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                                                                     EXHIBIT 4.1

                                  $245,000,000

                              TSI MERGER SUB, INC.

                           TO BE MERGED WITH AND INTO

                       TSI TELECOMMUNICATION SERVICES INC.

                   12 3/4% SENIOR SUBORDINATED NOTES DUE 2009

                               PURCHASE AGREEMENT

February 5, 2002

Lehman Brothers Inc.
790 7th Avenue
New York, New York 10019

Ladies and Gentlemen:

     TSI Merger Sub, Inc. ("TSI MERGER"), a Delaware corporation which shall be
merged (the "MERGER") with and into TSI Telecommunication Services Inc., a
Delaware corporation (the "SURVIVING CORPORATION"; references to the "COMPANY"
refer to TSI Merger prior to the Merger and the Surviving Corporation
thereafter), proposes, upon the terms and considerations set forth herein, to
issue and sell to you, as the initial purchaser (the "INITIAL PURCHASER"),
$245,000,000 in aggregate principal amount of its 12 3/4% Senior Subordinated
Notes due 2009 (the "NOTES"). The Notes will (i) have terms and provisions which
are summarized in the Offering Memorandum (as defined below) dated as of the
date hereof and (ii) are to be issued pursuant to an Indenture (the "INDENTURE")
to be entered into between the Company, the Guarantors (as defined below), and
The Bank of New York, as trustee. The Company's obligations under the Notes,
including the due and punctual payment of interest on the Notes, will be
unconditionally guaranteed (the "GUARANTEE") by TSI Telecommunication Holdings,
Inc. ("TSI INC."), TSI Telecommunication Holdings, LLC ("TSI LLC"), TSI Finance
Inc., and each of the Company's current and future domestic subsidiaries,
including TSI Networks Inc. (each, a "GUARANTOR" and together, the
"GUARANTORS"). As used herein, the term "Notes" shall include the Guarantees
thereof by the Guarantors, unless the context otherwise requires. This is to
confirm the agreement concerning the purchase of the Notes from the Company by
the Initial Purchaser.

     1.  PRELIMINARY OFFERING MEMORANDUM AND OFFERING MEMORANDUM. The Notes will
be offered and sold to the Initial Purchaser without registration under the
Securities Act of 1933, as amended (the "ACT"), in reliance on an exemption
pursuant to Section 4(2) under the Act. The Company and the Guarantors have
prepared a preliminary offering memorandum, dated January 15, 2002 (the
"PRELIMINARY OFFERING MEMORANDUM"), and an offering memorandum, to be dated
February 5, 2002 (the "OFFERING MEMORANDUM"), setting forth information
regarding the

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Company, the Guarantors, the Notes, the Guarantees, the Exchange Notes (as
defined herein) and the Exchange Guarantees (as defined herein). Any references
herein to the Preliminary Offering Memorandum or the Offering Memorandum shall
be deemed to include all amendments and supplements thereto. The Company and the
Guarantors hereby confirm that they have authorized the use of the Preliminary
Offering Memorandum and the Offering Memorandum in connection with the offering
and resale of the Notes by the Initial Purchaser.

     It is understood and acknowledged that upon original issuance thereof, and
until such time as the same is no longer required under the applicable
requirements of the Act, the Notes (and all securities issued in exchange
therefor, in substitution thereof), shall bear the following legend (along with
such other legends as the Initial Purchaser and its counsel deem necessary):

     "THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT") AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
(B) IN ACCORDANCE WITH ALL APPLICABLE BLUE SKY LAWS OF THE STATES OF THE UNITED
STATES."

     You have advised the Company that you will make offers (the "EXEMPT
RESALES") of the Notes purchased by you hereunder on the terms set forth in the
Offering Memorandum, as amended or supplemented, solely to (i) persons whom you
reasonably believe to be "qualified institutional buyers" as defined in Rule
144A under the Act ("QIBS") and (ii) outside the United States to certain
persons in offshore transactions in reliance on Regulation S under the Act
specified in clauses (i) and (ii) being referred to herein as the ("ELIGIBLE
PURCHASERS"). You will offer the Notes to Eligible Purchasers initially at a
price equal to 97.784% of the principal amount thereof. Such price may be
changed at any time without notice.

     Holders (including subsequent transferees), of the Notes will have the
registration rights set forth in the registration rights agreement (the
"REGISTRATION RIGHTS AGREEMENT"), to be dated the Closing Date (as defined
herein), in substantially the form of Exhibit A hereto, for so long as such
Notes constitute "TRANSFER RESTRICTED SECURITIES" (as defined in the
Registration Rights Agreement). Pursuant to the Registration Rights Agreement,
the Company will agree to file with the Securities and Exchange Commission (the
"COMMISSION") under the circumstances set forth therein, a registration
statement under the Act (the "EXCHANGE OFFER REGISTRATION STATEMENT") relating
to the Company's 12 3/4% Exchange Notes (the "EXCHANGE NOTES") and the
Guarantor's

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Exchange Guarantees (the "EXCHANGE GUARANTEES") to be offered in exchange for
the Notes and the Guarantees, such portion of the offering is referred to as the
"EXCHANGE OFFER."

     2.  REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY AND THE
GUARANTORS. The Company and each of the Guarantors, jointly and severally,
represents, warrants and agrees that:

         (a)  When the Notes are issued and delivered pursuant to this
Agreement, such Notes will not be of the same class as securities of the Company
that are listed on a national securities exchange registered under Section 6 of
the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT") or that are
quoted in a United States automated inter-dealer quotation system.

         (b)  Neither the Company nor any of its subsidiaries is, and after
giving effect to the offering and sale of the Notes and the application of the
net proceeds therefrom as described under the caption "Use of Proceeds" in the
Offering Memorandum, will be, an "investment company" or a company "controlled"
by an "investment company" within the meaning of the Investment Company Act of
1940, as amended and the rules and regulations of the Commission thereunder.

         (c)  The Company and each of the Guarantors has all requisite corporate
power and authority to enter into the Registration Rights Agreement. The
Registration Rights Agreement has been duly authorized by the Company and the
Guarantors and, when executed by the Company and the Guarantors in accordance
with the terms hereof and thereof, will be validly executed and delivered and
(assuming the due execution and delivery thereof by you), will be the legally
valid and binding obligation of the Company and the Guarantors in accordance
with the terms hereof and thereof, enforceable against the Company and the
Guarantors in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium and other similar
laws relating to or affecting creditor's rights generally, by general equitable
principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law), and, as to rights of indemnification and
contribution, by principles of public policy.

         (d)  Assuming that your representations and warranties in Section 3(b)
are true, the purchase and resale of the Notes pursuant hereto (including
pursuant to the Exempt Resales), is exempt from the registration requirements of
the Act. No form of general solicitation or general advertising was used by the
Company, the Guarantors or any of their respective representatives (other than
you, as to whom the Company makes no representation), in connection with the
offer and sale of the Notes, including, but not limited to, articles, notices or
other communications published in any newspaper, magazine, or similar medium or
broadcast over television or radio or any seminar or meeting whose attendees
have been invited by any general solicitation or general advertising.

         (e)  Set forth on Exhibit B hereto is a list of each employee pension
or benefit plan with respect to which the Surviving Corporation or any
corporation considered an affiliate of the Surviving Corporation within the
meaning of Section 407(d)(7) of the Employee Retirement Income Security Act of
1974, as amended, including the regulations and published

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interpretations thereunder ("ERISA"), (an "AFFILIATE") will be a party in
interest or disqualified person after the Merger.

         (f)  Each of the Preliminary Offering Memorandum and the Offering
Memorandum, as of its date, contains all the information specified in, and
meeting the requirements of, Rule 144A(d)(4) under the Act.

         (g)  The Preliminary Offering Memorandum and Offering Memorandum with
respect to the Notes have both been prepared by the Company and the Guarantors
for use by the Initial Purchaser in connection with the Exempt Resales. No order
or decree preventing the use of the Preliminary Offering Memorandum or the
Offering Memorandum, or any order asserting that the transactions contemplated
by this Agreement are subject to the registration requirements of the Act has
been issued and no proceeding for that purpose has commenced or is pending or,
to the knowledge of the Company or any of the Guarantors, is contemplated.

         (h)  The Preliminary Offering Memorandum and the Offering Memorandum as
of their respective dates and the Offering Memorandum as of the Closing Date (as
defined below), did not or will not at any time contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, except that this
representation and warranty does not apply to statements in or omissions from
the Preliminary Offering Memorandum and Offering Memorandum made in reliance
upon and in conformity with information relating to the Initial Purchaser
furnished to the Company in writing by or on behalf of the Initial Purchaser
expressly for use therein.

         (i)  The market-related and customer-related data and estimates
included under the captions "Summary" and "Business" in the Preliminary Offering
Memorandum and the Offering Memorandum are based on or derived from sources
which the Company believes to be reliable.

         (j)  Merger Sub, the Surviving Corporation and each Guarantor have been
duly incorporated or formed and are validly existing as corporations or limited
liability companies, as the case may be, in good standing under the laws of
their respective jurisdictions, are duly qualified to do business and are in
good standing as foreign corporations or limited liability companies, as the
case may be, in each jurisdiction in which their respective ownership or lease
of property or the conduct of their respective businesses requires such
qualification, except as would not, individually or in the aggregate, have a
materially adverse effect on the business, condition (financial or otherwise),
stockholders' equity, prospects or results of operations (a "MATERIAL ADVERSE
EFFECT") of the Merger Sub, the Surviving Corporation and each Guarantor, as the
case may be, and have all power and authority necessary to own or hold their
respective properties and to conduct the businesses in which they are engaged,
except where such failure to have such power and authority would not have a
Material Adverse Effect on the Merger Sub, the Surviving Corporation and each
Guarantor; and none of the subsidiaries of the Company is a "significant
subsidiary", as such term is defined in Rule 405 of the Rules and Regulations.

         (k)  The Surviving Corporation has an authorized capitalization as set
forth in the Offering Memorandum, and all of the issued shares of capital stock
of the Surviving

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Corporation have been duly and validly authorized and issued, are fully paid and
non-assessable; and all of the issued shares of capital stock of each subsidiary
of the Company have been duly and validly authorized and issued and are fully
paid and non-assessable and (except for directors' qualifying shares), are owned
directly or indirectly by the Company, free and clear of all liens,
encumbrances, equities or claims except as otherwise disclosed in the Offering
Memorandum and except for such liens, encumbrances, equities or claims that
would not be reasonably expected to have a Material Adverse Effect on the
Surviving Corporation.

         (l)  The Indenture has been duly and validly authorized by the Company
and the Guarantors, and upon its execution and delivery and, assuming due
authorization, execution and delivery by the Trustee, will constitute the valid
and binding agreement of the Company and the Guarantors, enforceable against the
Company and the Guarantors in accordance with its terms, subject to the
qualification that the enforceability of the Company's and the Guarantors'
obligations thereunder may be limited by bankruptcy, fraudulent conveyance,
insolvency, reorganization, moratorium, and other laws relating to or affecting
creditors' rights generally and by general equitable principles; no
qualification of the Indenture under the Trust Indenture Act of 1939 (the "1939
ACT") is required in connection with the offer and sale of the Notes
contemplated hereby or in connection with the Exempt Resales. The Indenture will
conform to the description thereof in the Offering Memorandum.

         (m)  The Notes have been duly and validly authorized by the Company and
when duly executed by the Company in accordance with the terms of the Indenture
and, assuming due authentication of the Notes by the Trustee, upon delivery to
the Initial Purchaser against payment therefor in accordance with the terms
hereof, will have been validly issued and delivered, and will constitute valid
and binding obligations of the Company entitled to the benefits of the
Indenture, enforceable against the Company in accordance with their terms,
subject to the qualification that the enforceability of the Company's
obligations thereunder may be limited by bankruptcy, fraudulent conveyance,
insolvency, reorganization, moratorium, and other laws relating to or affecting
creditors' rights generally and by general equitable principles. The Notes will
conform to the description thereof in the Offering Memorandum.

         (n)  The Exchange Notes have been duly and validly authorized by the
Company and if and when duly issued and authenticated in accordance with the
terms of the Indenture and delivered in accordance with the Exchange Offer
provided for in the Registration Rights Agreement, will constitute valid and
binding obligations of the Company entitled to the benefits of the Indenture,
enforceable against the Company in accordance with their terms, subject to the
qualification that the enforceability of the Company's obligations thereunder
may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization,
moratorium, and other laws relating to or affecting creditors' rights generally
and by general equitable principles.

         (o)  The Guarantees have been duly and validly authorized by the
Guarantors and when duly executed and delivered by the Guarantors in accordance
with the terms of the Indenture and upon the due execution, authentication and
delivery of the Notes in accordance with the Indenture and the issuance of the
Notes in the sale to the Initial Purchaser contemplated by this Agreement, will
constitute valid and binding obligations of the Guarantors, enforceable against
the Guarantors in accordance with their terms, subject to the qualification that
the enforceability of the Guarantors' obligations thereunder may be limited by
bankruptcy,

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fraudulent conveyance, insolvency, reorganization, moratorium, and other laws
relating to or affecting creditors' rights generally and by general equitable
principles. The Guarantees will conform to the description thereof in the
Offering Memorandum.

         (p)  The Exchange Guarantees have been duly and validly authorized by
the Guarantors and if and when duly executed and delivered by the Guarantors in
accordance with the terms of the Indenture and upon the due execution and
authentication of the Exchange Notes in accordance with the Indenture and the
issuance and delivery of the Exchange Notes in the Exchange Offer contemplated
by the Registration Rights Agreement, will constitute valid and binding
obligations of the Guarantors, entitled to the benefits of the Indenture,
enforceable against the Guarantors in accordance with their terms, subject to
the qualification that the enforceability of the Guarantors' obligations
thereunder may be limited by bankruptcy, fraudulent conveyance, insolvency,
reorganization, moratorium, and other laws relating to or affecting creditors'
rights generally and by general equitable principles.

         (q)  This Agreement has been duly authorized, executed and delivered by
the Company and the Guarantors.

         (r)  The issue and sale of the Notes and the Guarantees and the
compliance by the Company and the Guarantors with all of the provisions of the
Notes, the Guarantees, the Exchange Notes, the Exchange Guarantees, the
Indenture, the Registration Rights Agreement and this Agreement and the
consummation of the transactions herein and therein contemplated will not
conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the Company, the
Guarantors or any of their respective subsidiaries is a party or by which the
Company, the Guarantors or any of their respective subsidiaries is bound or to
which any of the property or assets of the Company, the Guarantors or any of
their respective subsidiaries is subject except where such conflict, breach,
violation or default would not have a Material Adverse Effect on the Company,
each of the Guarantors and their respective subsidiaries, nor will such action
result in any violation of the provisions of the Certificate of Incorporation,
Certificate of Formation, partnership agreement or By-laws or other
organizational documents, as applicable, of the Company or any of the Guarantors
or any statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Company, the Guarantors or any of
their respective subsidiaries or any of their properties; and no consent,
approval, authorization, order, registration or qualification of or with any
such court or governmental agency or body is required for the issue and sale of
the Notes and the Guarantees or the consummation by the Company and the
Guarantors of the transactions contemplated by this Agreement, the Registration
Rights Agreement or the Indenture, except for the filing of a registration
statement by the Company with the Commission pursuant to the Act pursuant to the
Registration Right Agreement hereof and such consents, approvals,
authorizations, registrations or qualifications as may be required under state
securities or Blue Sky laws in connection with the purchase and distribution of
the Notes by the Initial Purchaser, except where such failure to have such
consents, approvals, authorizations, registrations or qualifications would not
have a Material Adverse Effect on the Company, each of the Guarantors and their
respective subsidiaries.

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         (s)  There are no contracts, agreements or understandings between the
Company and any person granting such person the right to require the Company to
file a registration statement under the Securities Act with respect to any
securities of the Company owned or to be owned by such person or to require the
Company to include such securities in the securities registered pursuant to
Registration Rights Agreement or in any securities being registered pursuant to
any other registration statement filed by the Company under the Securities Act.

         (t)  During the six-month period preceding the date of the Offering
Memorandum, none of the Company, the Guarantors or any other person acting on
behalf of the Company or any Guarantor has offered or sold to any person any
Notes or Guarantees, or any securities of the same or a similar class as the
Notes or Guarantees, other than Notes or Guarantees offered or sold to the
Initial Purchaser hereunder. The Company and the Guarantors will take reasonable
precautions designed to insure that any offer or sale, direct or indirect, in
the United States or to any U.S. person (as defined in Rule 902 under the
Securities Act), of any Notes or Guarantees or any substantially similar
security issued by the Company, within six months subsequent to the date on
which the distribution of the Notes and the Guarantees has been completed (as
notified to the Company by the Initial Purchaser), is made under restrictions
and other circumstances reasonably designed not to affect the status of the
offer and sale of the Notes and the Guarantees in the United States and to U.S.
persons contemplated by this Agreement as transactions exempt from the
registration provisions of the Securities Act; including any sales pursuant to
Rule 144A under, or Regulations D or S of, the Securities Act.

         (u)  Neither the Company, any Guarantor nor any of their respective
subsidiaries has sustained, since the date of the latest audited financial
statements included in the Offering Memorandum, any material loss or
interference with its business from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, otherwise than as set forth or
contemplated in the Offering Memorandum; and, since such date, there has not
been any change in the capital stock or long-term debt of the Company, any
Guarantor or any of their respective subsidiaries or any material adverse
change, or any development involving a prospective material adverse change, in
or affecting the general affairs, management, financial position, stockholders'
equity or results of operations of the Company, any Guarantors and their
respective subsidiaries, otherwise than as set forth or contemplated in the
Offering Memorandum.

         (v)  The financial statements (including the related notes and
supporting schedules), included in the Offering Memorandum present fairly the
financial condition and results of operations of the entities purported to be
shown thereby, at the dates and for the periods indicated, and have been
prepared in conformity with generally accepted accounting principles applied on
a consistent basis throughout the periods involved.

         (w)  Ernst & Young, who have certified certain financial statements
included in the Offering Memorandum, whose report appears in the Offering
Memorandum and who have delivered the initial letter referred to in Section 7(e)
hereof, are independent public accountants as required by the Securities Act and
the Rules and Regulations.

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         (x)  The Company, the Guarantors and each of their respective
subsidiaries have good and marketable title in fee simple to all real property
and good and marketable title to all personal property owned by them, in each
case free and clear of all liens, encumbrances and defects except such as are
described in the Offering Memorandum or such as do not materially affect the
value of such property and do not materially interfere with the use made and
proposed to be made of such property by the Company, the Guarantors and their
respective subsidiaries; and all real property and buildings held under lease by
the Company, the Guarantors and their respective subsidiaries are held by them
under valid, subsisting and enforceable leases, with such exceptions as are not
material and do not interfere with the use made and proposed to be made of such
property and buildings by the Company, the Guarantors and their respective
subsidiaries.

         (y)  The Surviving Corporation and each of its subsidiaries carry, or
are covered by, insurance in such amounts and covering such risks as is adequate
for the conduct of their respective businesses and the value of their respective
properties and as is customary for companies engaged in similar businesses in
similar industries.

         (z)  The Company and each of its subsidiaries own or possess adequate
rights to use all material patents, patent applications, trademarks, service
marks, trade names, trademark registrations, service mark registrations,
copyrights and licenses necessary for the conduct of their respective businesses
and do not believe that the conduct of their respective businesses will conflict
with, and have not received any notice of any claim of conflict with, any such
rights of others.

         (aa) There are no legal or governmental proceedings pending to which
the Company, the Guarantors or any of their respective subsidiaries is a party
or of which any property or assets of the Company, the Guarantors or any of
their respective subsidiaries is the subject which, if determined adversely to
the Company, the Guarantors or any of their respective subsidiaries, might have
a Material Adverse Effect on the Company, the Guarantors and their respective
subsidiaries; and to the best of the Company's and the Guarantors' knowledge, no
such proceedings are threatened or contemplated by governmental authorities or
threatened by others.

         (ab) No relationship, direct or indirect, required to be described
under Item 404 of Regulation S-K, exists between or among the Company on the one
hand, and the directors, officers or stockholders of the Company on the other
hand, which is not described in the Offering Memorandum.

         (ac) No labor disturbance by the employees of the Company exists or, to
the knowledge of the Company, is imminent which might be expected to have a
Material Adverse Effect on the Company and its subsidiaries.

         (ad) The Company is in compliance in all material respects with all
presently applicable provisions of ERISA; no "reportable event" (as defined in
ERISA), has occurred with respect to any "pension plan" (as defined in ERISA),
for which the Company would have any liability; the Company has not incurred and
does not expect to incur liability under (i) Title IV of ERISA with respect to
termination of, or withdrawal from, any "pension plan" or (ii) Sections 412 or
4971 of the Internal Revenue Code of 1986, as amended, including the regulations
and

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published interpretations thereunder (the "Code"); and each "pension plan" for
which the Company would have any liability that is intended to be qualified
under Section 401(a) of the Code is so qualified in all material respects and
nothing has occurred, whether by action or by failure to act, which would cause
the loss of such qualification.

         (ae) The Company and the Guarantors have filed all federal, state and
local income and franchise tax returns required to be filed through the date
hereof and have paid all taxes due thereon, and no tax deficiency has been
determined adversely to the Company, the Guarantors or any of their respective
subsidiaries which has had (nor does the Company or the Guarantors have any
knowledge of any tax deficiency which, if determined adversely to the Company,
the Guarantors or any of their respective subsidiaries, might have a Material
Adverse Effect on the Company, the Guarantors and their respective subsidiaries.

         (af) Since the date as of which information is given in the Preliminary
Offering Memorandum through the date hereof, and except as may otherwise be
disclosed or contemplated in the Offering Memorandum, neither the Company nor
the Guarantors have (i) issued or granted any securities, (ii) incurred any
liability or obligation, direct or contingent, other than liabilities and
obligations which were incurred in the ordinary course of business, (iii)
entered into any transaction not in the ordinary course of business or (iv)
declared or paid any dividend on its capital stock (other than dividends paid by
the Surviving Corporation prior to the Merger).

         (ag) The Surviving Corporation and the Guarantors (i) make and keep
accurate books and records and (ii) maintain internal accounting controls which
provide reasonable assurance that (A) transactions are executed in accordance
with management's authorization, (B) transactions are recorded as necessary to
permit preparation of its financial statements and to maintain accountability
for its assets, (C) access to their respective assets is permitted only in
accordance with management's authorization and (D) the reported accountability
for their respective assets is compared with existing assets at reasonable
intervals.

         (ah) Neither the Company, the Guarantors nor any of their respective
subsidiaries (i) is in violation of its charter or by-laws, (ii) is in default
in any respect, and no event has occurred which, with notice or lapse of time or
both, would constitute such a default, in the due performance or observance of
any term, covenant or condition contained in any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which it is a party or
by which it is bound or to which any of its properties or assets is subject or
(iii) is in violation in any respect of any law, ordinance, governmental rule,
regulation or court decree to which it or its property or assets may be subject
or has failed to obtain any license, permit, certificate, franchise or other
governmental authorization or permit necessary to the ownership of its property
or to the conduct of its business, except, with regard to (ii) and (iii) of this
paragraph, for such defaults, violations or failures that would not reasonably
be expected to have a Material Adverse Effect on the Company, the Guarantors or
any of their respective subsidiaries.

         (ai) Neither the Company nor any of its subsidiaries, nor any director,
officer, agent, employee or other person associated with or acting on behalf of
the Company or any of its subsidiaries, has used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expense relating to
political activity; made any direct or indirect unlawful

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payment to any foreign or domestic government official or employee from
corporate funds; violated or is in violation of any provision of the Foreign
Corrupt Practices Act of 1977; or made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment.

         (aj) There has been no storage, disposal, generation, manufacture,
refinement, transportation, handling or treatment of toxic wastes, medical
wastes, hazardous wastes or hazardous substances by the Company or any of its
subsidiaries (or, to the knowledge of the Company, any of their predecessors in
interest), at, upon or from any of the property now or previously owned or
leased by the Company or its subsidiaries in violation of any applicable law,
ordinance, rule, regulation, order, judgment, decree or permit or which would
require remedial action under any applicable law, ordinance, rule, regulation,
order, judgment, decree or permit, except for any violation or remedial action
which would not have, or could not be reasonably likely to have, singularly or
in the aggregate with all such violations and remedial actions, a Material
Adverse Effect on the Company and its subsidiaries; there has been no material
spill, discharge, leak, emission, injection, escape, dumping or release of any
kind onto such property or into the environment surrounding such property of any
toxic wastes, medical wastes, solid wastes, hazardous wastes or hazardous
substances due to or caused by the Company or any of its subsidiaries or with
respect to which the Company or any of its subsidiaries have knowledge, except
for any such spill, discharge, leak, emission, injection, escape, dumping or
release which would not have or would not be reasonably likely to have,
singularly or in the aggregate with all such spills, discharges, leaks,
emissions, injections, escapes, dumpings and releases, a Material Adverse Effect
on the Company and its subsidiaries; and the terms "hazardous wastes", "toxic
wastes", "hazardous substances" and "medical wastes" shall have the meanings
specified in any applicable local, state, federal and foreign laws or
regulations with respect to environmental protection.

         (ak) None of the transactions contemplated by this Agreement
(including, without limitation, the use of the proceeds from the sale of the
Notes), will violate or result in a violation of Section 7 of the Exchange Act,
or any regulation promulgated thereunder, including, without limitation,
Regulations T, U, and X of the Board of Governors of the Federal Reserve System.

     3.  PURCHASE OF THE STOCK BY THE INITIAL PURCHASER, AGREEMENTS TO SELL,
PURCHASE AND RESELL

         (a)  The Company and the Guarantors hereby agree, on the basis of the
representations, warranties and agreements of the Initial Purchaser contained
herein and subject to all the terms and conditions set forth herein, to issue
and sell to the Initial Purchaser and, upon the basis of the representations,
warranties and agreements of the Company and the Guarantors herein contained and
subject to all the terms and conditions set forth herein, the Initial Purchaser
agrees to purchase from the Company, at a purchase price of 95.151% of the
principal amount thereof, all of the Notes. The Company and the Guarantors shall
not be obligated to deliver any of the securities to be delivered hereunder
except upon payment for all of the securities to be purchased as provided
herein.

         (b)  The Initial Purchaser hereby represents and warrants to the
Company and the Guarantors that it will offer the Notes for sale upon the terms
and conditions set forth in this

                                       10
<Page>

Agreement and in the Offering Memorandum. The Initial Purchaser hereby
represents and warrants to, and agrees with, the Company and the Guarantors that
it: (i) is a QIB with such knowledge and experience in financial and business
matters as are necessary in order to evaluate the merits and risks of an
investment in the Notes; (ii) is purchasing the Notes pursuant to a private sale
exempt from registration under the Act; (iii) in connection with the Exempt
Resales, will solicit offers to buy the Notes only from, and will offer to sell
the Notes only to, the Eligible Purchasers in accordance with this Agreement and
on the terms contemplated by the Offering Memorandum; and (iv) will not offer or
sell the Notes, nor has it offered or sold the Notes by, or otherwise engaged
in, any form of general solicitation or general advertising (within the meaning
of Regulation D; including, but not limited to, advertisements, articles,
notices or other communications published in any newspaper, magazine, or similar
medium or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising),
in connection with the offering of the Notes. The Initial Purchaser has advised
the Company that it will offer the Notes to Eligible Purchasers at a price
initially equal to 97.784% of the principal amount thereof, plus accrued
interest, if any, from the date of issuance of the Notes. Such price may be
changed by the Initial Purchaser at any time thereafter without notice.

         (c)  The Initial Purchaser understands that the Company and the
Guarantors and, for purposes of the opinions to be delivered to the Initial
Purchaser pursuant to Sections 7(c) and 7(d) hereof, counsel to the Company and
counsel to the Initial Purchaser, will rely upon the accuracy and truth of the
foregoing representations, warranties and agreements and the Initial Purchaser
hereby consents to such reliance.

     4.  DELIVERY OF AND PAYMENT FOR THE STOCK. DELIVERY OF THE NOTES AND
PAYMENT THEREFOR. Delivery to the Initial Purchaser of and payment for the Notes
shall be made at the office of Latham & Watkins, 53rd at Third, 885 Third
Avenue, New York, New York (the "CLOSING LOCATION") at 9:00 A.M., New York City
time, on February 14, 2002 (the "CLOSING DATE"). Such delivery and payment shall
be referred to herein as the "CLOSING". The Closing Location and the Closing
Date may be varied by agreement between the Initial Purchaser and the Company. A
meeting will be held at the Closing Location on the New York Business Day next
preceding the Closing Date, at which meeting the final drafts of the documents
to be delivered will be available for review by the parties hereto. For the
purposes of this Section 4, "NEW YORK BUSINESS DAY" shall mean each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in New York are generally authorized or obligated by law or
executive order to close.

     The Notes to be purchased by the Initial Purchaser hereunder will be
represented by one or more definitive global Notes in book-entry form, which
will be deposited by or on behalf of the Company with The Depository Trust
Company ("DTC") or its designated custodian. The Company and the Guarantors will
deliver the Notes and the Guarantees to the Initial Purchaser, for the account
of the Initial Purchaser, against payment by or on behalf of the Initial
Purchaser of the purchase price therefor by wire transfer in immediately
available funds, by causing DTC to credit the Notes to the account of the
Initial Purchaser at DTC. The Company will cause the certificates representing
the Notes to be made available to the Initial Purchaser for checking at least 24
hours prior to the Closing Date at the office of DTC or its designated
custodian.

                                       11
<Page>

     5.  AGREEMENTS OF THE COMPANY AND THE GUARANTORS. The Company and the
Guarantors, jointly and severally agree with the Initial Purchaser as follows:

         (a)  The Company and the Guarantors will furnish to the Initial
Purchaser, without charge, as of the date of the Offering Memorandum, such
number of copies of the Offering Memorandum as may then be amended or
supplemented as they may reasonably request.

         (b)  The Company and the Guarantors will not make any amendment or
supplement to the Preliminary Offering Memorandum or to the Offering Memorandum
of which the Initial Purchaser shall not previously have been advised or to
which they shall reasonably object after being so advised.

         (c)  Prior to the execution and delivery of this Agreement, the Company
and the Guarantors shall have delivered or will deliver to the Initial
Purchaser, without charge, in such quantities as the Initial Purchaser shall
have requested or may hereafter reasonably request, copies of the Preliminary
Offering Memorandum. The Company and each of the Guarantors consent to the use,
in accordance with the securities or Blue Sky laws of the jurisdictions in which
the Notes are offered by the Initial Purchaser and by dealers, prior to the date
of the Offering Memorandum, of each Preliminary Offering Memorandum so furnished
by the Company and the Guarantors. The Company and each of the Guarantors
consent to the use of the Offering Memorandum in accordance with the securities
or Blue Sky laws of the jurisdictions in which the Notes are offered by the
Initial Purchaser and by all dealers to whom Notes may be sold, in connection
with the offering and sale of the Notes.

         (d)  If, at any time prior to completion of the distribution of the
Notes by the Initial Purchaser to Eligible Purchasers, any event shall occur
that in the judgment of the Company, any of the Guarantors or in the opinion of
counsel for the Initial Purchaser should be set forth in the Offering Memorandum
in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, or if it is necessary to supplement or
amend the Offering Memorandum in order to comply with any law, the Company and
the Guarantors will forthwith prepare an appropriate supplement or amendment
thereto, and will expeditiously furnish to the Initial Purchaser and dealers a
reasonable number of copies thereof.

         (e)  The Company and each of the Guarantors will cooperate with the
Initial Purchaser and with their counsel in connection with the qualification of
the Notes for offering and sale by the Initial Purchaser and by dealers under
the securities or Blue Sky laws of such jurisdictions as the Initial Purchaser
may designate and will file such consents to service of process or other
documents necessary or appropriate in order to effect such qualification;
PROVIDED, that in no event shall the Company or any of the Guarantors be
obligated to qualify to do business in any jurisdiction where it is not now so
qualified or to take any action which would subject it to service of process in
suits, other than those arising out of the offering or sale of the Notes, in any
jurisdiction where it is not now so subject.

         (f)  For a period of 180 days from the date of the Offering Memorandum,
the Company and the Guarantors will not to, directly or indirectly, sell, offer
to sell, contract to sell, grant any option to purchase, issue any instrument
convertible into or exchangeable for, or

                                       12
<Page>

otherwise transfer or dispose of (or enter into any transaction or device which
is designed to, or could be expected to, result in the disposition in the future
of), any debt securities of the Company, the Guarantors or any of their
respective subsidiaries in either the capital markets or the bank loan markets,
except (i) in exchange for the Exchange Notes in connection with the Exchange
Offer or (ii) with the prior consent of the Initial Purchaser.

         (g)  So long as any of the Notes are outstanding, the Company and the
Guarantors will furnish to the Initial Purchaser (i) as soon as available, a
copy of each report of the Company mailed to stockholders generally or filed
with any stock exchange or regulatory body and (ii) from time to time such other
information concerning the Company and/or the Guarantors as the Initial
Purchaser may reasonably request.

         (h)  If this Agreement shall terminate or shall be terminated after
execution and delivery pursuant to any provisions hereof (otherwise than by
notice given by the Initial Purchaser terminating this Agreement pursuant to
Section 9 hereof), or if this Agreement shall be terminated by the Initial
Purchaser because of any failure or refusal on the part of the Company or any of
the Guarantors to comply with the terms or fulfill any of the conditions of this
Agreement, the Company and the Guarantors agree to reimburse the Initial
Purchaser for all out-of-pocket expenses (including reasonable fees and expenses
of its counsel), reasonably incurred by it in connection herewith, but without
any further obligation on the part of the Company or any of the Guarantors for
loss of profits or otherwise. Notwithstanding the foregoing, the Company and the
Guarantors shall not be required to reimburse the Initial Purchaser if this
Agreement is terminated as a result of the conditions in Section 7(k) hereof not
being satisfied.

         (i)  The Company and the Guarantors will apply the net proceeds from
the sale of the Notes to be sold by the Company hereunder substantially in
accordance with the description set forth in the Offering Memorandum under the
caption "Use of Proceeds."

         (j)  Except as stated in this Agreement and in the Preliminary Offering
Memorandum and Offering Memorandum, neither the Company, the Guarantors nor any
of their respective affiliates have taken, nor will any of them take, directly
or indirectly, any action designed to or that might reasonably be expected to
cause or result in stabilization or manipulation of the price of any security of
the Company or any of the Guarantors to facilitate the sale or resale of the
Notes and the Guarantees. Except as permitted by the Act, the Company and the
Guarantors will not distribute any offering material in connection with the
Exempt Resales.

         (k)  The Company and the Guarantors will use their reasonable best
efforts to permit the Notes to be designated Private Offerings, Resales and
Trading through Automated Linkages ("PORTAL") Market(SM) securities in
accordance with the rules and regulations adopted by the National Association of
Securities Dealers, Inc. relating to trading in the PORTAL Market and to permit
the Notes to be eligible for clearance and settlement through DTC.

         (l)  From and after the Closing Date, so long as any of the Notes are
outstanding and are "restricted securities" within the meaning of the Rule
144(a)(3) under the Act or, if earlier, until three years after the Closing
Date, and during any period in which the Company is not subject to Section 13 or
15(d) of the Exchange Act, the Company and the

                                       13
<Page>

Guarantors will furnish to holders of the Notes and prospective purchasers of
Notes designated by such holders, upon request of such holders or such
prospective purchasers, the information required to be delivered pursuant to
Rule 144A(d)(4) under the Act to permit compliance with Rule 144A in connection
with resale of the Notes.

         (m)  During the period of two years after the Closing Date, the Company
and the Guarantors will not, and will not permit any of their "affiliates" (as
defined in Rule 144 under the Securities Act), to, resell any of the Notes which
constitute "restricted securities" under Rule 144 that have been reacquired by
any of them.

         (n)  The Company and the Guarantors have complied and will comply with
all provisions of Florida Statutes Section 517.075 relating to issuers doing
business with Cuba.

         (o)  The Company and the Guarantors agree not to sell, offer for sale
or solicit offers to buy or otherwise negotiate in respect of any security (as
defined in the Act), that would be integrated with the sale of the Notes in a
manner that would require the registration under the Act of the sale to the
Initial Purchaser or the Eligible Purchasers of the Notes.

         (p)  The Company and the Guarantors agree to comply with all the terms
and conditions of the Registration Rights Agreement and all agreements set forth
in the representation letters of the Company and the Guarantors to DTC relating
to the approval of the Notes by DTC for "book entry" transfer.

         (q)  The Company and the Guarantors agree that prior to any
registration of the Notes pursuant to the Registration Rights Agreement, or at
such earlier time as may be required, the Indenture shall be qualified under the
1939 Act and any necessary supplemental indentures will be entered into in
connection therewith.

         (r)  The Company and the Guarantors will not voluntarily claim, and
will resist actively all attempts to claim, the benefit of any usury laws
against holders of the Notes.

         (s)  The Company and the Guarantors will do and perform all things
required or necessary to be done and performed under this Agreement by them
prior to the Closing Date, and to satisfy all conditions precedent to the
Initial Purchaser's obligations hereunder to purchase the Notes.

         (t)  To take such steps as shall be necessary to ensure that neither
the Company nor any subsidiary shall become an "investment company" within the
meaning of such term under the Investment Company Act of 1940 and the rules and
regulations of the Commission thereunder.

     6.  EXPENSES. Each of the Company and the Guarantors, jointly and severally
agree, whether or not the transactions contemplated by this Agreement are
consummated or this Agreement becomes effective or is terminated, to pay all
costs, expenses, fees and taxes incident to and in connection with: (i) the
preparation, printing, filing and distribution of the Preliminary Offering
Memorandum and the Offering Memorandum (including, without limitation, financial
statements), and all amendments and supplements thereto (but not, however, legal
fees and expenses of your counsel incurred in connection therewith); (ii) the
preparation, printing

                                       14
<Page>

(including, without limitation, word processing and duplication costs), and
delivery of this Agreement, the Indenture, the Registration Rights Agreement,
all Blue Sky Memoranda and all other agreements, memoranda, correspondence and
other documents printed and delivered in connection therewith and with the
Exempt Resales (but not, however, legal fees and expenses of your counsel
incurred in connection with any of the foregoing other than fees of such counsel
plus reasonable disbursements incurred in connection with the preparation,
printing and delivery of such Blue Sky Memoranda); (iii) the issuance and
delivery by the Company of the Notes and by the Guarantors of the Guarantees;
(iv) the qualification of the Notes and the Exchange Notes for offer and sale
under the securities or Blue Sky laws of the several states (including, without
limitation, the reasonable fees and disbursements of your counsel relating to
such registration or qualification); (v) furnishing such copies of the
Preliminary Offering Memorandum and the Offering Memorandum, and all amendments
and supplements thereto, as may be reasonably requested for use in connection
with the Exempt Resales; (vi) the preparation of certificates for the Notes and
the Guarantees (including, without limitation, printing and engraving thereof);
(vii) the fees, disbursements and expenses and listing fees in connection with
the application for quotation of the Notes on PORTAL; (viii) all fees and
expenses (including fees and expenses of counsel), of the Company and the
Guarantors in connection with approval of the Notes by DTC for "book-entry"
transfer; (ix) any fees charged by securities rating services for rating the
Notes and the Exchange Notes; (x) the fees and expenses of the Trustee and any
agent of the Trustee in connection with the Indenture, the Notes and the
Exchange Notes; and (xi) the performance by the Company and the Guarantors of
their other obligations under this Agreement.

     7.  CONDITIONS OF INITIAL PURCHASER'S OBLIGATIONS. The obligations of the
Initial Purchaser hereunder are subject to the accuracy, when made and on the
Closing Date, of the representations and warranties of the Company contained
herein in all material respects, to the performance by the Company and the
Guarantors of their respective obligations hereunder in all material respects,
and to each of the following additional terms and conditions:

         (a)  The Initial Purchaser shall not have discovered and disclosed to
the Company on or prior to the Closing Date that the Offering Memorandum or any
amendment or supplement thereto contains an untrue statement of a fact which, in
the opinion of Latham & Watkins, is material or omits to state a fact which, in
the opinion of such counsel, is material and is required to be stated therein or
is necessary to make the statements therein not misleading.

         (b)  All corporate proceedings and other legal matters incident to the
authorization, form and validity of this Agreement, the Indenture, the Notes,
the Guarantees, the Exchange Notes, the Exchange Guarantees, the Registration
Rights Agreement and the Offering Memorandum, and all other legal matters
relating to this Agreement and the transactions contemplated hereby shall be
reasonably satisfactory in all material respects to Latham & Watkins, and the
Company and the Guarantors shall have furnished to such counsel all documents
and information that they may reasonably request to enable them to pass upon
such matters.

         (c)  Kirkland & Ellis shall have furnished to the Initial Purchaser its
written opinion, as counsel to the Company, addressed to the Initial Purchaser
and dated the Closing Date, substantially in the form of Exhibit C hereto.

                                       15
<Page>

         (d)  The Initial Purchaser shall have received from Latham & Watkins,
counsel for the Initial Purchaser, such opinion or opinions, dated the Closing
Date, with respect to the issuance and sale of the Notes, the Offering
Memorandum and other related matters as the Initial Purchaser may reasonably
require, and the Company shall have furnished to such counsel such documents as
they reasonably request for the purpose of enabling them to pass upon such
matters.

         (e)  At the time of execution of this Agreement, the Initial Purchaser
shall have received from Ernst & Young a letter, in form and substance
satisfactory to the Initial Purchaser, addressed to the Initial Purchaser and
dated the date hereof (i) confirming that they are independent public
accountants within the meaning of the Securities Act and are in compliance with
the applicable requirements relating to the qualification of accountants under
Rule 2-01 of Regulation S-X of the Commission and (ii) stating, as of the date
hereof (or, with respect to matters involving changes or developments since the
respective dates as of which specified financial information is given in the
Offering Memorandum, as of a date not more than five days prior to the date
hereof), the conclusions and findings of such firm with respect to the financial
information and other matters ordinarily covered by accountants' "comfort
letters" to initial purchasers in connection with similar offerings.

         (f)  With respect to the letter of Ernst & Young referred to in the
preceding paragraph and delivered to the Initial Purchaser concurrently with the
execution of this Agreement (the "INITIAL LETTER"), the Company shall have
furnished to the Initial Purchaser a letter (the "BRING-DOWN LETTER"), of such
accountants, addressed to the Initial Purchaser and dated the Closing Date (i)
confirming that they are independent public accountants within the meaning of
the Securities Act and are in compliance with the applicable requirements
relating to the qualification of accountants under Rule 2-01 of Regulation S-X
of the Commission, (ii) stating, as of the date of the bring-down letter (or,
with respect to matters involving changes or developments since the respective
dates as of which specified financial information is given in the Offering
Memorandum, as of a date not more than five days prior to the date of the
bring-down letter), the conclusions and findings of such firm with respect to
the financial information and other matters covered by the initial letter and
(iii) confirming in all material respects the conclusions and findings set forth
in the initial letter.

         (g)  Neither the Company, any Guarantor nor any of their respective
subsidiaries shall have sustained, since the date of the latest audited
financial statements included in the Offering Memorandum, any material loss or
interference with its business from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, otherwise than as set forth or
contemplated in the Offering Memorandum; and, since such date, there shall not
have been any change in the capital stock or long-term debt of the Company, any
Guarantor or any of their respective subsidiaries or any material adverse
change, or any development involving a prospective material adverse change, in
or affecting the general affairs, management, financial position, stockholders'
equity or results of operations of the Company, any Guarantors and their
respective subsidiaries, otherwise than as set forth or contemplated in the
Offering Memorandum.

                                       16
<Page>

         (h)  The Company and each Guarantor shall have furnished or caused to
be furnished to you on the Closing Date certificates of officers of the Company
and each Guarantor satisfactory to you as to the accuracy of the representations
and warranties of the Company and each Guarantor herein at and as of the Closing
Date, as to the performance by the Company and each Guarantor of all of its
obligations hereunder to be performed at or prior to the Closing Date and as to
such other matters as you may reasonably request.

         (i)  The Company shall have furnished or caused to be furnished to you
on the Closing Date a certificate of an officer of the Company satisfactory to
you as to the authorization, execution and delivery of each of the agreements
listed in the Offering Memorandum in the section entitled "Certain Relationships
and Related Party Transactions." Such certificate shall also have execution
copies of all such agreements attached to it.

         (j)  The Merger shall be consummated promptly after the Closing.

         (k)  Verizon Information Services Inc. (i) shall have amended the
Acquisition Agreement (along with the other signatories thereto) in a form
satisfactory to the Initial Purchaser such that an additional $25 million in
cash will be on the Company's balance sheet on the Closing Date with the net
effect that the total financing needed to consummate the Acquisition will be
reduced by $25 million and (ii) shall have committed to fund and shall have
funded $75 million in aggregate principal amount of the Senior Term Loans under
the Credit Facilities. The terms "Acquisition Agreement," "Acquisition," "Senior
Term Loans" and "Credit Facilities" will have the meanings assigned to them in
the Amended and Restated Commitment Letter dated February 5, 2002 among Lehman
Commercial Paper Inc., the Initial Purchaser, TSI Telecommunication Holdings,
Inc., GTCR Fund VII, L.P., TSI Telecommunication Holdings, LLC and the Company.
Additionally, the obligations of the Company and the Guarantors under this
Agreement are subject to the accuracy, when made and on the Closing Date, of
this Section 7(k).

         (l)  GTCR Capital Partners, L.P. ("Capital Partners") shall have
purchased $30 million in aggregate principal amount of the Notes from the
Initial Purchaser at the purchase price set forth on the cover of the Offering
Memorandum and shall have agreed not to, directly or indirectly, sell, offer to
sell, contract to sell, grant any option to purchase, issue any instrument
convertible into or exchangeable for, or otherwise transfer or dispose of (or
enter into any transaction or device which is designed to, or could be expected
to, result in the disposition in the future of), any of the Notes (or any
interest therein) purchased by Capital Partners for a period of 180 days from
the date of the Offering Memorandum except (i) in exchange for the Exchange
Notes in connection with the Exchange Offer or (ii) with the prior consent of
the Initial Purchaser. The Notes purchased by Capital Partners will have the
same CUSIP number as all of the other Notes issued pursuant to this Agreement.

         (m)  Subsequent to the execution and delivery of this Agreement (i) no
downgrading shall have occurred in the rating accorded the Company's debt
securities by any "nationally recognized statistical rating organization", as
that term is defined by the Commission for purposes of Rule 436(g)(2) of the
Rules and Regulations and (ii) no such organization shall have publicly
announced that it has under surveillance or review, with possible negative
implications, its rating of any of the Company's debt securities.

                                       17
<Page>

         (n)  Subsequent to the execution and delivery of this Agreement there
shall not have occurred any of the following: (i) trading in securities
generally on the New York Stock Exchange or the American Stock Exchange or in
the over-the-counter market, or trading in any securities of the Company on any
exchange or in the over-the-counter market, shall have been suspended or minimum
prices shall have been established on any such exchange or such market by the
Commission, by such exchange or by any other regulatory body or governmental
authority having jurisdiction; (ii) a banking moratorium shall have been
declared by Federal or state authorities; (iii) the United States shall have
become engaged in hostilities, there shall have been an escalation in
hostilities involving the United States or there shall have been a declaration
of a national emergency or war by the United States; or (iv) there shall have
occurred such a material adverse change in general economic, political or
financial conditions (or the effect of international conditions on the financial
markets in the United States shall be such), as to make it, in the judgment of
the Initial Purchaser, impracticable or inadvisable to proceed with the public
offering or delivery of the Notes being delivered on the Closing Date on the
terms and in the manner contemplated in the Offering Memorandum.

         All opinions, letters, evidence and certificates mentioned above or
elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory
to Latham & Watkins.

     8.  INDEMNIFICATION AND CONTRIBUTION.

         (a)  The Company and each Guarantor, jointly and severally, shall
indemnify and hold harmless the Initial Purchaser, its officers, directors and
employees and each person, if any, who controls the Initial Purchaser within the
meaning of the Securities Act, from and against any loss, claim, damage or
liability, joint or several, or any action in respect thereof (including, but
not limited to, any loss, claim, damage, liability or action relating to
purchases and sales of Notes), to which the Initial Purchaser, officer,
director, employee or controlling person may become subject, under the
Securities Act or otherwise, insofar as such loss, claim, damage, liability or
action arises out of, or is based upon, (i) any untrue statement or alleged
untrue statement of a material fact contained (A) in any Preliminary Offering
Memorandum or the Offering Memorandum or in any amendment or supplement thereto
or (B) in any blue sky application or other document prepared or executed by the
Company (or based upon any written information furnished by the Company),
specifically for the purpose of qualifying any or all of the Notes under the
securities laws of any state or other jurisdiction (any such application,
document or information being hereinafter called a "BLUE SKY APPLICATION"), (ii)
the omission or alleged omission to state in any Preliminary Offering Memorandum
or the Offering Memorandum, or in any amendment or supplement thereto, or in any
Blue Sky Application any material fact required to be stated therein or
necessary to make the statements therein not misleading or (iii) any act or
failure to act or any alleged act or failure to act by the Initial Purchaser in
connection with, or relating in any manner to, the Notes or the offering
contemplated hereby, and which is included as part of or referred to in any
loss, claim, damage, liability or action arising out of or based upon matters
covered by clause (i) or (ii) above (PROVIDED that the Company and the
Guarantors shall not be liable under this clause (iii) to the extent that it is
determined in a final judgment by a court of competent jurisdiction that such
loss, claim, damage, liability or action resulted directly from any such acts or
failures to act undertaken or omitted to be taken by the Initial Purchaser
through its gross negligence or willful

                                       18
<Page>

misconduct), and shall reimburse the Initial Purchaser and each such officer,
director, employee or controlling person promptly upon demand for any legal or
other expenses reasonably incurred by the Initial Purchaser, officer, director,
employee or controlling person in connection with investigating or defending or
preparing to defend against any such loss, claim, damage, liability or action as
such expenses are incurred; PROVIDED, HOWEVER, that the Company and the
Guarantors shall not be liable in any such case to the extent that any such
loss, claim, damage, liability or action arises out of, or is based upon, any
untrue statement or alleged untrue statement or omission or alleged omission
made in any Preliminary Offering Memorandum or the Offering Memorandum, or in
any such amendment or supplement, or in any Blue Sky Application, in reliance
upon and in conformity with written information concerning the Initial Purchaser
furnished to the Company through the Initial Purchaser by or on behalf of the
Initial Purchaser specifically for inclusion therein; PROVIDED FURTHER, that the
Company and the Guarantors shall not be liable to the Initial Purchaser or any
of its officers, directors and employees or any person controlling the Initial
Purchaser with respect to any such untrue statement or omission made in any
Preliminary Offering Memorandum existing as of the date hereof that is corrected
in the Offering Memorandum existing as of its date (i) the person asserting any
such loss, claim, damage, liability, or action purchased the Notes from the
Initial Purchaser in reliance upon any Preliminary Offering Memorandum existing
as of the date hereof but was not delivered or sent a copy of the Offering
Memorandum existing as of its date, if required by law, at or prior to the
written confirmation of the sale of such Notes to such person, unless such
failure to deliver or send the Offering Memorandum was a result of noncompliance
by the Company and the Guarantors with Section 5(a) of this Agreement and (ii)
it shall have been determined that the Initial Purchaser, and each such officer,
director, employee and controlling person, if any, would not have incurred such
loss, claim, damage liability or action had the Offering Memorandum been
delivered or sent. The foregoing indemnity agreement is in addition to any
liability which the Company or the Guarantors may otherwise have to the Initial
Purchaser or to any officer, director, employee or controlling person of that
Guarantors.

         (b)  The Initial Purchaser shall indemnify and hold harmless the
Company and each Guarantor, their respective officers and employees, each of
their respective directors, and each person, if any, who controls the Company
and each Guarantor within the meaning of the Securities Act, from and against
any loss, claim, damage or liability, joint or several, or any action in respect
thereof, to which the Company or any Guarantor or any such director, officer or
controlling person may become subject, under the Securities Act or otherwise,
insofar as such loss, claim, damage, liability or action arises out of, or is
based upon, (i) any untrue statement or alleged untrue statement of a material
fact contained (A) in any Preliminary Offering Memorandum or the Offering
Memorandum or in any amendment or supplement thereto, or (B) in any Blue Sky
Application or (ii) the omission or alleged omission to state in any Offering
Memorandum or the Offering Memorandum, or in any amendment or supplement
thereto, or in any Blue Sky Application any material fact required to be stated
therein or necessary to make the statements therein not misleading, but in each
case only to the extent that the untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with
written information concerning the Initial Purchaser furnished to the Company by
or on behalf of the Initial Purchaser specifically for inclusion therein, and
shall reimburse the Company or any Guarantor and any such director, officer or
controlling person for any legal or other expenses reasonably incurred by the
Company or any Guarantor or any such director, officer or controlling person in
connection with investigating or defending or preparing to defend

                                       19
<Page>

against any such loss, claim, damage, liability or action as such expenses are
incurred. The foregoing indemnity agreement is in addition to any liability
which the Initial Purchaser may otherwise have to the Company and each Guarantor
or any such director, officer, employee or controlling person.

         (c)  Promptly after receipt by an indemnified party under this
Section 8 of notice of any claim or the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under this Section 8, notify the indemnifying party in
writing of the claim or the commencement of that action; PROVIDED, HOWEVER, that
the failure to notify the indemnifying party shall not relieve it from any
liability which it may have under this Section 8 except to the extent it has
been materially prejudiced by such failure and, PROVIDED, FURTHER, that the
failure to notify the indemnifying party shall not relieve it from any liability
which it may have to an indemnified party otherwise than under this Section 8.
If any such claim or action shall be brought against an indemnified party, and
it shall notify the indemnifying party thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it wishes, jointly with
any other similarly notified indemnifying party, to assume the defense thereof
with counsel reasonably satisfactory to the indemnified party. After notice from
the indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to
the indemnified party under this Section 8 for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof other than reasonable costs of investigation; PROVIDED, HOWEVER, that
the Initial Purchaser shall have the right to employ counsel to represent
jointly the Initial Purchaser and its officers, employees and controlling
persons who may be subject to liability arising out of any claim in respect of
which indemnity may be sought by the Initial Purchaser against the Company or
the Guarantors under this Section 8 if, in the reasonable judgment of the
Initial Purchaser, it is advisable for the Initial Purchaser and those officers,
employees and controlling persons to be jointly represented by separate counsel,
and in that event the fees and expenses of such separate counsel shall be paid
by the Company or the Guarantors. No indemnifying party shall (i) without the
prior written consent of the indemnified parties (which consent shall not be
unreasonably withheld), settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action), unless such settlement, compromise or consent
includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding, or (ii) be liable for any
settlement of any such action effected without its written consent (which
consent shall not be unreasonably withheld), but if settled with the consent of
the indemnifying party or if there be a final judgment of the plaintiff in any
such action, the indemnifying party agrees to indemnify and hold harmless any
indemnified party from and against any loss or liability by reason of such
settlement or judgment.

         (d)  If the indemnification provided for in this Section 8 shall for
any reason be unavailable to or insufficient to hold harmless an indemnified
party under Section 8(a) or 8(b) in respect of any loss, claim, damage or
liability, or any action in respect thereof, referred to therein, then each
indemnifying party shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid or payable by such indemnified party as a result
of such loss, claim, damage or liability, or action in respect thereof, (i) in
such proportion as shall be

                                       20
<Page>

appropriate to reflect the relative benefits received by the Company, the
Guarantors on the one hand and the Initial Purchaser on the other from the
offering of the Notes or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the
relative fault of the Company, the Guarantors, on the one hand and the Initial
Purchaser on the other with respect to the statements or omissions which
resulted in such loss, claim, damage or liability, or action in respect thereof,
as well as any other relevant equitable considerations. The relative benefits
received by the Company, the Guarantors, on the one hand and the Initial
Purchaser on the other with respect to such offering shall be deemed to be in
the same proportion as the total net proceeds from the offering of the Notes
purchased under this Agreement (before deducting expenses), received by the
Company, the Guarantors on the one hand, and the total underwriting discounts
and commissions received by the Initial Purchaser with respect to the Notes
purchased under this Agreement, on the other hand, bear to the total gross
proceeds from the offering of the Notes under this Agreement, in each case as
set forth in the table on the cover page of the Offering Memorandum. The
relative fault shall be determined by reference to whether the untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Company, the Guarantors or
the Initial Purchaser, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such statement or
omission. The Company, the Guarantors, and the Initial Purchaser agree that it
would not be just and equitable if contributions pursuant to this Section were
to be determined by pro rata allocation, or by any other method of allocation
which does not take into account the equitable considerations referred to
herein. The amount paid or payable by an indemnified party as a result of the
loss, claim, damage or liability, or action in respect thereof, referred to
above in this Section 8 shall be deemed to include, for purposes of this Section
8(d), any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 8(d), the Initial Purchaser shall
not be required to contribute any amount in excess of the amount by which the
total price at which the Notes underwritten by it and distributed to the public
was offered to the public exceeds the amount of any damages which the Initial
Purchaser has otherwise paid or become liable to pay by reason of any untrue or
alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act), shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Initial Purchaser's obligations
to contribute as provided in this Section 8(d) are several in proportion to
their respective underwriting obligations and not joint.

         (e)  The Initial Purchaser confirms and the Company acknowledges that
the statements with respect to the public offering of the Notes by the Initial
Purchaser set forth in the second to last paragraph on the front cover of the
Offering Memorandum and in the section entitled "Plan of Distribution" in the
Offering Memorandum are correct and constitute the only information concerning
the Initial Purchaser furnished in writing to the Company by or on behalf of the
Initial Purchaser specifically for inclusion in the Offering Memorandum.

     9.  TERMINATION. The obligations of the Initial Purchaser hereunder may be
terminated by the Initial Purchaser by notice given to and received by the
Company prior to the delivery of and payment for the Notes if, prior to that
time, any of the events described in Section

                                       21
<Page>

7(k), shall have occurred or if the Initial Purchaser shall decline to purchase
the Notes for any reason permitted under this Agreement.

     10. REIMBURSEMENT OF INITIAL PURCHASER'S EXPENSES. If the Company shall
fail to tender the Notes for delivery to the Initial Purchaser by reason of any
failure, refusal or inability on the part of the Company to perform any
agreement on its part to be performed, or because any other condition of the
obligations hereunder required to be fulfilled by the Company is not fulfilled
(other than those in Section 7(k)), the Company will reimburse the Initial
Purchaser for all reasonable out-of-pocket expenses (including fees and
disbursements of counsel), incurred by the Initial Purchaser in connection with
this Agreement and the proposed purchase of the Notes, and upon demand the
Company shall promptly pay the full amount thereof to the Initial Purchaser.

     11. NOTICES, ETC. All statements, requests, notices and agreements
hereunder shall be in writing, and:

         (a)  if to the Initial Purchaser, shall be delivered or sent by mail,
telex or facsimile transmission to Lehman Brothers Inc., 790 7th Avenue, New
York, New York 10019, Attention: John McCusker (Fax: (212) 841-6625), with a
copy, in the case of any notice pursuant to Section 8(c), to the Director of
Litigation, Office of the General Counsel, Lehman Brothers Inc., 399 Park
Avenue, New York, New York 10022;

         (b)  if to the Company or to the Guarantors, shall be delivered or sent
by mail, telex or facsimile transmission to the address of the Company set forth
in the Offering Memorandum, Attention: Robert Garcia, Jr. (Fax: (813) 273-3430).

     12. PERSONS ENTITLED TO BENEFIT OF AGREEMENT. This Agreement shall inure to
the benefit of and be binding upon the Initial Purchaser, the Company, and their
respective successors. This Agreement and the terms and provisions hereof are
for the sole benefit of only those persons, except that (a) the representations,
warranties, indemnities and agreements of the Company contained in this
Agreement shall also be deemed to be for the benefit of the person or persons,
if any, who controls the Initial Purchaser within the meaning of Section 15 of
the Securities Act and (b) the indemnity agreement of the Initial Purchaser
contained in Section 8(b) of this Agreement shall be deemed to be for the
benefit of directors of the Company, officers of the Company and any person
controlling the Company within the meaning of Section 15 of the Securities Act.
Nothing in this Agreement is intended or shall be construed to give any person,
other than the persons referred to in this Section 12, any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision
contained herein.

     13. SURVIVAL. The respective indemnities, representations, warranties and
agreements of the Company, the Guarantors and the Initial Purchaser contained in
this Agreement or made by or on behalf on them, respectively, pursuant to this
Agreement, shall survive the delivery of and payment for the Notes and shall
remain in full force and effect, regardless of any investigation made by or on
behalf of any of them or any person controlling any of them.

     14. DEFINITION OF THE TERMS "BUSINESS DAY" AND "SUBSIDIARY". For purposes
of this Agreement, (a) "business day" means any day on which the New York Stock
Exchange, Inc. is

                                       22
<Page>

open for trading and (b) "subsidiary" has the meaning set forth in Rule 405 of
the Rules and Regulations.

     15. EFFECT ON INTERIM LOAN COMMITMENT. Upon execution of this Agreement,
Lehman Brothers (as defined below) and LCPI (as defined below) shall be released
from all of their respective obligations under the Amended and Restated
Commitment Letter, dated as of January 14, 2002, among Lehman Brothers Inc.
("LEHMAN BROTHERS"), Lehman Commercial Paper Inc. ("LCPI"), TSI LLC, TSI Inc.,
the Company and GTCR Fund VII, L.P. with respect to certain proposed financing
for the acquisition of TSI Telecommunication Services Inc. (together with all
Exhibits and Annexes thereto, the "COMMITMENT LETTER") with respect to the
Interim Loans (as defined in the Commitment Letter).

     16. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF NEW YORK.

     17. COUNTERPARTS. This Agreement may be executed in one or more
counterparts and, if executed in more than one counterpart, the executed
counterparts shall each be deemed to be an original but all such counterparts
shall together constitute one and the same instrument.

     18. HEADINGS. The headings herein are inserted for convenience of reference
only and are not intended to be part of, or to affect the meaning or
interpretation of, this Agreement.

                                       23
<Page>

         If the foregoing correctly sets forth the agreement among the Company,
the Guarantors, and the Initial Purchaser, please indicate your acceptance in
the space provided for that purpose below.

     Very truly yours,

     TSI MERGER SUB, INC.

     By  /s/ Collin E. Roche
         Name:  Collin E. Roche
         Title: Vice President

     TSI TELECOMMUNICATION HOLDINGS, INC.

     By  /s/ Collin E. Roche
         Name:  Collin E. Roche
         Title: Vice President

     TSI TELECOMMUNICATION HOLDINGS, LLC

     By  /s/ Collin E. Roche
         Name:  Collin E. Roche
         Title: Vice President

     TSI NETWORKS INC.

     By  /s/ Collin E. Roche
         Name:  Collin E. Roche
         Title: Vice President

LEHMAN BROTHERS INC.

     By  /s/ Robert G. Hedlund III
         Name:  Robert G. Hedlund III
         Title: Managing Director

                                       24
<Page>

     TSI FINANCE INC.

     By  /s/ Collin E. Roche
         Name:  Collin E. Roche
         Title: Vice President

                                       25<Page>

                                                                     EXHIBIT 4.2

================================================================================

                              TSI Merger Sub, Inc.,

                           to be merged with and into

                      TSI Telecommunication Services Inc.,

                     and each of the Guarantors named herein

                   12 3/4% Senior Subordinated Notes due 2009

                             -----------------------

                                    INDENTURE

                          Dated as of February 14, 2002

                             -----------------------

                              The Bank of New York

                                     Trustee

================================================================================

<Page>

                             CROSS-REFERENCE TABLE*

<Table>
<Caption>
          TRUST INDENTURE
          ACT SECTION                                                                  INDENTURE SECTION
          <S>                                                                             <C>
          310(a)(1).................................................................             7.10
             (a)(2).................................................................             7.10
             (a)(3).................................................................             N.A.
             (a)(4).................................................................             N.A.
             (a)(5).................................................................             7.10
             (b)....................................................................             7.10
             (c)....................................................................             N.A.
          311(a)....................................................................             7.11
             (b)....................................................................             7.11
             (c)....................................................................             N.A.
          312(a)....................................................................             2.05
             (b)....................................................................            12.03
             (c)....................................................................            12.03
          313(a)....................................................................             7.06
             (b)(1).................................................................             N.A.
             (b)(2).................................................................          7.06; 7.07
             (c)....................................................................          7.06; 12.02
             (d)....................................................................             7.06
          314(a)....................................................................      4.03; 12.02; 12.05
             (b)....................................................................             N.A.
             (c)(1).................................................................            12.04
             (c)(2).................................................................            12.04
             (c)(3).................................................................             N.A.
             (d)....................................................................             N.A.
             (e)....................................................................            12.05
             (f)....................................................................             N.A.
          315(a)....................................................................             7.01
             (b)....................................................................          7.05,12.02
             (c)....................................................................             7.01
             (d)....................................................................             7.01
             (e)....................................................................             6.11
          316(a) (last sentence)....................................................             2.09
             (a)(1)(A)..............................................................             6.05
             (a)(1)(B)..............................................................             6.04
             (a)(2).................................................................             N.A.
             (b)....................................................................             6.07
             (c)....................................................................             2.12
          317(a)(1).................................................................             6.08
             (a)(2).................................................................             6.09
             (b)....................................................................             2.04
          318(a)....................................................................            12.01
             (b)....................................................................             N.A.
             (c)....................................................................            12.01
</Table>

N.A. means not applicable.
* This Cross Reference Table is not part of the Indenture.

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                            PAGE
<S>                                                                                                           <C>
                                                    ARTICLE 1.
                                         DEFINITIONS AND INCORPORATION
                                                   BY REFERENCE

Section 1.01       Definitions.................................................................................1
Section 1.02       Other Definitions..........................................................................22
Section 1.03       Incorporation by Reference of Trust Indenture Act..........................................23
Section 1.04       Rules of Construction......................................................................23

                                                   ARTICLE 2.
                                                   THE NOTES

Section 2.01       Form and Dating............................................................................24
Section 2.02       Execution and Authentication...............................................................25
Section 2.03       Registrar and Paying Agent.................................................................25
Section 2.04       Paying Agent to Hold Money in Trust........................................................26
Section 2.05       Holder Lists...............................................................................26
Section 2.06       Transfer and Exchange......................................................................26
Section 2.07       Replacement Notes..........................................................................38
Section 2.08       Outstanding Notes..........................................................................38
Section 2.09       Treasury Notes.............................................................................39
Section 2.10       Temporary Notes............................................................................39
Section 2.11       Cancellation...............................................................................39
Section 2.12       Defaulted Interest.........................................................................39

                                                    ARTICLE 3.
                                            REDEMPTION AND PREPAYMENT

Section 3.01       Notices to Trustee.........................................................................40
Section 3.02       Selection of Notes to Be Redeemed or Purchased.............................................40
Section 3.03       Notice of Redemption.......................................................................40
Section 3.04       Effect of Notice of Redemption.............................................................41
Section 3.05       Deposit of Redemption or Purchase Price....................................................41
Section 3.06       Notes Redeemed or Purchased in Part........................................................42
Section 3.07       Optional Redemption........................................................................42
Section 3.08       Mandatory Redemption.......................................................................42
Section 3.09       Offer to Purchase by Application of Excess Proceeds........................................43

                                                   ARTICLE 4.
                                                   COVENANTS

Section 4.01       Payment of Notes...........................................................................44
Section 4.02       Maintenance of Office or Agency............................................................45
Section 4.03       Reports....................................................................................45
Section 4.04       Compliance Certificate.....................................................................46
Section 4.05       Taxes......................................................................................46
Section 4.06       Stay, Extension and Usury Laws.............................................................46
Section 4.07       Restricted Payments........................................................................47
Section 4.08       Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries..................50
Section 4.09       Incurrence of Indebtedness and Issuance of Preferred Stock.................................52
Section 4.10       Asset Sales................................................................................55
</Table>

                                        i
<Page>

<Table>
<S>                                                                                                           <C>
Section 4.11       Transactions with Affiliates...............................................................56
Section 4.12       Liens......................................................................................58
Section 4.13       Business Activities........................................................................58
Section 4.14       Corporate Existence........................................................................58
Section 4.15       Change of Control..........................................................................58
Section 4.16       Antilayering...............................................................................60
Section 4.17       Sale and Leaseback Transactions............................................................60
Section 4.18       Designation of Restricted and Unrestricted Subsidiaries....................................60
Section 4.19       Restrictions on Activities of the Parent and the Ultimate Parent...........................61
Section 4.20       Maintenance of Financial Condition.........................................................61
Section 4.21       Payments for Consent.......................................................................62
Section 4.22       Additional Note Guarantees.................................................................62

                                                   ARTICLE 5.
                                                   SUCCESSORS

Section 5.01       Merger, Consolidation, or Sale of Assets...................................................62
Section 5.02       Successor Corporation Substituted..........................................................63

                                                   ARTICLE 6.
                                             DEFAULTS AND REMEDIES

Section 6.01       Events of Default..........................................................................64
Section 6.02       Acceleration...............................................................................66
Section 6.03       Other Remedies.............................................................................66
Section 6.04       Waiver of Past Defaults....................................................................67
Section 6.05       Control by Majority........................................................................67
Section 6.06       Limitation on Suits........................................................................67
Section 6.07       Rights of Holders of Notes to Receive Payment..............................................67
Section 6.08       Collection Suit by Trustee.................................................................67
Section 6.09       Trustee May File Proofs of Claim...........................................................68
Section 6.10       Priorities.................................................................................68
Section 6.11       Undertaking for Costs......................................................................68

                                                   ARTICLE 7.
                                                    TRUSTEE

Section 7.01       Duties of Trustee..........................................................................68
Section 7.02       Rights of Trustee..........................................................................70
Section 7.03       Individual Rights of Trustee...............................................................70
Section 7.04       Trustee's Disclaimer.......................................................................70
Section 7.05       Notice of Defaults.........................................................................70
Section 7.06       Reports by Trustee to Holders of the Notes.................................................71
Section 7.07       Compensation and Indemnity.................................................................71
Section 7.08       Replacement of Trustee.....................................................................72
Section 7.09       Successor Trustee by Merger, etc...........................................................73
Section 7.10       Eligibility; Disqualification..............................................................73
Section 7.11       Preferential Collection of Claims Against Company..........................................73

                                                   ARTICLE 8.
                                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01       Option to Effect Legal Defeasance or Covenant Defeasance...................................73
Section 8.02       Legal Defeasance and Discharge.............................................................73
Section 8.03       Covenant Defeasance........................................................................74
</Table>

                                       ii
<Page>

<Table>
<S>                                                                                                           <C>
Section 8.04       Conditions to Legal or Covenant Defeasance.................................................74
Section 8.05       Deposited Money and Government Securities to be Held in Trust; Other
                   Miscellaneous Provisions...................................................................75
Section 8.06       Repayment to Company.......................................................................76
Section 8.07       Reinstatement..............................................................................76

                                                   ARTICLE 9.
                                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01       Without Consent of Holders of Notes........................................................76
Section 9.02       With Consent of Holders of Notes...........................................................77
Section 9.03       Compliance with Trust Indenture Act........................................................78
Section 9.04       Revocation and Effect of Consents..........................................................79
Section 9.05       Notation on or Exchange of Notes...........................................................79
Section 9.06       Trustee to Sign Amendments, etc............................................................79

                                                   ARTICLE 10.
                                                 SUBORDINATION

Section 10.01      Agreement to Subordinate...................................................................79
Section 10.02      Liquidation; Dissolution; Bankruptcy.......................................................79
Section 10.03      Default on Designated Senior Debt..........................................................80
Section 10.04      Acceleration of Notes......................................................................81
Section 10.05      When Distribution Must Be Paid Over........................................................81
Section 10.06      Notice by Company..........................................................................81
Section 10.07      Subrogation................................................................................81
Section 10.08      Relative Rights............................................................................81
Section 10.09      Subordination May Not Be Impaired by Company...............................................82
Section 10.10      Distribution or Notice to Representative...................................................82
Section 10.11      Rights of Trustee and Paying Agent.........................................................82
Section 10.12      Authorization to Effect Subordination......................................................82
Section 10.13      Amendments.................................................................................83

                                                   ARTICLE 11.
                                                 NOTE GUARANTEES

Section 11.01.     Guarantee..................................................................................83
Section 11.02.     Subordination of Note Guarantee............................................................84
Section 11.03.     Limitation on Guarantor Liability..........................................................84
Section 11.04.     Execution and Delivery of Note Guarantee...................................................84
Section 11.05.     Guarantors May Consolidate, etc., on Certain Terms.........................................85
Section 11.06.     Release of Guarantees......................................................................85

                                                   ARTICLE 12.
                                           SATISFACTION AND DISCHARGE

Section 12.01      Satisfaction and Discharge.................................................................86
Section 12.02      Application of Trust Money.................................................................87

                                                   ARTICLE 13.
                                                 MISCELLANEOUS

Section 13.01      Trust Indenture Act Controls...............................................................88
Section 13.02      Notices....................................................................................88
Section 13.03      Communication by Holders of Notes with Other Holders of Notes..............................89
Section 13.04      Certificate and Opinion as to Conditions Precedent.........................................89
</Table>

                                       iii
<Page>

<Table>
<S>                                                                                                           <C>
Section 13.05      Statements Required in Certificate or Opinion..............................................89
Section 13.06      Rules by Trustee and Agents................................................................89
Section 13.07      No Personal Liability of Directors, Officers, Employees and Stockholders...................90
Section 13.08      Governing Law..............................................................................90
Section 13.09      No Adverse Interpretation of Other Agreements..............................................90
Section 13.10      Successors.................................................................................90
Section 13.11      Severability...............................................................................90
Section 13.12      Counterpart Originals......................................................................90
Section 13.13      Table of Contents, Headings, etc...........................................................90

                                   EXHIBITS

Exhibit A1         FORM OF NOTE
Exhibit A2         FORM OF REGULATION S TEMPORARY GLOBAL NOTE
Exhibit B          FORM OF CERTIFICATE OF TRANSFER
Exhibit C          FORM OF CERTIFICATE OF EXCHANGE
Exhibit D          FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
Exhibit E          FORM OF NOTE GUARANTEE
Exhibit F          FORM OF SUPPLEMENTAL INDENTURE
</Table>

                                       iv
<Page>

        INDENTURE dated as of February 14, 2002 among: TSI Merger Sub, Inc., a
Delaware corporation ("TSI MERGER SUB"), which is to be merged with and into TSI
Telecommunication Services Inc., a Delaware corporation ("TSI") (references to
the "COMPANY" herein refer to TSI Merger Sub prior to the Merger (as defined
below) and to TSI after the Merger), the Guarantors (as defined below); and The
Bank of New York, as trustee (the "TRUSTEE").

        The Company, the Guarantors and the Trustee agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders (as
defined below) of the 12 3/4% Senior Subordinated Notes due 2009 (the "NOTES"):

                                   ARTICLE 1.
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

Section 1.01   DEFINITIONS.

        "144A GLOBAL NOTE" means a Global Note substantially in the form of
Exhibit A1 hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.

        "ACQUIRED DEBT" means, with respect to any specified Person:

               (1) Indebtedness of any other Person existing at the time such
        other Person is merged with or into or became a Subsidiary of such
        specified Person, whether or not such Indebtedness is incurred in
        connection with, or in contemplation of, such other Person merging with
        or into, or becoming a Subsidiary of, such specified Person; and

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

        "ADDITIONAL NOTES" means an unlimited amount of Notes (other than the
Initial Notes) issued under this Indenture in accordance with Sections 2.02 and
4.09 hereof, as part of the same class as the Initial Notes.

        "ACQUISITION" means the transaction in which the Parent agreed to
acquire TSI by merging TSI Merger Sub with TSI pursuant to the Merger Agreement.

        "ADMINISTRATIVE AGENT" means Lehman Commercial Paper Inc.

        "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,"
as used with respect to any Person, means 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; PROVIDED that beneficial ownership of 10% or more of the
Voting Stock of a Person will be deemed to be control. For purposes of this
definition, the terms "controlling," "controlled by" and "under common control
with" have correlative meanings.

        "AGENT" means any Registrar, co-registrar, Paying Agent or additional
paying agent.

                                        1
<Page>

        "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, lease, conveyance or other disposition of any
        assets or rights, other than sales of inventory in the ordinary course
        of business consistent with past practices; PROVIDED that the sale,
        conveyance or other disposition of all or substantially all of the
        assets of the Company and its Subsidiaries taken as a whole will be
        governed by the provisions of this Indenture described under Section
        4.15 and/or the provisions described under Section 5.01 and not by the
        provisions of Section 4.10; and

               (2) the issuance of Equity Interests in any of the Company's
        Restricted Subsidiaries or the sale of Equity Interests in any of its
        Subsidiaries.

        Notwithstanding the preceding, none of the following items will be
        deemed to be an Asset Sale:

               (1) any single transaction or series of related transactions that
        involves assets having a fair market value of less than $5.0 million;

               (2) a transfer of assets between or among the Company and its
        Restricted Subsidiaries;

               (3) an issuance of Equity Interests by a Restricted Subsidiary to
        the Company or to another Restricted Subsidiary or the issuance of
        Equity Interests by the Subsidiary that owns the Company's SS7 network
        to the Ultimate Parent in the manner described elsewhere in this
        offering memorandum;

               (4) the sale or lease of equipment, inventory, accounts
        receivable or other assets in the ordinary course of business;

               (5) the sale or other disposition of cash or Cash Equivalents;

               (6) a Restricted Payment or Permitted Investment that is
        permitted by Section 4.07; and

               (7) the licensing of intellectual property to third Persons on
        customary terms as determined by the Board of Directors in good faith.

        "ATTRIBUTABLE DEBT" in respect of a sale and leaseback transaction
means, at the time of determination, the present value of the obligation of the
lessee for net rental payments during the remaining term of the lease included
in such sale and leaseback transaction including any period for which such lease
has been extended or may, at the option of the lessor, be extended. Such present
value will be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP.

        "BANKRUPTCY LAW" means Title 11, U.S. Code or any similar federal or
state law for the relief of debtors.

        "BENEFICIAL OWNER" has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular "person" (as that term is used in Section 13(d)(3)
of the Exchange Act), such "person" will be deemed to have beneficial

                                        2
<Page>

ownership of all securities that such "person" has the right to acquire by
conversion or exercise of other securities, whether such right is currently
exercisable or is exercisable only upon the occurrence of a subsequent
condition. The terms "Beneficially Owns" and "Beneficially Owned" have a
corresponding meaning.

        "BOARD OF DIRECTORS" means:

               (1) with respect to a corporation, the board of directors of the
        corporation;

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

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

        "BORROWER" means TSI Merger Sub, Inc.

        "BROKER-DEALER" has the meaning set forth in the Registration Rights
Agreement.

        "BUSINESS DAY" means any day other than a Legal Holiday.

        "CAPITAL LEASE OBLIGATION" means, at the time any determination is to be
made, the amount of the liability in respect of a capital lease that would at
that time be required to be capitalized on a balance sheet in accordance with
GAAP.

        "CAPITAL STOCK" means:

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

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

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

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

        "CASH EQUIVALENTS" means:

               (1) United States dollars;

               (2) securities issued or directly and fully guaranteed or insured
        by the United States government or any agency or instrumentality of the
        United States government (PROVIDED that the full faith and credit of the
        United States is pledged in support of those securities), having
        maturities of not more than 12 months from the date of acquisition;

               (3) certificates of deposit and eurodollar time deposits with
        maturities of six months or less from the date of acquisition, bankers'
        acceptances (or in the case of foreign Subsidiaries, the foreign
        equivalent) with maturities not exceeding six months and overnight bank
        deposits, in each case, with any lender party to the Credit Agreement or
        with any domestic commercial bank having capital and surplus in excess
        of $500.0 million and a Thomson Bank Watch Rating of "B"

                                        3
<Page>

        or better or in the case of foreign Subsidiaries, any local office of
        any commercial bank organized under the laws of the relevant
        jurisdiction or any political subdivision thereof which has a combined
        capital and surplus and undivided profits in excess of $500.0 million;

               (4) marketable direct obligations issued by any state of the
        United States of America or any political subdivision of any such state
        or any public instrumentality thereof maturing within one year from the
        date of acquisition thereof and, at the time of acquisition, having one
        of the two highest ratings obtainable from either Standard & Poor's
        Rating Services or Moody's Investors Services, Inc.;

               (5) repurchase obligations with a term of not more than seven
        days for underlying securities of the types described in clauses (2),
        (3) and (4) above entered into with any financial institution meeting
        the qualifications specified in clause (3) or (4) above;

               (6) commercial paper having the highest rating obtainable from
        Moody's Investors Service, Inc. or Standard & Poor's Rating Services and
        in each case maturing within 12 months after the date of acquisition;
        and

               (7) money market funds at least 95% of the assets of which
        constitute Cash Equivalents of the kinds described in clauses (1)
        through (6) of this definition.

        "CHANGE OF CONTROL" means the occurrence of any of the following:

               (1) the direct or indirect sale, transfer, conveyance or other
        disposition (other than by way of merger or consolidation), in one or a
        series of related transactions, of all or substantially all of the
        properties or assets of the Company and its Restricted Subsidiaries
        taken as a whole to any "person" (as that term is used in Section
        13(d)(3) of the Exchange Act, other than a Principal or a Related Party
        of a Principal), it being understood that as of the date of this
        Indenture, the Company's SS7 network does not by itself constitute
        substantially all of the assets of the Company and its Restricted
        Subsidiaries taken as a whole;

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

               (3) the consummation of any transaction (including, without
        limitation, any merger or consolidation), the result of which is that
        any "person" (as defined above), other than the Principals and their
        Related Parties, becomes the Beneficial Owner, directly or indirectly,
        of more than 50% of the Voting Stock of the Parent or the Company,
        measured by voting power rather than number of shares; or

               (4) the first day on which a majority of the members of the Board
        of Directors of the Parent or the Company are not Continuing Directors.

        "CLEARSTREAM" means Clearstream Banking, S.A.

        "CONSOLIDATED CASH FLOW" means, with respect to any specified Person for
any period, the Consolidated Net Income of such Person for such period PLUS:

               (1) provision for taxes based on income or profits of such Person
        and its Restricted Subsidiaries for such period, to the extent that such
        provision for taxes was deducted in computing such Consolidated Net
        Income; PLUS

                                        4
<Page>

               (2) consolidated interest expense of such Person and its
        Restricted Subsidiaries for such period, whether paid or accrued and
        whether or not capitalized (including, without limitation, amortization
        of debt issuance costs and original issue discount, non-cash interest
        payments, the interest component of any deferred payment obligations,
        the interest component of all payments associated with Capital Lease
        Obligations, imputed interest with respect to Attributable Debt,
        commissions, discounts and other fees and charges incurred in respect of
        letter of credit or bankers' acceptance financings, and net of the
        effect of all payments made or received pursuant to Hedging
        Obligations), to the extent that any such expense was deducted in
        computing such Consolidated Net Income; PLUS

               (3) depreciation, amortization (including amortization of
        goodwill and other intangibles but excluding amortization of prepaid
        cash expenses that were paid in a prior period), and other non-cash
        expenses (excluding any such non-cash expense to the extent that it
        represents an accrual of or reserve for cash expenses in any future
        period or amortization of a prepaid cash expense that was paid in a
        prior period), of such Person and its Restricted Subsidiaries for such
        period to the extent that such depreciation, amortization and other
        non-cash expenses were deducted in computing such Consolidated Net
        Income; PLUS

               (4) all nonrecurring costs and expenses of the Company and its
        Restricted Subsidiaries incurred in connection with the Acquisition and
        the related financing transactions; MINUS

               (5) all non-cash items increasing such Consolidated Net Income
        for such period, other than the accrual of revenue in the ordinary
        course of business,

        in each case, on a consolidated basis and determined in accordance with
        GAAP.

        "CONSOLIDATED LEVERAGE RATIO" will have the meaning assigned to it in
the Credit Agreement as in effect on the date hereof.

        "CONSOLIDATED NET INCOME" means, with respect to any specified Person
for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, determined in
accordance with GAAP; PROVIDED that:

               (1) the Net Income of any Person that is not a Restricted
        Subsidiary or that is accounted for by the equity method of accounting
        will be included only to the extent of the amount of dividends or
        distributions paid in cash to the specified Person or a Restricted
        Subsidiary of the Person;

               (2) the Net Income of any Restricted Subsidiary will be excluded
        to the extent that the declaration or payment of dividends or similar
        distributions by that Restricted Subsidiary of that Net Income is not at
        the date of determination permitted without any prior governmental
        approval (that has not been obtained), or, directly or indirectly, by
        operation of the terms of its charter or any agreement, instrument,
        judgment, decree, order, statute, rule or governmental regulation
        applicable to that Restricted Subsidiary or its stockholders (except to
        the extent of the amount of dividends or distributions that have
        actually been paid in cash to the Company or one or more of its
        Restricted Subsidiaries that is not subject to any such restrictions);

               (3) the Net Income (or loss) of any Person acquired in a pooling
        of interests transaction for any period prior to the date of such
        acquisition will be excluded;

               (4) the cumulative effect of a change in accounting principles
        will be excluded;

                                        5
<Page>

               (5) the net loss of any Person, other than a Restricted
        Subsidiary of the Company, will be excluded;

               (6) non-cash charges relating to employee benefit or other
        management compensation plans of the Company or any of its Restricted
        Subsidiaries or any non-cash compensation charge arising from any grant
        of stock, stock options or other equity-based awards of the Company or
        any of its Restricted Subsidiaries (excluding in each case any non-cash
        charge to the extend that it represents an accrual of or reserve for
        cash expenses in any future period or amortization of a prepaid cash
        expense incurred in a prior period) in each case, to the extent that
        such non-cash charges are deducted in computing such Consolidated Net
        Income will be excluded;

               (7) items classified as extraordinary, unusual or nonrecurring
        losses or charges (including, without limitation, severance, relocation
        and other restructuring costs), and related tax effects according to
        GAAP, will be excluded; and

               (8) any cash received by the Company from Verizon Information
        Services Inc. under the Revenue Guaranty Agreement in any period will be
        included in Net Income for that period, net of any payment made by the
        Company or any Restricted Subsidiary during that period or with respect
        to any Indebtedness incurred by the Company under the Revenue Guaranty
        Agreement.

        "CONTINUING DIRECTORS" means, as of any date of determination, any
member of the Board of Directors of the Company who:

               (1) was a member of such Board of Directors on the date of this
        Indenture; or

               (2) was nominated for election or elected to such Board of
        Directors with the approval of a majority of the Continuing Directors
        who were members of such Board at the time of such nomination or
        election.

        "CORPORATE TRUST OFFICE OF THE TRUSTEE" will be at the address of the
Trustee specified in Section 13.02 hereof or such other address as to which the
Trustee may give notice to the Company.

        "CREDIT AGENT" means Lehman Commercial Paper Inc., in its capacity as
administrative agent for the lenders party to the Credit Agreement, or any
successor thereto or any person otherwise appointed.

        "CREDIT AGREEMENT" means that certain Credit Agreement, dated as of
February 14, 2002, by and among the Company, the Guarantors, Lehman Commercial
Paper Inc., as syndication agent and Administrative Agent and Lehman Brothers
Inc., as exclusive adviser, book manager and lead arranger and the other lenders
party thereto, providing for up to $328.4 million of revolving credit and term
loan borrowings, including any related notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith, and in each case as
amended, modified, renewed, refunded, replaced or refinanced from time to time.

        "CREDIT FACILITIES" means one or more debt facilities (including,
without limitation, the Credit Agreement) or commercial paper facilities, in
each case with banks or other institutional lenders providing for revolving
credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from
such lenders against such receivables), or letters of credit, in each case, as
amended, restated, modified, renewed, refunded, replaced or refinanced in whole
or in part from time to time.

                                        6
<Page>

        "CUSTODIAN" means the Trustee, as custodian with respect to the Notes in
global form, or any successor entity thereto.

        "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.

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

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

        "DESIGNATED NONCASH CONSIDERATION" means any noncash consideration
received by the Company or any of its Restricted Subsidiaries in connection with
an Asset Sale that is designated as Designated Noncash Consideration pursuant to
an Officers' Certificate setting forth the fair market value of such noncash
consideration and the basis of the valuation.

        "DESIGNATED SENIOR DEBT" means:

               (1) any Indebtedness or other amounts outstanding under the
        Credit Agreement; and

               (2) after payment in full of all Obligations under the Credit
        Agreement, any other Senior Debt permitted under this Indenture the
        principal amount of which is $25.0 million or more.

        "DISQUALIFIED STOCK" means any Capital Stock that, by its terms (or by
the terms of any security into which it is convertible, or for which it is
exchangeable, in each case at the option of the holder of the Capital Stock), or
upon the happening of any event, matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the Capital Stock, in whole or in part, on or prior to the date that
is 91 days after the date on which the Notes mature. Notwithstanding the
preceding sentence, any Capital Stock that would constitute Disqualified Stock
solely because the holders of the Capital Stock have the right to require the
Company to repurchase such Capital Stock upon the occurrence of a change of
control or an asset sale will not constitute Disqualified Stock if the terms of
such Capital Stock provide that the Company may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.07.

        "DOMESTIC SUBSIDIARY" means any Restricted Subsidiary of the Company
that was formed under the laws of the United States or any state of the United
States or the District of Columbia or that guarantees or otherwise provides
direct credit support for any Indebtedness of the Company.

        "EQUITY CONTRIBUTION AGREEMENT" means that certain agreement, dated as
of February 14, 2002, by and among the TSI Merger Sub, the Parent and the
Ultimate Parent, whereby the Parent and the Ultimate Parent have agreed to
contribute all Net Proceeds to the Parent and then to TSI in the form of common
equity capital or as a capital contribution.

                                        7
<Page>

        "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 INVESTORS" means one or more of the investors that own Capital
Stock of the Ultimate Parent as of the date hereof.

        "EQUITY OFFERING" means (1) a public offering of common equity
securities or (2) a private placement of common equity securities yielding gross
proceeds to the issuer of at least $25.0 million.

        "EUROCLEAR" means Euroclear Bank S.A./N.V., as operator of the Euroclear
system.

        "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

        "EXCHANGE NOTES" means the Notes issued in the Exchange Offer pursuant
to Section 2.06(f) hereof.

        "EXCHANGE OFFER" has the meaning set forth in the Registration Rights
Agreement.

        "EXCHANGE OFFER REGISTRATION STATEMENT" has the meaning set forth in the
Registration Rights Agreement.

        "EXCLUDED CAPITAL CONTRIBUTIONS" means any capital contributed to the
Company by the Parent or any other direct or indirect equity investor in the
Company either (1) in connection with Section 4.20 or (2) directly or indirectly
from the net proceeds from the sale of the Company's SS7 network or the Capital
Stock of the entity that owns the network.

        "EXISTING INDEBTEDNESS" means the amount of Indebtedness of the Company
and its Subsidiaries (other than Indebtedness under the Credit Agreement), in
existence on the date of this Indenture, until such amounts are repaid.

        "FIXED CHARGES" means, with respect to any specified Person for any
period, the sum, without duplication, of:

               (1) the consolidated interest expense of such Person and its
        Restricted Subsidiaries for such period, whether paid or accrued,
        including, without limitation, amortization of debt issuance costs and
        original issue discount, non-cash interest payments, the interest
        component of any deferred payment obligations, the interest component of
        all payments associated with Capital Lease Obligations, imputed interest
        with respect to Attributable Debt, commissions, discounts and other fees
        and charges incurred in respect of letter of credit or bankers'
        acceptance financings, and net of the effect of all payments made or
        received pursuant to Hedging Obligations (excluding amortization of debt
        issuance costs associated with the Acquisition); PLUS

               (2) the consolidated interest of such Person and its Restricted
        Subsidiaries that was capitalized during such period; PLUS

               (3) any interest expense on Indebtedness of another Person that
        is Guaranteed by such Person or one of its Restricted Subsidiaries or
        secured by a Lien on assets of such Person or one of its Restricted
        Subsidiaries, whether or not such Guarantee or Lien is called upon; PLUS

                                        8
<Page>

               (4) the product of (a) all dividends, whether paid or accrued and
        whether or not in cash, on any series of preferred stock of such Person
        or any of its Restricted Subsidiaries, other than dividends on Equity
        Interests payable solely in Equity Interests of the Company (other than
        Disqualified Stock), or to the Company or a Subsidiary of the Company,
        times (b) a fraction, the numerator of which is one and the denominator
        of which is one minus the then current combined federal, state and local
        statutory tax rate of such Person, expressed as a decimal, in each case,
        on a consolidated basis and in accordance with GAAP.

        "FIXED CHARGE COVERAGE RATIO" means with respect to any specified Person
for any period, the ratio of the Consolidated Cash Flow of such Person and its
Restricted Subsidiaries for such period to the Fixed Charges of such Person and
its Restricted Subsidiaries for such period. In the event that the specified
Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees,
repays, repurchases or redeems any Indebtedness (other than ordinary working
capital borrowings), or issues, repurchases or redeems preferred stock
subsequent to the commencement of the period for which the Fixed Charge Coverage
Ratio is being calculated and on or prior to the date on which the event for
which the calculation of the Fixed Charge Coverage Ratio is made (the
"CALCULATION DATE"), then the Fixed Charge Coverage Ratio will be calculated
giving pro forma effect to such incurrence, assumption, Guarantee, repayment,
repurchase or redemption of Indebtedness, or such issuance, repurchase or
redemption of preferred stock, and the use of the proceeds therefrom as if the
same had occurred at the beginning of the applicable four-quarter reference
period.

        In addition, for purposes of calculating the Fixed Charge Coverage
Ratio:

               (1) acquisitions (including the Acquisition) that have been made
        by the specified Person or any of its Restricted Subsidiaries, including
        through mergers or consolidations and including any related financing
        transactions, during the four-quarter reference period, or subsequent to
        such reference period and on or prior to the Calculation Date will be
        given pro forma effect as if they had occurred on the first day of the
        four-quarter reference period, and Consolidated Cash Flow for such
        reference period will be calculated on a pro forma basis in accordance
        with Regulation S-X under the Securities Act, but including Pro Forma
        Cost Savings, but without giving effect to clause (3) of the proviso set
        forth in the definition of Consolidated Net Income;

               (2) the Consolidated Cash Flow attributable to discontinued
        operations, as determined in accordance with GAAP, and operations or
        businesses disposed of prior to the Calculation Date, will be excluded
        from the four-quarter reference period on a pro forma basis (as provided
        above);

               (3) the Fixed Charges attributable to discontinued operations, as
        determined in accordance with GAAP, and operations or businesses
        disposed of prior to the Calculation Date, will be excluded from the
        four-quarter reference period on a pro forma basis (as provided above),
        but only to the extent that the obligations giving rise to such Fixed
        Charges will not be obligations of the specified Person or any of its
        Restricted Subsidiaries following the Calculation Date; and

               (4) the Fixed Charges attributable to any Indebtedness incurred
        under the Revenue Guaranty Agreement will be excluded.

        "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting
profession, which are in effect on the date of this Indenture.

                                        9
<Page>

        "GLOBAL NOTES" means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes, substantially in the
form of Exhibit A1 hereto issued in accordance with Section 2.01, 2.06(b)(3),
2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof.

        "GLOBAL NOTE LEGEND" means the legend set forth in Section 2.06(g)(2),
which is required to be placed on all Global Notes issued under this Indenture.

        "GOVERNMENT SECURITIES" means direct obligations of, or obligations
guaranteed by, the United States of America, and the payment for which the
United States pledges its full faith and credit.

        "GTCR" means GTCR Golder Rauner, L.L.C.

        "GUARANTEE" means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness.

        "GUARANTEE AND COLLATERAL AGREEMENT" means the Guarantee and Collateral
Agreement to be executed and delivered by the Parent, the Ultimate Parent, the
Borrower and each subsidiary guarantor to the Credit Agreement, substantially in
the form attached as Exhibit A to the Credit Agreement as of the date hereof, as
the same may be amended, supplemented, replaced or otherwise modified from time
to time in accordance with the Credit Agreement.

        "GUARANTORS" means each of:

               (1) the guarantors listed on the signature pages hereto; and

               (2) any other Subsidiary that executes a Note Guarantee in
        accordance with the provisions of this Indenture,

and their respective successors and assigns.

        "HEDGE AGREEMENTS" means all interest rate swaps, caps or collar
agreements or similar arrangements entered into by the Ultimate Parent or any of
its Subsidiaries providing for protection against fluctuations in interest rates
or currency exchange rates or the exchange of nominal interest obligations,
either generally or under specific contingencies.

        "HEDGING OBLIGATIONS" means, with respect to any specified Person, the
obligations of such Person under:

               (1) interest rate swap agreements, interest rate cap agreements
        and interest rate collar agreements; and

               (2) other agreements or arrangements designed to protect such
        Person against fluctuations in interest rates or currency exchange
        rates.

        "HOLDER" means a Person in whose name a Note is registered.

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

                                       10
<Page>

        "INDEBTEDNESS" means with respect to any specified Person, any
indebtedness 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 reimbursement agreements in respect thereof);

               (3) in respect of banker's acceptances;

               (4) representing Capital Lease Obligations;

               (5) representing the balance deferred and unpaid of the purchase
        price of any property, except any such balance that constitutes an
        accrued expense or trade payable; or

               (6) representing any Hedging Obligations,

if and to the extent any of the preceding items (other than letters of credit
and Hedging Obligations), would appear as a liability upon a balance sheet of
the specified Person prepared in accordance with GAAP. In addition, the term
"Indebtedness" includes all Indebtedness of others secured by a Lien on any
asset of the specified Person (whether or not such Indebtedness is assumed by
the specified Person), and, to the extent not otherwise included, the Guarantee
by the specified Person of any indebtedness of any other Person.

        The amount of any Indebtedness outstanding as of any date will be:

               (1) the accreted value of the Indebtedness, in the case of any
        Indebtedness issued with original issue discount; and

               (2) the principal amount of the Indebtedness, together with any
        interest on the Indebtedness that is more than 30 days past due, in the
        case of any other Indebtedness.

        "INDENTURE" means this Indenture, as amended or supplemented from time
to time.

        "INDIRECT PARTICIPANT" means a Person who holds a beneficial interest in
a Global Note through a Participant.

        "INITIAL NOTES" means the first $245 million aggregate principal amount
of Notes issued under this Indenture on the date hereof.

        "INITIAL PURCHASER" means Lehman Brothers Inc.

        "INSTITUTIONAL ACCREDITED INVESTOR" means an institution that is an
"accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act, who are not also QIBs.

        "INVESTMENTS" means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates), in the forms
of loans (including Guarantees or other obligations), advances or capital
contributions (excluding commission, travel and similar advances to officers and
employees made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Company
or any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any

                                       11
<Page>

direct or indirect Subsidiary of the Company such that, after giving effect to
any such sale or disposition, such Person is no longer a Subsidiary of the
Company, the Company will be deemed to have made an Investment on the date of
any such sale or disposition equal to the fair market value of the Company's
Investments in such Subsidiary that were not sold or disposed of in an amount
determined as provided in the final paragraph of Section 4.07. The acquisition
by the Company or any Subsidiary of the Company of a Person that holds an
Investment in a third Person will be deemed to be an Investment by the Company
or such Subsidiary in such third Person in an amount equal to the fair market
value of the Investments held by the acquired Person in such third Person in an
amount determined as provided in the final paragraph of Section 4.07.

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

        "LENDER" means the several banks and other financial institutions or
entities from time to time party to the Credit Agreement.

        "LETTER OF TRANSMITTAL" means the letter of transmittal to be prepared
by the Company and sent to all Holders of the Notes for use by such Holders in
connection with the Exchange Offer.

        "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.

        "LIQUIDATED DAMAGES" means all liquidated damages then owing pursuant to
the Registration Rights Agreement.

        "LOAN PARTIES" means the Parent, the Ultimate Parent, the Borrower and
each Subsidiary of the Ultimate Parent which is a party to a Loan Document (as
defined in the Credit Agreement). This term shall include the Company both
before and after giving effect to the Merger.

        "MERGER" means the merger of TSI Merger Sub with and into TSI pursuant
to the Merger Agreement.

        "MERGER AGREEMENT" means the amended and restated agreement of merger
dated January 14, 2002 among the Parent, TSI, Verizon Information Services Inc.
and TSI Merger Sub.

        "NET INCOME" means, with respect to any specified Person, the net income
(loss) of such Person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends, excluding, however:

               (1) any gain (or loss), together with any related provision for
        taxes on such gain (or loss), realized in connection with: (a) any Asset
        Sale; or (b) the disposition of any securities by such Person or any of
        its Restricted Subsidiaries or the extinguishment of any Indebtedness of
        such Person or any of its Restricted Subsidiaries; and

                                       12
<Page>

               (2) any extraordinary gain (or loss), together with any related
        provision for taxes on such extraordinary gain (or loss).

In addition, for so long as the Parent and the Ultimate Parent are Guarantors of
the Notes, Net Income of the Company will be calculated without regard to any
minority interest in the Subsidiary that owns the Company's SS7 network that is
owned by the Ultimate Parent.

        "NET PROCEEDS" means the aggregate cash proceeds received by the Company
or any of its Restricted Subsidiaries in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of the direct costs
relating to such Asset Sale, including, without limitation, legal, accounting
and investment banking fees, and sales commissions, and any relocation expenses
incurred as a result of the Asset Sale, taxes paid or payable as a result of the
Asset Sale (including taxes payable by the members of the Ultimate Parent as a
result of the sale by the Ultimate Parent of Equity Interests in the Subsidiary
of the Company that owns the Company's SS7 network), in each case, after taking
into account any available tax credits or deductions and any tax sharing
arrangements, and amounts required to be applied to the repayment of
Indebtedness, other than Senior Debt, secured by a Lien on the asset or assets
that were the subject of such Asset Sale and any reserve for adjustment in
respect of the sale price of such asset or assets established in accordance with
GAAP.

        "NON-RECOURSE DEBT" means Indebtedness:

               (1) as to which neither the Company nor any of its Restricted
        Subsidiaries (a) provides credit support of any kind (including any
        undertaking, agreement or instrument that would constitute
        Indebtedness), (b) is directly or indirectly liable as a guarantor or
        otherwise, or (c) constitutes the lender;

               (2) no default with respect to which (including any rights that
        the holders of the Indebtedness may have to take enforcement action
        against an Unrestricted Subsidiary), would permit upon notice, lapse of
        time or both any holder of any other Indebtedness of the Company or any
        of its Restricted Subsidiaries to declare a default on such other
        Indebtedness or cause the payment of the Indebtedness to be accelerated
        or payable prior to its stated maturity; and

               (3) as to which the lenders have been notified in writing that
        they will not have any recourse to the stock or assets of the Company or
        any of its Restricted Subsidiaries.

        "NON-U.S. PERSON" means a Person who is not a U.S. Person.

        "NOTE GUARANTEE" means the Guarantee by each Guarantor of the Company's
payment obligations under this Indenture and on the Notes, executed pursuant to
the provisions of this Indenture.

        "NOTES" has the meaning assigned to it in the preamble to this
Indenture. The Initial Notes and the Additional Notes will be treated as a
single class for all purposes under this Indenture, and unless the context
otherwise requires, all references to the Notes will include the Initial Notes
and any Additional Notes.

        "OBLIGATIONS" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

        "OFFERING MEMORANDUM" means that offering memorandum dated February 6,
2002 relating to the Notes and the Guarantees.

                                       13
<Page>

        "OFFICER" means, with respect to any Person, the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller,
the Secretary or any Vice-President of such Person.

        "OFFICERS' CERTIFICATE" means a certificate signed on behalf of the
Company 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 of
Section 13.05 hereof.

        "OPINION OF COUNSEL" means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements of Section
13.05 hereof. The counsel may be an employee of or counsel to the Company, any
Subsidiary of the Company or the Trustee.

        "PARENT" means TSI Telecommunication Holdings, Inc., the direct parent
entity of TSI Merger Sub.

        "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, will include Euroclear and
Clearstream).

        "PERMITTED BUSINESS" means the businesses engaged in by the Company and
its Restricted Subsidiaries on the date of original issuance of the Notes and/or
any activities that are similar, ancillary or related to, or a reasonable
extension, development or expansion of, any of those businesses.

        "PERMITTED GROUP" means any group of investors that is deemed to be a
"person" (as that term is used in Section 13(d)(3) of the Exchange Act), at any
time prior to the Company's initial public offering of common stock, by virtue
of the Securityholders Agreement, as the same may be amended, modified or
supplemented from time to time, PROVIDED that no single Person (other than the
Principals and their Related Parties) Beneficially Owns (together with its
Affiliates) more of the Voting Stock of the Company that is Beneficially Owned
by such group of investors than is then collectively Beneficially Owned by the
Principals and their Related Parties in the aggregate.

        "PERMITTED INVESTMENTS" means:

               (1) any Investment in the Company or in a Restricted Subsidiary
        of the Company;

               (2) any Investment in Cash Equivalents;

               (3) any Investment by the Company or any Restricted Subsidiary of
        the Company in a Person, if as a result of such Investment:

                    (a) such Person becomes a Restricted Subsidiary of the
               Company; or

                    (b) such Person 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
               of the Company;

               (4) any Investment made as a result of the receipt of non-cash
        consideration from an Asset Sale that was made pursuant to and in
        compliance with Section 4.10;

                                       14
<Page>

               (5) any acquisition of assets solely in exchange for the issuance
        of Equity Interests (other than Disqualified Stock) of the Company;

               (6) any Investments received in compromise of obligations of such
        persons incurred in the ordinary course of trade creditors or customers
        that were incurred in the ordinary course of business, including
        pursuant to any plan of reorganization or similar arrangement upon the
        bankruptcy or insolvency of any trade creditor or customer;

               (7) Hedging Obligations;

               (8) any Investment existing on the date of this Indenture;

               (9) loans and advances to employees and officers of the Company
        and its Restricted Subsidiaries in the ordinary course of business
        having an aggregate principal amount not to exceed $2.0 million at any
        one time outstanding;

               (10) loans to management employees of the Company and its
        Restricted Subsidiaries for the purchase of Equity Interests having an
        aggregate principal amount not to exceed $3.0 million at any one time
        outstanding;

               (11) accounts receivable created or acquired in the ordinary
        course of business;

               (12) Guarantees by the Company of Indebtedness otherwise
        permitted to be incurred by Restricted Subsidiaries of the Company under
        this Indenture;

               (13) any Investment in a joint venture with one or more foreign
        partners to the extent that, as a result of the Investment, the Company
        recognizes gross profit from licensing of intellectual property or sales
        of equipment to that joint venture over the twelve-month period
        following the Investment that is at least equal to the amount of such
        Investment; and

               (14) other Investments in any Person having an aggregate fair
        market value (measured on the date each such Investment was made and
        without giving effect to subsequent changes in value), when taken
        together with all other Investments made pursuant to this clause (14)
        since the date of this Indenture, not to exceed $25.0 million.

        "PERMITTED JUNIOR SECURITIES" means:

               (1) common Equity Interests in the Company or any Guarantor; or

               (2) debt or preferred equity securities of the Company or any
        Guarantor issued pursuant to a plan of reorganization consented to by
        each class of Senior Debt; PROVIDED that all such securities are
        subordinated to all Senior Debt and any debt securities issued in
        exchange for Senior Debt to substantially the same extent as, or to a
        greater extent than, the Notes and the Guarantees are subordinated to
        Senior Debt under this Indenture.

        "PERMITTED LIENS" means:

               (1) Liens securing Senior Debt and other Obligations with respect
        thereto;

               (2) Liens in favor of the Company or the Guarantors;

                                       15
<Page>

               (3) Liens on property of a Person existing at the time such
        Person is acquired, merged with or into or consolidated with the Company
        or any Subsidiary of the Company; PROVIDED that such Liens were in
        existence prior to the contemplation of such merger or consolidation and
        do not extend to any assets other than those of the Person merged into
        or consolidated with the Company or the Subsidiary;

               (4) Liens on property existing at the time of acquisition of the
        property by the Company or any Subsidiary of the Company PROVIDED that
        such Liens were in existence prior to the contemplation of such
        acquisition;

               (5) Liens to secure the performance of statutory obligations,
        surety or appeal bonds, performance bonds or other obligations of a like
        nature incurred in the ordinary course of business;

               (6) Liens existing on the date of this Indenture;

               (7) Liens for taxes, assessments or governmental charges or
        claims that are not yet delinquent or that are being contested in good
        faith by appropriate proceedings promptly instituted and diligently
        concluded, PROVIDED that any reserve or other appropriate provision as
        is required in conformity with GAAP has been made therefor;

               (8) Liens incurred in the ordinary course of business of the
        Company or any Subsidiary of the Company with respect to obligations
        that do not exceed $10.0 million at any one time outstanding;

               (9) Liens on assets of Unrestricted Subsidiaries that secure
        Non-Recourse Debt of Unrestricted Subsidiaries;

               (10) Liens incurred or deposits made in the ordinary course of
        business in connection with worker's compensation, unemployment
        insurance and other types of social security, including any Lien
        securing letters of credit issued in the ordinary course of business
        consistent with past practice in connection therewith, or to secure the
        performance of tenders, statutory obligations, surety and appeal bonds,
        bids, leases, government contracts, performance and return-of-money
        bonds and other similar obligations (exclusive of obligations for the
        payment of borrowed money) incurred in the ordinary course of business;

               (11) judgment Liens not giving rise to an Event of Default;

               (12) Liens upon specific items of inventory or other goods and
        proceeds of any Person securing such Person's obligations in respect of
        banker's acceptances issued or created for the account of such Person to
        facilitate the purchase, shipment, or storage of such inventory or other
        goods;

               (13) Liens securing reimbursement obligations with respect to
        commercial letters of credit which encumber documents and other property
        relating to such letters of credit and products and proceeds thereof;

               (14) Liens encumbering deposits made to secure obligations
        arising from statutory, regulatory, contractual, or warranty
        requirements of the Company or any of its Restricted Subsidiaries,
        including rights of offset and set-off;

                                       16
<Page>

               (15) Liens securing Indebtedness incurred in reliance on clause
        (4) of the second paragraph of Section 4.09 so long as such Lien extends
        to no assets other than the assets acquired;

               (16) Leases or subleases granted to others that do not materially
        interfere with the ordinary course of business of the Company and its
        Restricted Subsidiaries;

               (17) Liens arising from filing Uniform Commercial Code financing
        statements regarding leases;

               (18) Liens securing the Notes and the Note Guarantees;

               (19) Liens securing intercompany Indebtedness of the Company or a
        Restricted Subsidiary; and

               (20) Liens securing Hedging Agreements that are permitted by this
        Indenture to be incurred.

        "PERMITTED REFINANCING INDEBTEDNESS" means any Indebtedness of the
Company or any of its Restricted Subsidiaries issued in exchange for, or the net
proceeds of which are used to extend, refinance, renew, replace, defease or
refund other Indebtedness of the Company or any of its Restricted Subsidiaries
(other than intercompany Indebtedness); PROVIDED that:

               (1) the principal amount (or accreted value, if applicable), of
        such Permitted Refinancing Indebtedness does not exceed the principal
        amount (or accreted value, if applicable), of the Indebtedness extended,
        refinanced, renewed, replaced, defeased or refunded (plus all accrued
        interest on the Indebtedness and the amount of all expenses and premiums
        incurred in connection therewith);

               (2) such Permitted Refinancing Indebtedness has a final maturity
        date later than the final maturity date of, and has a Weighted Average
        Life to Maturity equal to or greater than the Weighted Average Life to
        Maturity of, the Indebtedness being extended, refinanced, renewed,
        replaced, defeased or refunded;

               (3) if the Indebtedness being extended, refinanced, renewed,
        replaced, defeased or refunded is subordinated in right of payment to
        the Notes, such Permitted Refinancing Indebtedness has a final maturity
        date later than the final maturity date of, and is subordinated in right
        of payment to, the Notes on terms at least as favorable to the Holders
        of Notes as those contained in the documentation governing the
        Indebtedness being extended, refinanced, renewed, replaced, defeased or
        refunded; and

               (4) such Indebtedness is incurred either by the Company or by the
        Restricted Subsidiary who is the obligor on the Indebtedness being
        extended, refinanced, renewed, replaced, defeased or refunded.

        "PERSON" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

        "PRINCIPALS" means GTCR Fund VII, L.P. and/or GTCR Fund VII/A, L.P.

                                       17
<Page>

        "PRIVATE PLACEMENT LEGEND" means the legend set forth in Section
2.06(g)(1) to be placed on all Notes issued under this Indenture except where
otherwise permitted by the provisions of this Indenture.

        "PRO FORMA COST SAVINGS" means, with respect to any period, the
reduction in costs and related adjustments associated with the acquisition of a
business that are attributable to that period and that (i) are calculated on a
basis that is consistent with Regulation S-X under the Securities Act as in
effect and applied as of the date of this Indenture or (ii) have actually been
implemented by the business that was the subject of the acquisition within six
months of the date of the acquisition and prior to the Calculation Date and that
are supportable and quantifiable by the underlying accounting records of such
business and are described, as provided below, in an officer's certificate, as
if, in the case of each of clause (i) and (ii), all such reductions in costs and
related adjustments had been effected as of the beginning of such period.

        "PROFESSIONAL SERVICES AGREEMENT" means that certain agreement to be
dated as of February 14, 2002, between TSI and GTCR, whereby GTCR will render to
TSI certain financial and management consulting services.

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

        "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated as of February 14, 2002, among the Company, the Guarantors and the other
parties named on the signature pages thereof, as such agreement may be amended,
modified or supplemented from time to time and, with respect to any Additional
Notes, one or more registration rights agreements among the Company, the
Guarantors and the other parties thereto, as such agreement(s) may be amended,
modified or supplemented from time to time, relating to rights given by the
Company to the purchasers of Additional Notes to register such Additional Notes
under the Securities Act.

        "REGULATION S" means Regulation S promulgated under the Securities Act.

        "REGULATION S GLOBAL NOTE" means a Regulation S Temporary Global Note or
Regulation S Permanent Global Note, as appropriate.

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

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

        "RELATED PARTY" means:

               (1) any direct or indirect controlling stockholder or controlling
        general partner, 50% (or more) owned Subsidiary, or immediate family
        member (in the case of an individual), of any Principal; or

               (2) any trust, corporation, partnership or other entity, the
        beneficiaries, stockholders, partners, owners or Persons beneficially
        holding a 50% or more controlling interest of which

                                       18
<Page>

        consist of any one or more Principals and/or such other Persons referred
        to in the immediately preceding clause (1).

        "REPRESENTATIVE" means this Indenture trustee or other trustee, agent or
representative for any Senior Debt.

        "RESERVED CONTRIBUTIONS" means the net cash proceeds received by the
Company after the date of this Indenture from (a) contributions to its common
equity capital and (b) the sale (other than to a Subsidiary or to any management
equity plan or stock option plan or any other management or employee benefit
plan or agreement of the Company or any of its Subsidiaries) of Capital Stock
(other than Disqualified Stock) of the Company, in each case that is designated
within 60 days of the receipt of such net cash proceeds as a "Reserved
Contribution" pursuant to an Officers' Certificate; PROVIDED that in no event
will any proceeds received by the Company directly or indirectly as a result of
a sale of some or all of the assets of the Subsidiary that owns the Company's
SS7 network or from the sale of some or all of the Capital Stock of the
Subsidiary that owns the Company's SS7 network be treated as a Reserved
Contribution.

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

        "RESTRICTED DEFINITIVE NOTE" means a Definitive Note bearing the Private
Placement Legend.

        "RESTRICTED GLOBAL NOTE" means a Global Note bearing the Private
Placement Legend.

        "RESTRICTED INVESTMENT" means an Investment other than a Permitted
Investment.

        "RESTRICTED PERIOD" means the 40-day distribution compliance period as
defined in Regulation S.

        "RESTRICTED SUBSIDIARY" of a Person means any Subsidiary of the referent
Person that is not an Unrestricted Subsidiary.

        "REVENUE GUARANTY AGREEMENT" means that Guaranty of wireless revenue,
dated as of the Closing Date, by and between Verizon Information Services, Inc.
and TSI as the same is in effect on the date of this Indenture.

        "RULE 144" means Rule 144 promulgated under the Securities Act.

        "RULE 144A" means Rule 144A promulgated under the Securities Act.

        "RULE 903" means Rule 903 promulgated under the Securities Act.

        "RULE 904" means Rule 904 promulgated the Securities Act.

        "SEC" means the Securities and Exchange Commission.

        "SECURITIES ACT" means the Securities Act of 1933, as amended.

        "SECURITYHOLDERS AGREEMENT" means that certain agreement to be dated
February 14, 2002 among the Ultimate Parent, GTCR Fund VII, L.P., GTCR Fund
VII/A, L.P. and GTCR Co-Invest, L.P.

                                       19
<Page>

        "SENIOR DEBT" means:

               (1) all Indebtedness of the Company or any Guarantor outstanding
        under Credit Facilities and all obligations under Specified Hedging
        Agreements;

               (2) any other Indebtedness of the Company or any Guarantor
        permitted to be incurred under the terms of this 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
        Notes or any Guarantee; and

               (3) all Obligations with respect to the items listed in the
        preceding clauses (1) and (2).

               Notwithstanding anything to the contrary in the preceding, Senior
        Debt will not include:

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

               (2) any intercompany Indebtedness of the Company or any of its
        Subsidiaries to the Company;

               (3) any trade payables; or

               (4) the portion of any Indebtedness that is incurred in violation
        of this Indenture; PROVIDED that Indebtedness under a Credit Facility
        will not cease to be Senior Debt under this clause (4) if the lenders
        obtained a certificate from an officer of the Company as of the date of
        the incurrence of such Indebtedness to the effect that such Indebtedness
        was permitted to be incurred by this Indenture.

        "SHELF REGISTRATION STATEMENT" means the Shelf Registration Statement as
defined in the Registration Rights Agreement.

        "SIGNIFICANT SUBSIDIARY" means any 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 of this Indenture.

        "SPECIFIED HEDGE AGREEMENT" means any Hedge Agreement (a) entered into
by (i) any Loan Party and (ii) any Lender or any affiliate thereof, or any
Person that was a Lender or an affiliate thereof when such Hedge Agreement was
entered into, as counterparty and (b) which has been designated by such Lender
and the Borrower, by notice to the Administrative Agent not later than 90 days
after the execution and delivery thereof by any such Loan Party as a Specified
Hedge Agreement; provided that the designation of any Hedge Agreement as a
Specified Hedge Agreement shall not create in favor of any Lender or affiliate
thereof that is a party thereto any rights in connection with the management or
release of any Collateral (as defined in the Credit Agreement) or of the
obligations of any Credit Agreement guarantor under the Guarantee and Collateral
Agreement.

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

                                       20
<Page>

        "SUBORDINATED INDEBTEDNESS" means Indebtedness of the Company as to
which the payment of principal of, and premium, if any, and interest and other
payment obligations in respect of such Indebtedness is subordinate to the prior
payment in full of all Obligations with respect to the Notes as provided in the
Revenue Guaranty Agreement.

        "SUBSIDIARY" means, with respect to any specified Person:

               (1) any corporation, association or other business 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 of the corporation,
        association or other business entity is at the time owned or controlled,
        directly or indirectly, by that Person or one or more of the other
        Subsidiaries of that Person (or a combination thereof); and

               (2) any partnership (a) the sole general partner or the managing
        general partner of which is such Person or a Subsidiary of such Person
        or (b) the only general partners of which are that Person or one or more
        Subsidiaries of that Person (or any combination thereof).

        "TIA" means the Trust Indenture Act of 1939 (15 U.S.C. Sections
77aaa-77bbbb) as in effect on the date on which this Indenture is qualified
under the TIA.

        "TOTAL ASSETS" means, as of any date, the consolidated assets of the
Company and its Restricted Subsidiaries as of such date calculated in accordance
with GAAP.

        "TRUSTEE" means the party named as such in the preamble to this
Indenture until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving
hereunder.

        "ULTIMATE PARENT" means TSI Telecommunication Holdings, LLC, the direct
parent entity of the Parent.

        "UNRESTRICTED GLOBAL NOTE" means a permanent global Note substantially
in the form of Exhibit A1 attached hereto that bears the Global Note Legend and
that has the "Schedule of Exchanges of Interests in the Global Note" attached
thereto, and that is deposited with or on behalf of and registered in the name
of the Depositary, representing a series of Notes that do not bear the Private
Placement Legend.

        "UNRESTRICTED DEFINITIVE NOTE" means one or more Definitive Notes that
do not bear and are not required to bear the Private Placement Legend.

        "UNRESTRICTED SUBSIDIARY" means any Subsidiary of the Company that is
designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a
Board Resolution, but only to the extent that such Subsidiary:

               (1) has no Indebtedness other than Non-Recourse Debt;

               (2) is not party to any agreement, contract, arrangement or
        understanding with the Company or any Restricted Subsidiary of the
        Company unless the terms of any such agreement, contract, arrangement or
        understanding are no less favorable to the Company or such Restricted
        Subsidiary than those that might be obtained at the time from Persons
        who are not Affiliates of the Company;

                                       21
<Page>

               (3) is a Person with respect to which neither the Company nor any
        of its Restricted Subsidiaries has any direct or indirect obligation (a)
        to subscribe for additional Equity Interests or (b) to maintain or
        preserve such Person's financial condition or to cause such Person to
        achieve any specified levels of operating results;

               (4) has not guaranteed or otherwise directly or indirectly
        provided credit support for any Indebtedness of the Company or any of
        its Restricted Subsidiaries; and

               (5) has at least one director on its Board of Directors that is
        not a director or executive officer of the Company or any of its
        Restricted Subsidiaries and has at least one executive officer that is
        not a director or executive officer of the Company or any of its
        Restricted Subsidiaries.

        Any designation of a Subsidiary of the Company as an Unrestricted
Subsidiary will be evidenced to the Trustee by filing with the Trustee a
certified copy of the Board Resolution giving effect to such designation and an
Officers' Certificate certifying that such designation complied with the
preceding conditions and was permitted by Section 4.07. If, at any time, any
Unrestricted Subsidiary would fail to meet the preceding requirements as an
Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted
Subsidiary for purposes of this Indenture and any Indebtedness of such
Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the
Company as of such date and, if such Indebtedness is not permitted to be
incurred as of such date under Section 4.09, the Company will be in default of
such covenant. The Board of Directors of the Company may at any time designate
any Unrestricted Subsidiary to be a Restricted Subsidiary; PROVIDED that such
designation will be deemed to be an incurrence of Indebtedness by a Restricted
Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted
Subsidiary and such designation will only be permitted if (1) such Indebtedness
is permitted under Section 4.09, calculated on a pro forma basis as if such
designation had occurred at the beginning of the four-quarter reference period;
and (2) no Default or Event of Default would be in existence following such
designation.

        "U.S. PERSON" means a U.S. Person as defined in Rule 902(o) under the
Securities Act.

        "VOTING STOCK" of any Person as of any date means the Capital Stock of
such Person that is at the time entitled to vote in the election of the Board of
Directors of such Person.

        "WEIGHTED AVERAGE LIFE TO MATURITY" means, when applied to any
Indebtedness at any date, the number of years obtained by dividing:

               (1) the sum of the products obtained by multiplying (a) the
        amount of each then remaining installment, sinking fund, serial maturity
        or other required payments of principal, including payment at final
        maturity, in respect of the Indebtedness, by (b) the number of years
        (calculated to the nearest one-twelfth), that will elapse between such
        date and the making of such payment; by

               (2) the then outstanding principal amount of such Indebtedness.

        "WHOLLY OWNED RESTRICTED SUBSIDIARY" of any specified Person means a
Restricted Subsidiary of such Person all of the outstanding Capital Stock or
other ownership interests of which (other than directors' qualifying shares),
will at the time be owned by such Person or by one or more Wholly Owned
Restricted Subsidiaries of such Person and one or more Wholly Owned Restricted
Subsidiaries of such Person.

Section 1.02   OTHER DEFINITIONS.

                                       22
<Page>

<Table>
<Caption>
                                                                                                  Defined
                                                                                                    in
        Term                                                                                      Section
        ----                                                                                      -------
        <S>                                                                                        <C>
        "AFFILIATE TRANSACTION".............................................................       4.11
        "ASSET SALE OFFER"..................................................................       3.09
        "AUTHENTICATION ORDER"..............................................................       2.02
        "CHANGE OF CONTROL OFFER"...........................................................       4.15
        "CHANGE OF CONTROL PAYMENT".........................................................       4.15
        "CHANGE OF CONTROL PAYMENT DATE"....................................................       4.15
        "COVENANT DEFEASANCE"...............................................................       8.03
        "DTC"...............................................................................       2.03
        "EVENT OF DEFAULT"..................................................................       6.01
        "EXCESS PROCEEDS"...................................................................       4.10
        "INCUR".............................................................................       4.09
        "LEGAL DEFEASANCE"..................................................................       8.02
        "OFFER AMOUNT"......................................................................       3.09
        "OFFER PERIOD"......................................................................       3.09
        "PAYING AGENT"......................................................................       2.03
        "PERMITTED DEBT"....................................................................       4.09
        "PURCHASE DATE".....................................................................       3.09
        "REGISTRAR".........................................................................       2.03
        "RESTRICTED PAYMENTS"...............................................................       4.07
</Table>

Section 1.03   INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

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

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

        "INDENTURE SECURITIES" means the Notes;

        "INDENTURE SECURITY HOLDER" means a Holder of a Note;

        "INDENTURE TO BE QUALIFIED" means this Indenture;

        "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Trustee; and

        "OBLIGOR" on the Notes and the Note Guarantees means the Company and the
Guarantors, respectively, and any successor obligor upon the Notes and the Note
Guarantees, respectively.

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

Section 1.04   RULES OF CONSTRUCTION.

        Unless the context otherwise requires:

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

                                       23
<Page>

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

               (3) "or" is not exclusive;

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

               (5) "will" shall be interpreted to express a command;

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

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

                                   ARTICLE 2.
                                   THE NOTES

Section 2.01   FORM AND DATING.

        (a) GENERAL. The Notes and the Trustee's certificate of authentication
will be substantially in the form of Exhibit A1 hereto. The Notes may have
notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note will be dated the date of its authentication. The Notes shall
be in denominations of $1,000 and integral multiples thereof.

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

        (b) GLOBAL NOTES. Notes issued in global form will be substantially in
the form of Exhibit A1 or A2 attached hereto (including the Global Note Legend
thereon and the "Schedule of Exchanges of Interests in the Global Note" or
"Schedule of Exchanges of Interests in the Regulation S Temporary Global Note,"
as the case may be, attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit A1 attached hereto (but without the Global
Note Legend thereon and without the "Schedule of Exchanges of Interests in the
Global Note" attached thereto). Each Global Note will represent such of the
outstanding Notes as will be specified therein, and each shall provide that it
represents the aggregate principal amount of outstanding Notes from time to time
endorsed thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.06 hereof.

        (c) TEMPORARY GLOBAL NOTES. Notes offered and sold in reliance on
Regulation S will be issued initially in the form of the Regulation S Temporary
Global Note, which will be deposited on behalf of the purchasers of the Notes
represented thereby with the Trustee, at its New York office, as custodian for
the Depositary, and registered in the name of the Depositary or the nominee of
the Depositary for the accounts of designated agents holding on behalf of
Euroclear or Clearstream, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. The Restricted Period will be terminated upon
the receipt by the Trustee of:

                                       24
<Page>

               (1) a written certificate from the Depositary, together with
        copies of certificates from Euroclear and Clearstream certifying that
        they have received certification of non-United States beneficial
        ownership of 100% of the aggregate principal amount of the Regulation S
        Temporary Global Note (except to the extent of any beneficial owners
        thereof who acquired an interest therein during the Restricted Period
        pursuant to another exemption from registration under the Securities Act
        and who will take delivery of a beneficial ownership interest in a 144A
        Global Note or an IAI Global Note bearing a Private Placement Legend,
        all as contemplated by Section 2.06(b) hereof); and

               (2) an Officers' Certificate from the Company.

        Following the termination of the Restricted Period, beneficial interests
in the Regulation S Temporary Global Note will be exchanged for beneficial
interests in Regulation S Permanent Global Notes pursuant to the Applicable
Procedures. Simultaneously with the authentication of Regulation S Permanent
Global Notes, the Trustee will cancel the Regulation S Temporary Global Note.
The aggregate principal amount of the Regulation S Temporary Global Note and the
Regulation S Permanent Global Notes may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary
or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

        (d) EUROCLEAR AND CLEARSTREAM PROCEDURES APPLICABLE. 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 Temporary Global Note and the
Regulation S Permanent Global Notes that are held by Participants through
Euroclear or Clearstream.

Section 2.02   EXECUTION AND AUTHENTICATION.

        Two Officers must sign the Notes for the Company by manual or facsimile
signature.

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

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

        The Trustee will, upon receipt of a written order of the Company signed
by two Officers (an "AUTHENTICATION ORDER"), authenticate Notes for original
issue up to the aggregate principal amount to be stated on the face of the
Notes. There may be an unlimited aggregate principal amount of Notes outstanding
at any time.

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

Section 2.03   REGISTRAR AND PAYING AGENT.

        The Company will maintain an office or agency where Notes may be
presented for registration of transfer or for exchange ("REGISTRAR") and an
office or agency where Notes may be presented for payment ("PAYING AGENT"). The
Registrar will keep a register of the Notes and of their transfer and

                                       25
<Page>

exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term "Registrar" includes any co-registrar, and
the term "Paying Agent" includes any additional paying agent. The Company may
change any Paying Agent or Registrar without notice to any Holder. The Company
will notify the Trustee in writing of the name and address of any Agent not a
party to this Indenture. If the Company fails to appoint or maintain another
entity as Registrar or Paying Agent, the Trustee shall act as such. The Company
or any of its Subsidiaries may act as Paying Agent or Registrar.

        The Company initially appoints The Depository Trust Company ("DTC") to
act as Depositary with respect to the Global Notes.

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

Section 2.04   PAYING AGENT TO HOLD MONEY IN TRUST.

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

Section 2.05   HOLDER LISTS.

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

Section 2.06   TRANSFER AND EXCHANGE.

        (a) TRANSFER AND EXCHANGE OF GLOBAL NOTES. A Global Note may not be
transferred as a whole except 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 Company for Definitive Notes if:

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

                                       26
<Page>

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

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

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

               (1) TRANSFER OF BENEFICIAL INTERESTS IN THE SAME GLOBAL NOTE.
        Beneficial interests in any Restricted Global Note may be transferred to
        Persons who take delivery thereof in the form of a beneficial interest
        in the same Restricted Global Note in accordance with the transfer
        restrictions set forth in the Private Placement Legend; PROVIDED,
        HOWEVER, that prior to the expiration of the Restricted Period,
        transfers of beneficial interests in the Regulation S Temporary Global
        Note may not be made to a U.S. Person or for the account or benefit of a
        U.S. Person (other than an Initial Purchaser). Beneficial interests in
        any Unrestricted Global Note may be transferred to Persons who take
        delivery thereof in the form of a beneficial interest in an Unrestricted
        Global Note. No written orders or instructions shall be required to be
        delivered to the Registrar to effect the transfers described in this
        Section 2.06(b)(1).

               (2) ALL OTHER TRANSFERS AND EXCHANGES OF BENEFICIAL INTERESTS IN
        GLOBAL NOTES. In connection with all transfers and exchanges of
        beneficial interests that are not subject to Section 2.06(b)(1) above,
        the transferor of such beneficial interest must deliver to the Registrar
        either:

                    (A) both:

                         (i) 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

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

                                       27
<Page>

                    (B) both:

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

                         (ii) instructions given by the Depositary to the
                    Registrar containing information regarding the Person in
                    whose name such Definitive Note shall be registered to
                    effect the transfer or exchange referred to in (1) above;
                    PROVIDED that in no event shall Definitive Notes be issued
                    upon the transfer or exchange of beneficial interests in the
                    Regulation S Temporary Global Note prior to (A) the
                    expiration of the Restricted Period and (B) the receipt by
                    the Registrar of any certificates required pursuant to Rule
                    903 under the Securities Act. Upon consummation of an
                    Exchange Offer by the Company in accordance with Section
                    2.06(f) hereof, the requirements of this Section 2.06(b)(2)
                    shall be deemed to have been satisfied upon receipt by the
                    Registrar of the instructions contained in the Letter of
                    Transmittal delivered by the Holder of such beneficial
                    interests in the Restricted Global Notes. Upon satisfaction
                    of all of the requirements for transfer or exchange of
                    beneficial interests in Global Notes contained in this
                    Indenture and the Notes or otherwise applicable under the
                    Securities Act, the Trustee shall adjust the principal
                    amount of the relevant Global Note(s) pursuant to Section
                    2.06(h) 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 2.06(b)(2) above and the
        Registrar receives the following:

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

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

                    (C) if the transferee will take delivery in the form of a
               beneficial interest in the IAI Global Note, 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.

               (4) TRANSFER AND EXCHANGE OF BENEFICIAL INTERESTS IN A RESTRICTED
        GLOBAL NOTE FOR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE. A
        beneficial interest in any Restricted Global Note may be exchanged by
        any holder thereof for a beneficial interest in an Unrestricted Global
        Note or transferred to a Person who takes delivery thereof in the form
        of a beneficial interest in an Unrestricted Global Note if the exchange
        or transfer complies with the requirements of Section 2.06(b)(2) above
        and:

                                       28
<Page>

                    (A) such exchange or transfer is effected pursuant to the
               Exchange Offer in accordance with the Registration Rights
               Agreement and the holder of the beneficial interest to be
               transferred, in the case of an exchange, or the transferee, in
               the case of a transfer, certifies in the applicable Letter of
               Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
               participating in the distribution of the Exchange Notes or (iii)
               a Person who is an affiliate (as defined in Rule 144) of the
               Company;

                    (B) such transfer is effected pursuant to the Shelf
               Registration Statement in accordance with the Registration Rights
               Agreement;

                    (C) such transfer is effected by a Broker-Dealer pursuant to
               the Exchange Offer Registration Statement in accordance with the
               Registration Rights Agreement; or

                    (D) the Registrar receives the following:

                         (i) 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

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

        If any such transfer is effected pursuant to subparagraph (B) or (D)
above at a time when an Unrestricted Global Note has not yet been issued, the
Company shall issue and, upon receipt of an Authentication Order in accordance
with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (B) or (D) above.

        Beneficial interests in an Unrestricted Global Note cannot be exchanged
for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note.

        (c) TRANSFER OR EXCHANGE OF BENEFICIAL INTERESTS FOR DEFINITIVE NOTES.

               (1) BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES TO RESTRICTED
        DEFINITIVE NOTES. If any holder of a beneficial interest in a Restricted
        Global Note proposes to exchange such beneficial interest for a
        Restricted Definitive Note or to transfer such beneficial interest to a
        Person who takes delivery thereof in the form of a Restricted Definitive
        Note, then, upon receipt by the Registrar of the following
        documentation:

                                       29
<Page>

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

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

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

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

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

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

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

the Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the
Company shall execute and the Trustee shall authenticate and deliver to the
Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be
registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to
this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be
subject to all restrictions on transfer contained therein.

                    (2) BENEFICIAL INTERESTS IN REGULATION S TEMPORARY GLOBAL
               NOTE TO DEFINITIVE NOTES. Notwithstanding Sections 2.06(c)(1)(A)
               and (C) hereof, a beneficial interest in the Regulation S
               Temporary Global Note may not be exchanged for a Definitive Note
               or transferred to a Person who takes delivery thereof in the form
               of a Definitive Note prior to (A) the expiration of the
               Restricted Period and (B) the receipt by the Registrar of any
               certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
               Securities Act, except in

                                       30
<Page>

               the case of a transfer pursuant to an exemption from the
               registration requirements of the Securities Act other than Rule
               903 or Rule 904.

               (2) BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES TO
        UNRESTRICTED DEFINITIVE NOTES. A holder of a beneficial interest in a
        Restricted Global Note may exchange such beneficial interest for an
        Unrestricted Definitive Note or may transfer such beneficial interest to
        a Person who takes delivery thereof in the form of an Unrestricted
        Definitive Note only if:

                    (A) such exchange or transfer is effected pursuant to the
               Exchange Offer in accordance with the Registration Rights
               Agreement and the holder of such beneficial interest, in the case
               of an exchange, or the transferee, in the case of a transfer,
               certifies in the applicable Letter of Transmittal that it is not
               (i) a Broker-Dealer, (ii) a Person participating in the
               distribution of the Exchange Notes or (iii) a Person who is an
               affiliate (as defined in Rule 144) of the Company;

                    (B) such transfer is effected pursuant to the Shelf
               Registration Statement in accordance with the Registration Rights
               Agreement;

                    (C) such transfer is effected by a Broker-Dealer pursuant to
               the Exchange Offer Registration Statement in accordance with the
               Registration Rights Agreement; or

                    (D) the Registrar receives the following:

                         (i) if the holder of such beneficial interest in a
                    Restricted Global Note proposes to exchange such beneficial
                    interest for a Definitive Note that does not bear the
                    Private Placement Legend, a certificate from such holder in
                    the form of Exhibit C hereto, including the certifications
                    in item (1)(b) thereof; or

                         (ii) 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 Definitive Note that does not bear the Private
                    Placement Legend, 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 (D), if the
               Registrar so requests or if the Applicable Procedures so require,
               an Opinion of Counsel in form reasonably acceptable to the
               Registrar to the effect that such exchange or transfer is in
               compliance with the Securities Act and that the restrictions on
               transfer contained herein and in the Private Placement Legend are
               no longer required in order to maintain compliance with the
               Securities Act.

               (3) BENEFICIAL INTERESTS IN UNRESTRICTED GLOBAL NOTES TO
        UNRESTRICTED DEFINITIVE NOTES. If any holder of a beneficial interest in
        an Unrestricted Global Note proposes to exchange such beneficial
        interest for a Definitive Note or to transfer such beneficial interest
        to a Person who takes delivery thereof in the form of a Definitive Note,
        then, upon satisfaction of the conditions set forth in Section
        2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount
        of the applicable Global Note to be reduced accordingly pursuant to
        Section 2.06(h) hereof, and the Company will execute and the Trustee
        will authenticate and deliver to the Person designated in the
        instructions a Definitive Note in the appropriate principal amount. Any
        Definitive Note issued in exchange for a beneficial interest pursuant to
        this Section 2.06(c)(3) will be registered in such name or names and in
        such authorized denomination or denominations as the holder of such

                                       31
<Page>

        beneficial interest requests through instructions to the Registrar from
        or through the Depositary and the Participant or Indirect Participant.
        The Trustee will deliver such Definitive Notes to the Persons in whose
        names such Notes are so registered. Any Definitive Note issued in
        exchange for a beneficial interest pursuant to this Section 2.06(c)(3)
        will not bear the Private Placement Legend.

        (d) TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR BENEFICIAL INTERESTS.

               (1) RESTRICTED DEFINITIVE NOTES TO BENEFICIAL INTERESTS IN
        RESTRICTED GLOBAL NOTES. If any Holder of a Restricted Definitive Note
        proposes to exchange such Note for a beneficial interest in a Restricted
        Global Note or to transfer such Restricted Definitive Notes to a Person
        who takes delivery thereof in the form of a beneficial interest in a
        Restricted Global Note, then, upon receipt by the Registrar of the
        following documentation:

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

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

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

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

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

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

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

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

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               (2) RESTRICTED DEFINITIVE NOTES TO BENEFICIAL INTERESTS IN
        UNRESTRICTED GLOBAL NOTES. A Holder of a Restricted Definitive Note may
        exchange such Note for a beneficial interest in an Unrestricted Global
        Note or transfer such Restricted Definitive Note to a Person who takes
        delivery thereof in the form of a beneficial interest in an Unrestricted
        Global Note only if:

                    (A) such exchange or transfer is effected pursuant to the
               Exchange Offer in accordance with the Registration Rights
               Agreement and the Holder, in the case of an exchange, or the
               transferee, in the case of a transfer, certifies in the
               applicable Letter of Transmittal that it is not (i) a
               Broker-Dealer, (ii) a Person participating in the distribution of
               the Exchange Notes or (iii) a Person who is an affiliate (as
               defined in Rule 144) of the Company;

                    (B) such transfer is effected pursuant to the Shelf
               Registration Statement in accordance with the Registration Rights
               Agreement;

                    (C) such transfer is effected by a Broker-Dealer pursuant to
               the Exchange Offer Registration Statement in accordance with the
               Registration Rights Agreement; or

                    (D) the Registrar receives the following:

                         (i) if the Holder of such Definitive Notes proposes to
                    exchange such Notes for a beneficial interest in the
                    Unrestricted Global Note, a certificate from such Holder in
                    the form of Exhibit C hereto, including the certifications
                    in item (1)(c) thereof; or

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

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

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

               (3) UNRESTRICTED DEFINITIVE NOTES TO BENEFICIAL INTERESTS IN
        UNRESTRICTED GLOBAL NOTES. A Holder of an Unrestricted Definitive Note
        may exchange such Note for a beneficial interest in an Unrestricted
        Global Note or transfer such Definitive Notes to a Person who takes
        delivery thereof in the form of a beneficial interest in an Unrestricted
        Global Note at any time. Upon receipt of a request for such an exchange
        or transfer, the Trustee will cancel the applicable Unrestricted
        Definitive Note and increase or cause to be increased the aggregate
        principal amount of one of the Unrestricted Global Notes.

               If any such exchange or transfer from a Definitive Note to a
        beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D)
        or (3) above at a time when an Unrestricted Global Note

                                       33
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        has not yet been issued, the Company will issue and, upon receipt of an
        Authentication Order in accordance with Section 2.02 hereof, the Trustee
        will authenticate one or more Unrestricted Global Notes in an aggregate
        principal amount equal to the principal amount of Definitive Notes so
        transferred.

        (e) TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR DEFINITIVE NOTES. Upon
request by a Holder of Definitive Notes and such Holder's compliance with the
provisions of this Section 2.06(e), the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. In addition, the requesting Holder
must provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section
2.06(e).

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

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

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

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

               (2) RESTRICTED DEFINITIVE NOTES TO UNRESTRICTED DEFINITIVE NOTES.
        Any Restricted Definitive Note may be exchanged by the Holder thereof
        for an Unrestricted Definitive Note or transferred to a Person or
        Persons who take delivery thereof in the form of an Unrestricted
        Definitive Note if:

                    (A) such exchange or transfer is effected pursuant to the
               Exchange Offer in accordance with the Registration Rights
               Agreement and the Holder, in the case of an exchange, or the
               transferee, in the case of a transfer, certifies in the
               applicable Letter of Transmittal that it is not (i) a
               broker-dealer, (ii) a Person participating in the distribution of
               the Exchange Notes or (iii) a Person who is an affiliate (as
               defined in Rule 144) of the Company;

                    (B) any such transfer is effected pursuant to the Shelf
               Registration Statement in accordance with the Registration Rights
               Agreement;

                    (C) any such transfer is effected by a Broker-Dealer
               pursuant to the Exchange Offer Registration Statement in
               accordance with the Registration Rights Agreement; or

                    (D) the Registrar receives the following:

                                       34
<Page>

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

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

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

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

        (f) EXCHANGE OFFER. Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Company will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee will authenticate:

               (1) one or more Unrestricted Global Notes in an aggregate
        principal amount equal to the principal amount of the beneficial
        interests in the Restricted Global Notes tendered into the Exchange
        Offer by Persons that certify in the applicable Letters of Transmittal
        that (A) they are not Broker-Dealers, (B) they are not participating in
        a distribution of the Exchange Notes and (z) they are not affiliates (as
        defined in Rule 144) of the Company; and

               (2) Unrestricted Definitive Notes in an aggregate principal
        amount equal to the principal amount of the Restricted Definitive Notes
        accepted for exchange in the Exchange Offer.

        Concurrently with the issuance of such Notes, the Trustee will cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company will execute and the Trustee will
authenticate and deliver to the Persons designated by the Holders of Definitive
Notes so accepted Unrestricted Definitive Notes in the appropriate principal
amount.

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

               (1) Private Placement Legend.

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

                                       35
<Page>

"THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE "SECURITIES ACT") AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
(B) IN ACCORDANCE WITH ALL APPLICABLE BLUE SKY LAWS OF THE STATES OF THE UNITED
STATES."

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

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

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

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

                                       36
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HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

               (3) REGULATION S TEMPORARY GLOBAL NOTE LEGEND. The Regulation S
        Temporary Global Note will bear a legend in substantially the following
        form:

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

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

        (i) GENERAL PROVISIONS RELATING TO TRANSFERS AND EXCHANGES.

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

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

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

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

               (5) The Company will not be required:

                    (A) to issue, to register the transfer of or to exchange any
               Notes during a period beginning at the opening of business 15
               days before the day of any selection of Notes for

                                       37
<Page>

               redemption under Section 3.02 hereof and ending at the close of
               business on the day of selection;

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

                    (C) to register the transfer of or to exchange a 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 Note, the Trustee, any Agent and the Company may deem and treat
        the Person in whose name any Note is registered as the absolute owner of
        such Note for the purpose of receiving payment of principal of and
        interest on such Notes and for all other purposes, and none of the
        Trustee, any Agent or the Company shall be affected by notice to the
        contrary.

               (7) The Trustee will authenticate Global Notes and Definitive
        Notes in accordance with the provisions of Section 2.02 hereof.

               (8) All certifications, certificates and Opinions of Counsel
        required to be submitted to the Registrar pursuant to this Section 2.06
        to effect a registration of transfer or exchange may be submitted by
        facsimile.

Section 2.07   REPLACEMENT NOTES.

        If any mutilated Note is surrendered to the Trustee or the Company and
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company will issue and the Trustee, upon receipt of an
Authentication Order, will authenticate a replacement Note if the Trustee's
requirements are met. If required by the Trustee or the Company, an indemnity
bond must be supplied by the Holder that is sufficient in the sole discretion of
the Trustee and the Company to protect the Company, the Trustee, any Agent and
any authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Company may charge for its expenses in replacing a Note.

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

Section 2.08   OUTSTANDING NOTES.

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

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

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

                                       38
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        If the Paying Agent (other than the Company, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date or maturity date, money
sufficient to pay Notes payable on that date, then on and after that date such
Notes will be deemed to be no longer outstanding and will cease to accrue
interest.

Section 2.09   TREASURY NOTES.

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

Section 2.10   TEMPORARY NOTES.

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

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

Section 2.11   CANCELLATION.

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

Section 2.12   DEFAULTED INTEREST.

        If the Company defaults in a payment of interest on the Notes, it will
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a
subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01 hereof. The Company will notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date
of the proposed payment. The Company will fix or cause to be fixed each such
special record date and payment date, PROVIDED that no such special record date
may be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Company (or, upon
the written request of the Company, the Trustee in the name and at the expense
of the Company) will mail or cause to be mailed to Holders a notice that states
the special record date, the related payment date and the amount of such
interest to be paid.

                                       39
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                                   ARTICLE 3.
                            REDEMPTION AND PREPAYMENT

Section 3.01   NOTICES TO TRUSTEE.

        If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at
least 30 days but not more than 60 days before a redemption date, an Officers'
Certificate setting forth:

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

                    (2) the redemption date;

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

                    (4) the redemption price.

Section 3.02   SELECTION OF NOTES TO BE REDEEMED OR PURCHASED.

        If less than all of the Notes are to be redeemed or purchased in an
offer to purchase at any time, the Trustee will select Notes for redemption or
purchase as follows:

                    (1) if the Notes are listed on any national securities
               exchange, in compliance with the requirements of the principal
               national securities exchange on which the Notes are listed; or

                    (2) if the Notes are not listed on any national securities
               exchange, on a PRO RATA basis, by lot or by such method as the
               Trustee shall deem fair and appropriate.

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

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

Section 3.03   NOTICE OF REDEMPTION.

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

                                       40
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        The notice will identify the Notes to be redeemed and will state:

               (1) the redemption date;

               (2) the redemption price;

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

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

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

               (6) that, unless the Company defaults in making such redemption
        payment, interest on Notes called for redemption ceases to accrue on and
        after the redemption date;

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

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

        At the Company's request, the Trustee will give the notice of redemption
in the Company's name and at its expense; PROVIDED, HOWEVER, that the Company
has delivered to the Trustee, at least 45 days prior to the redemption date, an
Officers' Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding
paragraph.

Section 3.04   EFFECT OF NOTICE OF REDEMPTION.

        Once notice of redemption is mailed in accordance with Section 3.03
hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be
conditional.

Section 3.05   DEPOSIT OF REDEMPTION OR PURCHASE PRICE.

        One Business Day prior to the redemption or purchase price date, the
Company will deposit with the Trustee or with the Paying Agent money sufficient
to pay the redemption or purchase price of and accrued interest and Liquidated
Damages, if any, on all Notes to be redeemed or purchased on that date. The
Trustee or the Paying Agent will promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption or purchase price of, and accrued
interest and Liquidated Damages, if any, on, all Notes to be redeemed or
purchased.

        If the Company complies with the provisions of the preceding paragraph,
on and after the redemption or purchase date, interest will cease to accrue on
the Notes or the portions of Notes called for redemption or purchase. If a Note
is redeemed or purchased on or after an interest record date but on or prior to
the related interest payment date, then any accrued and unpaid interest shall be
paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called

                                       41
<Page>

for redemption or purchase is not so paid upon surrender for redemption or
purchase because of the failure of the Company to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the redemption
or purchase date until such principal is paid, and to the extent lawful on any
interest not paid on such unpaid principal, in each case at the rate provided in
the Notes and in Section 4.01 hereof.

Section 3.06   NOTES REDEEMED OR PURCHASED IN PART.

        Upon surrender of a Note that is redeemed or purchased in part, the
Company will issue and, upon receipt of an Authentication Order, the Trustee
will authenticate for the Holder at the expense of the Company a new Note equal
in principal amount to the unredeemed or unpurchased portion of the Note
surrendered.

Section 3.07   OPTIONAL REDEMPTION.

        (a) At any time prior to February 1, 2005, the Company may on any one or
more occasions redeem up to 35% of the aggregate principal amount of Notes
issued under this Indenture (including Additional Notes, if any) at a redemption
price of 112.750% of the principal amount thereof, plus accrued and unpaid
interest and Liquidated Damages, if any, to the redemption date, with the net
cash proceeds of one or more Equity Offerings by the Company or a contribution
to the Company's common equity made with the net cash proceeds of a concurrent
Equity Offering by the Parent or the Ultimate Parent (but excluding any Excluded
Capital Contribution (as defined in Section 11.06) and any Reserved
Contribution); PROVIDED that:

               (1) at least 65% of the aggregate principal amount of Notes
        issued under this Indenture remains outstanding immediately after the
        occurrence of such redemption (excluding Notes held by the Company and
        its Subsidiaries); and

               (2) the redemption must occur within 60 days of the date of the
        closing of such Equity Offering.

        (b) Except pursuant to the preceding paragraph, the Notes are not
redeemable at the Company's option prior to February 1, 2006. The Company is not
prohibited, however, from acquiring the Notes by means other than a redemption,
whether pursuant to a tender offer or otherwise, assuming such acquisition does
not otherwise violate the terms of this Indenture.

        (c) After February 1, 2006 the Company may redeem all or a part of the
Notes upon not less than 30 nor more than 60 days' notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Liquidated Damages, if any, thereon, to the
applicable redemption date, if redeemed during the twelve-month period beginning
on February 1 of the years indicated below:

<Table>
<Caption>
        YEAR                                                   PERCENTAGE
        <S>                                                     <C>
        2006.................................................   106.375%
        2007.................................................   103.188%
        2008 and thereafter..................................   100.000%
</Table>

        (d) Any redemption pursuant to this Section 3.07 shall be made pursuant
to the provisions of Section 3.01 through 3.06 hereof.

Section 3.08   MANDATORY REDEMPTION.

                                       42
<Page>

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

Section 3.09   OFFER TO PURCHASE BY APPLICATION OF EXCESS PROCEEDS.

        In the event that, pursuant to Section 4.10 hereof, the Company is
required to commence an offer to all Holders to purchase Notes (an "ASSET SALE
OFFER"), it will follow the procedures specified below.

        The Asset Sale Offer shall be made to all Holders and all holders of
other Indebtedness that is PARI PASSU with the Notes containing provisions
similar to those set forth in this Indenture with respect to offers to purchase
or redeem with the proceeds of sales and assets. The Asset Sale Offer will
remain open for a period of at least 20 Business Days following its commencement
and not more than 30 Business Days, except to the extent that a longer period is
required by applicable law (the "OFFER PERIOD"). No later than three Business
Days after the termination of the Offer Period (the "PURCHASE DATE"), the
Company will apply all Excess Proceeds (the "OFFER AMOUNT") to the purchase of
Notes and such other PARI PASSU Indebtedness (on a pro rata basis, if
applicable) or, if less than the Offer Amount has been tendered, all Notes and
other Indebtedness tendered in response to the Asset Sale Offer. Payment for any
Notes so purchased will be made in the same manner as interest payments are
made.

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

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

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

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

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

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

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

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

               (7) that Holders will be entitled to withdraw their election if
        the Company, the Depositary or the Paying Agent, as the case may be,
        receives, not later than the expiration of the Offer Period, a telegram,
        telex, facsimile transmission or letter setting forth the name of the

                                       43
<Page>

        Holder, the principal amount of the Note the Holder delivered for
        purchase and a statement that such Holder is withdrawing his election to
        have such Note purchased;

               (8) that, if the aggregate principal amount of Notes and other
        PARI PASSU Indebtedness surrendered by Holders exceeds the Offer Amount,
        the Company will select the Notes and other PARI PASSU Indebtedness to
        be purchased on a PRO RATA basis based on the principal amount of Notes
        and such other PARI PASSU Indebtedness surrendered (with such
        adjustments as may be deemed appropriate by the Company so that only
        Notes in denominations of $1,000, or integral multiples thereof, will be
        purchased); and

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

        On or before the Purchase Date, the Company will, to the extent lawful,
accept for payment, on a PRO RATA basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer,
or if less than the Offer Amount has been tendered, all Notes tendered, and will
deliver to the Trustee an Officers' Certificate stating that such Notes or
portions thereof were accepted for payment by the Company in accordance with the
terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as
the case may be, will promptly (but in any case not later than five days after
the Purchase Date) mail or deliver to each tendering Holder an amount equal to
the purchase price of the Notes tendered by such Holder and accepted by the
Company for purchase, and the Company will promptly issue a new Note, and the
Trustee, upon written request from the Company will authenticate and mail or
deliver such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered. Any Note not so accepted shall be
promptly mailed or delivered by the Company to the Holder thereof. The Company
will publicly announce the results of the Asset Sale Offer on the Purchase Date.

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

                                   ARTICLE 4.
                                    COVENANTS

Section 4.01   PAYMENT OF NOTES.

        The Company will pay or cause to be paid the principal of, premium, if
any, and interest and Liquidated Damages, if any, on the Notes on the dates and
in the manner provided in the Notes. Principal, premium, if any, and interest
and Liquidated Damages, if any will be considered paid on the date due if the
Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
10:00 a.m. Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due. The Company will pay all
Liquidated Damages, if any, in the same manner on the dates and in the amounts
set forth in the Registration Rights Agreement.

        The Company will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Notes to the
extent lawful; it will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Liquidated Damages (without regard to any applicable grace period) at the same
rate to the extent lawful.

                                       44
<Page>

Section 4.02   MAINTENANCE OF OFFICE OR AGENCY.

        The Company will maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company
fails to maintain any such required office or agency or fails to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee.

        The Company may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; PROVIDED,
HOWEVER, that no such designation or rescission will in any manner relieve the
Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.

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

Section 4.03   REPORTS.

        Whether or not required by the SEC, so long as any Notes are
outstanding, the Company will furnish to the Holders of Notes, within the time
periods specified in the SEC's rules and regulations:

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

               (2) all current reports that would be required to be filed with
        the SEC on Form 8-K if the Company were required to file such reports.

        In addition, following the consummation of the Exchange Offer
contemplated by the Registration Rights Agreement, whether or not required by
the SEC, the Company will file a copy of all of the information and reports
referred to in clauses (1) and (2) above with the SEC for public availability
within the time periods specified in the SEC's rules and regulations (unless the
SEC will not accept such a filing), and make such information available to
securities analysts and prospective investors upon request. In addition, the
Company and the Guarantors have agreed that, for so long as any Notes remain
outstanding, they will furnish to the 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, if any such
information is required to be delivered.

        If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by
the preceding paragraph will include a reasonably detailed presentation, either
on the face of the financial statements or in the footnotes thereto, and in
"Management's Discussion and Analysis of Financial Condition and Results of
Operations," of the financial condition and results of operations of the Company
and its Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the Company. The

                                       45
<Page>

Company's reporting obligations with respect to the information and reports
referred to in clause (1) and (2) above will be deemed satisfied in the event
that the Parent or the Ultimate Parent continues to be a Guarantor of the Notes
and files such reports and other information referred to therein in accordance
with Rule 3-10 of Regulation S-X.

Section 4.04   COMPLIANCE CERTIFICATE.

        (a) The Company and each Guarantor (to the extent that such Guarantor is
so required under the TIA) shall deliver to the Trustee, within 90 days after
the end of each fiscal year, an Officers' Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in
this Indenture and is not in default in the performance or observance of any of
the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default has occurred, describing all such Defaults or Events of Default
of which he or she may have knowledge and what action the Company is taking or
proposes to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what
action the Company is taking or proposes to take with respect thereto.

        (b) So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section 4.03(a) above shall be accompanied by a
written statement of the Company's independent public accountants (who shall be
a firm of established national reputation) that in making the examination
necessary for certification of such financial statements, nothing has come to
their attention that would lead them to believe that the Company has violated
any provisions of Article 4 or Article 5 hereof or, if any such violation has
occurred, specifying the nature and period of existence thereof, it being
understood that such accountants shall not be liable directly or indirectly to
any Person for any failure to obtain knowledge of any such violation.

        (c) So long as any of the Notes are outstanding, the Company will
deliver to the Trustee, forthwith upon any Officer becoming aware that an Equity
Investor will be purchasing Equity Interests (other than Disqualified Stock) in
contemplation of the Company's non-compliance with Section 4.20, an Officers'
Certificate specifying such contemplated non-compliance and what action the
Company and the Equity Investor is taking or proposes to take with respect
thereto.

        (d) So long as any of the Notes are outstanding, the Company will
deliver to the Trustee, forthwith upon any Officer becoming aware of any Default
or Event of Default, an Officers' Certificate specifying such Default or Event
of Default and what action the Company is taking or proposes to take with
respect thereto.

Section 4.05   TAXES.

        The Company will pay, and will cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or
where the failure to effect such payment is not adverse in any material respect
to the Holders of the Notes.

Section 4.06   STAY, EXTENSION AND USURY LAWS.

                                       46
<Page>

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

Section 4.07   RESTRICTED PAYMENTS.

        The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly:

               (1) declare or pay any dividend or make any other payment or
        distribution on account of the Company's or such Restricted Subsidiary's
        Equity Interests (including, without limitation, any payment in
        connection with any merger or consolidation involving the Company or any
        of its Restricted Subsidiaries), or to the direct or indirect holders of
        the Company's or such Restricted Subsidiary's Equity Interests in their
        capacity as such (other than dividends or distributions payable in
        Equity Interests (other than Disqualified Stock) of the Company or to
        the Company or another Restricted Subsidiary of the Company);

               (2) purchase, redeem or otherwise acquire or retire for value
        (including, without limitation, in connection with any merger or
        consolidation involving the Company or any of its Restricted
        Subsidiaries) (a) any Equity Interests of the Company, (b) any Equity
        Interests of any direct or indirect parent of the Company or (c) any
        Equity Interests of any Restricted Subsidiary of the Company that are
        owned by an Affiliate of the Company that is not a Restricted Subsidiary
        of the Company;

               (3) make any payment on or with respect to, or purchase, redeem,
        defease or otherwise acquire or retire for value any Indebtedness that
        is subordinated to the Notes or the Guarantees, except a payment of
        interest or principal at the Stated Maturity thereof; or

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

unless, at the time of and after giving effect to such Restricted Payment:

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

               (2) the Company would, at the time of such Restricted Payment and
        after giving pro forma effect thereto as if such Restricted Payment had
        been made at the beginning of the applicable four-quarter period, have
        been permitted to incur at least $1.00 of additional Indebtedness
        pursuant to the Fixed Charge Coverage Ratio test set forth in the first
        paragraph of Section 4.09; and

               (3) such Restricted Payment, together with the aggregate amount
        of all other Restricted Payments made by the Company and its Restricted
        Subsidiaries after the date of this Indenture (excluding Restricted
        Payments permitted by clauses (2), (3), (4), (5), (6) and (7) of the
        next succeeding paragraph), is less than the sum, without duplication,
        of:

                                       47
<Page>

                    (a) 50% of the Consolidated Net Income of the Company for
               the period (taken as one accounting period), from January 1, 2002
               to the end of the Company's most recently ended fiscal quarter
               for which internal financial statements are available at the time
               of such Restricted Payment (or, if such Consolidated Net Income
               for such period is a deficit, less 100% of such deficit); PLUS

                    (b) 100% of the aggregate net cash proceeds received by the
               Company since the date of this Indenture as a contribution to its
               common equity capital or from the issue or sale of Equity
               Interests of the Company (other than Disqualified Stock), or the
               amount by which Indebtedness is reduced on the Company's balance
               sheet upon the conversion or exchange of any Indebtedness of the
               Company or its Restricted Subsidiaries into Equity Interests of
               the Company (other than Disqualified Stock or Equity Interests
               (or debt securities), sold to a Subsidiary of the Company);
               PROVIDED that any proceeds received from the Excluded Capital
               Contribution (as defined in Section 11.06) or any Reserved
               Contribution will be disregarded for purposes of this clause
               (3)(b); PLUS

                    (c) an amount equal to the sum of (i) the net reduction in
               Restricted Investments that were made by the Company or any
               Restricted Subsidiary since the date of this Indenture in any
               Person resulting from repurchases, repayments or redemptions of
               such Investments by such Person, proceeds realized on the sale of
               such Investments and proceeds representing the return of capital
               (excluding dividends and distributions), in each case received by
               the Company or any Restricted Subsidiary, and (ii) to the extent
               such Person is an Unrestricted Subsidiary, the portion
               (proportionate to the Company's equity interest in such
               Subsidiary) of the fair market value of the net assets of an
               Unrestricted Subsidiary at the time such Unrestricted Subsidiary
               is designated a Restricted Subsidiary; PROVIDED, HOWEVER, that
               the foregoing sum shall not exceed, in the case of any Person or
               Unrestricted Subsidiary, the amount of Restricted Investments
               previously made (and treated as a Restricted Payment) by the
               Company or any Restricted Subsidiary in such Person or
               Unrestricted Subsidiary.

        The preceding provisions will not prohibit:

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

               (2) so long as no Default has occurred and is continuing or would
        be caused thereby, the redemption, repurchase, retirement, defeasance or
        other acquisition of any subordinated Indebtedness of the Company or any
        Restricted Subsidiary of any Equity Interests of the Company in exchange
        for, or out of the net cash proceeds of the substantially concurrent
        sale (other than to a Restricted Subsidiary of the Company), of, Equity
        Interests of the Company (other than Disqualified Stock); PROVIDED that
        the amount of any such net cash proceeds that are utilized for any such
        redemption, repurchase, retirement, defeasance or other acquisition will
        be excluded from clause (3)(b) of the preceding paragraph; and PROVIDED,
        FURTHER that the Excluded Capital Contribution (as defined in Section
        11.06) and any Reserved Contribution will be disregarded for purposes of
        this clause (2);

               (3) so long as no Default has occurred and is continuing or would
        be caused thereby, the defeasance, redemption, repurchase or other
        acquisition of subordinated Indebtedness of the Company or any
        Restricted Subsidiary with the net cash proceeds from an incurrence of
        Permitted Refinancing Indebtedness;

                                       48
<Page>

               (4) the payment of any dividend by a Restricted Subsidiary of the
        Company to the Company or to another Restricted Subsidiary of the
        Company;

               (5) so long as no Default has occurred and is continuing or would
        be caused thereby, the repurchase, redemption or other acquisition or
        retirement for value of any Equity Interests of the Company or any
        distribution, loan or advance to the Parent or the Ultimate Parent for
        the repurchase, redemption or other acquisition or retirement for value
        of any Equity Interests of the Parent or Ultimate Parent, in each case
        held by any former or current employees, officers, directors or
        consultants of the Company or any of its Restricted Subsidiaries or
        their respective estates, spouses or family members under any management
        equity plan or stock option or other management or employee benefit
        plan, in an aggregate amount not to exceed $2.0 million in any calendar
        year pursuant to this clause (5); PROVIDED that the Company may carry
        forward and make in a subsequent calendar year, in addition to the
        amounts permitted for such calendar year, the amount of such purchases,
        redemptions or other acquisitions or retirements for value permitted to
        have been made but not made in any preceding calendar year up to a
        maximum of $6.0 million in any calendar year pursuant to this clause
        (5); and PROVIDED FURTHER, that such amount in any calendar year may be
        increased by the cash proceeds of key man life insurance policies
        received by the Company and its Restricted Subsidiaries after the date
        of this Indenture less any amount previously applied to the payment of
        Restricted Payments pursuant to this clause (5); PROVIDED FURTHER, that
        cancellation of the Indebtedness owing to the Company from employees,
        officers, directors and consultants of the Company or any of its
        Restricted Subsidiaries in connection with a repurchase of Equity
        Interests of the Company from such Persons will not be deemed to
        constitute a Restricted Payment for purposes of this covenant or any
        other provisions of this Indenture;

               (6) the payment of dividends or other distributions or the making
        of loans or advances to the Parent or the Ultimate Parent in amounts
        required for the Parent or the Ultimate Parent, as the case may be, to
        pay franchise taxes and other fees required to maintain their existence
        and to provide for all other operating costs of the Parent and the
        Ultimate Parent, including, without limitation, in respect of director
        fees and expenses, administrative, legal and accounting services
        provided by third parties and other costs and expenses (including all
        costs and expenses with respect to filings with the SEC), up to an
        aggregate under this clause (6) of $500,000 per fiscal year plus any
        bona fide indemnification claims made by directors or officers of the
        Parent or the Ultimate Parent;

               (7) the payment of dividends or other distributions by the
        Company to the Parent in amounts required to pay the tax obligations of
        the Parent and the Ultimate Parent attributable to the Company and its
        Subsidiaries determined as if the Company and its Subsidiaries had filed
        a separate consolidated, combined or unitary return for the relevant
        taxing jurisdiction; PROVIDED that in no event may the amount of
        dividends paid pursuant to this clause (7) to enable the Parent or
        Ultimate Parent to pay Federal, state and local taxes (and franchise
        taxes based on income) exceed the amount of such Federal, state and
        local taxes (and franchise taxes based on income) actually owing by the
        Parent or the Ultimate Parent at such time and any refunds received by
        the Parent or the Ultimate Parent attributable to the Company or any of
        its Subsidiaries shall promptly be returned by the Parent to the
        Company;

               (8) repurchases of Capital Stock of the Company deemed to occur
        upon the cashless exercise of stock options and warrants;

                                       49
<Page>

               (9) Restricted Payments made pursuant to the Merger Agreement in
        connection with the acquisition of TSI from Verizon Information
        Services, Inc. (including any post-closing payments);

               (10) so long as no Default has occurred and is continuing or
        would be caused thereby, Investments that are made with Reserved
        Contributions; and

               (11) so long as no Default has occurred and is continuing or
        would be caused thereby, other Restricted Payments not otherwise
        permitted pursuant to this covenant in an aggregate amount not to exceed
        $10.0 million since the date of this Indenture.

        The amount of all Restricted Payments (other than cash), will be the
fair market value on the date of the Restricted Payment of the asset(s) or
securities proposed to be transferred or issued by the Company or such
Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.
The fair market value of any assets or securities that are required to be valued
by this covenant will be determined by the Board of Directors whose resolution
with respect thereto will be delivered to the Trustee. The Board of Directors'
determination must be based upon an opinion or appraisal issued by an
accounting, appraisal or investment banking firm of national standing if the
fair market value exceeds $5.0 million. Not later than the date of making any
Restricted Payment, the Company will deliver to the Trustee an Officers'
Certificate stating that such Restricted Payment is permitted and setting forth
the basis upon which the calculations required by this Section 4.07 were
computed, together with a copy of any fairness opinion or appraisal required by
this Indenture.

Section 4.08   DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING RESTRICTED
SUBSIDIARIES.

        The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to:

               (1) pay dividends or make any other distributions on its Capital
        Stock to the Company or any of its Restricted Subsidiaries, or with
        respect to any other interest or participation in, or measured by, its
        profits, or pay any indebtedness owed to the Company or any of its
        Restricted Subsidiaries;

               (2) make loans or advances to the Company or any of its
        Restricted Subsidiaries; or

               (3) transfer any of its properties or assets to the Company or
        any of its Restricted Subsidiaries.

        However, the preceding restrictions will not apply to encumbrances or
restrictions existing under or by reason of:

               (1) agreements governing Existing Indebtedness and Credit
        Facilities as in effect on the date of this Indenture and any
        amendments, modifications, restatements, renewals, increases,
        supplements, refundings, replacements or refinancings of those
        agreements, PROVIDED that the amendments, modifications, restatements,
        renewals, increases, supplements, refundings, replacement or
        refinancings are no more restrictive, taken as a whole, with respect to
        such dividend and other payment restrictions than those contained in
        those agreements on the date of this Indenture;

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

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               (3) applicable law or rules and regulations promulgated
        thereunder;

               (4) any instrument governing Indebtedness or Capital Stock of a
        Person acquired by the Company or any of its Restricted Subsidiaries as
        in effect at the time of such acquisition (except to the extent such
        Indebtedness or Capital Stock was incurred in connection with or in
        contemplation of such acquisition), 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, PROVIDED that, in the case of Indebtedness, such Indebtedness
        was permitted by the terms of this Indenture to be incurred;

               (5) customary non-assignment provisions in leases, licenses and
        other similar agreements entered into in the ordinary course of business
        and consistent with past practices;

               (6) purchase money obligations for property acquired in the
        ordinary course of business that impose restrictions on that property of
        the nature described in clause (3) of the preceding paragraph;

               (7) any agreement for the sale or other disposition of Capital
        Stock or assets of a Restricted Subsidiary or an agreement entered into
        for the sale of specified assets that restricts distributions by that
        Restricted Subsidiary pending the sale or other disposition;

               (8) Permitted Refinancing Indebtedness, PROVIDED that the
        restrictions contained in the agreements governing such Permitted
        Refinancing Indebtedness are no more restrictive, taken as a whole, than
        those contained in the agreements governing the Indebtedness being
        refinanced;

               (9) Liens securing Indebtedness otherwise permitted to be
        incurred under the provisions of Section 4.12 that limit the right of
        the debtor to dispose of the assets subject to such Liens;

               (10) provisions with respect to the disposition or distribution
        of assets or property in joint venture agreements, assets sale
        agreements, stock sale agreements and other similar agreements entered
        into in the ordinary course of business;

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

               (12) restrictions on the transfer of assets subject to any Lien
        permitted under this Indenture imposed by the holder of such Lien;

               (13) Indebtedness incurred after the date of this Indenture in
        accordance with the terms of this Indenture; PROVIDED that the
        restrictions contained in the agreements governing the new Indebtedness
        are, in the good faith judgment of the Board of Directors of the
        Company, not materially less favorable, taken as a whole, to the Holders
        of the Notes than those contained in the agreements governing
        Indebtedness that were in effect on the date of this Indenture; and

               (14) any encumbrances or restrictions imposed by any amendments,
        modifications, restatements, renewals, increases, supplements,
        refundings, replacements or refinancings of the contracts, instruments
        or obligations referred to in clauses (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 Board of Directors of the Company, not materially
        less favorable, taken as a whole, to the Holders of Notes than those

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        contained in the applicable contracts, instruments or obligations prior
        to such amendment, modification, restatement, renewal, increase,
        supplement, refunding, replacement or refinancing.

Section 4.09   INCURRENCE OF INDEBTEDNESS AND ISSUANCE OF PREFERRED STOCK.

        The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise,
with respect to (collectively, "INCUR") any Indebtedness (including Acquired
Debt), and the Company will not issue any Disqualified Stock and will not permit
any of its Restricted Subsidiaries to issue any shares of preferred stock;
PROVIDED, HOWEVER, that the Company and any Guarantor may incur Indebtedness
(including Acquired Debt) or issue Disqualified Stock, and any Guarantor may
issue preferred stock, if the Fixed Charge Coverage Ratio for the Company's most
recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional
Indebtedness is incurred or such Disqualified Stock or preferred stock is issued
would have been at least:

               (a)  2.25 to 1, in the case of any incurrence or issuance on or
                    before December 31, 2002;

               (b)  2.50 to 1, in the case of any incurrence or issuance after
                    December 31, 2002 and on or prior to December 31, 2003; and

               (c)  2.75 to 1, in the case of any incurrence or issuance after
                    December 31, 2003;

in each case, determined on a pro forma basis (including a pro forma application
of the net proceeds therefrom), as if the additional Indebtedness had been
incurred or the preferred stock or Disqualified Stock had been issued, as the
case may be, at the beginning of such four-quarter period.

        The first paragraph of this covenant will not prohibit the incurrence of
any of the following items of Indebtedness (collectively, "PERMITTED DEBT"):

               (1) the incurrence by the Company and any Restricted Subsidiary
        of Indebtedness and letters of credit under Credit Facilities in an
        aggregate principal amount at any one time outstanding under this clause
        (1) (with letters of credit being deemed to have a principal amount
        equal to the maximum potential liability of the Company and its
        Restricted Subsidiaries thereunder), not to exceed $328.4 million LESS
        the aggregate amount of all Excluded Capital Contributions (as defined
        in Section 11.06) and Net Proceeds of Asset Sales applied by the Company
        or any of its Restricted Subsidiaries since the date of this Indenture
        to repay any term Indebtedness under a Credit Facility or to repay any
        revolving credit Indebtedness under a Credit Facility and effect a
        corresponding commitment reduction thereunder pursuant to Section 4.10;

               (2) the incurrence by the Company and its Restricted Subsidiaries
        of the Existing Indebtedness;

               (3) the incurrence by the Company or any of its Restricted
        Subsidiaries of Indebtedness represented by the Notes and the related
        Guarantees to be issued on the date of this Indenture and the Exchange
        Notes and the related Guarantees to be issued pursuant to the
        Registration Rights Agreement;

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               (4) the incurrence by the Company or any of its Restricted
        Subsidiaries of Indebtedness represented by Capital Lease Obligations,
        mortgage financings or purchase money obligations, in each case,
        incurred for the purpose of financing all or any part of the purchase
        price or cost of construction or improvement of property (real or
        personal), plant or equipment used in the business of the Company or
        such Restricted Subsidiary, in an aggregate principal amount, including
        all Permitted Refinancing Indebtedness incurred to refund, refinance or
        replace any Indebtedness incurred pursuant to this clause (4), not to
        exceed $15.0 million at any time outstanding;

               (5) the incurrence by the Company or any of its Restricted
        Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or
        the net proceeds of which are used to refund, refinance or replace
        Indebtedness (other than intercompany Indebtedness), that was permitted
        by this Indenture to be incurred under the first paragraph of this
        covenant or clauses (2), (3), (4), (5), (10), (11) or (16) of this
        paragraph;

               (6) the incurrence by the Company or any of its Restricted
        Subsidiaries of intercompany Indebtedness between or among the Company
        and any of its Restricted Subsidiaries; PROVIDED, HOWEVER, that:

                    (a) if the Company or any Guarantor is the obligor on such
               Indebtedness, such Indebtedness must be expressly subordinated to
               the prior payment in full in cash of all Obligations with respect
               to the Notes, in the case of the Company, or the Guarantee, in
               the case of a Guarantor; and

                    (b) (i) any subsequent issuance or transfer of Equity
               Interests that results in any such Indebtedness being held by a
               Person other than the Company or a Restricted Subsidiary of the
               Company and (ii) any sale or other transfer of any such
               Indebtedness to a Person that is not either the Company or a
               Restricted Subsidiary of the Company; will be deemed, in each
               case, to constitute an incurrence of such Indebtedness by the
               Company or such Restricted Subsidiary, as the case may be, that
               was not permitted by this clause (6);

               (7) the incurrence by the Company or any of its Restricted
        Subsidiaries of Hedging Obligations that are incurred for the purpose of
        fixing or hedging interest rate risk with respect to any floating rate
        Indebtedness that is permitted by the terms of this Indenture to be
        outstanding or for the purpose of fixing or hedging currency exchange
        rate risk arising in the ordinary course of business;

               (8) the guarantee by the Company or any of its Restricted
        Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary
        of the Company that was permitted to be incurred by another provision of
        this covenant;

               (9) the accrual of interest, the accretion or amortization of
        original issue discount, the payment of interest on any Indebtedness in
        the form of additional Indebtedness with the same terms, and the payment
        of dividends on Disqualified Stock in the form of additional shares of
        the same class of Disqualified Stock will not be deemed to be an
        incurrence of Indebtedness or an issuance of Disqualified Stock for
        purposes of this covenant; PROVIDED, in each such case, that the amount
        thereof is included in Fixed Charges of the Company as accrued;

               (10) the incurrence by the Company or any of its Restricted
        Subsidiaries of Indebtedness constituting reimbursement obligations with
        respect to letters of credit issued in the ordinary

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        course of business, including, without limitation, letters of credit in
        respect of workers' compensation claims or self-insurance, or other
        Indebtedness with respect to reimbursement type obligations regarding
        workers' compensation claims or self insurance; PROVIDED, HOWEVER, that,
        in each case, 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;

               (11) the incurrence by the Company or any of its Restricted
        Subsidiaries of Indebtedness arising from agreements of the Company or
        such Restricted Subsidiary providing for indemnification, adjustment of
        purchase price or similar obligations, in each case, incurred or assumed
        in connection with the disposition of any business, assets or Capital
        Stock by the Company or a Restricted Subsidiary, other than guarantees
        of Indebtedness incurred by any Person acquiring all or any portion of
        such business, assets or Capital Stock for the purpose of financing such
        acquisition; PROVIDED that:

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

                    (b) the maximum assumable liability in respect of that
               Indebtedness shall at no time exceed the gross proceeds including
               noncash proceeds (the fair market value of those noncash proceeds
               being measured at the time received and without giving effect to
               any subsequent changes in value) actually received by the Company
               and/or that Restricted Subsidiary in connection with that
               disposition;

               (12) the issuance of preferred stock by any of the Company's
        Restricted Subsidiaries to the Company or another Restricted Subsidiary;
        PROVIDED that any subsequent issuance or transfer of any Equity
        Interests or any other event that 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 Company or
        another Restricted Subsidiary) shall be deemed in each case to be an
        issuance of such shares of preferred stock that was not permitted by
        this clause (12);

               (13) the incurrence by the Company or any of its Restricted
        Subsidiaries of obligations in respect of performance and surety bonds
        and completion guarantees provided by the Company or such Restricted
        Subsidiary in the ordinary course of business;

               (14) the incurrence of any Subordinated Indebtedness by the
        Company pursuant to the terms of the Revenue Guaranty Agreement as the
        same is in effect on the date of this Indenture;

               (15) Indebtedness of the Company that may be deemed to exist
        under the Merger Agreement as in effect on the date of this Indenture as
        a result of the Company's obligation to pay purchase price adjustments
        thereunder; and

               (16) the incurrence by the Company or any of its Restricted
        Subsidiaries of additional Indebtedness in an aggregate principal amount
        (or accreted value, as applicable), at any time outstanding, including
        all Permitted Refinancing Indebtedness incurred to refund, refinance or
        replace any Indebtedness incurred pursuant to this clause (16), not to
        exceed $30.0 million.

        For purposes of determining compliance with this Section 4.09, in the
event that an item of proposed Indebtedness meets the criteria of more than one
of the categories of Permitted Debt described in clauses (1) through (16) above,
or is entitled to be incurred pursuant to the first paragraph of this

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covenant, the Company will be permitted to classify such item of Indebtedness on
the date of its incurrence, or later reclassify such item of Indebtedness, in
any manner that complies with this covenant. Indebtedness under Credit
Facilities outstanding on the date on which Notes are first issued and
authenticated under this Indenture will be deemed to have been incurred on such
date in reliance on the exception provided by clause (1) of the definition of
Permitted Debt.

Section 4.10   ASSET SALES.

        The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless:

               (1) the Company (or the Restricted Subsidiary, as the case may
        be) receives consideration at the time of the Asset Sale at least equal
        to the fair market value of the assets or Equity Interests issued or
        sold or otherwise disposed of;

               (2) the fair market value is determined by the Company's Board of
        Directors and evidenced by a resolution of the Board of Directors set
        forth in an Officers' Certificate delivered to the Trustee; and

               (3) at least 75% of the consideration received in the Asset Sale
        by the Company or such Restricted Subsidiary is in the form of cash or
        Cash Equivalents. For purposes of this provision, each of the following
        (and any combination thereof) will be deemed to be cash:

                    (a) any liabilities, as shown on the Company's most recent
               consolidated balance sheet, of the Company or any Restricted
               Subsidiary (other than contingent liabilities and liabilities
               that are by their terms subordinated to the Notes or any
               Guarantee), that are expressly assumed by the transferee of any
               such assets;

                    (b) any securities, notes or other obligations received by
               the Company or any such Restricted Subsidiary from such
               transferee that are converted by the Company or such Restricted
               Subsidiary into cash within 90 days following the closing of such
               Asset Sale, to the extent of the cash received in that
               conversion; and

                    (c) any Designated Noncash Consideration received by the
               Company or any of its Restricted Subsidiaries in any Asset Sale
               having a fair market value, taken together with all other
               Designated Noncash Consideration received pursuant to this clause
               (c) that is at the time outstanding, not to exceed 5% of Total
               Assets at the time of the receipt of such Designated Noncash
               Consideration.

        Within 365 days after the receipt of any Net Proceeds from an Asset
Sale, the Company may apply those Net Proceeds, at its option:

               (1) to repay Senior Debt and, if the Senior Debt repaid is
        revolving credit Indebtedness, to correspondingly reduce commitments
        with respect thereto;

               (2) to acquire all or substantially all of the assets of, or a
        majority of the Voting Stock of, another Permitted Business;

               (3) to make a capital expenditure; or

               (4) to acquire other long-term assets that are used or useful in
        a Permitted Business.

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        Any cash received by the Company from an Excluded Capital Contribution
(as defined in Section 11.06) will be treated as Net Proceeds from an Asset Sale
for all purposes under this Indenture. Pending the final application of any Net
Proceeds, the Company may temporarily reduce revolving credit borrowings or
otherwise invest the Net Proceeds in any manner that is not prohibited by this
Indenture.

        Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the preceding paragraph will constitute "Excess Proceeds." When the
aggregate amount of Excess Proceeds exceeds $15.0 million, the Company will make
an Asset Sale Offer to all Holders of Notes and all holders of other
Indebtedness that is PARI PASSU with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase or redeem
with the proceeds of sales of assets to purchase the maximum principal amount of
Notes and such other PARI PASSU Indebtedness that may be purchased out of the
Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100%
of principal amount plus accrued and unpaid interest and Liquidated Damages, if
any, to the date of purchase, and will be payable in cash. If any Excess
Proceeds remain after consummation of an Asset Sale Offer, the Company may use
those Excess Proceeds for any purpose not otherwise prohibited by this
Indenture. If the aggregate principal amount of Notes and other PARI PASSU
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Trustee will select the Notes and such other PARI PASSU
Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset
Sale Offer, the amount of Excess Proceeds will be reset at zero.

        The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with the Asset Sale
provisions of this Indenture, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its
obligations under the Asset Sale provisions of this Indenture by virtue of such
conflict.

        The agreements governing the Company's outstanding Senior Debt currently
prohibit the Company from purchasing any Notes, and also provides that certain
change of control or asset sale events with respect to the Company would
constitute a default under these agreements. Any future credit agreements or
other agreements relating to Senior Debt to which the Company becomes a party
may contain similar restrictions and provisions. In the event a Change of
Control or Asset Sale occurs at a time when the Company is prohibited from
purchasing Notes, the Company could seek the consent of its senior lenders to
the purchase of Notes or could attempt to refinance the borrowings that contain
such prohibition. If the Company does not obtain such a consent or repay such
borrowings, the Company will remain prohibited from purchasing Notes. In such
case, the Company's failure to purchase tendered Notes would constitute an Event
of Default under this Indenture which would, in turn, constitute a default under
such Senior Debt. In such circumstances, the subordination provisions in this
Indenture would likely restrict payments to the Holders of Notes.

Section 4.11   TRANSACTIONS WITH AFFILIATES.

        The Company will not, and will not permit any of its Restricted
Subsidiaries 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 (each, an "AFFILIATE TRANSACTION"), unless:

               (1) the Affiliate Transaction is on terms that are no less
        favorable to the Company or the relevant Restricted Subsidiary than
        those that would have been obtained in a comparable transaction by the
        Company or such Restricted Subsidiary with an unrelated Person; and

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               (2) the Company delivers to the Trustee:

                    (a) with respect to any Affiliate Transaction or series of
               related Affiliate Transactions involving aggregate consideration
               in excess of $5.0 million, a resolution of the Board of Directors
               set forth in an Officers' Certificate certifying that such
               Affiliate Transaction complies with this covenant and that such
               Affiliate Transaction has been approved by a majority of the
               disinterested members of the Board of Directors; and

                    (b) with respect to any Affiliate Transaction or series of
               related Affiliate Transactions involving aggregate consideration
               in excess of $10.0 million, an opinion as to the fairness to the
               Company of such Affiliate Transaction from a financial point of
               view issued by an accounting, appraisal or investment banking
               firm of national standing.

        The following items will not be deemed to be Affiliate Transactions and,
therefore, will not be subject to the provisions of the prior paragraph:

               (1) any employment agreement or other compensation arrangements
        or agreements entered into by the Company or any of its Restricted
        Subsidiaries in the ordinary course of business of the Company or such
        Restricted Subsidiary;

               (2) transactions between or among the Company and/or any of its
        Restricted Subsidiaries;

               (3) transactions with a Person that is an Affiliate of the
        Company solely because the Company or one or more of its Restricted
        Subsidiaries owns an Equity Interest in, or controls, such Person;

               (4) transactions pursuant to the Professional Services Agreement
        as in effect on the date of this Indenture;

               (5) payment of reasonable directors fees to directors of the
        Company or any of its Restricted Subsidiaries and the provision and
        payment of customary indemnification to directors and officers of the
        Company;

               (6) issuances of Equity Interests of the Company (other than
        Disqualified Stock) to Affiliates of the Company;

               (7) Restricted Payments that are permitted by Section 4.07;

               (8) loans or advances by the Company and its Restricted
        Subsidiaries to employees of the Company and its Restricted Subsidiaries
        that are entered into in the ordinary course of business and that are
        approved by the Board of Directors of the Company in good faith;
        PROVIDED that the aggregate principal amount of all such loans or
        advances do not exceed $5.0 million at any one time outstanding;

               (9) transactions with Transaction Network Services Inc. or any of
        its Subsidiaries in the ordinary course of business and consistent with
        past practices; and

               (10) transactions effected pursuant to the agreements described
        in the section of the Offering Memorandum entitled "Certain
        Relationships and Related Transactions" as the same are in effect on the
        date of this Indenture or any amendment, modification or replacement to
        such

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        agreement (so long as the amendment, modification or replacement is not
        disadvantageous to the Holders of the Notes in any respect).

Section 4.12   LIENS.

        The Company will not, and will not permit any of its Subsidiaries to,
directly or indirectly, create, incur, assume or suffer to exist any Lien of any
kind securing Indebtedness, Attributable Debt or trade payables (other than
Permitted Liens) on any asset now owned or hereafter acquired.

Section 4.13   BUSINESS ACTIVITIES.

        The Company will not, and will not permit any Restricted Subsidiary to,
engage in any business other than Permitted Businesses, except to such extent as
would not be material to the Company and its Subsidiaries taken as a whole.

Section 4.14   CORPORATE EXISTENCE.

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

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

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

Section 4.15   CHANGE OF CONTROL.

        (a) Upon the occurrence of a Change of Control, the Company will make an
offer (a "CHANGE OF CONTROL OFFER") to each Holder to repurchase all or any part
(equal to $1,000 or an integral multiple of $1,000) of each Holder's Notes at a
purchase price equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest and Liquidated Damages on the Notes repurchased, if
any, to the date of purchase (the "CHANGE OF CONTROL PAYMENT"). Within ten days
following any Change of Control, the Company will mail a notice to each Holder
describing the transaction or transactions that constitute the Change of Control
and stating:

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

               (2) the purchase price and the purchase date, which shall be no
        later than 30 business days from the date such notice is mailed (the
        "CHANGE OF CONTROL PAYMENT DATE");

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

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

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

               (6) that Holders will be entitled to withdraw their election if
        the Paying Agent receives, not later than the close of business on the
        second Business Day preceding the Change of Control Payment Date, a
        telegram, telex, facsimile transmission or letter setting forth the name
        of the Holder, the principal amount of Notes delivered for purchase, and
        a statement that such Holder is withdrawing his election to have the
        Notes purchased; and

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

        The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change in Control. To the extent that
the provisions of any securities laws or regulations conflict with the
provisions of Sections 3.09 or 4.15 of this Indenture, the Company will comply
with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under Section 3.09 or this Section 4.15 by virtue
of such conflict.

        (b) On the Change of Control Payment Date, the Company will, to the
extent lawful:

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

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

               (3) deliver or cause to be delivered to the Trustee the Notes so
        accepted together with an Officers' Certificate stating the aggregate
        principal amount of Notes or portions of Notes being purchased by the
        Company.

        The Paying Agent will promptly mail to each Holder of Notes properly
tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to
each Holder a new Note equal in principal amount to any unpurchased portion of
the Notes surrendered, if any; PROVIDED that each new Note will be in a
principal amount of $1,000 or an integral multiple thereof.

        (c) Prior to complying with any of the provisions of this Section 4.15,
but in any event within 90 days following a Change of Control, the Company will
either repay all outstanding Senior Debt or obtain the requisite consents, if
any, under all agreements governing outstanding Senior Debt to permit the
repurchase of Notes required by this Section 4.15. The Company will publicly
announce the results of the Change of Control Offer on or as soon as practicable
after the Change of Control Payment Date.

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

Section 4.16   ANTILAYERING.

        The Company will not incur, create, issue, assume, guarantee or
otherwise become liable for any Indebtedness that is subordinate or junior in
right of payment to any Senior Debt of the Company and senior in any respect in
right of payment to the Notes. No Guarantor will incur, create, issue, assume,
guarantee or otherwise become liable for any Indebtedness that is subordinate or
junior in right of payment to the Senior Debt of such Guarantor and senior in
any respect in right of payment to such Guarantor's Guarantee.

Section 4.17   SALE AND LEASEBACK TRANSACTIONS.

        The Company will not, and will not permit any of its Restricted
Subsidiaries to, enter into any sale and leaseback transaction; PROVIDED that
the Company or any Restricted Subsidiary may enter into a sale and leaseback
transaction if:

               (1) the Company or that Restricted Subsidiary, as applicable,
        could have (a) incurred Indebtedness in an amount equal to the
        Attributable Debt relating to such sale and leaseback transaction under
        the Fixed Charge Coverage Ratio test in the first paragraph of Section
        4.09 and (b) incurred a Lien to secure such Indebtedness pursuant to
        Section 4.12;

               (2) the gross cash proceeds of that sale and leaseback
        transaction are at least equal to the fair market value, as determined
        in good faith by the Board of Directors and set forth in an Officers'
        Certificate delivered to the Trustee, of the property that is the
        subject of that sale and leaseback transaction; and

               (3) the transfer of assets in that sale and leaseback transaction
        is permitted by, and the Company applies the proceeds of such
        transaction in compliance with Section 4.10.

Section 4.18   DESIGNATION OF RESTRICTED AND UNRESTRICTED SUBSIDIARIES.

        The Board of Directors may designate any Restricted Subsidiary to be an
Unrestricted Subsidiary if that designation would not cause a Default; PROVIDED
that in no event will any Subsidiary that owns or operates the SS7 network be
designated as an Unrestricted Subsidiary. If a Restricted Subsidiary is
designated as an Unrestricted Subsidiary, the aggregate fair market value of all
outstanding Investments owned by the Company and its Restricted Subsidiaries in
the Subsidiary properly designated will be deemed to be an Investment made as of
the time of the designation and will reduce the amount available for Restricted
Payments under the first paragraph of Section 4.07 or Permitted Investments, as
determined by the Company. That designation will only be permitted if the
Investment would be permitted at that time and if the Restricted Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary. The Board of
Directors may redesignate any Unrestricted Subsidiary to be a Restricted
Subsidiary if the redesignation would not cause a Default.

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Section 4.19   RESTRICTIONS ON ACTIVITIES OF THE PARENT AND THE ULTIMATE PARENT.

        The Parent and the Ultimate Parent will not engage in any business
activities other than, in the case of the Parent, holding the Capital Stock of
the Company, and in the case of the Ultimate Parent, holding the Capital Stock
of the Parent and Capital Stock of the Subsidiary that owns the SS7 network, and
activities directly related or necessary in connection with the holding of such
Capital Stock. Neither the Parent nor the Ultimate Parent will hold any Equity
Interests or other Investments in any other Person other than U.S. government
securities having an aggregate fair market value of not more than $1.0 million
at any one time outstanding. The Parent and the Ultimate Parent will comply in
all respects with their agreements set forth in the Equity Contribution
Agreement as the same is in effect on the date of this Indenture.

        The Parent and the Ultimate Parent will not make any Restricted Payment
(except a Restricted Payment that would be permitted by Section 4.07 if made by
the Company) or engage in any Affiliate Transactions (except Affiliate
Transactions that would be permitted by Section 4.11 if engaged in by the
Company). Further, neither the Parent nor the Ultimate Parent will directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become directly
or indirectly liable, contingently or otherwise, with respect to any
Indebtedness (other than the Guarantee of Obligations under Credit Facilities or
this Indenture). Additionally, the Ultimate Parent will not sell any of its
interests in the Subsidiary that owns the SS7 network unless the sale would
comply with Section 4.10 of this Indenture if made by the Company.

Section 4.20   Maintenance of Financial Condition.

        The Company will not permit its Consolidated Leverage Ratio as of any of
the dates set forth in the table below to exceed the ratio set forth opposite
such dates in the table below for two consecutive quarterly periods unless the
Equity Investors purchase Equity Interests of the Ultimate Parent (other than
Disqualified Stock) for cash and the Ultimate Parent contributes the net
proceeds from such sale to the Company as common equity capital and the Company
applies the net proceeds therefrom to the repayment of Indebtedness such that
the Consolidated Leverage Ratio as of the latter such date (calculated on a pro
forma basis as if such issuance of Equity Interests and the application of the
net proceeds therefrom had occurred on such date) would be below the amount set
forth in the table below opposite such date.

<Table>
<Caption>
                                                                Consolidated
                    Fiscal Quarter                             Leverage Ratio
                    --------------                             --------------
                    <S>                                           <C>
                    March 31, 2002                                5.00:1.00
                    June 30, 2002                                 5.00:1.00
                    September 30, 2002                            5.00:1.00
                    December 31, 2002                             5.00:1.00
                    March 31, 2003                                4.75:1.00
                    June 30, 2003                                 4.75:1.00
                    September 30, 2003                            4.75:1.00
                    December 31, 2003                             4.75:1.00
                    March 31, 2004, and thereafter                4.25:1.00
</Table>

                                       61
<Page>

               This covenant will cease to have any force and effect upon the
first to occur of (i) the first fiscal quarter end at which the Company's
Consolidated Leverage Ratio is below 3.00:1.00 or (ii) the date on which the
Equity Investors, in connection with this covenant, have purchased Equity
Interests (other than Disqualified Stock) from the Ultimate Parent for net cash
proceeds aggregating $25 million and the Ultimate Parent has contributed the net
proceeds from such sale to the Company as common equity capital. Should the net
proceeds from any single such issuance of Equity Interests be less than $25
million, then this covenant will continue to be in force and effect until such
time as the net cash proceeds of Equity Interests purchased by the Equity
Investors during all periods of non-compliance (or in contemplation of
non-compliance as evidenced by an Officers' Certificate delivered to the
Trustee, as set forth in Section 4.04(c)) total in the aggregate $25 million.

Section 4.21   PAYMENTS FOR CONSENT.

        The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Notes unless such consideration is offered to be paid
and is paid to all Holders of the Notes that consent, waive or agree to amend in
the time frame set forth in the solicitation documents relating to such consent,
waiver or agreement.

Section 4.22   ADDITIONAL NOTE GUARANTEES.

        If the Company or any of its Restricted Subsidiaries acquires or creates
another Domestic Subsidiary after the date of this Indenture, then that newly
acquired or created Domestic Subsidiary will become a Guarantor and execute a
supplemental indenture and deliver an opinion of counsel satisfactory to the
Trustee within 20 Business Days of the date on which it was acquired or created,
except for Domestic Subsidiaries that have properly been designated as
Unrestricted Subsidiaries in accordance with this Indenture for so long as they
continue to constitute Unrestricted Subsidiaries. The form of such Note
Guarantee is attached as Exhibit E hereto.

                                   ARTICLE 5.
                                   SUCCESSORS

Section 5.01   MERGER, CONSOLIDATION, OR SALE OF ASSETS.

        The Company may not, directly or indirectly: (1) consolidate or merge
with or into another Person (whether or not the Company is the surviving
corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all
or substantially all of the properties or assets of the Company and its
Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person; unless:

               (1) either: (a) the Company is the surviving corporation; or (b)
        the Person formed by or surviving any such consolidation or merger (if
        other than the Company), or to which such sale, assignment, transfer,
        conveyance or other disposition has been made is either (i) a
        corporation organized or existing under the laws of the United States,
        any state of the United States or the District of Columbia or (ii) is a
        partnership or limited liability company organized or existing under the
        laws of the United States, any state thereof or the District of Columbia
        that has at least one Restricted Subsidiary that is a corporation
        organized or existing under the laws of the United States, any state
        thereof or the District of Columbia which corporation becomes a
        co-issuer of the Notes pursuant to a supplemental indenture duly and
        validly executed by the Trustee;

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<Page>

               (2) the Person formed by or surviving any such consolidation or
        merger (if other than the Company), or the Person to which such sale,
        assignment, transfer, conveyance or other disposition has been made
        assumes all the obligations of the Company under the Notes, this
        Indenture and the Registration Rights Agreement pursuant to agreements
        reasonably satisfactory to the Trustee;

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

               (4) except in the case of a merger or consolidation of the
        Company with or into a Guarantor and except in the case of the Merger,
        either:

                    (a) the Company or the Person formed by or surviving any
               such consolidation or merger (if other than the Company), or to
               which such sale, assignment, transfer, conveyance or other
               disposition has been made will, on the date of such transaction
               after giving pro forma effect thereto and any related financing
               transactions as if the same had occurred at the beginning of the
               applicable four-quarter period, be permitted to incur at least
               $1.00 of additional Indebtedness pursuant to the Fixed Charge
               Coverage Ratio test set forth in the first paragraph of Section
               4.09; or

                    (b) on the date of such transaction after giving pro forma
               effect thereto and any related financing transaction, as if the
               same had occurred at the beginning of the applicable four-quarter
               period, the pro forma Fixed Charge Coverage Ratio of the Company
               will exceed the actual Fixed Charge Coverage Ratio of the Company
               on such date.

        In addition, the Company may not, directly or indirectly, lease all or
substantially all of its properties or assets, in one or more related
transactions, to any other Person. This Section 5.01 will not apply to a sale,
assignment, transfer, conveyance or other disposition of assets between or among
the Company and any of its Restricted Subsidiaries.

Section 5.02   SUCCESSOR CORPORATION SUBSTITUTED.

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

                                       63
<Page>

                                   ARTICLE 6.
                              DEFAULTS AND REMEDIES

Section 6.01   EVENTS OF DEFAULT.

        Each of the following is an "Event of Default":

               (1) the Company defaults for 30 days in the payment when due of
        interest on, or Liquidated Damages with respect to, the Notes whether or
        not prohibited by the subordination provisions of this Indenture;

               (2) the Company defaults in the payment when due (at maturity,
        upon redemption or otherwise) of the principal of, or premium, if any,
        on the Notes, whether or not prohibited by the subordination provisions
        of this Indenture;

               (3) the Company or any of its Restricted Subsidiaries fails to
        comply with the provisions of Section 4.10 or 4.15 hereof;

               (4) the Company or any of its Restricted Subsidiaries fails to
        observe or perform any other covenant, representation, warranty or other
        agreement in this Indenture for 60 days after notice to the Company by
        the Trustee or the Holders of at least 25% in aggregate principal amount
        of the Notes then outstanding voting as a single class;

               (5) a default occurs under any mortgage, indenture or instrument
        under which there may be issued or by which there may be secured or
        evidenced any Indebtedness for money borrowed by the Company or any of
        its Restricted Subsidiaries (or the payment of which is guaranteed by
        the Company or any of its Restricted Subsidiaries), whether such
        Indebtedness or guarantee now exists, or is created after the date of
        this Indenture, if that default:

                    (a) is caused by a failure to pay principal on such
               Indebtedness at the Stated Maturity thereof (a "PAYMENT
               DEFAULT"); or

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

               and, in each case, the principal amount of any such Indebtedness,
               together with the principal amount of any other such Indebtedness
               or the maturity of which has been so accelerated, aggregates
               $15.0 million or more;

               (6) a final judgment or final judgments for the payment of money
        are entered by a court or courts of competent jurisdiction against the
        Company or any of its Restricted Subsidiaries, which judgment or
        judgments are not paid, discharged or stayed for a period of 60 days
        after such judgment becomes final and non-appealable; PROVIDED that the
        aggregate of all such undischarged judgments exceeds $15.0 million; and

               (7) the Company or any of its Significant Subsidiaries or any
        group of Restricted Subsidiaries that, taken as a whole, would
        constitute a Significant Subsidiary pursuant to or within the meaning of
        Bankruptcy Law:

                    (a) commences a voluntary case;

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

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<Page>

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

                    (d) makes a general assignment for the benefit of its
               creditors; or

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

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

                    (a) is for relief against the Company or any of its
               Significant Subsidiaries or any group of Restricted Subsidiaries
               that, taken as a whole, would constitute a Significant Subsidiary
               in an involuntary case;

                    (b) appoints a custodian of the Company or any of its
               Significant Subsidiaries or any group of Restricted Subsidiaries
               that, taken as a whole, would constitute a Significant Subsidiary
               or for all or substantially all of the property of the Company or
               any of its Significant Subsidiaries or any group of Restricted
               Subsidiaries that, taken as a whole, would constitute a
               Significant Subsidiary; or

                    (c) orders the liquidation of the Company or any of its
               Significant Subsidiaries or any group of Restricted Subsidiaries
               that, taken as a whole, would constitute a Significant
               Subsidiary;

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

               (9) except as permitted by this Indenture, any Note Guarantee
        (other than a Note Guarantee issued by a Subsidiary that is not a
        Significant Subsidiary) is held in any judicial proceeding to be
        unenforceable or invalid or shall cease for any reason to be in full
        force and effect or any Guarantor, or any Person acting on behalf of any
        Guarantor, shall deny or disaffirm its obligations under its Note
        Guarantee (other than a Guarantee issued by a Subsidiary that is not a
        Significant Subsidiary);

               (10) failure by the Parent or the Ultimate Parent to comply with
        any of the provisions described above under Section 4.19;

               (11) the Merger is not consummated on or prior to 5:00 p.m. New
        York time on the business day immediately succeeding the date hereof;

               (12) failure by the Company to comply with any of the provisions
        described in Section 4.20, which default remains uncured for 120 days;
        PROVIDED, HOWEVER, that should the Equity Investors have purchased
        Equity Interests (other than Disqualified Stock) of the Ultimate Parent
        in connection with Section 4.20 for net cash proceeds aggregating $25
        million during all periods of non-compliance (or in contemplation of
        non-compliance as evidenced by an Officers' Certificate delivered to the
        Trustee) and such proceeds have been contributed to the Company as
        common equity capital, then the covenant will cease to be in force and
        effect and any Default or Event of Default arising therefrom shall be
        deemed to have been cured.

                                       65
<Page>

Section 6.02   ACCELERATION.

        In the case of an Event of Default specified in clause (7) or (8) of
Section 6.01 hereof, with respect to the Company any Restricted Subsidiary that
is a Significant Subsidiary or any group of Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary, all outstanding Notes will become due
and payable immediately without further action or notice. If any other Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately; PROVIDED, that so long as any Obligations pursuant
to the Credit Agreement shall be outstanding or the commitments thereunder shall
not have expired or been terminated, such acceleration will not be effective
until the earlier of (1) the acceleration of any such Indebtedness under the
Credit Agreement or (2) five Business Days after receipt by the Company and the
Credit Agent of written notice of such acceleration. Upon any such declaration,
the Notes shall become due and payable immediately.

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

        If an Event of Default occurs on or after February 1, 2006 by reason of
any willful action (or inaction) taken (or not taken) by or on behalf of the
Company with the intention of avoiding payment of the premium that the Company
would have had to pay if the Company then had elected to redeem the Notes
pursuant to Section 3.07 hereof, then, upon acceleration of the Notes, an
equivalent premium shall also become and be immediately due and payable, to the
extent permitted by law, anything in this Indenture or in the Notes to the
contrary notwithstanding. If an Event of Default occurs prior to February 1,
2006 by reason of any willful action (or inaction) taken (or not taken) by or on
behalf of the Company with the intention of avoiding the prohibition on
redemption of the Notes prior to such date, then, upon acceleration of the
Notes, an additional premium shall also become and be immediately due and
payable in an amount, for each of the years beginning on February 1 of the years
set forth below, as set forth below (expressed as a percentage of the principal
amount of the Notes on the date of payment that would otherwise be due but for
the provisions of this sentence):

<Table>
<Caption>
        YEAR                                                PERCENTAGE
        ----                                                ----------
        <S>                                                    <C>
        2002................................................   112.750%
        2003................................................   111.156%
        2004................................................   109.562%
        2005................................................   107.969%
</Table>

Section 6.03   OTHER REMEDIES.

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

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

                                       66
<Page>

Section 6.04   WAIVER OF PAST DEFAULTS.

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

Section 6.05   CONTROL BY MAJORITY.

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

Section 6.06   LIMITATION ON SUITS.

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

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

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

               (3) such Holder of a Note or Holders of Notes offer and, if
        requested, provide to the Trustee indemnity satisfactory to the Trustee
        against any loss, liability or expense;

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

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

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

Section 6.07   RIGHTS OF HOLDERS OF NOTES TO RECEIVE PAYMENT.

        Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium and Liquidated
Damages, if any, and interest on the Note, on or after the respective due dates
expressed in the Note (including in connection with an offer to purchase), or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

Section 6.08   COLLECTION SUIT BY TRUSTEE.

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<Page>

        If an Event of Default specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of
principal of, premium and Liquidated Damages, if any, and interest remaining
unpaid on the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

Section 6.09   TRUSTEE MAY FILE PROOFS OF CLAIM.

        The Trustee is authorized to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), its creditors or its property and shall
be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be
entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

Section 6.10   PRIORITIES.

        If the Trustee collects any money pursuant to this Article 6, it shall
pay out the money in the following order:

               FIRST:  to the Trustee, its agents and attorneys for amounts due
        under Section 7.07 hereof, including payment of all compensation,
        expense and liabilities incurred, and all advances made, by the Trustee
        and the costs and expenses of collection;

               SECOND: to Holders of Notes for amounts due and unpaid on the
        Notes for principal, premium and Liquidated Damages, if any, and
        interest, ratably, without preference or priority of any kind, according
        to the amounts due and payable on the Notes for principal, premium and
        Liquidated Damages, if any and interest, respectively; and

               THIRD:  to the Company or to such party as a court of competent
        jurisdiction shall direct.

        The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

Section 6.11   UNDERTAKING FOR COSTS.

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<Page>

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

                                   ARTICLE 7.
                                     TRUSTEE

Section 7.01   DUTIES OF TRUSTEE.

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

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

               (1) the duties of the Trustee will be determined solely by the
        express provisions of this Indenture, and the Trustee need perform only
        those duties that are specifically set forth in this Indenture and no
        others, and no implied covenants or obligations shall be read into this
        Indenture against the Trustee; and

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

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

               (1) this paragraph does not limit the effect of paragraph (b) of
        this Section 7.01;

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

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

        (d) Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

        (e) No provision of this Indenture will require the Trustee to expend or
risk its own funds or incur any liability. The Trustee will be under no
obligation to exercise any of its rights and powers under this Indenture at the
request of any Holders, unless such Holder has offered to the Trustee security
and indemnity satisfactory to it against any loss, liability or expense.

                                       69
<Page>

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

Section 7.02   RIGHTS OF TRUSTEE.

        (a) The Trustee may conclusively rely upon any document believed by it
to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.

        (b) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel or both. The Trustee will not be
liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel. The Trustee may consult with
counsel, and the written advice of such counsel or any Opinion of Counsel will
be full and complete authorization and protection from liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

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

        (d) The Trustee will not be liable for any action it takes or omits to
take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture.

        (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company will be sufficient if
signed by an Officer of the Company.

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

Section 7.03   INDIVIDUAL RIGHTS OF TRUSTEE.

        The Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Company or any Affiliate of
the Company with the same rights it would have if it were not Trustee. However,
in the event that the Trustee acquires any conflicting interest, it must
eliminate such conflict within 90 days, apply to the SEC for permission to
continue as trustee or resign. Any Agent may do the same with like rights and
duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

Section 7.04   TRUSTEE'S DISCLAIMER.

        The Trustee will not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company's use of the proceeds from the Notes or any money
paid to the Company or upon the Company's direction under any provision of this
Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be
responsible for any statement or recital herein or any statement in the Notes or
any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

Section 7.05   NOTICE OF DEFAULTS.

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        If a Default or Event of Default occurs and is continuing and if it is
known to a Responsible Officer of the Trustee, the Trustee will mail to Holders
of Notes a notice of the Default or Event of Default within 90 days after it
occurs. Except in the case of a Default or Event of Default in payment of
principal of, premium or Liquidated Damages, if any, or interest on any Note,
the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders of the Notes.

Section 7.06   REPORTS BY TRUSTEE TO HOLDERS OF THE NOTES.

        (a) Within 60 days after each May 15 beginning with the May 15 following
the date of this Indenture, and for so long as Notes remain outstanding, the
Trustee will mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with TIA Section 313(a) (but if no event described
in TIA Section 313(a) has occurred within the 12 months preceding the reporting
date, no report need be transmitted). The Trustee also will comply with TIA
Section 313(b)(2). The Trustee will also transmit by mail all reports as
required by TIA Section 313(c).

        (b) A copy of each report at the time of its mailing to the Holders of
Notes will be mailed by the Trustee to the Company and filed by the Trustee with
the SEC and each stock exchange on which the Notes are listed in accordance with
TIA Section 313(d). The Company will promptly notify the Trustee when the Notes
are listed on any stock exchange.

Section 7.07   COMPENSATION AND INDEMNITY.

        (a) The Company will pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The
Trustee's compensation will not be limited by any law on compensation of a
trustee of an express trust. The Company will reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services. Such expenses will
include the reasonable compensation, disbursements and expenses of the Trustee's
agents and counsel.

        (b) The Company and the Guarantors will indemnify the Trustee against
any and all losses, liabilities or expenses incurred by it arising out of or in
connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against
the Company and the Guarantors (including this Section 7.07) and defending
itself against any claim (whether asserted by the Company, the Guarantors or any
Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any
such loss, liability or expense may be attributable to its negligence or bad
faith. The Trustee will notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company will not
relieve the Company or any of the Guarantors of their obligations hereunder. The
Company or such Guarantor will defend the claim, and the Trustee will cooperate
in the defense. The Trustee may have separate counsel, and the Company will pay
the reasonable fees and expenses of such counsel. Neither the Company nor any
Guarantor need pay for any settlement made without its consent, which consent
will not be unreasonably withheld.

        (c) The obligations of the Company and the Guarantors under this Section
7.07 will survive the satisfaction and discharge of this Indenture.

        (d) To secure the Company's payment obligations in this Section 7.07,
the Trustee will have a Lien prior to the Notes on all money or property held or
collected by the Trustee, except that held in trust to pay principal and
interest on particular Notes. Such Lien will survive the satisfaction and
discharge of this Indenture.

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        (e) When the Trustee incurs expenses or renders services after an Event
of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and
the compensation for the services (including the fees and expenses of its agents
and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

        (f) The Trustee will comply with the provisions of TIA Section 313(b)(2)
to the extent applicable.

Section 7.08   REPLACEMENT OF TRUSTEE.

        (a) A resignation or removal of the Trustee and appointment of a
successor Trustee will become effective only upon the successor Trustee's
acceptance of appointment as provided in this Section 7.08.

        (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority
in principal amount of the then outstanding Notes may remove the Trustee by so
notifying the Trustee and the Company in writing. The Company may remove the
Trustee if:

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

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

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

               (4) the Trustee becomes incapable of acting.

        (c) If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.

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

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

        (f) A successor Trustee will deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee will mail a notice of its succession
to Holders. The retiring Trustee will promptly transfer all property held by it
as Trustee to the successor Trustee, PROVIDED all sums owing to the Trustee
hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section
7.08, the Company's obligations under Section 7.07 hereof will continue for the
benefit of the retiring Trustee.

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Section 7.09   SUCCESSOR TRUSTEE BY MERGER, ETC.

        If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act will be the successor Trustee.

Section 7.10   ELIGIBILITY; DISQUALIFICATION.

        There will at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $100 million
as set forth in its most recent published annual report of condition.

        This Indenture will always have a Trustee who satisfies the requirements
of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section
310(b).

Section 7.11   PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

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

                                   ARTICLE 8.
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01   OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

        The Company may, at the option of its Board of Directors evidenced by a
resolution set forth in an Officers' Certificate, at any time, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article 8.

Section 8.02   LEGAL DEFEASANCE AND DISCHARGE.

        Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be deemed to have been discharged from their obligations with respect to all
outstanding Notes (including the Note Guarantees) on the date the conditions set
forth below are satisfied (hereinafter, "LEGAL DEFEASANCE"). For this purpose,
Legal Defeasance means that the Company and the Guarantors will be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding
Notes (including the Note Guarantees), which will thereafter be deemed to be
"outstanding" only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have
satisfied all their other obligations under such Notes, the Note Guarantees and
this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the
following provisions which will survive until otherwise terminated or discharged
hereunder:

               (1) the rights of Holders of outstanding Notes to receive
        payments in respect of the principal of, or interest or premium and
        Liquidated Damages, if any, on such Notes when such payments are due
        from the trust referred to in Section 8.04 hereof;

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               (2) the Company's obligations with respect to such Notes under
        Article 2 and Section 4.02 hereof;

               (3) the rights, powers, trusts, duties and immunities of the
        Trustee hereunder and the Company's and the Guarantors' obligations in
        connection therewith; and

               (4) this Article 8.

        Subject to compliance with this Article 8, the Company may exercise its
option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

Section 8.03   COVENANT DEFEASANCE.

        Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company and the Guarantors will, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be released
from each of their obligations under the covenants contained in Sections 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18, 4.19, 4.21 and 4.22
hereof and clause (4) of Section 5.01 hereof with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.04 hereof are
satisfied (hereinafter, "COVENANT DEFEASANCE"), and the Notes will thereafter be
deemed not "outstanding" for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but will continue to be deemed "outstanding" for
all other purposes hereunder (it being understood that such Notes will not be
deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and Note
Guarantees, the Company and the Guarantors may omit to comply with and will have
no liability in respect of any term, condition or limitation set forth in any
such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such
omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such Notes and Note Guarantees will be unaffected thereby. In
addition, upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03 hereof, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5)
hereof will not constitute Events of Default.

Section 8.04   CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

        In order to exercise either Legal Defeasance or Covenant Defeasance
under either Section 8.02 or 8.03 hereof:

               (1) the Company must irrevocably deposit with the Trustee, in
        trust, for the benefit of the Holders, cash in United States dollars,
        non-callable Government Securities, or a combination thereof, in such
        amounts as will be sufficient, in the opinion of a nationally recognized
        firm of independent public accountants, to pay the principal of, premium
        and Liquidated Damages, if any, and interest on the outstanding Notes on
        the stated date for payment thereof or on the applicable redemption
        date, as the case may be, and the Company must specify whether the Notes
        are being defeased to maturity or to a particular redemption date;

               (2) in the case of an election under Section 8.02 hereof, the
        Company has delivered to the Trustee an Opinion of Counsel in the United
        States reasonably acceptable to the Trustee confirming that:

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                    (A) the Company has received from, or there has been
               published by, the Internal Revenue Service a ruling; or

                    (B) since the date of this Indenture, there has been a
               change in the applicable federal income tax law,

               in either case to the effect that, and based thereon such Opinion
               of Counsel shall confirm that, the Holders of the outstanding
               Notes will not recognize income, gain or loss for federal income
               tax purposes as a result of such Legal Defeasance and will be
               subject to federal income tax on the same amounts, in the same
               manner and at the same times as would have been the case if such
               Legal Defeasance had not occurred;

               (3) in the case of an election under Section 8.03 hereof, the
        Company must deliver to the Trustee an Opinion of Counsel in the United
        States reasonably acceptable to the Trustee confirming that the Holders
        of the outstanding Notes will not recognize income, gain or loss for
        federal income tax purposes as a result of such Covenant Defeasance and
        will be subject to federal income tax on the same amounts, in the same
        manner and at the same times as would have been the case if such
        Covenant Defeasance had not occurred;

               (4) no Default or Event of Default shall have occurred and be
        continuing on the date of such deposit (other than a Default or Event of
        Default resulting from the borrowing of funds to be applied to such
        deposit);

               (5) such Legal Defeasance or Covenant Defeasance will not result
        in a breach or violation of, or constitute a default under, any material
        agreement or instrument (other than this Indenture) to which the Company
        or any of its Subsidiaries is a party or by which the Company or any of
        its Subsidiaries is bound;

               (6) the Company must deliver to the Trustee an Officers'
        Certificate stating that the deposit was not made by the Company with
        the intent of preferring the Holders of Notes over the other creditors
        of the Company with the intent of defeating, hindering, delaying or
        defrauding any other creditors of the Company or others; and

               (7) the Company must deliver to the Trustee an Officers'
        Certificate and an Opinion of Counsel, each stating that all conditions
        precedent provided for or relating to the Legal Defeasance or the
        Covenant Defeasance have been complied with.

Section 8.05   DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN TRUST;
OTHER MISCELLANEOUS PROVISIONS.

        Subject to Section 8.06 hereof, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the
"Trustee") pursuant to Section 8.04 hereof in respect of the outstanding Notes
will be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium and Liquidated Damages, if
any, and interest, but such money need not be segregated from other funds except
to the extent required by law.

        The Company will pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04

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hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of
the outstanding Notes.

        Notwithstanding anything in this Article 8 to the contrary, the Trustee
will deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided
in Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section
8.04(1) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 8.06   REPAYMENT TO COMPANY.

        Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of, premium or
Liquidated Damages, if any, or interest on any Note and remaining unclaimed for
two years after such principal, premium or Liquidated Damages, if any, or
interest has become due and payable shall be paid to the Company on its request
or (if then held by the Company) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, will thereupon cease; PROVIDED, HOWEVER, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in The New York Times and The
Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which will not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

Section 8.07   REINSTATEMENT.

        If the Trustee or Paying Agent is unable to apply any United States
dollars or non-callable Government Securities in accordance with Section 8.02 or
8.03 hereof, as the case may be, by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's and the Guarantor's obligations under this
Indenture and the Notes and the Note Guarantees will be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 8.02 or 8.03 hereof, as the case may be; PROVIDED,
HOWEVER, that, if the Company makes any payment of principal of, premium or
Liquidated Damages, if any, or interest on any Note following the reinstatement
of its obligations, the Company will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or
Paying Agent.

                                   ARTICLE 9.
                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01   WITHOUT CONSENT OF HOLDERS OF NOTES.

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        Notwithstanding Section 9.02 of this Indenture, the Company, the
Guarantors and the Trustee may amend or supplement this Indenture, the Note
Guarantees or the Notes without the consent of any Holder of a Note:

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

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

               (3) to provide for the assumption of the Company's obligations to
        the Holders of the Notes by a successor to the Company pursuant to
        Article 5 hereof;

               (4) to make any change that would provide any additional rights
        or benefits to the Holders of the Notes or that does not adversely
        affect the legal rights hereunder of any Holder of the Note;

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

               (6) to provide for the issuance of Additional Notes in accordance
        with the limitations set forth in this Indenture as of the date hereof;
        or

               (7) to allow any Guarantor to execute a supplemental indenture
        and/or a Note Guarantee with respect to the Notes.

        Upon the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon receipt by the Trustee of the documents described in Section
7.02 hereof, the Trustee will join with the Company and the Guarantors in the
execution of any amended or supplemental Indenture authorized or permitted by
the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee will not be
obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.

Section 9.02   WITH CONSENT OF HOLDERS OF NOTES.

        Except as provided below in this Section 9.02, the Company and the
Trustee may amend or supplement this Indenture, the Note Guarantees and the
Notes with the consent of the Holders of at least a majority in principal amount
of the Notes (including, without limitation, Additional Notes, if any) then
outstanding voting as a single class (including, without limitation, consents
obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing
Default or Event of Default or compliance with any provision of this Indenture,
the Note Guarantees or the Notes may be waived with the consent of the Holders
of a majority in principal amount of the then outstanding Notes voting as a
single class (including consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes).

        Upon the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon the filing with the Trustee of evidence satisfactory to the
Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Section 7.02 hereof, the Trustee will
join with the Company in the execution of such amended or supplemental Indenture
unless such amended or supplemental Indenture directly affects the Trustee's own
rights, duties or immunities under this

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Indenture or otherwise, in which case the Trustee may in its discretion, but
will not be obligated to, enter into such amended or supplemental Indenture.

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

        After an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Company will mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of
the Company to mail such notice, or any defect therein, will not, however, in
any way impair or affect the validity of any such amended or supplemental
Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding voting as a
single class may waive compliance in a particular instance by the Company with
any provision of this Indenture or the Notes. However, without the consent of
each Holder affected, an amendment or waiver under this Section 9.02 may not
(with respect to any Notes held by a non-consenting Holder):

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

               (2) reduce the principal of or change the fixed maturity of any
        Note or alter or waive any of the provisions with respect to the
        redemption of the Notes except as provided above with respect to
        Sections 3.09, 4.10 and 4.15 hereof;

               (3) reduce the rate of or change the time for payment of
        interest, including default interest, on any Note;

               (4) waive a Default or Event of Default in the payment of
        principal of or premium or Liquidated Damages, if any, or interest on
        the Notes (except a rescission of acceleration of the Notes by the
        Holders of at least a majority in aggregate principal amount of the then
        outstanding Notes and a waiver of the payment default that resulted from
        such acceleration);

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

               (6) make any change in the provisions of this Indenture relating
        to waivers of past Defaults or the rights of Holders of Notes to receive
        payments of principal of, or interest or premium or Liquidated Damages,
        if any, on the Notes;

               (7) waive a redemption payment with respect to any Note (other
        than a payment required by one of the covenants described in Sections
        4.10 or 4.15);

               (8) release any Guarantor from any of its obligations under its
        Note Guarantee or this Indenture, except in accordance with the terms of
        this Indenture; or

               (9) make any change in the amendment and waiver provisions in
        clauses (1) through (8) of this Section 9.02.

Section 9.03   COMPLIANCE WITH TRUST INDENTURE ACT.

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

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Section 9.04   REVOCATION AND EFFECT OF CONSENTS.

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

Section 9.05   NOTATION ON OR EXCHANGE OF NOTES.

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

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

Section 9.06   TRUSTEE TO SIGN AMENDMENTS, ETC.

        The Trustee will sign any amended or supplemental Indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amendment or supplemental Indenture until the Board of Directors
approves it. In executing any amended or supplemental indenture, the Trustee
will be entitled to receive and (subject to Section 7.01 hereof) will be fully
protected in relying upon, in addition to the documents required by Section
13.04 hereof, an Officers' Certificate and an Opinion of Counsel stating that
the execution of such amended or supplemental Indenture is authorized or
permitted by this Indenture.

                                   ARTICLE 10.
                                  SUBORDINATION

Section 10.01  AGREEMENT TO SUBORDINATE.

        The Company agrees, and each Holder by accepting a Note agrees, that the
Indebtedness evidenced by the Notes is subordinated in right of payment, to the
extent and in the manner provided in this Article 10, to the prior payment in
full of all Senior Debt (whether outstanding on the date hereof or hereafter
created, incurred, assumed or guaranteed), and that the subordination is for the
benefit of the holders of Senior Debt.

Section 10.02  LIQUIDATION; DISSOLUTION; BANKRUPTCY.

        Upon any distribution to creditors of the Company in a liquidation or
dissolution of the Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or its property, in
an assignment for the benefit of creditors or any marshaling of the Company's
assets and liabilities:

               (1) holders of Senior Debt will be entitled to receive payment in
        full of all Obligations due in respect of such Senior Debt (including
        interest after the commencement of any bankruptcy

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        proceeding at the rate specified in the applicable Senior Debt) before
        the Holders of Notes will be entitled to receive any payment or
        distribution with respect to the Notes (except that Holders of Notes may
        receive and retain Permitted Junior Securities and payments made from
        any defeasance trust created pursuant to Section 8.01 hereof); and

               (2) until all Obligations with respect to Senior Debt (as
        provided in clause (1) above) are paid in full, any distribution to
        which Holders would be entitled but for this Article 10 will be made to
        holders of Senior Debt (except that Holders of Notes may receive and
        retain Permitted Junior Securities and payments made from any defeasance
        trust created pursuant to Section 8.01 hereof), as their interests may
        appear.

Section 10.03  DEFAULT ON DESIGNATED SENIOR DEBT.

        (a) The Company may not make any payment or distribution to the Trustee
or any Holder in respect of Obligations with respect to the Notes and may not
acquire from the Trustee or any Holder any Notes for cash or property (other
than Permitted Junior Securities and payments made from any defeasance trust
created pursuant to Section 8.01 hereof) until all principal and other
Obligations with respect to the Senior Debt have been paid in full if:

               (1) payment default on Senior Debt occurs; or

               (2) any other default occurs and is continuing on any series of
        Designated Senior Debt that permits holders of that series of Designated
        Senior Debt to accelerate its maturity and the Trustee receives a notice
        of such default (a "PAYMENT BLOCKAGE NOTICE") from the Company or the
        holders of any Designated Senior Debt. If the Trustee receives any such
        Payment Blockage Notice, no subsequent Payment Blockage Notice will be
        effective for purposes of this Section unless and until (A) at least 360
        days have elapsed since the effectiveness of the immediately prior
        Payment Blockage Notice and (B) all scheduled payments of principal,
        premium and Liquidated Damages, if any, and interest on the Notes that
        have come due have been paid in full in cash.

        No nonpayment default that existed or was continuing on the date of
delivery of any Payment Blockage Notice to the Trustee may be, or may be made,
the basis for a subsequent Payment Blockage Notice unless such default has have
been waived for a period of not less than 90 days.

        (b) The Company may and will resume payments on and distributions in
respect of the Notes and may acquire them upon the earlier of:

               (1) in the case of a payment default, upon the date upon which
        such default is cured or waived, or

               (2) in the case of a nonpayment default, upon the earliest of (a)
        the date on which such nonpayment default is cured or waived, (b) 179
        days after the date on which the applicable Payment Blockage Notice is
        received, and (c) the Trustee receives notice from the Representative
        for such Designated Senior Debt rescinding the Payment Blockage Notice,
        unless the maturity of any Designated Senior Debt has been accelerated,

if this Article 10 otherwise permits the payment, distribution or acquisition at
the time of such payment or acquisition.

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        No new Payment Blockage Notice may be delivered unless and until 365
days have elapsed since the delivery of the immediately prior Payment Blockage
Notice.

Section 10.04  ACCELERATION OF NOTES.

        If payment of the Notes is accelerated because of an Event of Default,
the Company will promptly notify holders of Senior Debt of the acceleration.

Section 10.05  WHEN DISTRIBUTION MUST BE PAID OVER.

        In the event that the Trustee or any Holder receives any payment of any
Obligations with respect to the Notes (other than Permitted Junior Securities
and payments made from any defeasance trust created pursuant to Section 8.01
hereof) at a time when a Responsible Officer of the Trustee or such Holder, as
applicable, has actual knowledge that such payment is prohibited by Section
10.04 hereof, such payment will be held by the Trustee or such Holder, in trust
for the benefit of, and will be paid forthwith over and delivered, upon written
request, to, the holders of Senior Debt as their interests may appear or their
Representative under the agreement, indenture or other document (if any)
pursuant to which Senior Debt may have been issued, as their respective
interests may appear, for application to the payment of all Obligations with
respect to Senior Debt remaining unpaid to the extent necessary to pay such
Obligations in full in accordance with their terms, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Debt.

        With respect to the holders of Senior Debt, the Trustee undertakes to
perform only those obligations on the part of the Trustee as are specifically
set forth in this Article 10, and no implied covenants or obligations with
respect to the holders of Senior Debt will be read into this Indenture against
the Trustee. The Trustee will not be deemed to owe any fiduciary duty to the
holders of Senior Debt, and will not be liable to any such holders if the
Trustee pays over or distributes to or on behalf of Holders or the Company or
any other Person money or assets to which any holders of Senior Debt are then
entitled by virtue of this Article 10, except if such payment is made as a
result of the willful misconduct or gross negligence of the Trustee.

Section 10.06  NOTICE BY COMPANY.

        The Company will promptly notify the Trustee and the Paying Agent of any
facts known to the Company that would cause a payment of any Obligations with
respect to the Notes to violate this Article 10, but failure to give such notice
will not affect the subordination of the Notes to the Senior Debt as provided in
this Article 10.

Section 10.07  SUBROGATION.

         After all Senior Debt is paid in full and until the Notes are paid in
full, Holders of Notes will be subrogated (equally and ratably with all other
Indebtedness PARI PASSU with the Notes) to the rights of holders of Senior Debt
to receive distributions applicable to Senior Debt to the extent that
distributions otherwise payable to the Holders of Notes have been applied to the
payment of Senior Debt. A distribution made under this Article 10 to holders of
Senior Debt that otherwise would have been made to Holders of Notes is not, as
between the Company and Holders, a payment by the Company on the Notes.

Section 10.08  RELATIVE RIGHTS.

        This Article 10 defines the relative rights of Holders of Notes and
holders of Senior Debt. Nothing in this Indenture will:

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               (1) impair, as between the Company and Holders of Notes, the
        obligation of the Company, which is absolute and unconditional, to pay
        principal of, premium and interest and Liquidated Damages, if any, on
        the Notes in accordance with their terms;

               (2) affect the relative rights of Holders of Notes and creditors
        of the Company other than their rights in relation to holders of Senior
        Debt; or

               (3) prevent the Trustee or any Holder of Notes from exercising
        its available remedies upon a Default or Event of Default, subject to
        the rights of holders and owners of Senior Debt to receive distributions
        and payments otherwise payable to Holders of Notes.

        If the Company fails because of this Article 10 to pay principal of,
premium or interest or Liquidated Damages, if any, on a Note on the due date,
the failure is still a Default or Event of Default.

Section 10.09  SUBORDINATION MAY NOT BE IMPAIRED BY COMPANY.

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

Section 10.10  DISTRIBUTION OR NOTICE TO REPRESENTATIVE.

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

        Upon any payment or distribution of assets of the Company referred to in
this Article 10, the Trustee and the Holders of Notes will be entitled to rely
upon any order or decree made by any court of competent jurisdiction or upon any
certificate of such Representative or of the liquidating trustee or agent or
other Person making any distribution to the Trustee or to the Holders of Notes
for the purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Debt and other Indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article 10.

Section 10.11  RIGHTS OF TRUSTEE AND PAYING AGENT.

        Notwithstanding the provisions of this Article 10 or any other provision
of this Indenture, the Trustee will not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment or
distribution by the Trustee, and the Trustee and the Paying Agent may continue
to make payments on the Notes, unless the Trustee has received at its Corporate
Trust Office at least five Business Days prior to the date of such payment
written notice of facts that would cause the payment of any Obligations with
respect to the Notes to violate this Article 10. Only the Company or a
Representative may give the notice. Nothing in this Article 10 will impair the
claims of, or payments to, the Trustee under or pursuant to Section 7.07 hereof.

        The Trustee in its individual or any other capacity may hold Senior Debt
with the same rights it would have if it were not Trustee. Any Agent may do the
same with like rights.

Section 10.12  AUTHORIZATION TO EFFECT SUBORDINATION.

        Each Holder of Notes, by the Holder's acceptance thereof, authorizes and
directs the Trustee on such Holder's behalf to take such action as may be
necessary or appropriate to effectuate the

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subordination as provided in this Article 10, and appoints the Trustee to act as
such Holder's attorney-in-fact for any and all such purposes. If the Trustee
does not file a proper proof of claim or proof of debt in the form required in
any proceeding referred to in Section 6.09 hereof at least 30 days before the
expiration of the time to file such claim, the Representatives are hereby
authorized to file an appropriate claim for and on behalf of the Holders of the
Notes.

Section 10.13   AMENDMENTS.

        The provisions of this Article 10 may not be amended or modified without
the written consent of the holders of all Senior Debt.

                                   ARTICLE 11.
                                 NOTE GUARANTEES

Section 11.01.  GUARANTEE.

        (a) Subject to this Article 11, each of the Guarantors hereby, jointly
and severally, unconditionally guarantees to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or
the obligations of the Company hereunder or thereunder, that:

               (1) the principal of, premium and Liquidated Damages, if any, and
        interest on the Notes will be promptly paid in full when due, whether at
        maturity, by acceleration, redemption or otherwise, and interest on the
        overdue principal of and interest on the Notes, if any, if lawful, and
        all other obligations of the Company to the Holders or the Trustee
        hereunder or thereunder will be promptly paid in full or performed, all
        in accordance with the terms hereof and thereof; and

               (2) in case of any extension of time of payment or renewal of any
        Notes or any of such other obligations, that same will be promptly paid
        in full when due or performed in accordance with the terms of the
        extension or renewal, whether at stated maturity, by acceleration or
        otherwise.

        Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection.

        (b) The Guarantors hereby agree that their obligations hereunder are
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action
to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever
and covenant that this Note Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture.

        (c) If any Holder or the Trustee is required by any court or otherwise
to return to the Company, the Guarantors or any custodian, trustee, liquidator
or other similar official acting in relation to either the Company or the
Guarantors, any amount paid by either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.

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        (d) Each Guarantor agrees that it will not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. Each
Guarantor further agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof
for the purposes of this Note Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of
such obligations as provided in Article 6 hereof, such obligations (whether or
not due and payable) will forthwith become due and payable by the Guarantors for
the purpose of this Note Guarantee. The Guarantors will have the right to seek
contribution from any non-paying Guarantor so long as the exercise of such right
does not impair the rights of the Holders under the Note Guarantee.

Section 11.02.  SUBORDINATION OF NOTE GUARANTEE.

        The Obligations of each Guarantor under its Note Guarantee pursuant to
this Article 11 will be junior and subordinated to the Senior Debt of such
Guarantor on the same basis as the Notes are junior and subordinated to Senior
Debt of the Company. For the purposes of the foregoing sentence, the Trustee and
the Holders will have the right to receive and/or retain payments by any of the
Guarantors only at such times as they may receive and/or retain payments in
respect of the Notes pursuant to this Indenture, including Article 10 hereof.

Section 11.03.  LIMITATION ON GUARANTOR LIABILITY.

        Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes
of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to any
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of such
Guarantor will, after giving effect to such maximum amount and all other
contingent and fixed liabilities of such Guarantor that are relevant under such
laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article 11, result
in the obligations of such Guarantor under its Note Guarantee not constituting a
fraudulent transfer or conveyance.

Section 11.04.  EXECUTION AND DELIVERY OF NOTE GUARANTEE.

        To evidence its Note Guarantee set forth in Section 11.01, each
Guarantor hereby agrees that a notation of such Note Guarantee substantially in
the form attached as Exhibit E hereto will be endorsed by an Officer of such
Guarantor on each Note authenticated and delivered by the Trustee and that this
Indenture will be executed on behalf of such Guarantor by one of its Officers.

        Each Guarantor hereby agrees that its Note Guarantee set forth in
Section 11.01 will remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Note Guarantee.

        If an Officer whose signature is on this Indenture or on the Note
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid
nevertheless.

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        The delivery of any Note by the Trustee, after the authentication
thereof hereunder, will constitute due delivery of the Note Guarantee set forth
in this Indenture on behalf of the Guarantors.

        In the event that the Company creates or acquires any Domestic
Subsidiary after the date of this Indenture, if required by Section 4.24 hereof,
the Company will cause such Domestic Subsidiary to comply with the provisions of
Section 4.24 hereof and this Article 11, to the extent applicable.

Section 11.05.  GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.

        Except as otherwise provided in Section 11.06, no Guarantor may sell or
otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving
Person) another Person, other than the Company or another Guarantor, unless:

               (1) immediately after giving effect to such transaction, no
        Default or Event of Default exists; and

               (2) either:

                    (a) the Person acquiring the property in any such sale or
        disposition or the Person formed by or surviving any such consolidation
        or merger unconditionally assumes all the obligations of that Guarantor
        under the Registration Rights Agreement and, pursuant to a supplemental
        indenture in form and substance reasonably satisfactory to the Trustee,
        under the Notes, this Indenture and the Note Guarantee on the terms set
        forth herein or therein; and

                    (b) the Net Proceeds of such sale or other disposition are
        applied in accordance with the applicable provisions of this Indenture,
        including without limitation, Section 4.10 hereof.

        In case of any such consolidation, merger, sale or conveyance and upon
the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note
Guarantee endorsed upon the Notes and the due and punctual performance of all of
the covenants and conditions of this Indenture to be performed by the Guarantor,
such successor Person will succeed to and be substituted for the Guarantor with
the same effect as if it had been named herein as a Guarantor. Such successor
Person thereupon may cause to be signed any or all of the Note Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Note
Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in
accordance with the terms of this Indenture as though all of such Note
Guarantees had been issued at the date of the execution hereof.

        Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses (a) and (b) above, nothing contained in this Indenture or in any of the
Notes will prevent any consolidation or merger of a Guarantor with or into the
Company or another Guarantor, or will prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor.

Section 11.06.  RELEASE OF GUARANTEES.

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        The Guarantee of a Guarantor will be released:

               (1) in the event of any sale or other disposition of all or
        substantially all of the assets of any Guarantor, by way of merger,
        consolidation or otherwise, or a sale or other disposition of all to the
        Capital Stock of any Guarantor, in each case to a Person that is not
        (either before or after giving effect to such transactions) a Subsidiary
        of the Company, then such Guarantor (in the event of a sale or other
        disposition, by way of merger, consolidation or otherwise, of all of the
        capital stock of such Guarantor) or the corporation acquiring the
        property (in the event of a sale or other disposition of all or
        substantially all of the assets of such Guarantor) will be released and
        relieved of any obligations under its Note Guarantee; PROVIDED that the
        Net Proceeds of such sale or other disposition are applied in accordance
        with the applicable provisions of this Indenture, including without
        limitation Section 4.10 hereof;

               (2) if the Company designates any Restricted Subsidiary that is a
        Guarantor as an Unrestricted Subsidiary in accordance with Section 4.18;
        or

               (3) in connection with the sale, disposition or transfer of all
        of the assets of a Guarantor to another Guarantor or the Company.

        Additionally, the Guarantee of the Ultimate Parent and the Parent will
be released (i) following a sale of all of the Capital Stock of the Subsidiary
that owns the Company's SS7 network in a transaction that complies with Section
4.10, if the Net Proceeds from such sale are contributed by the Ultimate Parent
to the Parent as common equity or as a capital contribution and by the Parent to
the Company (plus any other consideration received in such sale net of estimated
taxes in respect of such sale) as common equity capital or as a capital
contribution in accordance with the terms of the Equity Contribution Agreement
or (ii) if the Ultimate Parent contributes to the Parent as common equity or as
a capital contribution , and the Parent in turn contributes to the Company as
common equity or as a capital contribution, all of its Equity Interests in the
Subsidiary that owns the Company's SS7 network.

        Upon delivery by the Company to the Trustee of an Officers' Certificate
and an Opinion of Counsel to the effect that such sale or other disposition was
made by the Company in accordance with the provisions of this Indenture,
including without limitation Section 4.10 hereof, the Trustee will execute any
documents reasonably required in order to evidence the release of any applicable
Guarantor from its obligations under its Note Guarantee.

        Any Guarantor not released from its obligations under its Note Guarantee
will remain liable for the full amount of principal of and interest on the Notes
and for the other obligations of any Guarantor under this Indenture as provided
in this Article 11.

                                  ARTICLE 12.
                           SATISFACTION AND DISCHARGE

Section 12.01   SATISFACTION AND DISCHARGE.

        This Indenture will be discharged and will cease to be of further effect
as to all Notes issued hereunder, when:

               (1) either:

                    (a) all Notes that have been authenticated (except lost,
        stolen or destroyed Notes that have been replaced or paid and Notes for
        whose payment money has theretofore been

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        deposited in trust and thereafter repaid to the Company) have been
        delivered to the Trustee for cancellation; or

                    (b) all Notes that have not been delivered to the Trustee
        for cancellation have become due and payable by reason of the making of
        a notice of redemption or otherwise or will become due and payable
        within one year and the Company or any Guarantor has irrevocably
        deposited or caused to be deposited with the 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 the Notes
        not delivered to the Trustee for cancellation for principal, premium and
        Liquidated Damages, if any, and accrued interest to the date of maturity
        or redemption;

               (2) no Default or Event of Default has occurred and is continuing
        on the date of such deposit or will occur as a result of such deposit
        and such deposit will not result in a breach or violation of, or
        constitute a default under, any other instrument to which the Company or
        any Guarantor is a party or by which the Company or any Guarantor is
        bound;

               (3) the Company or any Guarantor has paid or caused to be paid
        all sums payable by it under this Indenture; and

               (4) the Company has delivered irrevocable instructions to the
        Trustee under this Indenture to apply the deposited money toward the
        payment of the Notes at maturity or the redemption date, as the case may
        be.

In addition, the Company must deliver an Officers' Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

        Notwithstanding the satisfaction and discharge of this Indenture, if
money has been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section, the provisions of Section 12.02 and Section 8.06 will
survive. In addition, nothing in this Section 12.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

Section 12.02   APPLICATION OF TRUST MONEY.

        Subject to the provisions of Section 8.06, all money deposited with the
Trustee pursuant to Section 12.01 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

        If the Trustee or Paying Agent is unable to apply any money or
Government Securities in accordance with Section 12.01 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's and any Guarantor's obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 12.01; PROVIDED that if the Company has made any payment of principal
of, premium, if any, or interest on any Notes because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money or Government Securities held
by the Trustee or Paying Agent.

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                                   ARTICLE 13.
                                  MISCELLANEOUS

Section 13.01   TRUST INDENTURE ACT CONTROLS.

        If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by TIA Section 318(c), the imposed duties will control.

Section 13.02   NOTICES.

        Any notice or communication by the Company, any Guarantor or the Trustee
to the others is duly given if in writing and delivered in Person or mailed by
first class mail (registered or certified, return receipt requested), telex,
telecopier or overnight air courier guaranteeing next day delivery, to the
others' address:

        If to the Company and/or any Guarantor:

        TSI Merger Sub, Inc.
        201 N. Franklin Street, Suite 700
        Tampa, Florida 33602
        Telecopier No.:  (813) 273-3430
        Attention:  Robert Garcia, Jr.

        With a copy to:
        Kirkland & Ellis
        Aon Center
        200 East Randolph Drive
        Chicago, Illinois 60601
        Telecopier No.:  (312) 861-2200
        Attention:  Dennis M. Myers

        If to the Trustee:
        The Bank of New York
        c/o BNY Midwest Trust Company
        2 North La Salle Street, Suite 1020
        Chicago, Illinois 60602
        Telecopier No.:  (312) 827-8542/3
        Attention:  Judy Bartolini

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

        All notices and communications (other than those sent to Holders) will
be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged,
if telecopied; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

        Any notice or communication to a Holder will be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Registrar. Any notice or communication will also be so mailed

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to any Person described in TIA Section 313(c), to the extent required by the
TIA. Failure to mail a notice or communication to a Holder or any defect in it
will not affect its sufficiency with respect to other Holders.

        If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.

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

Section 13.03   COMMUNICATION BY HOLDERS OF NOTES WITH OTHER HOLDERS OF NOTES.

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

Section 13.04   CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

        Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

               (1) an Officers' Certificate in form and substance reasonably
        satisfactory to the Trustee (which must include the statements set forth
        in Section 13.05 hereof) stating that, in the opinion of the signers,
        all conditions precedent and covenants, if any, provided for in this
        Indenture relating to the proposed action have been satisfied; and

               (2) an Opinion of Counsel in form and substance reasonably
        satisfactory to the Trustee (which must include the statements set forth
        in Section 13.05 hereof) stating that, in the opinion of such counsel,
        all such conditions precedent and covenants have been satisfied.

Section 13.05   STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

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

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

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

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

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

Section 13.06   RULES BY TRUSTEE AND AGENTS.

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

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Section 13.07   NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
                STOCKHOLDERS.

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

Section 13.08   GOVERNING LAW.

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

Section 13.09   NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

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

Section 13.10   SUCCESSORS.

        All agreements of the Company in this Indenture and the Notes will bind
its successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its
successors, except as otherwise provided in Section 11.05.

Section 13.11   SEVERABILITY.

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

Section 13.12   COUNTERPART ORIGINALS.

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

Section 13.13   TABLE OF CONTENTS, HEADINGS, ETC.

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

                         [Signatures on following page]

                                       90
<Page>

                                   SIGNATURES

Dated as of February 14, 2002
                                      TSI MERGER SUB, INC.

                                      By: /s/ David A. Donnini
                                         Name:  David A. Donnini
                                         Title: Director

                                      TSI TELECOMMUNICATION HOLDINGS, INC.

                                      By: /s/ David A. Donnini
                                         Name:  David A. Donnini
                                         Title: Director

                                      TSI TELECOMMUNICATION HOLDINGS, LLC

                                      By: /s/ David A. Donnini
                                         Name:  David A. Donnini
                                         Title: Director

                                      TSI NETWORKS INC.

                                      By: /s/ David A. Donnini
                                         Name:  David A. Donnini
                                         Title: Director

                                      TSI FINANCE INC.

                                      By: /s/ David A. Donnini
                                         Name:  David A. Donnini
                                         Title: Director

                                      THE BANK OF NEW YORK

                                      By: /s/ Robert D. Foltz
                                         Name:  Robert D. Foltz
                                         Title: Agent

                                       91

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