Document:

exv4w5

Exhibit 4.5

[FACE OF NOTE]

CLEARWIRE COMMUNICATIONS LLC

and

CLEARWIRE FINANCE, INC.,

12% Senior Secured Note due 2015

			
	 	 	 
	No.
	 	CUSIP No.
	 
	 	$

          CLEARWIRE COMMUNICATIONS LLC, a Delaware limited liability company (the “Company”) and
CLEARWIRE FINANCE, INC., a Delaware corporation (“Finance Co” and, together with the Company, the
“Issuers”, which term includes any successor Person under the Indenture hereinafter referred to),
for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of
Dollars ($    ), on December 1, 2015.

	 	 	 

	Interest Rate:

	 	12% per annum.
	Interest Payment Dates:

	 	June 1 and December 1 of each year commencing June 1, 2011.
	Regular Record Dates:

	 	May 15 and November 15 of each year.

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

 

 

          IN WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or by facsimile by
its duly authorized officers.

	 	 	 	 	 
	 	CLEARWIRE COMMUNICATIONS LLC,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CLEARWIRE FINANCE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

(Form of Trustee’s Certificate of Authentication)

          This is one of the 12% Senior Secured Notes due 2015 referred to in the within-mentioned
Indenture.

	 	 	 	 	 
	 	WILMINGTON TRUST FSB

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Dated: December 9, 2010

 

 

[REVERSE SIDE OF NOTE]

CLEARWIRE COMMUNICATIONS LLC

and

CLEARWIRE FINANCE, INC.

12% Senior Secured Note due 2015

1. Principal and Interest; Subordination.

          The Issuers will pay the principal of this Note on December 1, 2015.

          The Issuers promise to pay interest on the principal amount of this Note on each Interest
Payment Date, as set forth below, at the rate of 12% per annum (subject to adjustment as provided
below).

          Interest will be payable semi-annually (to the Holders of record of the Notes (or any
Predecessor Notes) at the close of business on May 15 or November 15 immediately preceding the
Interest Payment Date) on each Interest Payment Date, commencing June 1, 2011.

          Interest on this Note will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from December 1, 2010; provided that, if there is no existing
default in the payment of interest and if this Note is authenticated between a Regular Record Date
referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue
from such Interest Payment Date. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

          The Issuers shall pay interest on overdue principal and premium, if any, and interest on
overdue installments of interest, to the extent lawful, at a rate per annum equal to the rate of
interest applicable to the Notes.

2. Method of Payment.

          The Issuers will pay interest (except defaulted interest) on the principal amount of the Notes
on each June 1 and December 1 to the Persons who are Holders (as reflected in the Note Register at
the close of business on May 15 and November 15 immediately preceding the Interest Payment Date),
in each case, even if the Note is cancelled on registration of transfer or registration of exchange
after such Regular Record Date; provided that, with respect to the payment of principal, the
Issuers will make payment to the Holder that surrenders this Note to any Paying Agent on or after
December 1, 2015.

          The Issuers will pay principal (premium, if any) and interest in money of the United States
that at the time of payment is legal tender for payment of public and private debts. However, the
Issuers may pay principal (premium, if any) and interest by its check payable in such money. The
Issuers may pay interest on the Notes either (a) by mailing a check for such interest to a Holder’s
registered address (as reflected in the Note Register) or (b) by wire transfer to an account
located in the United States maintained by the payee. If a payment date is a date other than a
Business Day at a place of payment, payment may be made at that place on the next succeeding day
that is a Business Day and no interest shall accrue for the intervening period.

3. Paying Agent and Note Registrar.

          Initially, the Trustee will act as Paying Agent and Note Registrar. The Issuers may change
any Paying Agent or Note Registrar upon written notice thereto. The Issuers, any Subsidiary or any
Affiliate of any of them may act as Paying Agent, Note Registrar or co-registrar.

 

 

4. Indenture; Limitations.

          The Issuers issued the Notes under an Indenture dated as of November 24, 2009 (the
“Indenture”), among the Issuers, the Subsidiary Guarantors and Wilmington Trust FSB, as trustee
(the “Trustee”) and collateral agent (the “Collateral Agent”). Capitalized terms herein are used
as defined in the Indenture unless otherwise indicated. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the
Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law,
in the event of any inconsistency between the terms of this Note and the terms of the Indenture,
the terms of the Indenture shall control.

          The Notes are senior secured obligations of the Issuers. The Indenture does not limit the
aggregate principal amount of the Notes.

5. Redemption.

          Optional Redemption. Except as described below, the Notes are not redeemable at the
Issuers’ option until December 1, 2012. From and after December 1, 2012, the Issuers 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 Note Register at the Redemption Prices (expressed as percentages of
principal amount) set forth below, plus accrued and unpaid interest thereon, if any, to but
excluding 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 1 of each of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage
	 
	2012
	 	 	106.000	%
	2013
	 	 	103.000	%
	2014 and thereafter
	 	 	100.000	%

          In addition, prior to December 1, 2012, the Issuers may, at their option, redeem up to 35% of
the aggregate principal amount of Notes issued under the Indenture at a redemption price equal to
112.000% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if
any, to but excluding, 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 Equity Offerings of the Issuers or any direct or indirect parent of the
Issuers to the extent such net proceeds are contributed to the Issuers; provided that at least 65%
of the aggregate principal amount of Notes originally issued under the Indenture 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.

          At any time prior to the final maturity date of the Notes, the Issuers 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 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, if any, to but excluding 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.

6. Repurchase upon a Change in Control and Asset Sales.

          Upon the occurrence of (a) a Change in Control, the Holders of the Notes will have the right
to require that the Issuers purchase such Holder’s outstanding Notes, in whole or in part, at a
purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any,
to the date of purchase and (b) Asset Sales, the Issuers may be obligated to make offers to
purchase Notes and Other Pari Passu Lien Obligations with a portion of the Net Proceeds of such
Asset Sales at a redemption price of 100% of the principal amount thereof plus accrued and unpaid
interest, if any, to the date of purchase.

 

 

7. Denominations; Transfer; Exchange.

          The Notes are in registered form without coupons, in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of
Notes in accordance with the Indenture. The Note Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Note Registrar need not register the transfer
or exchange of any Notes selected for redemption (except the unredeemed portion of any Note being
redeemed in part).

8. Persons Deemed Owners.

          A registered Holder may be treated as the owner of a Note for all purposes.

9. Unclaimed Money.

          If money for the payment of principal (premium, if any) or interest remains unclaimed for two
years, the Trustee and the Paying Agent will pay the money back to the Issuers at their written
request. After that, Holders entitled to the money must look to the Issuers for payment, unless an
abandoned property law designates another Person, and all liability of the Trustee and such Paying
Agent with respect to such money shall cease.

10. Discharge and Defeasance Prior to Redemption or Maturity.

          If the Issuers irrevocably deposit, or cause to be deposited, with the Trustee money or
Government Securities sufficient to pay the then outstanding principal of (premium, if any) and
accrued interest on the Notes (a) to Redemption or Maturity Date, the Issuers will be discharged
from its obligations under the Indenture and the Notes, except in certain circumstances for certain
covenants thereof, and (b) to the Stated Maturity, the Issuers will be discharged from certain
covenants set forth in the Indenture.

11. Amendment; Supplement; Waiver.

          Subject to certain exceptions, the Indenture, the Security Documents or the Notes may be
amended or supplemented with the consent of the Holders of at least a majority in aggregate
principal amount of the Outstanding Notes, and any existing Default or compliance with any
provision may be waived with the consent of the Holders of a majority in aggregate principal amount
of the Outstanding Notes. Without notice to or the consent of any Holder, the parties thereto may
amend or supplement the Indenture, the Security Documents or the Notes to, among other things, cure
any ambiguity, defect or inconsistency and make any change that does not adversely affect the
rights of any Holder.

12. Restrictive Covenants.

          The Indenture contains certain covenants, including, without limitation, covenants with
respect to the following matters: (i) Incurrence of Indebtedness and Issuance of Disqualified Stock
and preferred stock; (ii) Restricted Payments; (iii) transactions with Affiliates; (iv) Liens; (v)
purchase of Notes upon a Change in Control; (vi) disposition of proceeds of Asset Sales; (vii)
guarantees of Indebtedness by Restricted Subsidiaries; (viii) dividend and other payment
restrictions affecting Restricted Subsidiaries; (ix) merger and certain transfers of assets; (x)
limitation on activities of Finance Co and Spectrum Entities and (xi) future Subsidiary Guarantors.
Within 120 days after the end of each fiscal year, the Issuers must report to the Trustee on
compliance with such limitations.

13. Successor Persons.

          When a successor Person or other entity assumes all the obligations of its predecessor under
the Notes and the Indenture, the predecessor Person will be released from those obligations.

 

 

14. Remedies for Events of Default.

          If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Outstanding Notes may declare all the Notes
to be immediately due and payable. If a bankruptcy or insolvency default with respect to the
Issuers or any Subsidiary Guarantors that is a Significant Subsidiary occurs and is continuing, the
Notes automatically become immediately due and payable. Holders may not enforce the Indenture, the
Security Documents or the Notes except as provided in the Indenture. The Trustee and the
Collateral Agent may require indemnity reasonably satisfactory to it before it enforces the
Indenture or the Notes. Subject to certain limitations, Holders of at least a majority in
aggregate principal amount of the Outstanding Notes may direct the Trustee in its exercise of any
trust or power.

15. Guarantees.

          The Issuers’ obligations under the Notes are fully, irrevocably and unconditionally guaranteed
on a senior secured basis, to the extent set forth in the Indenture, by each of the Subsidiary
Guarantors.

16. Trustee Dealings with Issuers.

          The Trustee or the Collateral Agent under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may make loans to, accept deposits from,
perform services for, and otherwise deal with, the Issuers and their Affiliates as if it were not
the Trustee or the Collateral Agent.

17. Authentication.

          This Note shall not be valid until the Trustee signs the certificate of authentication on the
other side of this Note.

18. 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).

          The Issuers will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to CLEARWIRE COMMUNICATIONS LLC, 4400 Carillon Point, Kirkland,
Washington 98033, Attention: General Counsel, or CLEARWIRE FINANCE, INC., 4400 Carillon Point,
Kirkland, Washington 98033, Attention: General Counsel.

 

 

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 Issuers. 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 Issuers pursuant to Section 1017 or
1018 of the Indenture, check the appropriate box below:

	 	 	 

	o Section 1017
	 	o Section 1018

          If you want to elect to have only part of the Note purchased by the Issuers pursuant to
Section 1017 or Section 1018 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:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Principal Amount	 	 	 	 
	 	 	Amount of decrease	 	 	Amount of increase	 	 	of this Global Note	 	 	Signature of authorized	 
	 	 	in Principal Amount	 	 	in Principal Amount	 	 	following such	 	 	signatory of Trustee	 
	Date of Exchange	 	of this Global Note	 	 	of this Global Note	 	 	decrease (or increase)	 	 	or Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	*	 	This schedule should be included only if the Note is issued in global form.exv4w7

Exhibit 4.7

EXECUTION VERSION

CLEARWIRE COMMUNICATIONS LLC

and

CLEARWIRE FINANCE, INC.,

as Issuers,

SUBSIDIARY GUARANTORS NAMED HEREIN,

as Subsidiary Guarantors,

and

WILMINGTON TRUST FSB,

as Second-Priority Trustee and Second-Priority Collateral Agent

Second-Priority Indenture

Dated as of December 9, 2010

 

12% Second-Priority Secured Notes due 2017

 

 

Clearwire Communications, LLC

and

Clearwire Finance, Inc.*

Reconciliation and tie between Trust Indenture Act

of 1939 and Second-Priority Indenture, dated as of December 9, 2010

Trust Second-Priority Indenture

	 	 	 	 
	Act Section	 	Second-Priority Indenture Section
	§ 310	(a)(1)	 	608
	 	(a)(2) 	 	608
	 	(a)(5) 	 	608
	 	(b) 	 	609
	§ 312	(a)	 	701
	 	(b) 	 	702
	 	(c) 	 	702
	§ 313	(a)	 	703
	 	(b)(1) 	 	102, 1402
	 	(b)(2) 	 	102, 1402
	 	(c)(1) 	 	102, 703
	 	(c)(2) 	 	102, 703
	§ 314	(a)	 	N/A
	 	(a)(4) 	 	N/A
	 	(b) 	 	N/A
	 	(c)(1) 	 	N/A
	 	(c)(2) 	 	N/A
	 	(c)(3) 	 	N/A
	 	(d) 	 	N/A
	 	(e) 	 	N/A
	 	(f) 	 	N/A
	§ 315	(a)	 	601
	 	(b) 	 	602
	 	(c) 	 	601
	 	(d) 	 	601
	 	(e) 	 	601, 603
	§ 316	(a)(last sentence)	 	101 (“Outstanding”)
	 	(a)(1)(A) 	 	502, 512
	 	(a)(1)(B) 	 	513
	 	(b) 	 	508
	 	(c) 	 	104(d)
	§ 317	(a)(1)	 	503
	 	(a)(2) 	 	504
	 	(b) 	 	1003
	§ 318	(a)	 	111

 

			
	*	 	This reconciliation and tie shall not, for any purpose, be deemed to be a part of this
Second-Priority Indenture.

 

 

TABLE OF CONTENTS1

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE
	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 
	SECTION 101. Definitions
	 	 	1	 
	SECTION 102. Compliance Certificates and Opinions
	 	 	33	 
	SECTION 103. Form of Documents Delivered to Second-Priority Trustee
	 	 	34	 
	SECTION 104. Acts of Holders
	 	 	34	 
	SECTION 105. Notices, Etc., to Second-Priority Trustee, Issuers, Any Subsidiary Guarantor and Agent
	 	 	35	 
	SECTION 106. Notice to Holders; Waiver
	 	 	35	 
	SECTION 107. Effect of Headings and Table of Contents
	 	 	36	 
	SECTION 108. Successors and Assigns
	 	 	36	 
	SECTION 109. Separability Clause
	 	 	36	 
	SECTION 110. Benefits of Second-Priority Indenture
	 	 	36	 
	SECTION 111. Governing Law
	 	 	36	 
	SECTION 112. Communication by Holders of Second-Priority Notes with Other Holders of Second-Priority Notes
	 	 	36	 
	SECTION 113. Legal Holidays
	 	 	37	 
	SECTION 114. No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	37	 
	SECTION 115. Trust Indenture Act Controls
	 	 	37	 
	SECTION 116. Counterparts
	 	 	37	 
	SECTION 117. USA Patriot Act
	 	 	37	 
	SECTION 118. Waiver of Jury Trial
	 	 	37	 
	SECTION 119. Force Majeure
	 	 	38	 
	 
	ARTICLE TWO
	 
	NOTE FORMS
	 
	SECTION 201. Forms Generally
	 	 	38	 
	SECTION 202. Form of Second-Priority Trustee’s Certificate of Authentication
	 	 	39	 
	SECTION 203. Restrictive Legends
	 	 	39	 
	 
	ARTICLE THREE
	 
	THE NOTES
	 
	SECTION 301. Title and Terms
	 	 	40	 
	SECTION 302. Denominations
	 	 	41	 
	SECTION 303. Execution, Authentication, Delivery and Dating
	 	 	41	 
	SECTION 304. Temporary Second-Priority Notes
	 	 	42	 
	SECTION 305. Registration, Registration of Transfer and Exchange
	 	 	43	 
	SECTION 306. Mutilated, Destroyed, Lost and Stolen Second-Priority Notes
	 	 	43	 
	SECTION 307. Payment of Interest; Interest Rights Preserved
	 	 	44	 

 

			
	1	 	This table of contents shall not, for any
purpose, be deemed to be a part of this Second-Priority Indenture.

-i-

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 308. Persons Deemed Owners
	 	 	45	 
	SECTION 309. Cancellation
	 	 	45	 
	SECTION 310. Computation of Interest
	 	 	45	 
	SECTION 311. [RESERVED]
	 	 	45	 
	SECTION 312. Book-Entry and Transfer Provisions
	 	 	45	 
	SECTION 313. CUSIP Numbers
	 	 	52	 
	SECTION 314. Issuance of Additional Second-Priority Notes
	 	 	52	 
	 
	ARTICLE FOUR
	 
	SATISFACTION AND DISCHARGE
	 
	SECTION 401. Satisfaction and Discharge of Second-Priority Indenture
	 	 	52	 
	SECTION 402. Application of Trust Money
	 	 	54	 
	 
	ARTICLE FIVE
	 
	REMEDIES
	 
	SECTION 501. Events of Default
	 	 	54	 
	SECTION 502. Acceleration of Maturity; Rescission and Annulment
	 	 	56	 
	SECTION 503. Collection of Indebtedness and Suits for Enforcement by Second-Priority Trustee
	 	 	57	 
	SECTION 504. Second-Priority Trustee May File Proofs of Claim
	 	 	58	 
	SECTION 505. Second-Priority Trustee May Enforce Claims Without Possession of Second-Priority Notes
	 	 	58	 
	SECTION 506. Application of Money Collected
	 	 	58	 
	SECTION 507. Limitation on Suits
	 	 	59	 
	SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest
	 	 	60	 
	SECTION 509. Restoration of Rights and Remedies
	 	 	60	 
	SECTION 510. Rights and Remedies Cumulative
	 	 	60	 
	SECTION 511. Delay or Omission Not Waiver
	 	 	60	 
	SECTION 512. Control by Holders
	 	 	60	 
	SECTION 513. Waiver of Past Defaults
	 	 	61	 
	SECTION 514. Waiver of Stay or Extension Laws
	 	 	61	 
	 
	ARTICLE SIX
	 
	THE TRUSTEE
	 
	SECTION 601. Duties of the Second-Priority Trustee
	 	 	61	 
	SECTION 602. Notice of Defaults
	 	 	62	 
	SECTION 603. Certain Rights of Second-Priority Trustee
	 	 	62	 
	SECTION 604. Second-Priority Trustee Not Responsible for Recitals or Issuance of Second-Priority Notes
	 	 	64	 
	SECTION 605. May Hold Second-Priority Notes
	 	 	64	 
	SECTION 606. Money Held in Trust
	 	 	64	 
	SECTION 607. Compensation and Reimbursement
	 	 	65	 
	SECTION 608. Corporate Second-Priority Trustee Required; Eligibility
	 	 	65	 
	SECTION 609. Resignation and Removal; Appointment of Successor
	 	 	66	 
	SECTION 610. Acceptance of Appointment by Successor
	 	 	67	 
	SECTION 611. Merger, Conversion, Consolidation or Succession to Business
	 	 	67	 
	SECTION 612. Appointment of Authenticating Agent
	 	 	67	 

-ii-

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE SEVEN
	 
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUERS
	 
	SECTION 701. Issuers to Furnish Second-Priority Trustee Names and Addresses
	 	 	70	 
	SECTION 702. Disclosure of Names and Addresses of Holders
	 	 	70	 
	SECTION 703. Reports by Second-Priority Trustee
	 	 	70	 
	 
	ARTICLE EIGHT
	 
	MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS
	 
	SECTION 801. Company May Consolidate, Etc., Only on Certain Terms
	 	 	70	 
	SECTION 802. Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms
	 	 	72	 
	SECTION 803. Successor Substituted
	 	 	73	 
	 
	ARTICLE NINE
	 
	SUPPLEMENTAL INDENTURES
	 
	SECTION 901. Amendments or Supplements Without Consent of Holders
	 	 	73	 
	SECTION 902. Amendments, Supplements or Waivers with Consent of Holders
	 	 	74	 
	SECTION 903. Execution of Amendments, Supplements or Waivers
	 	 	75	 
	SECTION 904. Effect of Amendments, Supplements or Waivers
	 	 	75	 
	SECTION 905. Conformity with Trust Indenture Act
	 	 	75	 
	SECTION 906. Reference in Second-Priority Notes to Supplemental Second-Priority Indentures
	 	 	76	 
	SECTION 907. Notice of Supplemental Second-Priority Indentures
	 	 	76	 
	 
	ARTICLE TEN
	 
	COVENANTS
	 
	SECTION 1001. Payment of Principal, Premium, if Any, and Interest
	 	 	76	 
	SECTION 1002. Maintenance of Office or Agency
	 	 	76	 
	SECTION 1003. Money for Second-Priority Notes Payments to Be Held in Trust
	 	 	76	 
	SECTION 1004. Corporate Existence
	 	 	77	 
	SECTION 1005. Payment of Taxes and Other Claims
	 	 	78	 
	SECTION 1006. Maintenance of Properties
	 	 	78	 
	SECTION 1007. Insurance
	 	 	78	 
	SECTION 1008. Statement by Officers as to Default
	 	 	79	 
	SECTION 1009. Reports and Other Information
	 	 	79	 
	SECTION 1010. Limitation on Restricted Payments
	 	 	81	 
	SECTION 1011. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	 	 	86	 
	SECTION 1012. Limitation on Liens
	 	 	92	 
	SECTION 1013. Limitations on Transactions with Affiliates
	 	 	92	 
	SECTION 1014. Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	 	 	94	 
	SECTION 1015. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
	 	 	95	 
	SECTION 1016. Limitation on Activities of Finance Co and Spectrum Entities
	 	 	96	 
	SECTION 1017. Change of Control
	 	 	96	 
	SECTION 1018. Asset Sales
	 	 	98	 
	SECTION 1019. [RESERVED]
	 	 	102	 
	SECTION 1020. Further Assurances and After-Acquired Property
	 	 	102	 
	SECTION 1021. Information Regarding Collateral
	 	 	102	 

-iii-

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 1022. Impairment of Security Interest
	 	 	103	 
	SECTION 1023. Limitation on Lines of Business
	 	 	103	 
	SECTION 1024. Future Subsidiary Guarantors
	 	 	103	 
	SECTION 1025. Suspension of Certain Covenants
	 	 	103	 
	 
	ARTICLE ELEVEN
	 
	REDEMPTION OF NOTES
	 
	SECTION 1101. Right of Redemption
	 	 	104	 
	SECTION 1102. Applicability of Article
	 	 	105	 
	SECTION 1103. Election to Redeem; Notice to Second-Priority Trustee
	 	 	105	 
	SECTION 1104. Selection by Second-Priority Trustee of Second-Priority Notes to Be Redeemed
	 	 	105	 
	SECTION 1105. Notice of Redemption
	 	 	106	 
	SECTION 1106. Deposit of Redemption Price
	 	 	106	 
	SECTION 1107. Second-Priority Notes Payable on Redemption Date
	 	 	107	 
	SECTION 1108. Second-Priority Notes Redeemed in Part
	 	 	107	 
	 
	ARTICLE TWELVE
	 
	GUARANTEES
	 
	SECTION 1201. Guarantees
	 	 	107	 
	SECTION 1202. Severability
	 	 	108	 
	SECTION 1203. Restricted Subsidiaries
	 	 	108	 
	SECTION 1204. Ranking of Guarantee
	 	 	109	 
	SECTION 1205. Limitation of Subsidiary Guarantors’ Liability
	 	 	109	 
	SECTION 1206. Contribution
	 	 	109	 
	SECTION 1207. Subrogation
	 	 	110	 
	SECTION 1208. Reinstatement
	 	 	110	 
	SECTION 1209. Release of a Subsidiary Guarantor
	 	 	110	 
	SECTION 1210. Benefits Acknowledged
	 	 	110	 
	 
	ARTICLE THIRTEEN
	 
	DEFEASANCE AND COVENANT DEFEASANCE
	 
	SECTION 1301. Issuers’ Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	110	 
	SECTION 1302. Legal Defeasance and Discharge
	 	 	110	 
	SECTION 1303. Covenant Defeasance
	 	 	111	 
	SECTION 1304. Conditions to Legal Defeasance or Covenant Defeasance
	 	 	111	 
	SECTION 1305. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	 	 	112	 
	SECTION 1306. Reinstatement
	 	 	113	 
	 
	ARTICLE FOURTEEN
	 
	SECURITY
	 
	SECTION 1401. Collateral and Second-Priority Security Documents
	 	 	113	 
	SECTION 1402. Recordings and Opinions
	 	 	114	 
	SECTION 1403. Release of Collateral
	 	 	114	 
	SECTION 1404. [RESERVED]
	 	 	115	 
	SECTION 1405. Suits to Protect the Collateral
	 	 	115	 

-iv-

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 1406. Authorization of Receipt of Funds by the Second-Priority Trustee Under the Second-Priority Security Documents
	 	 	116	 
	SECTION 1407. Purchase Protected
	 	 	116	 
	SECTION 1408. Powers Exercisable by Receiver or Second-Priority Trustee
	 	 	116	 
	SECTION 1409. Release upon Termination of the Issuers’ Obligations
	 	 	116	 
	SECTION 1410. Second-Priority Collateral Agent
	 	 	116	 
	SECTION 1411. Compensation and Indemnification
	 	 	120	 
	SECTION 1412. Security Agreement and Other Second-Priority Security Documents
	 	 	120	 
	 
	ARTICLE FIFTEEN
	 
	RANKING OF NOTE LIENS
	 
	SECTION 1501. Relative Rights
	 	 	121	 
	 
	ARTICLE SIXTEEN
	 
	SUBORDINATION
	 
	SECTION 1601. Agreement to Subordinate
	 	 	122	 
	SECTION 1602. Liquidation, Dissolution, Bankruptcy
	 	 	122	 
	SECTION 1603. Default on Designated First Lien Indebtedness of the Issuers
	 	 	122	 
	SECTION 1604. Acceleration of Payment of Second-Priority Notes
	 	 	123	 
	SECTION 1605. When Distribution Must Be Paid Over
	 	 	123	 
	SECTION 1606. Subrogation
	 	 	123	 
	SECTION 1607. Relative Rights
	 	 	124	 
	SECTION 1608. Subordination May Not Be Impaired by Issuers
	 	 	124	 
	SECTION 1609. Rights of Second-Priority Trustee and Paying Agent
	 	 	124	 
	SECTION 1610. Distribution or Notice to Representative
	 	 	125	 
	SECTION 1611. Article 16 Not To Prevent Events of Default or Limit Right To Accelerate
	 	 	125	 
	SECTION 1612. Trust Moneys Not Subordinated
	 	 	125	 
	SECTION 1613. Trustee Entitled To Rely
	 	 	125	 
	SECTION 1614. Trustee To Effectuate Subordination
	 	 	125	 
	SECTION 1615. Trustee Not Fiduciary for Holders of Designated First Lien Indebtedness of the Issuers
	 	 	125	 
	SECTION 1616. Reliance by Holders of Designated First Lien Indebtedness of the Issuers on Subordination Provisions
	 	 	126	 
	 
	ARTICLE SEVENTEEN
	 
	SUBORDINATION OF GUARANTEES
	 
	SECTION 1701. Agreement To Subordinate
	 	 	126	 
	SECTION 1702. Liquidation, Dissolution, Bankruptcy
	 	 	126	 
	SECTION 1703. Default on Designated First Lien Indebtedness of a Subsidiary Guarantor
	 	 	127	 
	SECTION 1704. Demand for Payment
	 	 	128	 
	SECTION 1705. When Distribution Must Be Paid Over
	 	 	128	 
	SECTION 1706. Subrogation
	 	 	128	 
	SECTION 1707. Relative Rights
	 	 	128	 
	SECTION 1708. Subordination May Not Be Impaired by a Subsidiary Guarantor
	 	 	129	 
	SECTION 1709. Rights of Trustee and Paying Agent
	 	 	129	 
	SECTION 1710. Distribution or Notice to Representative
	 	 	129	 
	SECTION 1711. Article 17 Not To Prevent Events of Default or Limit Right To Demand Payment
	 	 	129	 
	SECTION 1712. Trust Moneys Not Subordinated
	 	 	129	 
	SECTION 1713. Trustee Entitled To Rely
	 	 	130	 

-v-

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 1714. Trustee To Effectuate Subordination
	 	 	130	 
	SECTION 1715. Trustee Not Fiduciary for Holders of Designated First Lien Indebtedness of Subsidiary Guarantors
	 	 	130	 
	SECTION 1716. Reliance by Holders of Designated First Lien Indebtedness of a Subsidiary Guarantor on Subordination Provisions
	 	 	130	 

-vi-

 

EXHIBITS

EXHIBIT A — Form of Second-Priority Note

EXHIBIT B — Form of Certificate of Transfer

EXHIBIT C — Form of Certificate of Exchange

EXHIBIT D — Form of Supplemental Second-Priority Indenture

EXHIBIT E — Form of Incumbency Certificate

-vii-

 

          INDENTURE, dated as of December 9, 2010 (this “Second-Priority Indenture”), among
CLEARWIRE COMMUNICATIONS LLC, a Delaware limited liability company (the “Company”) having its
principal executive offices at 4400 Carillon Point, Kirkland, Washington 98033, the direct
subsidiary of the Company, CLEARWIRE FINANCE, INC., a Delaware corporation (“Finance Co” and,
together with the Company, the “Issuers”) having its principal executive offices at 4400 Carillon
Point, Kirkland, Washington 98033, certain of the Company’s direct and indirect Domestic
Subsidiaries, each named in the signature pages hereto (each, a “Subsidiary Guarantor”), and
WILMINGTON TRUST FSB, a federal savings bank, as trustee (in such capacity, the “Second-Priority
Trustee”) and as collateral agent (in such capacity, the “Second-Priority Collateral Agent”).

RECITALS OF THE ISSUERS

          The Issuers have duly authorized the creation of an issue of 12% Second-Priority Secured Notes
due 2017 issued on the date hereof (the “Second-Priority Notes”) of substantially the tenor and
amount hereinafter set forth, and to provide therefor the Issuers have duly authorized the
execution and delivery of this Second-Priority Indenture. As used herein, “Second-Priority Notes”
shall include any Additional Second-Priority Notes that are issued pursuant to this Second-Priority
Indenture unless the context otherwise requires.

          Each Subsidiary Guarantor has duly authorized its Guarantee of the Second-Priority Notes and
to provide therefor each Subsidiary Guarantor has duly authorized the execution and delivery of
this Second-Priority Indenture.

          All things necessary have been done to make the Second-Priority Notes, when executed by the
Issuers and authenticated and delivered hereunder and duly issued by the Issuers, the valid and
legally binding obligations of the Issuers and to make this Second-Priority Indenture a valid and
legally binding agreement of the Issuers, in accordance with their and its terms.

          All things necessary have been done to make the Guarantees, upon execution and delivery of
this Second-Priority Indenture, the valid obligations of each Subsidiary Guarantor and to make this
Second-Priority Indenture a valid and legally binding agreement of each Subsidiary Guarantor, in
accordance with their and its terms.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

          For and in consideration of the premises and the purchase of the Second-Priority Notes by the
Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of
all Holders, as follows:

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     SECTION 101. Definitions.

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

     (a) the terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;

     (b) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein, and the terms
“cash transaction” and “self-liquidating paper”, as used in TIA Section 311, shall have the
meanings assigned to them in the rules of the Commission adopted under the Trust Indenture
Act;

     (c) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with GAAP (as herein defined); and

 

 

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

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

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

     (1) Indebtedness or Disqualified Stock 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 or Disqualified Stock 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

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

          “Act”, when used with respect to any Holder, has the meaning specified in Section 104 of this
Second-Priority Indenture.

          “Additional Second-Priority Notes” has the meaning set forth in Section 314.

          “Adjusted Net Assets” has the meaning specified in Section 1206 of this Second-Priority
Indenture.

          “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.

          “Affiliate Transaction” has the meaning specified in Section 1013 of this Second-Priority
Indenture.

          “After-Acquired Property” means any property of the Issuers or any Subsidiary Guarantor
acquired after the Issue Date that is of a type that would constitute Collateral under this
Second-Priority Indenture and the Second-Priority Security Documents.

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

          “Applicable Authorized Representative” means the collateral agent and/or trustee representing
the series of First-Priority Obligations with the greatest outstanding aggregate principal amount.

          “Applicable Premium” means, with respect to any Second-Priority Note on any Redemption Date,
the greater of:

     (1) 1.0% of the principal amount of the Second-Priority Note; or

     (2) the excess of:

     (a) the present value at such redemption date of (i) the redemption price
of the Second-Priority Note at December 1, 2014 (such redemption price being set
forth in the table appearing

-2-

 

in Section 1101), plus (ii) all required interest payments due on the
Second-Priority Note through December 1, 2014 (excluding accrued but unpaid interest
to the Redemption Date), computed using a discount rate equal to the Treasury Rate
as of such Redemption Date plus 50 basis points; over

     (b) the principal amount of the Second-Priority Note, if greater.

          “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

     (1) the sale, conveyance, transfer or other disposition, whether in a single
transaction or a series of related transactions, of property or assets (including by way of
a sale and leaseback) of the Issuers, a Subsidiary Guarantor or any Restricted Subsidiary
(each referred to in this definition as a “disposition”), or

     (2) the issuance or sale of Equity Interests of any Restricted Subsidiary (other
than directors’ qualifying shares or shares required by applicable law to be held by a
Person other than the Company or a Restricted Subsidiary), whether in a single transaction
or a series of related transactions (other than preferred stock of Restricted Subsidiaries
issued in compliance with Section 1011), in each case, other than:

     (a) a disposition of Cash Equivalents or obsolete, damaged or worn out
equipment or the sale or lease of equipment, inventory or accounts receivable in the
ordinary course of business and dispositions of property no longer used or useful in
the conduct of the business of the Issuers and its Restricted Subsidiaries;

     (b) the disposition of all or substantially all of the assets of the
Issuers in a manner permitted pursuant to Article Eight or any disposition that
constitutes a Change of Control pursuant to this Second-Priority Indenture;

     (c) the making of any Restricted Payment or Permitted Investment that is
permitted to be made, and is made, under Section 1010 or the granting of a Lien
permitted by Section 1012;

     (d) 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 $5.0 million;

     (e) a transfer of Capital Stock between or among Spectrum Entities or a
transfer of assets among Spectrum Entities and any disposition of property or assets
or issuance of securities (other than Spectrum Assets) by a Restricted Subsidiary to
the Issuers or by the Issuers or a Restricted Subsidiary to another Restricted
Subsidiary;

     (f) 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;

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

     (h) the expiration or termination of Spectrum Leases in the ordinary course
of business;

     (i) licenses or sub-licenses of intellectual property in the ordinary
course of business (other than exclusive licenses or sub-licenses or assignments of
intellectual property that preclude the Issuers and the Restricted Subsidiaries from
using such intellectual property for a period

-3-

 

of time beyond December 1, 2017 or otherwise have a material adverse effect on
the value of the Collateral or the ability of the Second-Priority Collateral Agent
or the lenders to realize the benefits of, and intended to be afforded by, the
Collateral);

     (j) solely with respect to clauses (a)(1) and (2) and (b)(1) and (2) of
Section 1018, foreclosures on assets, involuntary asset transfers or transfers by
reason of eminent domain;

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

     (l) any financing transaction with respect to property built or acquired by
the Issuers or any Restricted Subsidiary after the Issue Date, including, without
limitation, sale leasebacks and asset securitizations permitted by this
Second-Priority Indenture;

     (m) any issuance or sale of Equity Interests in, or Indebtedness or other
securities of, an Unrestricted Subsidiary, including in connection with any merger
or consolidation;

     (n) dispositions of accounts receivable in connection with the compromise,
settlement or collection thereof in the ordinary course of business or in bankruptcy
or similar proceedings; and

     (o) the disposition of Idilis Srl and accessNET International S.R.L.;
Clearwire Poland Holdings S.a.r.l; Clearwire Poland Sp. Zoo; and Clearwire Ireland
Limited.

          “Asset Sale Offer” has the meaning specified in Section 1018 of this Second-Priority
Indenture.

          “Authenticating Agent” has the meaning specified in Section 612 of this Second-Priority
Indenture.

          “Bankruptcy Code” means Title 11 of the United States Code of 1978, as amended.

          “Bankruptcy Law” means the Bankruptcy Code or any similar United States federal or state law
relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief
of debtors or any amendment to, successor to or change in any such law.

          “Blockage Notice” has the meaning specified in Section 1603 of this Second-Priority Indenture.

          “Board of Directors” means:

     (1) with respect to a corporation, the Board of Directors of the corporation or (other than
for purposes of determining Change of Control) any committee thereof duly authorized to act on
behalf of the Board of Directors with respect to the relevant matter;

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

     (3) with respect to a limit liability company, the Board of Directors of the managing
member; and

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

          “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the
Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification, and, if required by
this Second-Priority Indenture, delivered to the Second-Priority Trustee.

-4-

 

          “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which banking institutions in The City of New York are authorized or obligated by law,
regulation or executive order to close.

          “Capital Stock” means

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

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

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

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

          “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

     (1) U.S. dollars and any other foreign currency held by it in the ordinary course
of business;

     (2) securities issued or directly and fully guaranteed or insured by the United
States government or any agency or instrumentality thereof (provided that the full faith and
credit of the United States is pledged in support thereof), maturing, unless such securities
are deposited to defease any Indebtedness, not more than five years from the date of
acquisition;

     (3) securities issued by U.S. government-sponsored entities (“GSE”) and federally
related institutions, maturing and not more than five years from the date of acquisition;

     (4) repurchase agreements with primary dealers of eligible banks and

     (a) with a maturity of not more than one year from the date of
acquisition; and

     (b) supported by underlying collateral that is U.S. Treasury of U.S.
government-sponsored entities;

     (5) certificates of deposit, time deposits, Eurodollar time deposits, and bankers’
acceptances

     (a) with a rated bank that has received a short-term rating from a
nationally recognized statistical rating organization (“NRSRO”) in the highest
short-term rating category for debt obligations (within which there may be
subcategories or gradations indicating relative standing). Long-term ratings may be
used if short-term ratings are not available; and

     (b) with a maturity of not more than five years from the date of
acquisition;

     (6) securities issued or fully guaranteed or insured by any state, commonwealth or
territory of the United States, or by any political subdivision or taxing authority thereof
and

     (a) such security is a rated security that has received a short-term rating
from a NRSRO in the two highest short-term rating categories for debt obligations
(within which there

-5-

 

may be subcategories or gradations indicating relative standing). Long term
ratings may be used if short term ratings are not available; and

     (b) such security has a maturity of not more than five years from the date
of acquisition;

     (7) money market funds assets of which are consistent with the quality standards of
Cash Equivalents described herein;

     (8) commercial paper and corporate obligations of corporations and

     (a) such security is a rated security that has received a short-term rating
from a NRSRO in the highest short-term rating category for debt obligations (within
which there may be sub-categories or gradations indicating relative standing); and

     (b) have a stated final maturity of not more than five years from the date
of acquisition; and

     (9) asset-backed securities that

     (a) are rated securities that have received a rating from two NRSRO’s in
the highest short-term rating category for debt obligations (within which there may
be sub-categories or gradations indicating relative standing); and

     (b) have a stated final maturity of not more than five years from the date
of acquisition.

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

     (1) the sale, lease or transfer, in one or a series of related transactions, of all
or substantially all of the assets of the Issuers and their Subsidiaries, taken as a whole,
to any Person other than any of the Permitted Holders (excluding a swap of Spectrum Assets
and related assets to the extent permitted by Section 1018); or

     (2) the Issuers become aware of (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition
by 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 any of 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 beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act, or any successor provision) of 50% or more of the total voting power of the
Voting Stock of the Company or any of its direct or indirect parents.

          “Change of Control Offer” has the meaning specified in Section 1017 of this Second-Priority
Indenture.

          “Change of Control Payment” has the meaning specified in Section 1017 of this Second-Priority
Indenture.

          “Change of Control Payment Date” has the meaning specified in Section 1017 of this
Second-Priority Indenture.

          “Clearstream” means Clearstream Banking, Société Anonyme, and its successors.

-6-

 

          “Clearwire International” means Clearwire International, LLC, a Washington limited liability
company.

          “Collateral” means all the assets and properties subject to the Liens created by the
Second-Priority Security Documents.

          “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this Second-Priority
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

          “Common Stock” means, with respect to any Person, any and all shares, interests,
participations and other equivalents (however designated, whether voting or non-voting) of such
Person’s common stock, whether now outstanding or issued after the date of this Second-Priority
Indenture, and includes, without limitation, all series and classes of such common stock.

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

          “consolidated” or “Consolidated” means, with respect to any Person, such Person consolidated
with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary.

          “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 First-Priority Secured Debt Ratio” means, as of any date of determination, the
ratio of (1) the sum of the aggregate principal amount of First-Priority Obligations plus the
aggregate amount outstanding under any Receivables Facility to (2) the Company’s EBITDA for the
most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such event for which such calculation is being made shall
occur, in each case with such pro forma adjustments as are appropriate and consistent with the pro
forma adjustment provisions set forth in the definition of Consolidated Leverage Ratio.

          “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, non-cash interest payments (but excluding any non-cash
interest expense attributable to the movement in the mark to market valuation of Hedging
Obligations or other derivative instruments pursuant to 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, and excluding amortization of deferred financing fees and
any expensing of bridge or other financing fees), 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.

-7-

 

          “Consolidated Leverage Ratio” means, with respect to any Person for any period, the ratio of:

     (1) the Indebtedness of such Person and its Restricted Subsidiaries at the time of
determination (the “Calculation Date”), on a consolidated basis, to

     (2) the EBITDA of such Person for the four most recent full fiscal quarters ending
immediately prior to the date for which internal financial statements are available.

     (i) If the Company or any Restricted Subsidiary:

     (a) has incurred any Indebtedness since the beginning of such
period that remains outstanding on such date of determination or if the
transaction giving rise to the need to calculate the Consolidated Leverage
Ratio is or includes an incurrence of Indebtedness, Indebtedness and EBITDA
for such period will be calculated after giving effect on a pro forma basis
to such Indebtedness as if such Indebtedness had been incurred on the first
day of such period (except that in making such computation, the amount of
Indebtedness under any revolving facility outstanding on the date of such
calculation will be deemed to be (i) the average daily balance of such
Indebtedness during such four fiscal-quarters or such shorter period for
which such facility was outstanding or (ii) if such facility was created
after the end of such four fiscal quarters, the average daily balance of
such Indebtedness during the period from the date of creation of such
facility to the date of such calculation) and the discharge of any other
Indebtedness repaid, repurchased, defeased or otherwise discharged with the
proceeds of such new Indebtedness as if such discharge had occurred on the
first day of such period; or

     (b) has repaid, repurchased, redeemed, retired, defeased or
otherwise discharged any Indebtedness since the beginning of the period that
is no longer outstanding on such date of determination or if the transaction
giving rise to the need to calculate the Consolidated Leverage Ratio
includes a discharge of Indebtedness (in each case, other than Indebtedness
incurred under any revolving facility unless such Indebtedness has been
permanently repaid and the related commitment terminated), Indebtedness and
EBITDA for such period will be calculated after giving effect on a pro forma
basis to such discharge of such Indebtedness, including with the proceeds of
such new Indebtedness, as if such discharge had occurred on the first day of
such period.

     (ii) If since the beginning of such period the Company or any Restricted
Subsidiary will have made any Asset Sale (without giving effect to the $5.0 million
threshold in clause (d) of the definition thereof) or disposed of any company,
division, operating unit, segment, business, group of related assets or line of
business or if the transaction giving rise to the need to calculate the Consolidated
Leverage Ratio includes such a transaction the EBITDA for such period will be
reduced by an amount equal to the EBITDA (if positive) directly attributable to the
assets that are the subject of such Asset Sale, disposition or discontinuation for
such period or increased by an amount equal to the EBITDA (if negative) directly
attributable thereto for such period.

     (iii) If since the beginning of such period the Company or any Restricted
Subsidiary (by merger or otherwise) will have made an Investment in any Restricted
Subsidiary (or any Person that becomes a Restricted Subsidiary or is merged with or
into the Company or a Restricted Subsidiary) or an acquisition of assets, including
any acquisition of assets occurring in connection with a transaction causing a
calculation to be made hereunder, which constitutes all or substantially all of a
company, division, operating unit, segment, business, group of related assets or
line of business, EBITDA for such period will be calculated after giving pro forma
effect thereto (including the incurrence of any Indebtedness) as if such Investment
or acquisition occurred on the first day of such period.

-8-

 

     (iv) If since the beginning of such period any Person (that subsequently became
a Restricted Subsidiary or was merged with or into the Company or any Restricted
Subsidiary since the beginning of such period) will have incurred any Indebtedness
or discharged any Indebtedness, made any disposition or any Investment or
acquisition of assets that would have required an adjustment pursuant to clause (i),
(ii) or (iii) above if made by the Company or a Restricted Subsidiary during such
period, EBITDA and Indebtedness for such period will be calculated after giving pro
forma effect thereto as if such transaction occurred on the first day of such
period.

          For purposes of this definition, whenever pro forma effect is to be given to a transaction,
the pro forma calculations shall be (x) made in good faith by a responsible financial or accounting
officer of the Company (and may include, for the avoidance of doubt, cost savings and operating
expense reductions resulting from such Investments acquisition, disposition, merger or
consolidation or disposition which is being given pro forma effect that have been or are expected
to be realized within twelve (12) months after the date of such Investment, acquisition,
disposition, merger, consolidation or disposed operation as the result of specified actions taken
or to be taken within six (6) months after such date) and, except as otherwise provided herein or
(y) determined in accordance with Regulation S-X. 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 Issuers 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 Issuers may designate.

          “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

     (1) any net after-tax extraordinary, non-recurring or unusual gains or losses,
costs, charges or expenses (less all fees and expenses relating thereto) shall be excluded
(including, without limitation, severance, relocation, transition and other restructuring
costs),

     (2) the Net Income for such period shall not include the cumulative effect of a
change in accounting principles during such period,

     (3) 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,

     (4) 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 Board of Directors of the Company, shall be excluded,

     (5) the Net Income for such period of any Person that is not a Subsidiary, or is an
Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall
be excluded; provided that Consolidated Net Income of the Company 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 (without duplication for purposes of Section 1010 of any amounts
included in clause (a)(C)(4)(A) of such Section 1010),

     (6) solely for the purpose of determining the amount available for Restricted
Payments under Section 1010 (a)(C)(1), the Net Income for such period of any Restricted
Subsidiary (other than any Subsidiary Guarantor) shall be excluded if the declaration or
payment of dividends or similar distributions by

-9-

 

that Restricted Subsidiary of its Net Income is not at the date of determination 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 such
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 Company shall 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 Issuers or a Restricted Subsidiary thereof in respect of such period, to the
extent not already included therein,

     (7) the effects of adjustments resulting from the application of purchase
accounting in relation to any acquisition, net of taxes, shall be excluded,

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

     (9) any impairment charge or asset write-off pursuant to Financial Accounting
Standards Board Statement No. 142 and No. 144 and the amortization of intangibles arising
pursuant to No. 141 shall be excluded,

     (10) the amount of any expense will be excluded to the extent a corresponding
amount is received in cash by the Issuers and the Restricted Subsidiaries from a Person
other than the Issuers or any Restricted Subsidiaries under any agreement providing for
reimbursement of any such expense, provided such reimbursement payment has not been included
in determining Consolidated Net Income (it being understood that if the amounts received in
cash under any such agreement in any period exceed the amount of expense in respect of such
period, such excess amounts received may be carried forward and applied against expense in
future periods); and

     (11) any non-cash compensation expense recorded from grants of stock appreciation
or similar rights, stock options or other rights to officers, directors or employees shall
be excluded.

          Notwithstanding the foregoing, for the purpose of Section 1010 only (other than clause
(a)(C)(4) thereof), there shall be excluded from Consolidated Net Income any income arising from
any sale or other disposition of Restricted Investments made by the Issuers and the Restricted
Subsidiaries, any repurchases and redemptions of Restricted Investments from the Issuers and the
Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted
Investments by the Issuers 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 Section
1010(a)(C)(4).

          “Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of (1) the
sum of the aggregate principal amount of First-Priority Obligations, the Second-Priority Notes,
Permitted Additional Junior Lien Obligations plus the aggregate amount outstanding under any
Receivables Facility to (2) the Company’s EBITDA for the most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the date on
which such event for which such calculation is being made shall occur, in each case with such pro
forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set
forth in the definition of “Consolidated Leverage Ratio.”

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

-10-

 

     (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

     (c) 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” means the principal corporate trust office of the Second-Priority
Trustee, at which at any particular time its corporate trust business shall be administered, which
office at the date of execution of this Second-Priority Indenture is located at Wilmington Trust
FSB, Corporate Capital Markets, 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402-1544,
Attention: Clearwire Communications LLC Administrator, except that with respect to presentation of
the Second-Priority Notes for payment or for registration of transfer or exchange, such term shall
mean the office or agency of the Second-Priority Trustee at which, at any particular time, its
corporate agency business shall be conducted.

          “Covenant Defeasance” has the meaning specified in Section 1303 of this Second-Priority
Indenture.

          “Covenant Suspension Event” means, during any period of time following the issuance of the
Second-Priority Notes, that (a) the Second-Priority Notes have Investment Grade Ratings from both
Ratings Agencies and (b) no Default has occurred and is continuing under this Second-Priority
Indenture.

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

          “December 2009 Indenture” means the indenture pursuant to which the December 2009 Notes were
issued.

          “December 2009 Notes” means the $920.0 million aggregate principal amount of 12% senior
secured notes due 2015 of the Issuers issued pursuant to the December 2009 Indenture.

          “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; provided that any Default that results solely from the taking of an
action that would have been permitted but for the continuation of a previous Default will be deemed
to be cured if such previous Default is cured prior to becoming an Event of Default.

          “Defaulted Interest” has the meaning specified in Section 307 of this Second-Priority
Indenture.

          “Definitive Second-Priority Note” means a certificated Second-Priority Note registered in the
name of the Holder thereof and issued in accordance with Section 312 hereof, substantially in the
form of Exhibit A hereto except that such Second-Priority 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 The Depository Trust Company (“DTC”), its nominees and their respective
successors.

          “Designated First Lien Indebtedness” means any Obligations outstanding under the
First-Priority Indenture or the December 2009 Indenture.

          “Designated Noncash Consideration” means the fair market value of noncash consideration
received by the Issuers or a Restricted Subsidiary in connection with an Asset Sale that is so
designated as Designated

-11-

 

Noncash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such
valuation, 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 Issuers or any direct or indirect
parent 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
Officers’ Certificate, as the case may be, on the issuance date thereof, the cash proceeds of which
are excluded from the calculation set forth in Section 1010(a)(C)(2).

          “Discharge of First-Priority Obligations” means, subject to any reinstatement of
First-Priority Obligations in accordance with the Intercreditor Agreement, (a) payment in full in
cash of the principal of and interest (including interest accruing on or after the commencement of
any Insolvency or Liquidation Proceeding at the rate provided for in the respective document or
instrument governing such First-Priority Obligations, whether or not such interest would be allowed
in any such Insolvency or Liquidation Proceeding) and premium, if any, on all Indebtedness under
the documents and instruments governing such First-Priority Obligations and termination of all
commitments to lend or otherwise extend credit under the documents and instruments governing such
First-Priority Obligations and (b) payment in full in cash of all other First-Priority Obligations
that are due and payable or otherwise accrued and owing at or prior to the time such principal,
interest, and premium are paid.

          “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person
which, by its terms, or by the terms of any security into which it is convertible or for which it
is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable, other than 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 case prior to the date
91 days after the earlier of the maturity date of the Second-Priority Notes or the date the
Second-Priority Notes are no longer outstanding; provided, however, that if such Capital Stock is
issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such
plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because
it may be required to be repurchased by the Company or any of its Subsidiaries in order to satisfy
applicable statutory or regulatory obligations.

          “Domestic Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such
Person other than a Foreign Subsidiary.

          “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) any expenses or charges related to any Equity Offering, Permitted Investment,
acquisition, disposition, recapitalization or Indebtedness permitted to be incurred by this
Second-Priority Indenture (whether or not successful), including such fees, expenses or
charges related to the offering of the Second-Priority Notes, and deducted in computing
Consolidated Net Income, plus

     (e) the amount of any restructuring charges deducted in such period in computing
Consolidated Net Income, including any one-time costs incurred in connection with
acquisitions after the Issue Date, plus

-12-

 

     (f) any other non-cash charges, expenses or losses reducing Consolidated Net Income
for such period (including any impairment charges or the impact of purchase accounting),
excluding any such charge that represents an accrual or reserve for a cash expenditure for a
future period, plus

     (g) the amount of any minority interest expense or non-controlling interest in
income of consolidated subsidiaries deducted in calculating Consolidated Net Income (less
the amount of any cash dividends paid to the holders of such minority interests), plus

     (h) any net gain or loss resulting from Hedging Obligations (including pursuant to
the application of SFAS No. 133), plus

     (i) expenses related to the implementation of enterprise resource planning system,
less

     (j) 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.

          It is understood that if the EBITDA for any fiscal quarter is less than zero, then such EBITDA
shall be deemed to be equal to zero.

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

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

          “Equity Offering” means any public or private sale of common or preferred equity of the
Company or any of its direct or indirect parents (excluding Disqualified Stock of the Company),
other than (a) public offerings with respect to the Company’s or any direct or indirect parent’s
common stock registered on Form S-8; and (b) any sales to the Company or any of its Subsidiaries.

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

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

          “Event of Default” has the meaning specified in Section 501 of this Second-Priority Indenture.

          “Excess Proceeds” has the meaning specified in Section 1018 of this Second-Priority Indenture.

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

          “Exchangeable Notes” means the $650 million aggregate principal amount of 8.25% exchangeable
notes due 2040 issued on December 8, 2010.

          “Excluded Contribution” means net cash proceeds, marketable securities or Qualified Proceeds
received by the Company and its Restricted Subsidiaries from

     (a) contributions to its common equity capital, and

     (b) the sale (other than to a Subsidiary of the Company or to any management equity
plan or stock option plan or any other management or employee benefit plan or agreement of
the Company) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock)
of the Company,

in each case designated as Excluded Contributions pursuant to an Officers’ Certificate on the date
such capital contributions are made or the date such Equity Interests are sold, as the case may be,
which are (i) excluded from the

-13-

 

calculation set forth in Section 1010(a)(4)(C) and (ii) not used as the basis for incurring
Indebtedness pursuant to Section 1011(b)(14).

          “Existing Indebtedness” means Indebtedness of the Company or the Restricted Subsidiaries in
existence on the Issue Date, plus accrued interest thereon including the $26.8 million of
First-Priority Notes not deemed to have been incurred under Section1011(b)(14)(y) and the
Exchangeable Notes, but excluding the December 2009 Notes and the First-Priority Notes deemed to
have been incurred under Section1011(b)(14)(y).

          “Existing Secured Notes” means the $2,772,494,000 aggregate principal amount of 12% senior
secured notes due 2015 of the Issuers issued pursuant to the First-Priority Indenture or the
December 2009 Indenture.

          “FCC” means the Federal Communications Commission and any successor thereto.

          “FCC License” means any paging, mobile telephone, specialized mobile radio, microwave or
personal communications services and any other license, permit, consent, certificate of compliance,
franchise, approval, waiver or authorization granted or issued by the FCC, including any of the
foregoing authorizing or permitting the acquisition, construction or operation of any Wireless
Communications System.

          “FCC License Rights” means any right, title or interest in, to or under any FCC License,
whether directly or indirectly held, including, without limitation, any rights owned, granted,
approved or issued directly or indirectly by the FCC or held, leased, licensed or otherwise
acquired from or through any party (including without limitation any rights under Spectrum Leases).

          “Federal Grant Program” means the U.S. Federal Government’s Broadband Technology Opportunity
Program, or any successor program.

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

          “First-Priority Collateral Agent” means Wilmington Trust FSB, in its capacity as “Collateral
Agent” under the First-Priority Indenture and under the First-Priority Security Documents, and any
successor thereto in such capacity.

          “First-Priority Indenture” means the indenture dated November 24, 2009 pursuant to which the
First-Priority Notes and other Obligations were issued.

          “First-Priority Notes” means the $175.0 million aggregate principal amount of 12% senior
secured notes due 2015 of the Issuers issued on the Issue Date.

          “First-Priority Obligations” means (i) all Obligations under the First-Priority Indenture and
the December 2009 Indenture, (ii) all Obligations under the Existing Secured Notes and the
First-Priority Notes and (iii) all Obligations under any other Indebtedness that is incurred in
compliance with the First-Priority Indenture, the December 2009 Indenture and the Second-Priority
Indenture which is secured by a Lien on the Collateral that has Pari Passu Lien Priority with
respect to the Lien securing the Obligations under the First-Priority Indenture and the December
2009 Indenture, the Existing Secured Notes and the First-Priority Notes. “First-Priority
Obligations” shall in any event include (a) all interest accrued or accruing, or which would
accrue, absent commencement of an Insolvency or Liquidation Proceeding (and the effect of
provisions such as Section 502(b)(2) of the Bankruptcy Code), on or after the commencement of an
Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant document
or instrument governing such First-Priority Obligations, whether or not the claim for such interest
is allowed or allowable as a claim in such Insolvency or Liquidation Proceeding, (b) any and all
fees and expenses (including attorneys’ and/or financial consultants’ fees and expenses) incurred
by the Applicable Authorized Representative and the holders of such First-Priority Obligations on
or after the commencement of an Insolvency or Liquidation Proceeding, whether or not the claim for
fees and expenses is allowed or allowable under Section

-14-

 

502 or 506(b) of the Bankruptcy Code or any other provision of the Bankruptcy Law as a
claim in such Insolvency or Liquidation Proceeding, and (c) all obligations and liabilities of the
Company and each Guarantor under each document or instrument governing First-Priority Obligations
to which it is a party which, but for the automatic stay under Section 362(a) of the Bankruptcy
Code, would become due and payable.

          “First-Priority Security Documents” means the security agreements, pledge agreements, deeds to
secure debt, collateral assignments and related agreements (including, without limitation,
financing statements under the Uniform Commercial Code of the relevant states), as amended,
supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise
modified from time to time, creating the security interests in the Collateral as contemplated by
the First-Priority Indenture and the December 2009 Indenture.

          “Foreign Subsidiary” means, with respect to any Person, (1) any Restricted Subsidiary of such
Person that is not organized or existing under the laws of the United States, any state thereof or
the District of Columbia, and any Restricted Subsidiary of such Restricted Subsidiary and
(2) Clearwire International.

          “Funding Subsidiary Guarantor” has the meaning specified in Section 1206 of this
Second-Priority Indenture.

          “GAAP” means generally accepted accounting principles in the United States which are in effect
on the Issue Date. At any time after the Issue Date, the Issuers may elect to apply International
Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP and, upon any such
election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise
provided in this Second-Priority Indenture); provided that any such election, once made, shall be
irrevocable; provided, further, that any calculation or determination in this Second-Priority
Indenture that requires the application of GAAP for periods that include fiscal quarters ended
prior to the Issuers’ election to apply IFRS shall remain as previously calculated or determined in
accordance with GAAP. The Issuers shall give notice of any such election made in accordance with
this definition to the Second-Priority Trustee and the Holders of Second-Priority Notes.

          “Global Note Legend” means the legend set forth in Section 203 hereof, which is required to be
placed on all Global Notes issued under this Second-Priority Indenture.

          “Global Notes” means the Second-Priority Notes deposited with or on behalf of and registered
in the name of the Depositary or its nominee, substantially in the form of Exhibit A 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 201 or 312(b)(3) hereof.

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

-15-

 

          “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 Subsidiary Guarantor of the Issuers’ obligations under
this Second-Priority Indenture.

          “Guarantee Blockage Notice” has the meaning specified in Section 1703 of this Second-Priority
Indenture.

          “Guarantee Payment Blockage Period” has the meaning specified in Section 1703 of this
Second-Priority Indenture.

          “Hedging Obligations” means, with respect to any Person, the obligations of such Person under

     (a) currency exchange, interest rate or commodity swap agreements, currency
exchange, interest rate or commodity cap agreements and currency exchange, interest rate or
commodity collar agreements; and

     (b) other agreements or arrangements designed to manage, hedge or protect such
Person against fluctuations in currency exchange, interest rates or commodity prices.

          “Holder” means a registered holder of Second-Priority Notes.

          “incur” has the meaning specified in Section 1011 of this Second-Priority Indenture.

          “incurrence” has the meaning specified in Section 1011 of this Second-Priority Indenture.

          “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 or bankers’ acceptances (or, without double counting, reimbursement
agreements in respect thereof);

     (3) representing the deferred and unpaid balance 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 interest rate 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

-16-

 

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

provided, however, that (x) Contingent Obligations incurred in the ordinary course of business,
(y) Spectrum Leases or any guarantee of obligations under Spectrum Leases or FCC License Rights and
(z) obligations under or in respect of Receivables Facilities shall be deemed not 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 Issuers, qualified to perform the task for which it has been
engaged.

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

          “Initial Lien” has the meaning specified in Section 1012 of this Second-Priority Indenture.

          “Insolvency or Liquidation Proceeding” means (a) any voluntary or involuntary case or
proceeding under the Bankruptcy Law with respect to either Issuer or any Subsidiary Guarantor,
(b)any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding,
or any receivership, liquidation, reorganization or other similar case or proceeding with respect
to either Issuer or any Subsidiary Guarantor or with respect to a material portion of its
respective assets, (c) any composition of liabilities or similar arrangement relating to either
Issuer or any Subsidiary Guarantor, whether or not under a court’s jurisdiction or supervision, (d)
any liquidation, dissolution, reorganization or winding up of either Issuer or any Subsidiary
Guarantor, whether voluntary or involuntary, whether or not under a court’s jurisdiction or
supervision, and whether or not involving insolvency or bankruptcy, or (e) any general assignment
for the benefit of creditors or any other marshalling of assets and liabilities of either Issuer or
any Subsidiary Guarantor.

          “Intercreditor Agreement” means any intercreditor agreement among the Issuers, the
Second-Priority Trustee, the Second-Priority Collateral Agent and the agent for any secured
Indebtedness, as it may be amended from time to time in accordance with its terms, with provisions
that are customary for second lien debt financings prevailing on the Issue Date, which shall
include, for the avoidance of doubt, the intercreditor agreement entered into by the Issuers, the
Second-Priority Trustee and the Second-Priority Collateral Agent on the Issue Date.

          “Interest Payment Date” means the Stated Maturity of an installment of interest on the
Second-Priority Notes.

          “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.

          “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 Issuers 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
1010,

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

-17-

 

     (x) the Issuers’ “Investment” in such Subsidiary at the time of such
redesignation less

     (y) the portion (proportionate to the Issuers’ equity interest in such
Subsidiary) of the fair market value of the net assets of such Subsidiary at the
time of such redesignation; and

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

          “Issue Date” means December 9, 2010, the date of the issuance of the Second-Priority Notes.

          “Issue Date Ratings Condition” means that after giving effect to (i) the merger or acquisition
described in clause (17) under Section 1011 or (ii) the consolidation, merger, sale, assignment,
transfer, lease, conveyance or other disposition described in Article Eight, as applicable, the
rating of the Second-Priority Notes is equal to or higher than B+ (or equivalent successor category
or gradation) with respect to S&P and B3 (or equivalent successor category or gradation) with
respect to Moody’s, in each case with a stable outlook or better.

          “Issuer Request” or “Issuer Order” means a written request or order (which may be in the form
of a standing order or request) delivered to the Second-Priority Trustee and signed in the name of
each of the Issuers, in each case by any of the following Officers: Chairman, President, any Vice
President, Treasurer or an Assistant Treasurer.

          “Issuers” means the Persons named as the “Issuers” in the first paragraph of this
Second-Priority Indenture, until successor Persons shall have become such pursuant to the
applicable provisions of this Second-Priority Indenture, and thereafter “Issuers” shall mean such
successor Persons.

          “Junior Indebtedness” has the meaning specified in Section 1110(a)(3)(A) of this
Second-Priority Indenture.

          “Legal Defeasance” has the meaning specified in Section 1302 of this Second-Priority
Indenture.

          “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
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be
deemed to constitute a Lien.

          “Maturity”, when used with respect to any Second-Priority Note, means the date on which the
principal of such Second-Priority Note or an installment of principal becomes due and payable as
therein or herein provided, whether at the Stated Maturity or by declaration of acceleration,
notice of redemption or otherwise.

          “Moody’s” means Moody’s Investors Service, Inc.

          “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” from an Asset Sale means cash payments received (including any cash payments
received by way of deferred payment of principal pursuant to a note or installment receivable or
otherwise and net proceeds from the sale of other disposition of any securities or other assets
received as consideration, but only as and when received, but excluding any other consideration
received in the form of assumption by the acquiring Person of Indebtedness or other obligations
relating to the properties or assets that are the subject of such Asset Sale or received in any
other non-cash form) therefrom, in each case net of:

-18-

 

     (1) all brokerage, legal, accounting, investment banking, title and recording tax
expenses, commissions and other fees and expenses incurred, and all federal, state,
provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP
or distributed or distributable to its members as a tax distribution (after taking into
account any available tax credits or deductions and any tax sharing agreements), as a
consequence of such Asset Sale;

     (2) all payments made on any Indebtedness (other than Permitted Additional Junior
Lien Obligations) that is secured by any assets subject to such Asset Sale, in accordance
with the terms of any Lien upon such assets, or that must by its terms, or in order to
obtain a necessary consent to such Asset Sale, or by applicable law be repaid out of the
proceeds from such Asset Sale;

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

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

     (5) any portion of the purchase price from an Asset Sale placed in escrow (whether
as a reserve for adjustment of the purchase price, or for satisfaction of indemnities in
respect of such Asset Sale);

provided, however, that, in the cases of clauses (4) and (5), upon reversal of any such reserve or
the termination of any such escrow, Net Proceeds shall be increased by the amount of such reversal
or any portion of funds released from escrow to the Company or any Restricted Subsidiary.

          “New Equity Investment” means the equity investments made pursuant to the Investment Agreement
dated November 9, 2009 by and among Parent, the Company, Sprint Nextel Corporation, Comcast
Corporation, Time Warner Cable Inc., Bright House Networks, LLC, Eagle River Holdings, LLC and
Intel Corporation.

          “Non-Core Spectrum Assets” means Spectrum Assets which, at the time such determination is
made, are not: (i) located in any of the top 50 Basic Trading Authorizations (“BTA”), as measured
in population, in the continental United States, except to the extent the Company and its
Subsidiaries hold excess capacity in such BTA such that the absence of such Spectrum Asset would
not result in the Company and its Subsidiaries not having the necessary spectrum to launch or
support commercial wireless broadband services in such BTA; (ii) being utilized to provide wireless
broadband services by the Company; or (iii) designated to be utilized in the then current build out
schedule approved by Parent’s Board of Directors.

          “Non-Payment Default” has the meaning specified in Section 1603 of this Second-Priority
Indenture.

          “Non-Subsidiary Guarantor Payment Default” has the meaning specified in Section 1703 of this
Second-Priority Indenture.

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

          “Obligations” means any principal, interest (including any interest accruing subsequent to the
filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for
in the documentation with respect thereto, whether or not such interest is an allowed claim under
applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements
(including, without limitation, reimbursement obligations with respect to letters of credit and
banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal,
interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness.

          “Offering Memorandum” means the Offering Memorandum dated December 2, 2010 relating to the
Second-Priority Notes.

-19-

 

          “Officer” means the Chairman of the Board of Directors, the President, any Executive Vice
President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Company
or Finance Co.

          “Officers’ Certificate” means a certificate signed on behalf of the Issuers by two Officers of
the Company, one of whom must be the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of the Company that meets the requirements set
forth in this Second-Priority Indenture.

          “Opinion of Counsel” means, with respect to any Person, a written opinion reasonably
acceptable to the Second-Priority Trustee from legal counsel. The counsel may be counsel for such
Person, including an employee of such Person.

          “Original Issue Date” means November 24, 2009.

          “Outstanding”, when used with respect to Second-Priority Notes, means, as of the date of
determination, all Second-Priority Notes theretofore authenticated and delivered under this
Second-Priority Indenture, except:

     (i) Second-Priority Notes theretofore cancelled by the Second-Priority Trustee or
delivered to the Second-Priority Trustee for cancellation;

     (ii) Second-Priority Notes, or portions thereof, for whose payment or redemption money
in the necessary amount has been theretofore deposited with the Second-Priority Trustee or
any Paying Agent (other than the Issuers) in trust or set aside and segregated in trust by
the Issuers (if the Issuers shall act as their own Paying Agent) for the Holders of such
Second-Priority Notes; provided that, if such Second-Priority Notes are to be redeemed,
notice of such redemption has been duly given pursuant to this Second-Priority Indenture or
provision therefor satisfactory to the Second-Priority Trustee has been made;

     (iii) Second-Priority Notes, except to the extent provided in Sections 1302 and 1303,
with respect to which the Issuers have effected Legal Defeasance and/or Covenant Defeasance
as provided in Article Thirteen; and

     (iv) Second-Priority Notes which have been paid pursuant to Section 306 or in exchange
for or in lieu of which other Second-Priority Notes have been authenticated and delivered
pursuant to this Second-Priority Indenture, other than any such Second-Priority Notes in
respect of which there shall have been presented to the Second-Priority Trustee proof
satisfactory to it that such Second-Priority Notes are held by a bona fide purchaser in
whose hands the Second-Priority Notes are valid obligations of the Issuers;

provided, however, that in determining whether the Holders of the requisite principal amount of
Outstanding Second-Priority Notes have given any request, demand, authorization, direction,
consent, notice or waiver hereunder, and for the purpose of making the calculations required by TIA
Section 313, Second-Priority Notes owned by the Issuers or any other obligor upon the
Second-Priority Notes or any Affiliate of the Company or such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Second-Priority Trustee
shall be protected in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Second-Priority Notes which a Responsible
Officer of the Second-Priority Trustee actually knows to be so owned shall be so disregarded.

          “Parent” means Clearwire Corporation and its successors.

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

     (1) the sale, lease or transfer, in one or a series of related transactions, of all
or substantially all of the assets of Parent and its Subsidiaries, taken as a whole, to any
Person other than any of the Permitted Holders (other than Parent) (excluding a swap of
Spectrum Assets and related assets to the extent permitted by Section 1018; or

-20-

 

     (2) the Issuers become aware of (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition
by 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 any of the Permitted Holders (other than Parent), in a single
transaction or in a related series of transactions, by way of merger, consolidation or other
business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act, or any successor provision) of 50% or more of the total voting power
of the Voting Stock of Parent or any of its direct or indirect parents.

          “Pari Passu Lien Priority” means, relative to specified Indebtedness, having equal Lien
priority on specified Collateral.

          “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).

          “pay its Guarantee” has the meaning specified in Section 1703 of this Second-Priority
Indenture.

          “pay the Second-Priority Notes” has the meaning specified in Section 1603 of this
Second-Priority Indenture.

          “Paying Agent” means any Person (including the Issuers acting as Paying Agent) authorized by
the Issuers to pay the principal of (and premium, if any) or interest on any Second-Priority Notes
on behalf of the Issuers.

          “Payment Blockage Period” has the meaning specified in Section 1603 of this Second-Priority
Indenture.

          “Payment Default” has the meaning specified in Section 1603 of this Second-Priority Indenture.

          “Permitted Additional Junior Lien Obligations” means any Additional Second-Priority Notes and
any other Indebtedness having Pari Passu Lien Priority relative to the Second-Priority Notes with
respect to the Collateral and is not secured by any other assets; provided that an authorized
representative of the holders of such Indebtedness (other than any Additional Second-Priority
Notes) shall have executed a joinder to the Second-Priority Security Documents and the
Intercreditor Agreement, in each case in the form provided therein.

          “Permitted Holders” means (i) Clearwire Corporation (except to the extent a Parent Change of
Control has occurred), Sprint, Comcast Corporation, Time Warner Cable Inc., Bright House Networks,
LLC, Google Inc. and Intel Corporation, any of their respective successors and their respective
Affiliates or (ii) any “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act or any successor provision) of which any of the foregoing are
members, provided that in the case of such “group” and without giving effect to the existence
of such “group” or any other “group,” such Persons specified in (i), collectively, have beneficial
ownership, directly or indirectly, of more than 50% of the total voting power of the Voting Stock
of the Company or any of its direct or indirect parent entities held by such “group.”

          “Permitted Investments” means

     (a) any Investment in the Company or any Domestic Subsidiary;

     (b) any Investment in cash and Cash Equivalents;

     (c) any Investment by the Company or any Domestic Subsidiary in a Person that is
engaged in a Similar Business if as a result of such Investment:

-21-

 

     (1) such Person becomes a Domestic Subsidiary; or

     (2) 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 Company or a Domestic
Subsidiary;

     (d) any Investment by a Restricted Subsidiary that is not a Subsidiary Guarantor
in a Person that is engaged in a Similar Business if as a result of such Investment:

     (1) such Person becomes a Restricted Subsidiary; or

     (2) 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 Company or a
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 1018 or any other disposition of assets not constituting an Asset Sale;

     (f) any Investment existing or pursuant to agreements or arrangements in effect, on the
Issue Date and any modification, replacement, renewal or extension thereof; provided that
the amount of any such Investment may be increased (x) as required by the terms of such
Investment as in existence on the Issue Date or (y) as otherwise permitted under this
Second-Priority Indenture;

     (g) any Investment acquired by the Company or any Restricted Subsidiary:

     (1) in exchange for any other Investment or accounts receivable held by
the Company or any such Restricted Subsidiary in connection with or as a result of a
bankruptcy, workout, reorganization or recapitalization of the Issuers of such other
Investment or accounts receivable; or

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

     (h) Hedging Obligations permitted under Section 1011(b)(11);

     (i) loans and advances to officers, directors and employees for business-related travel
expenses, moving expenses and other expenses, in each case incurred in the ordinary course
of business or to finance the purchase of Equity Interests of the Company or any of its
direct or indirect parents and in an amount not to exceed $25.0 million at any one time
outstanding;

     (j) Investments the payment for which consists of Equity Interests of the Company or
any of its direct or indirect parents (exclusive of Disqualified Stock of the Company);
provided, however, that such Equity Interests will not increase the amount available for
Restricted Payments under Section 1010(a)(C);

     (k) (i) guarantees of Indebtedness permitted under Section 1011; provided that if such
Indebtedness can only be incurred by the Company or Subsidiary Guarantors, then such
guarantees are only permitted by this clause to the extent made by the Company or a
Subsidiary Guarantor, (ii) guarantees incurred by the Company or any Restricted Subsidiary
(other than a Spectrum Entity) in the ordinary course of business in connection with the
acquisition or lease of FCC License Rights by the Company or any of its Restricted
Subsidiaries and (iii) performance guarantees with respect to obligations incurred by the
Company or any of its Restricted Subsidiaries;

-22-

 

     (l) any transaction to the extent it constitutes an investment that is permitted and
made in accordance with the provisions of Section 1013(b) (except transactions described in
clauses (2), (4), (5) and (8) thereof);

     (m) 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, in each case in the ordinary course of
business;

     (n) additional Investments (including Investments in Foreign Subsidiaries) having an
aggregate fair market value, taken together with all other Investments made pursuant to this
clause (n) that are at that time outstanding, not to exceed $200.0 million (with the fair
market value of each Investment being measured at the time made and without giving effect to
subsequent changes in value) plus the amount of any distributions, dividends, payments or
other returns in respect of such Investments (without duplication for purposes of Section
1010 of any amounts applied pursuant to clause (a)(C) of such Section 1010); provided that
if such Investment is in Capital Stock of a Person that subsequently becomes a Restricted
Subsidiary, such Investment shall thereafter be deemed permitted under clause (a) above and
shall not be included as having been made pursuant to this clause (n);

     (o) Investments consisting of the non-exclusive licensing or contribution of
intellectual property pursuant to joint marketing arrangements with other persons;

     (p) Investments of a Restricted Subsidiary acquired after the Issue Date or of an
entity merged into any Issuer or merged into or consolidated with a Restricted
Subsidiary after the Issue Date to the extent that such Investments were not made in
contemplation of or in connection with such acquisition, merger or consolidation and were in
existence on the date of such acquisition, merger or consolidation;

     (q) the creation of Liens on the assets of the Company or any of its Restricted
Subsidiaries in compliance with Section 1012;

     (r) Investments consisting of earnest money deposits require in connection a purchase
agreement or other acquisitions to the extent not otherwise prohibited under this
Second-Priority Indenture; and

     (s) Investments relating to any special-purpose wholly owned subsidiary of the Company
organized in connection with a Receivables Facility that, in the good faith determination of
the Board of Directors of the Company, are necessary or advisable to effect such Receivables
Facility.

-23-

 

          “Permitted Junior Securities” means:

          (1) Equity Interests in the Company, any Guarantor or any direct or indirect parent of the
Company; or

          (2) unsecured debt securities that are subordinated to all Senior Indebtedness (and any debt
securities issued in exchange for Senior Indebtedness) to substantially the same extent as, or to a
greater extent than, the Second-Priority Notes and the related Guarantees are subordinated to
Designated First Lien Indebtedness under the Second-Priority Indenture;

          provided that the term “Permitted Junior Securities” shall not include any securities
distributed pursuant to a plan of reorganization if the Indebtedness under Designated First Lien
Indebtedness is treated as part of the same class as the Second-Priority Notes for purposes of such
plan of reorganization; provided further that to the extent that any Designated First Lien
Indebtedness of the Issuers or the Guarantors outstanding on the date of consummation of any such
plan of reorganization is not paid in full in cash on such date, the holders of any such Designated
First Lien Indebtedness not so paid in full in cash have consented to the terms of such plan of
reorganization.

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

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

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

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

     (4) Liens in favor of issuers 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;

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

     (6) Liens securing Indebtedness permitted to be incurred pursuant to Section
1011(b)(3); provided that Liens securing Indebtedness incurred pursuant to Section
1011(b)(3) are solely on acquired property or the assets of the acquired entity;

     (7) Liens (i) existing on the Issue Date and (ii) securing the First-Priority Notes and
the Second-Priority Liens issued on the Issue Date;

     (8) Liens on property or shares of stock of a Person at the time such Person becomes a
Restricted Subsidiary; provided, however, such Liens are not created or incurred in
connection with, or in contemplation

-24-

 

of, such other Person becoming such a subsidiary;
provided, further, however, that such Liens may not extend to any other property owned by
the Issuers or any Restricted Subsidiary;

     (9) Liens on property at the time the Issuers or a Restricted Subsidiary acquired the
property, including any acquisition by means of a merger or consolidation with or into the
Issuers 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 Issuers or any
Restricted Subsidiary;

     (10) Liens securing Indebtedness or other obligations of a Restricted Subsidiary that
is not a Subsidiary Guarantor to another Restricted Subsidiary that is not a Subsidiary
Guarantor, in each case permitted to be incurred in accordance with Section 1011 hereof;

     (11) Liens securing Hedging Obligations so long as the related Indebtedness is, and is
permitted to be under this Second-Priority Indenture, secured by a Lien on the same property
securing such Hedging Obligations;

     (12) Liens on specific items of inventory of other goods and proceeds 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;

     (13) leases and subleases of real property granted to others in the ordinary course of
business so long as such leases and subleases are subordinate in all respects to the Liens
granted and evidenced by the Second-Priority Security Documents and which do not materially
interfere with the ordinary conduct of the business of the Issuers or any of the Restricted
Subsidiaries;

     (14) Liens arising from Uniform Commercial Code financing statement filings regarding
operating leases entered into by the Issuers and its Restricted Subsidiaries in the ordinary
course of business;

     (15) Liens in favor of the Issuers or any Domestic Subsidiary;

     (16) Liens on equipment of the Issuers or any Restricted Subsidiary granted in the
ordinary course of business to the Issuers’ clients at which such equipment is located;

     (17) Liens imposed by general rules and regulations of the FCC in 47 CFR 1.9001 et seq.
governing Spectrum Leases;

     (18) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in
part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7),
(8), (9), (10), (11), (15), and clauses (25), (30) and (31) below; 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), (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 or, if greater, committed amount of the Indebtedness described under
clauses (6), (7), (8), (9), (10), (11), (15) and clauses (25), (30) and (31) below at the
time the original Lien became a Permitted Lien under this Second-Priority Indenture, and (B)
an amount necessary to pay any fees and expenses, including premiums, related to such
refinancing, refunding, extension, renewal or replacement and (z) the new Lien has no
greater priority and the holders of the Indebtedness secured by such Lien have no greater
intercreditor rights relative to the Second-Priority Notes and Holders thereof than the
original Liens and the related Indebtedness;

     (19) other Liens securing obligations which obligations do not exceed $50.0 million at
any one time outstanding;

-25-

 

     (20) Liens on (i) FCC License Rights in favor of the FCC to the extent required and
arising by operation of law, or (ii) arising from the lease or sublease of such FCC License
Rights in the ordinary course of business solely to the extent that (A) such spectrum is not
necessary to the conduct of the business of the Issuers and its Subsidiaries as then
conducted or contemplated to be conducted in accordance with the Issuers’
business plan, as approved by the Board of Directors of the Company, (B) such Lien
could not reasonably be expected to have a material adverse effect on the value of the
Collateral, when taken as a whole, or impair the utility or operation thereof or the ability
of the Second-Priority Collateral Agent or the Holders to realize the benefits of, and
intended to be afforded by, the Collateral, when taken as a whole, (C) to the extent such
lease or sublease constitutes Collateral, the Second-Priority Collateral Agent has a valid
perfected second priority security interest in such lease or sublease and all proceeds
thereof, including, without limitation, all rents and other payments thereunder, and (D)
such lease or sublease is an Asset Sale otherwise permitted by this Second-Priority
Indenture and any requirements of this Second-Priority Indenture in connection with such
Asset Sale shall have been compiled with;

     (21) Liens securing the Second-Priority Notes outstanding on the Issue Date,
Refinancing Indebtedness with respect to such Second-Priority Notes, and the Subsidiary
Guarantees relating thereto and any obligations with respect to such Second-Priority Notes,
Refinancing Indebtedness, and Subsidiary Guarantees;

     (22) Liens on the Collateral in favor of any collateral agent for the benefit of the
Holders relating to such collateral agent’s administrative expenses with respect to the
Collateral;

     (23) Liens to secure Indebtedness of any Foreign Subsidiary permitted by Section
1011(b)(19) covering only the assets of such Foreign Subsidiary;

     (24) judgment and attachment Liens not giving rise to an Event of Default and notices
of lis pendens and associated rights related to litigation being contested in good faith by
appropriate proceedings and for which adequate reserves have been made;

     (25) Liens securing (i) First-Priority Obligations permitted to be incurred pursuant to
Section 1011(a); provided that any such Indebtedness has Pari Passu Lien Priority relative
to the First-Priority Notes and Existing Secured Notes and related guarantees and after
giving pro forma effect thereto, the Consolidated First-Priority Secured Debt Ratio would be
no greater than 3.00 to 1.00 and (ii) Permitted Additional Junior Lien Obligations permitted
to be incurred pursuant to Section 1011(a); provided that any such Indebtedness has Pari
Passu Lien Priority relative to the Second-Priority Notes and Guarantees and after giving
pro forma effect thereto, the Consolidated Secured Debt Ratio would be no greater than 4.00
to 1.0;

     (26) any interest or title of a lessor, sublessor, licensor or sublicensor in the
property subject to any lease, sublease, license or sublicense (other than any property that
is the subject of a sale and leaseback transaction), including, without limitation, FCC
License Rights;

     (27) Liens on assets or securities deemed to arise in connection with and solely as a
result of the execution, delivery or performance of contracts to sell such assets or
securities if such sale is otherwise permitted hereunder;

     (28) Liens on Capital Stock of Unrestricted Subsidiaries securing Indebtedness of such
Unrestricted Subsidiaries;

     (29) restricted cash securing Indebtedness under letters of credit permitted under
Section 1011(b)(20);

     (30) Liens on Collateral securing Indebtedness permitted to be incurred pursuant to
Section 1011(b)(14)(y);

-26-

 

     (31) [Reserved];

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

     (33) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of good entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business;

     (34) Liens incurred to secure cash management services in the ordinary course of
business;

     (35) Liens on funds of the Company or any Subsidiary held in deposit accounts with
third party providers of payment services securing credit card charge-back reimbursement and
similar obligations of the Company or the Subsidiaries;

     (36) Liens of a collecting bank arising in the ordinary course of business under
Section 4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction covering
only the items being collected upon;

     (37) Liens arising by operation of law or contract on insurance policies and the
proceeds thereof to secure premiums thereunder;

     (38) Liens attaching solely to cash earnest money deposits in connection with fully
collateralized repurchase agreements that constitute temporary cash investments;

     (39) Liens on accounts receivable and related assets incurred in connection with a
Receivables Facility; and

     (40) Liens imposed in connection with any Federal Grant Program on cash provided by a
Federal Grant Program and any assets (other than Spectrum Assets) acquired solely with such
cash.

          For purposes of determining compliance with this definition, (A) Permitted Liens need not be
incurred solely by reference to one category of Permitted Liens described above but are permitted
to be incurred in part under any combination thereof and (B) in the event that a Lien (or any
portion thereof) meets the criteria of one or more of the categories of Permitted Liens described
above, the Issuers shall, in its sole discretion, classify (or reclassify) such item of Permitted
Liens (or any portion thereof) in any manner that complies with this definition and shall only be
required to include the amount and type of such item of Permitted Liens in one of the above clauses
and such Lien shall be treated as having been incurred pursuant to only one of such clauses.

          “Permitted Spectrum Liens” has the meaning specified in Section 1012 of this Second-Priority
Indenture.

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

          “Predecessor Second-Priority Note” of any particular Second-Priority Note means every previous
Second-Priority Note evidencing all or a portion of the same debt as that evidenced by such
particular Second-Priority Note; and, for the purposes of this definition, any Second-Priority Note
authenticated and delivered under Section 306 in exchange for a mutilated Second-Priority Note or
in lieu of a lost, destroyed or stolen Second-Priority Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Second-Priority Note.

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

-27-

 

          “Private Placement Legend” has the meaning specified in Section 203 of this Second-Priority
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 Board of Directors in good faith.

          “Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating
on the Second-Priority Notes publicly available, a nationally recognized statistical rating agency
or agencies, as the case may be, selected by the Issuers 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 from
time to time, the Indebtedness of which is non-recourse (except for standard representations,
warranties, covenants and indemnities made in connection with such facilities) to the Issuers and
the Restricted Subsidiaries pursuant to which the Issuers and/or any of their Restricted
Subsidiaries sells their accounts receivable to a Person that is not a Restricted Subsidiary.

          “Receivables Fees” means distributions or payments made directly or by means of discounts with
respect to any participation interest 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.

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

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

          “Refinancing Indebtedness” has the meaning specified in Section 1011 of this Second-Priority
Indenture.

          “Refunding Capital Stock” has the meaning specified in Section 1010 of this Second-Priority
Indenture.

          “Regular Record Date” has the meaning specified in Section 301 of this Second-Priority
Indenture.

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

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

          “Replacement Assets” means (1) non-current assets (including any such assets acquired by
capital expenditures) that shall be used or useful in a Similar Business or (2) substantially all
the assets of a Similar Business or a majority of the Voting Stock of any Person engaged in a
Similar Business that shall become on the date of acquisition thereof a Domestic Subsidiary (or a
Restricted Subsidiary solely to the extent the assets being replaced were sold by a Foreign
Subsidiary); provided that, in respect of any Spectrum Assets, Replacement Assets shall only
consist of (A) substitute, replacement or other comparable FCC Licenses, Spectrum Leases and
Wireless Communications Systems and Capital Stock in entities owning any FCC License Rights,
Spectrum Leases and Wireless Communications Systems, which in each case, when taken as a whole, are
at least of equivalent fair market value to the fair market value of such assets that were the
subject of such Asset Sale or (B) equipment that may be used in constructed or expanding any
Wireless Communications Systems or providing services over Wireless Communications

-28-

 

Systems, which in either case under the preceding clauses (A) and (B) are, or upon
acquisition will become, subject to a valid second priority Lien in favor of the Second-Priority
Collateral Agent under the Second-Priority Security Documents in the manner and to the extent
required in this Second-Priority Indenture or any of the Second-Priority Security Documents,
perfected to the extent required by the Second-Priority Security Documents.

          “Representative” means any trustee, agent or representative (if any) for an issue of
Designated First Lien Indebtedness.

          “Responsible Officer”, when used with respect to the Second-Priority Trustee, means any vice
president, any assistant treasurer, any trust officer or assistant trust officer, or any other
officer of the Second-Priority Trustee customarily performing functions similar to those performed
by any of the above-designated officers, in each case assigned by the Second-Priority Trustee to
administer its corporate trust matters, 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 and who shall have direct responsibility for the
administration of this Second-Priority Indenture.

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

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

          “Restricted Payments” has the meaning specified in Section 1010 of this Second-Priority
Indenture.

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

          “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company
(including any Foreign Subsidiary), other than Finance Co, 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.”

          “Retired Capital Stock” has the meaning specified in Section 1010 of this Second-Priority
Indenture.

          “Reversion Date” means, during any period of time during which the Issuers and the Restricted
Subsidiaries are not subject to the Suspended Covenants as a result of a Covenant Suspension Event,
the date on which one or both of the Rating Agencies withdraws its Investment Grade Rating or
downgrades the rating assigned to the Second Priority Notes below an Investment Grade Rating or a
Default occurs and is continuing, and after which date the Issuers and the Restricted Subsidiaries
will again be subject to the Suspended Covenants with respect to events occurring after the
Reversion Date.

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

          “Rule 144A” means Rule 144A 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.

          “Second-Priority Collateral Agent” means Wilmington Trust FSB, in its capacity as
“Second-Priority Collateral Agent” under this Second-Priority Indenture and under the
Second-Priority Security Documents, and any successor thereto in such capacity.

-29-

 

          “Second-Priority Indenture” means this instrument as originally executed and as it may from
time to time be supplemented or amended by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, including, for all purposes of this Second-Priority
Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be part of and govern this instrument and any such supplemental indenture, respectively.

          “Second-Priority Note Documents” means the Second-Priority Notes, the Guarantees, this
Second-Priority Indenture, any Intercreditor Agreement and the Second-Priority Security Documents.

          “Second-Priority Note Register” and “Second-Priority Note Registrar” have the respective
meanings specified in Section 305.

          “Second-Priority Notes” has the meaning stated in the first recital of this Second-Priority
Indenture and more particularly means any Second-Priority Notes authenticated and delivered under
this Second-Priority Indenture. The Second-Priority Notes, including any Additional
Second-Priority Notes, shall be treated as a single class for all purposes of this Second-Priority
Indenture, and unless the context otherwise requires, all references to the Second-Priority Notes
shall include any Additional Second-Priority Notes.

          “Second-Priority Security Agreement” means that certain collateral agreement, dated as of the
Issue Date, between the Issuers, the Subsidiary Guarantors party thereto and the Second-Priority
Collateral Agent, as amended, supplemented, restated, renewed, refunded, replaced, restructured,
repaid, refinanced or otherwise modified from time to time.

          “Second-Priority Security Documents” means the security agreements, pledge agreements, deeds
to secure debt, collateral assignments and related agreements (including, without limitation,
financing statements under the Uniform Commercial Code of the relevant states), as amended,
supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise
modified from time to time, creating the security interests in the Collateral as contemplated by
this Second-Priority Indenture.

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

          “Secured Parties” means, collectively, the Second-Priority Trustee, the Second-Priority
Collateral Agent, each Holder, each other holder of, or obligee in respect of any Obligations in
respect of the Second-Priority Notes and holders of Permitted Additional Junior Lien Obligations
and each Applicable Authorized Representative (as defined in the Second-Priority Security
Agreement) thereto.

          “Securities Act” means the Securities Act of 1933 and the rules and regulations of the
Commission promulgated thereunder.

          “Senior Indebtedness” means

     (a) all Hedging Obligations (and guarantees thereof) permitted to be incurred under the
terms of this Second-Priority Indenture;

     (b) any other Indebtedness of the Issuers or any Subsidiary Guarantor permitted to be
incurred under the terms of this Second-Priority Indenture, unless the instrument under
which such Indebtedness is incurred expressly provides that it is on a parity with or
subordinated in right of payment to the Second-Priority Notes or any Guarantee; and

     (c) all Obligations with respect to the items listed in the preceding clauses (a) and
(b).

-30-

 

          “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 or proposed to be conducted by the Issuers and
its Restricted Subsidiaries on the date of this Second-Priority Indenture or any business that is
similar, reasonably related, incidental or ancillary thereto.

          “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Second-Priority Trustee pursuant to Section 307.

          “Spectrum Assets” means (i) all FCC License Rights held by the Issuers and their Restricted
Subsidiaries on the Issue Date and any Replacement Assets in respect thereof and (ii) the Capital
Stock of each Spectrum Entity.

          “Spectrum Entity” means the Company and each Restricted Subsidiary to the extent the Company
or any such Restricted Subsidiary holds any Spectrum Assets at the applicable time.

          “Spectrum Lease” any lease, license, agreement or other arrangement pursuant to which the
Issuers or any Restricted Subsidiary leases, licenses or otherwise acquires or obtains any rights,
whether exclusive or non-exclusive, with respect to any FCC License, to which the Issuers or any
Restricted Subsidiary is now or may hereafter become a party, as amended, amended and restated,
supplemented or otherwise modified from time to time in accordance with the terms hereof.

          “Stated Maturity”, when used with respect to any Second-Priority Note or any installment of
principal thereof or interest thereon, means the date specified in such Second-Priority Notes as
the fixed date on which the principal of such Second-Priority Notes or such installment of
principal or interest is due and payable.

          “Subordinated Indebtedness” means

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

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

          “Subsidiary” means, with respect to any Person,

     (1) 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

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

     (x) 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

     (y) such Person or any Restricted Subsidiary of such Person is a controlling
general partner managing member of such entity.

-31-

 

          “Subsidiary Guarantor” means each wholly owned Domestic Subsidiary of the Company on the Issue
Date and any other Restricted Subsidiaries that become guarantors under this Second-Priority
Indenture in accordance with the terms of this Second-Priority Indenture.

          “Subsidiary Guarantor Payment Default” has the meaning specified in Section 1703 of this
Second-Priority Indenture.

          “Successor Company” has the meaning specified in Section 801 of this Second-Priority
Indenture.

          “Successor Person” has the meaning specified in Section 802 of this Second-Priority Indenture.

          “Suspended Covenants” has the meaning specified in Section 1025(a) of this Second-Priority
Indenture

          “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption
date of United States Treasury securities with a constant maturity (as compiled and published in
the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at
least two business days prior to the redemption date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period
from the redemption date to December 1, 2014; provided, however, that if the period from the
redemption date to December 1, 2014 is less than one year, the weekly average yield on actually
traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

          “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force at the date
as of which this Second-Priority Indenture was executed, except as provided in Section 905.

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

          “Unrestricted Subsidiary” means

     (1) any Subsidiary of the Company which at the time of determination is an Unrestricted
Subsidiary (as designated by the Board of Directors of the Company, as provided below) and

     (2) any Subsidiary of an Unrestricted Subsidiary.

          The Board of Directors of the Company may designate any Subsidiary of the Company (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 Company or any Subsidiary of
the Company (other than any Subsidiary of the Subsidiary to be so designated); provided that

     (a) 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 Issuers,

     (b) such designation complies with Section 1010, and

     (c) each of

     (1) the Subsidiary to be so designated and

     (2) its Subsidiaries

-32-

 

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 Issuers or any
Restricted Subsidiary.

          The Board of Directors of the Company 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.

          Any such designation by the Board of Directors of the Company shall be notified by the Issuers
to the Second-Priority Trustee by promptly filing with the Second-Priority Trustee a copy of the
board resolution giving effect to such designation and an Officers’ 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.

          “Vice President”, when used with respect to the Issuers or the Second-Priority Trustee, means
any vice president, whether or not designated by a number or a word or words added before or after
the title “vice president”.

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

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

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

     (2) the sum of all such payments.

          “Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that is a Restricted
Subsidiary.

          “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.

          “Wireless Communications System” means any system to provide telecommunications services,
including, without limitation, specialized mobile radio system, radio paging system, mobile
telephone system, cellular radio telecommunications system, conventional mobile telephone system,
personal communications system, EBS/ITFS-based system or BRS/MDS/MMDS-based system, data
transmission system or any other paging, mobile telephone, radio, microwave, communications,
broadband or data transmission system.

          SECTION 102. Compliance Certificates and Opinions.

          Upon any application or request by the Issuers to the Second-Priority Trustee to take any
action under any provision of this Second-Priority Indenture, the Issuers shall furnish to the
Second-Priority Trustee an Officers’ Certificate stating that all conditions precedent, if any,
provided for in this Second-Priority Indenture (including any covenant compliance with which
constitutes a condition precedent) relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this
Second-Priority Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

-33-

 

          Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Second-Priority Indenture (other than pursuant to Section 1008(a)) shall include:

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

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

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

     (4) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

          SECTION 103. Form of Documents Delivered to Second-Priority Trustee.

          In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

          Any certificate or opinion of an officer of the Company or Finance Co may be based, insofar as
it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate or opinion may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Company or Finance Co stating that the information with respect to such factual matters is in
the possession of the Company or Finance Co, as applicable, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Second-Priority
Indenture, they may, but need not, be consolidated and form one instrument.

          SECTION 104. Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Second-Priority Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agents duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the
Second-Priority Trustee and, where it is hereby expressly required, to the Issuers. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Second-Priority Indenture and conclusive in favor of the Second-Priority
Trustee and the Issuers, if made in the manner provided in this Section.

          (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of authority. The fact and date

-34-

 

of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner that the Second-Priority Trustee deems sufficient.

          (c) The principal amount and serial numbers of Second-Priority Notes held by any Person, and
the date of holding the same, shall be proved by the Second-Priority Note Register.

          (d) If the Issuers shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Issuers may, at their option, by or pursuant
to a Board Resolution, fix in advance a record date for the determination of Holders entitled to
give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the
Issuers shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date
shall be the record date specified in or pursuant to such Board Resolution, which shall be a date
not earlier than the date 30 days prior to the first solicitation of Holders generally in
connection therewith and not later than the date such solicitation is completed. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act
may be given before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for the purposes of determining whether
Holders of the requisite proportion of Outstanding Second-Priority Notes have authorized or agreed
or consented to such request, demand, authorization, direction, notice, consent, waiver or other
Act, and for that purpose the Outstanding Second-Priority Notes shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders on such record date
shall be deemed effective unless it shall become effective pursuant to the provisions of this
Second-Priority Indenture not later than eleven months after the record date. Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Second-Priority
Note shall bind every future Holder of the same Second-Priority Note and the Holder of every
Second-Priority Note issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof in respect of anything done, omitted or suffered to be done by the Second-Priority
Trustee, the Issuers or any Subsidiary Guarantor in reliance thereon, whether or not notation of
such action is made upon such Second-Priority Note.

          SECTION 105. Notices, Etc., to Second-Priority Trustee, Issuers, Any Subsidiary Guarantor
and Agent.

          Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Second-Priority Indenture to be made upon, given or
furnished to, or filed with,

     (1) the Second-Priority Trustee by any Holder or by the Issuers or any Subsidiary
Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing (which may be via facsimile) to or with the Second-Priority Trustee at Wilmington
Trust FSB, Corporate Capital Markets, 50 South Sixth Street, Suite 1290, Minneapolis, MN
55402-1544, Fax (612) 217-5651, Attention: Clearwater Communications LLC Administrator, or

     (2) the Issuers or any Subsidiary Guarantor by the Second-Priority Trustee or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if made, given, furnished or delivered in writing and mailed, first-class postage
prepaid, or delivered by recognized overnight courier, to the Issuers or such Subsidiary
Guarantor addressed to it at the address of its principal office specified in the first
paragraph, Attention: General Counsel, or at any other address previously furnished in
writing to the Second-Priority Trustee by the Issuers or such Subsidiary Guarantor.

          SECTION 106. Notice to Holders; Waiver.

          Where this Second-Priority Indenture provides for notice of any event to Holders by the
Issuers or the Second-Priority Trustee, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder
affected by such event, at its address as it appears in the Second-Priority Note Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of
such notice. In any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with

-35-

 

respect to other Holders. Notices given by publication shall be deemed given on the first
date on which publication is made and notices given by first-class mail, postage prepaid, shall be
deemed given five calendar days after mailing.

          In case by reason of the suspension of or irregularities in regular mail service or by reason
of any other cause, it shall be impracticable to mail notice of any event to Holders when such
notice is required to be given pursuant to any provision of this Second-Priority Indenture, then
any manner of giving such notice as shall be satisfactory to the Second-Priority Trustee shall be
deemed to be a sufficient giving of such notice for every purpose hereunder.

          Where this Second-Priority Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Second-Priority Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

          SECTION 107. Effect of Headings and Table of Contents.

          The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

          SECTION 108. Successors and Assigns.

          All agreements of the Issuers in this Second-Priority Indenture and the Second-Priority Notes
will bind its successors. All agreements of the Second-Priority Trustee in this Second-Priority
Indenture will bind its successors. All agreements of each Subsidiary Guarantor in this
Second-Priority Indenture will bind its successors, except as otherwise provided in Section 1209
hereof. The provisions of Article Fourteen relating to the Second-Priority Collateral Agent shall
inure to the benefit of such Second-Priority Collateral Agent.

          SECTION 109. Separability Clause.

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

          SECTION 110. Benefits of Second-Priority Indenture.

          Nothing in this Second-Priority Indenture or in the Second-Priority Notes, express or implied,
shall give to any Person, other than the parties hereto, any Paying Agent, any Second-Priority
Notes Registrar and their successors hereunder, the Holders and, with respect to any provisions
hereof relating to the subordination of the Second-Priority Notes or the rights of holders of
Senior Indebtedness, the holders of Senior Indebtedness, any benefit or any legal or equitable
right, remedy or claim under this Second-Priority Indenture.

          SECTION 111. Governing Law.

          This Second-Priority Indenture, the Second-Priority Notes and any Guarantee shall be governed
by and construed in accordance with the laws of the State of New York. This Second-Priority
Indenture is subject to the provisions of the Trust Indenture Act that are referred to herein or
are otherwise required to be part of this Second-Priority Indenture and shall, to the extent
applicable, be governed by such provisions.

          SECTION 112. Communication by Holders of Second-Priority Notes with Other Holders of
Second-Priority Notes.

          Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with
respect to their rights under this Second-Priority Indenture or the Second-Priority Notes. The
Issuers, the Second-

-36-

 

Priority Trustee, the Second-Priority Notes Registrar and anyone else shall have the
protection of Trust Indenture Act Section 312(c).

          SECTION 113. Legal Holidays.

          In any case where any Interest Payment Date, Redemption Date or Stated Maturity or Maturity of
any Second-Priority Note shall not be a Business Day, then (notwithstanding any other provision of
this Second-Priority Indenture or of the Second-Priority Notes) payment of principal (or premium,
if any) or interest need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the Interest Payment Date, Redemption Date, or at
the Stated Maturity or Maturity; provided that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date, Stated Maturity or Maturity, as the case may be.

          SECTION 114. No Personal Liability of Directors, Officers, Employees and Stockholders.

          No director, officer, employee, incorporator or stockholder of the Issuers or any Subsidiary
Guarantor or any of their parent companies shall have any liability for any obligations of the
Issuers or the Subsidiary Guarantors under the Second-Priority Notes, the Guarantees or this
Second-Priority Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each Holder by accepting a Second-Priority Note and the related
Guarantee waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Second-Priority Notes and the Guarantees. Such waiver may not be
effective to waive liabilities under the federal securities laws and it is the view of the
Commission that such a waiver is against public policy.

          SECTION 115. Trust Indenture Act Controls.

          If any provision of this Second-Priority Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Second-Priority Indenture by the TIA, the
provision required by the TIA shall control. If any provision of this Second-Priority Indenture
modifies or excludes any provision of the TIA that may be so modified or excluded, the latter
provision shall be deemed to apply to this Second-Priority Indenture as so modified or excluded, as
the case may be.

          SECTION 116. Counterparts.

          This Second-Priority Indenture may be executed in any number of counterparts, each of which
shall be original; but such counterparts shall together constitute but one and the same instrument.

          SECTION 117. USA Patriot Act.

          The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the
Second-Priority Trustee and Agents, like all financial institutions and in order to help fight the
funding of terrorism and money laundering, are required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account.
The parties to this Second-Priority Indenture agree that they will provide the Second-Priority
Trustee and the Agents with such information as they may request in order to satisfy the
requirements of the USA Patriot Act.

          SECTION 118. Waiver of Jury Trial.

          EACH OF THE ISSUERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

-37-

 

          SECTION 119. Force Majeure.

          In no event shall the Second-Priority Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Second-Priority Trustee
shall use reasonable efforts which are consistent with its banking practices to resume performance
as soon as practicable under the circumstances.

ARTICLE TWO

NOTE FORMS

          SECTION 201. Forms Generally.

          The Second-Priority Notes shall be known and designated as “12% Second-Priority Secured Notes
due 2017” of the Issuers. The Second-Priority Notes and the Second-Priority Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A hereto. The Second-Priority
Notes may have notations, legends or endorsements required by law, stock exchange rule or usage.
Each Second-Priority Note will be dated the date of its authentication. The Second-Priority Notes
shall be in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

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

          Any definitive Second-Priority Notes shall be printed, lithographed, typewritten or engraved
on steel-engraved borders or may be produced in any other manner, all as determined by the Officers
of the Issuers executing such Second-Priority Notes, as evidenced by their execution of such
Second-Priority Notes.

          Second-Priority Notes issued in global form will be substantially in the form of Exhibit A
hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the
Global Note” attached thereto). Second-Priority Notes issued in definitive form will be
substantially in the form of Exhibit A 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 Second-Priority Notes as will be specified therein and
each shall provide that it represents the aggregate principal amount of outstanding Second-Priority
Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding
Second-Priority 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 Second-Priority
Notes represented thereby will be made by the Second-Priority Trustee or the Custodian, at the
direction of the Second-Priority Trustee, in accordance with instructions given by the Holder
thereof as required by Section 312 hereof.

          The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions
Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and
“Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the
Regulation S Global Note that are held by Participants through Euroclear or Clearstream.

-38-

 

          SECTION 202. Form of Second-Priority Trustee’s Certificate of Authentication.

          The Second-Priority Trustee shall, upon receipt of an Issuer Order, authenticate
Second-Priority Notes for original issue that may be validly issued under this Second-Priority
Indenture, including any Additional Second-Priority Notes. The aggregate principal amount of
Second-Priority Notes outstanding at any time may not exceed the aggregate principal amount of
Second-Priority Notes authorized for issuance by the Issuers pursuant to one or more Issuer Orders,
except as provided in Section 306 hereof.

          The Second-Priority Trustee may appoint an authenticating agent acceptable to the Issuers to
authenticate Second-Priority Notes. An authenticating agent may authenticate Second-Priority Notes
whenever the Second-Priority Trustee may do so. Each reference in this Second-Priority Indenture
to authentication by the Second-Priority 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
Issuers.

          Subject to Section 611, the Second-Priority Trustee’s certificate of authentication shall be
in substantially the following form:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION.

          This is one of the Second-Priority Notes referred to in the within-mentioned Second-Priority
Indenture.

	 	 	 	 	 
	 	WILMINGTON TRUST FSB,

as Second-Priority Trustee
 	 
	Dated:          
           	 	 
	 
	 	By 	 	 
	 	 	 	Authorized Signatory 	 

          SECTION 203. Restrictive Legends.

          Each Restricted Global Note, Definitive Second-Priority Note and Regulation S Global Note
shall bear the following legend set forth below (the “Private Placement Legend”) on the face
thereof:

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES
THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUERS OR ANY
SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, OR
(D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO
THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES”
AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

-39-

 

          Each Global Note shall also bear the following legend on the face thereof:

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

     TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE
WITH THE RESTRICTIONS SET FORTH IN SECTION 312 OF THE INDENTURE.

     Each Regulation S Global Note shall bear a legend in substantially the following form:

     BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON,
NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS NOTE IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

     Each Second-Priority Note issued hereunder that has more than a de minimis about of
original issue discount for U.S. Federal Income Tax purposes shall bear a legend in
substantially the following form:

     THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ.
OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE
DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES BY SUBMITTING A WRITTEN REQUEST
FOR SUCH INFORMATION TO THE ISSUERS AT THE FOLLOWING ADDRESS: CLEARWIRE COMMUNICATIONS,
LLC, 4400 CARILLON POINT, KIRKLAND, WASHINGTON 98033 AND CLEARWIRE FINANCE, INC., 4400
CARILLON POINT, KIRKLAND, WASHINGTON 98033, ATTENTION: GENERAL COUNSEL.

ARTICLE THREE

THE NOTES

          SECTION 301. Title and Terms.

          The aggregate principal amount of Second-Priority Notes which may be authenticated and issued
under this Second-Priority Indenture is not limited; provided, however, that any Additional
Second-Priority Notes issued under this Second-Priority Indenture are issued in accordance with
Sections 303 and 1011 hereof, as part of the same series as the Second-Priority Notes.

          The Second-Priority Notes shall be known and designated as the “12% Second-Priority Secured
Notes due 2017” of the Issuers. The Stated Maturity of the Second-Priority Notes shall be December
1, 2017, and the Second-Priority Notes shall bear interest at the rate of 12% per annum from
December 9, 2010, or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, payable on June 1, 2010 and semi-annually thereafter on June 1 and December 1 in
each year and at said Stated Maturity, until the principal

-40-

 

thereof is paid or duly provided for and to the Person in whose name the Second-Priority Note
(or any predecessor Second-Priority Note) is registered at the close of business on the May 15 and
November 15 (whether or not a Business Day) immediately preceding such Interest Payment Date (each,
a “Regular Record Date”).

          The principal of (and premium, if any) and interest on the Second-Priority Notes shall be
payable at the office or agency of the Issuers maintained for such purpose or, at the option of the
Issuers, payment of interest may be made by check mailed or wire transfer to the Holders of the
Second-Priority Notes at their respective addresses set forth in the Second-Priority Note Register
of Holders; provided that all payments of principal, premium, if any, and interest, if any, with
respect to Second-Priority Notes represented by one or more Global Notes registered in the name of
or held by Depositary or its nominee will be made by wire transfer of immediately available funds
to the accounts specified by the Holder or Holders thereof. Until otherwise designated by the
Issuers, the Issuers’ office or agency shall be the office of the Second Lien Trustee maintained
for such purpose.

          Holders shall have the right to require the Issuers to purchase their Second-Priority Notes,
in whole or in part, in the event of a Change in Control pursuant to Section 1017. The
Second-Priority Notes shall be subject to repurchase pursuant to an offer to purchase as provided
in Section 1018.

          The Second-Priority Notes shall be redeemable as provided in Article Eleven.

          The due and punctual payment of principal of, premium, if any, and interest on the
Second-Priority Notes payable by the Issuers are irrevocably and unconditionally guaranteed, to the
extent set forth herein, by each of the Subsidiary Guarantors.

          SECTION 302. Denominations.

          The Second-Priority Notes shall be issuable only in registered form without coupons and only
in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

          SECTION 303. Execution, Authentication, Delivery and Dating.

          The Second-Priority Notes shall be executed on behalf of the Company and Finance Co by any two
Officers of each of Company and Finance Co. The signature of any Officer on the Second-Priority
Notes may be manual or facsimile signatures of the present or any future such authorized officer
and may be imprinted or otherwise reproduced on the Second-Priority Notes.

          Second-Priority Notes bearing the manual or facsimile signatures of individuals who were at
any time the proper officers of the Company and Finance Co shall bind the Company and Finance Co,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Second-Priority Notes or did not hold such offices at the date
of such Second-Priority Notes.

          At any time and from time to time after the execution and delivery of this Second-Priority
Indenture, the Issuers may deliver Second-Priority Notes executed by the Issuers to the
Second-Priority Trustee for authentication, together with an Issuer Order for the authentication
and delivery of such Second-Priority Notes, and the Second-Priority Trustee in accordance with such
Issuer Order shall authenticate and deliver such Second-Priority Notes.

          On the Issue Date, the Issuers shall deliver the Second-Priority Notes in the aggregate
principal amount of $500,000,000 executed by the Issuers to the Second-Priority Trustee for
authentication, together with an Issuer Order for the authentication and delivery of such
Second-Priority Notes, directing the Second-Priority Trustee to authenticate the Second-Priority
Notes and certifying that all conditions precedent to the issuance of Second-Priority Notes
contained herein have been fully complied with, and the Second-Priority Trustee in accordance with
such Issuer Order shall authenticate and deliver such Second-Priority Notes. At any time and from
time to time after the Issue Date, the Issuers may deliver Additional Second-Priority Notes
executed by the Issuers to the Second-Priority Trustee for authentication, together with an Issuer
Order for the authentication and delivery of such Additional Second-Priority Notes, directing the
Second-Priority Trustee to authenticate the Additional Second-Priority

-41-

 

Notes and certifying that the issuance of such Additional Second-Priority Notes is in
compliance with Article Ten hereof and that all other conditions precedent to the issuance of
Second-Priority Notes contained herein have been fully complied with, and the Second-Priority
Trustee in accordance with such Issuer Order shall authenticate and deliver such Additional
Second-Priority Notes. In each case, the Second-Priority Trustee shall receive an Officers’
Certificate and an Opinion of Counsel of the Issuers that it may reasonably require in connection
with such authentication of Second-Priority Notes. Such order shall specify the amount of
Second-Priority Notes to be authenticated and the date on which the original issue of
Second-Priority Notes is to be authenticated.

          Each Second-Priority Note shall be dated the date of its authentication.

          No Second-Priority Note shall be entitled to any benefit under this Second-Priority Indenture
or be valid or obligatory for any purpose unless there appears on such Second-Priority Note a
certificate of authentication substantially in the form provided for herein duly executed by the
Second-Priority Trustee by manual signature of an authorized officer, and such certificate upon any
Second-Priority Note shall be conclusive evidence, and the only evidence, that such Second-Priority
Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this
Second-Priority Indenture.

          In case an Issuer or any Subsidiary Guarantor, pursuant to Article Eight, shall be
consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise
dispose of its properties and assets substantially as an entirety to any Person, and the successor
Person resulting from such consolidation, or surviving such merger, or into which such Issuer or
such Subsidiary Guarantor shall have been merged, or the Person which shall have received a
conveyance, transfer, lease or other disposition as aforesaid, shall have executed a supplemental
indenture in the form of Exhibit D hereto with the Second-Priority Trustee pursuant to
Article Eight, any of the Second-Priority Notes authenticated or delivered prior to such
consolidation, merger, conveyance, transfer, lease or other disposition may, from time to time, at
the request of the successor Person, be exchanged for other Second-Priority Notes executed in the
name of the successor Person with such changes in phraseology and form as may be appropriate, but
otherwise in substance of like tenor as the Second-Priority Notes surrendered for such exchange and
of like principal amount; and the Second-Priority Trustee, upon Issuer Request of the successor
Person, shall authenticate and deliver Second-Priority Notes as specified in such request for the
purpose of such exchange. If Second-Priority Notes shall at any time be authenticated and
delivered in any new name of a successor Person pursuant to this Section in exchange or
substitution for or upon registration of transfer of any Second-Priority Notes, such successor
Person, at the option of the Holders but without expense to them, shall provide for the exchange of
all Second-Priority Notes at the time Outstanding for Second-Priority Notes authenticated and
delivered in such new name.

          SECTION 304. Temporary Second-Priority Notes.

          Pending the preparation of definitive Second-Priority Notes, the Issuers may execute, and upon
Issuer Order the Second-Priority Trustee shall authenticate and deliver, temporary Second-Priority
Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive Second-Priority Notes in lieu
of which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Second-Priority Notes may determine, as conclusively
evidenced by their execution of such Second-Priority Notes.

          If temporary Second-Priority Notes are issued, the Issuers will cause definitive
Second-Priority Notes to be prepared without unreasonable delay. After the preparation of
definitive Second-Priority Notes, the temporary Second-Priority Notes shall be exchangeable for
definitive Second-Priority Notes upon surrender of the temporary Second-Priority Notes at the
office or agency of the Issuers designated for such purpose pursuant to Section 1002, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Second-Priority
Notes, the Issuers shall execute and the Second-Priority Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Second-Priority Notes of authorized
denominations. Until so exchanged, the temporary Second-Priority Notes shall in all respects be
entitled to the same benefits under this Second-Priority Indenture as definitive Second-Priority
Notes.

-42-

 

          SECTION 305. Registration, Registration of Transfer and Exchange.

          The Issuers shall cause to be kept at the Corporate Trust Office of the Second-Priority
Trustee a register (the register maintained in such office and in any other office or agency
designated pursuant to Section 1002 being herein sometimes referred to as the “Second-Priority Note
Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuers shall
provide for the registration of Second-Priority Notes and of transfers of Second-Priority Notes.
The Second-Priority Note Register shall be in written form or any other form capable of being
converted into written form within a reasonable time. At all reasonable times, the Second-Priority
Note Register shall be open to inspection by the Second-Priority Trustee. The Second-Priority
Trustee is hereby initially appointed as note registrar (the “Second-Priority Note Registrar”) for
the purpose of registering Second-Priority Notes and transfers of Second-Priority Notes as herein
provided.

          Upon surrender for registration of transfer of any Second-Priority Note at the office or
agency of the Issuers designated pursuant to Section 1002, the Issuers shall execute, and upon
Issuer Order the Second-Priority Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Second-Priority Notes of any authorized
denomination or denominations of a like aggregate principal amount.

          At the option of the Holder, Second-Priority Notes may be exchanged for other Second-Priority
Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of
the Second-Priority Notes to be exchanged at such office or agency. Whenever any Second-Priority
Notes are so surrendered for exchange, the Issuers shall execute, and upon Issuer Order the
Second-Priority Trustee shall authenticate and deliver, the Second-Priority Notes which the Holder
making the exchange is entitled to receive.

          All Second-Priority Notes issued upon any registration of transfer or exchange of
Second-Priority Notes shall be the valid obligations of the Issuers, evidencing the same debt, and
entitled to the same benefits under this Second-Priority Indenture, as the Second-Priority Notes
surrendered upon such registration of transfer or exchange.

          Every Second-Priority Note presented or surrendered for registration of transfer or for
exchange shall (if so required by the Issuers) be duly endorsed, or be accompanied by written
instruments of transfer, in form satisfactory to the Issuers, duly executed by the Holder thereof
or his attorney duly authorized in writing.

          No service charge shall be made for any registration of transfer or exchange or redemption of
Second-Priority Notes, but the Issuers may require payment of a sum sufficient to cover any taxes,
fees or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Second-Priority Notes, other than exchanges pursuant to Sections 303, 304,
906, 1017, 1018 or 1108 not involving any transfer.

          SECTION 306. Mutilated, Destroyed, Lost and Stolen Second-Priority Notes.

          If (i) any mutilated Second-Priority Note is surrendered to the Second-Priority Trustee, or
(ii) the Issuers and the Second-Priority Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Second-Priority Note, and there is delivered to the Issuers and
the Second-Priority Trustee such security or indemnity as may be required by them to save each of
them harmless, then, in the absence of notice to the Issuers or the Second-Priority Trustee that
such Second-Priority Note has been acquired by a bona fide purchaser, the Issuers shall execute and
upon Issuer Order the Second-Priority Trustee shall authenticate and deliver, in exchange for any
such mutilated Second-Priority Note or in lieu of any such destroyed, lost or stolen
Second-Priority Note, a new Second-Priority Note of like tenor and principal amount, bearing a
number not contemporaneously outstanding.

          In case any such mutilated, destroyed, lost or stolen Second-Priority Note has become or is
about to become due and payable, the Issuers in its discretion may, instead of issuing a new
Second-Priority Note, pay such Second-Priority Note.

-43-

 

          Upon the issuance of any new Second-Priority Note under this Section, the Issuers may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of the Second-Priority
Trustee) connected therewith.

          Every new Second-Priority Note issued pursuant to this Section in lieu of any mutilated,
destroyed, lost or stolen Second-Priority Note shall constitute an original additional contractual
obligation of the Issuers and each Subsidiary Guarantor, whether or not the mutilated, destroyed,
lost or stolen Second-Priority Note shall be at any time enforceable by anyone, and shall be
entitled to all benefits of this Second-Priority Indenture equally and proportionately with any and
all other Second-Priority Notes duly issued hereunder.

          The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Second-Priority Notes.

          SECTION 307. Payment of Interest; Interest Rights Preserved.

          Interest on any Second-Priority Note which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name such Second-Priority
Note (or one or more Predecessor Second-Priority Notes) is registered at the close of business on
the Regular Record Date for such interest at the office or agency of the Issuers maintained for
such purpose pursuant to Section 1002; provided, however, that, subject to Section 301 hereof, each
installment of interest may at the Issuers’ option be paid by (i) mailing a check for such
interest, payable to or upon the written order of the Person entitled thereto pursuant to Section
308, to the address of such Person as it appears in the Second-Priority Note Register or (ii)
transfer to an account located in the United States maintained by the payee.

          Any interest on any Second-Priority Note which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder on the
Regular Record Date by virtue of having been such Holder, and such defaulted interest and (to the
extent lawful) interest on such defaulted interest at the rate borne by the Second-Priority Notes
(such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) may
be paid by the Issuers, at its election in each case, as provided in clause (1) or (2) below:

     (1) The Issuers may elect to make payment of any Defaulted Interest to the Persons in
whose names the Second-Priority Notes (or their respective Predecessor Second-Priority
Notes) are registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The Issuers shall
notify the Second-Priority Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Second-Priority Note and the date of the proposed payment, and at the
same time the Issuers shall deposit with the Second-Priority Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Second-Priority Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Second-Priority Trustee shall fix a Special Record Date for the payment of
such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt by the
Second-Priority Trustee of the notice of the proposed payment. The Second-Priority Trustee
shall promptly notify the Issuers of such Special Record Date, and in the name and at the
expense of the Issuers, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given in the manner provided for in
Section 106, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been
so given, such Defaulted Interest shall be paid to the Persons in whose names the
Second-Priority Notes (or their respective Predecessor Second-Priority Notes) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant
to the following clause (2).

     (2) The Issuers may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Second-Priority Notes may be

-44-

 

listed, and upon such notice as may be required by such exchange, if, after notice
given by the Issuers to the Second-Priority Trustee of the proposed payment pursuant to this
clause, such manner of payment shall be deemed practicable by the Second-Priority Trustee.

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

          SECTION 308. Persons Deemed Owners.

          Prior to the due presentment of a Second-Priority Note for registration of transfer, the
Issuers, any Subsidiary Guarantor, the Second-Priority Trustee and any agent of the Issuers or the
Second-Priority Trustee may treat the Person in whose name such Second-Priority Note is registered
as the owner of such Second-Priority Note for the purpose of receiving payment of principal of (and
premium, if any) and (subject to Sections 305 and 307) interest on such Second-Priority Note and
for all other purposes whatsoever, whether or not such Second-Priority Note be overdue, and none of
the Issuers, the Second-Priority Trustee or any agent of the Issuers or the Second-Priority Trustee
shall be affected by notice to the contrary.

          SECTION 309. Cancellation.

          All Second-Priority Notes surrendered for payment, redemption, registration of transfer or
exchange shall, if surrendered to any Person other than the Second-Priority Trustee, be delivered
to the Second-Priority Trustee and shall be promptly cancelled by it. The Issuers may at any time
deliver to the Second-Priority Trustee for cancellation any Second-Priority Notes previously
authenticated and delivered hereunder which the Issuers may have acquired in any manner whatsoever,
and may deliver to the Second-Priority Trustee (or to any other Person for delivery to the
Second-Priority Trustee) for cancellation any Second-Priority Notes previously authenticated
hereunder which the Issuers have not issued and sold, and all Second-Priority Notes so delivered
shall be promptly cancelled by the Second-Priority Trustee. If the Issuers shall so acquire any of
the Second-Priority Notes, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Second-Priority Notes unless and until the
same are surrendered to the Second-Priority Trustee for cancellation. No Second-Priority Notes
shall be authenticated in lieu of or in exchange for any Second-Priority Notes cancelled as
provided in this Section, except as expressly permitted by this Second-Priority Indenture. All
cancelled Second-Priority Notes held by the Second-Priority Trustee shall be disposed of by the
Second-Priority Trustee in accordance with its customary procedures.

          SECTION 310. Computation of Interest.

          Interest on the Second-Priority Notes shall be computed on the basis of a 360-day year of
twelve 30-day months.

          SECTION 311. [RESERVED].

          SECTION 312. Book-Entry and Transfer Provisions.

          (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 Issuers for Definitive Second-Priority Notes if:

     (1) the Depositary (a) notifies the Issuers that it is unwilling or unable to continue
as depositary for the Global Notes or (b) has ceased to be a clearing agency registered
under the Exchange Act and, in either case, the Issuers fails to appoint a successor
depositary;

-45-

 

     (2) the Issuers, at their option, notify the Second-Priority Trustee in writing that it
elects to cause the issuance of the Definitive Second-Priority Notes; or

     (3) there has occurred and is continuing a Default or Event of Default with respect to
the Second-Priority Notes and the beneficial owner thereof has requested such exchange.

          Upon the occurrence of either of the events described in Section 312(a)(1) or (2), Definitive
Second-Priority Notes shall be issued in such names as the Depositary shall instruct the
Second-Priority Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 304 and 306 hereof. Every Second-Priority Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Sections 304 or
306 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 Second-Priority Note other than as provided in this
Section 312(a), however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 312(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 Second-Priority 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 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 Second-Priority Note Registrar to effect the transfers
described in this Section 312(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 312(b)(1) above, the transferor of such beneficial interest must deliver to the
Second-Priority Note Registrar either:

     (A) both:

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

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

     (B) both:

     (x) 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 Second-Priority Note in an
amount equal to the beneficial interest to be transferred or exchanged; and

-46-

 

     (y) instructions given by the Depositary to the Second-Priority Note
Registrar containing information regarding the Person in whose name such
Definitive Second-Priority Note shall be registered to effect the transfer
or exchange referred to in (A) above.

Upon satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Second-Priority Indenture and the
Second-Priority Notes or otherwise applicable under the Securities Act, the Second-Priority
Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section
312(g) hereof.

          (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 312(b)(2) above and:

     (A) if the transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver to the Second-Priority
Note Registrar a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; and

     (B) if the transferee will take delivery in the form of a beneficial interest
in) the Regulation S Global Note, then the transferor must deliver to the
Second-Priority Note Registrar a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.

          (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 312(b)(2) above and:

     (A) such transfer is effected pursuant to a shelf registration statement; or

     (B) the Second-Priority Note Registrar receives the following:

     (x) 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 (1)(a) thereof; or

     (y) 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 (B), if the Second-Priority Note Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Second-Priority Note 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 (A) or (B) above at a time when an
Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an
Issuer Order in accordance with Section 202 hereof, the Second-Priority 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 (A) or (B) above.

-47-

 

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

     (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive
Second-Priority Notes. If any holder of a beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Second-Priority
Note or to transfer such beneficial interest to a Person who takes delivery thereof in the
form of a Restricted Definitive Second-Priority Note, then, upon receipt by the
Second-Priority Note 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
Second-Priority 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 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 the Issuers or any of
their Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(b) thereof; or

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

the Second-Priority Trustee shall cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to Section 312(g) hereof, and the Issuers
shall execute and upon Issuer Order the Second-Priority Trustee shall authenticate and
deliver to the Person designated in the instructions a Definitive Second-Priority Note in
the appropriate principal amount. Any Definitive Second-Priority Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant to this Section 312(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 Second-Priority Note Registrar
through instructions from the Depositary and the Participant or Indirect Participant. The
Second-Priority Trustee shall deliver such Definitive Second-Priority Notes to the Persons
in whose names such Second-Priority Notes are so registered. Any Definitive Second-Priority
Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to
this Section 312(c)(1) shall bear the Private Placement Legend and shall be subject to all
restrictions on transfer contained therein.

     (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive
Second-Priority Notes. A holder of a beneficial interest in a Restricted Global Note may
exchange such beneficial interest for an Unrestricted Definitive Second-Priority Note or may
transfer such beneficial interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Second-Priority Note only if such transfer is effected pursuant to a
shelf registration statement; or

-48-

 

     (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Second-Priority Notes. If any holder of a beneficial interest in an Unrestricted Global
Note proposes to exchange such beneficial interest for a Definitive Second-Priority Note or
to transfer such beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Second-Priority Note, then, upon satisfaction of the conditions set forth in
Section 312(b)(2) hereof, the Second-Priority Trustee will cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 312(g)
hereof, and the Issuers will execute and upon Issuer Order the Second-Priority Trustee will
authenticate and deliver to the Person designated in the instructions a Definitive
Second-Priority Note in the appropriate principal amount. Any Definitive Second-Priority
Note issued in exchange for a beneficial interest pursuant to this Section 312(c)(3) 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 Second-Priority Note
Registrar from or through the Depositary and the Participant or Indirect Participant. The
Second-Priority Trustee will deliver such Definitive Second-Priority Notes to the Persons in
whose names such Second-Priority Notes are so registered. Any Definitive Second-Priority
Note issued in exchange for a beneficial interest pursuant to this Section 312(c)(3) will
not bear the Private Placement Legend.

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

          (1) Restricted Definitive Second-Priority Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Second-Priority Note proposes to exchange such
Second-Priority Note for a beneficial interest in a Restricted Global Note or to transfer such
Restricted Definitive Second-Priority 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 Second-Priority Note
Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Second-Priority Note proposes to
exchange such Second-Priority 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 Second-Priority 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 Second-Priority 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 Second-Priority 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 Second-Priority Note is being transferred to the
Issuers or any of their Subsidiaries, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

     (F) if such Restricted Definitive Second-Priority 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
Second-Priority Trustee will cancel the Restricted Definitive Second-Priority 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, and in the case of clause (C) above, the Regulation S Global Note.

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

-49-

 

Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if such transfer is effected pursuant to a shelf registration statement; or

Upon satisfaction of the conditions of any of the subparagraphs in this Section 312(d)(2), the
Second-Priority Trustee will cancel the Definitive Second-Priority Notes and increase or cause to
be increased the aggregate principal amount of the Unrestricted Global Note.

          (3) Unrestricted Definitive Second-Priority Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of an Unrestricted Definitive Second-Priority Note may exchange such
Second-Priority Note for a beneficial interest in an Unrestricted Global Note or transfer such
Definitive Second-Priority 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 Second-Priority Trustee will cancel the applicable Unrestricted
Definitive Second-Priority Note and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes.

          (e) Transfer and Exchange of Definitive Second-Priority Notes for Definitive
Second-Priority Notes. Upon request by a Holder of Definitive Second-Priority Notes and such
Holder’s compliance with the provisions of this Section 312(e), the Second-Priority Note Registrar
will register the transfer or exchange of Definitive Second-Priority Notes. Prior to such
registration of transfer or exchange, the requesting Holder must present or surrender to the
Second-Priority Note Registrar the Definitive Second-Priority Notes duly endorsed or accompanied by
a written instruction of transfer in form satisfactory to the Second-Priority Note Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder must provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section 312(e).

     (1) Restricted Definitive Second-Priority Notes to Restricted Definitive
Second-Priority Notes. Any Restricted Definitive Second-Priority Note may be transferred to
and registered in the name of Persons who take delivery thereof in the form of a Restricted
Definitive Second-Priority Note if the Second-Priority Note 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 Second-Priority Notes to Unrestricted Definitive
Second-Priority Notes. Any Restricted Definitive Second-Priority Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Second-Priority Note or transferred to a
Person or Persons who take delivery thereof in the form of an Unrestricted Definitive
Second-Priority Note if any such transfer is effected pursuant to a shelf registration
statement; or

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

          (f) [RESERVED].

-50-

 

          (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 Second-Priority 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 Second-Priority Trustee in
accordance with Section 309 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
Second-Priority Notes, the principal amount of Second-Priority Notes represented by such Global
Note will be reduced accordingly and an endorsement will be made on such Global Note by the
Second-Priority Trustee or by the Depositary at the direction of the Second-Priority 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 Second-Priority Trustee or by the Depositary at the direction of the Second-Priority
Trustee to reflect such increase.

          (h) General Provisions Relating to Transfers and Exchanges.

          (1) To permit registrations of transfers and exchanges, the Issuers will execute and the
Second-Priority Trustee will authenticate Global Notes and Definitive Second-Priority Notes upon
receipt of an Issuer Order in accordance with Section 202 hereof or at the Second-Priority Note
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 Second-Priority Note for any registration of transfer or exchange, but the
Issuers 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 304, 903, 1017, 1018 and 1107 hereof.

          (3) The Second-Priority Note Registrar will not be required to register the transfer of or
exchange of any Second-Priority Note selected for redemption in whole or in part, except the
unredeemed portion of any Second-Priority Note being redeemed in part.

          (4) All Global Notes and Definitive Second-Priority Notes issued upon any registration of
transfer or exchange of Global Notes or Definitive Second-Priority Notes will be the valid
obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this
Second-Priority Indenture, as the Global Notes or Definitive Second-Priority Notes surrendered upon
such registration of transfer or exchange.

          (5) Neither the Second-Priority Note Registrar nor the Issuers will be required:

     (A) to issue, to register the transfer of or to exchange any Second-Priority Notes
during a period beginning at the opening of business 15 days before the day of mailing of a
notice of redemption of Second-Priority Notes under Section 1104 hereof and ending at the
close of business on the day of such mailing;

     (B) to register the transfer of or to exchange any Second-Priority Note selected for
redemption in whole or in part, except the unredeemed portion of any Second-Priority Note
being redeemed in part; or

     (C) to register the transfer of or to exchange a Second-Priority Note between a record
date and the next succeeding interest payment date.

          (6) Prior to due presentment for the registration of a transfer of any Second-Priority Note,
the Second-Priority Trustee, any Agent and the Issuers may deem and treat the Person in whose name
any Second-Priority Note is registered as the absolute owner of such Second-Priority Note for the
purpose of receiving payment of principal of and interest on such Second-Priority Notes and for all
other purposes, and none of the Second-Priority Trustee, any Agent or the Issuers shall be affected
by notice to the contrary.

-51-

 

          (7) The Second-Priority Trustee will authenticate Global Notes and Definitive Second-Priority
Notes in accordance with the provisions of Section 202 hereof.

          (8) All certifications, certificates and Opinions of Counsel required to be submitted to the
Second-Priority Note Registrar pursuant to this Section 312 to effect a registration of transfer or
exchange may be submitted by facsimile.

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

          (10) Neither the Second-Priority Trustee nor any Agent shall have any responsibility for any
actions taken or not taken by the Depositary.

          SECTION 313. CUSIP Numbers.

          The Issuers in issuing the Second-Priority Notes may use “CUSIP” numbers (if then generally in
use) in addition to serial numbers, and, if so, the Second-Priority Trustee shall use such “CUSIP”
numbers in addition to serial numbers in notices of redemption, repurchase or other notices to
Holders as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such CUSIP numbers either as printed on the Second-Priority Notes
or as contained in any notice of a redemption or repurchase and that reliance may be placed only on
the serial or other identification numbers printed on the Second-Priority Notes, and any such
redemption or repurchase shall not be affected by any defect in or omission of such numbers. The
Issuers will promptly notify the Second-Priority Trustee in writing of any change in the CUSIP
numbers.

          SECTION 314. Issuance of Additional Second-Priority Notes.

          The Issuers may, subject to Section 1011 of this Second-Priority Indenture, issue additional
Second-Priority Notes having identical terms and conditions to the Second-Priority Notes issued on
the Issue Date (the “Additional Second-Priority Notes”). The Second-Priority Notes issued on the
Issue Date and any Additional Second-Priority Notes subsequently issued shall be treated as a
single class for all purposes under this Second-Priority Indenture.

ARTICLE FOUR

SATISFACTION AND DISCHARGE

          SECTION 401. Satisfaction and Discharge of Second-Priority Indenture.

          This Second-Priority Indenture shall upon Issuer Request cease to be of further effect (except
as to surviving rights of registration of transfer or exchange of Second-Priority Notes expressly
provided for herein or pursuant hereto and except as provided in the last two paragraphs of this
Section 401) and the Second-Priority Trustee, at the expense of the Issuers, shall execute proper
instruments acknowledging satisfaction and discharge of this Second-Priority Indenture when:

(1) either

     (a) all Second-Priority Notes theretofore authenticated and delivered (other
than (i) Second-Priority Notes which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 306 and (ii) Second-Priority Notes
for whose payment money has theretofore been deposited in trust with the
Second-Priority Trustee or any Paying Agent or

-52-

 

segregated and held in trust by the Issuers and thereafter repaid to the Issuers or
discharged from such trust, as provided in Section 1003) have been delivered to the
Second-Priority Trustee for cancellation; or

     (b) all such Second-Priority Notes not theretofore delivered to the
Second-Priority Trustee for cancellation

     (i) have become due and payable by reason of the making of a notice of
redemption pursuant to Section 1105 or otherwise, or

     (ii) will become due and payable at their Stated Maturity within one
year, or

     (iii) are to be called for redemption within one year under
arrangements satisfactory to the Second-Priority Trustee for the giving of
notice of redemption by the Second-Priority Trustee in the name, and at the
expense, of the Issuers,

and the Issuers or any Subsidiary Guarantor, in the case of (i), (ii) or (iii)
above, has irrevocably deposited or caused to be deposited with the Second-Priority
Trustee as trust funds in trust solely 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 without consideration of any reinvestment of interest
to pay and discharge the entire indebtedness on such Second-Priority Notes not
theretofore delivered to the Second-Priority Trustee for cancellation, for principal
(and premium, if any) and interest to the date of such deposit (in the case of
Second-Priority Notes which have become due and payable) or to the Stated Maturity
or Redemption Date, as the case may be;

     (2) no Default or Event of Default (other than that resulting from borrowing funds to
be applied to make such deposit and the granting of Liens in connection therewith) with
respect to this Second-Priority Indenture or the Second-Priority Notes shall have occurred
and be continuing on the date of such deposit or shall occur as a result of such deposit and
such deposit shall not result in a breach or violation of, or constitute a default under,
any other instrument to which an Issuer or any Subsidiary Guarantor is a party or by which
an Issuer or any Subsidiary Guarantor is bound;

     (3) the Issuers have paid or caused to be paid all sums payable by it under this
Second-Priority Indenture;

     (4) the Issuers have delivered irrevocable instructions to the Second-Priority Trustee
under this Second-Priority Indenture to apply the deposited money toward the payment of such
Second-Priority Notes at the Stated Maturity or the Redemption Date, as the case may be; and

     (5) the Issuers have delivered to the Second-Priority Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein to the
satisfaction and discharge of this Second-Priority Indenture have been complied with.

          Notwithstanding the satisfaction and discharge of this Second-Priority Indenture, the
obligations of the Issuers to the Second-Priority Trustee under Section 607, the obligations of the
Issuers to any Authenticating Agent under Section 612 and, if money or Government Securities shall
have been deposited with the Second-Priority Trustee pursuant to subclause (b) of clause (1) of
this Section, the obligations of the Second-Priority Trustee under Section 402 and the last
paragraph of Section 1003 shall survive such satisfaction and discharge.

          Notwithstanding the satisfaction and discharge of this Second-Priority Indenture, any
provision affecting the rights, protections, immunities and indemnities of the Second-Priority
Collateral Agent shall remain in full force and effect so long as the Second-Priority Security
Agreement remains in full force and effect.

-53-

 

          SECTION 402. Application of Trust Money.

          Subject to the provisions of the last paragraph of Section 1003, all money or Government
Securities deposited with the Second-Priority Trustee pursuant to Section 401 shall be held in
trust and applied by it, in accordance with the provisions of the Second-Priority Notes and this
Second-Priority Indenture, to the payment, either directly or through any Paying Agent (including
the Issuers acting as their own Paying Agent) as the Second-Priority Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money or Government Securities has been deposited with the Second-Priority Trustee; but such
money or Government Securities need not be segregated from other funds except to the extent
required by law.

          If the Second-Priority Trustee or Paying Agent is unable to apply any money or Government
Securities in accordance with Section 401 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 Issuers’ and any Subsidiary Guarantor’s obligations under this
Second-Priority Indenture and the Second-Priority Notes shall be revived and reinstated as though
no deposit had occurred pursuant to Section 401 until such time as the Second-Priority Trustee or
Paying Agent is permitted to apply all such money or Government Securities in accordance with
Section 401; provided that if the Issuers have made any payment of principal of, premium, if any,
or interest on any Second-Priority Notes because of the reinstatement of their obligations, the
Issuers shall be subrogated to the rights of the Holders of such Second-Priority Notes to receive
such payment from the money or Government Securities held by the Second-Priority Trustee or Paying
Agent.

ARTICLE FIVE

REMEDIES

          SECTION 501. Events of Default.

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

     (1) default in payment when due and payable, upon redemption, acceleration or
otherwise, of principal of, or premium, if any, on the Second-Priority Notes issued under
this Second-Priority Indenture (whether or not such payment was prohibited by Article 16 or
17 hereof);

     (2) default for 30 days or more in the payment when due of interest on or with respect
to the Second-Priority Notes issued under this Second-Priority Indenture (whether or not
such payment was prohibited by Article 16 or 17 hereof);

     (3) failure by any Issuer or any Subsidiary Guarantor to comply with its obligations
under Article Eight or Section 1017 for 30 days or more;

     (4) failure by any Issuer or any Subsidiary Guarantor for 60 days after receipt of
written notice given by the Second-Priority Trustee or the Holders of at least 25% in
principal amount of the Second-Priority Notes then outstanding and issued under this
Second-Priority Indenture to comply with any of its other agreements in this Second-Priority
Indenture, the Second-Priority Security Documents or the Second-Priority Notes (other than
those specified in Section 501(1), (2) or (3) above);

     (5) default under any mortgage, indenture or instrument under which there is issued or
by which there is secured or evidenced any Indebtedness for money borrowed by the Issuers or
any Restricted Subsidiary or the payment of which is guaranteed by the Issuers or any
Restricted Subsidiary, other than Indebtedness owed to the Issuers or a Restricted
Subsidiary, whether such Indebtedness or guarantee now exists or is created after the
issuance of the Second-Priority Notes, if both:

-54-

 

     (A) such default either (x) results from the failure to pay any such
Indebtedness at its stated final maturity (after giving effect to any applicable
grace periods); or (y) 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; and

     (B) the principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at
stated final maturity (after giving effect to any applicable grace periods), or the
maturity of which has been so accelerated, aggregate $75.0 million or more at any
one time outstanding;

     (6) failure by the Issuers or any Significant Subsidiary to pay final judgments
aggregating in excess of $75.0 million (other than any judgments covered by indemnities
provided by Permitted Holders or insurance policies issued by reputable and creditworthy
companies, so long as such Permitted Holders have not disputed in writing responsibility
therefor or insurance providers have not disclaimed in writing coverage), 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;

     (7) any of the following events with respect to the Issuers or any Subsidiary Guarantor
that is a Significant Subsidiary:

     (A) the Issuers or any Subsidiary Guarantor that is a Significant Subsidiary
pursuant to or within the meaning of any Bankruptcy Law

     (i) commences a voluntary case;

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

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

     (iv) takes any comparable action under any foreign laws relating to
insolvency; or

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

     (i) is for relief against the Issuers or any Subsidiary Guarantor that
is a Significant Subsidiary in an involuntary case;

     (ii) appoints a Custodian of the Issuers or any Subsidiary Guarantor
that is a Significant Subsidiary or for any substantial part of its
property; or

     (iii) orders the winding up or liquidation of the Issuers or any
Subsidiary Guarantor that is a Significant Subsidiary;

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

     (8) any (x) Guarantee or (y) Second-Priority Security Document governing a security
interest with respect to any Collateral having a fair market value in excess of $75.0
million, in each case, of a Significant Subsidiary or group of Restricted Subsidiaries that
taken together as of the latest audited consolidated financial statements for the Issuers
and their Restricted Subsidiaries would constitute a Significant

-55-

 

Subsidiary ceases to be in full force and effect (except as contemplated by the terms
of this Second-Priority Indenture and the Guarantees and except for the failure of any
security interest with respect to the Collateral to remain in full force and effect, which
is governed by paragraph (9) below) or is declared null and void in a judicial proceeding or
any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors
that taken together as of the latest audited consolidated financial statements of the
Issuers and their Restricted Subsidiaries would constitute a Significant Subsidiary denies
or disaffirms its obligations under this Second-Priority Indenture, its Subsidiary Guarantee
or any Second-Priority Security Document and the Issuers fail to cause such Subsidiary
Guarantor or Subsidiary Guarantors, as the case may be, to rescind such denials or
disaffirmations within 30 days; or

     (9) with respect to any Collateral having a fair market value in excess of $25.0
million, individually or in the aggregate, (A) the failure of the security interest with
respect to such Collateral under the Second-Priority Security Documents, at any time, to be
in full force and effect for any reason other than in accordance with their terms and the
terms of this Second-Priority Indenture and other than the satisfaction in full of all
obligations under this Second-Priority Indenture and discharge of this Second-Priority
Indenture if such failure continues for 60 days or (B) the assertion by the Issuers or any
Subsidiary Guarantor, in any pleading in any court of competent jurisdiction, that any such
security interest is invalid or unenforceable.

provided, however, that a default under Section 501(3), (4), (8) or (9) will not constitute an
Event of Default until the Second-Priority Trustee or the Holders of 25% in principal amount of the
outstanding Second-Priority Notes notify the Company of the default and the Company does not cure
such default within the time specified in Section 501(3), (4), (8) or (9) after receipt of such
notice.

          SECTION 502. Acceleration of Maturity; Rescission and Annulment.

          If an Event of Default (other than an Event of Default specified in Section 501(7) above)
occurs and is continuing, then and in every such case the Second-Priority Trustee or the Holders of
at least 25% in principal amount of the Outstanding Second-Priority Notes issued under this
Second-Priority Indenture may declare the principal, premium, if any, interest and any other
monetary obligations on all the Outstanding Second-Priority Notes to be due and payable
immediately, by a notice in writing to the Issuers (and to the Second-Priority Trustee if given by
Holders); provided, however, that so long as any Designated First Lien Indebtedness is outstanding,
no such acceleration shall be effective until the earlier of:

          (1) acceleration of any such Designated First Lien Indebtedness; or

          (2) five Business Days after the giving of written notice of such acceleration to the Issuers
and the administrative agent or trustee under such Designated First Lien Indebtedness.

          Upon the effectiveness of such declaration, such principal and interest will be due and
payable immediately. Notwithstanding the foregoing, if an Event of Default specified in Section
501(7) above occurs and is continuing, then the principal amount of all Outstanding Second-Priority
Notes shall ipso facto become and be immediately due and payable without any notice, declaration or
other act on the part of the Second-Priority Trustee or any Holder.

          At any time after a declaration of acceleration has been made and before a judgment or decree
for payment of the money due has been obtained by the Second-Priority Trustee as hereinafter
provided in this Article, the Holders of a majority in aggregate principal amount of the
Outstanding Second-Priority Notes, by written notice to the Issuers and the Second-Priority
Trustee, may rescind and annul such declaration and its consequences if:

     (a) the Issuers have paid or deposited with the Second-Priority Trustee a sum
sufficient to pay:

     (A) all overdue interest on all Outstanding Second-Priority Notes,

-56-

 

     (B) all unpaid principal of (and premium on) any Outstanding Second-Priority
Notes which has become due otherwise than by such declaration of acceleration, and
interest on such unpaid principal at the rate borne by the Second-Priority Notes,

     (C) to the extent that payment of such interest is lawful, interest on overdue
interest at the rate borne by the Second-Priority Notes, and

     (D) all sums paid or advanced by the Second-Priority Trustee or Second-Priority
Collateral Agent hereunder and the reasonable compensation, expenses, disbursements
and advances of the Second-Priority Trustee or Second-Priority Collateral Agent, its
agents and counsel; and

     (b) Events of Default, other than the non-payment of amounts of principal of (or
premium, if any, on) or interest on Second-Priority Notes which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 513. No
such rescission shall affect any subsequent default or impair any right consequent thereon.

             Notwithstanding the preceding paragraph, in the event of any Event of Default specified in
Section 501(5) 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 Second-Priority Trustee or the Holders, if within 30 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 503. Collection of Indebtedness and Suits for Enforcement by Second-Priority
Trustee.

             The Issuers covenant that if:

         (a) default is made in the payment of any installment of interest on any
Second-Priority Note when such interest becomes due and payable and such default continues
for a period of 30 days, or

         (b) default is made in the payment of the principal of (or premium on) any
Second-Priority Note at the Maturity thereof,

the Issuers will, upon demand of the Second-Priority Trustee, pay to the Second-Priority Trustee
for the benefit of the Holders of such Second-Priority Notes, the whole amount then due and payable
on such Second-Priority Notes for principal (and premium, if any) and interest, and interest on any
overdue principal (and premium, if any) and, to the extent that payment of such interest shall be
legally enforceable, upon any overdue installment of interest, at the rate borne by the
Second-Priority Notes, and, in addition thereto, 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 Second-Priority Trustee and the Second-Priority Collateral Agent,
its agents and counsel.

                  If the Issuers fail to pay such amounts forthwith upon such demand, the Second-Priority
Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for
the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Issuers, any Subsidiary Guarantor or any other obligor
upon the Second-Priority Notes and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Issuers, any Subsidiary Guarantor or any other
obligor upon the Second-Priority Notes, wherever situated.

-57-

 

          If an Event of Default occurs and is continuing, the Second-Priority Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders under this
Second-Priority Indenture and the Guarantees by such appropriate judicial proceedings as the
Second-Priority Trustee shall deem necessary to protect and enforce any such rights, including
seeking recourse against any Subsidiary Guarantor, whether for the specific enforcement of any
covenant or agreement in this Second-Priority Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy, including but without limitation, seeking
recourse against any Subsidiary Guarantor.

          SECTION 504. Second-Priority Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Issuers or any other obligor including any Subsidiary Guarantor, upon the Second-Priority Notes or
the property of the Issuers or of such other obligor or their creditors, and subject to the
Intercreditor Agreement, the Second-Priority Trustee (irrespective of whether the principal of the
Second-Priority Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Second-Priority Trustee shall have made any demand on the
Issuers for the payment of overdue principal, premium, if any, or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

     (i) to file and prove a claim for the whole amount of principal (and premium, if any)
and interest owing and unpaid in respect of the Second-Priority Notes and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the
Second-Priority Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Second-Priority Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceeding, and

     (ii) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the
Second-Priority Trustee and, in the event that the Second-Priority Trustee shall consent to the
making of such payments directly to the Holders, to pay the Second-Priority Trustee any amount due
it for the reasonable compensation, expenses, disbursements and advances of the Second-Priority
Trustee or Second-Priority Collateral Agent, its agents and counsel, and any other amounts due the
Second-Priority Trustee or Second-Priority Collateral Agent under Section 607 or Section 1411, as
applicable.

          Nothing herein contained shall be deemed to authorize the Second-Priority 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 Second-Priority Notes or the rights of any Holder thereof,
or to authorize the Second-Priority Trustee to vote in respect of the claim of any Holder in any
such proceeding.

          SECTION 505. Second-Priority Trustee May Enforce Claims Without Possession of
Second-Priority Notes.

          All rights of action and claims under this Second-Priority Indenture or the Second-Priority
Notes may be prosecuted and enforced by the Second-Priority Trustee without the possession of any
of the Second-Priority Notes or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Second-Priority Trustee shall be brought in its own name and as
trustee of an express trust, and any recovery of judgment shall, after provision for the payment of
the reasonable compensation, expenses, disbursements and advances of the Second-Priority Trustee,
its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment
has been recovered.

          SECTION 506. Application of Money Collected.

          Subject to the terms of the Second-Priority Security Documents, any money or property
collected by the Second-Priority Trustee pursuant to this Article shall be applied in the following
order, at the date or dates

-58-

 

fixed by the Second-Priority Trustee and, in case of the distribution of such money on account
of principal (or premium, if any) or interest, upon presentation of the Second-Priority Notes and
the notation thereon of the payment if only partially paid and upon surrender thereof if fully
paid:

     FIRST: To the payment of all amounts due the Second-Priority Trustee under
Section 607 and the Second-Priority Collateral Agent under Section 1411;

     SECOND: to holders of Designated First Lien Indebtedness of the Issuers and,
if such money or property has been collected from a Subsidiary Guarantor, to holders of
Designated First Lien Indebtedness of such Subsidiary Guarantor, in each case to the extent
required by Article 16 and/or Article 17 hereof, as applicable;

     THIRD: To the payment of the amounts then due and unpaid for principal of (and
premium, if any) and interest on the Second-Priority Notes in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of
any kind, according to the amounts due and payable on such Second-Priority Notes for
principal (and premium, if any) and interest, respectively; and

     FOURTH: The balance, if any, to the Issuers or any other obligor on the
Second-Priority Notes, as their interests may appear or as a court of competent jurisdiction
may direct in writing; provided that all sums due and owing to the Holders, the
Second-Priority Collateral Agent and the Second-Priority Trustee have been paid in full as
required by this Second-Priority Indenture.

          SECTION 507. Limitation on Suits.

          No Holder of any Second-Priority Notes shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Second-Priority Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless:

     (1) such Holder has previously given written notice to the Second-Priority Trustee of a
continuing Event of Default;

     (2) the Holders of not less than 25% in principal amount of the Outstanding
Second-Priority Notes shall have made written request to the Second-Priority Trustee to
institute proceedings in respect of such Event of Default in its own name as Second-Priority
Trustee hereunder;

     (3) such Holder or Holders have offered to the Second-Priority Trustee indemnity
reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in
compliance with such request;

     (4) the Second-Priority Trustee for 30 days after its receipt of such notice, request
and offer of indemnity has failed to institute any such proceeding; and

     (5) no direction inconsistent with such written request has been given to the
Second-Priority Trustee during such 30-day period by the Holders of a majority or more in
principal amount of the Outstanding Second-Priority Notes;

it being understood and intended that no one or more Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Second-Priority Indenture or the
Guarantees to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek
to obtain priority or preference over any other Holders or to enforce any right under this
Second-Priority Indenture or the Guarantees, except in the manner herein provided and for the equal
and ratable benefit of all the Holders (it being further understood that the Second-Priority
Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Holders).

-59-

 

          SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and
Interest.

          Notwithstanding any other provision in this Second-Priority Indenture, the Holder of any
Second-Priority Note shall have the right, which is absolute and unconditional, to receive payment,
as provided herein (including, if applicable, Article Eleven) and in such Second-Priority Note of
the principal of (and premium, if any) and (subject to Section 307) interest on such
Second-Priority Note on the respective Stated Maturities expressed in such Second-Priority Note
(or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.

          SECTION 509. Restoration of Rights and Remedies.

          If the Second-Priority Trustee or any Holder has instituted any proceeding to enforce any
right or remedy under this Second-Priority Indenture or the Guarantees and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Second-Priority
Trustee or to such Holder, then and in every such case, subject to any determination in such
proceeding, the Issuers, any Subsidiary Guarantor, any other obligor of the Second-Priority Notes,
the Second-Priority Trustee and the Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Second-Priority Trustee
and the Holders shall continue as though no such proceeding had been instituted.

          SECTION 510. Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Second-Priority Notes in the last paragraph of Section 306, no right or
remedy herein conferred upon or reserved to the Second-Priority Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

          SECTION 511. Delay or Omission Not Waiver.

          No delay or omission of the Second-Priority Trustee or of any Holder of any Second-Priority
Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every
right and remedy given by this Article or by law to the Second-Priority Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Second-Priority
Trustee or by the Holders, as the case may be.

          SECTION 512. Control by Holders.

          Subject to the terms of the Second-Priority Security Documents, the Holders of not less than a
majority in principal amount of the Outstanding Second-Priority Notes shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the
Second-Priority Trustee or Second-Priority Collateral Agent, or exercising any trust or power
conferred on the Second-Priority Trustee or Second-Priority Collateral Agent, provided that:

     (1) such direction shall not be in conflict with any rule of law or with this
Second-Priority Indenture,

     (2) subject to Section 315 of the Trust Indenture Act, the Second-Priority Trustee may
take any other action deemed proper by the Second-Priority Trustee which is not inconsistent
with such direction, and

     (3) the Second-Priority Trustee need not take any action which might involve it in
personal liability or be unjustly prejudicial to the Holders not consenting.

-60-

 

     (4) prior to taking any such action, the Second-Priority Trustee or Second-Priority
Collateral Agent shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such action.

          SECTION 513. Waiver of Past Defaults.

          Subject to Sections 508 and 902 and the last paragraph of Section 502, the Holders of not less
than a majority in principal amount of the Outstanding Second-Priority Notes may on behalf of the
Holders of all such Second-Priority Notes waive any past Default hereunder and its consequences,
except a continuing Default or Event of Default (1) in respect of the payment of interest on,
premium, if any, or the principal of any such Second-Priority Note held by a non-consenting Holder,
or (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or
amended without the consent of the Holder of each Outstanding Second-Priority Note affected.

          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 Second-Priority Indenture,
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair
any right consequent thereon.

          SECTION 514. Waiver of Stay or Extension Laws.

          Each of the Issuers, the Subsidiary Guarantors and any other obligor on the Second-Priority
Notes covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Second-Priority Indenture; and each of the Issuers, the
Subsidiary Guarantors and any other obligor on the Second-Priority Notes (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that
it will not hinder, delay or impede the execution of any power herein granted to the
Second-Priority Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted.

ARTICLE SIX

THE TRUSTEE

          SECTION 601. Duties of the Second-Priority Trustee.

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

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

     (2) in the absence of bad faith or willful misconduct on its part, the Second-Priority
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 Second-Priority
Trustee and conforming to the requirements of this Second-Priority Indenture; but in the
case of any such certificates or opinions specifically required by any provision hereof to
be provided to it, the Second-Priority Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Second-Priority Indenture,
but not to verify the contents thereof.

          (b) In case an Event of Default has occurred and is continuing of which a Responsible Officer
of the Second-Priority Trustee has actual knowledge or of which written notice of such Default or
Event of Default shall have been given to the Second-Priority Trustee by the Issuers, any other
obligor of the Second-Priority Notes or by any Holder, the Second-Priority Trustee shall exercise
such of the rights and powers vested in it by this Second-Priority Indenture, and use the same
degree of care and skill in their exercise, as a prudent Person would exercise or use under the
circumstances in the conduct of such Person’s own affairs.

-61-

 

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

     (1) this paragraph (c) shall not be construed to limit the effect of paragraph (a) of
this Section;

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

     (3) the Second-Priority Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of a
majority in aggregate principal amount of the Outstanding Second-Priority Notes relating to
the time, method and place of conducting any proceeding for any remedy available to the
Second-Priority Trustee, or exercising any trust or power conferred upon the Second-Priority
Trustee, under this Second-Priority Indenture; and

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

          (d) Whether or not therein expressly so provided, every provision of this Second-Priority
Indenture relating to the conduct or affecting the liability of or affording protection to the
Second-Priority Trustee shall be subject to the provisions of this Section.

          SECTION 602. Notice of Defaults.

          Within 90 (ninety) days after the earlier of receipt from the Issuers of notice of the
occurrence of any Default or Event of Default hereunder or the date when such Default or Event of
Default becomes known to the Second-Priority Trustee, the Second-Priority Trustee shall transmit,
in the manner and to the extent provided in TIA Section 313(c), notice of such Default or Event of
Default hereunder known to the Second-Priority Trustee, unless such Default or Event of Default
shall have been cured or waived; provided, however, that, except in the case of a Default or Event
of Default in the payment of the principal of (or premium, if any, on) or interest on any
Second-Priority Note, the Second-Priority Trustee shall be protected in withholding such notice if
and so long as a trust committee of Responsible Officers of the Second-Priority Trustee in good
faith determine that the withholding of such notice is in the interest of the Holders.

          SECTION 603. Certain Rights of Second-Priority Trustee.

          Subject to the provisions of TIA Sections 315(a) through 315(d):

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

     (2) any request or direction of the Issuers mentioned herein shall be sufficiently
evidenced by an Issuer Request or Issuer Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

     (3) whenever in the administration of this Second-Priority Indenture the
Second-Priority Trustee shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting

-62-

 

any action hereunder, the Second-Priority Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon an
Officers’ Certificate;

     (4) the Second-Priority Trustee may consult with counsel of its own selection and the
advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon;

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

     (6) the Second-Priority Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Second-Priority Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Second-Priority Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the
Issuers, personally or by agent or attorney at the expense of the Issuers and shall incur no
liability of any kind by reason of such inquiry or investigation;

     (7) the Second-Priority Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or attorneys and the
Second-Priority Trustee shall not be responsible for any misconduct or negligence on the
part of any agent or attorney appointed with due care by it hereunder;

     (8) the Second-Priority Trustee shall not be liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Second-Priority Indenture;

     (9) the rights, privileges, protections, immunities and benefits given to the
Second-Priority Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Second-Priority Trustee in each of its
capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

     (10) the Second-Priority Trustee may request that the Issuers deliver an Officers’
Certificate substantially in the Form of Exhibit E hereto setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions
pursuant to this Second-Priority Indenture, which Officers’ Certificate may be signed by any
person authorized to sign an Officers’ Certificate, including any person specified as so
authorized in any such certificate previously delivered and not superseded;

     (11) in no event shall the Second-Priority Trustee be responsible or liable for
special, indirect, punitive, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Second-Priority
Trustee has been advised of the likelihood of such loss or damage and regardless of the form
of action;

     (12) the Second-Priority Trustee shall not be liable for the actions or omissions of
the Company, Finance Co, the Subsidiary Guarantors, or any other Person and without limiting
the foregoing, the Second-Priority Trustee shall not be under any obligation to monitor,
evaluate or verify compliance by the Company, Finance Co or the Subsidiary Guarantors with
the terms hereof or the Second-Priority Note Documents, or to verify or independently
determine the accuracy of information received by the Second-Priority Trustee from the
Company, Finance Co or the Subsidiary Guarantors (or from any selling institution, agent
bank, trustee or similar source) with respect to the Collateral;

-63-

 

     (13) any permissive right of the Second-Priority Trustee to take or refrain from taking
actions enumerated in this Second-Priority Indenture or the Second-Priority Note Documents
shall not be construed as a duty;

     (14) the Second-Priority Trustee shall not be deemed to have notice or knowledge of any
matter unless a Trust Officer has actual knowledge thereof or unless written notice thereof
is received by the Second-Priority Trustee and Second-Priority Collateral Agent at the
Corporate Trust Office and such notice references the Second-Priority Notes generally, the
Company or this Second-Priority Indenture. Whenever reference is made in this
Second-Priority Indenture to a Default or an Event of Default such reference shall, insofar
as determining any liability on the part of the Second-Priority Trustee is concerned, be
construed to refer only to a Default or an Event of Default of which the Second-Priority
Trustee is deemed to have knowledge in accordance with this paragraph; and

     (15) to the extent not inconsistent herewith, the rights, protections, immunities and
indemnities afforded to the Second-Priority Trustee pursuant to this Second-Priority
Indenture also shall be afforded to the Second-Priority Collateral Agent.

          The Second-Priority Trustee shall not be required to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers if it shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

          SECTION 604. Second-Priority Trustee Not Responsible for Recitals or Issuance of
Second-Priority Notes.

          The recitals contained herein and in the Second-Priority Notes, except for the Second-Priority
Trustee’s certificates of authentication, shall be taken as the statements of the Issuers, and the
Second-Priority Trustee assumes no responsibility for their correctness. The Second-Priority
Trustee makes no representations as to the validity or sufficiency of this Second-Priority
Indenture, the Second-Priority Note Documents or of the Second-Priority Notes, except that the
Second-Priority Trustee represents that it is duly authorized to execute and deliver this
Second-Priority Indenture the Second-Priority Note Documents, authenticate the Second-Priority
Notes and perform its obligations hereunder and that the statements made by it in a “Statement of
Eligibility” on Form T-1 supplied to the Issuers are true and accurate, subject to the
qualifications set forth therein. The Second-Priority Trustee shall not be accountable for the use
or application by the Issuers of Second-Priority Notes or the proceeds thereof.

          SECTION 605. May Hold Second-Priority Notes.

          The Second-Priority Trustee, any Paying Agent, any Second-Priority Note Registrar or any other
agent of the Issuers or of the Second-Priority Trustee, in its individual or any other capacity,
may become the owner or pledgee of Second-Priority Notes and, subject to TIA Sections 310(b) and
311, may otherwise deal with the Issuers with the same rights it would have if it were not the
Second-Priority Trustee, Paying Agent, Second-Priority Note Registrar or such other agent;
provided, however, that, if it acquires any conflicting interest, it must eliminate such conflict
within 90 days, apply to the Commission for permission to continue or resign.

          SECTION 606. Money Held in Trust.

          Money held by the Second-Priority Trustee in trust hereunder need not be segregated from other
funds except to the extent required by law. The Second-Priority Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed in writing
with the Issuers. Money and Government Securities so held in trust are not subject to Article 16
or Article 17 hereof.

-64-

 

          SECTION 607. Compensation and Reimbursement.

          The Issuers agree:

     (1) to pay to the Second-Priority Trustee from time to time such compensation as shall
be agreed in writing between the Issuers and the Second-Priority Trustee for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

     (2) except as otherwise expressly provided herein, to reimburse the Second-Priority
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Second-Priority Trustee in accordance with any provision of this Second-Priority
Indenture or other Second-Priority Note Document (including the reasonable compensation and
the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as shall be determined to have been caused by its own negligence (or
gross negligence in the case of the Second-Priority Collateral Agent) or willful misconduct;
and

     (3) to indemnify the Second-Priority Trustee and any predecessor Second-Priority
Trustee (and each of their officers, directors, employees, counsel and agents) for, and to
hold it harmless against, any and all loss, liability, claim, damage or expense, including
taxes (other than the taxes based on the income of the Second-Priority Trustee) incurred
without negligence (or gross negligence in the case of the Second-Priority Collateral Agent)
or willful misconduct on its part, arising out of or in connection with the acceptance or
administration of this trust and the performance of its duties under this Second-Priority
Indenture and the Second-Priority Note Documents including the costs and expenses of
defending itself against any claim regardless of whether the claim is asserted by the
Issuers, a Subsidiary Guarantor, a Holder or any other Person or liability in connection
with the exercise or performance of any of its powers or duties hereunder.

          The obligations of the Issuers under this Section to compensate the Second-Priority Trustee,
to pay or reimburse the Second-Priority Trustee for expenses, disbursements and advances and to
indemnify and hold harmless the Second-Priority Trustee shall constitute additional indebtedness
hereunder and shall survive the satisfaction and discharge of this Second-Priority Indenture and
resignation or removal of the Second-Priority Trustee. As security for the performance of such
obligations of the Issuers, the Second-Priority Trustee shall have a Lien prior to the
Second-Priority Notes upon all property and funds held or collected by the Second-Priority Trustee
as such, except funds held in trust for the payment of principal of (and premium, if any) or
interest on particular Second-Priority Notes.

          When the Second-Priority Trustee incurs expenses or renders services in connection with an
Event of Default specified in Section 501(6), the expenses (including the reasonable charges and
expenses of its counsel) of and the compensation for such services are intended to constitute
expenses of administration under any applicable Federal or State bankruptcy, insolvency or other
similar law.

          The provisions of this Section shall survive the termination of this Second-Priority Indenture.

          SECTION 608. Corporate Second-Priority Trustee Required; Eligibility.

          There shall be at all times a Second-Priority Trustee hereunder which shall be eligible to act
as Second-Priority Trustee under TIA Sections 310(a)(1), (2) and (5) and shall have a combined
capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of Federal, State, territorial or District
of Columbia supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time the Second-Priority
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.

-65-

 

          SECTION 609. Resignation and Removal; Appointment of Successor.

          (a) No resignation or removal of the Second-Priority Trustee and no appointment of a successor
Second-Priority Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Second-Priority Trustee in accordance with the applicable requirements
of Section 610.

          (b) The Second-Priority Trustee may resign at any time by giving written notice thereof to the
Issuers. Upon receiving such notice of resignation, the Issuers shall promptly appoint a successor
trustee by written instrument executed by authority of the Board of Directors, a copy of which
shall be delivered to the resigning Second-Priority Trustee and a copy to the successor trustee.
If the instrument of acceptance by a successor Second-Priority Trustee required by Section 610
shall not have been delivered to the Second-Priority Trustee within 30 days after the giving of
such notice of resignation, the resigning Second-Priority Trustee may petition, at the expense of
the Issuers, any court of competent jurisdiction for the appointment of a successor Second-Priority
Trustee.

          (c) The Second-Priority Trustee may be removed at any time by Act of the Holders of not less
than a majority in principal amount of the Outstanding Second-Priority Notes, delivered to the
Second-Priority Trustee and to the Issuers. If the instrument of acceptance by a successor
Second-Priority Trustee required by Section 610 shall not have been delivered to the
Second-Priority Trustee within 30 days after the giving of such notice of resignation, the
resigning Second-Priority Trustee may petition, at the expense of the Issuers, any court of
competent jurisdiction for the appointment of a successor Second-Priority Trustee.

          (d) If at any time:

     (1) the Second-Priority Trustee shall fail to comply with the provisions of TIA Section
310(b) after written request therefor by the Issuers or by any Holder who has been a bona
fide Holder of a Second-Priority Note for at least six months, or

     (2) the Second-Priority Trustee shall cease to be eligible under Section 608 and shall
fail to resign after written request therefor by the Issuers or by any Holder who has been a
bona fide Holder of a Second-Priority Note for at least six months, or

     (3) the Second-Priority Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Second-Priority Trustee or of its property shall
be appointed or any public officer shall take charge or control of the Second-Priority
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (i) the Issuers, by a Board Resolution, may remove the
Second-Priority Trustee, or (ii) subject to TIA Section 315(e), any Holder who has been a
bona fide Holder of a Second-Priority Note for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Second-Priority Trustee and the appointment of a successor Second-Priority
Trustee.

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

          (f) The Issuers shall give notice of each resignation and each removal of the Second-Priority
Trustee and each appointment of a successor Second-Priority Trustee to the Holders in the manner
provided for in

-66-

 

Section 106. Each notice shall include the name of the successor Second-Priority Trustee and
the address of its Corporate Trust Office.

          SECTION 610. Acceptance of Appointment by Successor.

          (a) Every successor Second-Priority Trustee appointed hereunder shall execute, acknowledge and
deliver to the Issuers and to the retiring Second-Priority Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Second-Priority Trustee shall
become effective and such successor Second-Priority Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Second-Priority Trustee; but, on request of the Issuers or the successor Second-Priority Trustee,
such retiring Second-Priority Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Second-Priority Trustee all the rights, powers and trusts
of the retiring Second-Priority Trustee and shall duly assign, transfer and deliver to such
successor Second-Priority Trustee all property and money held by such retiring Second-Priority
Trustee hereunder. Upon request of any such successor Second-Priority Trustee, the Issuers shall
execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Second-Priority Trustee all such rights, powers and trusts.

          (b) Upon request of any such successor Second-Priority Trustee, the Issuers shall execute any
and all instruments for more fully and certainly vesting in and confirming to such successor
Second-Priority Trustee all rights, powers and trusts referred to in paragraph (a) of this Section.

          (c) No successor Second-Priority Trustee shall accept its appointment unless at the time of
such acceptance such successor Second-Priority Trustee shall be qualified and eligible under this
Article.

          SECTION 611. Merger, Conversion, Consolidation or Succession to Business.

          Any corporation into which the Second-Priority Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Second-Priority Trustee shall be a party, or any corporation succeeding
to all or substantially all of the corporate trust business of the Second-Priority Trustee, shall
be the successor of the Second-Priority Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Second-Priority Notes
shall have been authenticated, but not delivered, by the Second-Priority Trustee then in office,
any successor by merger, conversion or consolidation to such authenticating Second-Priority Trustee
may adopt such authentication and deliver the Second-Priority Notes so authenticated with the same
effect as if such successor Second-Priority Trustee had itself authenticated such Second-Priority
Notes. In case at that time any of the Second-Priority Notes shall not have been authenticated,
any successor Second-Priority Trustee may authenticate such Second-Priority Notes either in the
name of any predecessor hereunder or in the name of the successor Second-Priority Trustee. In all
such cases such certificates shall have the full force and effect which this Second-Priority
Indenture provides for the certificate of authentication of the Second-Priority Trustee shall have;
provided, however, that the right to adopt the certificate of authentication of any predecessor
Second-Priority Trustee or to authenticate Second-Priority Notes in the name of any predecessor
Second-Priority Trustee shall apply only to its successor or successors by merger, conversion or
consolidation.

          SECTION 612. Appointment of Authenticating Agent.

          At any time when any of the Second-Priority Notes remain Outstanding, the Second-Priority
Trustee may appoint an Authenticating Agent or Agents with respect to the Second-Priority Notes
which shall be authorized to act on behalf of the Second-Priority Trustee to authenticate
Second-Priority Notes and the Second-Priority Trustee shall give written notice of such appointment
to all Holders of Second-Priority Notes with respect to which such Authenticating Agent will serve,
in the manner provided for in Section 106. Second-Priority Notes so authenticated shall be
entitled to the benefits of this Second-Priority Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Second-Priority Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by a Responsible Officer of the
Second-Priority Trustee, and a copy of such instrument shall be promptly furnished to the Issuers.
Wherever reference is made in this Second-Priority Indenture to the

-67-

 

authentication and delivery of Second-Priority Notes by the Second-Priority Trustee or the
Second-Priority Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Second-Priority Trustee by an Authenticating Agent and
a certificate of authentication executed on behalf of the Second-Priority Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuers and shall at
all times be a corporation organized and doing business under the laws of the United States of
America, any state thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or state authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the
manner and with the effect specified in this Section.

          Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further act on the part of
the Second-Priority Trustee or the Authenticating Agent.

          An Authenticating Agent may resign at any time by giving written notice thereof to the
Second-Priority Trustee and to the Issuers. The Second-Priority Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent
and to the Issuers. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Second-Priority Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Issuers and shall give written notice of such appointment to
all Holders of Second-Priority Notes, in the manner provided for in Section 106. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section.

          The Issuers agrees to pay to each Authenticating Agent from time to time such compensation for
its services under this Section as shall be agreed in writing between the Issuers and such
Authenticating Agent.

          If an appointment is made pursuant to this Section, the Second-Priority Notes may have
endorsed thereon, in addition to the Second-Priority Trustee’s certificate of authentication, an
alternate certificate of authentication in the following form:

          This is one of the Second-Priority Notes designated therein referred to in the
within-mentioned Second-Priority Indenture.

-68-

 

	 	 	 	 	 
	 	WILMINGTON TRUST FSB, as Second-Priority Trustee

 	 
	 	By:  	 	 
	 	 	as Authenticating Agent 	 
	 	 	 
	 	By:  	
 	 
	 	 	as Authorized Officer 	 

-69-

 

	 	 	 	 	 

ARTICLE SEVEN

HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUERS

          SECTION 701. Issuers to Furnish Second-Priority Trustee Names and Addresses.

          The Issuers will furnish or cause to be furnished to the Second-Priority Trustee

     (a) semiannually, not more than five days after each Regular Record Date, a list, in
such form as the Second-Priority Trustee may reasonably require, of the names and addresses
of the Holders as of such Regular Record Date; and

     (b) at such other times as the Second-Priority Trustee may reasonably request in
writing, within 30 days after receipt by the Issuers of any such request, a list of similar
form and content to that in paragraph (a) hereof as of a date not more than 15 days prior to
the time such list is furnished; provided, however, that if and so long as the
Second-Priority Trustee shall be the Second-Priority Note Registrar, no such list need be
furnished.

          SECTION 702. Disclosure of Names and Addresses of Holders.

          Every Holder of Second-Priority Notes, by receiving and holding the same, agrees with the
Issuers and the Second-Priority Trustee that none of the Issuers or the Second-Priority Trustee or
any agent of either of them shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders in accordance with TIA Section 312,
regardless of the source from which such information was derived, and that the Second-Priority
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made
under TIA Section 312(b).

          SECTION 703. Reports by Second-Priority Trustee.

          Within 60 days after May 15 of each year commencing with the first May 15 after the first
issuance of Second-Priority Notes pursuant to this Second-Priority Indenture, the Second-Priority
Trustee shall transmit to the Holders of Second-Priority Notes (with a copy to the Issuers at the
Place of Payment), in the manner and to the extent provided in TIA Section 313(c), a brief report
dated as of such May 15 if required by TIA Section 313(a).

ARTICLE EIGHT

MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS

          SECTION 801. Company May Consolidate, Etc., Only on Certain Terms.

          Neither Issuer may consolidate or merge with or into or wind up into (whether or not such
Issuer 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 (other
than a swap of Spectrum Assets and related assets pursuant to Section 1018) to any Person unless:

     (1) such Issuer is the surviving corporation or the Person formed by or surviving any
such consolidation or merger (if other than such Issuer) 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 Person, as the case may be, being herein called the
“Successor Company”);

     (2) the Successor Company, if other than such Issuer, expressly assumes all the
obligations of such Issuer under this Second-Priority Indenture, the Second-Priority Notes
and the Second-Priority

-70-

 

Security Documents pursuant to supplemental indentures or other documents or instruments
in form reasonably satisfactory to the Second-Priority Trustee;

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

     (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, either (i)
the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Consolidated Leverage Ratio test set forth in Section 1011(a) or (ii) the
Issue Date Ratings Condition is satisfied;

     (5) each Subsidiary Guarantor, unless it is the other party to the transactions
described above, in which case Section 802(2) below shall apply, shall have by supplemental
indenture confirmed that its Guarantee shall apply to such Person’s obligations under this
Second-Priority Indenture and the Second-Priority Notes;

     (6) the Issuers shall have delivered to the Second-Priority Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or
transfer and such supplemental indentures, if any, comply with this Second-Priority
Indenture and, if a supplemental indenture or any supplement to any Second-Priority Security
Document is required in connection with such transaction, such supplement shall comply with
the applicable provisions of this Second-Priority Indenture;

     (7) to the extent any assets of the Person which is merged or consolidated with or into
the Successor Company are assets of the type which would constitute Collateral under the
Second-Priority Security Documents, the Successor Company shall take such action as may be
reasonably necessary to cause such property and assets to be made subject to the Lien of the
Second-Priority Security Documents in the manner and to the extent required in this
Second-Priority Indenture or any of the Second-Priority Security Documents and shall take
all reasonably necessary action so that such Lien is perfected to the extent required by the
Second-Priority Security Documents; and

     (8) the Collateral owned by or transferred to the Successor Company shall:

     (a) continue to constitute Collateral under this Second-Priority Indenture and
the Second-Priority Security Documents,

     (b) be subject to the Lien in favor of the Second-Priority Collateral Agent for
the benefit of the Second-Priority Collateral Agent, the Second-Priority Trustee and
the Holders of the Second-Priority Notes, and

     (c) not be subject to any Lien other than Permitted Liens (or Permitted
Spectrum Liens in the case of Spectrum Assets).

          The Successor Company shall succeed to, and be substituted for such Issuer under this
Second-Priority Indenture and the Second-Priority Notes and such Issuer (if not the Successor
Company) will be fully released from its obligations under this Second-Priority Indenture, the
Second-Priority Notes and the Second-Priority Security Documents. Notwithstanding the foregoing
clauses (3) and (4),

     (a) any Restricted Subsidiary that is not a Subsidiary Guarantor may consolidate with,
merge into or transfer all or part of its properties and assets to the Company or any
Restricted Subsidiary;

     (b) subject to the last paragraph of this covenant, any Subsidiary Guarantor may
consolidate with, merge into or transfer all or part of its properties and assets to the
Company or a Subsidiary Guarantor, and

     (c) the Company may merge with an Affiliate incorporated solely for the purpose of
reincorporating the guarantor or the Company in another State of the United States.

-71-

 

          SECTION 802. Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms.

          Subject to Section 1015(b) and the last paragraph of this Section 802, each Subsidiary
Guarantor shall not, and the Issuers will not permit any Subsidiary Guarantor to, consolidate or
merge with or into or wind up into (whether or not such Subsidiary 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:

(A) (1) such Subsidiary Guarantor is the surviving corporation or the Person formed by or
surviving any such consolidation or merger (if other than such Subsidiary 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 Subsidiary Guarantor or
such Person, as the case may be, being herein called the “Successor Person”);

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

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

     (4) the Issuers shall have delivered to the Second-Priority Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or
transfer and such supplemental indentures, amendments, supplements or other instruments
relating to the Second-Priority Security Documents if any, comply with this Second-Priority
Indenture, if a supplemental indenture or any supplement to any Second-Priority Security
Document is required in connection with such transaction, such supplement shall comply with
the applicable provisions of this Second-Priority Indenture;

     (5) to the extent any assets of the Person which is merged or consolidated with or into
the Successor Person are assets of the type which would constitute Collateral under the
Second-Priority Security Documents, the Successor Person will take such action as may be
reasonably necessary to cause such property and assets to be made subject to the Lien of the
Second-Priority Security Documents in the manner and to the extent required in this
Second-Priority Indenture or any of the Second-Priority Security Documents and shall take
all reasonably necessary action so that such Lien is perfected to the extent required by the
Second-Priority Security Documents; and

     (6) the Collateral owned by or transferred to the Successor Person shall:

     (i) continue to constitute Collateral under this Second-Priority Indenture and
the Second-Priority Security Documents,

     (ii) be subject to the Lien in favor of the Second-Priority Collateral Agent
for the benefit of the Second-Priority Collateral Agent, the Second-Priority Trustee
and the Holders, and

     (iii) not be subject to any Lien other than Permitted Liens (or Permitted
Spectrum Liens in the case of Spectrum Assets); or

(B) the transaction is made in compliance with Section 1018.

     Subject to Section 1015(b) hereof, the Successor Person shall succeed to, and be
substituted for, such Subsidiary Guarantor under this Second-Priority Indenture and such
Subsidiary Guarantor’s Guarantee. Notwithstanding the foregoing, but subject to the next
paragraph, any Subsidiary Guarantor may merge into or transfer all or part of its properties
and assets to another Subsidiary Guarantor or the Company; and

-72-

 

     Notwithstanding the foregoing, except in compliance with a transaction conducted
pursuant to Section 1018 (including pursuant to the exclusions contained in the definition
of “Asset Sale”), no Spectrum Assets held by a Domestic Subsidiary shall be sold or
otherwise transferred to any Person unless such Person is or becomes a Subsidiary Guarantor
and all such Spectrum Assets constitute Collateral and are pledged pursuant to the
Second-Priority Security Documents.

          SECTION 803. Successor Substituted.

          Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or
disposition of all or substantially all of the assets of the Issuers or any Subsidiary Guarantor in
accordance with Sections 801 and 802 hereof, the successor Person formed by such consolidation or
into which the Issuers or such Subsidiary Guarantor, as the case may be, is merged or the successor
Person to which such sale, assignment, conveyance, transfer, lease or disposition is made, shall
succeed to, and be substituted for, and may exercise every right and power of, the Issuers or such
Subsidiary Guarantor, as the case may be, under this Second-Priority Indenture and/or the
Guarantees, as the case may be, with the same effect as if such successor Person had been named as
the Issuers or such Subsidiary Guarantor, as the case may be, herein and/or the Guarantees, as the
case may be. When a successor Person assumes all obligations of its predecessor hereunder, the
Second-Priority Notes or the Guarantees, as the case may be, such predecessor shall be released
from all obligations; provided that in the event of a transfer or lease, the predecessor shall not
be released from the payment of principal and interest or other obligations on the Second-Priority
Notes or the Guarantees, as the case may be.

ARTICLE NINE

SUPPLEMENTAL INDENTURES

          SECTION 901. Amendments or Supplements Without Consent of Holders.

          Notwithstanding the foregoing, without the consent of any Holder, the Issuers, any Subsidiary
Guarantor (with respect to a Guarantee or this Second-Priority Indenture to which it is a party);
when authorized by Board resolutions of their respective Board of Directors, and the
Second-Priority Trustee, at any time and from time to time, may amend or supplement this
Second-Priority Indenture, any Guarantee, the Second-Priority Notes or the Second-Priority Security
Documents, in form satisfactory to the Second-Priority Trustee, for any of the following purposes:

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

     (2) to provide for uncertificated Second-Priority Notes in addition to or in place of
certificated Second-Priority Notes;

     (3) to comply with Article Eight hereof;

     (4) to evidence the succession of another Person to the Company or to any Guarantor and
to provide the assumption of the Issuers’ or any Subsidiary Guarantor’s obligations to
Holders;

     (5) to make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the rights under this Second-Priority Indenture of
any such Holder;

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

     (7) to evidence and provide for the acceptance and appointment under this
Second-Priority Indenture of a successor Second-Priority Trustee pursuant to the
requirements of Sections 609 and 610;

     (8) to add a Subsidiary Guarantor under this Second-Priority Indenture or to add
additional assets as Collateral;

-73-

 

     (9) release Liens in favor of the Second-Priority Collateral Agent in the Collateral in
accordance with the terms of this Second-Priority Indenture, Second-Priority Security
Documents or the Intercreditor Agreement;

     (10) to conform the text of this Second-Priority Indenture, Guarantees or the
Second-Priority Notes or any Second-Priority Security Document to the “Description of second
lien notes” section of the Offering Memorandum to the extent that such provision in the
“Description of notes” section was intended (as evidenced by an Officers’ Certificate from
the Issuers) to be a verbatim recitation of a provision of this Second-Priority Indenture,
the Guarantees, the Second-Priority Notes or such Second-Priority Security Document;

     (11) to add any Permitted Additional Junior Lien Obligations to the Second-Priority
Security Documents on the terms set forth therein; or

     (12) to release any Collateral pursuant to the provisions of this Second-Priority
Indenture.

          Until the Discharge of First-Priority Obligations has occurred, the holders of the
First-Priority Obligations may change, waive, modify or vary the security documents of such holders
and, pursuant to the Intercreditor Agreement, such changes will automatically apply to the
Second-Priority Security Documents; provided that any such change, waiver, modification or variance
that is prejudicial to the rights of the Second-Priority Collateral Agent, the Second-Priority
Trustee and the Holders of the Second-Priority Notes and any Permitted Additional Junior Lien
Obligations and does not affect the holders of the First-Priority Obligations in a like or similar
manner shall not apply to the Second-Priority Security Documents without the consent of the
Second-Priority Collateral Agent and the Second-Priority Trustee (acting at the direction of the
Holders of a majority of the aggregate principal amount of the Second-Priority Notes and Permitted
Additional Junior Lien Obligations). Notice of such amendment, waiver or consent shall be given to
the Second-Priority Trustee by the Issuers, but any failure to provide such notice will not affect
the validity or effectiveness of any such amendment, waiver or consent.

          SECTION 902. Amendments, Supplements or Waivers with Consent of Holders.

          With the consent of the Holders of not less than a majority in principal amount of the
Outstanding Second-Priority Notes, by Act of said Holders delivered to the Issuers and the
Second-Priority Trustee, the Issuers, any Subsidiary Guarantor (with respect to any Guarantee or
this Second-Priority Indenture to which it is a party), when authorized by Board Resolutions of
their respective Board of Directors, and the Second-Priority Trustee may amend or supplement this
Second-Priority Indenture, the Second-Priority Security Documents, any Guarantee or the
Second-Priority Notes for the purpose of adding any provisions hereto or thereto, changing in any
manner or eliminating any of the provisions or of modifying in any manner the rights of the Holders
hereunder or thereunder and any existing Default, Event of Default or compliance with any provision
of this Second-Priority Indenture or the Second-Priority Notes may be waived with the consent of
the Holders of not less than a majority in principal amount of the Outstanding Second-Priority
Notes, other than Second-Priority Notes beneficially owned by the Issuers or their Affiliates
(including, without limitation, consents obtained in connection with a purchase of or tender offer
or exchange offer for Second-Priority Notes); provided, however, that no such amendment, supplement
or waiver shall, without the consent of the Holder of each Outstanding Second-Priority Note
affected thereby:

     (1) reduce the principal amount of Second-Priority Notes whose Holders must consent to
an amendment, supplement or waiver;

     (2) reduce the principal of or change the Maturity of any such Second-Priority Note or
alter or waive the provisions with respect to the redemption of the Second-Priority Notes
(other than Sections 1017 and 1018);

     (3) reduce the rate of or change the time for payment of interest on any
Second-Priority Note;

-74-

 

     (4) waive a Default or Event of Default in the payment of principal of or premium, if
any, or interest on the Second-Priority Notes issued under this Second-Priority Indenture,
except a rescission of acceleration of the Second-Priority Notes by the Holders of at least
a majority in aggregate principal amount of the Second-Priority Notes and a waiver of the
payment default that resulted from such acceleration, or in respect of a covenant or
provision contained in this Second-Priority Indenture or any guarantee which cannot be
amended or modified without the consent of all Holders;

     (5) make any Second-Priority Note payable in money other than that stated in the
Second-Priority Notes;

     (6) make any change in Section 513 or the rights of Holders to receive payments of
principal of or premium, if any, or interest on the Second-Priority Notes;

     (7) make any change in these amendment and waiver provisions;

     (8) impair the right of any Holder to receive payment of principal of, or interest on
such Holder’s Second-Priority Notes on or after the due dates therefor or to institute suit
for the enforcement of any payment on or with respect to such Holder’s Second-Priority
Notes; or

     (9) make any change to or modify the ranking of the Second-Priority Notes that would
adversely affect the Holders.

          In addition, without the consent of the Holders of at least 75% in principal amount of
Second-Priority Notes then outstanding, no amendment, supplement or waiver may (1) modify any
Second-Priority Security Document or the provisions in this Second-Priority Indenture dealing with
Second-Priority Security Documents or application of trust moneys in any manner, taken as a whole,
materially adverse to the Holders or otherwise release any Collateral other than in accordance with
this Second-Priority Indenture, the Second-Priority Security Documents and the Intercreditor
Agreement or (2) modify the Intercreditor Agreement in any manner adverse to the Holders in any
material respect other than in accordance with the terms of this Second-Priority Indenture, the
Second-Priority Security Documents and the Intercreditor Agreement.

          SECTION 903. Execution of Amendments, Supplements or Waivers.

          In executing, or accepting the additional trusts created by, any amendment, supplement or
waiver permitted by this Article or the modifications thereby of the trusts created by this
Second-Priority Indenture, the Second-Priority Trustee shall be provided with, and shall be fully
protected in relying upon, an Officers’ Certificate and Opinion of Counsel stating that the
execution of such amendment, supplement or waiver is authorized or permitted by this
Second-Priority Indenture, that all conditions precedent thereto have been satisfied, and, to the
extent applicable, that there is no material adverse effect on the Holders. The Second-Priority
Trustee may, but shall not be obligated to, enter into any such amendment, supplement or waiver
which affects the Second-Priority Trustee’s own rights, duties or immunities under this
Second-Priority Indenture or otherwise. No provision of this Second-Priority Indenture or
Second-Priority Note Document may be amended that adversely affects the Second-Priority Collateral
Agent without the Second-Priority Collateral Agent’s written consent.

          SECTION 904. Effect of Amendments, Supplements or Waivers.

          Upon the execution of any supplemental indenture under this Article, this Second-Priority
Indenture shall be modified in accordance therewith, and such amendment, supplement or waiver shall
form a part of this Second-Priority Indenture for all purposes; and every Holder of Second-Priority
Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

          SECTION 905. Conformity with Trust Indenture Act.

          Every supplemental indenture executed pursuant to the Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

-75-

 

          SECTION 906. Reference in Second-Priority Notes to Supplemental Second-Priority
Indentures.

          Second-Priority Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, bear a notation in form satisfactory to the Second-Priority
Trustee as to any matter provided for in such supplemental indenture. If the Issuers shall so
determine, new Second-Priority Notes so modified as to conform, in the opinion of the Issuers, to
any such supplemental indenture may be prepared and executed by the Issuers and authenticated and
delivered by the Second-Priority Trustee in exchange for Outstanding Second-Priority Notes.

          SECTION 907. Notice of Supplemental Second-Priority Indentures.

          Promptly after the execution by the Issuers, any Subsidiary Guarantor and the Second-Priority
Trustee of any supplemental indenture pursuant to the provisions of Section 902, the Issuers shall
give notice thereof to the Holders of each Outstanding Second-Priority Note, in the manner provided
for in Section 106, setting forth in general terms the substance of such supplemental indenture.

ARTICLE TEN

COVENANTS

          SECTION 1001. Payment of Principal, Premium, if Any, and Interest.

          The Issuers covenant and agree for the benefit of the Holders that they will duly and
punctually pay the principal of (and premium, if any) and interest on the Second-Priority Notes in
accordance with the terms of the Second-Priority Notes and this Second-Priority Indenture.

          SECTION 1002. Maintenance of Office or Agency.

          The Issuers will maintain an office or agency where Second-Priority Notes may be presented or
surrendered for payment, where Second-Priority Notes may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Issuers in respect of the
Second-Priority Notes and this Second-Priority Indenture may be served. The designated office of
the Second-Priority Trustee shall be such office or agency of the Issuers, unless the Issuers shall
designate and maintain some other office or agency for one or more of such purposes. The Issuers
will give prompt written notice to the Second-Priority Trustee of any change in the location of any
such office or agency. If at any time the Issuers shall fail to maintain any such required office
or agency or shall fail to furnish the Second-Priority Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Second-Priority Trustee, and the Issuers hereby appoint the Second-Priority Trustee as its
agent to receive all such presentations, surrenders, notices and demands.

          The Issuers may also from time to time designate one or more other offices or agencies where
the Second-Priority Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind any such designation; provided, however, that no such designation or
rescission shall in any manner relieve the Issuers of its obligation to maintain an office or
agency for such purposes. The Issuers will give prompt written notice to the Second-Priority
Trustee of any such designation or rescission and any change in the location of any such other
office or agency.

          SECTION 1003. Money for Second-Priority Notes Payments to Be Held in Trust.

          If the Issuers shall at any time act as its own Paying Agent, it will, on or before each due
date of the principal of (or premium, if any) or interest on any of the Second-Priority Notes,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay
the principal of (or premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided and will promptly notify the
Second-Priority Trustee of its action or failure so to act.

-76-

 

          Whenever the Issuers shall have one or more Paying Agents for the Second-Priority Notes,
it will, on or before each due date of the principal of (or premium, if any) or interest on any
Second-Priority Notes, deposit with a Paying Agent a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the
Second-Priority Trustee) the Issuers will promptly notify the Second-Priority Trustee of such
action or any failure so to act.

          The Issuers will cause each Paying Agent (other than the Second-Priority Trustee) to execute
and deliver to the Second-Priority Trustee an instrument in which such Paying Agent shall agree
with the Second-Priority Trustee, subject to the provisions of this Section, that such Paying Agent
will:

     (1) hold all sums held by it for the payment of the principal of (and premium, if any)
or interest on Second-Priority Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

     (2) give the Second-Priority Trustee notice of any default by the Issuers (or any other
obligor upon the Second-Priority Notes) in the making of any payment of principal (and
premium, if any) or interest; and

     (3) at any time during the continuance of any such default, upon the written request of
the Second-Priority Trustee, forthwith pay to the Second-Priority Trustee all sums so held
in trust by such Paying Agent.

          The Issuers may at any time, for the purpose of obtaining the satisfaction and discharge of
this Second-Priority Indenture or for any other purpose, pay, or by Issuer Order direct any Paying
Agent to pay, to the Second-Priority Trustee all sums held in trust by the Issuers or such Paying
Agent, such sums to be held by the Second-Priority Trustee upon the same trusts as those upon which
such sums were held by the Issuers or such Paying Agent; and, upon such payment by any Paying Agent
to the Second-Priority Trustee, such Paying Agent shall be released from all further liability with
respect to such sums.

          Any money deposited with the Second-Priority Trustee or any Paying Agent, or then held by the
Issuers, in trust for the payment of the principal of (or premium, if any) or interest on any
Second-Priority Note and remaining unclaimed for two years after such principal, premium or
interest has become due and payable shall be paid to the Issuers on Issuer Request, or (if then
held by the Issuers) shall be discharged from such trust; and the Holder of such Second-Priority
Note shall thereafter, as an unsecured general creditor, look only to the Issuers for payment
thereof, and all liability of the Second-Priority Trustee or such Paying Agent with respect to such
trust money, and all liability of the Issuers as Second-Priority Trustee thereof, shall thereupon
cease; provided, however, that the Second-Priority Trustee or such Paying Agent, before being
required to make any such repayment, shall at the expense of the Issuers cause to be published
once, in a newspaper published in the English language, customarily published on each Business Day
and of general circulation in the Borough of Manhattan, The City of New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuers.

          SECTION 1004. Corporate Existence.

          Subject to Article Eight, the Issuers will do or cause to be done all things necessary to
preserve and keep in full force and effect the corporate existence and that of each Restricted
Subsidiary and the corporate rights (charter and statutory) and franchises of the Issuers and each
Restricted Subsidiary; provided, however, that the Issuers shall not be required to preserve any
such right or franchise if management of the Issuers shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Issuers and its Subsidiaries as a
whole.

-77-

 

          SECTION 1005. Payment of Taxes and Other Claims.

          The Issuers will pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (a) all taxes, assessments and governmental charges levied or imposed upon the
Issuers or any Subsidiary or upon the income, profits or property of the Issuers or any Subsidiary
and (b) all lawful claims for labor, materials and supplies, which, if unpaid, might by law become
a lien upon the property of the Issuers or any Subsidiary; provided, however, that the Issuers
shall not be required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount, applicability or validity is being contested in good
faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good
faith judgment of management of the Issuers) are being maintained in accordance with GAAP.

          SECTION 1006. Maintenance of Properties.

          The Issuers will cause all properties owned by the Issuers or any Restricted Subsidiary or
used or held for use in the conduct of its business or the business of any Restricted Subsidiary to
be maintained and kept in good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the judgment of the Issuers may be necessary so that the business
carried on in connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section shall prevent the Issuers from discontinuing the
maintenance of any of such properties if such discontinuance is, in the judgment of management of
the Issuers, desirable in the conduct of its business or the business of any Restricted Subsidiary.

          SECTION 1007. Insurance.

          (a) The Issuers will at all times keep all of its and its Subsidiaries properties which are of
an insurable nature insured with insurers, believed by the Issuers to be responsible, against loss
or damage to the extent that property of similar character is usually so insured by corporations
similarly situated and owning like properties.

          (b) The Issuers and Subsidiary Guarantors (i) will cause any insurance policies covering any
Collateral to be endorsed or otherwise amended to include a customary lender’s loss payable
endorsement, in form and substance reasonably satisfactory to the Second-Priority Trustee, which
endorsement shall provide that, from and after the Issue Date, if the insurance carrier shall have
received written notice from the Second-Priority Trustee of the occurrence of an Event of Default,
the insurance carrier shall pay all proceeds otherwise payable to the Issuers and the Subsidiary
Guarantors under such policies directly to the Second-Priority Trustee; (ii) will cause all such
policies to provide that neither the Issuers, the Second-Priority Trustee nor any other party shall
be a coinsurer thereunder and to contain a “Replacement Cost Endorsement,” without any deduction
for depreciation, and such other provisions as the Second-Priority Trustee may reasonably require
from time to time to protect their interests; (iii) deliver original or certified copies of all
such policies to the Second-Priority Trustee; cause each such policy to provide that it shall not
be canceled, modified or not renewed (x) by reason of nonpayment of premium upon not less than 10
days’ prior written notice thereof by the insurer to the Second-Priority Trustee (giving the
Second-Priority Trustee the right to cure defaults in the payment of premiums (at the expense of
the Issuers)) or (y) for any other reason upon not less than 30 days’ prior written notice thereof
by the insurer to the Second-Priority Trustee; and (iv) will deliver to the Second-Priority
Trustee, prior to the cancellation, modification or nonrenewal of any such policy of insurance, a
draft copy of a renewal or replacement policy (or other evidence of renewal of a policy previously
delivered to the Second-Priority Trustee) and reasonably promptly thereafter deliver a duplicate
original copy of such policy together with evidence satisfactory to the Second-Priority Trustee of
payment of the premium therefor.

          (c) The Issuers and the Subsidiary Guarantors will notify the Second-Priority Trustee promptly
whenever any separate insurance concurrent in form or contributing in the event of loss with that
required to be maintained under this covenant is taken out by the Issuers or any Subsidiary
Guarantor, and promptly deliver to the Second-Priority Trustee a duplicate original copy of such
policy or policies.

-78-

 

          SECTION 1008. Statement by Officers as to Default.

          (a) The Issuers will deliver to the Second-Priority Trustee within 120 days after the end of
each fiscal year, an Officers’ Certificate stating that a review of the activities of the Issuers
and its Restricted Subsidiaries during the preceding fiscal year, has been made under the
supervision of the signing officers with a view to determining whether it has kept, observed,
performed and fulfilled, and has caused each of its Restricted Subsidiaries to keep, observe,
perform and fulfill its obligations under this Second-Priority Indenture and further stating, as to
each such officer signing such certificate, that, to the best of his or her knowledge, the Issuers
during such preceding fiscal year, has kept, observed, performed and fulfilled, and has caused each
of its Restricted Subsidiaries to keep, observe, perform and fulfill each and every such covenant
contained in this Second-Priority Indenture and no Default or Event of Default occurred during such
fiscal year, and at the date of such certificate there is no Default or Event of Default which has
occurred and is continuing or, if such signers do know of such Default or Event of Default, the
certificate shall describe its status, with particularity and that, to the best of his or her
knowledge, no event has occurred and remains by reason of which payments on the account of the
principal of or interest, if any, on the Second-Priority Notes is prohibited or if such event has
occurred, a description of the event and what action each is taking or proposes to take with
respect thereto. The Officers’ Certificate shall also notify the Second-Priority Trustee should
the Issuers elect to change the manner in which it fixes its fiscal year-end. For purposes of this
Section 1008(a), such compliance shall be determined without regard to any period of grace or
requirement of notice under this Second-Priority Indenture.

          (b) When any Default or Event of Default has occurred and is continuing under this
Second-Priority Indenture, the Issuers shall deliver to the Second-Priority Trustee by registered
or certified mail or facsimile transmission an Officers’ Certificate specifying such event, notice
or other action within 10 Business Days of its occurrence.

          SECTION 1009. Reports and Other Information.

          (a) So long as any Second-Priority Notes are outstanding, the Company shall be required to
provide to the Second-Priority Trustee and Holders, without cost to the Second-Priority Trustee or
any Holder:

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

     (2) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year, quarterly reports containing the information required to be contained in a
filing with the Commission on Form 10-Q or any successor or comparable form or required in
such successor or comparable form; and

     (3) promptly from time to time after the occurrence of an event that would require
information about such event to be provided to the Commission on Form 8-K, or any successor
or comparable form, a current report with such information; provided that unless otherwise
required to be provided to Holders, current reports shall only be required with respect to
the following Form 8-K Items (or its successor item): Item 1.01 (Entry into a Material
Definitive Agreement), Item 1.02 (Termination of a Material Definitive Agreement), Item 1.03
(Bankruptcy or Receivership), Item 2.01 (Completion of Acquisition or Disposition of
Assets), Item 2.03 (Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant), Item 2.04 (Triggering Events that Accelerate
or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement), Item 2.05 (Costs Associated with Exit or Disposal Activities), Item 4.01
(Changes in Registrant’s Certifying Accountant), Item 4.02 (Non-Reliance on Previously
Issued Financial Statements or a Related Audit Report or Completed Interim Review), Item
5.01 (Changes in Control of Registrant), Items 5.02 (a), (b) and (c) (Departure of Directors
or Principal Officers; Election of Directors; Appointment of Principal Officers;
Compensatory Arrangements of Certain Officers) and Item 9.01 (Financial Statements and
Exhibits, but only with respect to financial statements and pro forma financial information
relating to transactions required to be reported

-79-

 

pursuant to Item 2.01); provided, however, that unless otherwise required to be
provided to Holders, no such current report shall be required to be furnished if the Company
determines in its good faith judgment that such event is not material to Holders of
Second-Priority Notes or the business, assets, operations, financial positions or prospects
of the Company and its Restricted Subsidiaries, taken as a whole;

provided, however, that unless otherwise required to be provided to Holders:

     (A) such reports required pursuant to Section 1009(a)(1) shall not be required to
include the information contemplated by Item 1B, Item 4, Item 5, Item 9A, Item 9A(T), Item
10 (but only with respect to information required by Items 405, 406 and 407 of Regulation
S-K; provided, however, that such reports shall be required to present the information
contemplated by Item 10 with exclusions consistent with the information in (or excluded
from) the Offering Memorandum), Item 11, Item 13 (both only with respect to the information
required by Item 407 of Regulation S-K; provided, however, that such reports shall be
required to present the information contemplated by Items 11 and 13 with exclusions
consistent with the information in (or excluded from) the Offering Memorandum) and Item 14
of Form 10-K, as in effect on the Issue Date;

     (B) such reports required pursuant to Section 1009(a)(2) shall not be required to
include the information contemplated by Item 4 and Item 4T of Part I thereof and Item 2 and
Item 4 of Part II of Form 10-Q, as in effect on the Issue Date; and

     (C) such reports required pursuant to Section 1009(a)(1), (2) and (3) (i) shall not be
required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or
related Items 307 and 308 of Regulation S-K promulgated by the Commission, or Item 10(e) of
Regulation S-K (with respect to any non-GAAP financial measures contained therein), in each
case, as in effect on the Issue Date or any successor provision thereto, and (ii) shall not
be required to comply with Items 402, 405, 406, 407 and 601 of Regulation S-K promulgated by
the Commission, in each case, as in effect on the Issue Date or any successor provision
thereto;

in each case, in a manner that complies in all material respects with the requirements specified in
such form. The Company shall make the information referred to above in this clause (a) available
by posting such information on a publicly accessible page on the Company’s website (or that of any
of its parent companies). To the extent not satisfied by the foregoing, the Company shall agree
that, for so long as any Second-Priority Notes are outstanding, it shall furnish to Holders and to
securities analysts and prospective investors, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act.

          (b) The Issuers may satisfy their obligations in this Section 1009 with respect to information
relating to the Issuers by furnishing information relating to the Parent; provided that, with
respect to any audited or unaudited financial statements, the same is accompanied by consolidating
information that explains in reasonable detail the differences between the financial information
relating to the Parent, on the one hand, and the information relating to the Issuers and the
Restricted Subsidiaries on a stand-alone basis, on the other hand.

          (c) If Parent or the Company has electronically filed with the Securities and Exchange
Commission’s Next-Generation EDGAR system (or any successor system), the reports described in
clause (a) above (including any consolidating information required by clause (b), unless otherwise
provided to the Second-Priority Trustee and the Holders), the Issuers shall be deemed to have
satisfied the foregoing requirements.

          (d) The Issuers shall also hold quarterly conference calls for the Holders of the
Second-Priority Notes to discuss financial information for the previous quarter. The conference
call shall be following the last day of each fiscal quarter of the Issuers and not later than ten
business days from the time that the Issuers distribute the financial information as set forth
Section 1009(a)(1) and (2), as applicable above. No fewer than two days prior to the conference
call, the Issuers shall issue a press release announcing the time and date of such conference call
and providing instructions for Holders, securities analysts and prospective investors to obtain
access to such call. For the avoidance of doubt, the Issuers may satisfy the requirements of this
paragraph by (i) combining the conference calls required above with the earnings conference calls
of the Parent that are held on a quarterly basis

-80-

 

with equity holders or (ii) holding the conference calls required above within the time period
required as part of any earnings calls of the Issuers in accordance with past practice.

          Nothing herein shall be construed so as to require the Issuers to include in such reports any
information specified in Rule 3-10 or Rule 3-16 of Regulation S-X.

          SECTION 1010. Limitation on Restricted Payments.

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

     (1) declare or pay any dividend or make any distribution on account of the Company’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 Company payable in Equity Interests
(other than Disqualified Stock) of the Company or in options, warrants or other
rights to purchase such Equity Interests; or

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

     (2) purchase, redeem, defease or otherwise acquire or retire for value any Equity
Interests of the Company or any direct or indirect parent of the Company, including in
connection with any merger or consolidation, held by Persons other than the Issuers or any
Subsidiary Guarantor;

     (3) make any principal payment on, or redeem, repurchase, defease, otherwise acquire or
retire for value or give any irrevocable notice of redemption with respect thereto in each
case, prior to any scheduled repayment, sinking fund payment or maturity, any Indebtedness,
other than:

     (A) First-Priority Obligations, Second-Priority Notes and Permitted Additional
Junior Lien Obligations (all Indebtedness not listed in this clause (A), the “Junior
Indebtedness”);

     (B) Indebtedness permitted under Section 1011(b)(3), (6), (7), (8) and (9);

     (C) the purchase, repurchase or other acquisition of 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;

     (D) Indebtedness incurred under revolving credit facilities (other than
payments, redemptions, repurchases, defeasances or other acquisitions or retirements
for value that are accompanied by a termination or reduction of commitments under
such revolving credit facilities); or

     (E) the giving of an irrevocable notice of redemption with respect to the
transactions described in Section 1010(a)(2) and (3); or

     (4) make any Restricted Investment

(all such payments and other actions set forth in Section 1010(a)(1) through (4) being collectively
referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

-81-

 

     (A) no Default or Event of Default shall have occurred and be continuing or would occur
as a consequence thereof;

     (B) immediately after giving effect to such transaction on a pro forma basis, the
Company could incur $1.00 of additional Indebtedness under Section 1011(a); and

     (C) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Issuers and the Restricted Subsidiaries after the Original Issue Date
(including Restricted Payments permitted by Section 1010(b) (1) and (8), but excluding all
other Restricted Payments permitted by Section 1010(b), is less than the sum of:

     (1) the EBITDA of the Issuers for the period (taken as one accounting period)
from October 1, 2009, to the end of the Issuers’ most recently ended fiscal quarter
for which internal financial statements are available at the time of such Restricted
Payment, less the product of 1.4 times Consolidated Interest Expense of the Issuers
for the same period; provided that if the amount under this clause (1) for any
fiscal quarter is less than zero, then the amount “built” under this clause (1) for
such fiscal quarter shall be deemed to be equal to zero, plus

     (2) 100% of the aggregate net cash proceeds and the fair market value, as
determined in good faith by the Board of Directors, of marketable securities or
other property received by the Issuers since immediately after the Original Issue
Date from the issue or sale of:

     (x) Equity Interests of the Company, including Retired Capital Stock
(as defined below), but excluding cash proceeds and the fair market value,
as determined in good faith by the Board of Directors, of marketable
securities or other property received from the sale of:

     (A) Equity Interests to members of management, directors or
consultants of the Company, any direct or indirect parent of the
Company and the Company’s Subsidiaries after the Original Issue Date
to the extent such amounts have been applied to Restricted Payments
made in accordance with Section 1010(b)(4); and

     (B) Designated Preferred Stock; or

     (y) debt securities of the Issuers that have been converted into such
Equity Interests of the Issuers or its direct or indirect parents;

provided, however, that this clause (2) shall not include the proceeds from (a)
Refunding Capital Stock (as defined below), (b) Equity Interests or converted debt
securities of the Issuers sold to a Restricted Subsidiary or the Company, as the
case may be, (c) Disqualified Stock or debt securities that have been converted into
Disqualified Stock, (d) Excluded Contributions or (e) net cash proceeds to the
extent such net cash proceeds have been used to incur Indebtedness, Disqualified
Stock or preferred stock pursuant to Section 1011(b)(14), plus

     (3) 100% of the aggregate amount of cash and the fair market value, as
determined in good faith by the Board of Directors, of marketable securities or
other property contributed to the capital of the Company following the Original
Issue Date other than net cash proceeds to the extent such net cash proceeds have
been used to incur Indebtedness, Disqualified Stock or preferred stock pursuant to
Section 1011(b)(14) (other than by a Restricted Subsidiary) and other than by any
Excluded Contributions, plus

     (4) 100% of the aggregate amount received in cash and the fair market value, as
determined in good faith by the Board of Directors, of marketable securities or
other property received by the Issuers or a Restricted Subsidiary by means of:

-82-

 

     (A) the sale or other disposition (other than to the Issuers or a
Restricted Subsidiary) of Restricted Investments made by the Issuers and its
Restricted Subsidiaries and repurchases and redemptions of such Restricted
Investments from the Issuers and its Restricted Subsidiaries and repayments
of loans or advances which constitute Restricted Investments by the Issuers
and the Restricted Subsidiaries and (without duplication of amounts included
in EBITDA) any dividends or distributions received by the Issuers or a
Restricted Subsidiary on account of Restricted Investments, in each case
after the Original Issue Date; or

     (B) the sale (other than to the Issuers or a Restricted Subsidiary) of
the stock of an Unrestricted Subsidiary (other than in each case to the
extent the Investment in such Unrestricted Subsidiary was made by the
Issuers or a Restricted Subsidiary pursuant to Section 1010(b)(18) or to the
extent such Investment constituted a Permitted Investment) or a dividend or
distribution from an Unrestricted Subsidiary in each case after the Original
Issue Date; plus

     (5) 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 by the Board of Directors in good faith or if, in the case
of an Unrestricted Subsidiary, such fair market value may exceed $75.0 million, in
writing by an independent investment banking firm of nationally recognized standing,
at the time of the redesignation of such Unrestricted Subsidiary as a Restricted
Subsidiary, other than an Unrestricted Subsidiary to the extent the Investment in
such Unrestricted Subsidiary was made by the Issuers or a Restricted Subsidiary
pursuant Section 1010(b)(18) or to the extent such Investment constituted a
Permitted Investment.

     (b) The foregoing provisions shall not prohibit:

     (1) the payment of any dividend or distribution within 60 days after the date of
declaration thereof, if at the date of declaration such payment would have complied with the
provisions of this Second-Priority Indenture or the redemption, repurchase or retirement of
Indebtedness if, at the date of any irrevocable redemption notice such payment would have
complied with the provisions of this Second-Priority Indenture;

     (2) the redemption, repurchase, retirement or other acquisition of any Equity Interests
of the Company (“Retired Capital Stock”) or Junior Indebtedness of the Issuers or a
Subsidiary Guarantor, or any Equity Interests of any direct or indirect parent of the
Company, in exchange for, or out of the proceeds of the substantially concurrent sale (other
than to an Issuer or a Restricted Subsidiary) of, Equity Interests of the Company or any
direct or indirect parent of the Company (in each case, other than any Disqualified Stock)
(“Refunding Capital Stock”);

     (3) the redemption, repurchase or other acquisition or retirement of Junior
Indebtedness of the Issuers or a Subsidiary Guarantor made by exchange for, or out of the
proceeds of the substantially concurrent sale of, new Junior Indebtedness of the Issuers or
a Subsidiary Guarantor, as the case may be, which is incurred in compliance with Section
1011 so long as:

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

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

     (C) in the case of unsecured Indebtedness, such new Indebtedness is unsecured
and in the case of secured Indebtedness, such new Indebtedness is either unsecured
or has a junior lien

-83-

 

priority in the Collateral relative to the Second-Priority Notes pursuant to an
Intercreditor Agreement;

     (4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or
retirement for value of common Equity Interests of the Company or any of its direct or
indirect parents held by any future, present or former employee, director or consultant of
the Company, any of its Subsidiaries or any of its direct or indirect parents pursuant to
any management equity plan or stock option plan or any other management or employee benefit
plan or agreement; provided, however, that the aggregate Restricted Payments made under this
clause (4) do not exceed $5.0 million in any fiscal year (with unused amounts in any
calendar year being carried over to the immediately succeeding calendar year); provided
further that such amount may be increased by an amount not to exceed:

     (A) the cash proceeds from the sale of Equity Interests (other than
Disqualified Stock) of the Company and, to the extent contributed to the Company,
Equity Interests of any of the Company’s direct or indirect parents, in each case to
members of management, directors or consultants of the Issuer, any of its
Subsidiaries or any of its direct or indirect parents that occurred after the
Original 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 (c) of the preceding paragraph, plus

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

     (C) the amount of any Restricted Payments previously made pursuant to Section
1010(b)(4)(A) and (B);

     (5) the declaration and payment of dividends to holders of any class or series of
Disqualified Stock of the Issuers or any Restricted Subsidiary issued in accordance with
Section 1011;

(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 Company
after the Original Issue Date; provided that the aggregate amount of dividends paid
pursuant to this Section 1010(b)(6)(A) shall not exceed the aggregate amount of cash
actually received by the Company from the sale of such Designated Preferred Stock;
and

     (B) the declaration and payment of dividends to a direct or indirect parent of
the Company, 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 issued after the Original Issue Date; provided
that the amount of dividends paid pursuant to this Section 1010(b)(6)(B) shall not
exceed the aggregate amount of cash actually contributed to the Company from the
sale of such Designated Preferred Stock;

     (7) repurchases of Equity Interests (i) constituting fractional shares or (ii) deemed
to occur upon exercise of stock options or warrants or other securities convertible or
exchangeable into Equity Interests or any other security if such Equity Interests or other
security represent all or a portion of the exercise price of such options or warrants;

     (8) the payment of dividends on the Company’s common equity or the dividend or
distribution to any direct or indirect parent company to fund the payment by such parent
company of dividends on its common equity after the Original Issue Date, of up to 6% per
annum of the net proceeds received by or contributed to the Issuers in any public offering,
other than public offerings with respect to the Company’s or such direct or indirect parent
company’s common stock equity registered on Form S-8 and other than any public sale
constituting an Excluded Contribution;

     (9) Restricted Payments that are made with Excluded Contributions;

-84-

 

     (10) other Restricted Payments in an aggregate amount taken together with all other
Restricted Payments made pursuant to this Section 1010(b)(10) not to exceed $20.0 million;

     (11) the declaration and payment of dividends by the Company to, or the making of loans
to, any direct or indirect parent company of the Company (other than Sprint) for the purpose
of paying;

     (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 are
attributable to the income of the Company 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,

     (C) customary salary, bonus and other benefits payable to officers and, and any
indemnification obligations of, officers, directors and employees or former
officers, directors or employees of any direct or indirect parent of the Company
(other than Sprint) to the extent such salaries, bonuses, indemnification
obligations and other benefits are attributable to the ownership or operation of the
Company and the Restricted Subsidiaries,

     (D) general corporate overhead expenses of any direct or indirect parent of the
Company (other than Sprint) to the extent such expenses are attributable to the
ownership or operation of the Company and the Restricted Subsidiaries;

     (E) fees and expenses incurred by any direct or indirect parent company of the
Company in connection with any unsuccessful equity issuances or incurrence of
Indebtedness to the extent the net proceeds thereof are intended to be contributed
to the Company; and

     (F) taxes with respect to income of any direct or indirect parent company of
the Company (other than Sprint) derived from funding made available to the Company
and its Restricted Subsidiaries by such direct or indirect parent company;

     (12) tax distributions or tax loans pursuant to the Company’s limited liability company
agreement;

     (13) the repurchase, redemption or other acquisition or retirement for value of any
Junior Indebtedness or Disqualified Stock or the making of a dividend or distribution to any
direct or indirect parent of the Company to fund a similar purchase, redemption or other
acquisition or retirement for value required pursuant Section 1017 and Section 1018;
provided that there is a concurrent or prior Change of Control Offer or Asset Sale Offer, as
applicable, and all Second-Priority Notes tendered by Holders of the Second-Priority Notes
in connection with such Change of Control Offer or Asset Sale Offer, as applicable, have
been repurchased, redeemed or acquired for value;

     (14) the repurchase, redemption, acquisition or retirement of Indebtedness with
Unutilized Excess Proceeds or Unutilized Excess Spectrum Proceeds;

     (15) the distribution, as a dividend or otherwise, of (A) Equity Interests of, or
Indebtedness owed to the Issuers or a Restricted Subsidiary by, Unrestricted Subsidiaries
(other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash
Equivalents) and (B) any proceeds received from an Unrestricted Subsidiary on account of
such Equity Interests or Indebtedness, provided, that, in the case of clause (B), such
proceeds will be excluded from EBITDA for purposes of Section 1010(a)(C)(1) and (C)(5);

     (16) Investments in joint ventures; provided that the aggregate Restricted Payments
made pursuant to this clause (16) do not exceed 5.0% of the fair market value of Spectrum
Assets located in the

-85-

 

United States; provided further that to the extent any such Investment is made in the
form of Spectrum Assets such Spectrum Assets represent Non-Core Spectrum Assets; and
provided, further, that such amount shall be increased by an amount not to exceed (A) the
cash proceeds received as a dividend, distribution or otherwise from such joint ventures (it
being understood that the forgiveness of any debt by such joint venture will not be a
Restricted Payment hereunder) less (B) the amount of any Restricted Payments previously made
pursuant to clause (A) of this Section 1010(b)(16);

     (17) distributions or payments of Receivables Fees; and

     (18) Investments in Unrestricted Subsidiaries having an aggregate fair market value,
when taken together with all other Investments made pursuant to this Section 1010(b)(18)
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 or Cash
Equivalents, not to exceed $50.0 million 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);

provided however, that at the time of, and after giving effect to, any Restricted Payment permitted
under Sections 1010(b)(5), (6) and (10), no Default or Event of Default shall have occurred and be
continuing or would occur as a consequence thereof.

          (c) The amount of all Restricted Payments (other than cash) will be the fair market value (as
determined by the Issuers) on the date of such Restricted Payment of the assets or securities
proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the
case may be, pursuant to such Restricted Payment.

          (d) As of the time of issuance of the Second-Priority Notes, all of the Issuers’ Subsidiaries
will be Restricted Subsidiaries. The Issuers will not permit any Unrestricted Subsidiary to become
a Restricted Subsidiary except pursuant to the last sentence of the definition of “Unrestricted
Subsidiary” in Section 101 of this Second-Priority Indenture. For purposes of designating any
Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuers and
their 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 1010(a) or Section 1010(b)(9)
or (10), or pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject
to any of the restrictive covenants set forth in this Second-Priority Indenture. Notwithstanding
the foregoing, no Spectrum Entity shall at any time pay a dividend or make any distribution to any
entity that is not a Spectrum Entity unless the proceeds of any such dividend or distribution is
applied in its entirety to repurchase Second-Priority Notes; provided that, any Spectrum Entity may
pay a dividend or make distributions to the Company so that the Company may make tax distributions
pursuant to its limited liability company agreement, so long as the Company uses the dividend or
distribution to pay such tax distributions at such time.

     SECTION 1011. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock
and Preferred Stock.

          (a) The Issuers shall not, and shall 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 the Issuers shall not issue any
shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of
Disqualified Stock or preferred stock; provided, however, that the Issuers may incur Indebtedness
(including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Subsidiary
Guarantor (other than any Spectrum Entity) may incur Indebtedness (including Acquired
Indebtedness), issue shares of Disqualified Stock and issue shares of preferred stock, if the
Consolidated Leverage Ratio of the Issuers and the Restricted Subsidiaries at the time such
additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would
have been no greater than 6.50 to 1.00, determined on a pro forma basis (including a pro forma

-86-

 

application of the net proceeds therefrom), as if the additional Indebtedness had been
incurred, or the Disqualified Stock or preferred stock had been issued, as the case may be, and the
application of proceeds therefrom had occurred at the beginning of the most recently ended four
full fiscal quarters for which internal financial statements are available.

     (b) The foregoing limitations shall not apply to:

     (1) the incurrence by the Issuers and any Subsidiary Guarantor of Indebtedness
represented by the Second-Priority Notes issued on the Issue Date (including any Guarantee)
(other than any Additional Second-Priority Notes);

     (2) Existing Indebtedness (other than Indebtedness described in Section 1011(b)(1));

     (3) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and
preferred stock incurred by the Issuers or any of the Subsidiary Guarantors (other than any
Spectrum Entity), to finance the purchase, lease or improvement of property (real or
personal) or equipment (other than any Spectrum 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 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 Section 1011(b)(3) and including all Refinancing
Indebtedness incurred to refund, refinance or replace any other Indebtedness, Disqualified
Stock and preferred stock incurred pursuant to this Section 1011(b)(3), does not exceed
$300.0 million;

     (4) Indebtedness incurred by the Issuers 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;

     (5) Indebtedness arising from agreements of the Issuers or a Restricted Subsidiary
providing for and to the extent of (x) 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 that 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 Issuers
and the Restricted Subsidiaries in connection with such disposition and (y) working capital
or other similar balance sheet related purchase price adjustments incurred or assumed in
connection with the acquisition of a Subsidiary;

     (6) Indebtedness of the Issuers to a Subsidiary Guarantor; provided that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any such
Subsidiary Guarantor ceasing to be a Subsidiary Guarantor or any other subsequent transfer
of any such Indebtedness (except to the Issuers or another Subsidiary Guarantor) shall be
deemed, in each case to be an incurrence of such Indebtedness not permitted by this Section
1011(b)(6);

     (7) Indebtedness of the Issuers or a Subsidiary Guarantor to a Restricted Subsidiary
that is not a Subsidiary Guarantor; provided that any such Indebtedness is subordinated in
right of payment to the Second-Priority Notes; provided further 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 Issuers or another Restricted Subsidiary) shall be deemed,
in each case, to be an incurrence of such Indebtedness not permitted by this Section
1011(b)(7);

-87-

 

     (8) (A) Indebtedness of a Subsidiary Guarantor (other than a Spectrum Entity) to the
Issuers or another Subsidiary Guarantor; and

     (B) Indebtedness of a Spectrum Entity that is a Subsidiary Guarantor to the Company or
another Spectrum Entity that is a Subsidiary Guarantor; provided that any subsequent
transfer of any such Indebtedness (except to the Company or another Spectrum Entity that is
a Subsidiary Guarantor) shall be deemed, in each case to be an incurrence of such
Indebtedness not permitted by this Section 1011(b)(8)(B);

     (9) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor to the
Issuers or a Restricted Subsidiary;

     (10) shares of preferred stock of a Restricted Subsidiary issued to the Issuers or
another Restricted Subsidiary; provided that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such shares of preferred
stock (except to the Issuers or another Restricted Subsidiary) shall be deemed in each case
to be an issuance of such shares of preferred stock not permitted by this Section
1011(b)(10);

     (11) Hedging Obligations (excluding Hedging Obligations entered into for speculative
purposes) for the purpose of limiting:

     (A) interest rate risk with respect to any Indebtedness permitted to be
incurred or outstanding under this Second-Priority Indenture; or

     (B) exchange rate risk with respect to any currency exchange; or

     (C) commodity risk;

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

     (13) Indebtedness of any Subsidiary Guarantor in respect of such Subsidiary Guarantor’s
Guarantee;

     (14) Indebtedness, Disqualified Stock and preferred stock of the Issuers and the
Restricted Subsidiaries 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 Section1011(b)(14), does not at any one time
outstanding exceed the sum of:

     (x) 150% of the net cash proceeds from the issue or sale of Equity Interests of
the Issuers or any of their direct or indirect parent companies and contributed in
cash to the Company after November 24, 2009 (but including any net cash proceeds
from the New Equity Investment whether received before or after November 24, 2009)
less the aggregate principal amount of Indebtedness, Disqualified Stock and
preferred stock of the Issuers and the Restricted Subsidiaries issued or incurred
(or deemed issued or incurred) under subclause (y) of this Section1011(b)(14) and
then outstanding; plus

     (y) (i) 50% of the first $1.0 billion in net cash proceeds from the New Equity
Investment whether received before or after November 24, 2009) plus (ii) 75% of the
net cash proceeds from the New Equity Investment in excess of such first $1.0
billion (whether received before or after November 24, 2009) plus (iii) 50% of the
net cash proceeds from the issue or sale of Equity Interests of the Issuers or any
of their direct or indirect parent companies and contributed in cash to the Company
(other than the New Equity Investment) after November 24, 2009 minus (iv) the
aggregate principal amount of the December 2009 Notes then outstanding and the
First-

-88-

 

Priority Notes then outstanding, in each case to the extent issued or incurred
(or deemed issued or incurred) under this subclause (y); provided that the aggregate
principal amount of Indebtedness, Disqualified Stock and preferred stock that may be
incurred or issued by the Issuers and the Restricted Subsidiaries under this
subclause (y) shall not exceed $1.35 billion (or $1.85 billion if the Consolidated
Leverage Ratio of the Issuers and the Restricted Subsidiaries at the time such
additional Indebtedness, Disqualified Stock or preferred stock is incurred would
have been no greater than 6.00 to 1.00, determined on a pro forma basis (including a
pro forma application of the net proceeds therefrom), as if the additional
Indebtedness, Disqualified Stock or preferred stock had been incurred and the
application of proceeds therefrom had occurred at the beginning of the most recently
ended four fiscal quarters for which internal financial statements are available) at
any time (in the case of each of clauses (x) and (y) above, other than proceeds of
Disqualified Stock of the Company or sales of Equity Interests of any direct or
indirect parent company of the Company to the Issuers or any of their subsidiaries)
as determined in accordance with Section 1010(a)(C)(2) and (a)(C)(3); provided
further that such net cash proceeds or cash have not been applied pursuant to such
clauses to make Restricted Payments or to make other investments, payments or
exchanges pursuant Section 1010(b);

          (15) (i) any guarantee by the Issuers or a Subsidiary Guarantor (other than a Spectrum
Entity) of Indebtedness or other obligations of any Restricted Subsidiary so long as the
incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under
the terms of this Second-Priority Indenture, or

          (ii) any guarantee by a Restricted Subsidiary of Indebtedness of the Issuers or a
Subsidiary Guarantor; provided that such guarantee is incurred in accordance with Section
1015, or

          (iii) any guarantee by a Restricted Subsidiary that is not a Subsidiary Guarantor of
Indebtedness of another Restricted Subsidiary that is not a Subsidiary Guarantor;

          (16) the incurrence by the Issuers or any Restricted Subsidiary of Indebtedness,
Disqualified Stock or preferred stock which serves to refund or refinance any Indebtedness,
Disqualified Stock or preferred stock incurred as permitted under Section 1011(a) and
clauses Section 1011(b)(1) and (2), this Section 1011(b)(16) and Section 1011(b)(17) below
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, defeasance costs and fees in
connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity;
provided, however, that such Refinancing Indebtedness:

     (i) has a Weighted Average Life to Maturity at the time such Refinancing
Indebtedness is incurred which is not less than the lesser of (x) the remaining
Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or
preferred stock being refunded or refinanced and (y) the remaining Weighted Average
Life to Maturity of the Second-Priority Notes;

     (ii) to the extent such Refinancing Indebtedness refinances (x) Indebtedness
subordinated or pari passu in right of payment to the Second-Priority Notes or any
Guarantee of the Second-Priority Notes, such Refinancing Indebtedness is
subordinated or pari passu in right of payment to the Second-Priority Notes or such
Guarantee at least to the same extent as the Indebtedness being refinanced or
refunded or (y) Disqualified Stock or preferred stock, such Refinancing Indebtedness
must be Disqualified Stock or preferred stock, respectively; and

     (iii) shall not include

     (x) Indebtedness, Disqualified Stock or preferred stock of a Restricted
Subsidiary that is not a Subsidiary Guarantor that refinances Indebtedness,
Disqualified Stock or preferred stock of an Issuer or a Subsidiary
Guarantor;

-89-

 

     (y) Indebtedness, Disqualified Stock or preferred stock of a Spectrum
Entity that refinances Indebtedness, Disqualified Stock or preferred stock
of an Issuer or a Subsidiary that is not a Spectrum Entity; or

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

     and provided further that subclause (i) of this clause (16) will not
apply to any refunding or refinancing of any First-Priority Obligations;

     (17) Indebtedness, Disqualified Stock or preferred stock of Persons that are acquired
by the Issuers or any Restricted Subsidiary or merged or otherwise combined (including
pursuant to any acquisition of assets and assumption of related liabilities) into the
Issuers or a Restricted Subsidiary in accordance with the terms of this Second-Priority
Indenture; provided that such Indebtedness, Disqualified Stock or preferred stock is not
incurred in contemplation of such acquisition or merger; provided further that to the extent
the aggregate principal amount of Indebtedness, Disqualified Stock or preferred stock
incurred under this clause (q) exceeds $100.0 million, then either (x) the Issuers would be
permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated
Leverage Ratio test set forth in Section 1011(a) or (y) the Issue Date Ratings Condition is
satisfied;

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

     (19) Indebtedness of Foreign Subsidiaries in an aggregate amount not to exceed $50.0
million at any time outstanding;

     (20) the incurrence of Indebtedness of the Issuers or any Restricted Subsidiary
represented by letters of credit in an aggregate face amount not to exceed $50.0 million at
any one time outstanding;

     (21) Indebtedness of the Issuers 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;

     (22) [Reserved];

     (23) Indebtedness of the Issuers or any Subsidiary Guarantor (other than any Spectrum
Entity) in respect of Subordinated Indebtedness in an aggregate principal amount not to
exceed $500.0 million at any one time outstanding, provided that (i) the final maturity of
such Indebtedness shall be no earlier than one year following the maturity date of the
Second-Priority Notes and the Weighted Average Life to Maturity of such Indebtedness at the
time such Indebtedness is incurred shall be at least one year greater than the Weighted
Average Life to Maturity of the Second-Priority Notes at such time, (ii) such Indebtedness
is unsecured, and (iii) any such Indebtedness or guarantees in respect thereof of the
Issuers or any Subsidiary Guarantor shall be subordinated to Designated First Lien
Indebtedness on the same basis as the Second-Priority Notes and the Guarantees as set forth
in Article 16 or 17 hereof;

     (24) Indebtedness of the Issuers or any Subsidiary Guarantor in an aggregate principal
amount at any one time outstanding (for the Issuers and all Subsidiary Guarantors) not to
exceed an amount equal to $1.0 billion, provided that (i) the final maturity of such
Indebtedness shall be no earlier than one year following the maturity date of the
Second-Priority Notes and the Weighted Average Life to Maturity of such Indebtedness at the
time such Indebtedness is incurred shall be at least one year greater than the Weighted
Average Life to Maturity of the Second-Priority Notes at such time, (ii) such Indebtedness
is unsecured, and (iii) any such Indebtedness or guarantees in respect thereof of the
Issuers or any Subsidiary Guarantor

-90-

 

shall be subordinated to Designated First Lien Indebtedness on the same basis as the
Second-Priority Notes and the Guarantees as set forth in Article 16 or 17 hereof; and

          (25) Indebtedness, Disqualified Stock and preferred stock of the Issuers and the
Restricted Subsidiaries 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 (25), does not at any one time outstanding
exceed $50 million.

               (c) For purposes of determining compliance with this Section 1011, 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 (25) of this Section 1011(b) or is entitled to be incurred pursuant to Section 1011(a),
the Issuers shall, in their sole discretion, classify or reclassify such item of Indebtedness in
any manner that complies with this covenant and such item of Indebtedness, Disqualified Stock or
preferred stock shall be treated as having been incurred pursuant to only one of such clauses of
this Section 1011(b) or pursuant to Section 1011(a) hereof. The December 2009 Notes and $148.2
million of the First Lien Notes shall be deemed to have initially been incurred under clause
(b)(14)(y) above but may be reclassified as provided in the preceding sentence. Additionally, all
or any portion of any item of Indebtedness may later be reclassified as having been incurred
pursuant to any category of permitted Indebtedness described in clauses (1) through (25) above or
pursuant to the first paragraph of this covenant so long as such Indebtedness is permitted to be
incurred pursuant to such provision at the time of reclassification. Accrual of interest, the
accretion of accreted value and the payment of interest in the form of additional Indebtedness,
Disqualified Stock or preferred stock shall not be deemed to be an incurrence of Indebtedness,
Disqualified Stock or preferred stock for purposes of this Section 1011.

               (d) 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.

               (e) Except as provided in clauses (b)(23) and (b)(24) above, the Issuers shall not, and shall
not permit any Subsidiary Guarantor to directly or indirectly, incur any Indebtedness (including
Acquired Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of
the Issuers or such Subsidiary Guarantor, as the case may be, unless such Indebtedness is expressly
subordinated in right of payment to the Second-Priority Notes or such Subsidiary Guarantor’s
guarantee to the extent and in the same manner in all material respects and taken as a whole as
such Indebtedness is subordinated in right of payment to other Indebtedness of the Issuers or such
Subsidiary Guarantor as the case may be.

               (f) (1) Unsecured Indebtedness shall not be treated as subordinated or junior to secured
Indebtedness merely because it is unsecured and (2) Senior Indebtedness shall not be treated as
subordinated or junior to any other Senior Indebtedness merely because it has a junior priority
with respect to the same collateral or is secured by different collateral.

-91-

 

          SECTION 1012. Limitation on Liens.

          The Issuers shall not, and shall not permit any of their Restricted Subsidiaries to, create,
incur, assume or otherwise cause or suffer to exist or become effective any Lien that secures
obligations under any Indebtedness or any related Guarantees (the “Initial Lien”) of any kind upon
any of their property or assets, now owned or hereafter acquired, except:

     (1) in the case of Initial Liens on any Collateral owned by a Spectrum Entity, any
Initial Lien if such Initial Lien is of the type described under clauses (1), (2), (3), (4),
(7), (8), (9), (14), (16), (17), (18) (but only to the extent the original Lien being
refinanced is listed in this clause (1)), (19), (20), (21), (22), (24), (25), (26), (27),
(30) or (31) of the definition of “Permitted Liens” (Liens permitted by such clauses
“Permitted Spectrum Liens”); and

     (2) in the case of any other asset or property owned by the Company or a Restricted
Subsidiary (other than a Spectrum Entity), any Initial Lien if (i) in the case of any asset
that is not at the time Collateral the Second-Priority Notes are equally and ratably secured
with (or on a senior basis to, in the case such Initial Lien secures any Subordinated
Indebtedness) the obligations secured by such Initial Lien or (ii) such Initial Lien is
expressly junior in ranking on Collateral relative to the Second-Priority Notes and
guarantees pursuant to an Intercreditor Agreement or such Initial Lien is a Permitted Lien,

          Any Lien created for the benefit of the Holders of the Second-Priority Notes pursuant to
clause (2) of the preceding paragraph shall provide by its terms that such Lien shall be
automatically and unconditionally released and discharged upon the release and discharge of the
Initial Lien which release and discharge in the case of any sale of any such asset or property
shall not affect any Lien that the Second-Priority Collateral Agent may have on the proceeds from
such sale.

          SECTION 1013. Limitations on Transactions with Affiliates.

          (a) The Issuers shall not, and shall 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 Issuers (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or
consideration in excess of $10.0 million, unless:

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

     (2) the Issuers deliver to the Second-Priority Trustee (i) with respect to any
Affiliate Transaction or series of related Affiliate Transactions involving aggregate
payments or consideration in excess of $25.0 million, a resolution adopted by the majority
of the Board of Directors approving such Affiliate Transaction and set forth in an Officers’
Certificate certifying that such Affiliate Transaction complies with clause (1) above; and
(ii) with respect to any Affiliate Transactions or series of related Affiliate Transactions
involving aggregate payments or consideration in excess of $75.0 million, a letter from an
Independent Financial Advisor stating that such transaction is fair to the Issuers or such
Restricted Subsidiary from a financial point of view or meets the requirements of clause (a)
of the preceding paragraph;

     (b) The foregoing provisions shall not apply to the following:

     (1) transactions between or among the Issuers and/or any of the Restricted
Subsidiaries;

     (2) Restricted Payments permitted by Section 1010 and the definition of “Permitted
Investments”;

-92-

 

     (3) the payment of reasonable fees and compensation paid to, and indemnities provided
on behalf of, officers, directors, employees or consultants of the Issuers, any of its
direct or indirect parents or any Restricted Subsidiary;

     (4) transactions in which the Issuers or any Restricted Subsidiary, as the case may be,
delivers to the Second-Priority Trustee a letter from an Independent Financial Advisor
stating that such transaction is fair to the Issuers or such Restricted Subsidiary from a
financial point of view or meets the requirements of Section 1013(a)(1);

     (5) payments or loans (or cancellation of loans) to employees or consultants of the
Issuer, any of its direct or indirect parents or any Restricted Subsidiary which are
approved by a majority of the Board of Directors of the Company in good faith;

     (6) any agreement 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) or
payments made thereunder or the performance thereof or any transaction contemplated thereby;

     (7) the existence of, or the performance by the Issuers or any Restricted Subsidiaries
of its obligations under the terms of, any equityholders agreement (including any
registration right agreement or purchase agreements related thereto) to which it is party as
of the Issue Date and any similar agreement that it may enter into thereafter; provided,
however, that the existence of, or the performance by the Issuers or any Restricted
Subsidiaries of its obligations under any future amendment to the equityholders’ agreement
or under any similar agreement entered into after the Issue Date shall only be permitted
under this clause (7) to the extent that the terms of any such amendment or new agreement
are not otherwise disadvantageous to the Holders in any material respects;

     (8) transactions with customers, clients, suppliers, or purchasers or sellers of goods
or services, in each case in the ordinary course of business and otherwise in compliance
with the terms of this Second-Priority Indenture which are fair to the Issuers and the
Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the
Issuers or the senior management thereof, or are on terms at least as favorable as might
reasonably have been obtained at such time in arm’s-length negotiations with an unaffiliated
third party;

     (9) any transaction with the Company, a Restricted Subsidiary or joint venture or
similar entity which would constitute an Affiliate Transaction solely because the Company or
a Restricted Subsidiary owns an equity interest in or otherwise controls such Restricted
Subsidiary, joint venture or similar entity;

     (10) any purchases by the Issuers’ Affiliates of Indebtedness of the Company or any of
its Restricted Subsidiaries the majority of which Indebtedness is offered to Persons who are
not Affiliates;

     (11) any issuance or sale of Equity Interests (other than Disqualified Stock) to
Affiliates of the Company and the granting of registration and other customary rights in
connection therewith or any contribution to capital of Parent, the Issuers or any Restricted
Subsidiary;

     (12) any issuance of securities, or other payments, awards or grants in cash,
securities or otherwise pursuant to, or the funding of, employment arrangements, stock
options and stock ownership plans approved by the Board of Directors of the Company; and

     (13) any transaction permitted by Article Eight and consummated at a time when the
common stock of the Company or Parent is listed on the New York Stock Exchange or NASDAQ;
and

     (14) sales of accounts receivable, or participations therein, in connection with any
Receivables Facility.

-93-

 

          SECTION 1014. Limitations on Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

          The Issuers shall not, and shall not permit any Restricted Subsidiary 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:

     (a) (1) pay dividends or make any other distributions to the Issuers or any Restricted
Subsidiary on its Capital Stock or with respect to any other interest or participation in,
or measured by, its profits or

     (2) pay any Indebtedness owed to the Issuers or any Restricted Subsidiary;

     (b) make loans or advances to the Issuers or any Restricted Subsidiary; or

     (c) sell, lease or transfer any of its properties or assets to the Issuers or any
Restricted Subsidiary,

except (in each case) for such encumbrances or restrictions existing under or by reason of:

     (1) contractual encumbrances or restrictions in effect on the Issue Date;

     (2) this Second-Priority Indenture and the Second-Priority Notes and the Guarantees;

     (3) purchase money obligations that impose restrictions of the nature discussed in
clause (c) above on the property so acquired;

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

     (5) any agreement or other instrument of a Person acquired by the Issuers 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 for the sale or disposition of all or substantially all of the Capital Stock or assets
of such Subsidiary that impose restrictions on the assets to be sold;

     (7) secured Indebtedness otherwise permitted to be incurred pursuant to Sections 1011
and 1012 that limit the right of the debtor to dispose of assets securing such Indebtedness;

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

     (9) other Indebtedness, Disqualified Stock or preferred stock of Foreign Subsidiaries
permitted to be incurred subsequent to the Issue Date pursuant to Section 1011 that impose
restrictions solely on the Foreign Subsidiaries party thereto or their Subsidiaries;

     (10) customary provisions in joint venture agreements and other similar agreements
relating solely to such joint venture;

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

-94-

 

     (12) any agreement or instrument (A) relating to any Indebtedness or preferred stock of
a Restricted Subsidiary permitted to be Incurred subsequent to the Issue Date pursuant to
the Section 1011 if the encumbrances and restrictions are not materially more
disadvantageous to the Holders than is customary in comparable financings (as determined in
good faith by the Company) and (B) either (x) the Company determines that such encumbrance
or restriction shall not adversely affect the Issuers’ ability to make principal and
interest payments on the Second-Priority Notes as and when they come due or (y) such
encumbrances and restrictions apply only during the continuance of a default in respect of a
payment or financial maintenance covenant relating to such Indebtedness;

     (13) restrictions created in connection with any Receivables Facility that, in the good
faith determination of the Board of Directors of the Issuers, are necessary or advisable to
effect such Receivables Facility; and

     (14) any encumbrances or restrictions of the type referred to in Section 1014 (a), (b)
and (c) imposed by any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in Sections 1014(c)(1) through (13) above; provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Issuers’ Board of
Directors, not materially more restrictive taken as a whole with respect to such encumbrance
and other restrictions than those prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing.

          SECTION 1015. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.

          (a) The Issuers shall not permit any Restricted Subsidiary that is not a Subsidiary Guarantor
or a special-purpose Restricted Subsidiary formed in connection with Receivables Facilities, to
guarantee the payment of any Indebtedness of the Issuers or any other Subsidiary Guarantor unless:

     (A) such Restricted Subsidiary executes and delivers within 10 business days
supplemental indentures in the form of Exhibit D hereto providing for a guarantee of
payment of the Second-Priority Notes by such Restricted Subsidiary, except if such
Indebtedness is by its express terms subordinated in right of payment to the Second-Priority
Notes or such Subsidiary Guarantor’s Guarantee of the Second-Priority Notes, any such
guarantee of such Restricted Subsidiary with respect to such Indebtedness shall be
subordinated in right of payment to such Restricted Subsidiary’s Guarantee with respect to
the Second-Priority Notes substantially to the same extent as such Indebtedness is
subordinated in right of payment to the Second-Priority Notes;

     (B) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or
take the benefit or advantage of, any rights of subrogation in relation to the Holders in
respect of any payment by such Restricted Subsidiary under its guarantee until payment in
full of the Obligations under this Second-Priority Indenture; and

     (C) such Restricted Subsidiary shall deliver to the Second-Priority Trustee an Opinion
of Counsel to the effect that:

     (1) such Guarantee of the Second-Priority Notes has been duly executed and
authorized, and

     (2) such Guarantee of the Second-Priority Notes constitutes a valid, binding
and enforceable obligation of such Restricted Subsidiary, except insofar as
enforcement thereof may be limited by bankruptcy, insolvency or similar laws
(including, without limitation, all laws relating to fraudulent transfers) and
except insofar as enforcement thereof is subject to general principles of equity;

provided that this Section 1015(a) shall not be applicable to any guarantee of any Restricted
Subsidiary:

-95-

 

     (x) that existed at the time such Person became a Restricted Subsidiary and was not
incurred in connection with, or in contemplation of, such Person becoming a Restricted
Subsidiary; or

     (y) of Senior Indebtedness and any refunding, refinancing or replacement thereof in
each case to the extent it is not incurred pursuant to a syndicated loan, registered
offering of securities under the Securities Act or a private placement of securities
(including under Rule 144A) pursuant to an exemption from the registration requirements of
the Securities Act.

          (b) Notwithstanding the foregoing and the other provisions of this Second-Priority Indenture,
any Guarantee by a Restricted Subsidiary of the Second-Priority Notes shall provide by its terms
that it shall be automatically and unconditionally released and discharged upon:

     (A) any sale, exchange or transfer (by merger or otherwise) of Capital Stock following
which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary) or all or
substantially all the assets of such Subsidiary Guarantor, which sale, exchange or transfer
is made in compliance with the applicable provisions of this Second-Priority Indenture,

     (B) the release or discharge of the guarantee by such Restricted Subsidiary of all
First-Priority Obligations and any other guarantee which resulted in the creation of such
Guarantee, except a discharge or release by or as a result of payment under such guarantee,

     (C) if such Subsidiary Guarantor is designated as an Unrestricted Subsidiary or
otherwise ceases to be a Restricted Subsidiary, in each case in accordance with the
provisions of this Second-Priority Indenture, upon effectiveness of such designation or when
it first ceases to be a Restricted Subsidiary, respectively; or

     (D) if the Issuers exercise their legal defeasance option or their covenant defeasance
option as described under Article Thirteen hereof or if their obligations under this
Second-Priority Indenture are discharged in accordance with the terms of this
Second-Priority Indenture.

          SECTION 1016. Limitation on Activities of Finance Co and Spectrum Entities.

          (a) Notwithstanding anything to the contrary herein, no Spectrum Entity that is a Domestic
Subsidiary shall conduct, transact or otherwise engage in any business or operations other than (i)
its ownership or lease of Spectrum Assets or assets incidental and required with respect thereto or
its ownership of Capital Stock of its Subsidiaries or Joint Ventures holding Spectrum Assets, (ii)
the issuance of and performance of its obligations in respect of its Capital Stock, (iii) the
payment of dividends permitted hereunder and taxes, (iv) performance of its obligations under this
Second-Priority Indenture, Second-Priority Security Documents and the other agreements contemplated
thereby, (v) action required by law to maintain its existence and (vi) activities incidental to its
maintenance and continuance and to any of the foregoing activities.

          (b) Finance Co may not hold any material assets, become liable for any material obligations,
engage in any trade or business, or conduct any business activity, other than (1) the issuance of
its Equity Interests to the Company, (2) the incurrence of Indebtedness as a co-obligor or
guarantor, as the case may be, of the Second-Priority Notes and any other Indebtedness that is
permitted to be incurred by the Issuers under Section 1011; provided, however, that the net
proceeds of such Indebtedness are not retained by the Finance Co, and (3) activities incidental
thereto. Neither the Issuers nor any Restricted Subsidiary shall engage in any transactions with
the Finance Co in violation of the immediately preceding sentence.

          SECTION 1017. Change of Control.

          (a) If a Change of Control occurs, the Issuers shall make an offer to purchase all of the
Second-Priority Notes pursuant to the offer described below (the “Change of Control Offer”) at a
price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest, if any, to but excluding the date of purchase, subject to
the right of Holders of record on the relevant record

-96-

 

date to receive interest due on the relevant Interest Payment Date. Within 30 days following
any Change of Control, the Issuers shall send notice of such Change of Control Offer by first class
mail, with a copy to the Second-Priority Trustee, to each Holder of Second-Priority Notes to the
address of such Holder appearing in the Second-Priority Note Register with a copy to the
Second-Priority Trustee or otherwise in accordance with the procedures of DTC, with the following
information:

     (1) a Change of Control Offer is being made pursuant to this Section 1017 and that all
Second-Priority Notes properly tendered pursuant to such Change of Control Offer shall 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) any Second-Priority Note not properly tendered shall remain outstanding and
continue to accrue interest;

     (4) unless the Issuers default in the payment of the Change of Control Payment, all
Second-Priority Notes accepted for payment pursuant to the Change of Control Offer shall
cease to accrue interest on the Change of Control Payment Date;

     (5) Holders electing to have any Second-Priority Notes purchased pursuant to a Change
of Control Offer shall be required to surrender the Second-Priority Notes, with the form
entitled “Option of Holder to Elect Purchase” on the reverse of the Second-Priority 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) Holders shall be entitled to withdraw their tendered Second-Priority Notes and
their election to require the Issuers to purchase such Second-Priority Notes; provided that
the Paying Agent receives, not later than the close of business on the last day of the
Change of Control Offer Period, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder of the Second-Priority Notes, the principal amount of
Second-Priority Notes tendered for purchase, and a statement that such Holder is withdrawing
his tendered Second-Priority Notes and his election to have such Second-Priority Notes
purchased;

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

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

          (b) While the Second-Priority Notes are in global form and the Issuers make an offer to
purchase all of the Second-Priority Notes pursuant to the Change of Control Offer, a Holder may
exercise its option to elect for the purchase of the Second-Priority Notes through the facilities
of DTC, subject to its rules and regulations.

          (c) The Issuers shall not be required to make a Change of Control Offer following a Change of
Control if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Second-Priority Indenture
applicable to a Change of Control Offer made by the Issuers and purchases all Second-Priority Notes
validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to
the contrary herein, a Change of Control Offer may be made in advance of a Change of Control,
conditional upon such Change of Control.

          (d) The Issuers shall comply with the requirements of Section 14(e) 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 Second-Priority Notes pursuant to a Change of
Control Offer. To the extent that

-97-

 

the provisions of any securities laws or regulations conflict with the provisions of this
Second-Priority Indenture, the Issuers shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations described in this
Second-Priority Indenture by virtue thereof.

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

     (1) accept for payment all Second-Priority Notes or portions thereof properly tendered
pursuant to the Change of Control Offer,

     (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control
Payment in respect of all Second-Priority Notes or portions thereof so tendered, and

     (3) deliver, or cause to be delivered, to the Second-Priority Trustee for cancellation
the Second-Priority Notes so accepted together with an Officers’ Certificate stating that
such Second-Priority Notes or portions thereof have been tendered to and purchased by the
Issuers.

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

          SECTION 1018. Asset Sales.

          (a) The Issuers shall not, and shall not permit any Restricted Subsidiary to, cause or make an
Asset Sale of any assets that do not constitute Spectrum Assets, unless:

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

     (2) at least 75% of the consideration therefor received by the Issuers or such
Restricted Subsidiary, as the case may be, is in the form of cash, Cash Equivalents or
Replacement Assets or a combination of the foregoing; and

     (3) to the extent that any consideration received by the Issuers or a Restricted
Subsidiary in such Asset Sale constitutes securities or other assets that are of a type or
class that constitute Collateral, such securities or other assets, including the assets of
any Person that becomes a Subsidiary Guarantor as a result of such transaction, are
concurrently with their acquisition added to the Collateral securing the Second-Priority
Notes in the manner and to the extent required in this Second-Priority Indenture or any of
the Second-Priority Security Documents.

          Within 365 days after the Issuers’ or a Restricted Subsidiary’s receipt of the Net Proceeds of
any Asset Sale covered by this Section 1018(a), the Issuers or such Restricted Subsidiary, at its
option, may apply the Net Proceeds from such Asset Sale:

     (1) to repay First-Priority Obligations;

     (2) to make one or more offers to the Holders of the Second-Priority Notes (and, at the
option of the Issuers, the holders of Permitted Additional Junior Lien Obligations) to
purchase Second-Priority Notes (and such Permitted Additional Junior Lien Obligations)
pursuant to and subject to the conditions contained in this Second-Priority Indenture (each,
an “Asset Sale Offer”); provided, however, that if the Issuers or such Restricted Subsidiary
shall so reduce any Permitted Additional Junior Lien Obligations,

-98-

 

the Issuers shall make an offer to all Holders of Second-Priority Notes to purchase at
a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid
interest and additional interest, if any, the pro rata principal amount of the
Second-Priority Notes, such offer to be conducted in accordance with the procedures set
forth below for an Asset Sale Offer but without any further limitation in amount;

     (3) to an investment in (a) any one or more businesses; provided that such investment
in any business is in the form of the acquisition of Capital Stock such that it constitutes
a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other assets, in
each of (a), (b) and (c), used or useful in a Similar Business;

     (4) to an investment in (a) any one or more businesses; provided that such investment
in any business is in the form of the acquisition of Capital Stock such that it constitutes
a Restricted Subsidiary, (b) properties or (c) other assets that, in each of (a), (b) and
(c), replace the businesses, properties and assets that are the subject of such Asset Sale;
or

     (5) to the extent such Net Proceeds are not from Asset Sales of Collateral, to
permanently reduce Indebtedness of a Restricted Subsidiary that is not a Subsidiary
Guarantor, other than Indebtedness owed to the Issuers, a Subsidiary Guarantor or another
Restricted Subsidiary.

          Pending the final application of any Net Proceeds from Asset Sales in accordance with clauses
(1) through (5) above, the Issuers and their Restricted Subsidiaries may temporarily reduce
Indebtedness or otherwise apply such Net Proceeds in any manner not prohibited by this
Second-Priority Indenture. Any binding commitment to apply Net Proceeds to invest in accordance
with clauses (3) or (4) above shall be treated as a permitted application of Net Proceeds so long
as the Issuers or such Restricted Subsidiary enters into such commitment with the good faith
expectation that such Net Proceeds shall be applied to satisfy such commitment within 180 days of
such commitment; provided that if such commitment is later canceled or terminated for any reason
such Net Proceeds shall constitute “Excess Proceeds” (as defined below). Any Net Proceeds from the
Asset Sales covered by this clause (a) that are not invested or applied as provided and within the
time period set forth in the first sentence of the immediately preceding paragraph shall be deemed
to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0
million, the Issuers shall, make an Asset Sale Offer to all Holders of the Second-Priority Notes,
and, at the Issuers’ option to the holders of any Permitted Additional Junior Lien Obligations, to
purchase the maximum principal amount of Second-Priority Notes and such Permitted Additional Junior
Lien Obligations, that are $2,000 or an integral multiple of $1,000 in excess thereof 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, if any, to the date fixed for the
closing of such offer, in accordance with the procedures set forth in this Second-Priority
Indenture. The Issuers shall commence an Asset Sale Offer with respect to Excess Proceeds within
ten business days after the date that Excess Proceeds exceeds $50.0 million by mailing the notice
required pursuant to the terms of this Second-Priority Indenture, with a copy to the
Second-Priority Trustee. To the extent that the aggregate amount of Second-Priority Notes and such
Permitted Additional Junior Lien Obligations tendered pursuant to an Asset Sale Offer is less than
the Excess Proceeds, the Issuers may use any remaining Excess Proceeds (“Unutilized Excess
Proceeds”) for any purpose not prohibited by the terms of this Second-Priority Indenture. If the
aggregate principal amount of Second-Priority Notes or the Permitted Additional Junior Lien
Obligations surrendered by such holders thereof exceeds the amount of Excess Proceeds, the
Second-Priority Trustee shall select the Second-Priority Notes and the applicable agent or Issuers
shall select such Permitted Additional Junior Lien Obligations to be purchased on a pro rata basis
based on the accreted value or principal amount of the Second-Priority Notes or such Permitted
Additional Junior Lien Obligations tendered. Upon completion of any such Asset Sale Offer, the
amount of Excess Proceeds shall be reset at zero. After the Issuers or any Restricted Subsidiary
has applied the Net Proceeds from any Asset Sale of any Collateral as provided in, and within the
time periods required by, this paragraph (a), any Unutilized Excess Proceeds shall be released by
the Second-Priority Collateral Agent to the Issuers or such Restricted Subsidiary for use by the
Issuers or such Restricted Subsidiary for any purpose not prohibited by the terms of this
Second-Priority Indenture.

-99-

 

          (b) The Issuers shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly consummate an Asset Sale of Spectrum Assets unless:

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

     (2) 100% of the consideration therefor received by the Issuers or such Restricted
Subsidiary, as the case may be, is in the form of cash, Cash Equivalents or Replacement
Assets or a combination of the foregoing; and

     (3) to the extent that any consideration received by the Issuers and the Restricted
Subsidiaries in such Asset Sale constitute Replacement Assets such Replacement Assets
including the assets of any Person that becomes a Subsidiary Guarantor as a result of such
transaction, are concurrently with their acquisition added to the Collateral securing the
Second-Priority Notes in the manner and to the extent required in this Second-Priority
Indenture or any of the Second-Priority Security Documents.

          Within five Business Days after any Asset Sale of Spectrum Assets, the Company may designate
pursuant to an Officers’ Certificate all or a portion of the Net Proceeds therefrom for
reinvestment in the form of Replacement Assets (such Net Proceeds, “Specified Net Proceeds”).
Within 365 days after the Issuers’ or a Restricted Subsidiary’s receipt of Specified Net Proceeds,
the Issuers or such Restricted Subsidiary may apply such Specified Net Proceeds to purchase
Replacement Assets.

          Within 180 days after the Issuers’ or a Restricted Subsidiary’s receipt of Net Proceeds from
an Asset Sale of Spectrum Assets that are not designated Specified Net Proceeds (“Non-Specified Net
Proceeds”), the Issuers or such Restricted Subsidiary, at its option, may apply up to 25% of the
Non-Specified Net Proceeds from such Asset Sale of Spectrum Assets:

     (1) to make an investment in (a) any one or more businesses; provided that such
investment in any business is in the form of the acquisition of Capital Stock of such
business such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c)
acquisitions of other assets, in each of (a), (b) and (c), used or useful in a Similar
Business; provided, further, that, to the extent such investment is of the type which would
constitute Collateral under the Second-Priority Security Documents, such investment is
concurrently added to the Collateral securing the Second-Priority Notes in the manner and to
the extent required in this Second-Priority Indenture or any of the Second-Priority Security
Documents;

     (2) to make an investment in (a) any one or more businesses; provided that such
investment in any business is in the form of the acquisition of Capital Stock of such
business such that it constitutes a Restricted Subsidiary, (b) properties or (c) other
assets that, in each of (a), (b) and (c), replace the businesses, properties and assets that
are the subject of such Asset Sale; provided, further, that, to the extent such investment
is of the type which would constitute Collateral under the Second-Priority Security
Documents, such investment is concurrently added to the Collateral securing the
Second-Priority Notes in the manner and to the extent required in this Second-Priority
Indenture or any of the Second-Priority Security Documents; and/or

     (3) to repay First-Priority Obligations.

          The remainder of the Non-Specified Net Proceeds from an Asset Sale of Spectrum Assets covered
by this Section 1018(b) may be applied, at the option of the Issuers or such Restricted Subsidiary,
to purchase Replacement Assets within 180 days after the receipt by the Issuers or such Restricted
Subsidiary of the Non-Specified Net Proceeds from such Asset Sale of Spectrum Assets.

          Any Net Proceeds from Asset Sales of Spectrum Assets covered by this Section 1018(b) that are
not invested or applied as provided and within the time period set forth above shall be deemed to
constitute “Excess Spectrum Assets Proceeds.” The Issuers may use Net Proceeds from Asset Sales of
Spectrum Assets covered by this

-100-

 

clause (b) at any time to, to and when the aggregate amount of Excess Spectrum Assets Proceeds
exceeds $50.0 million the Issuers shall, make an offer to all Holders of the Second-Priority Notes,
and, at the Issuers’ option, to the holders of any Permitted Additional Junior Lien Obligations (a
“Spectrum Assets Asset Sale Offer”), to purchase the maximum principal amount of Second-Priority
Notes and such Permitted Additional Junior Lien Obligations, that is $2,000 or an integral multiple
of $1,000 in excess thereof that may be purchased out of the Excess Spectrum Assets Proceeds at an
offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the date fixed for the closing of such offer, in accordance with the
procedures set forth in this Second-Priority Indenture. The Issuers shall commence a Spectrum
Assets Asset Sale Offer with respect to Excess Spectrum Assets Proceeds within ten business days
after the date that Excess Spectrum Assets Proceeds exceeds $50.0 million by mailing the notice
required pursuant to the terms of this Second-Priority Indenture, with a copy to the
Second-Priority Trustee. To the extent that the aggregate amount of Second-Priority Notes and such
Permitted Additional Junior Lien Obligations tendered pursuant to a Spectrum Assets Asset Sale
Offer is less than the Excess Spectrum Assets Proceeds, the Issuers may use any remaining Excess
Spectrum Assets Proceeds (which shall also constitute “Unutilized Spectrum Assets Excess Proceeds”)
for any purpose not prohibited by the terms of this Second-Priority Indenture. If the aggregate
principal amount of Second-Priority Notes or the Permitted Additional Junior Lien Obligations
surrendered by such holders thereof exceeds the amount of Excess Spectrum Assets Proceeds, the
Second-Priority Trustee shall select the Second-Priority Notes and the applicable agent or Issuers
shall select such Permitted Additional Junior Lien Obligations to be purchased on a pro rata basis
based on the accreted value or principal amount of the Second-Priority Notes or such Permitted
Additional Junior Lien Obligations tendered. Upon completion of any such Spectrum Assets Asset
Sale Offer, the amount of Excess Spectrum Assets Proceeds shall be reset at zero. After the
Issuers or any Restricted Subsidiary has applied the Net Proceeds from any Asset Sale of Spectrum
Assets as provided in, and within the time periods required by, this clause (b), any Unutilized
Spectrum Assets Excess Proceeds shall be released by the Second-Priority Collateral Agent to the
Issuers or such Restricted Subsidiary for use by the Issuers or such Restricted Subsidiary for any
purpose not prohibited by this Second-Priority Indenture.

          (c) For purposes of Section 1018(a) and (b), (i) any liabilities (other than Permitted
Additional Junior Lien Obligations and Indebtedness the repayment of which would constitute a
Restricted Payment) (as shown on the Issuers’, or such Restricted Subsidiary’s, most recent balance
sheet or in the Second-Priority Notes thereto) of the Issuers or any Restricted Subsidiary that are
assumed by the transferee of any such assets and for which the Issuers and all Restricted
Subsidiaries have been validly released by all creditors in writing; and (ii) any securities or
other obligations received by the Issuers, a Subsidiary Guarantor or such Restricted Subsidiary
from such transferee that are converted by the Issuers or such Restricted Subsidiary into cash or
Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following
the closing of such Asset Sale shall be deemed to be cash or Cash Equivalents.

          (d) In addition for purposes of Section 1018(a), any Designated Noncash Consideration received
by the Issuers or any Restricted Subsidiary in such Asset Sale having an aggregate fair market
value, taken together with all other Designated Noncash Consideration received pursuant to this
clause (c) that is at that time outstanding, not to exceed $200.0 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 or Cash
Equivalents.

          (e) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent such laws or regulations are
applicable in connection with the repurchase of the Second-Priority Notes pursuant to an Asset Sale
Offer or Spectrum Assets Asset Sale Offer. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Second-Priority Indenture, the Issuers
shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations described in this Second-Priority Indenture by virtue thereof.

-101-

 

          SECTION 1019. [RESERVED].

          SECTION 1020. Further Assurances and After-Acquired Property.

          (a) To the extent required under this Second-Priority Indenture or any of the Second-Priority
Security Documents, the Issuers and the Subsidiary Guarantors shall execute any and all further
documents, financing statements, agreements and instruments, and take all further action that may
be required under applicable law, or that the Second-Priority Collateral Agent may reasonably
request, in order to grant, preserve, protect and perfect the validity and priority of the security
interests and Liens created or intended to be created by the Second-Priority Security Documents in
the Collateral. In addition, to the extent required under this Second-Priority Indenture or any of
the Second-Priority Security Documents, from time to time, the Issuers shall promptly secure the
obligations under this Second-Priority Indenture, Second-Priority Security Documents and
Intercreditor Agreement by pledging or creating, or causing to be pledged or created, perfected
security interests and Liens with respect to the Collateral perfected to the extent required by the
Second-Priority Security Documents. Such security interests and Liens shall be created under the
Second-Priority Security Documents and other security agreements and other instruments and
documents in form and substance reasonably satisfactory to the Second-Priority Trustee, and the
Issuers shall deliver or cause to be delivered to Second-Priority Trustee all such instruments and
documents (including certificates, legal opinions, title insurance policies and lien searches) as
the Second-Priority Trustee shall reasonably request to evidence compliance with this covenant.
The Issuers agree to provide such evidence as the Second-Priority Trustee shall reasonably request
as to the perfection (to the extent required by the Second-Priority Security Documents) and
priority status of each such security interest and Lien.

          (b) In furtherance of the foregoing, promptly following the acquisition by the Issuers or any
Subsidiary Guarantor of any After-Acquired Property, to the extent such After-Acquired Property is
of the type which would constitute Collateral under the Second-Priority Security Documents, the Issuers or such Subsidiary Guarantor shall execute and deliver such deeds of trust,
security instruments, financing statements and certificates and opinions of counsel as shall be
reasonably necessary to cause such After-Acquired Property to be made subject to the Lien under the
Second-Priority Security Documents in the manner and to the extent required by this Second-Priority
Indenture or any of the Second-Priority Security Documents and shall take all necessary action so
that such Lien is perfected to the extent required by the Second-Priority Security Documents to vest in the Second-Priority Collateral Agent a perfected security interest in such
After-Acquired Property and to have such After-Acquired Property added to the Collateral and
thereupon all provisions of this Second-Priority Indenture and the Second-Priority Security
Documents relating to the Collateral shall be deemed to relate to such After-Acquired Property to
the same extent and with the same force and effect.

          SECTION 1021. Information Regarding Collateral.

          (a) The Issuers shall furnish to the Second-Priority Collateral Agent, with respect to the
Issuers or any Subsidiary Guarantor, promptly (and in any event within 30 days of such change)
written notice of any change in such Person’s (i) name, (ii) jurisdiction of organization or
formation, (iii) identity or corporate structure or (iv) Organizational Identification Number. The
Issuers and the Subsidiary Guarantors shall agree not to effect or permit any change referred to in
the preceding sentence unless all filings have been made under the Uniform Commercial Code or
otherwise that are required in the Second-Priority Security Documents in order for the Collateral
to be made subject to the Lien of the Second-Priority Collateral Agent under the Second-Priority
Security Documents in the manner and to the extent required by the Second-Priority Indenture or any
of the Second-Priority Security Documents and shall take all necessary action so that such Lien is
perfected with the same priority as immediately prior to such change to the extent required by the
Second-Priority Security Documents. The Issuers also agree promptly to notify the Second-Priority
Collateral Agent if any material portion of the Collateral is damaged, destroyed or condemned.

          (b) Each year, within 120 days after the end of the preceding fiscal year, the Issuers shall
deliver to the Second-Priority Trustee a certificate of a financial officer setting forth the
information required pursuant to the schedules required by the Second-Priority Security Documents
or confirming that there has been no change in such information since the date of the prior annual
financial statements.

-102-

 

          SECTION 1022. Impairment of Security Interest.

          Subject to the rights of the holders of Permitted Liens, the Company shall not, and shall not
permit any of its Restricted Subsidiaries to, take or knowingly or negligently omit to take, any
action which action or omission would reasonably be expected to have the result of materially
impairing the security interest with respect to the Collateral for the benefit of Secured Parties,
subject to limited exceptions. The Company shall not amend, modify or supplement, or permit or
consent to any amendment, modification or supplement of, the Second-Priority Security Documents in
any way that would be adverse to the Holders of the Second-Priority Notes in any material respect,
except as permitted by Article Nine or Fourteen, the Second-Priority Security Documents or the
Intercreditor Agreement.

          SECTION 1023. Limitation on Lines of Business.

          The Issuers shall not, and shall not permit any Restricted Subsidiary to, engage in any
business other than a Similar Business.

          SECTION 1024. Future Subsidiary Guarantors.

          The Issuers shall cause each Spectrum Entity that is a wholly-owned Domestic Subsidiary that
is formed or acquired following the Issue Date to execute and deliver to the Second-Priority
Trustee a supplemental indenture pursuant to which such domestic wholly-owned Restricted Subsidiary
will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the
principal of, premium, if any, and interest in respect of the Second-Priority Notes on a senior
secured basis and all other obligations under this Second-Priority Indenture.

          Each Restricted Subsidiary that becomes a Subsidiary Guarantor on or after the Issue Date
shall also become a party to the applicable Second-Priority Security Documents and shall as
promptly as practicable execute and deliver such security instruments, financing statements and
certificates and opinions of counsel (to the extent, and substantially in the form, delivered on
the Issue Date (but no greater scope)) as may be necessary to vest in the Second-Priority
Collateral Agent a second-priority security interest (subject to Permitted Liens or Permitted
Spectrum Liens in the case of Spectrum Assets) in the manner and to the extent set forth in the
Second-Priority Security Documents and this Second-Priority Indenture in properties and assets of
the type constituting Collateral as security for the Second-Priority Notes or the Guarantees, and
thereupon all provisions of this Second-Priority Indenture relating to the Collateral shall be
deemed to relate to such properties and assets to the same extent and with the same force and
effect.

          SECTION 1025. Suspension of Certain Covenants.

          (a) During any period of time that: (i) the Second-Priority Notes have Investment Grade
Ratings from both Rating Agencies and (ii) no Default has occurred and is continuing under this
Second-Priority Indenture (the occurrence of the events described in the foregoing clauses (i)
and (ii) being collectively referred to as a “Covenant Suspension Event”), the Issuers and the
Restricted Subsidiaries shall not be subject to 1010, 1011, 1013, 1014, 1015, 1016, 1024 hereof,
and clause (4) of Section 801 hereof (the “Suspended Covenants”).

          (b) In the event that the Issuers and the Restricted Subsidiaries are not subject to the
Suspended Covenants under this Second-Priority Indenture 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 withdraw their Investment Grade Rating or downgrade the rating assigned to the
Second-Priority Notes below an Investment Grade Rating then the Issuers and the Restricted
Subsidiaries shall thereafter again be subject to the Suspended Covenants under this
Second-Priority Indenture. The period of time between the Covenant Suspension Event and the
Reversion Date is referred to herein as the “Suspension Period”.

          (c) On each Reversion Date, all Indebtedness incurred, or Disqualified Stock or preferred
stock issued, during the Suspension Period will be classified as having been incurred or issued
pursuant to Section 1011(a) or one of the clauses set forth in Section 1011(b) (to the extent
such Indebtedness or Disqualified Stock or preferred stock would be permitted to be incurred or
issued thereunder as of the Reversion Date and after

-103-

 

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 or
preferred stock would not be so permitted to be incurred or issued pursuant to the Section
1011(a) or Section 1011(b), such Indebtedness or Disqualified Stock or preferred stock will be
deemed to have been outstanding on the Issue Date, so that it is classified as permitted under
Section 1011(b)(2). Calculations made after the Reversion Date of the amount available to be made
as Restricted Payments under Section 1010 will be made as though Section 1010 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 the Section 1010(b). As described above, however, no Default or Event of Default will be
deemed to have occurred as a result of the Reversion Date occurring on the basis of any actions
taken or the continuance of any circumstances resulting from actions taken or the performance of
obligations under agreements entered into by the Issuers or any of the Restricted Subsidiaries
during the Suspension Period (other than agreements to take actions after the Reversion Date that
would not be permitted outside of the Suspension Period entered into in contemplation of the
Reversion Date). For purposes of Section 1018, on the Reversion Date, the unutilized Excess
Proceeds and the Excess Spectrum Asset Proceeds amounts will be reset to zero.

          (d) During the Suspension Period no Restricted Subsidiary may be designated as an
Unrestricted Subsidiary.

          (e) The Issuers shall deliver promptly to the Second-Priority Trustee an Officer’s
Certificate notifying it of any Covenant Suspension Event or Reversion Date, under this Section
1025.

ARTICLE ELEVEN

REDEMPTION OF NOTES

          SECTION 1101. Right of Redemption.

          (a) Except as set forth below, the Second-Priority Notes are not redeemable at the Issuers’
option until December 1, 2014. From and after December 1, 2014, the Issuers may redeem the
Second-Priority 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 Second-Priority Trustee, to each
Holder of Second-Priority Notes to the address of such Holder appearing in the Second-Priority Note
Register at the Redemption Prices (expressed as percentages of principal amount) set forth below,
plus accrued and unpaid interest thereon, if any, to but excluding 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 1 of each of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage	 
	2014
	 	 	106.000	%
	2015
	 	 	103.000	%
	2016 and thereafter
	 	 	100.000	%

          (b) In addition to the optional redemption of the Second-Priority Notes in accordance with the
provisions of the preceding paragraph, at any time, prior to December 1, 2013 the Issuers may, at
their option, redeem up to 35% of the aggregate principal amount of Second-Priority Notes issued
under this Second-Priority Indenture at a redemption price equal to 112.000% of the aggregate
principal amount thereof, plus accrued and unpaid interest thereon, if any, to but excluding 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 Equity
Offerings of the Company or any direct or indirect parent of the Company to the extent such net
proceeds are contributed to the Company; provided that at least 65% of the aggregate principal
amount of Second-Priority Notes originally issued under this Second-Priority Indenture remains
outstanding immediately after the

-104-

 

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.

          (c) At any time prior to the final maturity date of the Second-Priority Notes, the Issuers may
also redeem all or a part of the Second-Priority Notes, upon not less than 30 nor more than 60
days’ prior notice mailed by first-class mail to each Holder’s registered address, with a copy to
the Second-Priority Trustee, at a redemption price equal to 100% of the principal amount of
Second-Priority Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest,
if any, to but excluding the Redemption Date, subject to the rights of Holders of Second-Priority
Notes on the relevant record date to receive interest due on the relevant Interest Payment Date.

          (d) The Second-Priority Trustee shall select the Second-Priority Notes to be purchased in
accordance with Section 1104.

          (e) Notice of redemption upon any Equity Offering or in connection with a transaction (or
series of related transactions) that constitute a Change of Control may, at the Issuers’ option and
discretion, be subject to one or more conditions precedent, including, but not limited to,
completion of an Equity Offering or Change of Control, as the case may be.

          SECTION 1102. Applicability of Article.

          Redemption of Second-Priority Notes at the election of the Issuers or otherwise, as permitted
or required by any provision of this Second-Priority Indenture, shall be made in accordance with
such provision and this Article.

          SECTION 1103. Election to Redeem; Notice to Second-Priority Trustee.

          The election of the Issuers to redeem any Second-Priority Notes pursuant to Section 1101 above
shall be evidenced by a Board Resolution. In case of any redemption at the election of the
Issuers, the Issuers shall, at least 45 days prior to the Redemption Date fixed by the Issuers
(unless a shorter notice shall be satisfactory to the Second-Priority Trustee), notify the
Second-Priority Trustee of such Redemption Date and of the principal amount of Second-Priority
Notes to be redeemed and shall deliver to the Second-Priority Trustee such documentation and
records as shall enable the Second-Priority Trustee to select the Second-Priority Notes to be
redeemed pursuant to Section 1104.

          SECTION 1104. Selection by Second-Priority Trustee of Second-Priority Notes to Be
Redeemed.

          If less than all of the Second-Priority Notes or such Permitted Additional Junior Lien
Obligations are to be redeemed at any time, selection of such Second-Priority Notes for redemption,
shall be made by the Second-Priority Trustee in compliance with the requirements of the principal
national securities exchange, if any, on which such Second-Priority Notes are listed, or, if such
Second-Priority Notes are not so listed, on a pro rata basis or by lot or such similar method in
accordance with the procedures of DTC; provided that no Second-Priority Notes of $2,000 or less
shall be purchased or redeemed in part.

          Notices of purchase or redemption shall be mailed by first class mail, postage prepaid, at
least 30 but not more than 60 days before the purchase or redemption date to each Holder of
Second-Priority Notes to be purchased or redeemed at such Holder’s registered address. If any
Second-Priority Note is to be purchased or redeemed in part only, any notice of purchase or
redemption that relates to such Second-Priority Note shall state the portion of the principal
amount thereof that has been or is to be purchased or redeemed.

          A new Second-Priority Note in principal amount equal to the unpurchased or unredeemed portion
of any Second-Priority Note purchased or redeemed in part shall be issued in the name of the Holder
thereof upon cancellation of the original Second-Priority Note. On and after the purchase or
redemption date, unless the Issuers default in payment of the purchase or redemption price,
interest shall cease to accrue on Second-Priority Notes or portions thereof purchased or called for
redemption.

-105-

 

          SECTION 1105. Notice of Redemption.

          Notice of redemption shall be given in the manner provided for in Section 106 not less than 30
nor more than 45 days prior to the Redemption Date, to each Holder to be redeemed. Except as set
forth in Section 1101(e), notices of redemption may not be conditional.

          All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price and the amount of accrued interest to the Redemption Date
payable as provided in Section 1107, if any,

     (3) if less than all Outstanding Second-Priority Notes are to be redeemed, the
identification (and, in the case of a partial redemption, the principal amounts) of the
particular Second-Priority Notes to be redeemed,

     (4) in case any Second-Priority Note is to be redeemed in part only, the notice which
relates to such Second-Priority Note shall state that on and after the Redemption Date, upon
surrender of such Second-Priority Note, the holder will receive, without charge, a new
Second-Priority Note or Second-Priority Notes of authorized denominations for the principal
amount thereof remaining unredeemed,

     (5) that on the Redemption Date the Redemption Price (and accrued interest, if any, to
the Redemption Date payable as provided in Section 1107) will become due and payable upon
each such Second-Priority Note, or the portion thereof, to be redeemed, and that interest
thereon will cease to accrue on and after said date,

     (6) the place or places where such Second-Priority Notes are to be surrendered for
payment of the Redemption Price and accrued interest, if any,

     (7) the name and address of the Paying Agent,

     (8) that Second-Priority Notes called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price,

     (9) the CUSIP number, and that no representation is made as to the accuracy or
correctness of the CUSIP number, if any, listed in such notice or printed on the
Second-Priority Notes,

     (10) the paragraph of the Second-Priority Notes pursuant to which the Second-Priority
Notes are to be redeemed; and

     (11) any condition to such redemption.

          Notice of redemption of Second-Priority Notes to be redeemed at the election of the Issuers
shall be given by the Issuers or, at the Issuers’ request, by the Second-Priority Trustee in the
name and at the expense of and in the form provided by, the Issuers; provided, however, that in all
cases, the text of such notice of redemption shall be prepared by the Issuers.

          SECTION 1106. Deposit of Redemption Price.

          Prior to any Redemption Date, the Issuers shall deposit with the Second-Priority Trustee or
with a Paying Agent (or, if the Issuers are acting as their own Paying Agent, segregate and hold in
trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of,
and accrued interest, if any, on, all the Second-Priority Notes which are to be redeemed on that
date.

-106-

 

          SECTION 1107. Second-Priority Notes Payable on Redemption Date.

          Notice of redemption having been given as aforesaid, the Second-Priority Notes so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified (together with accrued interest, if any, to the Redemption Date)(except as provided in
Section 1101(e)), and from and after such date (unless the Issuers shall default in the payment of
the Redemption Price and accrued interest) such Second-Priority Notes shall cease to bear interest.
Upon surrender of any such Second-Priority Note for redemption in accordance with said notice,
such Second-Priority Note shall be paid by the Issuers at the Redemption Price, together with
accrued interest, if any, to the Redemption Date; provided, however, that installments of interest
whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such
Second-Priority Notes, or one or more Predecessor Second-Priority Notes, registered as such at the
close of business on the relevant Record Dates according to their terms and the provisions of
Section 307.

          If any Second-Priority Note called for redemption shall not be so paid upon surrender thereof
for redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate borne by the Second-Priority Notes.

          SECTION 1108. Second-Priority Notes Redeemed in Part.

          Any Second-Priority Note which is to be redeemed only in part (pursuant to the provisions of
this Article) shall be surrendered at the office or agency of the Issuers maintained for such
purpose pursuant to Section 1002 (with, if the Issuers or the Second-Priority Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Issuers and the
Second-Priority Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing), and the Issuers shall execute, and the Second-Priority Trustee shall
authenticate and deliver to the Holder of such Second-Priority Note without service charge, a new
Second-Priority Note or Second-Priority Notes, of any authorized denomination as requested by such
Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the
principal of the Second-Priority Note so surrendered.

ARTICLE TWELVE

GUARANTEES

          SECTION 1201. Guarantees.

          Each Subsidiary Guarantor hereby jointly and severally, unconditionally and irrevocably
guarantees the Second-Priority Notes and obligations of the Issuers hereunder and thereunder, and
guarantees to each Holder of a Second-Priority Note authenticated and delivered by the
Second-Priority Trustee, and to the Second-Priority Trustee on behalf of such Holder, that: (a)
the principal of (and premium, if any) and interest on the Second-Priority Notes will be paid in
full when due, whether at Stated Maturity, by acceleration or otherwise (including, without
limitation, the amount that would become due but for the operation of the automatic stay under
Section 362(a) of the Bankruptcy Law), together with interest on the overdue principal, if any, and
interest on any overdue interest, to the extent lawful, and all other obligations of the Issuers to
the Holders, Second-Priority Collateral Agent or the Second-Priority Trustee hereunder or
thereunder will be paid in full or performed, all in accordance with the terms hereof and thereof;
and (b) in case of any extension of time of payment or renewal of any Second-Priority Notes or of
any such other obligations, the same shall be 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,
subject, however, in the case of clauses (a) and (b) above, to the limitation set forth in Section
1205 hereof.

          Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Second-Priority Notes or this
Second-Priority Indenture, the absence of any action to enforce the same, any waiver or consent by
any Holder with respect to any provisions hereof or thereof, any release of any other Subsidiary
Guarantor, the recovery of any judgment against the Issuers, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Subsidiary Guarantor.

-107-

 

          Each Subsidiary Guarantor hereby waives (to the extent permitted by law) the benefits of
diligence, presentment, demand for payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the
Issuers or any other Person, protest, notice and all demands whatsoever and covenants that the
Guarantee of such Subsidiary Guarantor shall not be discharged as to any Second-Priority Note
except by complete performance of the obligations contained in such Second-Priority Note, this
Second-Priority Indenture and such Guarantee. Each Subsidiary Guarantor acknowledges that the
Guarantee is a guarantee of payment and not of collection. Each of the Subsidiary Guarantors
hereby agrees that, in the event of a default in payment of principal (or premium, if any) or
interest on such Second-Priority Note, whether at its Stated Maturity, by acceleration, purchase or
otherwise, legal proceedings may be instituted by the Second-Priority Trustee on behalf of, or by,
the Holder of such Second-Priority Note, subject to the terms and conditions set forth in this
Second-Priority Indenture, directly against each of the Subsidiary Guarantors to enforce such
Subsidiary Guarantor’s Guarantee without first proceeding against the Issuers or any other
Subsidiary Guarantor. Each Subsidiary Guarantor agrees that if, after the occurrence and during
the continuance of an Event of Default, the Second-Priority Trustee or any of the Holders are
prevented by applicable law from exercising their respective rights to accelerate the Maturity of
the Second-Priority Notes, to collect interest on the Second-Priority Notes, or to enforce or
exercise any other right or remedy with respect to the Second-Priority Notes, such Subsidiary
Guarantor shall pay to the Second-Priority Trustee for the account of the Holder, upon demand
therefor, the amount that would otherwise have been due and payable had such rights and remedies
been permitted to be exercised by the Second-Priority Trustee or any of the Holders.

          If any Holder or the Second-Priority Trustee is required by any court or otherwise to return
to the Issuers or any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar
official acting in relation to either the Issuers or any Subsidiary Guarantor, any amount paid by
any of them to the Second-Priority Trustee or such Holder, the Guarantee of each of the Subsidiary
Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect.
Each Subsidiary Guarantor further agrees that, as between each Subsidiary Guarantor, on the one
hand, and the Holders and the Second-Priority Trustee on the other hand, (x) subject to this
Article Twelve, the Maturity of the obligations guaranteed hereby may be accelerated as provided in
Article Five hereof for the purposes of the Guarantee of such Subsidiary Guarantor notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any acceleration of such obligation as
provided in Article Five hereof, such obligations (whether or not due and payable) shall forthwith
become due and payable by each Subsidiary Guarantor for the purpose of the Guarantee of such
Subsidiary Guarantor.

          Each Guarantee shall remain in full force and effect and continue to be effective should any
petition be filed by or against the Issuers for liquidation, reorganization, should the Issuers
become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee
be appointed for all or any significant part of the Issuers’ assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Second-Priority Notes are, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the
Second-Priority Notes, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all
as though such payment or performance had not been made. In the event that any payment or any part
thereof, is rescinded, reduced, restored or returned, the Second-Priority Notes shall, to the
fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not
so rescinded, reduced, restored or returned.

          SECTION 1202. Severability.

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

          SECTION 1203. Restricted Subsidiaries.

               (a) The Issuers shall cause any Restricted Subsidiary required to guarantee payment of
the Second-Priority Notes pursuant to the terms and provisions of Section 1015 to (i) execute
and deliver to the Second-Priority Trustee any amendment or supplement to this
Second-Priority Indenture in accordance with the provisions of Article Nine of this
Second-Priority Indenture pursuant to which such Restricted

-108-

 

Subsidiary shall guarantee all of the obligations on the Second-Priority Notes, whether for
principal, premium, if any, interest (including interest accruing after the filing of, or
which would have accrued but for the filing of, a petition by or against the Issuers under
Bankruptcy Law, whether or not such interest is allowed as a claim after such filing in any
proceeding under such law) and other amounts due in connection therewith (including any fees,
expenses and indemnities), on a senior secured basis, (ii) deliver to such Second-Priority
Trustee an Opinion of Counsel reasonably satisfactory to such Second-Priority Trustee to the
effect that such amendment or supplement has been duly executed and delivered by such
Restricted Subsidiary and is in compliance with the terms of this Second-Priority Indenture
and (iii) execute and deliver a supplement or such comparable documentation to become a
Grantor to the Second-Priority Security Agreement and the other Second-Priority Security
Documents and to take all actions to cause the Lien created by the Second-Priority Security
Documents to be duly perfected to the extent required by such agreement. Upon the execution
of any such amendment or supplement, the obligations of the Subsidiary Guarantors and any
such Restricted Subsidiary under their respective Guarantees shall become joint and several
and each reference to the “Subsidiary Guarantor” in this Second-Priority Indenture shall,
subject to Section 1208, be deemed to refer to all Subsidiary Guarantors, including such
Restricted Subsidiary. Such Guarantee shall be released in accordance with Section 803 and
Section 1015(b).

          SECTION 1204. Ranking of Guarantee.

          The Guarantee issued by any Subsidiary Guarantor shall be a senior obligation of such
Subsidiary Guarantor and will be secured by a first-priority lien on the Collateral owned by such
Subsidiary Guarantor. The Guarantees shall: (a) rank equally in right of payment with all existing
and future Senior Indebtedness of the Subsidiary Guarantor, (b) be senior in right of payment to
all existing and future Subordinated Indebtedness of each Subsidiary Guarantor, and (c) be
structurally subordinated to Indebtedness and other liabilities of Subsidiaries of such Subsidiary
Guarantor that do not Guarantee the Second-Priority Notes.

          SECTION 1205. Limitation of Subsidiary Guarantors’ Liability.

          Each Subsidiary Guarantor and by its acceptance hereof each Holder confirms that it is the
intention of all such parties that the guarantee by each such Subsidiary Guarantor pursuant to its
Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal
or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To
effectuate the foregoing intention, the Holders and each such Subsidiary Guarantor hereby
irrevocably agree that the obligations of such Subsidiary Guarantor under its Guarantee shall be
limited to the maximum amount that will not, after giving effect to all other contingent and fixed
liabilities of such Subsidiary Guarantor and after giving effect to any collections from or
payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of
such other Subsidiary Guarantor under its Guarantee or pursuant to this Section 1205, result in the
obligations of such Subsidiary Guarantor under its Guarantee constituting such fraudulent transfer
or conveyance.

          SECTION 1206. Contribution.

          In order to provide for just and equitable contribution among the Subsidiary Guarantors, the
Subsidiary Guarantors agree, inter se, that in the event any payment or distribution is made by any
Subsidiary Guarantor (a “Funding Subsidiary Guarantor”) under a Guarantee, such Funding Subsidiary
Guarantor shall be entitled to a contribution from all other Subsidiary Guarantors in a pro rata
amount based on the Adjusted Net Assets (as defined below) of each Subsidiary Guarantor (including
the Funding Subsidiary Guarantor) for all payments, damages and expenses incurred by that Funding
Subsidiary Guarantor in discharging the Issuers’ obligations with respect to the Second-Priority
Notes or any other Subsidiary Guarantor’s obligations with respect to the Guarantee of such
Subsidiary Guarantor. “Adjusted Net Assets” of such Subsidiary Guarantor at any date shall mean
the lesser of (x) the amount by which the fair value of the property of such Subsidiary Guarantor
exceeds the total amount of liabilities, including, without limitation, contingent liabilities
(after giving effect to all other fixed and contingent liabilities incurred or assumed on such
date), but excluding liabilities under the Guarantee of such Subsidiary Guarantor at such date and
(y) the amount by which the present fair salable value of the assets of such Subsidiary Guarantor
at such date exceeds the amount that will be required to pay the probable liability of such
Subsidiary Guarantor on its

-109-

 

debts (after giving effect to all other fixed and contingent liabilities incurred or assumed
on such date), excluding debt in respect of the Guarantee of such Subsidiary Guarantor, as they
become absolute and matured.

          SECTION 1207. Subrogation.

          Each Subsidiary Guarantor shall be subrogated to all rights of Holders against the Issuers in
respect of any amounts paid by any Subsidiary Guarantor pursuant to the provisions of Section 1201;
provided, however, that, if an Event of Default has occurred and is continuing, no Subsidiary
Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such
right of subrogation until all amounts then due and payable by the Issuers under this
Second-Priority Indenture or the Second-Priority Notes shall have been paid in full.

          SECTION 1208. Reinstatement.

          Each Subsidiary Guarantor hereby agrees (and each Person who becomes a Subsidiary Guarantor
shall agree) that the Guarantee provided for in Section 1201 shall continue to be effective or be
reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or
interest thereon is rescinded or must otherwise be restored by a Holder to the Issuers upon the
bankruptcy or insolvency of the Issuers or any Subsidiary Guarantor.

          SECTION 1209. Release of a Subsidiary Guarantor.

          Concurrently with the discharge of the Second-Priority Notes under Section 401, the Legal
Defeasance of the Second-Priority Notes under Section 1302 hereof, or the Covenant Defeasance of
the Second-Priority Notes under Section 1303 hereof, the Subsidiary Guarantors shall be released
from all their obligations under their Guarantees under this Article Twelve. Any Subsidiary
Guarantor shall be released from all its obligations under its Guarantee in accordance with Section
803 and Section 1015(b).

          SECTION 1210. Benefits Acknowledged.

          Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Second-Priority Indenture and from its guarantee
and waivers pursuant to its Guarantees under this Article Twelve.

ARTICLE THIRTEEN

DEFEASANCE AND COVENANT DEFEASANCE

          SECTION 1301. Issuers’ Option to Effect Legal Defeasance or Covenant Defeasance.

          The Issuers may, at its option by Board Resolution, at any time, with respect to the
Second-Priority Notes, elect to have either Section 1302 or Section 1303 be applied to all
Outstanding Second-Priority Notes upon compliance with the conditions set forth below in this
Article Thirteen.

          SECTION 1302. Legal Defeasance and Discharge.

          Upon the Issuers’ exercise under Section 1301 of the option applicable to this Section 1302,
each of the Issuers and the Subsidiary Guarantors shall be deemed to have been discharged from its
respective obligations with respect to all Outstanding Second-Priority Notes on the date the
conditions set forth in Section 1304 are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, such Legal Defeasance means that each of the Issuers and the Subsidiary Guarantors shall
be deemed to have paid and discharged the entire indebtedness represented by the Outstanding
Second-Priority Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes
of Section 1305 and the other Sections of this Second-Priority Indenture referred to in (A) and (B)
below, and to have satisfied all its other obligations under such Second-Priority Notes and this
Second-Priority Indenture insofar as such Second-Priority Notes are concerned (and the
Second-Priority Trustee, at the expense of the Issuers, shall execute proper instruments
acknowledging the same), except for the following which shall survive until otherwise

-110-

 

terminated or discharged hereunder: (A) the rights of Holders of Outstanding Second-Priority Notes
to receive payments in respect of the principal of (and premium, if any, on) and interest on such
Second-Priority Notes when such payments are due, solely out of the trust described in Section
1304, (B) the Issuers’ obligations with respect to such Second-Priority Notes under Sections 304,
305, 306, 1002 and 1003, (C) the rights, powers, trusts, duties, indemnities and immunities of the
Second-Priority Trustee and Second-Priority Collateral Agent hereunder, and the obligations of each
of the Issuers’ and the Subsidiary Guarantors’ obligations in connection therewith and (D) this
Article Thirteen. Subject to compliance with this Article Thirteen, the Issuers may exercise their
option under this Section 1302 notwithstanding the prior exercise of its option under Section 1303
with respect to the Second-Priority Notes.

          SECTION 1303. Covenant Defeasance.

          Upon the Issuers’ exercise under Section 1301 of the option applicable to this Section 1303,
each of the Issuers and the Subsidiary Guarantors shall be released from its respective obligations
under any covenant contained in Sections 801, 802 and in Sections 1005, 1006, 1007, 1009 through
1022 with respect to the Outstanding Second-Priority Notes on and after the date the conditions set
forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Second-Priority Notes shall
thereafter be deemed not to be “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 shall continue to be deemed “Outstanding” for all other purposes hereunder. For
this purpose, such Covenant Defeasance means that, with respect to the Outstanding Second-Priority
Notes, the Issuers or any Subsidiary Guarantor, as applicable, may omit to comply with and shall
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 shall not constitute a Default or an Event of Default under
Sections 501(3), 501(4), 501(5) and 501(7) and, with respect to only any Significant Subsidiary and
not the Issuers, Section 501(6), but, except as specified above, the remainder of this
Second-Priority Indenture and such Second-Priority Notes shall be unaffected thereby.

          SECTION 1304. Conditions to Legal Defeasance or Covenant Defeasance.

          The following shall be the conditions to application of either Section 1302 or Section 1303 to
the Outstanding Second-Priority Notes:

     (1) The Issuers shall irrevocably have deposited or caused to be deposited with the
Second-Priority Trustee (or another trustee satisfying the requirements of Section 608 who
shall agree to comply with the provisions of this Article Thirteen applicable to it) as
trust funds in trust for the purpose of making the following payments, specifically pledged
as security for, and dedicated solely to the benefit of the Holders of such Second-Priority
Notes; (A) cash in U.S. dollars, or (B) non-callable Government Securities, or (C) a
combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Second-Priority Trustee, to pay and discharge, and which shall be
applied by the Second-Priority Trustee (or other qualifying trustee) to pay and discharge,
the principal of (and premium, if any) and interest on the Outstanding Second-Priority Notes
on the Stated Maturity (or Redemption Date, if applicable) of such principal (and premium,
if any or, interest due on the Second-Priority Notes; provided that the Second-Priority
Trustee shall have been irrevocably instructed to apply such cash or the proceeds of such
Government Securities to said payments with respect to the Second-Priority Notes. Before
such a deposit, the Issuers may give to the Second-Priority Trustee, in accordance with
Section 1103 hereof, a notice of their election to redeem all of the Outstanding
Second-Priority Notes at a future date in accordance with Article Eleven hereof, which
notice shall be irrevocable. Such irrevocable redemption notice, if given, shall be given
effect in applying the foregoing;

     (2) in the case of Legal Defeasance, the Issuers shall have delivered to the
Second-Priority Trustee an Opinion of Counsel in the United States reasonably acceptable to
the Second-Priority Trustee confirming that, subject to customary assumptions and
exclusions,

-111-

 

     (A) the Issuers have received from, or there has been published by, the United
States Internal Revenue Service a ruling, or

     (B) since the issuance of the Second-Priority 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
Second-Priority 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 case if such Legal Defeasance had not occurred;

     (3) in the case of Covenant Defeasance, the Issuers shall have delivered to the
Second-Priority Trustee an Opinion of Counsel in the United States reasonably acceptable to
the Second-Priority Trustee confirming that, subject to customary assumptions and
exclusions, the Holders of the Outstanding Second-Priority Notes 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 U.S. Federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such Covenant Defeasance had not occurred;

     (4) no Default or Event of Default (other than that resulting from borrowing funds to
be applied to make such deposit and the granting of Liens in connection therewith) shall
have occurred and be continuing on the date of such deposit;

     (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default (other than that resulting from borrowing funds to be
applied to make such deposit) under any other material agreement or instrument (other than
this Second-Priority Indenture) to which, the Issuers or any Subsidiary Guarantor is a party
or by which the Issuers or any Subsidiary Guarantor is bound;

     (6) the Issuers shall have delivered to the Second-Priority 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;

     (7) the Issuers shall have delivered to the Second-Priority Trustee an Officers’
Certificate stating that the deposit was not made by the Issuers with the intent of
defeating, hindering, delaying or defrauding any creditors of the Issuers or any Subsidiary
Guarantor or others; and

     (8) the Issuers shall have delivered to the Second-Priority Trustee an Officers’
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 1305. Deposited Money and Government Securities to Be Held in Trust; Other
Miscellaneous Provisions.

          Subject to the provisions of the last paragraph of Section 1003, all cash and Government
Securities (including the proceeds thereof) deposited with the Second-Priority Trustee (or other
qualifying trustee, collectively for purposes of this Section 1305, the “Second-Priority Trustee”)
pursuant to Section 1304 in respect of the Outstanding Second-Priority Notes shall be held in trust
and applied by the Second-Priority Trustee, in accordance with the provisions of such
Second-Priority Notes and this Second-Priority Indenture, to the payment, either directly or
through any Paying Agent (including the Issuers acting as their own Paying Agent) as the
Second-Priority Trustee may determine, to the Holders of such Second-Priority Notes of all sums due
and to become due thereon in respect

-112-

 

of principal (and premium, if any) and interest, but such money or Government Securities need
not be segregated from other funds except to the extent required by law.

          The Issuers shall pay and indemnify the Second-Priority Trustee against any tax, fee or other
charge imposed on or assessed against the Government Securities deposited pursuant to Section 1304
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 Second-Priority Notes.

          Anything in this Article Thirteen to the contrary notwithstanding, the Second-Priority Trustee
shall deliver or pay to the Issuers from time to time upon Issuer Request any money or Government
Securities held by it as provided in Section 1304 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to
the Second-Priority Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance, as applicable, in
accordance with this Article.

          SECTION 1306. Reinstatement.

          If the Second-Priority Trustee or any Paying Agent is unable to apply any money or Government
Securities in accordance with Section 1305 by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
Issuers’ and each Subsidiary Guarantor’s obligations under this Second-Priority Indenture and the
Outstanding Second-Priority Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 1302 or 1303, as the case may be, until such time as the Second-Priority
Trustee or Paying Agent is permitted to apply all such money or Government Securities in accordance
with Section 1305; provided, however, that if the Issuers makes any payment of principal of (or
premium, if any) or interest on any Second-Priority Note following the reinstatement of their
obligations, the Issuers shall be subrogated to the rights of the Holders of such Second-Priority
Notes to receive such payment from the money or Government Securities held by the Second-Priority
Trustee or Paying Agent.

ARTICLE FOURTEEN

SECURITY

          SECTION 1401. Collateral and Second-Priority Security Documents.

          (a) The due and punctual payment of the principal of and interest on the Second-Priority
Notes when and as the same shall be due and payable, whether on an Interest Payment Date, at
maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue
principal of and interest on the Second-Priority Notes and performance of all other
obligations of the Issuers and the Subsidiary Guarantors to the Holders, the Second-Priority
Trustee or the Second-Priority Collateral Agent under this Second-Priority Indenture, the
Second-Priority Notes and the Second-Priority Security Documents and Permitted Additional
Junior Lien Obligations, according to the terms hereunder or thereunder, shall be secured as
provided in the Second-Priority Security Documents, which define the terms of the Liens that
secure the obligations. The Second-Priority Trustee and the Issuers hereby acknowledge and
agree that the Second-Priority Collateral Agent holds the Collateral in trust for the benefit
of the Secured Parties, in each case pursuant to the terms of the Second-Priority Security
Documents. Each Holder, by accepting a Second-Priority Note, consents and agrees to the
terms of the Second-Priority Security Documents (including the provisions providing for the
possession, use, release and foreclosure of Collateral) as the same may be in effect or may
be amended from time to time in accordance with their terms and this Second-Priority
Indenture, and authorizes and directs the Second-Priority Collateral Agent to enter into the
Second-Priority Security Documents and to perform its obligations and exercise its rights
thereunder in accordance therewith; provided, however, that if any of the provisions of the
Second-Priority Security Documents limit, qualify or conflict with the duties imposed by the
provisions of the TIA, the TIA shall control. The Issuers shall deliver to the
Second-Priority Collateral Agent copies of all documents pursuant to the Second-Priority
Security Documents, and will do or cause to be done all such acts and things as may be
reasonably required by the next sentence of this Section 1401, to assure and confirm to the
Second-Priority Collateral Agent the security interest in the Collateral

-113-

 

contemplated hereby, by the Second-Priority Security Documents or any part thereof, as
from time to time constituted, so as to render the same available for the security and
benefit of this Second-Priority Indenture and of the Second-Priority Notes secured hereby,
according to the intent and purposes herein expressed. The Issuers shall, and shall cause
the Subsidiaries of the Issuers to, use its commercially reasonable efforts to take any and
all actions reasonably required to cause the Second-Priority Security Documents to create and
maintain, as security for the Obligations and Permitted Additional Junior Lien Obligations, a
valid and enforceable perfected (to the extent required by the Second-Priority Security
Documents) Lien and security interest in and on all of the Collateral, in favor of the
Second-Priority Collateral Agent for the benefit of the Secured Parties. The Issuers shall,
and shall cause the Subsidiary Guarantors of the Issuers to, and each Subsidiary Guarantor
shall, make all filings (including filings of continuation statements and amendments to
financing statements that may be necessary to continue the effectiveness of such financing
statements) and take all other actions as are necessary or required by the Second-Priority
Security Documents to maintain (at the sole cost and expense of the Issuers and the
Subsidiary Guarantors) the security interest created by the Second-Priority Security
Documents in the Collateral (other than with respect to any Collateral the security interest
in which is not required to be perfected under the Second-Priority Security Documents) as a
perfected security interest and subject only to Permitted Liens.

          SECTION 1402. Recordings and Opinions.

          (a) To the extent applicable, the Issuers will cause TIA § 313(b), relating to reports, to be
complied with. The Issuer shall not be required to comply with TIA § 314.

          (b) Any release of Collateral permitted by Section 1403 hereof will be deemed not to impair
the Liens under this Second-Priority Indenture, the Second-Priority Security Agreement and the
other Second-Priority Security Documents in contravention thereof.

          SECTION 1403. Release of Collateral.

          Subject to Sections 1402(b) and 1404 hereof, the Liens on the Collateral securing the
Second-Priority Notes will automatically and without the need for any further action by any Person
be released:

          (1) in whole or in part, as applicable, as to all or any portion of property subject to
such Liens which has been taken by eminent domain, condemnation or other similar
circumstances;

          (2) in whole upon:

               (A) satisfaction and discharge of this Second-Priority Indenture as set forth below
under Article 4; or

               (B) a legal defeasance or covenant defeasance of this Second-Priority
Indenture as described above under Article 13;

(3) in part, as to any property that (a) is sold, transferred or otherwise disposed
of by the Issuers or any Subsidiary Guarantor (other than to the Issuers or another
Subsidiary Guarantor) in a transaction not prohibited by this Second-Priority
Indenture at the time of such sale, transfer or disposition or (b) is owned or at
any time acquired by a Subsidiary Guarantor that has been released from its
Subsidiary Guarantee in accordance with this Second-Priority Indenture,
concurrently with the release of such Subsidiary Guarantee in each case as
certified by an Officer’s Certificate;

(4) in part, as to any Collateral of a Restricted Subsidiary that is designated as
an Unrestricted Subsidiary in a transaction or other circumstance that complies
with the provisions of this Second-Priority Indenture and other relevant provisions
of any other Secured Debt Documents, at the time such Restricted Subsidiary is
designated as an Unrestricted Subsidiary;

-114-

 

(4) upon the Discharge of First-Priority Obligations and concurrent release of all
other Liens on such property or assets securing First-Priority Obligations;
provided, however, that if the Issuers or any Subsidiary Guarantor subsequently
incurs First-Priority Obligations that are secured by Liens on property or assets
of the Issuers or any Subsidiary Guarantor of the type constituting the Collateral
and the related Liens are incurred in reliance on clauses (25) or (30) of the
definition of “Permitted Liens” or reliance on clause (18) of the definition of
“Permitted Liens” to refinance Liens incurred in reliance on clauses (25) or (30)
of the definition of “Permitted Liens,” then the Issuers and their Restricted
Subsidiaries will be required to reinstitute the security arrangements with respect
to the Collateral in favor of the Second-Priority Notes, which, in the case of any
such subsequent First-Priority Obligations, will be second-priority Liens on the
Collateral securing such First-Priority Obligations to the same extent provided by
the Second Lien Security Documents and on the terms and conditions of the security
documents relating to such First-Priority Obligations, with the second-priority
Lien held either by the administrative agent, collateral agent or other
representative for such First-Priority Obligations or by a collateral agent or
other representative designated by the Issuers to hold the second-priority Liens
for the benefit of the Holders of the Second-Priority Notes and subject to an
intercreditor agreement that provides the administrative agent or collateral agent
substantially the same rights and powers as afforded under the Intercreditor
Agreement; and

(5) in part, in accordance with the applicable provisions of the Second-Priority
Security Documents.

          If an Event of Default under the Second-Priority Indenture exists on the date of Discharge of
First-Priority Obligations, the second-priority Liens on the Collateral securing the
Second-Priority Notes will not be released, except to the extent the Collateral or any portion
thereof was disposed of in order to repay the First-Priority Obligations secured by the Collateral,
and thereafter the Second-Priority Collateral Agent (or another designated representative acting at
the direction of the Holders of a majority of outstanding principal amount of the Second-Priority
Notes and other Permitted Additional Junior Lien Obligations) will have the right to direct the
First-Priority Collateral Agent to foreclose upon the Collateral (but in such event, the Liens on
the Collateral securing the second lien notes will be released when such Event of Default and all
other Events of Default under the Second-Priority Indenture cease to exist).

          SECTION 1404. [RESERVED]

          SECTION
1405. Suits to Protect the Collateral.

          Subject to the provisions of Article Six hereof and the Second-Priority Security Documents,
the Second-Priority Trustee in its sole discretion and without the consent of the Holders, on
behalf of the Holders, may, and upon direction of a majority of Holders shall, direct the
Second-Priority Collateral Agent to take all actions it deems necessary or appropriate in order to:

          (a) enforce any of the terms of the Second-Priority Security Documents; and

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

          Subject to the provisions of the Second-Priority Security Documents, the Second-Priority
Trustee shall have power to institute and to maintain such suits and proceedings as it may deem
expedient to prevent any impairment of the Collateral by any acts which may be unlawful or in
violation of any of the Second-Priority Security Documents or this Second-Priority Indenture, and
such suits and proceedings as the Second-Priority Trustee, in its sole discretion, may deem
expedient to preserve or protect its interests and the interests of the Holders in the Collateral
(including power to institute and maintain suits or proceedings to restrain the enforcement of or
compliance with any legislative or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the Lien on the Collateral or

-115-

 

be prejudicial to the interests of the Holders or the Second-Priority Trustee). Nothing in
this Section 1405 shall be considered to impose any such duty or obligation to act on the part of
the Second-Priority Trustee.

          SECTION 1406. Authorization of Receipt of Funds by the Second-Priority Trustee Under the
Second-Priority Security Documents.

          Subject to the provisions of an Intercreditor Agreement, the Second-Priority Trustee is
authorized to receive any funds for the benefit of the Holders distributed under the
Second-Priority Security Documents, and to make further distributions of such funds to the Holders
according to the provisions of this Second-Priority Indenture.

          SECTION 1407. Purchase Protected.

          In no event shall any purchaser in good faith of any property purported to be released
hereunder be bound to ascertain the authority of the Second-Priority Collateral Agent or the
Second-Priority Trustee to execute the release or to inquire as to the satisfaction of any
conditions required by the provisions hereof for the exercise of such authority or to see to the
application of any consideration given by such purchaser or other transferee; nor shall any
purchaser or other transferee of any property or rights permitted by this Article Fourteen to be
sold be under any obligation to ascertain or inquire into the authority of the Issuers or the
applicable Subsidiary Guarantor to make any such sale or other transfer.

          SECTION 1408. Powers Exercisable by Receiver or Second-Priority Trustee.

          In case the Collateral shall be in the possession of a receiver or trustee, lawfully
appointed, the powers conferred in this Article Fourteen upon the Issuers or a Subsidiary Guarantor
with respect to the release, sale or other disposition of such property may be exercised by such
receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the
equivalent of any similar instrument of the Issuers or a Subsidiary Guarantor or of any officer or
officers thereof required by the provisions of this Article Fourteen; and if the Second-Priority
Trustee shall be in the possession of the Collateral under any provision of this Second-Priority
Indenture, then such powers may be exercised by the Second-Priority Trustee.

          SECTION 1409. Release upon Termination of the Issuers’ Obligations.

          In the event that the Issuers deliver to the Second-Priority Trustee, in form and substance
reasonably acceptable to it, an Officers’ Certificate certifying that (i) payment in full of the
principal of, together with accrued and unpaid interest (including additional interest, if any) on,
the Second-Priority Notes and all other Obligations under this Second-Priority Indenture, the
Guarantees and the Second-Priority Security Documents that are due and payable at or prior to the
time such principal, together with accrued and unpaid interest, are paid or (ii) the Issuers shall
have exercised their Legal Defeasance option or its Covenant Defeasance option, in each case in
compliance with the provisions of Article Thirteen, the Second-Priority Trustee shall deliver to
the Issuers and the Second-Priority Collateral Agent a notice stating that the Second-Priority
Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in or to the
Collateral (other than with respect to funds held by the Second-Priority Trustee pursuant to
Article Thirteen), and any rights it has under the Second-Priority Security Documents, and upon
receipt by the Second-Priority Collateral Agent of such notice, the Second-Priority Collateral
Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Second-Priority Trustee
and shall do or cause to be done all acts reasonably necessary to release such Lien as soon as is
reasonably practicable.

          SECTION 1410. Second-Priority Collateral Agent.

          (a) The Second-Priority Trustee and each of the Holders by acceptance of the Second-Priority
Notes hereby designates and appoints the Second-Priority Collateral Agent as its agent under this
Second-Priority Indenture, the Second-Priority Security Agreement and the Second-Priority Security
Documents and the Second-Priority Trustee and each of the Holders by acceptance of the
Second-Priority Notes hereby irrevocably authorizes the Second-Priority Collateral Agent to take
such action on its behalf under the provisions of this Second-Priority Indenture, the
Second-Priority Security Agreement and the Second-Priority Security Documents and to exercise such
powers and perform such duties as are expressly delegated to the Second-Priority Collateral Agent
by the

-116-

 

terms of this Second-Priority Indenture, the Second-Priority Security Agreement and the
Second-Priority Security Documents, together with such powers as are reasonably incidental thereto.
The Second-Priority Collateral Agent agrees to act as such on the express conditions contained in
this Section 1410. The provisions of this Section 1410 are solely for the benefit of the
Second-Priority Collateral Agent and none of the Second-Priority Trustee, any of the Holders nor
the Issuers or any of the Subsidiary Guarantors shall have any rights as a third party beneficiary
of any of the provisions contained herein other than as expressly provided in Section 1403.
Notwithstanding any provision to the contrary contained elsewhere in this Second-Priority
Indenture, the Second-Priority Security Agreement and the Second-Priority Security Documents, the
Second-Priority Collateral Agent shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall the Second-Priority Collateral Agent have or be deemed to
have any fiduciary relationship with the Second-Priority Trustee, any Holder or the Issuers or any
Subsidiary Guarantor, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Second-Priority Indenture, the Security Agreement and the
Second-Priority Security Documents or otherwise exist against the Second-Priority Collateral Agent.
Without limiting the generality of the foregoing sentence, the use of the term “agent” in this
Second-Priority Indenture with reference to the Second-Priority Collateral Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead, such term is used merely as a matter of market custom, and is
intended to create or reflect only an administrative relationship between independent contracting
parties. Except as expressly otherwise provided in this Second-Priority Indenture, the
Second-Priority Collateral Agent shall have and may use its sole discretion with respect to
exercising or refraining from exercising any discretionary rights or taking or refraining from
taking any actions which the Second-Priority Collateral Agent is expressly entitled to take or
assert under this Second-Priority Indenture, the Second-Priority Security Agreement and the
Second-Priority Security Documents, including the exercise of remedies pursuant to Article Five,
and any action so taken or not taken shall be deemed consented to by the Second-Priority Trustee
and the Holders.

          (b) The Second-Priority Collateral Agent may execute any of its duties under this
Second-Priority Indenture or the Second-Priority Security Documents by or through agents, employees
or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. The Second-Priority Collateral Agent shall not be responsible for the negligence
or misconduct of any agent, employee or attorney-in-fact that it selects as long as such selection
was made with due care.

          (c) None of the Second-Priority Collateral Agent or any of its agents or employees shall (i)
be liable for any action taken or omitted to be taken by any of them under or in connection with
this Second-Priority Indenture or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct) or under or in connection with the Second-Priority Security
Agreement or any Second-Priority Security Document or the transactions contemplated thereby (except
for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to the
Second-Priority Trustee or any Holder or any other Person for any recital, statement,
representation, warranty, covenant or agreement made by the Issuers or any Subsidiary Guarantor,
contained in this or any other indenture, or in any certificate, report, statement or other
document referred to or provided for in, or received by the Second-Priority Collateral Agent under
or in connection with, this or any other indenture, the Second-Priority Security Agreement or the
Second-Priority Security Documents, or the validity, effectiveness, genuineness, enforceability or
sufficiency of this or any other Second-Priority Indenture, the Second-Priority Security Agreement
or the Second-Priority Security Documents, or for any failure of the Issuers or any Subsidiary
Guarantor or any other party to this Second-Priority Indenture, the Second-Priority Security
Agreement or the Second-Priority Security Documents to perform its obligations hereunder or
thereunder. None of the Second-Priority Collateral Agent or any of its agents or employees shall
be under any obligation to the Second-Priority Trustee or any Holder or any other Person to
ascertain or to inquire as to the observance or performance of any of the agreements contained in,
or conditions of, this or any other Second-Priority Indenture, the Second-Priority Security
Agreement or the Second-Priority Security Documents or to inspect the properties, books or records
of the Issuers or any Subsidiary Guarantor.

          (d) The Second-Priority Collateral Agent shall be entitled to rely, and shall be fully
protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit,
letter, telegram, facsimile, telex or telephone message, statement or other document or
conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons, and upon advice and statements of legal counsel (including, without
limitation, counsel to the Issuers or any Subsidiary Guarantor), independent accountants and other

-117-

 

experts and advisors selected by the Second-Priority Collateral Agent. The Second-Priority
Collateral Agent shall be fully justified in failing or refusing to take any action under this
Second-Priority Indenture or any other indenture or the Second-Priority Security Documents unless
it shall first receive such advice or concurrence of the Second-Priority Trustee as it deems
appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the
Holders or the Applicable Authorized Representative against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. The
Second-Priority Collateral Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Second-Priority Indenture or any other indenture or the Second-Priority
Security Documents in accordance with a request or consent of the Second-Priority Trustee or the
Applicable Authorized Representative and such request and any action taken or failure to act
pursuant thereto shall be binding upon all of the Holders or any other Person.

          (e) The Second-Priority Collateral Agent shall not be deemed to have knowledge or notice of
the occurrence of any Default or Event of Default, unless the Second-Priority Collateral Agent
shall have received written notice from the Second-Priority Trustee or the Issuers referring to
this Second-Priority Indenture, describing such Default or Event of Default and stating that such
notice is a “notice of default.” The Second-Priority Collateral Agent shall take such action with
respect to such Default or Event of Default as may be requested by the Second-Priority Trustee in
accordance with Article Five (subject to Section 1410); provided, however, that unless and until
the Second-Priority Collateral Agent has received any such request, the Second-Priority Collateral
Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default or Event of Default as it shall deem advisable.

          (f) Wilmington Trust FSB and its Affiliates (and any successor Second-Priority Collateral
Agent and its Affiliates) may make loans to, issue letters of credit for the account of, accept
deposits from, acquire equity interests in and generally engage in any kind of banking, trust,
financial advisory, underwriting, or other business with the Issuers and the Subsidiary Guarantors
as though it was not the Second-Priority Collateral Agent hereunder and without notice to or
consent of the Second-Priority Trustee. The Second-Priority Trustee and the Holders acknowledge
that, pursuant to such activities, Wilmington Trust FSB or its Affiliates (and any successor
Second-Priority Collateral Agent and its Affiliates) may receive information regarding the Issuers
and the Subsidiary Guarantors (including information that may be subject to confidentiality
obligations in favor of the Issuers and the Subsidiary Guarantors) and acknowledge that the
Second-Priority Collateral Agent shall not be under any obligation to provide such information to
the Second-Priority Trustee or the Holders. Nothing herein shall impose or imply any obligation on
the part of Wilmington Trust FSB (or any successor Second-Priority Collateral Agent) to advance
funds.

          (g) The Second-Priority Collateral Agent may resign at any time upon thirty (30) days prior
written notice to the Second-Priority Trustee and the Issuers, such resignation to be effective
upon the acceptance of a successor agent to its appointment as Second-Priority Collateral Agent.
If the Second-Priority Collateral Agent resigns under this Second-Priority Indenture, the
Second-Priority Trustee, subject to the consent of the Issuers (which shall not be unreasonably
withheld and which shall not be required during a continuing Event of Default), shall appoint a
successor Second-Priority Collateral Agent. If no successor collateral agent is appointed prior to
the intended effective date of the resignation of the Second-Priority Collateral Agent (as stated
in the notice of resignation), the Second-Priority Collateral Agent may appoint, after consulting
with the Second-Priority Trustee, subject to the consent of the Issuers (which shall not be
unreasonably withheld and which shall not be required during a continuing Event of Default), a
successor collateral agent. If no successor collateral agent is appointed and consented to by the
Issuers pursuant to the preceding sentence within thirty (30) days after the intended effective
date of resignation (as stated in the notice of resignation) the Second-Priority Collateral Agent
shall be entitled to petition at the expense of the Issuers a court of competent jurisdiction to
appoint a successor. Upon the acceptance of its appointment as successor collateral agent
hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of
the retiring Second-Priority Collateral Agent, and the term “Second-Priority Collateral Agent”
shall mean such successor collateral agent, and the retiring Second-Priority Collateral Agent’s
appointment, powers and duties as the Second-Priority Collateral Agent shall be terminated. After
the retiring Second-Priority Collateral Agent’s resignation hereunder, the provisions of this
Section 1410 (and Section 1411) shall continue to inure to its benefit and the retiring
Second-Priority Collateral Agent shall not by reason of such resignation be deemed to be released
from liability as to any actions taken or omitted to be taken by it while it was the
Second-Priority Collateral Agent under this Second-Priority Indenture.

-118-

 

          (h) The Second-Priority Trustee shall initially act as Second-Priority Collateral Agent and
shall be authorized to appoint co-Second-Priority Collateral Agents as necessary in its sole
discretion. Except as otherwise explicitly provided herein or in the Second-Priority Security
Documents, neither the Second-Priority Collateral Agent nor any of its officers, directors,
employees or agents shall be liable for failure to demand, collect or realize upon any of the
Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise
dispose of any Collateral upon the request of any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof. The Second-Priority Collateral Agent
shall be accountable only for amounts that it actually receives as a result of the exercise of such
powers, and neither the Second-Priority Collateral Agent nor any of its officers, directors,
employees or agents shall be responsible for any act or failure to act hereunder, except for its
own willful misconduct, gross negligence or bad faith.

          (i) The Second-Priority Trustee, as such and as Second-Priority Collateral Agent, is
authorized and directed to (i) enter into the Second-Priority Security Agreement and the
Second-Priority Security Documents, (ii) enter into an Intercreditor Agreement dated as of the
Issue Date, (iii) bind the Holders on the terms as set forth in the Second-Priority Security
Agreement, and the Second-Priority Security Documents and the Intercreditor Agreement and (iv)
perform and observe its obligations under the Second-Priority Security Agreement and the
Second-Priority Security Documents and the Intercreditor Agreement.

          (j) The Second-Priority Trustee agrees that it shall not (and shall not be obliged to), and
shall not instruct the Second-Priority Collateral Agent to, unless specifically requested to do so
by a majority of the Holders, take or cause to be taken any action to enforce its rights under this
Second-Priority Indenture or against the Issuers and the Subsidiary Guarantors, including the
commencement of any legal or equitable proceedings, to foreclose any Lien on, or otherwise enforce
any security interest in, any of the Collateral.

          If at any time or times the Second-Priority Trustee shall receive (i) by payment, foreclosure,
set-off or otherwise, any proceeds of Collateral or any payments with respect to the Obligations
arising under, or relating to, this Second-Priority Indenture, except for any such proceeds or
payments received by the Second-Priority Trustee from the Second-Priority Collateral Agent pursuant
to the terms of this Second-Priority Indenture, or (ii) payments from the Second-Priority
Collateral Agent in excess of the amount required to be paid to the Second-Priority Trustee
pursuant to Article Five, the Second-Priority Trustee shall promptly turn the same over to the
Second-Priority Collateral Agent, in kind, and with such endorsements as may be required to
negotiate the same to the Second-Priority Collateral Agent.

          (k) Should the Second-Priority Trustee obtain possession of any such Collateral, upon request
from the Issuers, the Second-Priority Trustee shall notify the Second-Priority Collateral Agent
thereof, and, promptly upon the Second-Priority Collateral Agent’s request therefor, shall deliver
such Collateral to the Second-Priority Collateral Agent or otherwise deal with such Collateral in
accordance with the Second-Priority Collateral Agent’s instructions.

          (l) The Second-Priority Collateral Agent shall have no obligation whatsoever to the
Second-Priority Trustee or any of the Holders or any other Person to assure that the Collateral
exists or is owned by the Issuers and the Subsidiary Guarantors or is cared for, protected or
insured or has been encumbered, or that the Second-Priority Collateral Agent’s Liens have been
properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are
entitled to any particular priority, or to determine whether all of the Grantor’s property
constituting collateral intended to be subject to the Lien and security interest of the
Second-Priority Security Documents has been properly and completely listed or delivered, as the
case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto,
or to exercise at all or in any particular manner or under any duty of care, disclosure or
fidelity, or to continue exercising, any of the rights, authorities and powers granted or available
to the Second-Priority Collateral Agent pursuant to this Second-Priority Indenture or any
Second-Priority Security Document, it being understood and agreed that in respect of the
Collateral, or any act, omission or event related thereto, the Second-Priority Collateral Agent may
act in any manner it may deem appropriate, in its sole discretion given the Second-Priority
Collateral Agent’s own interest in the Collateral, and that the Second-Priority Collateral Agent
shall have no other duty or liability whatsoever to the Second-Priority Trustee or any Holder or
any other Person as to any of the foregoing.

-119-

 

          (m) No provision of this Second-Priority Indenture, the Second-Priority Security Agreement or
any Second-Priority Security Document shall require the Second-Priority Collateral Agent (or the
Second-Priority Trustee) to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or thereunder or to take or omit to take any
action hereunder or thereunder or take any action at the request or direction of Holders (or the
Second-Priority Trustee in the case of the Second-Priority Collateral Agent) if it shall have
reasonable grounds for believing that repayment of such funds is not assured to it.

          (n) The Second-Priority Collateral Agent (i) shall not be liable for any action it takes or
omits to take in good faith which it reasonably believes to be authorized or within its rights or
powers, or for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Second-Priority Collateral Agent was grossly negligent in ascertaining the
pertinent facts, (ii) shall not be liable for interest on any money received by it except as the
Second-Priority Collateral Agent may agree in writing with the Issuers (and money held in trust by
the Second-Priority Collateral Agent need not be segregated from other funds except to the extent
required by law), and (iii) may consult with counsel of its selection and the advice or opinion of
such counsel as to matters of law shall be full and complete authorization and protection from
liability in respect of any action taken, omitted or suffered by it in good faith and in accordance
with the advice or opinion of such counsel. The grant of permissive rights or powers to the
Second-Priority Collateral Agent shall not be construed to impose duties to act.

          (o) Notwithstanding anything to the contrary herein, the obligations of the Issuers and
Subsidiary Guarantors owing to the Second-Priority Collateral Agent shall remain in full force and
effect and all of the Second-Priority Collateral Agent’s rights, protections, indemnities and
immunities granted hereunder shall survive the satisfaction and discharge of the Second-Priority
Indenture so long as the Second-Priority Security Agreement to which the Second-Priority Collateral
Agent is a party remains effective and outstanding.

          (p) The Second-Priority Collateral Agent is hereby directed to open and maintain at such times
and in such manner as may be administratively beneficial or as required under the terms of this
Second-Priority Indenture or other Second-Priority Note Document and such other collateral
accounts, to be held in trust for the benefit of the Second-Priority Collateral Agent on behalf of
the Secured Parties, as may be required to fulfill its obligations under the Second-Priority Note
Documents.

          SECTION 1411. Compensation and Indemnification.

          The Second-Priority Collateral Agent shall be entitled to the compensation, reimbursement of
expenses, disbursements and advances, and indemnification set forth in Section 607 (with the
references to the Second-Priority Trustee therein being deemed to refer to the Second-Priority
Collateral Agent).

          SECTION 1412. Security Agreement and Other Second-Priority Security Documents.

          The Second-Priority Trustee and Second-Priority Collateral Agent are each hereby directed and
authorized to execute and deliver the Second-Priority Security Agreement and any other
Second-Priority Security Documents or Intercreditor Agreement in which it is named as a party. It
is hereby expressly acknowledged and agreed that, in doing so, the Second-Priority Trustee and the
Second-Priority Collateral Agent are not responsible for the terms or contents of such agreements,
or for the validity or enforceability thereof, or the sufficiency thereof for any purpose. Whether
or not so expressly stated therein, in entering into, or taking (or forbearing from) any action
under or pursuant to the Second-Priority Security Agreement, any other Second-Priority Security
Documents or any Intercreditor Agreement, the Second-Priority Trustee and Second-Priority
Collateral Agent each shall have all of the rights, immunities, indemnities and other protections
granted to it under this Second-Priority Indenture (in addition to those that may be granted to it
under the terms of such other agreement or agreements).

-120-

 

ARTICLE FIFTEEN

RANKING OF NOTE LIENS

          SECTION 1501. Relative Rights.

          Nothing in this Second-Priority Indenture or any Intercreditor Agreement will:

          (a) impair, as between the Issuers and Holders, the obligation of the Issuers, which is
absolute and unconditional, to pay principal of, premium and interest on such
Second-Priority Notes in accordance with their terms or to perform any other obligation of
the Issuers or any Subsidiary Guarantor under this Second-Priority Indenture, the
Second-Priority Notes, the Guarantees and any Second-Priority Security Documents;

          (b) restrict the right of any Holder to sue for payments that are then due and owing,
in a manner not inconsistent with the provisions of an Intercreditor Agreement;

          (c) prevent the Second-Priority Trustee or any Holder from exercising against the
Issuers or any Subsidiary Guarantor any of its other available remedies upon a Default or
Event of Default; or

          (d) restrict the right of the Second-Priority Trustee or any Holder:

          (i) to file and prosecute a petition seeking an order for relief in an
involuntary bankruptcy case as to the Issuers or any Subsidiary Guarantor or
otherwise to commence, or seek relief commencing, any Insolvency or Liquidation
Proceeding involuntarily against the Issuers or any Subsidiary Guarantor;

          (ii) to make, support or oppose any request for an order for dismissal,
abstention or conversion in any Insolvency or Liquidation Proceeding;

          (iii) to make, support or oppose, in any Insolvency or Liquidation Proceeding,
any request for an order extending or terminating any period during which the debtor
(or any other Person) has the exclusive right to propose a plan of reorganization or
other dispositive restructuring or liquidation plan therein;

          (iv) to seek the creation of, or appointment to, any official committee
representing creditors (or certain of the creditors) in any Insolvency or
Liquidation Proceeding and, if appointed, to serve and act as a member of such
committee without being in any respect restricted or bound by, or liable for, any of
the obligations under this Article Fifteen;

          (v) to seek or object to the appointment of any professional person to serve in
any capacity in any Insolvency or Liquidation Proceeding or to support or object to
any request for compensation made by any professional person or others therein;

          (vi) to make, support or oppose any request for order appointing a trustee or
examiner in any Insolvency or Liquidation Proceeding; or

          (vii) otherwise to make, support or oppose any request for relief in any
Insolvency or Liquidation Proceeding that it is permitted by law to make, support or
oppose:

               (x) as if it were a holder of unsecured claims; or

               (y) as to any matter relating to any plan of reorganization or other
restructuring or liquidation plan or as to any matter relating to the administration
of the estate or the

-121-

 

     disposition of the case or proceeding (in each case set forth in this clause (vii)
except as set forth in an Intercreditor Agreement).

ARTICLE SIXTEEN

SUBORDINATION

          SECTION 1601. Agreement to Subordinate.

          The Issuers agree, and each Holder by accepting a Second-Priority Note agrees, that the
payment of all Obligations owing in respect of the Second-Priority Notes is subordinated in right
of payment, to the extent and in the manner provided in this Article 16, to the prior payment in
full of all existing and future Designated First Lien Indebtedness of the Issuers and that the
subordination is for the benefit of and enforceable by the holders of such Designated First Lien
Indebtedness. The Second-Priority Notes shall in all respects rank pari passu in right of payment
with all existing and future Senior Indebtedness of the Issuers, and will be senior in right of
payment to all existing and future Subordinated Indebtedness of the Issuers. All provisions of
this Article 16 shall be subject to Section 1609 and 1612.

          SECTION 1602. Liquidation, Dissolution, Bankruptcy.

          Upon any payment or distribution of the assets of any Issuer to creditors upon a total or
partial liquidation or a total or partial dissolution of any Issuer or in a reorganization of or
similar proceeding relating to any Issuer or such Issuer’s property:

     (i) the holders of Designated First Lien Indebtedness of the Issuers shall be entitled
to receive payment in full in cash of such Designated First Lien Indebtedness before Holders
shall be entitled to receive any payment;

     (ii) until the Designated First Lien Indebtedness of the Issuers is paid in full in
cash, any payment or distribution to which Holders would be entitled but for the
subordination provisions of this Indenture shall be made to holders of such Designated First
Lien Indebtedness as their interests may appear, except that Holders may receive Permitted
Junior Securities; and

     (iii) if a distribution is made to Holders that due to the subordination provisions of
Article 16 or 17, should not have been made to them, such Holders are required to hold it in
trust for the holders of Designated First Lien Indebtedness of the Issuers and pay it over
to them as their interests may appear.

          SECTION 1603. Default on Designated First Lien Indebtedness of the Issuers

          The Issuers shall not pay
principal of, premium, if any, or interest on the Second-Priority Notes (or pay any other
Obligations relating to the Second-Priority Notes, including fees, costs, expenses, indemnities and
rescission or damage claims) or make any deposit pursuant to Article 4 or Article 13 hereof and may
not purchase, redeem or otherwise retire any Second-Priority Notes (collectively, “pay the
Second-Priority Notes”) (except in the form of Permitted Junior Securities) if either of the
following occurs (a “Payment Default”):

     (i) any Obligation on any Designated First Lien Indebtedness of the Issuers is not paid
in full in cash when due (after giving effect to any applicable grace period); or

     (ii) any other default on Designated First Lien Indebtedness of the Issuers occurs and
the maturity of such Designated First Lien Indebtedness is accelerated in accordance with
its terms;

          unless, in either case, the Payment Default has been cured or waived and any such acceleration
has been rescinded or such Designated First Lien Indebtedness has been paid in full in cash;
provided, however, that the Issuers shall be entitled to pay the Second-Priority Notes without
regard to the foregoing if the Issuers and the Sec-

-122-

 

ond-Priority Trustee receive written notice approving such payment from the Representative of
all Designated First Lien Indebtedness with respect to which the Payment Default has occurred and
is continuing.

          During the continuance of any default (other than a Payment Default) (a “Non-Payment Default”)
with respect to any Designated First Lien Indebtedness of the Issuers pursuant to which the
maturity thereof may be accelerated without further notice (except such notice as may be required
to effect such acceleration) or the expiration of any applicable grace periods, the Issuers shall
not pay the Second-Priority Notes (except in the form of Permitted Junior Securities) for a period
(a “Payment Blockage Period”) commencing upon the receipt by the Second-Priority Trustee (with a
copy to the Issuers) of written notice (a “Blockage Notice”) of such Non-Payment Default from the
Representative of such Designated First Lien Indebtedness specifying an election to effect a
Payment Blockage Period and ending 179 days thereafter. The Payment Blockage Period shall end
earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the
Issuers from the Person or Persons who gave such Blockage Notice; (ii) because the default giving
rise to such Blockage Notice is cured, waived or otherwise no longer continuing; or (iii) because
such Designated First Lien Indebtedness has been discharged or repaid in full in cash.

          Notwithstanding the provisions described in the immediately preceding two sentences (but
subject to the provisions contained in the first sentence of this Section 1603 and Section 1602
hereof), unless the holders of such Designated First Lien Indebtedness or the Representative of
such Designated First Lien Indebtedness shall have accelerated the maturity of such Designated
First Lien Indebtedness or a Payment Default has occurred and is continuing, the Issuers shall be
entitled to resume paying the Second-Priority Notes after the end of such Payment Blockage Period.
The Second-Priority Notes shall not be subject to more than one Payment Blockage Period in any
consecutive 360-day period irrespective of the number of defaults with respect to Designated First
Lien Indebtedness of the Issuers during such period. However, in no event shall the total number
of days during which any Payment Blockage Period or Periods on the Second-Priority Notes is in
effect exceed 179 days in the aggregate during any consecutive 360-day period, and there must be at
least 181 days during any consecutive 360-day period during which no Payment Blockage Period is in
effect. Notwithstanding the foregoing, however, no default that existed or was continuing on the
date of delivery of any Blockage Notice to the Trustee shall be, or be made, the basis for a
subsequent Blockage Notice unless such default shall have been waived for a period of not less than
90 days (it being acknowledged that any subsequent action, or any breach of any financial covenants
during the period after the date of delivery of a Blockage Notice, that, in either case, would give
rise to a Non-Payment Default pursuant to any provisions under which a Non-Payment Default
previously existed or was continuing shall constitute a new Non-Payment Default for this purpose).

          SECTION 1604. Acceleration of Payment of Second-Priority
Notes

          If payment of the Second-Priority Notes is accelerated because of an Event of Default, the
Issuers shall promptly notify the holders of Designated First Lien Indebtedness of the Issuers or
the Representative of such Designated First Lien Indebtedness of the acceleration; provided that
any failure to give such notice shall have no effect whatsoever on the provisions of this Article
16. If any Designated First Lien Indebtedness of the Issuers is outstanding, the Issuers may not
pay the Second-Priority Notes until five Business Days after the Representatives of all the issuers
of such Designated First Lien Indebtedness receive notice of such acceleration and, thereafter, may
pay the Second-Priority Notes only if this Indenture otherwise permits payment at that time.

          SECTION 1605. When Distribution Must Be Paid Over

          If a distribution is made to Holders that, due to the subordination provisions, should not
have been made to them, such Holders are required to hold it in trust for the holders of Designated
First Lien Indebtedness of the Issuers and pay it over to them as their interests may appear.

          SECTION 1606. Subrogation

          After all Designated First Lien Indebtedness of the Issuers is paid in full and until the
Second-Priority Notes are paid in full, Holders shall be subrogated to the rights of holders of
such Designated First Lien Indebtedness to receive distributions applicable to such Designated
First Lien Indebtedness. A distribution made

-123-

 

under this Article 16 to holders of such Designated First Lien Indebtedness which otherwise
would have been made to Holders is not, as between the Issuers and Holders, a payment by the
Issuers on such Designated First Lien Indebtedness.

          SECTION 1607. Relative Rights

          This Article 16 defines the relative rights of Holders and holders of Designated First Lien
Indebtedness of the Issuers. Nothing in this Indenture shall:

     (i) impair, as between the Issuers and Holders, the obligation of the Issuers, which is
absolute and unconditional, to pay principal of and interest on the Second-Priority Notes in
accordance with their terms;

     (ii) prevent the Second-Priority Trustee or any Holder from exercising its available
remedies upon a Default, subject to the rights of holders of Designated First Lien
Indebtedness of the Issuers to receive payments or distributions otherwise payable to
Holders and such other rights of such holders of Designated First Lien Indebtedness as set
forth herein; or

     (iii) affect the relative rights of Holders and creditors of the Issuers other than
their rights in relation to holders of Designated First Lien Indebtedness.

          SECTION 1608. Subordination May Not Be Impaired by Issuers

          No right of any holder of Designated First Lien Indebtedness of the Issuers to enforce the
subordination of the Indebtedness evidenced by the Second-Priority Notes shall be impaired by any
act or failure to act by the Issuers or by its failure to comply with this Indenture.

          SECTION 1609. Rights of Second-Priority Trustee and Paying
Agent

          Notwithstanding Section 1603 hereof, the Second-Priority Trustee or any Paying Agent may
continue to make payments on the Second-Priority Notes and shall not be charged with knowledge of
the existence of facts that would prohibit the making of any payments unless, not less than two
Business Days prior to the date of such payment, a Responsible Officer of the Second-Priority
Trustee receives notice satisfactory to him that payments may not be made under this Article 16.
The Issuers, the Second-Priority Note Registrar, the paying agent, a Representative or a holder of
Designated First Lien Indebtedness of the Issuers shall be entitled to give the notice; provided,
however, that, if an issue of Designated First Lien Indebtedness of the Issuers has a
Representative, only such Representative shall be entitled to give the notice.

          The Second-Priority Trustee in its individual or any other capacity shall be entitled to hold
Designated First Lien Indebtedness of the Issuers with the same rights it would have if it were not
Second-Priority Trustee. The Second-Priority Note Registrar and the Paying Agent shall be entitled
to do the same with like rights. The Second-Priority Trustee shall be entitled to all the rights
set forth in this Article 16 with respect to any Designated First Lien Indebtedness of the Issuers
which may at any time be held by it, to the same extent as any other holder of such Designated
First Lien Indebtedness; and nothing in Article 6 shall deprive the Second-Priority Trustee of any
of its rights as such holder. Nothing in this Article 16 shall apply to claims of, or payments to,
the Second-Priority Trustee or the Second-Priority Collateral Agent on account of fees, expenses,
indemnities or other amounts payable or reimbursable under or pursuant to Sections 607 or 1411
hereof or any other Section of this Indenture.

-124-

 

          SECTION 1610. Distribution or Notice to Representative Whenever a distribution is to be made or a
notice given to holders of Designated First Lien Indebtedness of the Issuers, the distribution may be made and the notice given to their Representative (if any).

          SECTION 1611. Article 16 Not To Prevent Events of Default or Limit Right To Accelerate The failure to
make a payment pursuant to the Second-Priority Notes by reason of any provision in this Article 16
shall not be construed as preventing the occurrence of a Default. Nothing in this Article 16 shall
have any effect on the right of the Holders or the Second-Priority Trustee to accelerate the
maturity of the Second-Priority Notes.

          SECTION 1612. Trust Moneys Not Subordinated Notwithstanding anything contained herein to the
contrary, payments from money or the proceeds of Government Securities held in trust by the
Second-Priority Trustee for the payment of principal of and interest on the Second-Priority Notes
pursuant to Article 4 or Article 13 hereof shall not be subordinated to the prior payment of any
Designated First Lien Indebtedness of the Issuers or subject to the restrictions set forth in this
Article 16, and none of the Holders shall be obligated to pay over any such amount to the Issuers
or any holder of Designated First Lien Indebtedness of the Issuers or any other creditor of the
Issuers, provided that the subordination provisions of this Article 16 were not violated at the
time the applicable amounts were deposited in trust pursuant to Article 4 or Article 13 hereof, as
the case may be.

          SECTION 1613. Trustee Entitled To Rely Upon any payment or distribution pursuant to this Article 16,
the Second-Priority Trustee and the Holders shall be entitled to rely (a) upon any order or decree
of a court of competent jurisdiction in which any proceedings of the nature referred to in Section
1602 hereof are pending, (b) upon a certificate of the liquidating trustee or agent or other Person
making such payment or distribution to the Second-Priority Trustee or to the Holders or (c) upon
the Representatives of Designated First Lien Indebtedness of the Issuers for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of
such Designated First Lien Indebtedness and other Indebtedness of the Issuers, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 16. In the event that the Second-Priority Trustee determines, in good
faith, that evidence is required with respect to the right of any Person as a holder of Designated
First Lien Indebtedness of the Issuers to participate in any payment or distribution pursuant to
this Article 16, the Second-Priority Trustee shall be entitled to request such Person to furnish
evidence to the reasonable satisfaction of the Second-Priority Trustee as to the amount of such
Designated First Lien Indebtedness held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and other facts pertinent to the rights of such
Person under this Article 16, and, if such evidence is not furnished, the Second-Priority Trustee
shall be entitled to defer any payment to such Person pending judicial determination as to the
right of such Person to receive such payment. The provisions of Sections 601 and 603 hereof shall
be applicable to all actions or omissions of actions by the Trustee pursuant to this Article 16.

          SECTION 1614. Trustee To Effectuate Subordination A Holder by its acceptance of a Second-Priority
Note agrees to be bound by this Article 16 and authorizes and expressly directs the Second-Priority
Trustee, on his behalf, to take such action as may be necessary or appropriate to effectuate the
subordination between the Holders and the holders of Designated First Lien Indebtedness of the
Issuers as provided in this Article 16 and appoints the Second-Priority Trustee as attorney-in-fact
for any and all such purposes.

          SECTION 1615. Trustee Not Fiduciary for Holders of Designated First Lien Indebtedness of the
Issuers The Second-Priority Trustee shall not be deemed to owe any fiduciary duty to the holders
of Designated First Lien Indebtedness of the Issuers and shall not be liable to any such holders if
it shall mistakenly pay over or distribute to Holders or the Issuers or any other Person, money or
assets to which any holders of Designated First Lien Indebtedness of the Issuers shall be entitled
by virtue of this Article 16 or otherwise.

-125-

 

          SECTION 1616. Reliance by Holders of Designated First Lien Indebtedness of the Issuers on Subordination
Provisions Each Holder by accepting a Second-Priority Note acknowledges and agrees that the
foregoing subordination provisions are, and are intended to be, an inducement and a consideration
to each holder of any Designated First Lien Indebtedness of the Issuers, whether such Designated
First Lien Indebtedness was created or acquired before or after the issuance of the Second-Priority
Notes, to acquire and continue to hold, or to continue to hold, such Designated First Lien
Indebtedness and such holder of such Designated First Lien Indebtedness shall be deemed
conclusively to have relied on such subordination provisions in acquiring and continuing to hold,
or in continuing to hold, Designated First Lien Indebtedness.

          Without in any way limiting the generality of the foregoing paragraph, the holders of
Designated First Lien Indebtedness of the Issuers may, at any time and from time to time, without
the consent of or notice to the Second-Priority Trustee or the Holders, without incurring
responsibility to the Second-Priority Trustee or the Holders and without impairing or releasing the
subordination provided in this Article 16 or the obligations hereunder of the Holders to the
holders of Designated First Lien Indebtedness of the Issuers, 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, Designated First Lien Indebtedness of the Issuers, or otherwise amend or supplement in any
manner Designated First Lien Indebtedness of the Issuers, or any instrument evidencing the same or
any agreement under which Designated First Lien Indebtedness of the Issuers is outstanding; (ii)
sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise
securing Designated First Lien Indebtedness of the Issuers; (iii) release any Person liable in any
manner for the payment or collection of Designated First Lien Indebtedness of the Issuers; and (iv)
exercise or refrain from exercising any rights against the Issuers and any other Person.

ARTICLE SEVENTEEN

SUBORDINATION OF GUARANTEES

          SECTION 1701. Agreement To Subordinate .

          Each Subsidiary Guarantor agrees, and each Holder by accepting a Second-Priority Note agrees,
that the obligations of such Subsidiary Guarantor under its Guarantee are subordinated in right of
payment, to the extent and in the manner provided in this Article 17, to the prior payment in full
of all existing and future Designated First Lien Indebtedness of such Subsidiary Guarantor and that
the subordination is for the benefit of and enforceable by the holders of such Designated First
Lien Indebtedness. A Subsidiary Guarantor’s obligations under its Guarantee shall in all respects
rank pari passu in right of payment with all existing and future Senior Indebtedness of such
Subsidiary Guarantor, and will be senior in right of payment to all existing and future
Subordinated Indebtedness of such Subsidiary Guarantor, as applicable. All provisions of this
Article 17 shall be subject to Sections 1709 and 1712.

          SECTION 1702. Liquidation, Dissolution, Bankruptcy .

          Upon any payment or distribution of the assets of a Subsidiary Guarantor to creditors upon a
total or partial liquidation or a total or partial dissolution of such Subsidiary Guarantor or in a
reorganization of or similar proceeding relating to such Subsidiary Guarantor or such Subsidiary
Guarantor’s property:

     (i) the holders of Designated First Lien Indebtedness of such Subsidiary Guarantor
shall be entitled to receive payment in full in cash of such Designated First Lien
Indebtedness before Holders shall be entitled to receive any payment;

     (ii) until the Designated First Lien Indebtedness of such Subsidiary Guarantor is paid
in full in cash, any payment or distribution to which Holders would be entitled but for the
subordination provisions of this Indenture shall be made to holders of such Designated First
Lien Indebtedness as their interests may appear, except that Holders may receive Permitted
Junior Securities; and

-126-

 

     (iii) if a distribution is made to Holders that due to the subordination provisions of
Article 16 or 17, should not have been made to them, such Holders are required to hold it in
trust for the holders of Designated First Lien Indebtedness of the Issuers and pay it over
to them as their interests may appear

          SECTION 1703. Default on Designated First Lien Indebtedness of a Subsidiary Guarantor.

          A Subsidiary Guarantor shall not make any payment pursuant to its Guarantee (or pay any other
Obligations relating to its Guarantee, including fees, costs, expenses, indemnities and rescission
or damage claims owing to Holders thereof) and may not purchase, redeem or otherwise retire any
Second-Priority Notes (collectively, “pay its Guarantee”) (except in the form of Permitted Junior
Securities) if either of the following occurs (a “Subsidiary Guarantor Payment Default”):

     (i) any Obligation on any Designated First Lien Indebtedness of such Subsidiary
Guarantor is not paid in full in cash when due (after giving effect to any applicable grace
period); or

     (ii) any other default on Designated First Lien Indebtedness of such Subsidiary
Guarantor occurs and the maturity of such Designated First Lien Indebtedness is accelerated
in accordance with its terms;

          unless, in either case, the Subsidiary Guarantor Payment Default has been cured or waived and
any such acceleration has been rescinded or such Designated First Lien Indebtedness has been paid
in full in cash; provided, however, that such Subsidiary Guarantor shall be entitled to pay its
Guarantee without regard to the foregoing if such Subsidiary Guarantor and the Second-Priority
Trustee receive written notice approving such payment from the Representatives of all Designated
First Lien Indebtedness with respect to which the Subsidiary Guarantor Payment Default has occurred
and is continuing.

          During the continuance of any default (other than a Subsidiary Guarantor Payment Default) (a
“Non-Subsidiary Guarantor Payment Default”) with respect to any Designated First Lien Indebtedness
of a Subsidiary Guarantor pursuant to which the maturity thereof may be accelerated without further
notice (except such notice as may be required to effect such acceleration) or the expiration of any
applicable grace periods, such Subsidiary Guarantor shall not pay its Guarantee (except in the form
of Permitted Junior Securities) for a period (a “Guarantee Payment Blockage Period”) commencing
upon the receipt by the Second-Priority Trustee (with a copy to such Subsidiary Guarantor and the
Issuer) of written notice (a “Guarantee Blockage Notice”) of such Non-Subsidiary Guarantor Payment
Default from the Representative of such Designated First Lien Indebtedness specifying an election
to effect a Guarantee Payment Blockage Period and ending 179 days thereafter. The Guarantee
Payment Blockage Period shall end earlier if such Guarantee Payment Blockage Period is terminated
(i) by written notice to the Second-Priority Trustee, the relevant Subsidiary Guarantor and the
Issuer from the Person or Persons who gave such Guarantee Blockage Notice; (ii) because the default
giving rise to such Guarantee Blockage Notice is cured, waived or otherwise no longer continuing;
or (iii) because such Designated First Lien Indebtedness has been discharged or repaid in full in
cash.

          Notwithstanding the provisions described in the immediately preceding two sentences (but
subject to the provisions contained in the first sentence of this Section 1703 and Section 1702
hereof), unless the holders of such Designated First Lien Indebtedness or the Representative of
such Designated First Lien Indebtedness shall have accelerated the maturity of such Designated
First Lien Indebtedness or a Subsidiary Guarantor Payment Default has occurred and is continuing,
the relevant Subsidiary Guarantor shall be entitled to resume paying its Guarantee after the end of
such Guarantee Payment Blockage Period. Each Guarantee shall not be subject to more than one
Guarantee Payment Blockage Period in any consecutive 360-day period irrespective of the number of
defaults with respect to Designated First Lien Indebtedness of the relevant Subsidiary Guarantor
during such period. However, in no event shall the total number of days during which any Guarantee
Payment Blockage Period or Periods on a Guarantee is in effect exceed 179 days in the aggregate
during any consecutive 360-day period, and there must be at least 181 days during any consecutive
360-day period during which no Guarantee Payment Blockage Period is in effect. Notwithstanding the
foregoing, however, no default that existed or was continuing on the date of delivery of any
Guarantee Blockage Notice to the Second-Priority Trustee shall be, or be made, the basis for a
subsequent Guarantee

-127-

 

Blockage Notice unless such default shall have been waived for a period of not less than 90
days (it being acknowledged that any subsequent action, or any breach of any financial covenants
during the period after the date of delivery of a Guarantee Blockage Notice, that, in either case,
would give rise to a Non-Subsidiary Guarantor Payment Default pursuant to any provisions under
which a Non-Subsidiary Guarantor Payment Default previously existed or was continuing shall
constitute a new Non-Subsidiary Guarantor Payment Default for this purpose).

          SECTION 1704. Demand for Payment.

          If payment of the Second-Priority Notes is accelerated because of an Event of Default and a
demand for payment is made on a Subsidiary Guarantor pursuant to Article 11 hereof, the Issuer or
such Subsidiary Guarantor shall promptly notify the holders of Designated First Lien Indebtedness
of such Subsidiary Guarantor or the Representative of such Designated First Lien Indebtedness of
such demand; provided that any failure to give such notice shall have no effect whatsoever on the
provisions of this Article 17. If any Designated First Lien Indebtedness of a Subsidiary Guarantor
is outstanding, such Subsidiary Guarantor may not pay its Guarantee until five Business Days after
the Representatives of all the issuers of such Designated First Lien Indebtedness receive notice of
such acceleration and, thereafter, may pay its Guarantee only if this Indenture otherwise permits
payment at that time.

          SECTION
1705.  When Distribution Must Be Paid Over.

          If a distribution is made to Holders that, due to the subordination provisions, should not
have been made to them, such Holders are required to hold it in trust for the holders of Designated
First Lien Indebtedness of the relevant Subsidiary Guarantor and pay it over to them as their
interests may appear.

          SECTION
1706. Subrogation.

          After all Designated First Lien Indebtedness of a Subsidiary Guarantor is paid in full and
until the Second-Priority Notes are paid in full, Holders shall be subrogated to the rights of
holders of such Designated First Lien Indebtedness to receive distributions applicable to such
Designated First Lien Indebtedness. A distribution made under this Article 17 to holders of such
Designated First Lien Indebtedness which otherwise would have been made to Holders is not, as
between the relevant Subsidiary Guarantor and Holders, a payment by such Subsidiary Guarantor on
such Designated First Lien Indebtedness.

          SECTION
1707. Relative Rights.

          This Article 17 defines the relative rights of Holders and holders of Designated First Lien
Indebtedness of a Subsidiary Guarantor. Nothing in this Indenture shall:

     (i) impair, as between such Subsidiary Guarantor and Holders, the obligation of such
Subsidiary Guarantor, which is absolute and unconditional, to make payments under its
Guarantee in accordance with its terms;

     (ii) prevent the Second-Priority Trustee or any Holder from exercising its available
remedies upon a default by such Subsidiary Guarantor under its obligations with respect to
its Guarantee, subject to the rights of holders of Designated First Lien Indebtedness of
such Subsidiary Guarantor to receive payments or distributions otherwise payable to Holders
and such other rights of such holders of the Designated First Lien Indebtedness as set forth
herein; or

     (iii) affect the relative rights of Holders and creditors of such Subsidiary Guarantor
other than their rights in relation to holders of the Designated First Lien Indebtedness.

-128-

 

          SECTION 1708. Subordination May Not Be Impaired by a Subsidiary Guarantor.

          No right of any holder of Designated First Lien Indebtedness of a Subsidiary Guarantor to
enforce the subordination of the obligations of such Subsidiary Guarantor under its Guarantee shall
be impaired by any act or failure to act by such Subsidiary Guarantor or by its failure to comply
with this Indenture.

          SECTION 1709. Rights of Trustee and Paying Agent.

          Notwithstanding Section 1703 hereof, the Second-Priority Trustee or any Paying Agent may
continue to make payments on the Second-Priority Notes and shall not be charged with knowledge of
the existence of facts that would prohibit the making of any payments unless, not less than two
Business Days prior to the date of such payment, a Responsible Officer of the Second-Priority
Trustee receives notice satisfactory to him that payments may not be made under this Article 17. A
Subsidiary Guarantor, the Second-Priority Notes Registrar, the Paying Agent, a Representative or a
holder of Designated First Lien Indebtedness of such Subsidiary Guarantor shall be entitled to give
the notice; provided, however, that, if an issue of Designated First Lien Indebtedness of such
Subsidiary Guarantor has a Representative, only such Representative shall be entitled to give the
notice.

          The Second-Priority Trustee in its individual or any other capacity shall be entitled to hold
Designated First Lien Indebtedness of a Subsidiary Guarantor with the same rights it would have if
it were not Second-Priority Trustee. The Registrar and the Paying Agent shall be entitled to do
the same with like rights. The Second-Priority Trustee shall be entitled to all the rights set
forth in this Article 17 with respect to any Designated First Lien Indebtedness of a Subsidiary
Guarantor which may at any time be held by it, to the same extent as any other holder of such
Designated First Lien Indebtedness; and nothing in Article 7 shall deprive the Second-Priority
Trustee of any of its rights as such holder. Nothing in this Article 17 shall apply to claims of,
or payments to, the Second-Priority Trustee or the Second-Priority Collateral Agent on account of
fees, expenses, indemnities or other amounts payable or reimbursable under or pursuant to Sections
607 or 1411 hereof or any other Section of this Indenture.

          SECTION 1710. Distribution or Notice to Representative.

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

          SECTION 1711. Article 17 Not To Prevent Events of Default or Limit Right To Demand Payment.

          The failure of a Subsidiary Guarantor to make a payment pursuant to its Guarantee by reason of
any provision in this Article 17 shall not be construed as preventing the occurrence of a default
by such Subsidiary Guarantor under its Guarantee. Nothing in this Article 17 shall have any effect
on the right of the Holders or the Second-Priority Trustee to make a demand for payment on a
Subsidiary Guarantor pursuant to Article 11 hereof.

          SECTION 1712. Trust Moneys Not Subordinated.

          Notwithstanding anything contained herein to the contrary, payments from money or the proceeds
of Government Securities held in trust by the Second-Priority Trustee for the payment of principal
of and interest on the Second-Priority Notes pursuant to Article 8 or Article 13 hereof shall not
be subordinated to the prior payment of any Designated First Lien Indebtedness of any Subsidiary
Guarantor or subject to the restrictions set forth in this Article 17, and none of the Holders
shall be obligated to pay over any such amount to such Subsidiary Guarantor or any holder of
Designated First Lien Indebtedness of such Subsidiary Guarantor or any other creditor of such
Subsidiary Guarantor, provided that the subordination provisions of this Article 17 were
not violated at the time the applicable amounts were deposited in trust pursuant to Article 8 or
Article 13 hereof, as the case may be

-129-

 

          SECTION 1713. Trustee Entitled To Rely.

          Upon any payment or distribution pursuant to this Article 17, the Second-Priority Trustee and
the Holders shall be entitled to rely (a) upon any order or decree of a court of competent
jurisdiction in which any proceedings of the nature referred to in Section 1702 hereof are pending,
(b) upon a certificate of the liquidating trustee or agent or other Person making such payment or
distribution to the Second-Priority Trustee or to the Holders or (c) upon the Representatives of
Designated First Lien Indebtedness of a Subsidiary Guarantor for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of such Designated
First Lien Indebtedness and other Indebtedness of such Subsidiary Guarantor, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 17. In the event that the Second-Priority Trustee determines, in good
faith, that evidence is required with respect to the right of any Person as a holder of Designated
First Lien Indebtedness of a Subsidiary Guarantor to participate in any payment or distribution
pursuant to this Article 17, the Second-Priority Trustee shall be entitled to request such Person
to furnish evidence to the reasonable satisfaction of the Second-Priority Trustee as to the amount
of such Designated First Lien Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and other facts pertinent to the rights of
such Person under this Article 17, and, if such evidence is not furnished, the Second-Priority
Trustee shall be entitled to defer any payment to such Person pending judicial determination as to
the right of such Person to receive such payment. The provisions of Sections 601 and 603 hereof
shall be applicable to all actions or omissions of actions by the Second-Priority Trustee pursuant
to this Article 17.

          SECTION 1714. Trustee To Effectuate Subordination.

          A Holder by its acceptance of a Second-Priority Note agrees to be bound by this Article 17 and
authorizes and expressly directs the Second-Priority Trustee, on his behalf, to take such action as
may be necessary or appropriate to effectuate the subordination between the Holders and the holders
of Designated First Lien Indebtedness of a Subsidiary Guarantor as provided in this Article 17 and
appoints the Second-Priority Trustee as attorney-in-fact for any and all such purposes.

          SECTION 1715. Trustee Not Fiduciary for Holders of Designated First Lien Indebtedness of Subsidiary
Guarantors.

          The Second-Priority Trustee shall not be deemed to owe any fiduciary duty to the holders of
Designated First Lien Indebtedness of a Subsidiary Guarantor and shall not be liable to any such
holders if it shall mistakenly pay over or distribute to Holders or such Subsidiary Guarantor or
any other Person, money or assets to which any holders of Designated First Lien Indebtedness of
such Subsidiary Guarantor shall be entitled by virtue of this Article 17 or otherwise.

          SECTION 1716. Reliance by Holders of Designated First Lien Indebtedness of a Subsidiary Guarantor on
Subordination Provisions.

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

          Without in any way limiting the generality of the foregoing paragraph, the holders of
Designated First Lien Indebtedness of a Subsidiary Guarantor may, at any time and from time to
time, without the consent of or notice to the Second-Priority Trustee or the Holders, without
incurring responsibility to the Second-Priority Trustee or the Holders and without impairing or
releasing the subordination provided in this Article 17 or the obligations hereunder of the Holders
to the holders of Designated First Lien Indebtedness of such Subsidiary Guarantor, 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, Designated First Lien Indebtedness of such Subsidiary Guarantor, or
otherwise amend or supplement

-130-

 

in any manner Designated First Lien Indebtedness of such Subsidiary Guarantor, or any
instrument evidencing the same or any agreement under which Designated First Lien Indebtedness of
such Subsidiary Guarantor is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Designated First Lien Indebtedness of such
Subsidiary Guarantor; (iii) release any Person liable in any manner for the payment or collection
of Designated First Lien Indebtedness of such Subsidiary Guarantor; and (iv) exercise or refrain
from exercising any rights against such Subsidiary Guarantor and any other Person.

-131-

 

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

	 	 	 	 	 
	 	CLEARWIRE COMMUNICATIONS LLC,

 	 
	 	By:  	/s/
Hope F. Cochran	 
	 	 	Name:  	Hope F. Cochran	 
	 	 	Title:  	Senior Vice President, Finance & Treasurer	 
	 	 	 	 	 
	 	CLEARWIRE FINANCE, INC.

 	 
	 	By:  	/s/
Hope F. Cochran	 
	 	 	Name:  	Hope F. Cochran	 
	 	 	Title:  	Senior Vice President, Finance & Treasurer	 
	 

	 	 	 	 	 
	 	GUARANTORS:

CLEARWIRE LEGACY LLC and CLEARWIRE XOHM LLC

 	 
	 	By:  	Clearwire Communications, LLC, as manager
 	 
	 	 	 	 
	 	 	 
	 	By:  	/s/
Hope F. Cochran	 
	 	 	Name:  	Hope F. Cochran	 
	 	 	Title:  	Senior Vice President, Finance & Treasurer	 
	 

	 	 	 	 	 
	 	CLEAR WIRELESS, LLC, CLEARWIRE
SPECTRUM 
HOLDINGS III LLC, CLEARWIRE US LLC 
and CLEAR MANAGEMENT SERVICES
LLC

 	 
	 	By:  	Clearwire Communications, LLC, as member
 	 
	 	 	 
	 	By:  	/s/
Hope F. Cochran	 
	 	 	Name:  	Hope F. Cochran	 
	 	 	Title:  	Senior Vice President, Finance & Treasurer	 
	 

	 	 	 	 	 
	 	CLEAR GLOBAL SERVICES LLC and CLEAR PARTNER HOLDINGS
LLC

 	 
	 	By:  	Clear Wireless LLC, as member
 	 
	 
	 	By:  	/s/
Hope F. Cochran	 
	 	 	Name:  	Hope F. Cochran	 
	 	 	Title:  	Senior Vice President, Finance & Treasurer	 
	 

[Signature Page to Indenture for Second Lien Notes]

S-1

 

	 	 	 	 	 
	 	BILLING LEGACY LLC, CLEARWIRE 
TELECOMMUNICATIONS
SERVICES, LLC,

 CLEARMEDIA, LLC, FIXED WIRELESS

HOLDINGS, LLC, CLEARWIRE SPECTRUM

 HOLDINGS II LLC and
CLEARWIRE SPECTRUM
 HOLDINGS LLC
 	 
	 
	 	By:  	Clearwire Legacy LLC, as member
 	 
	 	 	 
	 	By:  	/s/
Hope F. Cochran	 
	 	 	Name:  	Hope F. Cochran	 
	 	 	Title:  	Senior Vice President, Finance & Treasurer	 

	 	 	 	 	 
	 	WINBEAM LLC

 	 
	 	By:  	Clearwire US LLC, as member
 	 
	 	 	 
	 	By:  	/s/
Hope F. Cochran	 
	 	 	Name:  	Hope F. Cochran	 
	 	 	Title:  	Senior Vice President, Finance & Treasurer	 

	 	 	 	 	 

	 	 	 

	 

	 	AMERICAN TELECASTING DEVELOPMENT, LLC, AMERICAN
TELECASTING OF ANCHORAGE, LLC, AMERICAN TELECASTING
OF BEND, LLC, FRESNO MMDS ASSOCIATES, LLC, AMERICAN
TELECASTING OF COLUMBUS, LLC, AMERICAN TELECASTING OF
DENVER, LLC, AMERICAN TELECASTING OF FORT MYERS, LLC,
AMERICAN TELECASTING OF FT. COLLINS, LLC, AMERICAN
TELECASTING OF GREEN BAY, LLC, AMERICAN TELECASTING
OF LANSING, LLC, AMERICAN TELECASTING OF LINCOLN,
LLC, AMERICAN TELECASTING LITTLE ROCK, LLC, AMERICAN
TELECASTING OF LOUISVILLE, LLC, AMERICAN TELECASTING
OF MEDFORD, LLC, AMERICAN TELECASTING OF MICHIANA,
LLC, AMERICAN TELECASTING OF MONTEREY, LLC, AMERICAN
TELECASTING OF REDDING, LLC, AMERICAN TELECASTING OF
SANTA BARBARA, LLC, AMERICAN

[Signature Page to Indenture for Second Lien Notes]

 

 

	 	 	 

	 

	 	TELECASTING OF SEATTLE,
LLC, AMERICAN TELECASTING OF SHERIDAN, LLC, AMERICAN
TELECASTING OF YUBA CITY, LLC, ATI OF SANTA ROSA,
LLC, ATI SUB, LLC, NSAC, LLC, ALDA WIRELESS HOLDINGS,
LLC, PCTV GOLD II, LLC, PCTV OF SALT LAKE CITY, LLC,
PCTV SUB, LLC, PEOPLE’S CHOICE TV OF ALBUQUERQUE,
LLC, PEOPLE’S CHOICE TV OF HOUSTON, LLC, PEOPLE’S
CHOICE TV OF ST. LOUIS, LLC, SPEEDCHOICE OF DETROIT,
LLC, SPEEDCHOICE OF PHOENIX, LLC, ATL MDS, LLC, BAY
AREA CABLEVISION, LLC, BROADCAST CABLE, LLC, SCC X,
LLC, SPRINT (BAY AREA), LLC, TDI ACQUISITION SUB,
LLC, TRANSWORLD TELECOM II, LLC, WAVEPATH SUB, LLC,
WBS OF AMERICA, LLC, WBS OF SACRAMENTO, LLC, WBSY
LICENSING, LLC, WBSFP LICENSING, LLC, WCOF, LLC,
WIRELESS BROADBAND SERVICES OF AMERICA, LLC and
KENNEWICK LICENSING, LLC

	 	 	 	 	 
	 	 	 
	 	By:  	         Clearwire XOHM LLC, as manager
 	 
	 	 	 
	 	By:  	         /s/ Hope F. Cochran
 	 
	 	 	Name:  	Hope F. Cochran 	 
	 	 	Title:  	Senior Vice President, Finance &
Treasurer 	 

[Signature Page to Indenture  for Second Lien Notes]

 

 

	 	 	 	 	 
	 	WILMINGTON TRUST FSB,

 as Second-Priority Trustee

 	 
	 	By:  	/s/ Jane Schweiger	 
	 	 	Name:  	Jane Schweiger	 
	 	 	Title:  	Vice President	 
	 

[Signature Page to Indenture for Second Lien Notes]

S-2

 

	 	 	 	 	 
	 	WILMINGTON TRUST FSB,

 as Second-Priority Collateral Agent

 	 
	 	By:  	/s/ Jane Schweiger	 
	 	 	Name:  	Jane Schweiger	 
	 	 	Title:  	Vice President	 
	 

[Signature Page to Indenture for Second Lien Notes]

S-3

 

	 	 	 	 	 

Subsidiary Guarantors

Clearwire Legacy LLC, a Delaware limited liability company;

Clearwire XOHM LLC, a Delaware limited liability company;

Fixed Wireless Holdings, LLC, a Delaware limited liability company;

Alda Wireless Holdings, LLC, a Delaware limited liability company;

American Telecasting Development, LLC, a Delaware limited liability company;

American Telecasting of Anchorage, LLC, a Delaware limited liability company;

American Telecasting of Bend, LLC, a Delaware limited liability company;

American Telecasting of Columbus, LLC, a Delaware limited liability company;

American Telecasting of Denver, LLC, a Delaware limited liability company;

American Telecasting of Fort Myers, LLC, a Delaware limited liability company;

American Telecasting of Ft. Collins, LLC, a Delaware limited liability company;

American Telecasting of Green Bay, LLC, a Delaware limited liability company;

American Telecasting of Lansing, LLC, a Delaware limited liability company;

American Telecasting of Lincoln, LLC, a Delaware limited liability company;

American Telecasting of Little Rock, LLC, a Delaware limited liability company;

American Telecasting of Louisville, LLC, a Delaware limited liability company;

American Telecasting of Medford, LLC, a Delaware limited liability company;

American Telecasting of Michiana, LLC, a Delaware limited liability company;

American Telecasting of Monterey, LLC, a Delaware limited liability company;

American Telecasting of Redding, LLC, a Delaware limited liability company;

American Telecasting of Santa Barbara, LLC, a Delaware limited liability company;

American Telecasting of Seattle, LLC, a Delaware limited liability company;

American Telecasting of Sheridan, LLC, a Delaware limited liability company;

American Telecasting of Yuba City, LLC, a Delaware limited liability company;

ATI of Santa Rosa, LLC, a Delaware limited liability company;

ATI Sub, LLC, a Delaware limited liability company;

ATL MDS, LLC, a Delaware limited liability company;

Bay Area Cablevision, LLC, a Delaware limited liability company;

Broadcast Cable, LLC, a Delaware limited liability company;

Fresno MMDS Associates, LLC, a Delaware limited liability company;

Kennewick Licensing, LLC, a Delaware limited liability company;

NSAC, LLC, a Delaware limited liability company;

PCTV Gold II, LLC, a Delaware limited liability company;

PCTV of Salt Lake City, LLC, a Delaware limited liability company;

PCTV Sub, LLC, a Delaware limited liability company;

People’s Choice TV of Albuquerque, LLC, a Delaware limited liability company;

People’s Choice TV of Houston, LLC, a Delaware limited liability company;

People’s Choice TV of St. Louis, LLC, a Delaware limited liability company;

SCC X, LLC, a Delaware limited liability company;

SpeedChoice of Detroit, LLC, a Delaware limited liability company;

SpeedChoice of Phoenix, LLC, a Delaware limited liability company;

Sprint (Bay Area), LLC, a Delaware limited liability company;

TDI Acquisition Sub, LLC, a Delaware limited liability company;

Transworld Telecom II, LLC, a Delaware limited liability company;

Wavepath Sub, LLC, a Delaware limited liability company;

WBSFP Licensing, LLC, a Delaware limited liability company;

WBS of America, LLC, a Delaware limited liability company;

WBS of Sacramento, LLC, a Delaware limited liability company;

WBSY Licensing, LLC, a Delaware limited liability company;

WCOF, LLC, a Delaware limited liability company;

Wireless Broadband Services of America, LLC, a Delaware limited liability company;

Billing Legacy LLC, a Missouri limited liability company;

ClearMedia, LLC, a Nevada limited liability company;

 

 

Clearwire US LLC, a Nevada limited liability company;

Clearwire Spectrum Holdings LLC, a Nevada limited liability company;

Clearwire Spectrum Holdings II LLC, a Nevada limited liability company;

Clearwire Spectrum Holdings III LLC, a Nevada limited liability company;

Clearwire Telecommunications Services, LLC, a Nevada limited liability company;

Clear Global Services LLC, a Nevada limited liability company;

Clear Partner Holdings LLC, a Nevada limited liability company;

Clear Wireless LLC, a Nevada limited liability company;

Winbeam LLC, a Nevada limited liability company; and

Clear Management Services, LLC, a Nevada limited liability company

S-2

 

EXHIBIT A

[FACE OF NOTE]

CLEARWIRE COMMUNICATIONS LLC

and

CLEARWIRE FINANCE, INC.,

12% Second-Priority Secured Note due 2017

			
	No.
	 	CUSIP No.
	 
	 	$

     CLEARWIRE COMMUNICATIONS LLC, a Delaware limited liability company (the “Company”) and
CLEARWIRE FINANCE, INC., a Delaware corporation (“Finance Co” and, together with the Company, the
“Issuers”, which term includes any successor Person under the Second-Priority Indenture hereinafter
referred to), for value received, promises to pay to Cede & Co., or its registered assigns, the
principal sum of                      Dollars ($            ), on December 1, 2017.

	 	 	 

	Interest Rate:

	 	12% per annum.
	Interest Payment Dates:

	 	June 1 and December 1 of each year commencing June 1 , 2011.
	Regular Record Dates:

	 	May 15 and November 15 of each year.

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

A-1

 

     IN WITNESS WHEREOF, the Issuers have caused this Second-Priority Note to be signed manually or
by facsimile by its duly authorized officers.

	 	 	 	 	 
	 	CLEARWIRE COMMUNICATIONS LLC,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CLEARWIRE FINANCE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-2

 

	 	 	 	 	 

(Form of Second-Priority Trustee’s Certificate of Authentication)

     This is one of the 12% Second-Priority Secured Notes due 2017 referred to in the
within-mentioned Second-Priority Indenture.

	 	 	 	 	 
	 	WILMINGTON TRUST FSB

as Second-Priority Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Dated: _______________

A-3

 

[REVERSE SIDE OF NOTE]

CLEARWIRE COMMUNICATIONS LLC

and

CLEARWIRE FINANCE, INC.

12% Second-Priority Secured Note due 2017

1. Principal and Interest.

     The Issuers will pay the principal of this Second-Priority Note on December 1, 2017.

     The Issuers promise to pay interest on the principal amount of this Second-Priority Note on
each Interest Payment Date, as set forth below, at the rate of 12% per annum (subject to adjustment
as provided below).

     Interest will be payable semi-annually (to the Holders of record of the Second-Priority Notes
(or any Predecessor Second-Priority Notes) at the close of business on May 15 or November 15
immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing June 1,
2011.

     Interest on this Second-Priority Note will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from December 9, 2010; provided that, if there is
no existing default in the payment of interest and if this Second-Priority Note is authenticated
between a Regular Record Date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such Interest Payment Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months.

     The Issuers shall pay interest on overdue principal and premium, if any, and interest on
overdue installments of interest, to the extent lawful, at a rate per annum equal to the rate of
interest applicable to the Second-Priority Notes.

2. Method of Payment.

     The Issuers will pay interest (except defaulted interest) on the principal amount of the
Second-Priority Notes on each June 1 and December 1 to the Persons who are Holders (as reflected in
the Second-Priority Note Register at the close of business on May 15 and November 15 immediately
preceding the Interest Payment Date), in each case, even if the Second-Priority Note is cancelled
on registration of transfer or registration of exchange after such Regular Record Date; provided
that, with respect to the payment of principal, the Issuers will make payment to the Holder that
surrenders this Second-Priority Note to any Paying Agent on or after December 1, 2017.

     The Issuers will pay principal (premium, if any) and interest in money of the United States
that at the time of payment is legal tender for payment of public and private debts. However, the
Issuers may pay principal (premium, if any) and interest by its check payable in such money. The
Issuers may pay interest on the Second-Priority Notes either (a) by mailing a check for such
interest to a Holder’s registered address (as reflected in the Second-Priority Note Register) or
(b) by wire transfer to an account located in the United States maintained by the payee. If a
payment date is a date other than a Business Day at a place of payment, payment may be made at that
place on the next succeeding day that is a Business Day and no interest shall accrue for the
intervening period.

3. Paying Agent and Second-Priority Note Registrar.

     Initially, the Second-Priority Trustee will act as Paying Agent and Second-Priority Note
Registrar. The Issuers may change any Paying Agent or Second-Priority Note Registrar upon written
notice thereto. The Issuers, any Subsidiary or any Affiliate of any of them may act as Paying
Agent, Second-Priority Note Registrar or co-registrar.

A-4

 

4. Second-Priority Indenture; Limitations.

     The Issuers issued the Second-Priority Notes under the Second-Priority Indenture dated as of
December 9, 2010 (the “Second-Priority Indenture”), among the Issuers, the Subsidiary Guarantors
and Wilmington Trust FSB, as trustee (the “Second-Priority Trustee”) and collateral agent (the
“Second-Priority Collateral Agent”). Capitalized terms herein are used as defined in the
Second-Priority Indenture unless otherwise indicated. The terms of the Second-Priority Notes
include those stated in the Second-Priority Indenture and those made part of the Second-Priority
Indenture by reference to the Trust Indenture Act. The Second-Priority Notes are subject to all
such terms, and Holders are referred to the Second-Priority Indenture and the Trust Indenture Act
for a statement of all such terms. To the extent permitted by applicable law, in the event of any
inconsistency between the terms of this Second-Priority Note and the terms of the Second-Priority
Indenture, the terms of the Second-Priority Indenture shall control.

     The Second-Priority Notes are senior secured obligations of the Issuers. The Second-Priority
Indenture does not limit the aggregate principal amount of the Second-Priority Notes.

5. Redemption.

     Optional Redemption. Except as described below, the Second-Priority Notes are not
redeemable at the Issuers’ option until December 1, 2014. From and after December 1, 2014, the
Issuers may redeem the Second-Priority 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 Second-Priority
Trustee, to each Holder of Second-Priority Notes to the address of such Holder appearing in the
Second-Priority Note Register at the Redemption Prices (expressed as percentages of principal
amount) set forth below, plus accrued and unpaid interest thereon, if any, to but excluding 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 1 of each of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage	 
	 
	2014
	 	 	106.000	%
	2015
	 	 	103.000	%
	2016 and thereafter
	 	 	100.000	%

     In addition, prior to December 1, 2013, the Issuers may, at their option, redeem up to 35% of
the aggregate principal amount of Second-Priority Notes issued under the Second-Priority Indenture
at a redemption price equal to 112.000% of the aggregate principal amount thereof, plus accrued and
unpaid interest thereon, if any, to but excluding, 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 Equity Offerings of the Issuers or any direct or
indirect parent of the Issuers to the extent such net proceeds are contributed to the Issuers;
provided that at least 65% of the aggregate principal amount of Second-Priority Notes originally
issued under the Second-Priority Indenture 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.

     At any time prior to the final maturity date of the Second-Priority Notes, the Issuers may
also redeem all or a part of the Second-Priority Notes, upon not less than 30 nor more than 60
days’ prior notice mailed by first-class mail to each Holder’s registered address, at a Redemption
Price equal to 100% of the principal amount of Second-Priority Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest, if any, to but excluding the Redemption Date,
subject to the rights of Holders of Second-Priority Notes on the relevant record date to receive
interest due on the relevant Interest Payment Date.

6. Repurchase upon a Change in Control and Asset Sales.

     Upon the occurrence of (a) a Change in Control, the Holders of the Second-Priority Notes will
have the right to require that the Issuers purchase such Holder’s outstanding Second-Priority
Notes, in whole or in part, at a purchase price of 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to the date

A-5

 

of purchase and (b) Asset Sales, the Issuers may be obligated to make offers to purchase
Second-Priority Notes and Permitted Additional Junior Lien Obligations with a portion of the Net
Proceeds of such Asset Sales at a redemption price of 100% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase.

7. Denominations; Transfer; Exchange.

     The Second-Priority Notes are in registered form without coupons, in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer or
exchange of Second-Priority Notes in accordance with the Second-Priority Indenture. The
Second-Priority Note Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by law or permitted by
the Second-Priority Indenture. The Second-Priority Note Registrar need not register the transfer
or exchange of any Second-Priority Notes selected for redemption (except the unredeemed portion of
any Second-Priority Note being redeemed in part).

8. Persons Deemed Owners.

     A registered Holder may be treated as the owner of a Second-Priority Note for all purposes.

9. Unclaimed Money.

     If money for the payment of principal (premium, if any) or interest remains unclaimed for two
years, the Second-Priority Trustee and the Paying Agent will pay the money back to the Issuers at
their written request. After that, Holders entitled to the money must look to the Issuers for
payment, unless an abandoned property law designates another Person, and all liability of the
Second-Priority Trustee and such Paying Agent with respect to such money shall cease.

10. Discharge and Defeasance Prior to Redemption or Maturity.

     If the Issuers irrevocably deposit, or cause to be deposited, with the Second-Priority Trustee
money or Government Securities sufficient to pay the then outstanding principal of (premium, if
any) and accrued interest on the Second-Priority Notes (a) to Redemption or Maturity Date, the
Issuers will be discharged from its obligations under the Second-Priority Indenture and the
Second-Priority Notes, except in certain circumstances for certain covenants thereof, and (b) to
the Stated Maturity, the Issuers will be discharged from certain covenants set forth in the
Second-Priority Indenture.

11. Amendment; Supplement; Waiver.

     Subject to certain exceptions, the Second-Priority Indenture, the Second-Priority Security
Documents or the Second-Priority Notes may be amended or supplemented with the consent of the
Holders of at least a majority in aggregate principal amount of the Outstanding Second-Priority
Notes, and any existing Default or compliance with any provision may be waived with the consent of
the Holders of a majority in aggregate principal amount of the Outstanding Second-Priority Notes.
Without notice to or the consent of any Holder, the parties thereto may amend or supplement the
Second-Priority Indenture, the Second-Priority Security Documents or the Second-Priority Notes to,
among other things, cure any ambiguity, defect or inconsistency and make any change that does not
adversely affect the rights of any Holder.

12. Restrictive Covenants.

     The Second-Priority Indenture contains certain covenants, including, without limitation,
covenants with respect to the following matters: (i) Incurrence of Indebtedness and Issuance of
Disqualified Stock and preferred stock; (ii) Restricted Payments; (iii) transactions with
Affiliates; (iv) Liens; (v) purchase of Second-Priority Notes upon a Change in Control; (vi)
disposition of proceeds of Asset Sales; (vii) guarantees of Indebtedness by Restricted
Subsidiaries; (viii) dividend and other payment restrictions affecting Restricted Subsidiaries;
(ix) merger and certain transfers of assets; (x) limitation on activities of Finance Co and
Spectrum Entities and (xi) future

A-6

 

Subsidiary Guarantors. Within 120 days after the end of each fiscal year, the Issuers must report
to the Second-Priority Trustee on compliance with such limitations.

13. Successor Persons.

     When a successor Person or other entity assumes all the obligations of its predecessor under
the Second-Priority Notes and the Second-Priority Indenture, the predecessor Person will be
released from those obligations.

14. Remedies for Events of Default.

     If an Event of Default, as defined in the Second-Priority Indenture, occurs and is continuing,
the Second-Priority Trustee or the Holders of at least 25% in principal amount of the Outstanding
Second-Priority Notes may declare all the Second-Priority Notes to be immediately due and payable;
provided, however, that so long as any Designated First Lien Indebtedness is outstanding, no such
acceleration shall be effective until the earlier of (1) acceleration of any such Designated First
Lien Indebtedness; or (2) five Business Days after the giving of written notice of such
acceleration to the Issuers and the administrative agent or trustee under such Designated First
Lien Indebtedness. If a bankruptcy or insolvency default with respect to the Issuers or any
Subsidiary Guarantors that is a Significant Subsidiary occurs and is continuing, the
Second-Priority Notes automatically become immediately due and payable. Holders may not enforce
the Second-Priority Indenture, the Second-Priority Security Documents or the Second-Priority Notes
except as provided in the Second-Priority Indenture. The Second-Priority Trustee and the
Second-Priority Collateral Agent may require indemnity reasonably satisfactory to it before it
enforces the Second-Priority Indenture or the Second-Priority Notes. Subject to certain
limitations, Holders of at least a majority in aggregate principal amount of the Outstanding
Second-Priority Notes may direct the Second-Priority Trustee in its exercise of any trust or power.

15. Guarantees.

     The Issuers’ obligations under the Second-Priority Notes are fully, irrevocably and
unconditionally guaranteed on a senior secured basis, to the extent set forth in the
Second-Priority Indenture, by each of the Subsidiary Guarantors.

16. Subordination.

     The Second-Priority Notes and the Guarantees are subordinated to Designated First Lien
Indebtedness of the Issuers and the Guarantors on the terms and subject to the conditions set forth
in the Second-Priority Indenture. To the extent provided in the Second-Priority Indenture,
Designated First Lien Indebtedness must be paid before the Second-Priority Notes and Guarantees may
be paid. The Issuers agree, and each Holder by accepting a Second-Priority Note agrees, to the
subordination provisions contained in the Second-Priority Indenture and authorizes the
Second-Priority Trustee to give it effect and appoints the Second-Priority Trustee as
attorney-in-fact for such purpose.

17. Second-Priority Trustee Dealings with Issuers.

     The Second-Priority Trustee or the Second-Priority Collateral Agent under the Second-Priority
Indenture, in its individual or any other capacity, may become the owner or pledgee of
Second-Priority Notes and may make loans to, accept deposits from, perform services for, and
otherwise deal with, the Issuers and their Affiliates as if it were not the Second-Priority Trustee
or the Second-Priority Collateral Agent.

18. Authentication.

     This Second-Priority Note shall not be valid until the Second-Priority Trustee signs the
certificate of authentication on the other side of this Second-Priority Note.

A-7

 

19. 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).

     The Issuers will furnish to any Holder upon written request and without charge a copy of the
Second-Priority Indenture. Requests may be made to CLEARWIRE COMMUNICATIONS LLC, 4400 Carillon
Point, Kirkland, Washington 98033, Attention: General Counsel, or CLEARWIRE FINANCE, INC.,
4400 Carillon Point, Kirkland, Washington 98033, Attention: General Counsel.

A-8

 

ASSIGNMENT FORM

To assign this Second-Priority Note, fill in the form below:

(I) or (we) assign and transfer this Second-Priority 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 Second-Priority Note on the books of the Issuers. The agent may substitute
another to act for him.

Date: __________________

	 	 	 	 	 	 	 

	 

	 	Your Signature:	 	 	 	 
	 

	 	 
	 	 

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

Signature Guarantee*: _____________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Second-Priority Trustee).

A-9

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Second-Priority Note purchased by the Issuers pursuant to
Section 1017 or 1018 of the Second-Priority Indenture, check the appropriate box below:

	 	 	 

	o Section 1017
	 	o Section 1018

     If you want to elect to have only part of the Second-Priority Note purchased by the Issuers
pursuant to Section 1017 or Section 1018 of the Second-Priority Indenture, state the amount you
elect to have purchased:

 $ 

Date: __________________

	 	 	 	 	 	 	 

	 

	 	Your Signature:	 	 	 	 
	 

	 	 	 	 

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

	 	 	 	 	 	 	 
	 

	 	Tax Identification No.:	 	 	 	 
	 

	 	 	 	 

	 	 

Signature Guarantee*: _____________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Second-Priority Trustee).

A-10

 

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 Second-Priority Note, or exchanges of a part of another Global Note or
Definitive Second-Priority Note for an interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount	 	Signature of authorized
	 	 	Amount of decrease	 	Amount of increase	 	of this Global Note	 	signatory of Second-
	 	 	in Principal Amount	 	in Principal Amount	 	following such	 	Priority Trustee
	Date of Exchange	 	of this Global Note	 	of this Global Note	 	decrease (or increase)	 	or Custodian
	 
	 	 
	 	 
	 	 
	 	 

 

			
	*	 	This schedule should be included only if the Second-Priority Note is issued in global form.

A-11

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Clearwire Communications LLC,

4400 Carillon Point

Kirkland, Washington 98033

Clearwire Finance, Inc.

4400 Carillon Point

Kirkland, Washington 98033

Wilmington Trust FSB

Corporate Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Fax: (612) 217-5651

Attention: Clearwire Communications LLC

                 Administrator

Re: 12% Second-Priority Secured Notes due 2017

          Reference is hereby made to the Second-Priority Indenture, dated as of December 9, 2010 (the
“Second-Priority Indenture”), among Clearwire Communications LLC (the “Company”), Clearwire
Finance, Inc. (“Finance Co”, and together with the Company, the “Issuers”), the Subsidiary
Guarantors party thereto and Wilmington Trust FSB, as trustee and as collateral agent. Capitalized
terms used but not defined herein shall have the meanings given to them in the Second-Priority
Indenture.

                         (the “Transferor”) owns and proposes to transfer
the Second-Priority Note[s] or interest in such Second-Priority Note[s] specified in Annex A
hereto, in the principal amount of $           in such Second-Priority Note[s] or interests (the “Transfer”),
to (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer,
the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

1. o Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a
Restricted Definitive Second-Priority 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 Second-Priority Note is being transferred to a Person that the
Transferor reasonably believes is purchasing the beneficial interest or Definitive Second-Priority
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
Second-Priority Indenture, the transferred beneficial interest or Definitive Second-Priority 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 Second-Priority Note and in the
Second-Priority Indenture and the Securities Act.

2. o Check if Transferee will take delivery of a beneficial interest in the Regulation S Global
Note or a Restricted Definitive Second-Priority 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

B-1

 

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 Second-Priority Indenture, the transferred beneficial interest or
Definitive Second-Priority Note will be subject to the restrictions on Transfer enumerated in the
Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive
Second-Priority Note and in the Second-Priority Indenture and the Securities Act.

3. o Check and complete if Transferee will take delivery of a beneficial interest in a Restricted
Definitive Second-Priority 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 Second-Priority 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) o such Transfer is being effected to the Issuers or a subsidiary thereof;

or

     (b) o 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.

Upon consummation of the proposed transfer in accordance with the terms of the
Second-Priority Indenture, the transferred beneficial interest or Definitive Second-Priority
Note will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Definitive Second-Priority Notes and in the Second-Priority
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 Second-Priority Note.

          (a) 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 Second-Priority Indenture and any applicable blue
sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Second-Priority 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 Second-Priority Indenture, the transferred beneficial interest or
Definitive Second-Priority 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 Second-Priority Notes and in the Second-Priority Indenture.

          (b) 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 Second-Priority Indenture and any applicable blue sky securities laws
of any State of the United States and (ii) the restrictions on transfer contained in the
Second-Priority 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 Second-Priority Indenture, the transferred beneficial interest or Definitive
Second-Priority 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 Second-Priority
Notes and in the Second-Priority Indenture.

B-2

 

          This certificate and the statements contained herein are made for your benefit and the benefit
of the Issuers.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	[Insert Name of Transferor] 	 
	 	 	 
	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: ______________________

B-3

 

ANNEX A TO CERTIFICATE OF TRANSFER

	 	1.	 	The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

	 	(i)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP       ), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP      ), or

	 	(b)	 	o a Restricted Definitive Second-Priority 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

	 	(b)	 	o a Restricted Definitive Second-Priority Note;
	 
	 	(c)	 	an Unrestricted Definitive Second-Priority Note,

	 	 	 	in accordance with the terms of the Second-Priority Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Clearwire Communications LLC,

4400 Carillon Point

Kirkland, Washington 98033

Clearwire Finance, Inc.

4400 Carillon Point

Kirkland, Washington 98033

Wilmington Trust FSB

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Re: 12% Second-Priority Secured Notes due 2017

(CUSIP     )

          Reference is hereby made to the Second-Priority Indenture, dated as of December 9, 2010 (the
“Second-Priority Indenture”), among Clearwire Communications LLC (the “Company”), Clearwire
Finance, Inc. (“Finance Co”, and together with the Company, the “Issuers”), the Subsidiary
Guarantors party thereto and Wilmington Trust FSB, as trustee and as collateral agent. Capitalized
terms used but not defined herein shall have the meanings given to them in the Second-Priority
Indenture.

                         , (the “Owner”) owns and proposes to exchange the Second-Priority
Note[s] or interest in such Second-Priority Note[s] specified herein, in the principal amount of
$              in such Second-Priority Note[s] or interests (the “Exchange”). In connection with the
Exchange, the Owner hereby certifies that:

          1.  Exchange of Restricted Definitive Second-Priority Notes or Beneficial Interests in a
Restricted Global Note for Unrestricted Definitive Second-Priority 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 Second-Priority Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

          (b) o Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted
Definitive Second-Priority Note, In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for an Unrestricted Definitive Second-Priority Note, the Owner
hereby certifies (i) the Definitive Second-Priority 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 Second-Priority Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities
Act and (iv) the Definitive Second-Priority Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

C-1

 

          (c) o Check if Exchange is from Restricted Definitive Second-Priority Note to beneficial
interest in an Unrestricted Global Note, In connection with the Owner’s Exchange of a Restricted
Definitive Second-Priority 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 Second-Priority Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the Second-Priority 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 Second-Priority Note to Unrestricted
Definitive Second-Priority Note, In connection with the Owner’s Exchange of a Restricted
Definitive Second-Priority Note for an Unrestricted Definitive Second-Priority Note, the Owner
hereby certifies (i) the Unrestricted Definitive Second-Priority 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 Second-Priority Notes and pursuant to and
in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Second-Priority Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Second-Priority 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 Second-Priority Notes or Beneficial Interests in
Restricted Global Notes for Restricted Definitive Second-Priority 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 Second-Priority Note, In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for a Restricted Definitive Second-Priority Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Second-Priority 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 Second-Priority Indenture, the Restricted Definitive
Second-Priority Note issued will continue to be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Definitive Second-Priority Note and in
the Second-Priority Indenture and the Securities Act.

          (b) o Check if Exchange is from Restricted Definitive Second-Priority Note to beneficial
interest in a Restricted Global Note, In connection with the Exchange of the Owner’s Restricted
Definitive Second-Priority Note for a beneficial interest in the [CHECK ONE] o 144A Global Note,
o Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States, Upon
consummation of the proposed Exchange in accordance with the terms of the Second-Priority
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 Second-Priority Indenture and the Securities Act.

          This certificate and the statements contained herein are made for your benefit and the benefit
of the Issuers.

C-2

 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	[Insert Name of Transferor] 	 
	 	 	 
	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: _____________________

C-3

 

EXHIBIT D

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

          SUPPLEMENTAL INDENTURE (this “Supplemental Second-Priority Indenture”), dated as of , 20 ,
among (the “Guaranteeing Subsidiary”), a subsidiary of (or its permitted successor), a [Delaware]
corporation (the “Company”), Clearwire Communications LLC and Clearwire Finance, Inc. (and together
with the Company, the “Issuers”) and Wilmington Trust FSB, as trustee and as collateral agent under
the Second-Priority Indenture referred to below (the “Second-Priority Trustee”).

W I T N E S S E T H

          WHEREAS, the Issuers have heretofore executed and delivered to the Second-Priority Trustee an
indenture (the “Second-Priority Indenture”), dated as of December 9, 2010 providing for the
issuance of 12% Second-Priority Secured Notes due 2017 (the “Second-Priority Notes”);

          WHEREAS, the Second-Priority Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Second-Priority Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the
Issuers’ Obligations under the Second-Priority Notes and the Second-Priority Indenture on the terms
and conditions set forth herein (the “Guarantee”); and

          WHEREAS, pursuant to Section 901 of the Second-Priority Indenture, the Second-Priority Trustee
is authorized to execute and deliver this Supplemental Second-Priority 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
Second-Priority Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Second-Priority Notes as follows:

          1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Second-Priority Indenture.

          2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees as follows:

     (a) The Guaranteeing Subsidiary hereby becomes a party to the Second-Priority Indenture
as a Subsidiary Guarantor and as such will have all of the rights and be subject to all of
the obligations and agreements of a Subsidiary Guarantor under the Second-Priority Indenture.
The Guaranteeing Subsidiary agrees to be bound by all of the provisions of the
Second-Priority Indenture applicable to a Subsidiary Guarantor and to perform all of the
obligations and agreements of a Subsidiary Guarantor under the Second-Priority Indenture.

     (b) The Guaranteeing subsidiary agrees, on a joint and several basis with all the
existing Subsidiary Guarantors, to fully, unconditionally and irrevocably Guarantee to each
Holder of the Second-Priority Notes, Second-Priority Collateral Agent and the Second-Priority
Trustee the Obligations pursuant to Article Twelve of the Second-Priority Indenture of a
senior basis.

          3. 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 Issuers or any Guaranteeing Subsidiary under the
Second-Priority Notes, any Second-Priority Note Guarantees, the Second-Priority Indenture or this
Supplemental Second-Priority Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of the Second-Priority Notes by accepting a
Second-Priority Note waives and releases all such liability. The waiver and release are part of
the

E-1

 

consideration for issuance of the Second-Priority 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.

          4. NEW YORK LAW TO GOVERN. SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.

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

          6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof.

          7. THE TRUSTEE. The Second-Priority Trustee shall not be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Supplemental Second-Priority Indenture or
for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary and the Issuers.

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

Dated: ____________, 20___

	 	 	 	 	 
	 	[GUARANTEEING SUBSIDIARY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CLEARWIRE COMMUNICATIONS LLC,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CLEARWIRE FINANCE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WILMINGTON TRUST FSB as Second-Priority Trustee and

Second-Priority Collateral Agent

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

E-2

 

	 	 	 	 	 

EXHIBIT E

INCUMBENCY CERTIFICATE

          The undersigned,       , being the       of       (the “Issuers”) does
hereby certify that the individuals listed below are qualified and acting officers of the Issuers
as set forth in the right column opposite their respective names and the signatures appearing in
the extreme right column opposite the name of each such officer is a true specimen of the genuine
signature of such officer and such individuals have the authority to execute documents to be
delivered to, or upon the request of, Wilmington Trust FSB as Second-Priority Trustee under the
Second-Priority Indenture dated as of      , 20  , by and between the Issuers and The
Wilmington Trust FSB

	 	 	 	 	 

	Name
	 	Title
	 	Signature
	 
	 	 
	 	 

          IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate as of the      
day of       , 20   .

	 	 	 	 	 
	 	 	 
	 	  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

F-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]