amount of outstanding Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.06 hereof.

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

Following the termination of the Restricted Period,
beneficial interests in the Regulation S Temporary Global Note will be
exchanged for beneficial interests in the Regulation S Permanent Global Note
pursuant to the Applicable Procedures, Simultaneously with the authentication
of the Regulation S Permanent Global Note, the Trustee will cancel the Regulation
S Temporary 

 38
 

 

Global Note. The aggregate principal amount of the
Regulation S Temporary Global Note and the Regulation S Permanent Global Note
may from time to time be increased or decreased by adjustments made on the
records of the Trustee and the Depositary or its nominee, as the case may be,
in connection with transfers of interest as hereinafter provided.

Section 2.02   Execution and
Authentication.

At least one Officer must sign the Notes on behalf of
the Issuer by manual or facsimile signature.

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

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

The Trustee will, upon receipt of a written order of
the Issuer signed by one Officer of the Issuer (an “Authentication Order”),
authenticate Notes for original issue that may be validly issued under this
Indenture. The aggregate principal amount of Notes outstanding at any time may
not exceed $550.0 million, except as provided in Section 2.07 hereof. It is
understood that, notwithstanding any other Section herein, no Opinion of Counsel
is required in order for the Trustee to authenticate the Notes issued on the
date hereof.

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

Section 2.03   Registrar and Paying
Agent.

The Issuer will maintain an office or agency where
Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying
Agent”). The Registrar will keep a register of the Notes and
of their transfer and exchange. The Issuer may appoint one or more
co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. The Issuer may change any Paying Agent or Registrar without
notice to any Holder. The Issuer will notify the Trustee in writing of the name
and address of any Agent not a party to this Indenture. If the Issuer fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Issuer or any of its Subsidiaries may act as Paying
Agent or Registrar.

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

The Issuer initially appoints the Trustee to act as
the Registrar and Paying Agent and to act as Custodian with respect to the
Global Notes.

 39
 

 

Section 2.04   Paying Agent to Hold Money
in Trust.

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

Section 2.05   Holder Lists.

The Trustee will preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA § 312(a). If the
Trustee is not the Registrar, the Issuer will furnish to the Trustee at least
two Business Days before each interest payment date and at such other times as
the Trustee may request in writing, a list in such form and as of such date as
the Trustee may reasonably require of the names and addresses of the Holders of
Notes and the Issuer shall otherwise comply with TIA § 312(a).

Section 2.06   Transfer and Exchange.

(a)           Transfer and Exchange of Global Notes. A
Global Note may not be transferred except as a whole by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. All Global
Notes will be exchanged by the Issuer for Definitive Notes if:

(1)                                  the Issuer delivers
to the Trustee notice from the Depositary that it is unwilling or unable to
continue to act as Depositary or that it is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary
is not appointed by the Issuer within 120 days after the date of such notice
from the Depositary;

(2)                                  the Issuer in its
sole discretion determines that the Global Notes (in whole but not in part)
should be exchanged for Definitive Notes and delivers a written notice to such
effect to the Trustee; provided
that in no event shall the Regulation S Temporary Global Note be exchanged by
the Issuer for Definitive Notes prior to (A) the expiration of the Restricted
Period and (B) the receipt by the Registrar of any certificates required
pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or

(3)                                  there has occurred
and is continuing a Default or Event of Default with respect to the Notes.

 40

 

Upon the occurrence of either of the preceding events
in (1) or (2) above, Definitive Notes shall be issued in such names as the
Depositary shall instruct the Trustee. Global Notes also may be exchanged or
replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or
2.10 hereof, shall be authenticated and delivered in the form of, and shall be,
a Global Note. A Global Note may not be exchanged for another Note other than
as provided in this Section 2.06(a); however, beneficial interests in a Global
Note may be transferred and exchanged as provided in Section 2.06(b) or (c)
hereof.

(b)           Transfer and Exchange of Beneficial Interests in the
Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depositary, in accordance with
the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the
Securities Act, Transfers of beneficial interests in the Global Notes also will
require compliance with either subparagraph (1) or (2) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable:

(1)                                  Transfer of Beneficial Interests in the Same Global
Note. Beneficial interests in any Restricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial
interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however,
that prior to the expiration of the Restricted Period, transfers of beneficial
interests in the Regulation S Temporary Global Note may not be made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Beneficial interests in any Unrestricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note. No written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers
described in this Section 2,06(b)(1),

(2)                                  All Other Transfers and Exchanges of Beneficial
Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1)
above, the transferor of such beneficial interest must deliver to the Registrar
either:

(A)                              both:

(i)                                     written
order from a Participant or an Indirect Participant given to the Depositary in
accordance with the Applicable Procedures directing the Depositary to credit or
cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and

(ii)                                  instructions
given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase; or

 41
 

 

(B)                                both:

(i)                                     a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

(ii)                                  instructions
given by the Depositary to the Registrar containing information regarding the
Person in whose name such Definitive Note shall be registered to effect the transfer
or exchange referred to in (1) above;

provided that in
no event shall Definitive Notes be issued upon the transfer or exchange of
beneficial interests in the Regulation S Temporary Global Note prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar of any
certificates required pursuant to Rule 903 under the Securities Act.

(3)                                  Transfer of Beneficial Interests to Another
Restricted Global Note. A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the
form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following:

(A)                              if
the transferee will take delivery in the form of a beneficial interest in the
144A Global Note, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (I) thereof;

(B)                                if
the transferee will take delivery in the form of a beneficial interest in the
Regulation S Temporary Global Note or the Regulation S Permanent Global Note,
then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof; and

(C)                                the
transferee will take delivery in the form of a beneficial interest in the IAI
Global Note, then the transferor must deliver a certificate to the Registrar in
the form of Exhibit B hereto, including the certifications, certificates and
Opinion of Counsel required by item (3) thereof, if applicable.

(4)                                  Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any holder thereof for a beneficial
interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section
2.06(b)(2) above and the Registrar receives the following:

 42
 

 

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

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

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

If any such transfer is effected pursuant to
subparagraph (4) above at a time when an Unrestricted Global Note has not yet
been issued, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to
the aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (4) above. Beneficial interests in an Unrestricted Global Note
cannot be exchanged for, or transferred to Persons who take delivery thereof in
the form of, a beneficial interest in a Restricted Global Note.

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

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

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

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

(C)                                if
such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate 

 43
 

 

to the effect set forth in Exhibit B hereto, including
the certifications in item (2) thereof;

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

(E)                                 if
such beneficial interest is being transferred to an Institutional Accredited
Investor in reliance on an exemption from the registration requirements of the
Securities Act other than those listed in subparagraphs (B) through (D) above,
a certificate to the effect set forth in Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3)(d)
thereof, if applicable;

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

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

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

(2)                                  Beneficial Interests in Regulation S Temporary Global
Note to Definitive Notes. Notwithstanding Sections 2.06(c)(1)(A) and
(C) hereof, a beneficial interest in the Regulation S Temporary Global Note may
not be exchanged for a Definitive Note or transferred to a Person who takes
delivery thereof in the form of a Definitive Note prior to (A) the expiration
of the Restricted Period and (B) the receipt by the Registrar of any
certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities
Act, except in the case of a transfer pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 903 or Rule 904.

 44
 

 

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

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

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

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

(4)                                  Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes. If any holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such beneficial
interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the
Trustee will cause the aggregate principal amount of the applicable Global Note
to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will
execute and the Trustee will authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(4) will be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial
interest requests through instructions to the Registrar from or through the
Depositary and the Participant or Indirect Participant. The Trustee will
deliver such Definitive Notes to the Persons in whose names such Notes are so
registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(4) will not bear the Private Placement Legend.

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

(1)                                  Restricted Definitive Notes to Beneficial Interests
in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note or to transfer such Restricted 

 45
 

 

Definitive Notes. to a Person who takes delivery
thereof in the form of a beneficial interest in a Restricted Global Note, then,
upon receipt by the Registrar of the following documentation:

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

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

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

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

(E)                                 if
such Restricted Definitive Note is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B)
through (D) above, a certificate to the effect set forth in Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by
item. (3) thereof, if applicable;

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

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

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

(2)                                  Restricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A Holder of a Restricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global
Note or transfer such Restricted Definitive Note 

 46
 

 

to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note only if the Registrar
receives the following:

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

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

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

Upon satisfaction of the conditions of any of the
subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the
Definitive Notes and increase or cause to be increased the aggregate principal
amount of the Unrestricted Global Note.

(3)                                  Unrestricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global
Note or transfer such Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note at any
time. Upon receipt of a request for such an exchange or transfer, the Trustee
will cancel the applicable Unrestricted Definitive Note and increase or cause
to be increased the aggregate principal amount of one of the Unrestricted
Global Notes. If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (2)(B) or (3) above
at a time when an Unrestricted Global Note has not yet been issued, the Issuer
will issue and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

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

 47
 

 

certifications, documents and information, as applicable, required
pursuant to the following provisions of this Section 2.06(e).

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

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

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

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

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

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

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

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

(3)                                  Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A. Holder of Unrestricted
Definitive Notes may transfer such Notes to a Person who takes delivery thereof
in the form of an Unrestricted Definitive Note. Upon receipt of a 

 48
 

 

request to register such a transfer, the Registrar
shall register the Unrestricted Definitive Notes pursuant to the instructions
from the Holder thereof.

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

(1)                                  Private
Placement Legend.

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

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

(B)                                Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to
subparagraphs (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this
Section 2.06 (and all Notes issued in exchange therefor or substitution
thereof) will not bear the Private Placement Legend.

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

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON
UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION

 49

 

PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE ISSUER.

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

(3)                                  Regulation S Temporary Global Note Legend.
The Regulation S Temporary Global Note will bear a Legend in substantially the
following form:

“THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY
GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR
CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).
NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY
GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.”

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

(h)           General Provisions Relating to Transfers and
Exchanges.

 50
 

 

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

(2)                                  No
service charge will be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, but the Issuer may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05
hereof).

Section 2.07   Replacement Notes.

If any mutilated Note is surrendered to the Trustee,
the Registrar or the Issuer and the Trustee receives evidence to its
satisfaction of the ownership and destruction, loss or theft of any Note, the
Issuer will issue and the Trustee, upon receipt of an Authentication Order,
will authenticate a replacement Note if the Trustee’s requirements are met. If
required by the Trustee or the Issuer, an indemnity bond (or in the case of any
Holder that is an Institutional Accredited Investor, an agreement of indemnity)
must be supplied by the Holder that is sufficient in the judgment of the
Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Issuer may charge for its expenses in replacing a Note.

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

Section 2.08   Outstanding Notes.

The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest in a Global Note
effected by the Trustee in accordance with the provisions hereof, and those
described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer
or an Affiliate of the Issuer holds the Note.

If a Note is replaced pursuant to Section 2.07 hereof,
it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a protected purchaser.

If the principal amount of any Note is considered paid
under Section 4.01 hereof, it ceases to be outstanding and interest on it
ceases to accrue.

If the Paying Agent (other than the Issuer or any of
its Subsidiaries or an Affiliate of any thereof) holds, on a Redemption Date or
maturity date, money sufficient to pay Notes payable on that date, then on and
after that date such Notes will be deemed to be no longer outstanding and will
cease to accrue interest.

 51
 

 

Section 2.09   Treasury Notes.

In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Issuer or any Guarantor, or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Issuer or any Guarantor, will be considered as though not
outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only
Notes that the Trustee knows are so owned will be so disregarded.

Section 2.10   Temporary Notes.

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

Holders of temporary Notes will be entitled to all of
the benefits of this Indentures

Section 2.11   Cancellation.

The Issuer at any time may deliver Notes to the
Trustee for cancellation. The Registrar and Paying Agent will forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or
payment. The Trustee or, at the direction of the Trustee, the Registrar or the
Paying Agent (other than the Issuer or any Subsidiary) and no one else will
cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and will destroy canceled Notes (subject to the
record retention requirement of the Exchange Act). Certification of the
destruction of all canceled Notes will be delivered to the Issuer. The Issuer
may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation.

Section 2.12   Defaulted Interest.

If the Issuer defaults in a payment of interest on the
Notes, it will pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who
are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Issuer will notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on
each Note and the date of the proposed payment. The Issuer will fix or cause to
be fixed each such special record date and payment date; provided that no such special record date
may be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Issuer (or, upon
the written request of the Issuer, the Trustee in the name and at the expense
of the Issuer) will mail or cause to be mailed to Holders a notice that states
the special record date, the related payment date and the amount of such
interest to be paid. The Issuer may make payment of any defaulted interest in
any other lawful manner not inconsistent with the requirements (if applicable)
of any securities exchange on which the Notes may be listed and, upon such
notice as may be required by such 

 52
 

 

exchange, if, after written notice given by the Issuer
to the Trustee of the proposed payment pursuant to this sentence, such manner
of payment shall be deemed practicable by the Trustee.

Section 2.13   Computation of Interest.

Interest on the Notes shall be computed on the basis
of a 360-day year of twelve 30-day months and actual days elapsed.

ARTICLE 3

REDEMPTION AND PREPAYMENT

Section 3.01   Notices to Trustee.

If the Issuer elects to redeem Notes pursuant to the
optional redemption provisions of Section 3.07 hereof, it must furnish to the
Trustee, at least 30 days before a Redemption Date (unless a shorter notice
shall be satisfactory to the Trustee), an Officer’s Certificate setting forth:

(a)           the clause of this
Indenture pursuant to which the redemption shall occur;

(b)           the Redemption Date;

(c)           the principal amount
of Notes to be redeemed; and

(d)           the redemption
price.

Section 3.02   Selection of Notes to Be
Redeemed or Purchased.

If less than all of the Notes are to be redeemed at
any time, selection of such Notes for redemption will be made by the Trustee in
compliance with the requirements of the principal national securities exchange,
if any, on which such Notes are listed, or if such Notes are not so listed, on
a pro rata basis; provided that
no Notes of $2,000 or less shall be purchased or redeemed in part and provided further that the Trustee shall
make adjustments so that only Notes in multiples of $1,000 principal amount
will be purchased or redeemed.

In the event of partial redemption or purchase by lot,
the particular Notes to be redeemed or purchased will be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the
redemption or purchase date by the Trustee from the outstanding Notes not
previously called for redemption or purchase.

The Trustee will promptly notify the Issuer in writing
of the Notes selected for redemption or purchase and, in the case of any Note
selected for partial redemption or purchase, the principal amount thereof to be
redeemed or purchased. Notes and portions of Notes selected will be in amounts
of $2,000 or whole multiples of $1,000 in excess thereof; except that if, but
only if, all of the Notes of a Holder are to be redeemed or purchased, the
entire outstanding amount of Notes held by such Holder, even if not a multiple
of $1,000, shall be redeemed or purchased. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes called for
redemption or purchase also apply to portions of Notes called for redemption or
purchase.

 53
 

 

Section 3.03   Notice of Redemption.

Subject to the provisions of Section 3.09 hereof, at
least 30 days but not more than 60 days before a Redemption Date, the Issuer
will electronically transmit or mail or cause to be electronically transmitted
or mailed, by first class mail, a notice of redemption to each Holder whose
Notes are to be redeemed at its registered address, except that redemption
notices may be mailed more than 60 days prior to a Redemption Date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture pursuant to Article 8 or 12 hereof.

The notice will identify the Notes to be redeemed and
will state:

(a)           the Redemption Date;

(b)           the redemption
price;

(c)           if any Note is being
redeemed in part, the portion of the principal amount of such Note to be
redeemed and that, after the Redemption Date upon surrender of such Note, a new
Note or Notes in principal amount equal to the unredeemed portion will be
issued upon cancellation of the original Note;

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

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

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

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

(h)           that no
representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in such notice or printed on the Notes.

At the Issuer’s request, the Trustee will give the
notice of redemption in the Issuer’s names and at their expense; provided,
however, that the Issuer has delivered to the Trustee, at least 35 days prior
to the Redemption Date (unless a shorter notice shall be agreed to by the
Trustee), an Officer’s Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in
the preceding paragraph.

Section 3.04   Effect of Notice of
Redemption.

Once notice of redemption is electronically delivered
or mailed in accordance with Section 3.03 hereof, Notes called for redemption
become irrevocably due and payable on the Redemption Date at the redemption
price (except as provided in Section 3.07(a)). The notice, if mailed in a
manner herein provided in Section 3.03, shall be conclusively presumed to have
been given, whether or not the Holder receives such notice. In any case,
failure to give such notice by mail or 

 54
 

 

any defect in the notice to the Holder of any Note
designated for redemption in whole or in part shall not affect the validity of
the proceedings for the redemption of any other Note. A notice of redemption
may not be conditional (except as provided in Section 3.07(a)).

Section 3.05   Deposit of Redemption or
Purchase Price.

On or before 10:00 a.m. New York time on the
redemption or purchase date, the Issuer will deposit with the Trustee or with
the Paying Agent money sufficient to pay the redemption or purchase price of
and accrued interest, if any, on all Notes to be redeemed or purchased on that
date. The Trustee or the Paying Agent will promptly return to the Issuer any
money deposited with the Trustee or the Paying Agent by the Issuer in excess of
the amounts necessary to pay the redemption or purchase price of, and accrued
interest, if any, on, all Notes to be redeemed or purchased.

If the Issuer complies with the provisions of the
preceding paragraph, on and after the redemption or purchase date, interest will
cease to accrue on the Notes or the portions of Notes called for redemption or
purchase. If a Note is redeemed or purchased on or after an interest record
date but on or prior to the related interest payment date, then any accrued and
unpaid interest to the redemption or purchase date shall be paid to the Person
in whose name such Note was registered at the close of business on such record
date. If any Note called for redemption or purchase is not so paid upon
surrender for redemption or purchase because of the failure of the Issuer to
comply with the preceding paragraph, interest shall be paid on the unpaid
principal, from the redemption or purchase date until such principal is paid,
and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01 hereof.

Section 3.06   Notes Redeemed or
Purchased in Part.

Upon surrender of a Note that is redeemed or purchased
in part, the Trustee will authenticate for the Holder at the expense of the
Issuer a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered. in the name of the Holder thereon upon
cancellation of the original Note. It is understood that, notwithstanding any
other Section herein, only an Authentication Order and not an Opinion of
Counsel or Officer’s Certificate is required for the Trustee to authenticate
such new Note.

Section 3.07   Optional Redemption.

(a)           At any time prior to
December 15, 2008, the Issuer may, at their option, redeem up to 40% of the
original aggregate principal amount of Notes issued under this Indenture at a
redemption price equal to 110.750% of the aggregate principal amount thereof,
plus accrued and unpaid interest thereon 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 proceeds of the common
stock public Equity Offerings of the Issuer or any direct or indirect parent of
the latter to the extent such net proceeds are contributed to the Issuer;
provided that:

(1)                                  at
least 60% of the sum of the original aggregate principal amount of Notes issued
under this Indenture after the Issue Date remains outstanding immediately after
the occurrence of such redemption; and

 55
 

 

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

Notice of any redemption upon any Equity Offering may
be given prior to the completion thereof, and any such redemption or notice
may, at their discretion, be subject to one or more conditions precedent,
including, but not limited to, completion of the related Equity Offering.

(b)           At any time prior to
December 15, 2009, the Issuer may also redeem all or a part of the Notes, upon
not less than 30 nor more than 60 days’ prior notice mailed by first-class mail
or electronically transmitted to each Holder’s registered address, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus
the Applicable Premium as of, and accrued and unpaid interest to the date of
redemption (the “Redemption Date”), subject to the rights of Holders of Notes
on the relevant record date to receive interest due on the relevant interest
payment date.

(c)           Except pursuant to
the preceding paragraphs, the Notes will not be redeemable at the Issuer’s
option prior to December 15, 2009.

(d)           From and after
December 15, 2009, the Issuer may redeem the Notes, in whole or in part, upon
not less than 30 nor more than 60 days’ prior notice by first class mail,
postage prepaid, with a copy to the Trustee, to each Holder of Notes to the
address of such Holder appearing in the security register at the redemption
prices (expressed as percentages of principal amount) set forth below, plus
accrued and unpaid interest thereon to the applicable Redemption Date, subject
to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date, if redeemed during the
twelve-month period beginning on December 15 of each of the years indicated
below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2009

  	
   

  	
  105.375%

  	
   

  
	
  2010

  	
   

  	
  103.583%

  	
   

  
	
  2011

  	
   

  	
  101.792%

  	
   

  
	
  2012 and thereafter

  	
   

  	
  100.000%

  	
   

  

 

Unless the Issuer defaults in the payment of the
redemption price, interest will cease to accrue on the Notes or portions
thereof called for redemption on the applicable Redemption Date.

(e)           Any redemption
pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof. In addition, until the Disposition Date
(unless otherwise consented by the GSMP Group), each redemption pursuant to
this Section 3.07 shall relate to an aggregate principal amount of Notes of at
least the lesser of (a) $5.0 million and (b) the remaining outstanding
principal amount of the Notes.

Section 3.08   Mandatory Redemption.

The Issuer is not required to make mandatory
redemption or sinking fund payments with respect to the Notes.

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Section 3.09   Offer to Purchase by
Application of Excess Proceeds.

In the event that, pursuant to Section 4.10 hereof,
the Issuer is required to commence an offer to all Holders to purchase Notes
(an “Asset
Sale Offer”), they will follow the procedures specified
below.

The Asset Sale Offer shall be made to all Holders and
all holders of other Indebtedness that is pari
passu with the Notes containing provisions similar to those set
forth in this Indenture with respect to offers to purchase or redeem with the
proceeds of sales of assets. The Asset Sale Offer will remain open for a period
of at least 20 Business Days following its commencement and not more than 40
Business Days, except to the extent that a longer period is required by
applicable law (the “Offer Period”), No later than seven
Business Days after the termination of the Offer Period (the “Purchase
Date”), the Issuer will apply all Excess Proceeds (the “Offer
Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a pro rata basis, with adjustments so that
only Notes in multiples of $1,000 principal amount will be purchased) or, if
less than the Offer Amount has been tendered, all Notes and other Indebtedness
tendered in response to the Asset Sale Offer Payment for any Notes so purchased
will be made in the same manner as interest payments are made.

If the Purchase Date is on or after an interest record
date and on or before the related interest payment date, any accrued and unpaid
interest up to but excluding the Purchase Date, will be paid to the Person in
whose name a Note is registered at the close of business on such record date,
and no additional interest will be payable to Holders who tender Notes pursuant
to the Asset Sale Offer.

Upon the commencement of an Asset Sale Offer, the
Issuer will send, by first class mail, a notice to the Trustee and each of the
Holders. The notice will contain all instructions and materials necessary to
enable such Holders to tender Notes pursuant to the Asset Sale Offer. The
notice, which will govern the terms of the Asset Sale Offer, will state:

(a)           that the Asset Sale
Offer is being made pursuant to this Section 3.09 and. Section 4.10 hereof and
the length of time the Asset Sale Offer will remain open;

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

(c)           that any Note not
tendered or accepted for payment will continue to accrue interest;

(d)           that, unless the
Issuer defaults in making such payment, any Note accepted for payment pursuant
to the Asset Sale Offer will cease to accrue interest after the Purchase Date;

(e)           that Holders
electing to have a Note purchased pursuant to an Asset Sale Offer may elect to
have Notes purchased in integral multiples of $1,000 only;

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

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

(h)           that,
if the aggregate principal amount of Notes surrendered by holders thereof
exceeds the Offer Amount applicable to Notes, the Trustee will select the Notes
to be purchased on a pro rata basis based on the principal amount of Notes
surrendered (with such adjustments as may be deemed appropriate by the Issuer
so that only Notes in denominations of $2,000, or integral multiples of $1,000
in excess thereof, will be purchased); and

(i)            that
Holders whose Notes were purchased only in part will be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer).

On or before the Purchase Date, the Issuer will, to
the extent lawful, accept for payment, on a pro
rata basis to the extent necessary, all Notes or portions thereof
properly tendered pursuant to the Asset Sale Offer, and will deliver or cause
to be delivered to the Trustee the Notes properly accepted together with an
Officer’s Certificate stating the aggregate principal amount of all Notes or
portions thereof so tendered. The Issuer, the Depositary or the Paying Agent,
as the case may be, will promptly mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Issuer for purchase, and the Issuer will promptly issue a new
Note, and the Trustee, upon an Authentication Order, will authenticate and mail
or deliver (or cause to be transferred by book entry) such new Note to such
Holder (it being understood that, notwithstanding any Sections in the Indenture
to the contrary, no other Officer’s Certificate or any Opinion of Counsel is
required), in a principal amount equal to any unpurchased portion of the Note
surrendered, provided that each
such new Note shall he . in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. Any Note not so accepted shall be
promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer
will publicly announce the results of the Asset Sale Offer on the Purchase
Date.

Other than as specifically provided in this Section
3.09 or Section 4.10 or 4.15 hereof, any purchase pursuant to this Section 3.09
shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

Section 3.10   Replacement Right Upon
Failure to Consent.

If any Holder (a “Non-Consenting Holder”)
fails to consent to an amendment, supplement or waiver, which pursuant to
Section 9.02 hereof requires consent of all Holders affected by such amendment,
supplement or waiver and with respect to which the Holders of at least a 85% in
aggregate principal amount of the then outstanding Notes (determined in
accordance with Section 2.08 hereof) shall have granted their consent, the
Issuer shall have the right (so long as no Default or Event of Default shall
have occurred or be continuing or will result therefrom) to replace such
Non-Consenting Holder by causing such Non-Consenting Holder to transfer the
Notes held by it to one or more Persons in compliance with Section 2.06 hereof
or purchase such Non-Consenting Holder’s Notes; provided that upon such transfer, the Non-Consenting Holder 

 58
 

 

shall receive, in full payment for the Notes so
transferred or sold by it, an amount in cash equal to 101% of the aggregate
principal amount of Notes so transferred or sold by it plus accrued and unpaid
interest to the date of such transfer.

ARTICLE 4

COVENANTS

Section 4.01   Payment of Notes.

The Issuer will pay or cause to be paid the principal
of, premium, if any, and interest on, the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest will be
considered paid on the date due if the Paying Agent, if other than the Issuer
or any of its Subsidiaries, holds as of 10:00 a.m. Eastern Time on the due date
money deposited by the Issuer in immediately available funds and designated for
and sufficient to pay all principal, premium, if any, and interest then due.

The Issuer will pay interest on overdue principal
(including post-petition interest in any proceeding under any Bankruptcy Law)
and on overdue installments of interest to the extent lawful, as provided in
Section 6.03 hereof.

Section 4.02   Maintenance of Office or
Agency.

The Issuer will maintain an office or agency (which
may be an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or
for exchange and where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served. The Issuer will give prompt written
notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Issuer fails to maintain any such required
office or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
address of the Trustee set forth in Section 13.02 hereof:

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

The Issuer hereby designates the Corporate Trust
Office of the Trustee as one such office or agency of the Issuer in accordance
with Section 2.03 hereof.

Section 4.03   Reports.

Whether or not required by the SEC, so long as any
Notes are outstanding, the Issuer will furnish to the Holders of Notes within
the time periods specified in the SEC’s rules and regulations for
non-accelerated filers (with 30 additional days for the fiscal year of the
Issuer ending December 31, 2005 and 15 additional days for each fiscal quarter
of the Issuer ending on or prior to September 30, 2006):

 

 59
 

 

(a)           all
quarterly and annual financial information that would be required to be
contained in a filing with the SEC on Forms 10-Q and 10-K if the Issuer were
required to file such forms, including a “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and, with respect to the
annual information only, a report on the annual financial statements thereon by
the Issuer’s certified independent accountants;

(b)           all
material information that would be included in all current reports that would
be required to be filed with the SEC on Form 8-K if the Issuer were required to
file such reports, which reports shall be furnished no later than five Business
Days after such reports would have been required to be filed with the SEC; and

(c)           If
at any time any direct or indirect parent of the Issuer holds no material
assets other than cash, Cash Equivalents and the Capital Stock of the Issuer
(and performs only the related incidental activities associated with such
ownership), the reports, information and other documents required to be filed
and furnished to the holders of the Notes pursuant to this Section 4.03 may, at
the option of the Issuer, be filed by and be documents of such parent
containing the type of information contemplated in Section 4.03 (a) and (b)
above of the Issuer.

Section 4.04   Compliance Certificate.

(a)           The
Issuer and each Guarantor (to the extent that such Guarantor is so required
under the TIA) shall deliver to the Trustee, within 90 days after the end of
each fiscal year of the Issuer, commencing with the fiscal year ended December
31, 2006, an Officer’s Certificate stating that a review of the activities of
the Issuer and Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officer with a view to determining whether
the Issuer has kept, observed, performed and fulfilled their obligations under
this Indenture, and further stating, as to the Officer signing such
certificate, that to the best of his or her knowledge the Issuer has kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and are not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event
of Default has occurred, describing all such Defaults or Events of Default of
which he or she may have knowledge and what action the Issuer is taking or
propose to take with respect thereto).

(b)           So
long as any of the Notes are outstanding, the Issuer will deliver to the
Trustee as soon as possible after any Officer has actual knowledge of any
Default or Event of Default, an Officer’s Certificate specifying such Default
or Event of Default and what action the Issuer is taking or proposes to take
with respect thereto.

Section 4.05   Taxes.

The Issuer will, and will cause each of its Restricted
Subsidiaries to, pay or discharge or cause to be paid or discharged, before the
same shall become delinquent all material taxes, assessments and governmental
charges levied or imposed upon it or any of its respective Restricted
Subsidiaries or upon the income, profits or property of it or any of its
respective Restricted Subsidiaries except any such tax, assessment or charge as
is being contested in good faith by appropriate actions or where the failure to
pay or discharge or cause to be paid or discharged any such tax, assessment or
charge is not materially adverse to the Holders.

 

 60
 

 

Section 4.06   Stay, Extension and Usury
Laws.

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

Section 4.07   Restricted Payments.

(a)           The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly:

(1)                                  declare or pay any
dividend or make any distribution on account of the Issuer’s or any Restricted
Subsidiary’s Equity Interests, including any dividend or distribution payable
in connection with any merger or consolidation other than (A) dividends or
distributions by the Issuer payable in Equity Interests (other than
Disqualified Stock) of the Issuer or in options, warrants or other rights to
purchase such Equity Interests (other than Disqualified Stock) or (B) dividends
or distributions by a Restricted Subsidiary so long as, in the case of any
dividend or distribution payable on or in respect of any class or series of
securities issued by a Subsidiary other than a Wholly-Owned Subsidiary, the
Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or
distribution in accordance with its Equity Interests in such class or series of
securities;

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

(3)                                  make any principal
payment on, or redeem, repurchase, defease or otherwise acquire or retire for
value in each case, prior to any scheduled repayment, sinking fund payment or
maturity, any Subordinated Indebtedness, other than (x) Indebtedness permitted
under clauses (7) and (8) of Section 4.09(b) hereof or (y) the purchase,
repurchase or other acquisition of Subordinated Indebtedness purchased in
anticipation of satisfying a sinking fund obligation, principal installment or
final maturity, in each case due within one year of the date of purchase,
repurchase or acquisition; or

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

unless, at the time of such Restricted Payment:

 61
 

 

(i)                                     no
Default or Event of Default has occurred and is continuing or would occur as a
consequence of such Restricted Payment;

(ii)                                  immediately
after giving effect to such transaction on a pro forma basis, the Issuer could
incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.09(a) hereof; and

(iii)                               such
Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Issuer and its Restricted Subsidiaries after the Issue
Date (including Restricted Payments permitted by Section 4.07(b)(í), (2) (with
respect to the payment of dividends on Refunding Capital Stock pursuant to
clause (b) thereof only), (4) (without giving effect to the increases set forth
in subclauses (A) and (B) thereof), (5), (6)(C) and (8) but excluding all other
Restricted Payments permitted by Section 4.07(b) hereof), is less than the sum
of:

(A)                              50% of the Consolidated
Net Income of the Issuer for the period (taken as one accounting period) from
the beginning of the first fiscal quarter commencing after the Issue Date to
the end of the Issuer’s most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted Payment or,
in the case such Consolidated Net Income for such period is a deficit, minus
100% of such deficit; plus

(B)                                100% of the aggregate
net cash proceeds and the Fair Market Value of marketable securities or other
property received by the Issuer since immediately after the Issue Date from the
issue or sale of:

(i)                                     Equity Interests
of the Issuer, including Retired Capital Stock (as defined below), but
excluding cash proceeds and the Fair Market Value of marketable securities or
other property received from the sale of:

a.                                       Equity
Interests to members of management, directors or consultants of the Issuer, any
direct or indirect parent corporation of the Issuer and the Issuer’s
Subsidiaries after the Issue Date to the extent such amounts (1) have been
applied to Restricted Payments made in accordance with clause (4) of Section
4.07(b) hereof or (2) have been loaned or advanced to such Persons pursuant to
clause (g)(i) of the definition of  “Permitted
Investments” (except to the extent such loans or advances have
been prepaid); and

b.                                      Designated
Preferred Stock;

and to the extent actually contributed to the Issuer, Equity Interests
of the Issuer’s direct or indirect parent 

 

 62
 

 

corporations (excluding contributions of the proceeds from the sale of
Designated Preferred Stock of such corporations); and

(ii)                                  debt securities of
the Issuer that have been converted into such Equity Interests of the Issuer;

provided, however,
that this clause (B) will not include the proceeds from (a) Refunding Capital
Stock (as defined below), (b) Equity Interests or converted debt securities of
the Issuer sold to a Restricted Subsidiary or the Issuer, as the case may be,
(c) Disqualified Stock or debt securities that have been converted into
Disqualified Stock or (d) Excluded Contributions; plus

(C)                                100% of the aggregate
amount of cash and the Fair Market Value of marketable securities or other
property (as determined by an Independent Financial Advisor if the Fair Market
Value of property other than marketable securities exceeds $50.0 million)
contributed to the capital of the Issuer following the Issue Date (other than
by a Restricted Subsidiary and other than any such contributions that
constitute Excluded Contributions); plus

(D)                               100% of the aggregate
amount received in cash and the Fair Market Value (as determined by an
Independent Financial Advisor if the Fair Market Value exceeds $50.0 million)
of marketable securities or other property received by means of

(i)                                     the sale or other
disposition (other than to the Issuer or a Restricted Subsidiary) of Restricted
Investments made by the Issuer and its Restricted Subsidiaries and repurchases
and redemptions of such Restricted Investments from the Issuer and its
Restricted Subsidiaries and repayments of loans or advances which constitute Restricted
Investments by the Issuer and its Restricted Subsidiaries; or

(ii)                                  the sale (other than
to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted
Subsidiary or a distribution from an Unrestricted Subsidiary (other than in
each case to the extent the Investment in such Unrestricted Subsidiary was made
by the Issuer or a Restricted Subsidiary pursuant to clause (9) of Section
4.07(b) hereof or to the extent such Investment constituted a Permitted
Investment) or a dividend from an Unrestricted Subsidiary; plus

(E)                                 in the case of the
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the
Fair Market Value of the Investment in such Unrestricted Subsidiary, as
determined in good faith by the Issuer at the 

 

 63
 

 

time of the redesignation of such Unrestricted Subsidiary as a
Restricted Subsidiary (and if such Fair Market Value may exceed (a) $25.0
million, then the Issuer will provide an Officer’s Certificate with respect to
the Fair Market Value of the Investment and (b) $50.0 million, an opinion of an
Independent Financial Advisor with respect to the Fair Market Value of the
Investment), other than an Unrestricted Subsidiary to the extent the Investment
in such Unrestricted Subsidiary was made by the Issuer or a Restricted
Subsidiary pursuant to clause (9) of Section 4.07(b) or to the extent such
Investment constituted a Permitted Investment.

(b)           The
foregoing provisions of Section 4,07(a) will not prohibit:

(1)                                  the payment of any
dividend or distribution within 60 days after the date of declaration of the
dividend, if at the date of declaration such payment would have complied with
the provisions of this Indenture;

(2)                                  (a) the redemption,
repurchase, retirement or other acquisition of any Equity Interests (“Retired
Capital Stock’) or Subordinated Indebtedness of the Issuer, or any Equity
Interests of any direct or indirect parent corporation of the Issuer, in
exchange for, or out of the proceeds of the substantially concurrent sale
(other than to a Restricted Subsidiary) of, Equity Interests of the Issuer (in
each case, other than any Disqualified Stock) (“Refunding Capital Stock’) and
(b) if immediately prior to the retirement of Retired Capital Stock, the
declaration and payment of dividends thereon was permitted under clause (6) of
this Section 4.09(b), the declaration and payment of dividends on the Refunding
Capital Stock (other than Refunding Capital Stock the proceeds of which were
used to redeem, repurchase, retire or otherwise acquire any Equity Interests of
any direct or indirect parent company of the Issuer) in an aggregate amount per
year no greater than the aggregate amount of dividends per annum that was
declarable and payable on such Retired Capital Stock immediately prior to such
retirement;

(3)                                  the defeasance,
redemption, repurchase or other acquisition or retirement of Subordinated
Indebtedness of the Issuer made by exchange for, or out of the proceeds of the
substantially concurrent sale of, new Indebtedness of the Issuer which is
incurred in compliance with Section 4.09 hereof so long as:

(A)                              the principal amount of
such new Indebtedness does not exceed the principal amount (or accreted value,
if applicable) of the Subordinated Indebtedness being so redeemed, repurchased,
acquired or retired for value, plus the amount of any reasonable premium
required to be paid under the terms of the instrument governing the
Subordinated Indebtedness being so redeemed, repurchased, acquired or retired
and any reasonable fees and expenses incurred in the issuance of such new
Indebtedness;

 64

 

(B)                                such Indebtedness is
subordinated to the Notes at least to the same extent as such Subordinated
Indebtedness so purchased, exchanged, redeemed, repurchased, acquired or
retired for value;

(C)                                such Indebtedness has a
final scheduled maturity date equal to or later than the final scheduled
maturity date of the Subordinated Indebtedness being so redeemed, repurchased,
acquired or retired; and

(D)                               such Indebtedness has a
Weighted Average Life to Maturity equal to or greater than the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired;

(4)                                  a Restricted Payment
to pay for the repurchase, retirement or other acquisition or retirement for
value of common Equity Interests of the Issuer or any of its direct or indirect
parent companies held by any future, present or former employee, independent
director, manager or consultant of the Issuer, any of its Subsidiaries or any
of its direct or indirect parent corporations pursuant to any management equity
plan or stock option plan or any other management or employee benefit plan or
agreement or the repurchase for value of any common equity interest of the
Issuer in the open market to satisfy stock options issued by the Issuer that
are outstanding; provided, however, that the aggregate Restricted
Payments made under this clause (4) do not exceed in any calendar year $15.0
million (with unused amounts in any calendar year being carried over to
succeeding calendar years subject to a maximum (without giving effect to the
following proviso) of $30.0 million in any calendar year); provided, further,
that such amount in any calendar year may be increased by an amount not to
exceed:

(A)                              the cash proceeds from
the sale of Equity Interests of the Issuer and, to the extent contributed to
the Issuer, Equity Interests of any of the Issuer’s direct or indirect parent
corporations, in each case to members of management, independent directors,
managers or consultants of the Issuer, any of its Subsidiaries or any of its
direct or indirect parent corporations that occurs after the Issue Date, to the
extent the cash proceeds from the sale of such Equity Interests have not
otherwise been applied to the payment of Restricted Payments by virtue of
clause (3) of Section 4.07(a) hereof, plus

(B)                                the cash proceeds of
key man life insurance policies received by the Issuer and its Restricted
Subsidiaries after the Issue Date; less

(C)                                the amount of any
Restricted Payments previously made pursuant to clauses (A) and (B) of this
clause (4);

and provided,
further, that cancellation of
Indebtedness owing to the Issuer from members of management of the Issuer, any
of its direct or indirect parent corporations or any Restricted Subsidiary in
connection with a repurchase of 

 65
 

 

Equity Interests of the Issuer or any of its direct or
indirect parent corporations will not be deemed to constitute a Restricted
Payment for purposes of this Section 4.07 or any other provision of this
Indenture;

(5)                                  the declaration and
payment of dividends to holders of any class or series of Disqualified Stock of
the Issuer or any other Restricted Subsidiary issued in accordance with Section
4.09 hereof to the extent such dividends are included in the definition of
Fixed Charges;

(6)                                  (A) the declaration
and payment of dividends to holders of any class or series of Designated
Preferred Stock (other than Disqualified Stock) issued by the Issuer after the
Issue Date; (B) the declaration and payment of dividends to a direct or
indirect parent corporation of the Issuer, the proceeds of which will be used
to fund the payment of dividends to holders of any class or series of
Designated Preferred Stock (other than Disqualified Stock) of such parent
corporation issued after the Issue Date, provided
that the amount of dividends paid pursuant to this clause (B) shall, not exceed
the aggregate amount of cash actually contributed to the Issuer from the sale
of such Designated Preferred Stock; or (C) the declaration and payment of
dividends on Refunding Capital Stock in excess of the dividends declarable and
payable thereon pursuant to clause (2); provided,
however, in the case of each of
(A), (B) and (C) of this clause (6), that for the most recently ended four full
fiscal quarters for which internal financial statements are available
immediately preceding the date of issuance of such Designated Preferred Stock
or the declaration of such dividends on Refunding Capital Stock, after giving
effect to such issuance or declaration on a pro forma basis, the Issuer and the
Restricted Subsidiaries would have had a Fixed Charge Coverage Ratio of at
least 2.00 to 1.00;

(7)                                  repurchases of Equity
Interests deemed to occur upon exercise of stock options or warrants if such
Equity Interests represent a portion of the exercise price of such options or
warrants;

(8)                                  the payment of
dividends on the Issuer’s common stock or equivalent (or the payment of
dividends to any direct or indirect parent of the Issuer of dividends in that
entity’s common stock or equivalent), following the first public offering of
the Issuer’s common stock or equivalent or the common stock or equivalent of
any of its direct or indirect parent companies after the Issue Date, of up to
6% per annum of the net proceeds received by or contributed to the Issuer in
any public offering of common stock, other than public offerings with respect
to the Issuer’s common stock registered on Form S-8 and other than any public
sale constituting an Excluded Contribution;

(9)                                  Investments that are
made with the proceeds of Excluded Contributions;

(10)                            the declaration and payment
of dividends by the Issuer to, or the making of loans to, its direct parent in
amounts required for either of their respective direct or 

 66
 

 

indirect parent corporations to pay the following (in the case of each
of clauses (A) through (D), to the extent incurred in the ordinary course of
business):

(A)                              franchise taxes and other
fees, taxes and expenses required to maintain their corporate existence;

(B)                                federal, state and
local income taxes, to the extent such income taxes (I) are attributable to the
income of the Issuer and the Restricted Subsidiaries and, to the extent of the
amount actually received from its Unrestricted Subsidiaries, in amounts
required to pay such taxes to the extent attributable to the income of such Unrestricted
Subsidiaries and (2) are actually paid by such parent corporations to the
relevant Governmental Authority on behalf of the Issuer and its Restricted
Subsidiaries; provided, however, that in each case the amount of such payments
in any fiscal year does not exceed the amount that the Issuer and its
Restricted Subsidiaries would be required to pay in respect of federal, state
and local taxes for such fiscal year were the Issuer, its Restricted
Subsidiaries and its Unrestricted Subsidiaries (to the extent set forth above)
to pay such taxes separately from any such parent company;

(C)                                general corporate
expenses related to third party audit, legal and similar administrative
expenses of any direct or indirect parent corporation of the Issuer to the extent
such expenses are attributable to the ownership or operation of the Issuer and
the Restricted Subsidiaries; (1) the proceeds of which shall be used by the
Issuer to pay (or to make Restricted Payments to allow any direct or indirect
parent thereof to pay) fees and expenses (other than to Affiliates) related to
any unsuccessful equity or debt offering permitted by this Agreement;

(D)                               payment of management,
consulting, monitoring and advisory fees and related expenses to the Sponsors
to the extent permitted by Section 4.11 hereof;

(E)                                 customary salary,
bonus and other benefits payable to officers and employees of any direct or
indirect parent company of the Issuer to the extent such salaries, bonuses and
other benefits are attributable to the ownership or operation of the Issuer and
its Restricted Subsidiaries; and

(F)                                 fees and expenses
(other than to Affiliates of the Issuer) related to any unsuccessful equity or
debt offering permitted by this Agreement;

(11)                            cash dividends or other
distributions on the Issuer’s or any Restricted Subsidiary’s Capital Stock used
to fund the Transactions and the fees and expenses related thereto, in each
case to the extent permitted by Section 4.11 hereof;

(12)                            the repurchase, redemption
or other acquisition or retirement for value of any Subordinated Indebtedness
pursuant to the provisions similar to those described under Section 4.15 hereof
and Section 4.10 hereof; provided
that all senior 

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subordinated notes tendered by holders of senior subordinated notes in
connection with a Change of Control Offer or Asset Sale Offer, as applicable,
have been repurchased, redeemed or acquired for value;

(13)                            Investments in Limited
Restricted Subsidiaries and Unrestricted Subsidiaries having an aggregate Fair
Market Value, taken together with all other Investments made pursuant to this
clause (13) that are at the time outstanding, without giving effect to the sale
of an Unrestricted Subsidiary to the extent the proceeds of such sale do not
consist of cash and/or marketable securities, not to exceed $25.0 million;

(14)                            distributions or payments
of Receivables Fees; and

(15)                            other Restricted Payments
in an aggregate amount not to exceed $35.0 million;

provided however,
that at the time of, and after giving effect to, any Restricted Payment permitted
under clauses (6) and (15), no Default or Event of Default shall have occurred
and be continuing or would occur as a consequence thereof.

As of the time of issuance of the Notes, all of the
Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer will not
permit any Unrestricted Subsidiary to become a Restricted Subsidiary except
pursuant to the last sentence of the definition of “Unrestricted Subsidiary.”
For purposes of designating any Restricted Subsidiary as an Unrestricted
Subsidiary, all outstanding investments by the Issuer and its Restricted
Subsidiaries (except to the extent repaid) in the Subsidiary so designated will
be deemed to be Restricted Payments in an amount determined as set forth in the
last sentence of the definition of “Investment.” Such designation will be
permitted only if a Restricted Payment in such amount would be permitted at
such time, whether pursuant to Section 4.07(a) hereof or under clause (9), (13)
or (14), or pursuant to the definition of “Permitted Investments,” and if such
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
Unrestricted Subsidiaries will not be subject to any of the restrictive
covenants set forth in this Indenture.

Section 4.08   Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries.

(a)           The
Issuer will not, and will not permit any Restricted Subsidiary (other than (i)
any Guarantor and (ii) any Broker-Dealer Restricted Subsidiary if the Issuer
delivers to the Trustee on the date of the event requiring calculation of
Consolidated Net Income a certificate of the chief financial officer of the
Issuer certifying that the restrictions on the payments of dividends or the
making of distributions by such Broker-Dealer Restricted Subsidiary to the
Issuer do not impair the Issuer’s ability to make payments of interest and
scheduled payments of principal in respect of the Securities, in each case as
and when due) to, directly or indirectly, create or otherwise cause or suffer
to exist or become effective any consensual encumbrance or consensual
restriction on the ability of any such. Restricted Subsidiary to:

(1)                                  (A) pay dividends or
make any other distributions to the Issuer or any of its Restricted Subsidiary
on its Capital Stock or with respect to any other interest or participation in,
or measured by, its profits, or (B) pay any Indebtedness owed to the Issuer or
any Restricted Subsidiary;

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(2)                                  make loans or
advances to the Issuer or any Restricted Subsidiary; or

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

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

(1)                                  contractual
encumbrances or restrictions in effect on the Issue Date including, without
limitation, pursuant to the Credit Agreement and its related documentation and
Hedging Obligations;

(2)                                  this Indenture, the
Notes and the Guarantees;

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

(4)                                  applicable law or any
applicable rule, regulation or order or as may be required by the OCC;

(5)                                  any agreement or
other instrument of a Person acquired by the Issuer or any Restricted
Subsidiary in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to
any Person, or the properties or assets of any Person, other than the Person,
or the property or assets of the Person, so acquired;

(6)                                  contracts for the
sale of assets, including, without limitation, customary restrictions with
respect to a Subsidiary pursuant to an agreement that has been entered into;

(7)                                  the sale or
disposition of all or substantially all of the Capital Stock or assets of such
Subsidiary;

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

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

(10)                            other Indebtedness,
Disqualified Stock or preferred stock of Restricted Subsidiaries permitted to
be incurred subsequent to the Issue Date pursuant to the provisions of Section
4.09 hereof;

(11)                            customary provisions in
joint venture agreements, asset sale agreements, sale-lease back agreements and
other similar agreements;

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(12)                            customary provisions
contained in leases and other agreements entered into in the ordinary course of
business;

(13)                            any agreement for the sale
or other disposition of a Restricted Subsidiary that restricts distributions by
that Restricted Subsidiary pending the sale or other disposition;

(14)                            restrictions in connection
with any Receivables Facility that, in the good faith determination of the
Issuer are necessary or advisable to effect such Receivables Facility; and

(15)                            any encumbrances or
restrictions of the type referred to in Section 4.08(a) hereof imposed by any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in clauses (I) through (14) of this Section 4.08(b); provided, that such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are not materially more restrictive with respect
to such encumbrance and other restrictions than those prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing.

Section 4.09   Incurrence of Indebtedness
and Issuance of Disqualified Stock.

(a)           The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable, contingently or otherwise, (collectively, “incur”
and collectively, an “incurrence”) with respect to any Indebtedness (including
Acquired Indebtedness and Attributable Debt) and the Issuer will not issue any
shares of Disqualified Stock and will not permit any Restricted Subsidiary to
issue any shares of Disqualified Stock or preferred stock; provided, however,
that the Issuer may incur Indebtedness (including Acquired Indebtedness) or
issue shares of Disqualified Stock, and any Restricted Subsidiary may incur
Indebtedness (including Acquired Indebtedness or Attributable Debt), issue
shares of Disqualified Stock and issue shares of preferred stock, if the Fixed
Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal
quarters for which internal financial statements are available immediately
preceding the date on which such additional Indebtedness is incurred or such
Disqualified Stock or preferred stock is issued would have been at least 2.00
to l.00, determined on a pro forma basis (including a pro forma application of
the net proceeds therefrom), as if the additional Indebtedness had been
incurred, or the Disqualified Stock or preferred stock had been issued, as the
case may be, and the application of proceeds therefrom had occurred at the
beginning of such four-quarter period; provided,
further, that the amount of
Indebtedness (other than Acquired Indebtedness), Disqualified Stock and
preferred stock that may be incurred pursuant to the foregoing by Restricted
Subsidiaries (other than Foreign Subsidiaries) that are not Guarantors shall
not exceed $30.0 million at any one time outstanding.

(b)           The
provisions of Section 4.09(a) hereof will not apply to any of the following
items (collectively, “Permitted Debt”):

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(1)                                  the incurrence of
Indebtedness under Credit Facilities by the Issuer or any of the Restricted
Subsidiaries and the issuance and creation of letters of credit and bankers’
acceptances thereunder (with letters of credit and bankers’ acceptances being
deemed to have a principal amount equal to the face amount thereof), up to an
aggregate principal amount of $1,000.0 million less the sum of (A) all
principal repayments required to be applied, and actually applied, to the
reduction of Term Loan A under the Credit Facilities; plus (B) up to $175.0 million of principal
repayments required to be made, and actually made, with the proceeds from Asset
Sales (other than the sale of the Issuer’s headquarters in San Diego) applied
in accordance with Section 4.10 hereof;

(2)                                  the incurrence by the
Issuer and any Guarantor of Indebtedness represented by the Notes (including
any Guarantee);

(3)                                  Existing Indebtedness
(other than Indebtedness described in clauses (1), (2) and (20));

(4)                                  Indebtedness
(including Capitalized Lease Obligations), Disqualified Stock and preferred
stock incurred by the Issuer or any of the Restricted Subsidiaries to finance
the development, construction, purchase, lease, repairs, additions or
improvement of property (real or personal), equipment or other fixed or capital
assets that is used or useful in a Similar Business, whether through the direct
purchase of assets or the Capital Stock of any Person owning such assets, in
each case in an aggregate principal amount which, when aggregated with the
principal amount of all other Indebtedness, Disqualified Stock and preferred
stock then outstanding and incurred pursuant to this clause (4) and including
all Indebtedness incurred to refund, refinance or replace any other
Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this
clause (4), does not exceed the greater of (x) $90.0 million and (y) 3.0% of
Total Assets;

(5)                                  Indebtedness incurred
by the Issuer or any Restricted Subsidiary constituting reimbursement
obligations with respect to letters of credit issued in the ordinary course of
business, including without limitation letters of credit in respect of workers’
compensation claims, or other Indebtedness with respect to reimbursement type
obligations regarding workers’ compensation claims; provided, however,
that upon the drawing of such letters of credit or the incurrence of such
Indebtedness, such obligations are reimbursed within 30 days following such
drawing or incurrence;

(6)                                  Indebtedness arising
from agreements of the Issuer or a Restricted Subsidiary providing for
indemnification, adjustment of purchase price or similar obligations, in each
case, incurred or assumed in connection with the disposition of any business,
assets or a Subsidiary, other than guarantees of Indebtedness incurred by any
Person acquiring all or any portion of such business, assets or a Subsidiary
for the purpose of financing such acquisition; provided,
however, that:

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(A)                              such Indebtedness is not
reflected on the balance sheet of the Issuer or any Restricted Subsidiary
(contingent obligations referred to in a footnote to financial statements and
not otherwise reflected on the balance sheet will not be deemed to be reflected
on such balance sheet for purposes of this clause (6)(A)); and

(B)                                the maximum assumable
liability in respect of all such Indebtedness shall at no time exceed the gross
proceeds including noncash proceeds (the Fair Market Value of such noncash
proceeds being measured at the time received and without giving effect to any
subsequent changes in value) actually received by the Issuer and the Restricted
Subsidiary in connection with such disposition;

(7)                                  Indebtedness of the
Issuer to a Restricted Subsidiary; provided
that any such Indebtedness owing to a non-Guarantor is subordinated in right of
payment to the Notes; provided, further, that that any subsequent issuance
or transfer of any Capital Stock or any other event which results in any such
Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other
subsequent transfer of any such Indebtedness (except to the Issuer Of another
Restricted Subsidiary) shall be deemed, in each case, to be an incurrence of
such Indebtedness;

(8)                                  Indebtedness of a
Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that:

(A)                              any such Indebtedness is
made pursuant to an intercompany note;

(B)                                if a Guarantor incurs
such Indebtedness to a Restricted Subsidiary that is not the Issuer or a Guarantor,
such Indebtedness is subordinated in right of payment to the Guarantee of such
Guarantor, provided, further;
that any subsequent. transfer of any such Indebtedness (except to any Issuer or
another Restricted Subsidiary) shall be deemed, in each case, to be an
incurrence of such. Indebtedness; and

(C)                                if the obligor of such
Indebtedness is a Limited Restricted Subsidiary, (x) such Indebtedness. is
incurred in the ordinary course of business of the Issuer and its Restricted
Subsidiaries consistent with past practices or (y) at the time and after giving
effect to the incurrence of such Indebtedness, the Leverage Ratio of the Issuer
and its Restricted Subsidiaries is less than 4.5 to 1.0;

(9)                                  shares of preferred
stock of a Restricted Subsidiary issued to the Issuer or another Restricted
Subsidiary; provided that (x) if
such preferred stock issued to or held by a Limited Restricted Subsidiary,
either (I) such issuance is effected in the ordinary course of business of the
Issuer and its Restricted Subsidiaries consistent with past practices, or (II)
at the time and after giving effect to such issuance, the Leverage Ratio of the
Issuer and its Restricted Subsidiaries is less than 4.5 to 1.0 and (y) any
subsequent issuance or transfer of any Capital Stock or any other 

 72
 

 

event which results in any such Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such shares of
preferred stock (except to the Issuer or another Restricted Subsidiary) shall
be deemed in each case to be an issuance of such shares of preferred stock;

(10)                            Indebtedness incurred in
respect of Hedging Obligations;

(11)                            obligations in respect of
performance, bid, appeal and surety bonds and completion guarantees and similar
obligations provided by the Issuer or any Restricted Subsidiary in the ordinary
course of business;

(12)                            any guarantee by the Issuer
or a Restricted Subsidiary of Indebtedness or other obligations of (i) any
Unlimited Restricted Subsidiary, (ii) any Limited Restricted Subsidiary; provided that either the guarantee is made
by another Limited Restricted Subsidiary or if at the time and after giving
effect to the incurrence of such guarantee, the Leverage Ratio of the Issuer
and its Restricted Subsidiaries is less than 4.5 to 1.0 or (iii) the Issuer, in
each case, so long as the incurrence of such Indebtedness incurred by such
Restricted Subsidiary or the Issuer is permitted under the terms of this
Indenture;

(13)                            the incurrence by the
Issuer or any Restricted Subsidiary of Indebtedness, Disqualified Stock or
preferred stock which serves to extend, refund, refinance, renew, replace or
defease any Indebtedness, Disqualified Stock or preferred stock incurred as
permitted under Section 4.09(a) hereof and clauses (2), (3), (13) and (14) of this
Section 4.09(b) or any Indebtedness, Disqualified Stock or preferred stock
issued to so refund or refinance such Indebtedness, Disqualified Stock or
preferred stock, including additional Indebtedness, Disqualified Stock or
preferred stock incurred to pay premiums, fees and expenses in connection
therewith (the “Refinancing Indebtedness”) prior to
its respective maturity; provided, however,
that such Refinancing Indebtedness:

(A)                              has a Weighted Average
Life to Maturity at the time such Refinancing Indebtedness is incurred which is
not less than the remaining Weighted Average Life to Maturity of the
Indebtedness, Disqualified Stock or preferred stock being refunded or
refinanced;

(B)                                to the extent such
Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu to the Notes or any Guarantee of the Notes, such
Refinancing Indebtedness is subordinated or pari passu to
the Notes or such Guarantee at least to the same extent as the Indebtedness
being refinanced or refunded or (ii) Disqualified Stock or preferred stock,
such Refinancing Indebtedness must be Disqualified Stock or preferred stock,
respectively; and

(C)                                shall not include:

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(i)                                     Indebtedness,
Disqualified Stock or preferred stock of a Subsidiary that refinances
Indebtedness, Disqualified Stock or preferred stock of the Issuer;

(ii)                                  Indebtedness,
Disqualified Stock or preferred stock of a Subsidiary that is not a Guarantor
that refinances Indebtedness, Disqualified Stock or preferred stock of a
Guarantor; or

(iii)                               Indebtedness, Disqualified
Stock or preferred stock of the Issuer or a Restricted Subsidiary that
refinances Indebtedness, Disqualified Stock or preferred stock of an
Unrestricted Subsidiary;

and provided,
further that subclause (A) of
this clause (13) will not apply to any refunding or refinancing of any Senior
Debt;

(14)                            Indebtedness, Disqualified
Stock or preferred stock of Persons that are acquired by the Issuer or any
Restricted Subsidiary or merged into the Issuer or a Restricted Subsidiary in
accordance with the terms of this Indenture; provided
that such Indebtedness, Disqualified Stock or preferred stock is not incurred
in contemplation of such acquisition or merger; and provided further that after giving effect to such
acquisition or merger, either:

(A)                              the Issuer would be
permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof; or

(B)                                the Fixed Charge
Coverage Ratio set forth in Section 4.09(a) hereof is greater immediately after
such acquisition or merger than immediately prior to such acquisition or
merger;

(15)                            Indebtedness arising from
the honoring by a bank or other financial institution of a check, draft or
similar instrument drawn against insufficient funds in the ordinary course of
business;

(16)                            Indebtedness of the Issuer
or any Restricted Subsidiary supported by a letter of credit issued pursuant to
any Credit Facility, in a principal amount not in excess of the stated amount
of such letter of credit;

(17)                            Indebtedness of the Issuer
or any Restricted Subsidiary consisting of (i) the financing of insurance
premiums or (ii) take-or-pay obligations contained in supply arrangements, in
each case, in the ordinary course of business;

(18)                            (A)  unsecured Indebtedness in respect of
obligations of the Issuer or any Restricted Subsidiary to pay the deferred
purchase price of goods or services or progress payments in connection with
such goods and services; provided,
that such obligations are incurred in connection with open accounts extended by

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suppliers on customary trade terms (which require that all such
payments be made within 60 days of the incurrence of the related Indebtedness)
in the ordinary course of business and not in connection with the borrowing of
money;

(B)                                Guarantees incurred in
the ordinary course of business in respect of obligations to suppliers,
customers, franchisees, lessors and licensees;

(C)                                Indebtedness incurred
in respect of deferred compensation to employees of the Issuer and the
Restricted Subsidiaries incurred in the ordinary course of business; and

(D)                               Subordinated
Indebtedness consisting of promissory notes issued by the Issuer or a
Restricted Subsidiary to current or former officers, directors, consultants and
employees, their respective estates, spouses or former spouses to finance the
purchase or redemption of Equity Interests permitted under Section 4.07 hereof;

(19)                            Indebtedness of Foreign
Subsidiaries for working capital purposes not to exceed $25.0 million in the
aggregate at any one time outstanding;

(20)                            Customer Financing
Indebtedness; and

(21)                            Indebtedness, Disqualified
Stock and preferred stock of the Issuer or any Restricted Subsidiary not
otherwise permitted hereunder in an aggregate principal amount or liquidation
preference, which when aggregated with the principal amount and liquidation
preference of all other Indebtedness, Disqualified Stock and preferred stock
then outstanding and incurred pursuant to this clause (21), does not at any one
time outstanding exceed the greater of (x) $90.0 million and (y) the product of
$90.0 million multiplied by the CNTA Growth Factor.

For purposes of determining compliance with this
Section 4.09, in the event that an item of Indebtedness, Disqualified Stock or
Preferred Stock meets the criteria of more than one of the categories of
Permitted Indebtedness, Disqualified Stock or Preferred Stock described in
clauses (1) through (21) of this Section 4.09(b) or is entitled to be incurred
pursuant to Section 4.09(a), the Issuer will, in its sole discretion, classify
or reclassify such item of Indebtedness in any manner that complies with this
Section 4.09 and such item of Indebtedness, Disqualified Stock or Preferred
Stock will be treated as having been incurred pursuant to only one of such
clauses or pursuant to Section 4.09(a) (it being understood that any
Indebtedness, Disqualified Stock or Preferred Stock incurred, pursuant to
clause (21) or clause (4) of Section 4.09(b) hereof shall cease to be deemed
incurred or outstanding for purposes of (i) clause (21) and (ii) clause (4) and
shall be deemed incurred for the purposes of Section 4.09(a) hereof from and
after the first date on which, and to the extent that, the Issuer or such
Restricted Subsidiary could have incurred such Indebtedness, Disqualified Stock
or Preferred Stock under Section 4.09(a) hereof without reliance on clause (21)
or (4), as applicable); provided
that all outstanding Indebtedness under the Credit Facilities immediately
following the Transactions shall be deemed to have been incurred pursuant to
clause (l) of the definition of Permitted Debt. Accrual of interest, the
accretion of accreted value and the payment of interest in the form of
additional Indebtedness, 

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Disqualified Stock or Preferred Stock will not be
deemed to be an incurrence of indebtedness, Disqualified Stock or Preferred
Stock for purposes of this Section 4.09 hereof

For purposes of determining compliance with any U.S.
dollar-denominated restriction on the incurrence. of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign
currency shall be calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was incurred, in the case of term debt, or
first committed, in the case of revolving credit debt; provided that if such Indebtedness is
incurred to refinance other Indebtedness denominated in a foreign currency, and
such refinancing would cause the applicable U.S. dollar denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect
on the date of such refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such
refinancing Indebtedness does not exceed the principal amount of such Indebtedness
being refinanced.

The principal amount of any Indebtedness incurred to
refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency
exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing.

Section 4.10   Asset Sales.

(a)           The
Issuer will not, and will not permit any Restricted Subsidiary to, cause, make
or suffer to exist an Asset Sale unless:

(1)                                  the Issuer or such
Restricted Subsidiary, as the case may be, receives consideration at the time
of such Asset Sale at least equal to the Fair Market Value of the assets sold
or otherwise disposed of; and

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

(A)                              any liabilities (as shown
on the Issuer’s, or such Restricted Subsidiary’s, most recent balance sheet or
in the notes thereto) of the Issuer or any Restricted Subsidiary, other than
liabilities that are by their terms subordinated to the Notes, that are assumed
by the transferee of any such assets (or a third party on behalf of the
transferee) and for which the Issuer or such Restricted Subsidiary has been
validly released by all creditors in writing;

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

(C)                                any Designated Noncash
Consideration received by the Issuer or any Restricted Subsidiary in such Asset
Sale having an aggregate Fair Market 

 76
 

 

Value, taken together with all other Designated Noncash Consideration
received pursuant to this clause (C) that is at that time outstanding, not to
exceed $150.0 million, with the Fair Market Value of each item of Designated
Noncash Consideration being measured at the time received and without giving
effect to subsequent changes in value;

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

(b)           Within
365 days after any of the Issuer’s or any Restricted Subsidiary’s receipt of
the Net Proceeds of any Asset Sale, the Issuer or such Restricted Subsidiary
may, at its option, reinvest, enter into a binding commitment to reinvest
within an. additional 365 days (an “Acceptable Commitment”) (and
reinvest within 24 months from the date of receipt of Net Proceeds), or may
apply the Net Proceeds from such Asset Sale:

(1)                                  to permanently reduce
Obligations under Senior Debt or Guarantor Senior Debt (and, in the case of
revolving Obligations, to correspondingly reduce commitments with respect
thereto), the Notes, Guarantees of the Notes or any other Pari Passu
Indebtedness, and to correspondingly reduce commitments with respect thereto
(other than Obligations owed to the Issuer or a Restricted Subsidiary of the
Issuer); provided, that. if the Issuer shall so reduce Obligations under any
Pari Passu Indebtedness (other than Obligations under any Pari Passu
Indebtedness secured by a Lien on the assets of the Issuer or any Restricted
Subsidiary), the Issuer shall make an offer (in accordance with the procedures
set forth below for an Asset Sale Offer) to all Holders to purchase their Notes
at 100% of the principal amount thereof, plus the amount of accrued and unpaid
interest, if any, on the pro rata principal amount of Notes; or

(2)                                  to make capital
expenditures or to make an investment in (a) any one or more businesses
permitted by this Indenture, (b) properties and (e) acquisitions of assets,
that in the case of each of clauses (a), (b) and (e) are used or useful in a
Similar Business and/or replace the businesses, properties and assets that are
the subject of such Asset Sale.

(c)           Any
Acceptable Commitment that is later canceled or terminated for any reason
before such Net Proceeds are so applied shall be treated as a permitted
application of the Net Proceeds if the Issuer or such Restricted Subsidiary
enters into another Acceptable Commitment within the later of (1) six months of
such cancellation or termination or (2) the initial 365-day period.

(d)           Any
Net Proceeds from the Asset Sale that are not invested or applied as provided
and within the time period set forth in the first sentence of Section 4.10(e)
hereof will be deemed to constitute “Excess Proceeds.” When the aggregate
amount of Excess Proceeds exceeds $20.0 million, the Issuer shall make an offer
to all Holders of the Notes and, if required by the terms of any Pari Passu
Indebtedness, to the holders of such Pari Passu Indebtedness (other than with
respect to Hedging Obligations) (an “Asset Sale Offer”), to purchase the
maximum principal amount of Notes and such Pari Passu Indebtedness that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof, plus accrued and unpaid interest
to the date fixed for the closing of such offer, in accordance 

 77
 

 

with the procedures set forth in this
Indenture. The Issuer will commence an Asset Sale Offer with respect to Excess
Proceeds within ten business days after the date that Excess Proceeds exceed
$20.0 million by mailing the notice required pursuant to the terms of this
Indenture, with a copy to the Trustee. To the extent that the aggregate amount
of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale
Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess
Proceeds for general corporate purposes, subject to other covenants contained
in this Indenture. If the aggregate principal amount of Notes or the Pari Passu
Indebtedness surrendered by such holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes and such Pari Passu Indebtedness
to be purchased on a pro rata basis based on the accreted value or principal
amount of the Notes or such Pari Passu Indebtedness tendered. Upon completion
of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at
zero.

(e)           Pending
the final application of any Net Proceeds pursuant to this Section 4.10, the
Issuer or the applicable Restricted Subsidiary may apply such Net Proceeds
temporarily to reduce Indebtedness outstanding under a revolving credit
facility or otherwise invest such Net Proceeds in any manner not prohibited by
this Indenture.

(f)            The
Issuer will comply with the requirements of Rule 14e-l under the Exchange Act
and any other securities laws and regulations thereunder to the extent such
laws or regulations are applicable in connection with the repurchase of the
Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Indenture,
the Issuer will comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations described in this
Indenture by virtue thereof.

Section 4.11   Transactions with
Affiliates.

(a)           The
Issuer will not, and will not permit any Restricted Subsidiary to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of the Issuer
(each of the foregoing, an “Affiliate Transaction”) involving
aggregate payments or consideration in excess of $5.0 million, unless:

(1)                                  such Affiliate
Transaction is on terms that are not materially less favorable to the Issuer or
the relevant Restricted Subsidiary than those that could have been obtained in
a comparable transaction by the Issuer or such Restricted Subsidiary with an
unrelated Person; and

(2)                                  the Issuer delivers
to the Trustee (A) with respect to any Affiliate Transaction or series of
related Affiliate Transactions involving aggregate payments or consideration in
excess of $15.0 million, a resolution adopted by the majority of the Board of
Directors approving such Affiliate Transaction and set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with clause (1)
of this Section 4.11(a) and (B) with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate payments or
consideration in excess of $50.0 million, an opinion as to the fairness to the 

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Holders of such Affiliate Transaction from a financial point of view
issued by an Independent Financial Advisor.

(b)           The
following items will not be deemed to be Affiliate Transactions and, therefore,
will not be subject to the provisions of Section 4.11(a) hereof

(1)                                  Transactions between
or among the Issuer and/or any of the Restricted Subsidiaries;

(2)                                  Restricted Payments
permitted by Section 4.07 hereof and the definition of “Permitted Investments;”

(3)                                  so long as no Default
or Event of Default shall have occurred or is continuing or shall result
therefrom, the payment of (A) customary management, consulting and monitoring
and advisory fees to the Sponsors in an aggregate amount in any fiscal year not
to exceed $5,000,000 plus all reasonable out-of-pocket expenses and customary
indemnities related to any such activities and (B) one-time termination fee
approved by a majority of the Board of Directors of the Issuer in good faith
payable to the Sponsors upon a Change of Control or a public Equity Offering;

(4)                                  the payment of
customary fees paid to, and indemnities provided on behalf of, officers,
directors, managers, employees or consultants of the Issuer, any of its direct
or indirect parent corporations or any Restricted Subsidiary;

(5)                                  so long as no Default
or Event of Default shall have occurred or is continuing or shall result
therefrom, payments by the Issuer or any Restricted Subsidiary to the Sponsors
made for any financial advisory, financing, underwriting or placement services
or in respect of other investment banking activities, including, without
limitation, in connection with acquisitions or divestitures which payments are
approved by the Issuer in good faith;

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

(7)                                  payments or loans (or
cancellation of loans) to employees or consultants of the Issuer, any of its
direct or indirect parent corporations or any Restricted Subsidiary and
employment agreements, stock option plans and other compensatory arrangements
which are, in each case, approved by a majority of the Issuer in good faith;

(8)                                  any agreement,
instrument or arrangement as in effect as of the Issue Date, or any amendment
thereto (so long as any such amendment is not disadvantageous to the holders in
any material respect as reasonably determined by the Issuer);

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(9)                                  the existence of, or
the performance by the Issuer or any of its Restricted Subsidiaries of its
obligations under the terms of, any stockholders agreement or limited liability
company agreement (including any registration rights agreement or purchase agreement
related thereto) to which it is a party as of the Issue Date and any similar
agreements which it may enter into thereafter; provided,
however, that the existence of,
or the performance by the Issuer or any Restricted Subsidiary of obligations
under any future amendment to any such existing agreement or under any similar
agreement entered into after the Issue Date shall only be permitted by this
clause (9) to the extent that the terms of any such amendment or new agreement
are not otherwise disadvantageous to the Holders in any material respect;

(10)                            the Transactions and the
payment of all fees and expenses related to the Transactions, in each case as
disclosed in the Offering Circular;

(11)                            transactions with
easterners, financial advisors, 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
Issuer and the Restricted Subsidiaries, in the reasonable determination of the
Issuer or the senior management thereof, or are on terms at least as favorable
as might reasonably have been obtained at such time from an unaffiliated party;

(12)                            sales of accounts
receivable, or participations therein, in connection with any Receivables
Facility; and

(13)                            the issuance of Equity
Interests (other than Disqualified Stock) of the Issuer to any Permitted Holder
or to any director, manager, officer, employee or consultant.

Section 4.12   Liens.

The Issuer will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, assume or
suffer to exist any Lien that secures any Indebtedness of any kind on any asset
or property now owned or hereafter acquired, except Permitted Liens, unless (I)
in the case of Liens securing Indebtedness that is Subordinated Indebtedness,
the Notes or such Guarantee of a Guarantor are secured by a Lien on such
property or assets that is senior in priority to such Liens; and (2) in all
other cases, the Notes or such Guarantee of a Guarantor are equally and ratably
secured; provided that any Lien
which is granted to secure the Notes under this Section 4.12 shall be
discharged at the same time as the discharge of the Lien that gave rise to the
obligation to so secure the Notes.

Section 4.13   Limitation on Issuances
and Sales of Equity Interests of Broker-Dealer Restricted Subsidiaries.

The Issuer will not, and will not permit any
Restricted Subsidiary to, transfer, convey, sell, issue, lease or otherwise
dispose of any Equity Interests of any Broker-Dealer Restricted Subsidiary
which is not a Guarantor to any Person (other than to the Company or another
Wholly-Owned Restricted Subsidiary of the Company), unless (a) after giving
effect to such transfer, conveyance, sale, lease or other disposition, either
(x) such Broker-Dealer Restricted Subsidiary 

 80
 

 

remains (A) an Unlimited Restricted Subsidiary or (B)
a Restricted Subsidiary, so long as before and after giving effect to such
transaction, the Leverage Ratio of the Issuer and its Restricted Subsidiaries
is less than 4.5 to 1.0) or (y) the Issuer and its Restricted Subsidiaries
cease to own any Equity Interests of such Broker-Dealer Restricted Subsidiary,
and (b) such transfer, conveyance, sale, lease or other disposition shall be
made in accordance with the provisions of Section 4.10; provided, however,
that this Section 4.13 shall not restrict any pledge of Capital Stock of the
Company and its Restricted Subsidiaries securing Indebtedness under the Credit
Facilities or other Indebtedness permitted to be secured by Section 4.12.

Section 4.14   Corporate Existence.

Subject to Article 5 hereof, the Issuer shall do or
cause to be done all things necessary to preserve and keep in full force and
effect:

(a)           its
corporate existence, and the corporate, partnership, limited liability company
or other existence of each of its Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to
time) of the Issuer or any such Subsidiary; and

(b)           the
rights (charter and statutory), licenses and franchises of the Issuer and its
Subsidiaries; provided, however, that the Issuer shall not be
required to preserve any such right, license or franchise, or the corporate,
partnership or other existence of any of its Subsidiaries, if its Board of
Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Issuer and its Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the
Holders of the Notes.

Section 4.15   Offer to Repurchase Upon
Change of Control.

(a)           If
a Change of Control occurs, the Issuer will make an offer (a “Change of Control
Offer”) to each Holder to purchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a
price in cash (a “Change of Control Payment”) equal to 101% of the aggregate
principal amount of Notes plus accrued and unpaid interest to the date of
purchase, subject to the rights of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date. Within 30
days following any Change of Control, the Issuer will send notice of such
Change of Control Offer by first class mail, with a copy to the Trustee, to
each Holder of Notes to the address of such Holder appearing in the security
register with a copy to the Trustee, with the following information:

(1)                                  that a Change of
Control Offer is being made pursuant to this Section 4.15 and that all Notes
properly tendered pursuant to such Change of Control Offer, will be accepted
for payment;

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

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

 81
 

 

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

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

(6)                                  that Holders will be
entitled to withdraw their tendered Notes and their election to require the
issuer to purchase such Notes, provided
that the paying agent receives, not later than the close of business on the
last day of the offer period, a telegram, telex, facsimile transmission or
letter setting forth the name of the Holder of the Notes, the principal amount
of Notes tendered for purchase, and a statement that such Holder is withdrawing
his tendered Notes and his election to have such Notes purchased; and

(7)                                  that Holders whose
Notes are being purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be equal to $2,000 in principal amount or an integral
multiple of $1,000 in excess thereof.

While the Notes are in global form and the Issuer
makes an offer to purchase all of the Notes pursuant to the Change of Control
Offer, a Holder may exercise its option to elect for the purchase of the Notes
through. the facilities of DTC, subject to its rules and regulations.

The Issuer will comply with the requirements of Rule
14e-l under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes pursuant to a Change of Control
Offer. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of Section 3.09 hereof or this Section 4,15, the
Issuer will comply with the applicable securities laws and regulations and will
not be deemed to have breached their obligations under Section 3.09 hereof or
this Section 4.15 by virtue of such compliance.

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

(1)                                  accept for payment
all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer;

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

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

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The Paying Agent will promptly mail to each Holder of
Notes the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail to each Holder a new Note equal in principal
amount to any unpurchased portion of the Notes surrendered, if any; provided
that each such new Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. The Issuer will publicly announce the
results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.

(c)           Notwithstanding
anything to the contrary in this Section 4.15, the Issuer will not be required
to make a Change of Control Offer following a Change of Control if a third
party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.15
and Section 3.09 hereof made by the Issuer and purchases all Notes validly
tendered and not withdrawn under such Change of Control Offer.

A Change of Control Offer may be made in advance of a
Change of Control, conditional upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the
Change of Control Offer.

Section 4.16   Additional Guarantees.

The Issuer will cause each Restricted Subsidiary that
is a Domestic Subsidiary, unless such Subsidiary is a Receivables Subsidiary or
a Restricted Subsidiary that cannot guarantee the Notes as a result of any
statute or any order, rule or regulation of any court or governmental or
regulatory agency, body or authority having jurisdiction over such Restricted
Subsidiary or any of its properties (provided
that if the Issuer or any of its Restricted Subsidiaries requests that any such
court or governmental or regulatory agency, body or authority permit such Restricted
Subsidiary to guarantee any Indebtedness of the Issuer or any of its Restricted
Subsidiaries, such request shall include a request for permission to guarantee
the Notes), that

(1)                                  guarantees any
Indebtedness of the Issuer or any of its Restricted Subsidiaries; or

(2)                                  incurs any
Indebtedness or issues any shares of Disqualified Stock permitted to be
incurred or issued pursuant to clause (1) Section 4.09(b) hereof

to execute and deliver to the Trustee, the form of
which is attached as Exhibit F hereto, a supplemental indenture pursuant to
which such Subsidiary will guarantee payment of the Notes or a Guarantee. Each
Guarantee will be limited to an amount not to exceed the maximum amount that
can be guaranteed by that Restricted Subsidiary without rendering the
Guarantee, as it relates to such Restricted Subsidiary, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer or
similar laws affecting the rights of creditors generally. Each Guarantee shall
be released in accordance with Section 4.17 hereof. The form of such Guarantee
is attached as Exhibit E hereto.

Section 4.17   Release of Guarantees.

A Guarantee of a Guarantor will be automatically
released and no further action is required for the release of such Guarantor’s
Guarantee, upon:

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(1)                                  the sale, disposition
or other transfer (including through merger or consolidation) of the Capital
Stock (including any sale, disposition or other transfer following which the
applicable Guarantor is no longer a Restricted Subsidiary), or all or
substantially all the assets, of the applicable Guarantor if such sale,
disposition or other transfer is made in compliance with this Indenture;

(A)                              the Issuer designating
such Guarantor to be an Unrestricted Subsidiary in accordance with Section 4.07
hereof and the definition of “Unrestricted Subsidiary;” and

(B)                                in the case of any
Restricted Subsidiary which after the Issue Date is required to guarantee the
Notes pursuant to this Section 4.17, the release or discharge of the guarantee
by such Restricted Subsidiary of Indebtedness of the Issuer or any Restricted
Subsidiary of the Issuer or such Restricted Subsidiary or the repayment of the
Indebtedness or Disqualified Stock, in each case, which resulted in the
obligation to guarantee the Notes; and

(2)                                  in the case of clause
(1)(A) above, such Guarantor is released from its guarantees, if any, of, and
all pledges and security, if any, granted in connection with, the Credit
Agreement and any other Indebtedness of the Issuer or any Restricted Subsidiary
of the Issuer.

A Guarantee also will be automatically released if
such Subsidiary is released from its guarantees of the Credit Agreement and any
other Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer,
which results in the obligation to guarantee the Notes.

Upon Legal Defeasance in accordance with Article 8
hereof or satisfaction and discharge of this Indenture in accordance with
Article 12 hereof; each Guarantor will be released and relieved of any
obligations under its Guarantee.

Section 4.18   Limitations on Sale and
Leaseback Transactions.

The Issuer will not, and will not permit any of its
Restricted Subsidiaries to, enter into any sale and leaseback transaction; provided, however,
that the Issuer may enter into a sale and leaseback transaction if the Issuer
could have incurred Indebtedness in an amount equal to the Attributable Debt
relating to such sale and leaseback transaction pursuant to the Fixed Charge
Coverage Ratio test described in the first sentence under Section 4.09 hereof.

Section 4.19   Limitation on Layering.

Notwithstanding anything to the contrary, the Issuer
shall not, and shall net permit any Guarantor to, directly or indirectly, incur
any Indebtedness (including Permitted Indebtedness) that is subordinate in
right of payment to any Senior Indebtedness of the Issuers or such Guarantor,
as the case may be, unless such Indebtedness is either:

(a)           equal
in right of payment with the Notes or such Guarantor’s Guarantee of the Notes,
as the case may be; or

 84
 

 

(b)           expressly
subordinated in right of payment to the Notes or such Guarantor’s Guarantee of
the Notes, as the case may be.

For the purposes of this Indenture, Indebtedness that
is unsecured is not deemed to be subordinated or junior to Secured Debt merely
because it is unsecured, and Senior Debt is not deemed to be subordinated or
junior to any other Senior Debt merely because it has a junior priority with
respect to the same collateral; provided,
however, that notwithstanding the
foregoing, until the Disposition Date (unless otherwise consented by the GSMP
Group), any Secured Debt which is, by its express terms, subordinated as to
rights to receive proceeds of collateral to any other Secured Debt of such
Guarantor secured in whole or in part by the same collateral shall not be
permitted.

Section 4.20   Restrictions on Activities
of Holdings.

(a)           Holdings
shall not (i) engage in any business other than direct ownership of all of the
Equity Interests of the Issuer and activities incidental or reasonably related
thereto, other than (A) the performance of its obligations under and in
connection with the Credit Agreement, this Indenture, the Mezzanine Purchase
Agreement, the GS&Co Purchase Agreement and the Notes, (8) actions
incidental to the consummation of the Transactions, (C) the maintenance of its
legal existence, including the ability to incur fees, costs and expenses
relating to such maintenance, (D) participating in tax, accounting and other
administrative matters as a member of the consolidated group of Holdings and
the Issuer, (E) the performance of the Transaction Documents, (F) any public
offering of its common stock or any other issuance of its Capital Stock not
prohibited by this Indenture, including the costs,, fees and expenses related
thereto, (G) any transaction that Holdings is permitted to enter into or
consummate under this Article 4 including making any Restricted Payment
permitted by Section 4.07 or holding any cash received in connection with
Restricted Payments made by the Issuer in accordance with Section 4,07 pending
application thereof by Holdings in the manner contemplated by Section 4.07, (H)
incurring fees, costs and expenses relating to overhead and general operating
including, without limitation, professional fees for legal, tax and accounting
issues, (I) providing indemnification to officers and directors and as
otherwise permitted in this Indenture and (J) actions expressly permitted to be
taken by them pursuant to this Section 4.20, (ii) make or permit to remain
outstanding any Investment, except for Investments in the Equity Interests of
the Issuer and property or assets acquired and immediately contributed to the
Issuer or (iii) own or hold or agree to own or hold any property or asset other
than the Equity Interests of the Issuer and cash or Cash Equivalents, and
property or assets acquired and immediately contributed to the Issuer.

(b)           Holdings
shall not transfer, convey, sell, lease or otherwise dispose of any Equity
Interests of the Issuer to any Person; provided, however, that this sentence shall not apply to (x) any
pledge of Capital Stock of the Issuer to the extent required under the Credit
Agreement or any other agreement governing Secured Debt permitted hereunder and
(y) foreclosure on such Equity Interests pursuant to the Credit Agreement or
any other agreement governing Secured Debt permitted hereunder. Holdings shall
not permit the Issuer to issue any Equity Interests to any Person other than
Holdings.

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Section 4.21   Suspension of Covenants.

(a)           During
any period of time that: (i) the Notes have Investment Grade Ratings from both
Rating Agencies and (ii) no Default or Event of Default has occurred and is
continuing under this Indenture (the occurrence of the events described in the
foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”), the Issuer and the Restricted
Subsidiaries will not be subject to the following provisions of this Indenture:

(1)                                  Section 4.07;

(2)                                  Section 4.08;

(3)                                  Section 4.09;

(4)                                  Section 4.10;

(5)                                  Section 4.11;

(6)                                  Section 4.13;

(7)                                  Section 4.18 and

(8)                                  Clause 4 of Section
5.01(a) (collectively, the “Suspended Covenants”).

(b)           Upon
the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from
Net Proceeds shall be set at zero. In addition, the Guarantees of the
Guarantors will also be suspended as of such date (the “Suspension Date”).
In the event that the Issuer and the Restricted Subsidiaries are not subject to
the Suspended Covenants for any period of time as a result of the foregoing,
and on any subsequent date (the “Reversion Date”) one or both of the
Rating Agencies withdraws its Investment Grade Rating or downgrades the rating
assigned to the notes below an Investment Grade Rating or a Default or Event of
Default occurs and is continuing, then the Issuer and the Restricted
Subsidiaries will thereafter again be subject to the Suspended Covenants with
respect to future events and the Guarantees will be reinstated. The period of
time between the Suspension Date and the Reversion Date is referred to in this
description as the “Suspension Period.” Notwithstanding
that the Suspended Covenants may be reinstated, no Default or Event of Default
will be deemed to have occurred as a result of a failure to comply with the
Suspended Covenants during the Suspension Period (or upon termination of the
Suspension Period or after that time based solely on events that occurred
during the Suspension Period).

(1)                                  On the Reversion
Date, all Indebtedness incurred, or Disqualified Stock issued, during the
Suspension Period will be classified to have been incurred or issued pursuant
to Section 4.09(a) hereof or one of the clauses set forth in Section 4.09(b)
hereof (to the extent such Indebtedness or Disqualified Stock would be
permitted to be incurred or issued thereunder as of the Reversion Date and
after giving effect to Indebtedness incurred or issued prior to the Suspension
Period and outstanding on the Reversion Date). To the extent such Indebtedness
or Disqualified Stock would not be so permitted to be incurred or issued
pursuant to

 86

 

Section 4.09(a) or (b) hereof, such Indebtedness Or
Disqualified Stock will be deemed to have been outstanding on the Issue Date,
so that it is classified as permitted under clause (3) of Section 4.09(b)
hereof. Calculations made after the Reversion Date of the amount available to
be made as Restricted Payments under Section 4.07 hereof will be made as though
Section 4.07 hereof had been in effect since the Issue Date and throughout the
Suspension Period, Accordingly, Restricted Payments made during the Suspension
Period will reduce the amount available to be made as Restricted Payments under
Section 4.07(a) hereof.

(2)                                  The
Issuer shall deliver promptly to the Trustee an Officer’s Certificate notifying
it of any such occurrence under this Section 4.21.

Section 4.22   Payments for Consents.

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

ARTICLE 5

SUCCESSORS

Section 5.01   Merger, Consolidation, or
Sa1e of Assets.

(a)           the Issuer may not
consolidate or merge with or into (whether or not the Issuer is the surviving
entity, or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of the properties or assets in one or more related
transactions, to another Person, unless:

(1)                                  either:

(A)                              the
Issuer is the surviving company; or

(B)                                the
Person formed by or surviving any such consolidation or merger (if other than
the Issuer) or to which such sale, assignment, transfer, lease, conveyance or
other disposition has been made is an entity organized or existing under the
laws of the United States, any state thereof, the District of Columbia, or any
territory thereof (such Person, as the case may be, being herein called the “Successor
Company”);

(2)                                  the
Successor Company, if other than the Issuer, expressly assumes all the
obligations of the Issuer under this Indenture and the Notes pursuant to
supplemental indentures or other documents or instruments in form reasonably
satisfactory to the Trustee;

(3)                                  immediately
after such transaction, no Default or Event of Default exists; and

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

(A)                              the
Successor Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 4.09(a) hereof; or

(B)                                the
Fixed Charge Coverage Ratio for the Successor Company and the Restricted
Subsidiaries would be greater than such ratio for the Issuer and the Restricted
Subsidiaries immediately prior to such transaction;

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

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

The Successor Company will succeed to, and be
substituted for, the Issuer under the Indenture and the Notes. Notwithstanding
the foregoing clauses (3) and (4):

(A)                              any
Restricted Subsidiary may consolidate with, merge into or transfer all or part
of its properties and assets to the Issuer, and

(B)                                the
Issuer may merge with an Affiliate incorporated solely for the purpose of
reincorporating the guarantor or the Issuer in another State of the United
States so long as the amount of Indebtedness of the Issuer and the Restricted
Subsidiaries is not increased thereby.

(b)           Subject to Section
4.17 hereof, each Guarantor will not, and the Issuer will not permit any
Guarantor to, consolidate or merge with or into or wind up into (whether or not
such Guarantor is the surviving corporation), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or
assets in one or more related transactions to, any Person, unless:

(1)

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

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

(C)                                immediately
after such transaction no Default or Event of Default exists; and

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

(2)                                  the
transaction is made in compliance with Section 4.10 hereof.

(c)           Notwithstanding the
foregoing, the mergers contemplated by the Transaction Agreement will be
permitted without compliance with this Section 5.01. Subject to certain
limitations described in this Indenture, the Successor Person will succeed to,
and be substituted for, such Guarantor under this Indenture and such Guarantor’s
Guarantee. Notwithstanding the foregoing, any Guarantor may merge into or
transfer all or part of its properties and assets to another Guarantor or the
Issuer.

Section 5.02   Successor Corporation
Substituted.

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

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01   Events of Default.

Each of the following is an “Event of Default”:

(a)           default in payment
when due and payable, upon redemption, acceleration or otherwise, of principal
of, or premium, if any, on the Notes issued under this Indenture;

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(b)           default for 30 days
(or, until the Disposition Date (unless the GSMP Group consents to a longer
period not to exceed 30 days), 5 days) or more in the payment when due of
interest on or any other amount with respect to the Notes issued under the
Indenture whether or not such payment is prohibited by the provisions of
Article 10 hereof;

(c)           (A) failure by the
Issuer to comply with its obligations under Section 4.15 hereof or Article 5
(with respect to the Issuer only) hereof or (B) failure by Holdings, the Issuer
or any Restricted Subsidiary of the Issuer, for 60 days after receipt of
written notice given by the Trustee or the Holders of at least 35% in principal
amount of the Notes then outstanding, to comply with any of its other
agreements under this Indenture or the Notes to the extent such failure does
not otherwise constitute a Default under clause (a), (b) or (c)(A); provided that, notwithstanding anything to the contrary in
the foregoing clause (B), until the Disposition Date (unless the GSMP Group
consents to longer grace periods not to exceed those provided in the foregoing
clause (B), failure of Holdings, the Issuer or any Restricted Subsidiary of the
Issuer to comply with their respective obligations (x) under Sections 4.07
through 4.13, inclusive, 4.18, through 4.20, inclusive, and Article 5 (other
than with respect to the Issuer) shall result in an Event of Default upon the
occurrence of such failure and (y) under any other provision of this Indenture
or the Notes (to the extent such failure does not otherwise constitute a
Default under clauses (a), (b) or (c)(A)) shall result in an Event of Default
after such failure continues for 30 days after receipt of written notice given
by the Trustee or the GSMP Group;

(d)           default under any
mortgage, indenture or instrument under which there is issued or by which there
is secured or evidenced any Indebtedness by the Issuer or any Restricted
Subsidiary or the payment of which is guaranteed by the Issuer or any
Restricted Subsidiary, other than Indebtedness owed to the Issuer or a
Restricted Subsidiary by a Person which is neither the Issuer nor its
Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is
created after the issuance of the Notes, if both:

(1)                                  such
default (I) in the case of any Senior Debt, either (i) results from the failure
to pay any such Indebtedness at its stated final maturity (after giving effect
to any applicable grace periods) or (ii) relates to an obligation other than
the obligation to pay principal of any such Indebtedness at its stated final
maturity and results in the holder or holders of such Indebtedness causing such
Indebtedness to become due prior to its stated maturity or (II) in the case of
any other Indebtedness, continues beyond its applicable period of grace; and

(2)                                  the
principal amount of such Indebtedness, together with the principal amount of
any other such Indebtedness subject to clause (A) above, aggregates $25.0
million or more at any one time outstanding;

(e)           until the
Disposition Date (unless waived by the GSMP Group), (A) failure by the Issuer
for 30 days after receipt of written notice given by one or more Initial
Purchasers to comply with any of its covenants and other agreements in the
Mezzanine Purchase Agreement or (B) failure of any representation, warranty,
certification or statement made or deemed to have been made by or on behalf of
the Issuer or by any of its officers or employees in any statement or
certificate at any time given by or on behalf of the Issuer in writing pursuant
to the Mezzanine Purchase Agreement to be true and correct in any material
respect on the date as of which made;

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(f)            failure by the
Issuer or any of its Subsidiaries to pay final judgments aggregating in excess
of $25.0 million, which final judgments remain unpaid, undischarged and
unstayed for a period of more than 60 days after such judgment becomes final,
and in the event such judgment is covered by insurance, an enforcement
proceeding has been commenced by any creditor upon such judgment or decree
which is not promptly stayed;

(g)           the Issuer or any of
its Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries
of the Issuer that, taken together, would constitute a Significant Subsidiary
pursuant to or within the meaning of Bankruptcy Law:

(1)                                  commences
a voluntary case,

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

(3)                                  consents
to the appointment of a custodian of it or for all or substantially all of its
property,

(4)                                  makes
a general assignment for the benefit of its creditors, or

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

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

(1)                                  is
for relief against the Issuer or any of its Subsidiaries that is a Significant
Subsidiary or any group of Subsidiaries of the Issuer that, taken together,
would constitute a Significant Subsidiary in an involuntary case;

(2)                                  appoints
a custodian of the Issuer or any of its Subsidiaries that is a Significant
Subsidiary or any group of Subsidiaries of the Issuer that, taken together,
would constitute a Significant Subsidiary or for all or substantially all of
the property of the Issuer or any of its Subsidiaries that is a Significant
Subsidiary or any group of Subsidiaries of the Issuer that, taken together,
would constitute a Significant Subsidiary; or

(3)                                  orders
the liquidation of the Issuer or any of its Subsidiaries that is a Significant
Subsidiary or any group of Subsidiaries of the Issuer that, taken together,
would constitute a Significant Subsidiary;

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

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

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(j)            Holdings ceases to
own 100% of the issued and outstanding Equity Interests of the Issuer.

In the event of any Event of Default specified in
clause (d) above, such Event of Default and all consequences thereof (excluding
any resulting payment default) shall be annulled, waived and rescinded,
automatically and without any action by the Trustee or the Holders, if within
20 days after such Event of Default arose:

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

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

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

Section 6.01   Acceleration.

In the case of an Event of Default specified in clause
(g) or (h) of Section 6.01 hereof, with respect to the Issuer, any Restricted
Subsidiary of the Issuer that is a Significant Subsidiary or any group of
Subsidiaries of the Issuer that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable without further
action or notice. If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 35% in principal amount of the then
outstanding Notes issued under this Indenture (provided
that with respect to the Defaults applicable only prior to the Disposition
Date, such percentage must include the GSMP Group) may declare the principal,
premium, if any, interest and any other monetary obligations on all of the then
outstanding Notes issued under this Indenture to be due and payable immediately
or if the Credit Agreement remains outstanding, upon the first to occur of an
acceleration under the Credit Agreement and five Business Days after receipt by
the Issuer and the Representative under the Credit Agreement of a notice of
acceleration pursuant to this Section 6.02 but only if such Event of Default is
then continuing.

Upon the effectiveness such declaration, such principal
and interest shall become due and payable immediately.

The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may, on
behalf of all of the Holders, rescind an acceleration and its consequence, if
the rescission would not conflict with any judgment or decree and if all
existing Events of Default (except nonpayment of principal, interest or
premium, if any, that has become due solely because of the acceleration) have
been cured or waived.

Section 6.03   Other Remedies.

If, at any time prior to the first day on which the
Initial Purchasers shall fail to own at least a majority in aggregate principal
amount of the Notes then outstanding (exclusive of any Notes held by the Issuer
or any of its Affiliates), unless waived by the Initial Purchasers, a default
in the payment when due of interest on, principal of, or premium, if any, on,
the Notes or an Event of Default has occurred and is continuing, then in each
case the Notes will accrue interest at the stated interest rate on the Notes
plus the Default Interest Rate until such time as no such Default 

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or such Event of Default shall be continuing (to the
extent that the payment of such interest shall be legally enforceable) or the
Disposition Date. At any other time, any amounts payable under or in respect of
the Notes not paid when due will accrue interest at the stated interest rate on
the Notes plus the Default Interest Rate until such time as such amounts are
paid in full, including any interest thereon (to the extent that the payment of
such overdue interest shall be legally enforceable). Default Interest shall be
payable in cash on demand.

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

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

Section 6.04   Waiver of Past Defaults.

Holders of not less than a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may on
behalf of the Holders of all of the Notes waive an existing Default or Event of
Default and its consequences hereunder, except a continuing Default or Event of
Default in the payment of the principal of, premium, if any, or interest on,
any Notes held by a non-consenting Holder (including in connection with an
offer to purchase); provided, however, that the Holders of a majority in
aggregate principal amount of the then outstanding Notes may rescind an
acceleration and its consequences, including any related payment default that
resulted from such acceleration. Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon.

Section 6.05   Control by Majority.

Holders of a majority in aggregate principal amount of
the then outstanding Notes may direct the time, method and place of conducting
any proceeding for exercising any remedy available to the Trustee or exercising
any trust or power conferred on it. However, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture that the Trustee
determines may be unduly prejudicial to the rights of other Holders of Notes or
that may involve the Trustee in personal liability.

Section 6.06   Limitation on Suits.

A Holder may pursue a remedy with respect to this
Indenture or the Notes only if:

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

(b)           Holders of at least
35% in aggregate principal amount of the then outstanding Notes make a written
request to the Trustee to pursue the remedy;

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

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

(e)           during such 60-day
period, Holders of a majority in aggregate principal amount of the then
outstanding Notes do not give the Trustee a direction inconsistent with such
request.

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

Section 6.07   Rights of Holders of Notes
to Receive Payment.

Notwithstanding any other provision of this Indenture,
the right of any Holder of a Note to receive payment of principal, premium, if
any, and interest on the Note, on or after the respective due dates expressed in
the Note (including in connection with an offer to purchase), 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) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as Trustee of an express trust against the Issuer
for the whole amount of principal of, premium, if any, and interest remaining
unpaid on, the Notes and interest on overdue principal and, to the extent
lawful, interest and such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

Section 6.09   Trustee May File Proofs of
Claim.

The Trustee is authorized to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel)
and the Holders of the Notes allowed in any judicial proceedings relative to
the Issuer (or any other obligor upon the Notes), its creditors or its property
and shall be entitled and empowered to collect, receive and distribute any
money or other property payable or deliverable on any such claims and any
custodian in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof out of the estate in any such proceeding, shall be denied
for any reason, payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such 

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proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise, Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

Section 6.10   Priorities.

If the Trustee collects any money pursuant to this
Article 6, it shall pay out the money in the following order:

First:   to
the Trustee, its agents and attorneys for amounts due under Section 7.07
hereof, including payment of all compensation, expenses and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of
collection;

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

Third:   to the Issuer or to
such party as a court of competent jurisdiction shall direct.

The Trustee may fix a record date and payment date for
any payment to Holders of Notes pursuant to this Section 6.10.

Section 6.11   Undertaking for Costs.

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

ARTICLE 7

TRUSTEE

Section 7.01   Duties of Trustee.

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

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

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(1)                                  the
duties of the Trustee will be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are
specifically set forth in this Indenture and no others, and no implied
covenants or obligations shall be. read into this Indenture against the
Trustee; and

(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 will 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 liabilities for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

(1)                                  this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

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

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

(d)           Whether or not
therein expressly so provided, every provision of this Indenture that in any
way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this
Section 7.01.

(e)           No provision of this
Indenture will require the Trustee to expend or risk its own funds or incur any
liability. The Trustee will be under no obligation to exercise any of its
rights and powers under this Indenture at the request of any Holders, unless
such Holder has offered to the Trustee security and indemnity satisfactory to
it against any loss, liability or expense.

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

Section 7.02   Rights of Trustee.

(a)           The Trustee may
conclusively rely upon any document believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any
fact or matter stated in the document.

(b)           Before the Trustee
acts or refrains from acting, it may require an. Officer’s Certificate or an
Opinion of Counsel or both. The Trustee will not be liable for any action it
takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. The Trustee may consult with counsel and the written
advice of such counsel or any Opinion of Counsel will 

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be full and complete authorization and protection from liability in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.

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

(d)           The Trustee will not
be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by
this Indenture.

(e)           Unless otherwise
specifically provided in this Indenture, any demand, request, direction or
notice from the Issuer will be sufficient if signed by an Officer of the
Issuer.

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

Section 7.03   Individual Rights of
Trustee.

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Issuer
or any Affiliate of the Issuer with the same rights it would have if it were
not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee (if this Indenture has been qualified under
the TIA) or resign. Any Agent may do the same with like rights and duties. The
Trustee is also subject to Sections 7.10 and 7.11 hereof.

Section 7.04   Trustee’s Disclaimer.

The Trustee will not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes,
it shall not be accountable for the Issuer’s use of the proceeds from the Notes
or any money paid to the Issuer or upon the Issuer’s direction under any
provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee,
and it will not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of
authentication.

Section 7.05   Notice of Defaults.

If a Default or Event of Default occurs and is
continuing and if it is known to the Trustee, the Trustee will mail to Holders
of Notes a notice of the Default or Event of Default within 90 days after it
occurs. Except in the case of a Default or Event of Default in payment of
principal of, premium, if any, or interest on, any Note, the Trustee may
withhold the notice if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of the
Holders of the Notes.

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Section 7.06   Reports by Trustee to
Holders of the Notes.

(a)           Within 60 days after
each May 15 beginning with the May 15 following the date of this Indenture, and
for so long as Notes remain outstanding, the Trustee will mail to the Holders
of the Notes a brief report dated as of such reporting date that complies with
TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The
Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit
by mail all reports as required by TIA § 313(c).

(b)           A copy of each
report at the time of its mailing to the Holders of Notes will be mailed by the
Trustee to the Issuer and filed by the Trustee with the SEC and each stock exchange
on which the Notes are listed in accordance with TIA § 313(d). The Issuer will
promptly notify the Trustee when the Notes are listed on any stock exchange.

Section 7.07   Compensation and
Indemnity.

(a)           The Issuer will pay
to the Trustee from time to time reasonable compensation for its acceptance of
this Indenture and services hereunder. The Trustee’s compensation will not be
limited by any law on compensation of a trustee of an express trust. The Issuer
will reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services. Such expenses will include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel.

(b)           The Issuer and the
Guarantors will indemnify the Trustee against any and all losses, liabilities
or expenses incurred by it arising out of or in connection with the acceptance
or administration of its duties under this Indenture, including the costs and expenses
of enforcing this Indenture against the Issuer and the Guarantors (including
this Section 7.07) and defending itself against any claim (whether asserted by
the Issuer, the Guarantors, any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense may be
attributable to its negligence or bad faith. The Trustee will notify the Issuer
promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Issuer will not relieve the Issuer or any of the Guarantors of
their obligations hereunder. The Issuer or such Guarantor will defend the claim
and the Trustee will cooperate in the defense. The Trustee may have separate
counsel and the Issuer will pay the reasonable fees and expenses of such
counsel. Neither the Issuer nor any Guarantor need pay for any settlement made
without its consent, which consent will not be unreasonably withheld.

(c)           The obligations of
the Issuer and the Guarantors under this Section 7.07 will survive the
satisfaction and discharge of this Indenture.

(d)           To secure the Issuer’s
and the Guarantors’ payment obligations in this Section 7.07, the Trustee will
have a Lien prior to the Notes on all money or property held or collected by
the Trustee, except that held in trust to pay principal and interest on
particular Notes. Such Lien will survive the satisfaction and discharge of this
Indenture.

(e)           When the Trustee
incurs expenses or renders services after an Event of Default specified in
Section 6.01(g) or (h) hereof occurs, the expenses and the compensation for the
services 

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(including the fees and expenses of its agents and counsel) are
intended to constitute expenses of administration under any Bankruptcy Law.

(f)            The Trustee will
comply with the provisions of TIA § 313(b)(2) to the extent applicable.

Section 7.08   Replacement of Trustee.

(a)           A resignation or
removal of the Trustee and appointment of a successor Trustee will become effective
only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08.

(b)           The Trustee may
resign in writing at any time and be discharged from the trust hereby created
by so notifying the Issuer. The Holders of a majority in aggregate principal
amount of the then outstanding Notes may remove the Trustee by so notifying the
Trustee and the Issuer in writing. The Issuer may remove the Trustee if:

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

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

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

(4)                                  the
Trustee becomes incapable of acting.

(c)           If the Trustee
resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Issuer will promptly appoint a successor Trustee. Within one year
after the successor Trustee takes office, the Holders of a majority in
aggregate principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Issuer.

(d)           If a successor
Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10%
in aggregate principal amount of the then outstanding Notes may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

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

(f)            A successor Trustee
will deliver a written acceptance of its appointment to the retiring Trustee
and to the issuer. Thereupon, the resignation or removal of the retiring
Trustee will become effective, and the successor Trustee will have all the
rights, powers and duties of the Trustee under this Indenture. The successor
Trustee will mail a notice of its succession to Holders. The retiring Trustee
will promptly transfer all property held by it as Trustee to the successor
Trustee; provided all sums owing
to the Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.07 hereof. Notwithstanding replacement of the Trustee 

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pursuant to this Section 7.08, the Issuer’s obligations under Section
7.07 hereof will continue for the benefit of the retiring Trustee.

Section 7.09   Successor Trustee by
Merger, etc.

If the Trustee consolidates, merges or converts into,
or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act will be
the successor Trustee.

Section 7.10   Eligibility;
Disqualification.

There will at all times be a Trustee hereunder that is
a corporation organized and doing business under the laws of the United States
of America or of any state thereof that is authorized under such laws to
exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of
at least $100.0 million as set forth in its most recent published annual report
of condition.

This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is
subject to TIA § 310(b).

Section 7.11   Preferential Collection of
Claims Against the Issuer.

The Trustee is subject to TIA § 311(a), excluding any
creditor relationship listed in TIA § 3.11(b). A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated therein.

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01   Option to Effect Legal
Defeasance or Covenant Defeasance.

The Issuer may, at its option and at any time, elect
to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes
and Guarantees issued under this Indenture upon compliance with the conditions
set forth below in this Article 8.

Section 8.02   Legal Defeasance and
Discharge.

Upon the Issuer’s exercise under Section 8.01 hereof
of the option applicable to this Section 8.02, the Issuer and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Notes (including the Guarantees) on the date
the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that
the Issuer and the Guarantors will be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Notes (including the
Guarantees), which will thereafter be deemed to be “outstanding” only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in clauses (a) and (b) below, and to have satisfied all their other
obligations under such Notes, the Guarantees and this Indenture (and the
Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging the 

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same), except for the following provisions which will
survive until otherwise terminated or discharged hereunder:

(a)           the rights of
Holders of Notes issued under this Indenture to receive payments in respect of
the principal of, premium,. if any, and interest on such Notes when such
payments are due solely out of the trust referred to in Section 8.04 hereof;

(b)           the Issuer’s
obligations with respect to Notes issued under this Indenture concerning
issuing temporary notes, registration of such Notes, mutilated, destroyed, lost
or stolen Notes and the maintenance of an office or agency for payment and
money for security payments held in trust;

(c)           the rights, powers,
trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the
Guarantors’ obligations in connection therewith; and

(d)           this Section 8.02.

Subject to compliance with this Article 8, the Issuer
may exercise their option under this Section 8.02 notwithstanding the prior
exercise of their option under Section 8.03 hereof.

Section 8.03   Covenant Defeasance.

Upon the Issuer’s exercise under Section 8.01 hereof
of the option applicable to this Section 8,03, the Issuer and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be released from each of their obligations under the
covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11,
4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18, 4.19 and 4.20 hereof and clauses (3)
and (4) of Section 5.01(a) hereof with respect to the outstanding Notes on and
after the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the
Notes will thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but will
continue to be deemed “outstanding„ for all other purposes hereunder (it being
understood that such Notes will not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes and Guarantees, the Issuer and each of the Guarantors may
omit to comply with and will have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or
by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply will not constitute a
Default or an Event of Default under Section 6.01 hereof, but, except as
specified above, the remainder of this Indenture and such Notes and Guarantees
will be unaffected thereby. In addition, upon the Issuer’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6,01(c) through 6.01(f) hereof will not constitute Events of Default.

Section 8.04   Conditions to Legal or
Covenant Defeasance.

In order to exercise either Legal Defeasance or
Covenant Defeasance under either Section 8.02 or 8.03 hereof:

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(a)           the Issuer must
irrevocably deposit with the Trustee, in trust, for the benefit of the Holders,
cash in U.S. dollars, non-callable Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of,
premium, if any, and interest due on the Notes issued under this Indenture on
the stated maturity date or on the Redemption Date, as the case may be, of such
principal, premium, if any, or interest on the Notes;

(b)           in the case of an
election under Section 8.02 hereof, the Issuer shall have delivered to the
Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that, subject to customary assumptions and exclusions:

(1)                                  the
Issuer has received from, or there has been published by, the Internal Revenue
Service a ruling; or

(2)                                  since
the issuance of the Notes, there has been a change in the applicable U.S.
federal income tax law,

in either case to the effect that, and based thereon
such Opinion of Counsel in the United States shall confirm that, subject to
customary assumptions and exclusions, the Holders of the outstanding Notes will
not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such Legal Defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have
been the ease if such Legal Defeasance had not occurred;

(c)           in the case of an
election under Section 8.03 hereof, the Issuer shall have delivered to the
Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that, subject to customary assumptions and exclusions, the
Holders will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of such Covenant Defeasance and will be subject to such
tax on the same amounts, in the same manner and at the same times as would have
been the case if such Covenant Defeasance had not occurred;

(d)           no Default or Event
of Default (other than that resulting from borrowing funds to be applied to
make such deposit) shall have occurred and be continuing on the date of such
deposit;

(e)           such Legal
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, the Credit Agreement or any other material
agreement or instrument (other than this Indenture) to which, the Issuer or any
Guarantor is a party or by which the Issuer or any guarantor is bound;

(f)            the Issuer shall
have delivered to the Trustee an Opinion of Counsel to the effect that, as of the
date of such opinion and subject to customary assumptions and exclusions
following the deposit, the trust funds will not be subject to the effect of any
applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally under any applicable U.S. federal or state law, and
that the Trustee has a perfected security interest in such trust funds for the
ratable benefit of the Holders;

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(g)           the Issuer shall
have delivered to the Trustee an Officer’s Certificate stating that the deposit
was not made by the Issuer with the intent of defeating, hindering, delaying or
defrauding any creditors of the Issuer or any Guarantor or others; and

(h)           the Issuer shall
have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel in the United States (which Opinion of Counsel may be subject to
customary assumptions and exclusions), each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance, as the case may be, have been complied with.

Section 8.05   Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions.

Subject to Section 8.06 hereof, all money and
non-callable Government Securities (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by
the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law.

The Issuer will pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the cash or
non-callable Government Securities deposited pursuant to Section 8.04 hereof or
the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the
outstanding Notes.

Notwithstanding anything herein to the contrary, the
Trustee will deliver or pay to the Issuer from time to time upon the request of
the Issuer any money or non-callable Government Securities held by it as
provided in Section 12.01(b)(1) hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(a) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent
satisfaction and discharge.

Section 8.06   Repayment to the Issuer.

Any money deposited with the Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal
of, premium, or interest on, any Note and remaining unclaimed for two years
after such principal, premium, or interest has become due and payable shall be
paid to the Issuer or (if then held by the Issuer will be discharged from such
trust; and the Holder of such Note will thereafter be permitted to look only to
the Issuer for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Issuer as
trustee thereof, will thereupon cease; provided,
however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Issuer cause to be published once in a newspaper of general
circulation in the Borough of Manhattan, City of New York, notice that such
money remains unclaimed and that, after a date 

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specified therein, which will not be less than 30 days
from the date of such notification or publication, any unclaimed balance of
such money then remaining will be repaid to the Issuer.

Section 8.07   Reinstatement.

If the Trustee or Paying Agent is unable to apply any
U.S. dollars or non-callable Government Securities in accordance with Section
8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer’s and the Guarantors’ obligations
under this Indenture and the Notes and the Guarantees will be revived and
reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03
hereof until such time as the Trustee or Paying Agent is permitted to apply all
such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however,
that, if the Issuer make any payment of principal of, premium, if any, or
interest on, any Note following the reinstatement of its obligations, the
Issuer will be subrogated to the rights of the Holders of such Notes to receive
such payment from the money held by the Trustee or Paying Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01   Without Consent of Holders
of Notes.

Notwithstanding Section 9.02 of this Indenture, the
Issuer, any Guarantor (with respect to a Guarantee or this Indenture to which
it is a party) and the Trustee may amend or supplement this Indenture or the
Notes or the Guarantees without the consent of any Holder of Note:

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

(b)           to provide for
uncertificated Notes in addition to or in place of certificated Notes;

(c)           to comply with
Section 5.01 hereof;

(d)           to provide the
assumption of the Issuer’s or any Guarantor’s obligations to the Holders;

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

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

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

(h)           to evidence and
provide for the acceptance and appointment under this Indenture of a successor
Trustee pursuant to the requirements thereof; or

(i)            to add a Guarantor
under this Indenture.

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Upon the request of the Issuer accompanied by a
resolution of its Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon receipt by the Trustee of the
documents described in Section 7.02 hereof, the Trustee will join with the
Issuer and the Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make
any further appropriate agreements and stipulations that may be therein
contained, but the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under
this Indenture or otherwise. Notwithstanding the foregoing, an additional
Guarantor may be added pursuant to a supplemental indenture, and no Opinion of
Counsel or Officer’s Certificate shall be required.

Section 9.02   With Consent of Holders of
Notes.

Except as provided below in this Section 9.02, the
Issuer and the Trustee may amend or supplement this Indenture (including,
without limitation, Sections 3.09, 4.10 and 4.16 hereof) and the Notes and the
Guarantees with the consent of-the Holders of at least a majority in aggregate
principal amount of the then outstanding Notes voting as a single class
(including, without limitation, consents obtained in connection with a tender
offer or exchange offer for, or purchase of, the Notes), and, subject to
Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other
than a Default or Event of Default in the payment of the principal of, premium,
if any, or interest on, the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this
Indenture or the Notes or the Guarantees may be waived with the consent of the
Holders of at least a majority in aggregate principal amount of the then
outstanding Notes voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes). Section 2.08 hereof shall determine which Notes are
considered to be “outstanding” for purposes of this Section 9.02.

Upon the request of the Issuer accompanied by a
resolution of its Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid,
and upon receipt by the Trustee of the documents described in Section 7.02
hereof, the Trustee will join with the Issuer and the Guarantors in the
execution of such amended or supplemental indenture unless such amended or
supplemental indenture directly affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but will not be obligated to, enter into such amended or
supplemental Indenture.

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

After an amendment, supplement or waiver under this
Section 9.02 becomes effective, the Issuer will mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Issuer to mail such notice, or any defect therein,
will not, however, in any way impair or affect the validity of any such amended
or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof,
the Holders of a majority in aggregate principal amount of the Notes then
outstanding voting as a single class may waive 

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compliance in a particular instance by the Issuer with
any provision of this, Indenture or the Notes or the Guarantees. However,
without the consent of each Holder affected (subject to the Issuer’s rights
under Section 3.10 hereof), an amendment, supplement or waiver under this
Section 9.02 may not:

(a)           reduce the principal
amount of Notes whose Holders must consent to an amendment, supplement or
waiver;

(b)           reduce the principal
of or change the used maturity of any Note or alter or waive the provisions with
respect to the redemption of the Notes (other than the provisions of Section
4.15 hereof);

(c)           reduce the rate of
or change the time for payment of interest on any Note;

(d)           waive a Default or
Event of Default in the payment of principal of, or premium, if any, or
interest on the Notes issued under this Indenture, except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate
principal amount of the Notes and a waiver of the payment default that resulted
from such acceleration, or in respect of a covenant or provision contained in
this Indenture or any guarantee which cannot be amended or modified without the
consent of all Holders;

(e)           make any Note
payable in money other than that stated in the Notes;

(f)            make any change in
the provisions of this Indenture relating to waivers of past Defaults or the
rights of Holders to receive payments of principal of, or premium, if any, or
interest on the Notes;

(g)           make any change in
these amendment and waiver provisions; or

(h)           impair the right of
any Holder to receive payment of principal of, or interest on, such Holder’s
Notes on or after the due dates therefore or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes.

Section 9.03   Compliance with Trust
Indenture Act.

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

Section 9.04   Revocation and Effect of
Consents.

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

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Section 9.05   Notation on or Exchange of
Notes.

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

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

Section 9.06   Trustee to Sign
Amendments, etc.

The Trustee will sign any amended or supplemental
indenture authorized pursuant to this Article 9 if the amendment or supplement
does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. The Issuer may not sign an amended or supplemental indenture until the
Board of Directors of the Issuer approves it. In executing any amended or
supplemental indenture, the Trustee will be entitled to receive and (subject to
Section 7.01 hereof) will be fully protected in relying upon, in addition to
the documents required by Section 13.04 hereof, an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture.

ARTICLE 10

SUBORDINATION OF NOTES

Section 10.01   Notes
Subordinated to Senior Debt.

Notwithstanding anything to the contrary contained
herein, the Issuer, for itself and its successors, and each Holder, by his or
her acceptance of Notes, agrees that the payment of all Obligations owing to
the Holders in respect of the Notes is subordinated, to the extent and in the
manner provided in this Article 10, to the prior payment in full in cash, or
such payment duly provided for to the satisfaction of the holders of Senior
Debt, of all Obligations on Senior Debt (including the Obligations with respect
to the Credit Agreement, whether outstanding on the Issue Date or thereafter
incurred and including interest after the commencement of any bankruptcy
proceeding at the rate specified in the applicable Senior Debt, whether or not
a claim for such amount would be allowed in such proceeding). Notwithstanding
the foregoing, the Holders may receive and retain Permitted Junior Securities
and payments and distributions made relating to the Notes from the trust
established pursuant to Article 8 or 12 shall not be so subordinated in right
of payment, so long as the conditions specified in Article 8 or 12 (without any
waiver or modification of the requirement that the deposits pursuant thereto do
not conflict with the terms of the Credit Agreement or any other Senior Debt)
with respect to the trust established pursuant to Article 8 or 12 are satisfied
cm the date of any deposit pursuant to said trust.

This Article 10 shall constitute a continuing offer to
all Persons who become holders of, or continue to hold, Senior Debt, and such
provisions are made for the benefit of the holders of Senior Debt and such
holders are made obligees hereunder and any one or more of them may enforce such
provisions.

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Section 10.02   Suspension
of Payment When Designated Senior Debt Is in Default.

(a)           If any default
occurs and is continuing beyond any applicable grace period when payment is
due, whether at maturity, upon any redemption, by declaration or otherwise, of
any principal of, interest on, unpaid drawings for letters of credit issued in
respect of, or fees or other amounts payable with respect to, any Designated
Senior Debt (a “Payment Default”), then no payment
or distribution of any kind or character shall be made by or on behalf of the
Issuer or any other Person on its or their behalf with respect to any
Obligations on or relating to the Notes or to acquire, defease or redeem any of
the Notes for cash or assets or otherwise unless the default has been cured or
waived; provided, however, that the Issuer may pay the Notes
without regard to the foregoing if the Issuer and the Trustee receive written
notice approving such payment from the Representative of the holders of such
Designated Senior Debt.

(b)           If any other event
of default (other than a Payment Default) occurs and is continuing with respect
to any Designated Senior Debt (as such event of default is defined in the
instrument creating or evidencing such Designated Senior Debt) permitting the
holders of such Designated Senior Debt then outstanding to accelerate the
maturity thereof (without further notice or the passage of time, other than
notice of acceleration) (a “Non-Payment Default”) and if the
Representative for the respective issue of Designated Senior Debt gives notice
of the event of default to the Trustee stating that such notice is a payment
blockage notice (a “Payment Blockage Notice”), then
during the period (the “Payment Blockage Period”) beginning
upon the delivery of such Payment Blockage Notice and ending on the earlier of
the 179th day after such delivery and the date on which (x) such Non-Payment
Default with respect to such Designated Senior Debt has been cured or waived or
ceases to exist, (y) all Designated Senior Debt with respect to which any such
event of default has occurred and is continuing is discharged or paid in full
in cash, or (z) the Trustee receives notice thereof from the Representative for
the respective issue of Designated Senior Debt terminating the Payment Blockage
Period (unless the maturity of any Designated Senior Debt has been accelerated
or a Payment Default exists), neither the Issuer nor any other Person on its
behalf shall (x) make any payment of any kind or character with respect to any
Obligations on or with respect to the Notes (except that Holders may receive
and retain Permitted Junior Securities and payments from trusts described in
Article 8 or 12) or (y) acquire, defease or redeem any of the Notes for cash or
assets or otherwise. Notwithstanding anything herein to the contrary, (x) in no
event will a Payment Blockage Period extend beyond 179 days from the date the
applicable Payment Blockage Notice is received by the Trustee and (y) only one
such Payment Blockage Period may be commenced within any 360 consecutive days.
For all purposes of this Section 10.02(b), no event of default which existed or
was continuing on the date of the commencement of any Payment Blockage Period
with respect to the Designated Senior Debt shall be, or be made, the basis for
the commencement of a second Payment Blockage Period by the Representative of
such Designated Senior Debt whether or not within a period of 360 consecutive
days, unless such event of default shall have been cured or waived for a period
of not less than 90 consecutive days (it being acknowledged that any subsequent
action, or any breach of any financial covenants. for a period ending after the
date of commencement of such Payment Blockage Period that, in either case,
would give rise to an event of default pursuant to any provisions under which
an event of default previously existed or was continuing shall constitute a new
event of default for this purpose) and all scheduled payments of principal,
interest and premium, if any, on the Notes that have come due have been paid
full in cash.

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(c)           The foregoing
Sections 10.02(a) and (b) shall not apply to (x) payments and distributions
made relating to the Notes from the trust established pursuant to Article 8 or
12, so long as the conditions specified in Article 8 or 12 (without any waiver
or modification of the requirement that the deposits pursuant thereto do not
conflict with the terms of the Credit Agreement or any other Senior Debt) are
satisfied on the date of any deposit pursuant to said trust and (y) payment of
Permitted Junior Securities. In addition, Holders may also receive and retain
Permitted Junior Securities.

(d)           In
the event that any payment or distribution shall be received by the Trustee or
any Holder when such payment or distribution is prohibited by the foregoing
provisions of this Section 10.02, such payment or distribution shall be held in
trust for the benefit of, and shall be paid over or delivered to, the holders
of Senior Debt (pro rata to such
holders on the basis of the respective amount of Senior Debt held by such
holders) or their respective Representatives, as their respective interests may
appear. The Trustee shall be entitled to rely on information regarding amounts
then due and owing on the Senior Debt, if any, received from the holders of
Senior Debt (or their Representatives) or, if such information is not received
from such holders or their Representatives, from the Issuer and only amounts
included in the information provided to the Trustee shall be paid to the
holders of Senior Debt.

Nothing contained in this Article 10 shall limit the
right of the Trustee or the Holders of Notes to take any action to accelerate
the maturity of the Notes pursuant to Section 6.02 or to pursue any rights or
remedies hereunder; provided that
all Senior Debt thereafter due or declared to be due shall first be paid in
full in cash before the Holders are entitled to receive any payment of any kind
or character with respect to Obligations on the Notes (and such Holders may
receive such payments only to the extent then permitted to do so by Sections
10.02(a) and (b)).

Section 10.03   Notes
Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or
Reorganization of the Issuer.

(a)           Upon any payment or
distribution of assets of the Issuer of any kind or character, whether in cash,
assets or securities, to creditors upon any total or partial liquidation,
dissolution, winding-up, reorganization, assignment for the benefit of
creditors or marshaling of assets and liabilities of the Issuer or in a
bankruptcy, reorganization, insolvency, receivership or other similar proceeding
relating to the Issuer or its assets, whether voluntary or involuntary, all
Obligations due or to become due upon all Senior Debt shall first be paid in
full in cash, or such payment duly provided for to the satisfaction of the
holders of Senior Debt, before any payment or distribution of any kind or
character is made on account of any Obligations on or relating to the Notes
(except that Holders may receive and retain Permitted Junior Securities and
payments from the trusts described in Article 8 or 12), or for the acquisition,
defeasance or redemption of any of the Notes for cash or assets or otherwise.
Upon any such dissolution, winding-up, liquidation, reorganization,
receivership or similar proceeding, any payment or distribution of assets of the
Issuer of any kind or character, whether in cash, assets or securities (other
than Permitted Junior Securities and payments from the trusts described in
Article 8 or 12), to which the Holders or the Trustee under this Indenture
would be entitled, except for the provisions hereof, shall be paid by the
Issuer or by any receiver, trustee in bankruptcy, liquidating trustee, agent or
other Person making such payment or distribution, or by the Holders or by the
Trustee under this Indenture if received by them, directly to the holders of
Senior Debt (pro rata to such 

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holders on the basis of the respective amounts of Senior Debt held by
such holders) or their respective Representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Debt may have
been issued, as their respective interests may appear, for application to the
payment of Senior Debt remaining unpaid until all such Senior Debt has been
paid in full in cash or Cash Equivalents after giving effect to any concurrent
payment, distribution or provision therefor to or for the holders of Senior Debt.

(b)           To the extent any
payment of Senior Debt (whether by or on behalf of the Issuer, as proceeds of
security or enforcement of any right of setoff or otherwise) is declared to be
fraudulent or preferential, set aside or required to be paid to any receiver,
trustee in bankruptcy, liquidating trustee, agent or other similar Person under
any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law,
then the Senior Debt or part thereof originally intended to be satisfied shall
be deemed to be reinstated and outstanding as if such payment had not occurred.

It is further agreed that any diminution (whether
pursuant to court decree or otherwise, including without limitation for any of
the reasons described in the preceding sentence) of the Issuer’s obligation to
make any distribution or payment pursuant to any Senior Debt, except to the
extent such diminution occurs by reason of the repayment (which has not been
disgorged or returned) of such Senior Debt in cash, shall have no force or
effect for purposes of the subordination provisions contained in this Article
10, with any turnover of payments as otherwise calculated pursuant to this
Article 10 to be made as if no such diminution had occurred.

(c)           In the event that,
notwithstanding the foregoing, any payment or distribution of assets of the
Issuer of any kind or character, whether in cash, assets or securities (other
than Permitted Junior Securities and payments from the trusts described in
Article 8 or 12), shall be received by the Trustee or any Holder when such
payment or distribution is prohibited by this Section 10.03, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over
or delivered to, the holders of Senior Debt (pro
rata to such holders on the basis of the respective amount of Senior
Debt held by such holders) or their respective Representatives, or to the
trustee or trustees under any indenture pursuant to which any of such Senior
Debt may have been issued, as their respective interests may appear, for
application to the payment of Senior Debt remaining unpaid until all such
Senior Debt has been paid in full in cash, after giving effect to any
concurrent payment, distribution or provision therefor to or for the holders of
such Senior Debt.

(d)           The consolidation of
the Issuer with, or the merger of the Issuer with or into, another corporation,
partnership, trust or limited liability company or the liquidation or
dissolution of the Issuer following the conveyance or transfer of all or
substantially all of its assets, to another corporation, partnership, trust or
limited liability company upon the terms and conditions provided in Article 5
hereof and as long as permitted under the terms of the Senior Debt shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section 10.03 if such other corporation shall, as a part of
such consolidation, merger, conveyance or transfer, assume the Issuer’s
obligations hereunder in accordance with Article 5 hereof.

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Section 10.04   Payments May
Be Made Prior to Dissolution.

Nothing contained in this Article 10 or elsewhere in
this Indenture shall prevent (i) the Issuer, except under the conditions
described in Sections 10.02 and 10.03, from making payments at any time for the
purpose of making payments of principal of and interest on the Notes, or from
depositing with the Trustee any moneys for such payments, or (ii) in the
absence of actual knowledge by the Trustee that a given payment would be
prohibited by Section 10.02 or 10.03, the application by the Trustee of any
moneys deposited with it for the purpose of making such payments of principal
of, and interest on, the Notes to the Holders entitled thereto unless at least
two Business Days prior to the date upon which such payment would otherwise
become due and payable a Responsible Officer of the Trustee shall have actually
received the written notice provided for in the first sentence of Section
10.02(b) or in Section 10.07 (provided
that, notwithstanding the foregoing, the Holders receiving any payments made in
contravention of Section 10.02 and/or 10.03 (and the respective such payments)
shall otherwise be subject to the provisions of Section 10.02 and Section
10.03). The Issuer shall give prompt written notice to the Trustee of any
dissolution, winding-up, liquidation or reorganization of the Issuer, although
any delay or failure to give any such notice shall have no effect on the
subordination provisions contained herein.

Section 10.05   Holders to
be Subrogated to Rights of Holders of Senior Debt.

Subject to the payment in full in cash of all Senior
Debt, the Holders of the Notes shall be subrogated to the rights of the holders
of Senior Debt to receive payments or distributions of cash, assets or
securities of the Issuer applicable to the Senior Debt until the Notes shall be
paid in full; and, for the purposes of such subrogation, no such payments or
distributions to the holders of the Senior Debt by or on behalf of the Issuer,
or by or on behalf of the Holders by virtue of this Article 10, which otherwise
would have been made to the Holders shall, as between the Issuer and the
Holders, be deemed to be a payment by the Issuer to or on account of the Senior
Debt, it being understood that the provisions of this Article 10 are and are
intended solely for the purpose of defining the relative rights of the Holders,
on the one hand, and the holders of Senior Debt, on the other hand.

Section 10.06   Obligations
of the Issuer Unconditional.

Nothing contained in this Article 10 or elsewhere in
this Indenture or in the Notes is intended to or shall impair, as among the
Issuer, its creditors other than the holders of Senior Debt, and the Holders,
the obligation of the Issuer, which is absolute and unconditional, to pay to
the Holders the principal of and any interest on the Notes as and when the same
shall become due and payable in accordance with their terms, or is intended to
or shall affect the relative rights of the Holders and creditors of the Issuer
other than the holders of the Senior Debt, nor shall anything herein or therein
prevent the Holder of any Note or the Trustee on its behalf from exercising all
remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, in respect of cash, assets or
securities of the Issuer received upon the exercise of any such remedy.

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Section 10.07   Notice to
Trustee.

The Issuer shall give prompt written notice to the
Trustee of any fact known to the Issuer which would prohibit the making of any
payment to or by the Trustee in respect of the Notes pursuant to the provisions
of this Article 10, although any delay or failure to give any such notice shall
have no effect on the subordination provisions contained herein. Regardless of
anything to the contrary contained in this Article 10 or elsewhere in this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any default or event of default with respect to any Senior Debt or of any other
facts which would prohibit the making of any payment to or by the Trustee
unless and until the Trustee shall have received notice in writing from the
Issuer, or from a holder of Senior Debt or a Representative therefor and, prior
to the receipt of any such written notice, the Trustee shall be entitled to
assume (in the absence of actual knowledge to the contrary) that no such facts
exist. The Trustee shall be entitled to rely on the delivery to it of any
notice pursuant to this Section 10.07 to establish that such notice has been
given by a holder of Senior Debt (or a trustee thereof).

In the event that the Trustee determines in good faith
that any evidence is required with respect to the right of any Person as a holder
of Senior Debt to participate in any payment or distribution pursuant to this
Article 10, the Trustee may request such Person to furnish evidence to the
satisfaction of the Trustee as to the amounts of Senior Debt held by such
Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such
Person under this Article 10, and if such evidence is not furnished the Trustee
may defer any payment to such Person pending judicial determination as to the
right of such Person to receive such payment.

Section 10.08   Reliance on
Judicial Order or Certificate of Liquidating Agent.

Upon any payment or distribution of assets of the
Issuer referred to in this Article 10, the Trustee, subject to the provisions
of Article 7 hereof, and the Holders of the Notes shall be entitled to rely
upon any order or decree made by any court of competent jurisdiction in which
any insolvency, bankruptcy, receivership, dissolution, winding-up, liquidation,
reorganization or similar case or proceeding is pending, or upon a certificate
of the receiver, trustee in bankruptcy, liquidating trustee, assignee for the
benefit of creditors, agent or other person making such payment or
distribution, delivered to the Trustee or the Holders, for the purpose of
ascertaining the persons entitled to participate in such payment or
distribution, the holders of the Senior Debt and other Indebtedness of the
Issuer, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article 10.

Section 10.09   Trustee’s
Relation to Senior Debt.

The Trustee and any agent of the Issuer or the Trustee
shall be entitled to all the rights set forth in this Article 10 with respect
to any Senior Debt which may at any time be held by it in its individual or any
other capacity to the same extent as any other holder of Senior Debt and
nothing in this Indenture shall deprive the Trustee or any such agent of any of
its rights as such holder.

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With respect to the holders of Senior Debt, the
Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article 10, and no implied
covenants or obligations with respect to the holders of Senior Debt shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed
to owe any fiduciary duty to the holders of Senior Debt.

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

Section 10.10   Subordination
Rights Not Impaired by Acts or Omissions of the Issuer or Holders of Senior
Debt.

No right of any present or future holders of any
Senior Debt to enforce subordination as provided herein shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of
the Issuer or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Issuer with the terms of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise
be charged with.

Without in any way limiting the generality of the
foregoing paragraph, the holders of Senior Debt may, at any time and from time
to time, without the consent of or notice to the Trustee, without incurring
responsibility to the Trustee or the Holders and without impairing or releasing
the subordination provided in this Article 10 or the obligations hereunder of
the Holders to the holders of the Senior Debt, do any one or more of the
following: (i) change the manner, place or terms of payment or extend the time
of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement
in any manner Senior Debt, or any instrument evidencing the same or any
agreement under which Senior Debt is outstanding; (ii) sell, exchange, release
or otherwise deal with any property pledged, mortgaged or otherwise securing
Senior Debt; (iii) release any Person liable in any manner for the payment or
collection of Senior Debt; and (iv) exercise or refrain from exercising any
rights against the Issuer and any other Person.

Section 10.11   Noteholders
Authorize Trustee To Effectuate Subordination of Notes.

Each Holder by its acceptance of Notes authorizes and
expressly directs the Trustee on its behalf to take such action as may be
necessary or appropriate to effectuate, as between the holders of Senior Debt
and the Holders, the subordination provided in this Article 10, and appoints
the Trustee its attorney-in-fact for such purposes, including, in the event of
any dissolution, winding-up, liquidation or reorganization of the Issuer (whether
in bankruptcy, insolvency, receivership, reorganization or similar proceedings
or upon an assignment for the benefit of credits or otherwise) tending towards
liquidation of the business and assets of the Issuer, the filing of a claim for
the unpaid balance of its Notes and accrued interest in the form required in
those proceedings.

If the Trustee does not file a proper claim or proof
of debt in the form required in such proceeding prior to 30 days before the
expiration of the time to file such claim or claims, then the holders of the
Senior Debt or their Representative are or is hereby authorized to have the
right to file and are or is hereby authorized to file an appropriate claim for
and on behalf of the Holders of said Notes. Nothing herein contained shall be
deemed to authorize the Trustee or the holders 

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of Senior Debt or their Representative to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder thereof, or to authorize the Trustee or the holders of
Senior Debt or their Representative to vote in respect of the claim of any
Holder in any such proceeding.

Section 10.12   This Article
10 Not To Prevent Events of Default.

The failure to make a payment on account of principal
of, premium, if any, or interest on the Notes by reason of any provision of
this Article 10 will not be construed as preventing the occurrence of an Event
of Default.

Section 10.13   Trustee’s
Compensation Not Prejudiced.

Nothing in this Article 10 will apply to amounts due
to the Trustee for its own account (other than payments of Obligations owing to
Holders in respect of Notes) pursuant to other Sections of this Indenture.

ARTICLE 11

GUARANTEES

Section 11.01   Guarantee.

(a)           Subject to this
Article 11, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Trustee and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that:

(1)                                  the
principal of, premium, if any, and interest on, the Notes will be promptly paid
in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of and interest on the Notes,
if any, if lawful, and all other obligations of the Issuer to the Holders or
the Trustee hereunder or thereunder will be promptly paid in full or performed,
all in accordance with the terms hereof and thereof; and

(2)                                  in
case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise.

Failing payment when due of any amount so guaranteed
or any performance so guaranteed for whatever reason, the Guarantors will be
jointly and severally obligated to pay the same immediately. Each Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.

(b)           The Guarantors
hereby agree that their obligations hereunder are unconditional, irrespective
of the validity, regularity or enforceability of the Notes or this Indenture,
the absence of any action to enforce the same, any waiver or consent by any
Holder of the Notes with respect to any provisions hereof or thereof, the recovery
of any judgment against the Issuer, any action to 

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enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. Each
Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Issuer, any
right to require a proceeding first against the Issuer, protest, notice and all
demands whatsoever and covenant that this Guarantee will not be discharged except
by complete performance of the obligations contained in the Notes and this
Indenture.

(c)           If any Holder or the
Trustee is required by any court or otherwise to return to the Issuer, the
Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuer or the Guarantors, any amount paid by
either to the Trustee or such Holder, this Guarantee, to the extent theretofore
discharged, will be reinstated in full force and effect.

(d)           Each Guarantor
agrees that it will not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby. Each Guarantor further agrees that,
as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (1) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article 6 hereof for the purposes of this Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the
event of any declaration of acceleration of such obligations as provided in
Article 6 hereof, such obligations (whether or not due and payable) will
forthwith become due and payable by the Guarantors for the purpose of this
Guarantee. The Guarantors will have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Guarantee.

(e)           Any release of a
Guarantee shall be governed by Section 4.17 hereof.

Section 11.02   Limitation
on Guarantor Liability.

Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the
extent applicable to any Guarantee. To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of such Guarantor will be limited to the maximum amount that will,
after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after
giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under this Article 11, result in the obligations of
such Guarantor under its Guarantee not constituting a fraudulent transfer or
conveyance.

Section 11.03   Subordination of Guarantees

The obligations of each Guarantor under its Guarantee
pursuant to this Article 11 shall be junior and subordinated to the prior
payment in full in cash or Cash Equivalents of Guarantor Senior Debt on the
same basis as the Notes are junior and subordinated to Senior Debt of the
Issuer. For 

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the purposes of the foregoing sentence, the Trustee
and the Holders shall have the right to receive and/or retain payments by any
of the Guarantors only at such times as they may receive and/or retain payments
in respect of the Notes pursuant to this Indenture, including. Article 10
hereof.

Section 11.04   Execution
and Delivery of Guarantee.

To evidence its Guarantee set forth in Section 11.01
hereof, each Guarantor hereby agrees that a notation of such Guarantee
substantially in the form attached as Exhibit E hereto will be endorsed by an
Officer of such Guarantor on each Note authenticated and delivered by the
Trustee and that this Indenture will be executed on behalf of such Guarantor by
one of its Officers.

Each Guarantor hereby agrees that its Guarantee set
forth in Section 11.01 hereof will remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such
Guarantee.

If an Officer whose signature is on this Indenture or
on the Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which a Guarantee is endorsed, the Guarantee will be
valid nevertheless.

The delivery of any Note by the Trustee; after the
authentication thereof hereunder, will constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Guarantors.

In the event that the Issuer or any of its Restricted
Subsidiaries creates or acquires any Domestic Subsidiary after the date of this
Indenture, if required by Section 4.16 hereof, the Issuer will cause such
Domestic Subsidiary to comply with the provisions of Section 4.16 hereof and
this Article 11, to the extent applicable.

ARTICLE 12

SATISFACTION AND DISCHARGE

Section 12.01   Satisfaction
and Discharge.

This Indenture will be discharged and will cease to be
of further effect as to all Notes issued hereunder, when either:

(a)           all such Notes
theretofore authenticated and delivered, except lost, stolen or destroyed Notes
which have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust, have been delivered to the Trustee for
cancellation; or

(b)

(1)                                  all
such Notes not theretofore delivered to such Trustee for cancellation have
become due and payable by reason of the mailing of a notice of redemption or
otherwise or will become due and payable within one year and the Issuer or any
Guarantor has irrevocably deposited or caused to be deposited with such Trustee
as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars,

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non-callable Government Securities, or a combination
thereof, in such amounts as will be sufficient, without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness on such
Notes not theretofore delivered to the Trustee for cancellation for principal,
premium, if any, and accrued interest to the date of maturity or redemption;

(2)                                  no
Default or Event of Default (other than that resulting from borrowing funds to
be applied to make such deposit) with respect to this Indenture or the Notes
issued hereunder has occurred and is continuing on the date of such deposit or
will occur as a result of such deposit and such deposit will not result in a
breach or violation of, or constitute a default under, any other instrument to
which the Issuer is or any Guarantor is a party or by which the Issuer is or
any Guarantor is bound;

(3)                                  the
Issuer has paid or caused to be paid all sums payable by them under this
Indenture; and

(4)                                  the
Issuer has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of such Notes at
maturity or the Redemption Date, as the case may be.

In addition, the Issuer must deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied.

Notwithstanding the satisfaction and discharge of this
Indenture, if money has been deposited with the Trustee pursuant to subclause
(1) of clause (b) of this Section 12.01, the provisions of Sections 12.02 and
8.06 hereof will survive. In addition, nothing in this Section 12.01 will be
deemed to discharge those provisions of Section 7.07 hereof, that, by their
terms, survive the satisfaction and discharge of this Indenture.

Section 12.02   Application
of Trust Money.

Subject to the provisions of Section 8.06 hereof, all
money deposited with the Trustee pursuant to Section 12.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any) and
interest for whose payment such money has been deposited with the Trustee; but
such money need not be segregated from other funds except to the extent
required by law.

If the Trustee or Paying. Agent is unable to apply any
money or Government Securities in accordance with Section 12.01 hereof by
reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Issuer’s and any Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section 12.01 hereof; provided
that if the Issuer has made any payment of principal of, premium, if any, or
interest on, any Notes because of the reinstatement of its obligations, the
Issuer shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or Government Securities held by the
Trustee or Paying Agent.

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Notwithstanding anything in Article 8 to the contrary,
the Trustee will deliver or pay to the Issuer from time to time upon the
request of the Issuer any money or non-callable Government Securities held by
it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(b) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance.

ARTICLE 13

MISCELLANEOUS

Section 13.01   Notices.

Any notice or communication by the Issuer, any
Guarantor or the Trustee to the others is duly given if in writing and
delivered in Person or by electronic transmission or first class mail
(registered or certified, return receipt requested), facsimile transmission or
overnight air courier guaranteeing next day delivery, to the others’ address:

If to the Issuer and/or any Guarantor:

LPL Holdings, Inc.

1 Beacon Street

22nd Floor

Boston, MA 02108

Attention: Stephanie Brown

Fax: (617) 556-2811

With copies to:

Texas Pacific Group

301 Commerce Street

Suite 3300

Fort Worth, TX 76102

Attention: Richard Schifter

Fax: (415) 743-1501

Hellman & Friedman LLC

One Maritime Plaza, 12th Floor

San Francisco, CA 94111

Attention: Jeffrey Goldstein

Fax: (415) 835-5408

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention: Stephan Feder

Fax: (212) 455-2502

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If to the Trustee:

Wells Fargo Bank, N.A.

Corporate Trust Services

MAC N9303-120

Sixth Street & Marquette Avenue

Minneapolis, MN 55479

Attention: Lynn Steiner

Fax: (612) 667-9825

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

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

Any notice or communication to a Holder will be mailed
by first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on
the register kept by the Registrar.

If a notice or communication is mailed in the manner
provided above within the tithe prescribed, it is duly given, whether or not
the addressee receives it.

Notices given by publication (where permitted by this
Indenture) will be deemed given on the first day on which publication is made.

If the Issuer mail a notice or communication to
Holders, they will mail a copy to the Trustee and each Agent at the same time.

Section 13.02   Communication
by Holders of Notes with Other Holders of Notes.

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

Section 13.03   Certificate
and Opinion as to Conditions Precedent.

Upon any request or application by the Issuer to the
Trustee to take any action under this Indenture, the Issuer shall furnish to
the Trustee:

(a)           an
Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 13.04 hereof)
stating that, in the opinion of the signers, all conditions precedent and
covenants, if any, provided for in this indenture relating to the proposed
action have been satisfied; and

 119
 

 

(b)           an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which must include the statements set forth in Section 13.04 hereof) stating
that, in the opinion of such counsel, all such conditions precedent and
covenants have been satisfied.

Section 13.04   Statements
Required in Certificate or Opinion.

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

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

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

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

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

Section 13.05   Rules by
Trustee and Agents.

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

Section 13.06   No Personal
Liability of Directors, Officers, Employees and Stockholders.

No past, present or future director, manager, officer,
employee, incorporator or stockholder of the Issuer, LPL Holdings, Inc., or any
Guarantor or any of their parent companies will have any liability for any
obligations of the Issuer, LPL Holdings, Inc., or the Guarantors under the
Notes, the Guarantees and this Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. The waiver may not be
effective to waive liabilities under the federal securities laws.

Section 13.07   Governing
Law.

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES.

Section 13.08   No Adverse
Interpretation of Other Agreements.

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

 120
 

 

Section 13.09   Successors.

All agreements of the Issuer in this Indenture and the
Notes will bind their successors. All agreements of the Trustee in this
Indenture will bind its successors. All agreements of each Guarantor in this
Indenture will bind its successors.

Section 13.10   Severability.

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

Section 13.11   Counterpart
Originals.

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

Section 13.12   Table of
Contents, Headings, etc.

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

[Signatures on following page]

 121
 

 

SIGNATURES

Dated as of December 28, 2005

	
  

  	
   

  	
  LPL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS FARGO BANK, NA., as Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Lynn M. Steiner

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BD INVESTMENT HOLDINGS INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GLENOAK, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Title:  Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INDEPENDENT ADVISERS GROUP CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LINSCO/PRIVATE LEDGER INSURANCE ASSOCIATES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Stephanie L. Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Vice President

  

 

Signature Page to Indenture

 122
 

 

SIGNATURES

Dated as of December 28, 2005

	
  

  	
   

  	
  LPL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS FARGO BANK, NA., as Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Lynn M. Steiner

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Lynn M. Steiner

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BD INVESTMENT HOLDINGS INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GLENOAK, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INDEPENDENT ADVISERS GROUP CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 123
 

 

SIGNATURES

Dated as of December 28, 2005

	
  

  	
   

  	
  LPL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS FARGO BANK, NA., as Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Lynn M. Steiner

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BD INVESTMENT
  HOLDINGS INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Allen B. Thorpe

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Allen B. Thorpe

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GLENOAK, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INDEPENDENT ADVISERS GROUP CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LINSCO/PRIVATE LEDGER INSURANCE ASSOCIATES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

Signature Page to Indenture

 124

 

EXHIBIT AI

[Face of Note]

10.75% Senior Subordinated Notes due 2015

CUSIP No. 50212Y AA 2                                                                                                                                               $550,000,000

ISIN NO. US50212YAA29

LPL HOLDINGS, INC.

promises to pay to Cede & Co., or registered
assigns,

the principal sum of FIVE HUNDRED AND FIFTY MILLION
DOLLARS on December 15, 2015.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

Dated:  ________
__, 200_

 

	
  

  	
  LPL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
  

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

This is one of the Notes referred to 

in the within-mentioned Indenture:

WELLS FARGO BANK, N.A.

as Trustee

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated: _________ __, 200_

  	
   

  	
   

  

 

 

[Back of Note)

10.75% Senior Subordinated Notes due 2015

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

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER
ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE ISSUER.

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

 

VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

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

(1)                                  INTEREST.
LPL Holdings, Inc., a Delaware corporation (the “Issuer”), promises to pay
interest on the principal amount of this Note at 10,75% per annum from December
28, 2005 until maturity. The Issuer will pay interest, if any, semi-annually in
arrears on June 15 and December 15 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided further that the first Interest
Payment Date shall be June 15, 2006. If, at any time prior to the first day on
which the Initial Purchasers shall fail to own at least a majority in aggregate
principal amount of the Notes then outstanding (exclusive of any Notes then
held by the Issuer or any of its Affiliates), unless waived by the Initial Purchasers,
a default in the payment when due of interest on, principal of, or premium, if
any, on, the Notes or an Event of Default has occurred and is continuing, then
in each case this Note will accrue interest at the stated interest rate on this
Note plus the Default Interest Rate until such time as no such Default or such
Event of Default shall be continuing (to the extent that the payment of such
interest shall be legally enforceable). At any other time, any amounts payable
under or in respect of this Note not paid when due will accrue interest at the
stated interest rate on this Note plus the Default Interest Rate until such
time as such overdue amounts are paid in full, including any interest thereon
(to the extent that the payment of such interest shall be legally enforceable).
Default Interest shall be payable in cash on demand. Interest will be computed
on the basis of a 360-day year of twelve 30-day months and actual days elapsed.

(2)                                  METHOD OF PAYMENT. The Issuer will pay interest on the Notes
(except defaulted interest), if any, to the Persons who are registered Holders
of Notes at the close of business on the June 1 or December I next preceding
the Interest Payment Date, even if such Notes are canceled after such record
date and on or before such Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to defaulted interest. The Notes will be
payable as to principal, premium, if any, and interest at the office or agency
of the Issuer maintained for such purpose within or without the City and State
of New York, or, at the option of the Issuer, payment of interest may be made
by check mailed to the Holders at their addresses set forth in the register of
Holders; provided that payment by wire transfer
of immediately available funds will be required with respect to principal of
and interest, premium, if any, on, all Global Notes and all other Notes the
Holders of which will have provided wire transfer instructions to the Issuer or
the Paying Agent. Such payment will be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debt.

 

(3)                                  PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank,
N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar.
The Issuer may change any Paying Agent or Registrar without notice to any
Holder. The Issuer or any of its Subsidiaries may act in any such capacity.

(4)                                  INDENTURE. The Issuer issued the Notes under an Indenture
dated as of December 28, 2005 (the “Indenture”)
among the Issuer, the Guarantors and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the TIA. The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The
Notes are unsecured obligations of the Issuer. The Indenture limits the
aggregate principal amount of Notes that may be issued thereunder to $550.0
million, except as provided in Section 2.07 thereof.

(5)                                  OPTIONAL
REDEMPTION.

(a)                                  Except
as set forth in subparagraph (b), (c) and (d) of this Paragraph 5, the Issuer
will not have the option to redeem the Notes prior to December 15, 2009. From
and after December 15, 2009, the Issuer may redeem the Notes, in whole or in
part, upon not less than 30 nor more than 60 days’ prior notice by electronic
transmission or first class mail, postage prepaid, with a copy to the Trustee,
to each Holder of Notes to the address of such Holder appearing in the security
register at the redemption prices (expressed as percentages of principal
amount) set forth below, plus accrued and unpaid interest thereon to the
applicable Redemption Date, subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date, if during the twelve-month period beginning on December 15 of the years
indicated below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2009

  	
   

  	
  105.375

  	
  %

  
	
  2010

  	
   

  	
  103.583

  	
  %

  
	
  2011

  	
   

  	
  101.792

  	
  %

  
	
  2012 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)                                 Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
December 15, 2008, the Issuer may, at its option, redeem up to 40% of the
original aggregate principal amount of Notes issued under the Indenture at a
redemption price equal to 110.750% of the aggregate principal amount thereof,
plus accrued and unpaid interest thereon 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 proceeds of one or more
common stock public Equity Offerings of the Issuer or any direct or indirect
parent of the Issuer to the extent such proceeds are contributed to the Issuer;
provided that at least 60% of the sum of
the original aggregate principal amount of Notes issued under the Indenture
after the Issue Date remains outstanding immediately after the occurrence of
each such redemption; provided further
that each such redemption occurs within 90 days of the date of closing of each
such Equity Offering. Notice of any redemption upon any Equity Offering may be
given prior to the completion thereof, and 

 

any such redemption or
notice may, at their discretion, be subject to one or more conditions
precedent, including, but not limited to, completion of the related Equity
Offering.

(c)                                  Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
December 15, 2009, the Issuer may also redeem all or a part of the Notes, upon
not less than 30 nor more than 60 days’ prior notice electronically transmitted
or mailed by first class mail to each Holder’s registered address, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus
the Applicable Premium as of, and accrued and unpaid interest to the date of
redemption (the “Redemption Date”), subject to the
rights of Holders of Notes on the relevant record date to receive interest due
on the relevant interest payment date.

(d)                                 Until
the Disposition Date (unless otherwise consented by the GSMP Group), each
redemption pursuant to this Section 3.07 shall relate to an aggregate principal
amount of Notes of at least the lesser of (a) $5.0 million and (b) the
remaining outstanding principal amount of the Notes.

(6)                                  MANDATORY
REDEMPTION.

The Issuer is not required to make mandatory
redemption or sinking fund payments with respect to the Notes.

(7)                                  REPURCHASE
AT THE OPTION OF HOLDER.

(a)                                  If
there is a Change of Control, the Issuer will be required to make an offer (a “Change of Control Offer”) to each Holder to purchase all or
any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
of each Holder’s Notes at a price in cash (the “Change of
Control Payment”) equal to 101% of the aggregate principal amount of
Notes plus accrued and unpaid interest to the date of purchase, subject to the
rights of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date. Within 30 days following any Change of
Control, the Issuer will send notice to each Holder setting forth the
procedures governing the Change of Control Offer as required by the Indenture.

(b)                                 If
the Issuer or a Restricted Subsidiary of the Issuer consummates any Asset
Sales, within ten days of each date on which the aggregate amount of Excess
Proceeds exceeds $25.0 million, the Issuer will commence an offer to all
Holders of Notes and, if required by the terms of any Pari Passu
Indebtedness, to the holders of such Pari Passu
Indebtedness (other than with respect to Hedging Obligations) (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture
to purchase the maximum principal amount of Notes and such other Pari Passu Indebtedness that may be purchased out of the
Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof, plus accrued and unpaid interest to the date fixed
for the closing of such offer, in accordance with the procedures set forth in
the Indenture. To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale
Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess
Proceeds for general 

 

corporate purposes,
unless prohibited by the Indenture. If the aggregate principal amount of Notes
or the Pari Passu Indebtedness surrendered by
such Holders thereof exceeds the amount of Excess Proceeds, the Trustee shall
select the Notes to be purchased on a pro  rata basis with adjustments so that only Notes in multiples
of $1,000 principal amount will be purchased based on the accreted value or
principal amount of the Notes or such Pari Passu
Indebtedness tendered. Holders of Notes that are the subject of an offer to
purchase will receive an Asset Sale Offer from the Issuer prior to any related
purchase date and may elect to have such Notes purchased by completing the form
entitled “Option of Holder Elect Purchase”
attached to the Notes.

(8)                                  NOTICE OF REDEMPTION. Notice of redemption will be
electronically transmitted or mailed at least 30 days but not more than 60 days
before the Redemption Date to each Holder whose Notes. are to be redeemed at
its registered address, except that redemption notices may be mailed more than
60 days prior to a Redemption Date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes
in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of 1,000, unless all of the Notes held by a Holder are to be
redeemed.

(9)                                  SUBORDINATION. The indebtedness evidenced by this Note is,
to the extent provided in the Indenture, subordinate and subject in right of
payment to the prior payment in full of all Senior Debt, and this Note is
issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this Note, by accepting the same, agrees to and shall be bound by
such provisions.

(10)                            DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. The transfer of Notes may be registered
and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Issuer may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture. The Issuer need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Issuer need not exchange or register the transfer of any Notes
for a period of 15 days before a selection of Notes to be redeemed or during
the period between a record date and the corresponding Interest Payment Date.

(11)                            PERSONS DEEMED OWNERS. The registered Holder of a Note may
be treated as its owner for all purposes.

(12)                            AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
exceptions, the Indenture or the Notes or the Guarantees may be amended or
supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of then outstanding Notes voting as a single class,
and any existing Default or Event of Default or compliance with any provision of
the Indenture or the Notes or the Guarantees may be waived with the consent of
the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes voting as a single class. Without the consent of any Holder
of a Note, the Indenture or the Notes or the Guarantees may be amended or 

 

supplemented to cure any
ambiguity, omission, mistake, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to
comply with Section 5.01 of the Indenture, to provide for the assumption of the
Issuer’s or any Guarantors’ obligations to the Holders, to make any change that
would provide any additional rights or benefits to the Holders or that does not
adversely affect the legal rights under the Indenture of any such Holder, to
add covenants for the benefit of the Holders or to sun ender any right or power
conferred upon the Issuer, to comply with requirements of the SEC in order to
effect or maintain the qualification of the Indenture under the TIA, to
evidence and provide for the acceptance and appointment under the Indenture of
a successor Trustee pursuant to the requirements thereof. The Issuer shall have
the right to replace, under certain circumstances described in the Indenture, a
Non-Consenting Holder at 101% of aggregate principal amount of Notes held by
such Non-Consenting Holder, plus all accrued and unpaid interest on such Notes
to the date of the replacement.

(13)                            DEFAULTS AND REMEDIES. Events of Default include: (i) at any
time prior to the first day on which the Initial Purchasers shall fail to own
at least 50% in aggregate principal amount of the Notes then outstanding
(disregarding any Notes then held by the Issuer or any of its Affiliates)
default in payment when due and payable, upon redemption, acceleration or
otherwise, of principal of, or premium, if any, on the Notes issued under the
Indenture; (ii) default for 30 days (or, until the Disposition Date (unless the
GSMP Group consents to a longer period not to exceed 30 days), 5 days) or more
in the payment when due of interest on or any other amount with respect to the
Notes issued under the Indenture whether or not such payment is prohibited by
the subordination provisions of the Indenture; (iii) failure by the Issuer to
make a required Change of Control Offer; (iv) failure to comply with the
provisions in the Indenture relating to mergers, consolidations and sales of
all or substantially all assets, in each case of the Issuer; (v) failure by
Holdings, the Issuer or any Restricted Subsidiary of the Issuer for 60 days
after receipt of written notice given by the Trustee or the Holders of at least
35% in principal amount of the Notes then outstanding and issued under the
Indenture to comply with its other agreements or the Notes; provided that, until the Disposition Date (unless the GSMP
Group consents to a longer period not to exceed the grace periods provided in
the foregoing clause (v), failure of Holdings, the Issuer or any Restricted
Subsidiary of the Issuer to comply with their respective obligations (x) under
Sections 4.07 through 4.13, inclusive, 4.18 through 4.20, inclusive, and
Article 5 of the Indenture shall result in an Event of Default upon the
occurrence of such failure and (y) under any other provision of the Indenture
or the Notes (to the extent such failure does not otherwise constitute a
Default under clauses (a), (b) or (c)(A)) shall result in an Event of Default
after such failure continues for 30 days after receipt of written notice given
by the Trustee or the GSMP Group; (vi) (x) default under certain other
agreements relating to Senior Debt, which default either relates to a payment
default at maturity or results in the acceleration of such Senior Debt prior to
its express maturity or (y) default under certain other agreements relating to
other Indebtedness, which default continues beyond its applicable grace period,
and in each case when the Indebtedness so defaulted under these clauses (x) and
(y) relate to an aggregate principal amount of $25.0 million or more; (vii)
until the Disposition Date (unless waived by the GSMP Group), (a) failure by
the Issuer for 30 days after receipt of written notice given by one or more
Initial Purchasers to comply 

 

with any of the covenants
and other agreements in the Mezzanine Purchase Agreement or (b) inaccuracy of
any representation, warranty, certification or statement made by or on behalf
of the Issuer pursuant to the Mezzanine Purchase Agreement on the date made and
for at least 15 days thereafter; (viii) failure to pay certain final judgments
for the payment of money in excess of $25.0 million that remain undischarged
for a period of 60 days; (ix) certain events of bankruptcy or insolvency
described in the Indenture with respect to the Issuer or any of its
Subsidiaries that is a Significant Subsidiary (or any group of Subsidiaries
that together would constitute a Significant Subsidiary; (x) except as
permitted by the indenture, any Guarantee is held in any judicial proceeding to
be unenforceable or invalid or ceases for any reason to be in full force and
effect or any Guarantor or any Person acting on its behalf denies or disaffirms
its obligations under such Guarantor’s Guarantee; or (xi) Holdings shall cease
at any time to own 100% of the Equity Interests of the Issuer. If any Event of
Default occurs and is continuing, the Trustee or the. Holders of at least 35%
in principal amount of the then outstanding Notes issued under the Indenture (provided that with respect to the Defaults applicable only
until the Disposition Date, such percentage must include the GSMP Group) may
declare the principal, premium, if any, interest and any other monetary
obligations of all the then outstanding Notes issued under the Indenture to be
due and payable immediately or if the Credit Agreement remains outstanding,
upon the first to occur of an acceleration under the Credit Agreement and five
Business Days after receipt by the Issuer and the Representative under the
Credit Agreement of a notice of acceleration pursuant to the Indenture but only
if such Event of Default is then continuing. Notwithstanding the foregoing, in
the case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes will become due and payable without further
action or notice. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes issued under the Indenture may
direct the Trustee in its exercise of any trust or power. The Holders of a
majority in aggregate principal amount of the then outstanding Notes issued
under the Indenture by notice to the Trustee may, on behalf of the Holders of
all of such Notes, waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest, premium, if any, or the principal of any
such Note held by a non-consenting Holder; provided that
Holders of a majority in aggregate principal amount of the then outstanding
Notes issued under the Indenture may rescind an acceleration and its
consequences. The Issuer is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Issuer will deliver
to the Trustee as soon as possible after any Officer has actual knowledge of
any Default or Event of Default, an Officer’s Certificate specifying such
Default or Event of Default and what action the Issuer is taking or proposes to
take with respect thereto.

(14)                            TRUSTEE DEALINGS WITH THE ISSUER. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuer or its Affiliates, and may otherwise deal with
the Issuer or its Affiliates, as if it were not the Trustee.

(15)                            NO RECOURSE AGAINST OTHERS. No past, present or future
director, manager, officer, employee, incorporator or stockholder of the
Issuer, LPL Holdings, Inc., or any Guarantor or any of their parent companies
will have any liability for any obligations of 

 

the Issuer, LPL Holdings,
Inc., or the Guarantors under the Notes, the Guarantees and the Indenture or
for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the
issuance of the Notes. The waiver may not be effective to waive liabilities
under the federal securities laws.

(16)                            AUTHENTICATION. This Note will not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

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

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

(19)                            GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE
GUARANTEES.

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

The Issuer

One Beacon Street, 22nd Floor

Boston, Massachusetts 02108

Attention: Stephanie Brown

Fax: 617-556-2811

ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign
and transfer this

Note to:                                                                                                                                                                                                  

(Insert assignee’s legal
name)

                                                                                                                                                                                                                                (Insert assignee’s soc, sec. or
tax I.D. no.

                                                                                                                                                                                                                

                                                                                                                                                                                                                

 

                                                                                                                                                                                                                

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

and irrevocably

appoint                                                                                                                                                                                                  

to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him,

Date:                                                       

Your

Signature:                                                                                              

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

Signature 

Guarantee*:                                                                                           

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

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by
the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the
appropriate box below:

o
Section 4.10      o
Section 4.15

If you want to elect to have only part of the Note
purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of the
Indenture, state the amount you elect to have purchased:

$                                              

Date:                                                       

 

 

Your

Signature:                                                                                              

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

Tax Identification 

No.:                                                                                                         

Signature 

Guarantee*:                                                                                           

                                                                                                                                                                                                                                

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

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE
*

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

	
  Date of Exchange

  	
   

  	
  Amount of decrease

  in Principal Amount

  of this Global Note

  	
   

  	
  Amount of increase

  in Principal Amount

  of this Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  decrease (or Increase}

  	
   

  	
  Signature of

  authorized officer

  of Trustee

  or Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

*              This Schedule should be included only if the Note is issued in global
form

 

EXHIBIT A2

[Face of Regulation S Temporary Global Note]

10.75% Senior Subordinated Notes due 2015

CUSIP No. U5462T AA 1                                                                                                                                                           $0.00

ISIN No. USU5462TAA17

LPL HOLDINGS, INC.

promises to pay to CEDE & CO. or registered asses,

the principal sum of ZERO DOLLARS on December 15,
2015.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

Dated:  ________
__, 200_

	
  

  	
  LPL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  This is one of
  the Notes referred to

  	
   

  	
   

  
	
  in the within-mentioned
  Indenture:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS FARGO BANK, N.A., as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
  Dated: ________
  __, 200_

  	
   

  

 

[Back of Regulation S Temporary Global Note] 

10.75% Senior Subordinated Notes due 2015

 

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY
GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR
CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).
NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL
NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER
ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE ISSUER.

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

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

 

TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND (B) IN

ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES AND OTHER JURISDICTIONS

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

(1)                                  INTEREST. INTEREST. LPL Holdings, Inc., a Delaware
corporation (the “Issuer’), promises to pay interest on the principal amount of
this Note at 10.75% per annum from December 28, 2005 until maturity. The Issuer
will pay interest, if any, semi-annually in arrears on June 15 and December 15
of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each, an “Interest Payment Date”). Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided
that if there is no existing Default in the payment of interest, and if this
Note is authenticated between a record date referred to on the face hereof and
the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided further
that the first Interest Payment Date shall be June 15, 2006. If, at any time
prior to the first day on which the Initial Purchasers shall fail to own at
least a majority in aggregate principal amount of the Notes then outstanding
(exclusive of any Notes then held by the Issuer or any of its Affiliates),
unless waived by the Initial Purchasers, a default in the payment when due of
interest on, principal of, or premium, if any, on, the Notes or an Event of
Default has occurred and is continuing, then in each case this Note will accrue
interest at the stated interest rate on this Note plus the Default Interest
Rate until such time as no such Default or such Event of Default shall be
continuing (to the extent that the payment of such interest shall be legally
enforceable). At any other time, any amounts payable under or in respect of
this Note not paid when due will accrue interest at the stated interest rate on
this Note plus the Default Interest Rate until such time as such overdue
amounts are paid in full, including any interest thereon (to the extent that
the payment of such interest shall be legally enforceable). Default Interest
shall be payable in cash on demand. Interest will be computed on the basis of a
360-day year of twelve 30-day months and actual days elapsed.

Until this Regulation S Temporary Global Note is
exchanged for one or more Regulation S Permanent Global Notes, the Holder
hereof shall not be entitled to receive payments of interest hereon; until so
exchanged in full, this Regulation S Temporary Global Note shall in all other
respects be entitled to the same benefits as other Notes under the Indenture.

(2)                                  METHOD OF PAYMENT. The Issuer will pay interest on the Notes
(except defaulted interest), if any, to the Persons who are registered Holders
of Notes at the close of business on the June 1 or December 1 next preceding
the Interest Payment Date, even if such Notes are canceled after such record
date and on or before such Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to defaulted 

 

interest. The Notes will be payable as to principal,
premium, if any, and interest at the office or agency of the Issuer maintained
for such purpose within or without the City and State of New York, or, at the
option of the Issuer, payment of interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders; provided that
payment by wire transfer of immediately available funds will be required with
respect to principal of and interest, premium, if any, on, all Global Notes and
all other Notes the Holders of which will have provided wire transfer
instructions to the Issuer or the Paying Agent. Such payment will be in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debt.

(3)                                  PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank,
N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar.
The Issuer may change any Paying Agent or Registrar without notice to any
Holder. The Issuer or any of its Subsidiaries may act in any such capacity.

(4)                                  INDENTURE. The Issuer issued the Notes under an Indenture
dated as of December 28, 2005 (the “Indenture”)
among the Issuer, the Guarantors and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the TIA. The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The
Notes are unsecured obligations of the Issuer. The Indenture limits the
aggregate principal amount of Notes that may be issued thereunder to $550.0
million, except as provided in Section 2.07 thereof.

(5)                                  OPTIONAL
REDEMPTION.

(a)                                  Except
as set forth in subparagraph (b), (c) and (d) of this Paragraph 5, the Issuer
will not have the option to redeem the Notes prior to December 15, 2009. From
and after December 15, 2009, the Issuer may redeem the Notes, in whole or in
part, upon not less than 30 nor more than 60 days’ prior notice by
electronically transmit or first class mail, postage prepaid, with a copy to
the Trustee, to each Holder of Notes to the address of such Holder appearing in
the security register at the redemption prices (expressed as percentages of
principal amount) set forth below, plus accrued and unpaid interest thereon to
the applicable Redemption Date, subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant interest
payment date, if during the twelve-month period beginning on December 15 of the
years indicated below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2009

  	
   

  	
  105.375%

  	
   

  
	
  2010

  	
   

  	
  103.583%

  	
   

  
	
  2011

  	
   

  	
  101.792%

  	
   

  
	
  2012 and thereafter

  	
   

  	
  100.000%

  	
   

  

 

(b)                                 Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
December 15, 2008, the Issuer may, at its option, redeem up to 40% of the
original 

 

aggregate principal amount of Notes issued under the
Indenture at a redemption price equal to 110.750% of the aggregate principal
amount thereof, plus accrued and unpaid interest thereon 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
proceeds of one or more common stock public Equity Offerings of the Issuer or
any direct or indirect parent of the Issuer to the extent such proceeds are
contributed to the issuer; provided that
at least 50% of the sum of the original aggregate principal amount of Notes
issued under the Indenture after the Issue Date remains outstanding immediately
after the occurrence of each such redemption; provided
further that each such redemption occurs
within 90 days of the date of closing of each such Equity Offering. Notice of
any redemption upon any Equity Offering may be given prior to the completion
thereof, and any such redemption or notice may, at their discretion, be subject
to one or more conditions precedent, including, but not limited to, completion
of the related Equity Offering.

(c)                                  Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
December 15, 2009, the Issuer may also redeem all or a part of the Notes, upon
not less than 30 nor more than 60 days’ prior notice electronically transmitted
or mailed by first class mail to each Holder’s registered address, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus
the Applicable Premium as of, and accrued and unpaid interest to the date of
redemption (the “Redemption Date’), subject to the rights of Holders of Notes
on the relevant record date to receive interest due on the relevant interest
payment date.

(d)                                 Until
the Disposition Date (unless otherwise consented by the GSMP Group), each
redemption pursuant to this Section 3.07 shall relate to an aggregate principal
amount of Notes of at least the lesser of (a) $5.0 million and (b) the
remaining outstanding principal amount of the Notes.

(6)                                  MANDATORY
REDEMPTION.

The Issuer is not be required to make mandatory
redemption or sinking fund payments with respect to the Notes.

(7)                                  REPURCHASE
AT THE OPTION OF HOLDER.

(a)                                  If
there is a Change of Control, the Issuer will be required to make an offer (a “Change of Control Offer”) to each Holder to purchase all or
any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
of each Holder’s Notes at a price in cash (the “Change of
Control Payment”) equal to 101% of the aggregate principal amount of
Notes plus accrued and unpaid interest to the date of purchase, subject to the
rights of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date. Within 30 days following any Change of
Control, the Issuer will send notice to each Holder setting forth the
procedures governing the Change of Control Offer as required by the Indenture.

 

(b)                                 If
the Issuer or a Restricted Subsidiary of the Issuer consummates any Asset
Sales, within ten days of each date on which the aggregate amount of Excess
Proceeds exceeds $25.0 million, the Issuer will commence an offer to all
Holders of Notes and, if required by the terms of any Pari Passu
Indebtedness, to the holders of such Pari Passu
Indebtedness (other than with respect to Hedging Obligations) (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture
to purchase the maximum principal amount of Notes and such other Pari Passu Indebtedness that may be purchased out of the
Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof; plus accrued and unpaid interest to the date fixed
for the closing of such offer, in accordance with the procedures set forth in
the Indenture. To the extent that the aggregate. amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale
Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess
Proceeds for general corporate purposes, unless prohibited by the Indenture. If
the aggregate principal amount of Notes or the Pari Passu
Indebtedness surrendered by such Holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes to be purchased on a pro  rata basis with
adjustments so that only Notes in multiple of $1,000 principal amount will be
purchased based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness tendered. Holders of Notes that are
the subject of an offer to purchase will receive an Asset Sale Offer from the
Issuer prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option of Holder to Elect
Purchase” attached to the Notes.

(8)                                  NOTICE OF REDEMPTION. Notice of redemption will be
electronically transmitted or mailed at least 30 days but not more than 60 days
before the Redemption Date to each Holder whose Notes are to be redeemed at its
registered address, except that redemption notices may be mailed more than 60
days prior to a Redemption Date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes
in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of 1,000, unless all of the Notes held by a Holder are to be redeemed.

(9)                                  SUBORDINATION. The indebtedness evidenced by this Note is,
to the extent provided in the Indenture, subordinate and subject in right of
payment to the prior payment in full of all Senior Debt, and this Note is
issued subject to the provisions of the Indenture with respect thereto, Each,
Holder of this Note, by accepting the same, agrees to and shall be bound by
such provisions.

(10)                            DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. The transfer of Notes may be registered
and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Issuer may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture. The Issuer
need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Issuer need not exchange or register the transfer
of any Notes for a period of 15 days before a selection of Notes to be redeemed
or during the period between a record date and the corresponding Interest
Payment Date.

 

This Regulation S Temporary Global Note is
exchangeable in whole or in part for one or more Global Notes only (i) on or
after the termination of the 40-day distribution compliance period (as defined
in Regulation S) and (ii) upon presentation of certificates (accompanied by an
Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon
exchange of this Regulation S Temporary Global Note for one or more Global
Notes, the Trustee shall cancel this Regulation S Temporary Global Note.

(11)                            PERSONS DEEMED OWNERS. The registered Holder of a Note may
be treated as its owner for all purposes.

(12)                            AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
exceptions, the Indenture or the Notes or the Guarantees may be amended or
supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of then outstanding Notes voting as a single class,
and any existing Default or Event of Default or compliance with any provision
of the Indenture or the Notes or the Guarantees may be waived with the consent
of the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes voting as a single class. Without the consent of any Holder
of a Note, the Indenture or the Notes or the Guarantees may be amended or
supplemented to cure any ambiguity, omission, mistake, defect or inconsistency,
to provide for uncertificated Notes in addition to or in place of certificated
Notes, to comply with Section 5.01 of the Indenture, to provide for the
assumption of the Issuer’s or any Guarantors’ obligations to the Holders, to
make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the legal rights under the Indenture
of any such Holder, to add covenants for the benefit of the Holders or to
surrender any right or power conferred upon the Issuer, to comply with
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the TIA, to evidence and provide for the acceptance and appointment
under the Indenture of a successor Trustee pursuant to the requirements
thereof.

(13)                            DEFAULTS AND REMEDIES. Events of Default include: (i) at any
time prior to the first day on which the Initial Purchasers shall fail to own
at least 50% in aggregate principal amount of the Notes then outstanding
(disregarding any Notes then held by the Issuer or any of its Affiliates)
default in payment when due and payable, upon redemption, acceleration or
otherwise, of principal of, or premium, if any, on the Notes issued under the
Indenture; (ii) default for 30 days (or, until the Disposition Date (unless the
GSMP Group consents to a longer period not to exceed 30 days), 5 days) or more
in the payment when due of interest on or any other amount with respect to the
Notes issued under the Indenture whether or not such payment is prohibited by
the subordination provisions of the Indenture; (iii) failure by the Issuer to
make a required Change of Control Offer; (iv) failure to comply with the
provisions in the Indenture relating to mergers, consolidations and sales of
all or substantially all assets, in each case of the Issuer; (v) failure by
Holdings, the Issuer or any Restricted Subsidiary of the 

 

Issuer for 60 days after receipt of written notice
given by the Trustee or the Holders of at least 35% in principal amount of the
Notes then outstanding and issued under the Indenture to comply with its other
agreements or the Notes; provided that,
until the Disposition Date (unless the GSMP Group consents to a longer period
not to exceed the grace periods provided in the foregoing clause (v), failure
of Holdings, the Issuer or any Restricted Subsidiary of the Issuer to comply
with their respective obligations (x) under Sections 4.07 through 4.13,
inclusive, 4.18 through 4.20, inclusive, and Article 5 of the Indenture shall
result in an Event of Default upon the occurrence of such failure and (y) under
any other provision of the Indenture or the Notes (to the extent such failure
does not otherwise constitute a Default under clauses (a), (b) or (c)(A)) shall
result in an Event of Default after such failure continues for 30 days after
receipt of written notice given by the Trustee or the GSMP Group; (vi) (x)
default under certain other agreements relating to Senior Debt, which default
either relates to a payment default at maturity or results in the acceleration
of such Senior Debt prior to its express maturity or (y) default under certain
other agreements relating to other Indebtedness, which default continues beyond
its applicable grace period, and in each case when the Indebtedness so
defaulted under these clauses (x) and (y) relate to an aggregate principal
amount of $25.0 million or more; (vii) until Disposition Date (unless waived by
the GSMP Group), (a) failure by the Issuer for 30 days after receipt of written
notice given by one or. more Initial Purchasers to comply with any of the
covenants and other agreements in the Mezzanine Purchase Agreement or (b)
inaccuracy of any representation, warranty, certification or statement made by
or on behalf of the Issuer pursuant to the Mezzanine Purchase Agreement on the
date made and for at least 15 days thereafter; (viii) failure to pay certain
final judgments for the payment of money in excess of $25.0 million that remain
undischarged for a period of 60 days; (ix) certain events of bankruptcy or
insolvency described in the Indenture with respect to the Issuer or any of its
Subsidiaries that is a Significant Subsidiary (or any group of Subsidiaries
that together would constitute a Significant Subsidiary; (x) except as
permitted by the Indenture, any Guarantee is held in any judicial proceeding to
be unenforceable or invalid or ceases for any reason to be in full force and
effect or any Guarantor or any Person acting on its behalf denies or disaffirms
its obligations under such Guarantor’s Guarantee; or (xi) Holdings shall cease
at any time to own 100% of the Equity Interests of the Issuer. If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 35% in
principal amount of the then outstanding Notes issued under the Indenture (provided that with respect to the Defaults applicable only
until the Disposition Date, such percentage must include the GSMP Group) may
declare the principal, premium, if any, interest and any other monetary
obligations of all the then outstanding Notes issued under the Indenture to be
due and payable immediately or if the Credit Agreement remains outstanding,
upon the first to occur of an acceleration under the Credit Agreement and five
Business Days after receipt by the Issuer and the Representative under the
Credit Agreement of a notice of acceleration pursuant to the Indenture but only
if such Event of Default is then continuing. Notwithstanding the foregoing, in
the case of an Event of Default arising front certain events of bankruptcy or
insolvency, all outstanding Notes will become due and payable without further
action or notice. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes issued under the Indenture may
direct the Trustee in its exercise of any trust or power. The Holders of a
majority in aggregate principal amount of the then outstanding Notes issued
under the Indenture by notice to the Trustee may, on behalf of the Holders of
all of such Notes, waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest, premium, if any, or the principal of any
such Note held by a non-consenting Holder; provided that
Holders of a majority in aggregate principal amount of 

 

the then outstanding Notes issued under the Indenture
may rescind an acceleration and its consequences. The Issuer is required to
deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Issuer will deliver to the Trustee as soon as possible after
any Officer has actual knowledge of any Default or Event of Default, an Officer’s
Certificate specifying such Default or Event of Default and what action the
Issuer is taking or proposes to take with respect thereto.

(14)                            TRUSTEE DEALINGS WITH THE ISSUER. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuer or its Affiliates, and may otherwise deal with
the Issuer or its Affiliates, as if it were not the Trustee.

(15)                            NO RECOURSE AGAINST OTHERS. No past, present or future
director, manager, officer, employee, incorporator or stockholder of the
Issuer, LPL Holdings, Inc., or any Guarantor or any of their parent companies
will have any liability for any obligations of the Issuer, LPL Holdings, Inc.,
or the Guarantors under the Notes, the Guarantees and the Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the
issuance of the Notes. The waiver may not be effective to waive liabilities under
the federal securities laws.

(16)                            AUTHENTICATION. This Note will not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

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

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

(19)                            GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE
GUARANTEES.

The Issuer will furnish to any Holder upon written
request and without charge a copy of the Indenture and/or the Registration
Rights Agreement. Requests may be made to:

The Issuer

One Beacon Street, 22nd Floor 

Boston, Massachusetts 02108 

Attention: Stephanie Brown 

Fax: 617-556-2811

 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

	
  (I) or (we) assign and transfer
  this

  	
   

  
	
  Note to:

  	
   

  
	
   

  	
  (Insert assignee’s legal name)

  
	
   

  	
   

  
	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D. no.

  
	
   

  	
   

  
	
   

  
	
   

  
	
   

  
	
   

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

  

 

	
  and irrevocably

  	
   

  
	
  appoint

  	
   

  
	
  to transfer this
  Note on the books of the Issuer. The agent may substitute another to act for
  him,

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your

  	
   

  
	
   

  	
   

  	
  Signature:

  	
   

  
	
   

  	
   

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

  
	
  Signature

  	
   

  	
   

  	
   

  
	
  Guarantee*:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  
							

 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by
the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the
appropriate box below:

o
Section 4.10            o
Section 4.15

If you want to elect to have only part of the Note
purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of the
Indenture, state the amount you elect to have purchased:

 

	
  

  	
   

  	
  $

  	
   

  	 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your

  	
   

  
	
   

  	
   

  	
  Signature:

  	
   

  
	
   

  	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tax
  Identification

  
	
   

  	
   

  	
  No.:

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  	
   

  
	
  Guarantee*:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  
									

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGULATION S
TEMPORARY GLOBAL NOTE

The following exchanges of a part of this Regulation S
Temporary Global Note for an interest in another Global Note, or exchanges of a
part of another other Restricted Global Note for an interest in this Regulation
S Temporary Global Note, have been made:

	
  Date of Exchange

  	
   

  	
  Amount of decrease

  in Principal Amount

  of this Global Note

  	
   

  	
  Amount of increase in

  Principal Amount of

  this Global Note

  	
   

  	
  Principal Amount of

  this Global Note

  following such

  decrease (or Increase}

  	
   

  	
  Signature of

  authorized officer of

  Trustee or Custodian

  	
   

  

 

 

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

The Issuer

One Beacon Street, 22nd Floor 

Boston, Massachusetts 02108 

Attention: Stephanie Brown 

Fax: 617-556-2811

Wells Fargo Bank, N.A.

Corporate Trust Services

MAC N9303-120

Sixth Street & Marquette Avenue 

Minneapolis, MN 55479

Re:  10.75 %
Senior Notes due 2015

Reference is hereby made to the Indenture, dated as of
December 28, 2005 (the “Indenture”),
between the Issuer, a Delaware limited liability company (the “Issuer”) and Wells Fargo Bank, N.A., as trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the
Indenture.

                                    ,
(the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto,
in the principal amount of
$              
in such Note[s] or interests (the “Transfer”), to
                            
(the “Transferee”), as further specified in
Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

1.             o  Check if Transferee will
take delivery of a beneficial interest in the 144A Global Note or a Restricted
Definitive Note pursuant to Rule 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the Securities Act
of 1933, as amended (the “Securities Act”),
and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the
Transferor reasonably believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and
each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A, and such
Transfer is in compliance with any applicable blue sky securities laws of any
state of the United States. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the 144A Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act.

2.             o  Check if Transferee will
take delivery of a beneficial interest in the Regulation S Temporary Global
Note, the Regulation S Permanent Global Note or a Restricted Definitive Note
pursuant to Regulation S. The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the
Transfer is not being made to a Person in the United States 

 

and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (y) the transaction was executed in, on or through
the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act, (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration
of the Restricted Period, the transfer is not being made to a U.S. Person or
for the account or benefit of a U.S. Person (other than an Initial
Purchaser).Upon consummation of the proposed transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on Transfer enumerated in the Private
Placement Legend printed on the Regulation S Permanent Global Note, the
Regulation S Temporary Global Note and/or the Restricted Definitive Note and in
the Indenture and the Securities Act.

3.             o  Check and complete if
Transferee will take delivery of a beneficial interest in the IAI Global Note
or a Restricted Definitive Note pursuant to any provision of the Securities Act
other than Rule 144A or Regulation S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the
Transferor hereby further certifies that (check one):

(a)             such Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act;

or

(b)             such Transfer is being effected to the Issuer
or a subsidiary thereof;

or

(c)             such Transfer is being effected pursuant to
an effective registration statement under the Securities Act and in compliance
with the prospectus delivery requirements of the Securities Act;

or

(d)             such Transfer is being effected to an
Institutional Accredited Investor and pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144,
Rule 903 or Rule 904, and the Transferor hereby further certifies that it has
not engaged in any general solicitation within the meaning of Regulation D
under the Securities Act and the Transfer complies with the transfer
restrictions applicable to beneficial interests in a Restricted Global Note or
Restricted Definitive Notes and the requirements of the exemption claimed,
which certification is supported by (1) a certificate executed by the
Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer
is in respect of a principal amount of Notes at the time of transfer of less
than $250,000, an Opinion of Counsel provided by the 

 

Transferor or the Transferee (a copy of which the
Transferor has attached to this certification), to the effect that such
Transfer is in compliance with the Securities Act. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture
and the Securities Act.

4.             o  Check if Transferee will
take delivery of a beneficial interest in an Unrestricted Global Note or of an
Unrestricted Definitive Note.

(a)           o  Check if Transfer is
pursuant to Rule 144. (i) The Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act and in compliance with
the transfer restrictions contained in the Indenture and any applicable blue
sky securities laws of any state of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Nate will no
longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

(b)           o  Check if Transfer is
Pursuant to Regulation S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities Laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

(c)           o  Check if Transfer is
Pursuant to Other Exemption. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any State of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will not be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted. Global Notes or Restricted
Definitive Notes and in the Indenture.

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer.

 

	
  

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  

 

ANNEX A TO CERTIFICATE OF TRANSFER

1.             The
Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

(a)  a beneficial interest in the:

(i)            o            144A Global Note (CUSIP
               ),
or

(ii)           o            Regulation S Global Note (CUSIP
                  ),
or

(iii)          o            IAI Global Note (CUSIP
                );
or

(b)           o            a Restricted Definitive Note.

2.             After
the Transfer the Transferee will hold:

[CHECK ONE]

(a)           o            a beneficial interest in the:

(i)            o            144A Global Note (CUSIP
                ),
or

(ii)           o            Regulation S Global Note (CUSIP
                ),
or

(iii)          o            IAI Global Note (CUSIP
                );
or

(iv)          o            Unrestricted Global Note (CUSIP
                );
or.

(b)           
            a Restricted Definitive Note;
or

(c)                        an Unrestricted Definitive Note,

in accordance with the terms of the Indenture.

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

The Issuer

One Beacon Street, 22nd Floor 

Boston, Massachusetts 02108 

Attention: Stephanie Brown 

Fax: 617-556-2811

Wells Fargo Bank, N.A.

Corporate Trust Services

MAC N9303-120

Sixth Street & Marquette Avenue 

Minneapolis, MN 55479

Re: 10.75% Senior Notes due 2015

(CUSIP
               )

Reference is hereby made to the Indenture, dated as of
December 28, 2005 (the “Indenture”),
between the Issuer, a Delaware limited liability company (the “`Issuer”) and Wells Fargo Bank, N.A., as trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the
Indenture.

                                ,
(the “Owner”) owns and proposes to exchange
the Note[s] or interest in such Note[s] specified herein, in the principal
amount of
$               
in such Note[s] or interests (the “Exchange”). In
connection with the Exchange, the Owner hereby certifies that:

1.             Exchange of Restricted Definitive Notes or
Beneficial Interests in a Restricted Global Note for Unrestricted Definitive
Notes or Beneficial Interests in an Unrestricted Global Note

(a)           o  Check if Exchange is from
beneficial interest in a Restricted Global Note to beneficial interest in an
Unrestricted Global Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a beneficial
interest in an Unrestricted Global Note in an equal principal amount, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the beneficial
interest in an Unrestricted Global Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

(b)           o  Cheek if Exchange is from
beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for an Unrestricted Definitive Note, the Owner hereby 

 

certifies (i) the Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

(c)           o  Check if Exchange is from
Restricted Definitive Note to beneficial interest in an Unrestricted Global
Note. In connection with the Owner’s Exchange of a Restricted
Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the. Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required. in order to maintain compliance with the Securities
Act and (iv) the beneficial interest is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

(d)           o  Check if Exchange is from
Restricted Definitive Note to Unrestricted Definitive Note. In
connection with the Owner’s Exchange of a Restricted Definitive Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement. Legend are not required
in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

2.             Exchange of Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes
or Beneficial Interests in Restricted Global Notes

(a)           o  Check if Exchange is from
beneficial interest in a Restricted Global Note to Restricted Definitive Note.
In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being
acquired for the Owner’s own account without transfer. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

(b)           o  Check if Exchange is from
Restricted Definitive Note to beneficial interest in a Restricted Global Note.
In connection with the Exchange of the Owner’s Restricted Definitive Note for a
beneficial interest in the [CHECK ONE] “144A Global Note, “Regulation S Global
Note,” IAI Global Note with an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own
account without transfer and (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the 

 

Restricted Global Notes and pursuant to and in
accordance with the Securities Act, and in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the relevant Restricted Global Note and
in the Indenture and the Securities Act.

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer.

	
   

  	
   

  	
   

  
	
  

  	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Dated:

  	
   

  	
   

  	 

					

 

 

EXHIBIT D

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

The Issuer

One Beacon Street, 22nd Floor 

Boston, Massachusetts 02108 

Attention: Stephanie Brown 

Fax: 617-556-2811

Wells Fargo Bank, N.A. 

Corporate Trust Services 

MAC N9303-120

Sixth Street & Marquette Avenue

Minneapolis, MN 55479

Re: 10.75% Senior Notes due 2015

Reference is hereby made to the Indenture, dated as of
December 28, 2005 (the “Indenture”),between
the Issuer, a Delaware limited liability company (the “Issuer”)
and Wells Fargo Bank, NA., as trustee. Capitalized tours used but not defined
herein shall have the meanings given to them in the Indenture.

In connection with our proposed purchase of $
               
aggregate principal amount of:

(a)           o
a beneficial interest in a Global Note, or

(b)           o
a Definitive Note,

we confirm that:

1.             We
understand that any subsequent transfer of the Notes or any interest therein is
subject to certain restrictions and conditions set forth in the Indenture and
the undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Notes or any interest therein except in compliance with, such
restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

2.             We
understand that the offer and sale of the Notes have not been registered under
the Securities Act, and that the Notes and any interest therein may not be
offered or sold except as permitted in the following sentence. We agree, on our
own behalf and on behalf of any accounts for which we are acting as hereinafter
stated, that if we should sell the Notes or any interest therein, we will do so
only (A) to the Issuer or any subsidiary thereof, (B) in accordance with Rule
144A under the Securities Act to a “qualified institutional buyer” (as defined
therein), (C) to an institutional “accredited investor” (as defined below)
that, prior to such transfer, furnishes (or has furnished on its behalf by a
U.S. broker-dealer) to you and to the Issuer a signed letter substantially in
the form of this letter and, if such transfer is in respect of a principal
amount of Notes, at the time of transfer of less than $250,000, an Opinion of
Counsel in form reasonably acceptable to the Issuer to the effect that such
transfer is in compliance with the Securities Act, 

 

(D) outside the United States in accordance with Rule
904 of Regulation S under the Securities Act, (E) pursuant to the provisions of
Rule 144(k) under the Securities Act or (F) pursuant to an effective
registration statement under the Securities Act, and we further agree to
provide to any Person purchasing the Definitive Note or beneficial interest in
a Global Note from us in a transaction meeting the requirements of clauses (A)
through (E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

3.             We
understand that, on any proposed resale of the Notes or beneficial interest
therein, we will be required to furnish to you and the Issuer such
certifications, legal opinions and other information as you and the Issuer may
reasonably require to confirm that the proposed sale complies with the
foregoing restrictions. We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

4.             We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the Securities Act) and have such knowledge
and experience in financial and business matters as to be capable of evaluating
the merits and risks of our investment in the Notes, and we and any accounts
for which we are acting are each able to bear the economic risk of our or its
investment.

5.             We
are acquiring the Notes or beneficial interest therein purchased by us for our
own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

You and the Issuer is entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceedings or official
inquiry with respect to the matters covered hereby.

	
   

  	
   

  	
   

  
	
  

  	
   

  	
  [Insert Name of Accredited Investor]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Dated:

  	
   

  	
   

  	 

					

 

 

EXHIBIT E

[FORM OF NOTATION OF GUARANTEE]

For value received, each Guarantor (which term
includes any successor Person under the Indenture) has, jointly and severally,
unconditionally guaranteed, to the extent set forth in the Indenture and
subject to the provisions in the Indenture dated as of December 28, 2005 (the “Indenture”) between the Issuer, a Delaware limited liability
company (the “Issuer”), the Guarantors party
thereto and Wells Fargo Bank, N.A., as trustee (the “Trustee”),
(a) the due and punctual payment of the principal of, premium, if any, and
interest on, the Notes, whether at maturity, by acceleration, redemption or
otherwise, the due and punctual payment of interest on overdue principal of and
interest on the Notes, if any, if lawful, and the due and punctual performance
of all other obligations of the Issuer to the Holders or the Trustee all in
accordance with the terms of the Indenture and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. The obligations of the Guarantors to the Holders of
Notes and to the Trustee pursuant to this Guarantee and the indenture are
expressly set forth in Section 4.15, Section 4.17 and Article 11 of the
Indenture and reference is hereby made to the Indenture for the precise terms
of this Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to
and shall be bound by such provisions (b) authorizes and directs the Trustee,
on behalf of such Holder, to take such action as may be necessary or
appropriate to effectuate the subordination as provided in the Indenture and (e)
appoints the Trustee attorney-in-fact of such Holder for such purpose.

Capitalized terms used but not defined herein have the
meanings given to them in the Indenture.

[NAME OF GUARANTOR(S)]

 

	
  

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT F

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of
                         ,
20   , among
                                 (the “Guaranteeing Subsidiary”),
the Issuer, a Delaware limited liability company (the “Issuer”),
the other Guarantors (as defined in the Indenture referred to herein) and Wells
Fargo Bank, N.A., as trustee under the Indenture referred to below (the “Trustee”).

WITNESSETH

WHEREAS, the Issuer has heretofore executed and
delivered to the Trustee an indenture (the “Indenture”),
dated as of December 28, 2005 providing for the issuance of 10.75% Senior
Subordinated Notes due 2015 (the “Notes”);

WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary
shall unconditionally guarantee all of the Issuer’s Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the “Guarantee”); and

WHEREAS, pursuant to Section 9.01 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture.

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

(a)           CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture.

(b)           AGREEMENT
TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in
the Guarantee and in the Indenture including but not limited to Section 4.16,
Section 4.17 and Article 11 thereof.

(c)           NO
RECOURSE AGAINST OTHERS. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as
such, shall have any liability for any obligations of the Issuer or any
Guaranteeing Subsidiary under the Notes, any Guarantees, the Indenture or this
Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. Such waiver may not be effective
to waive liabilities under the federal securities laws and it is the view of
the SEC that such a waiver is against public policy.

 

(d)           NEW
YORK LAW TO GOVERN. THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND
BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

(e)           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.

(f)            EFFECT
OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof.

(g)           THE
TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made
solely by the Guaranteeing Subsidiary and the Issuer.Exhibit
4.2

FIRST
SUPPLEMENTAL INDENTURE

FIRST SUPPLEMENTAL
INDENTURE, dated as of May 10, 2006 (this “Supplemental Indenture”),
among LPL Holdings, Inc., a Massachusetts corporation (the “Company”),
BD Investment Holdings Inc., a Delaware corporation (“Holdings”), the
other Guarantors party to the Indenture (as defined below) and Wells Fargo
Bank, N.A., as trustee (“Trustee”). Capitalized terms, unless otherwise
defined herein, shall have the same meanings as in the Indenture.

W
I  T  N  E  S  S  E  T  H:

WHEREAS, the
Company, the Guarantors and the Trustee have previously become parties to an
Indenture, dated as of December 28, 2005 (as amended, supplemented or otherwise
modified from time to time, the “Indenture”), providing for the issuance
of the Company’s 103⁄4% Senior Subordinated Notes due 2015 (the “Securities”);

WHEREAS, the
Securities are redeemable at the option of the Company beginning December 15,
2009, at a purchase price of 105.375% of the principal amount thereof, plus
accrued and unpaid interest, reducing ratably on an annual basis to a purchase
price of 100.000% of the principal amount thereof, plus accrued and unpaid
interest on December 15, 2012;

WHEREAS, prior to
December 15, 2009, the Securities are redeemable at the option of the Company
at a purchase price equal to 100.000% of the principal amount thereof, plus the
“Applicable Premium,” which is intended to provide securityholders with a “make-whole”
premium equal to the present value of interest payments payable prior through
the fourth anniversary of the Issue Date (which occurs shortly after the
December 15, 2009 optional redemption date described above), computed using a
discount rate equal to the Treasury Rate (as defined in the Indenture) plus 50
basis points; and

WHEREAS, the
definition of “Applicable Premium” erroneously calculates the make-whole
premium to include interest payments through the fifth anniversary of the Issue
Date (as defined in the Indenture), rather than the fourth anniversary of the
Issue Date;

WHEREAS, Section
9.01 of the Indenture provides that “the Issuer, any Guarantor (with respect to
a Guarantee or this Indenture to which it is a party) and the Trustee may amend
or supplement this Indenture or the Notes or the Guarantees without the consent
of any Holder of Note: (a) to cure any ambiguity, omission, mistake, defect or
inconsistency;”

NOW, THEREFORE, in
consideration of the foregoing, and in accordance with Section 9.01(a) of the
Indenture, in order to correct the definition of “Applicable Premium,” the
Company and the Guarantors agree with the Trustee as follows:

ARTICLE I

AMENDMENT OF THE
INDENTURE

Amendment of
Section 1.01.

(a)           The definition of “Applicable
Premium” in Section 1.01 of the Indenture is amended and restated as follows:

“Applicable Premium”
means, with respect to any Note on any Redemption Date: (a) the present value
at such Redemption Date of (i) the redemption price of the Note as of the
fourth anniversary of the Issue Date (such redemption price being set forth in
the table appearing in Section 3.07 hereof), plus (ii) all required interest
payments due on the Note through the fourth anniversary of the Issue Date
(excluding accrued but unpaid interest to the Redemption Date), computed using
a discount rate (applied semi-annually) equal to the Treasury Rate as of such
Redemption Date plus 50 basis points; over (b) the principal amount of the
Note, if greater; provided that in no event shall the Applicable Premium shall
be less than “0”.  Determinations
required to be made hereunder shall be made by the Issuer in good faith.”

ARTICLE II

THE TRUSTEE

SECTION 2.1.  Privileges and
Immunities of Trustee.  The Trustee
accepts the amendment of the Indenture and the Securities affected by this
Supplemental Indenture but only upon the terms and conditions set forth in the
Indenture, including the terms and provisions defining and limiting the
liabilities and responsibilities of the Trustee, which terms and provisions
shall in like manner define and limit its liabilities and responsibilities in
the performance of the trust created by the Indenture as hereby amended.  The Trustee shall not be responsible for the
adequacy or sufficiency of this Supplemental Indenture, for the due execution
thereof by the Company and the Guarantors or for the recitals contained herein,
which are the Company’s and the Guarantors’ responsibilities.

ARTICLE III

MISCELLANEOUS
PROVISIONS

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

SECTION 3.2.  Parties.  Nothing expressed or mentioned herein is
intended or shall be construed to give any Person, firm or corporation, other
than the Holders and the

 2
 

Trustee, any
legal or equitable right, remedy or claim under or in respect of this
Supplemental Indenture or the Indenture or any provision herein or therein
contained.

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

SECTION 3.4.  Severability
Clause.  In case any provision in
this Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and such provision shall be ineffective
only to the extent of such invalidity, illegality or unenforceability.

SECTION 3.5.  Ratification of
Indenture; Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part
of the Indenture for all purposes, and every Holder of Securities heretofore or
hereafter authenticated and delivered shall be bound hereby.  The Trustee makes no representation or
warranty as to the validity or sufficiency of this Supplemental Indenture or
with respect to the recitals contained herein, all of which recitals are made
solely by the other parties hereto.

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

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

[Signature
Pages to Follow]

 3

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

SIGNATURES

	
  

  	
   

  	
  LPL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark S. Casady

  
	
   

  	
   

  	
   

  	
  Name:Mark S. Casady

  
	
   

  	
   

  	
   

  	
  Title:  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS FARGO BANK, N.A., as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Lynn M. Steiner

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Lynn M. Steiner

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BD INVESTMENT HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark S. Casady

  
	
   

  	
   

  	
   

  	
  Name:Mark S. Casady

  
	
   

  	
   

  	
   

  	
  Title:  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GLENOAK, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Stephanie Brown

  
	
   

  	
   

  	
   

  	
  Name:Stephanie Brown

  
	
   

  	
   

  	
   

  	
  Title:  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INDEPENDENT ADVISERS GROUP CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Stephanie Brown

  
	
   

  	
   

  	
   

  	
  Name:Stephanie Brown

  
	
   

  	
   

  	
   

  	
  Title:  Secretary

  

 

[First Supplemental
Indenture]

 

	
  

  	
   

  	
  LINSCO/PRIVATE LEDGER INSURANCE ASSOCIATES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Stephanie Brown

  
	
   

  	
   

  	
   

  	
  Name:Stephanie Brown

  
	
   

  	
   

  	
   

  	
  Title:  Vice
  President

  

 

 5

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