Document:

Exhibit 4.1

 

THIRD SUPPLEMENTAL
INDENTURE

 

This THIRD SUPPLEMENTAL INDENTURE, dated as of March 23,
2005 (the “Third Supplemental Indenture”), is entered into by and among
Telephone and Data Systems, Inc., a corporation duly organized and
existing under the laws of the State of Delaware (the “Company”), and BNY
Midwest Trust Company, an Illinois trust company, as trustee (the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Trustee are parties to an
Indenture, dated as of November 1, 2001 (the “Indenture”), relating to the
issuance from time to time by the Company of its Securities on terms to be
specified at the time of issuance;

 

WHEREAS, Section 9.01 of the Indenture provides
that a supplemental indenture may be entered into by the Company and the
Trustee, without the consent of any Holders of Securities, to establish the
form or terms of Securities of any series as permitted by Section 2.01 of
the Indenture, add to the covenants of the Company, add provisions that are not
inconsistent with the other provisions and do not adversely affect the rights
of holders of Securities and to add Events of Default with respect to all or
any series of outstanding Securities;

 

WHEREAS, pursuant to Section 9.01(b), (d), (e) and
(f) of the Indenture, this Third Supplemental Indenture does not require
the consent of any holders of Securities; and

 

WHEREAS, all things necessary to make this Third
Supplemental Indenture a valid agreement of the Company, the Company and the
Trustee and a valid amendment of and supplement to the Indenture have been
done.

 

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE
WITNESSETH:

 

For and in consideration of the premises and the
issuance of the Series of Securities provided for herein, the Company and
the Trustee mutually covenant and agree for the equal and proportionate benefit
of the respective Holders of the Securities of each such Series as
follows:

 

ARTICLE ONE

 

RELATION TO INDENTURE;
DEFINITIONS; RULES OF CONSTRUCTION

 

SECTION 1.1  Relation to Indenture.  This Supplemental Indenture constitutes an
integral part of the Indenture.

 

SECTION 1.2 
Definitions.  For all
purposes of this Supplemental Indenture, the following terms shall have the
respective meanings set forth in this Section.

 

“Assets” means the gross dollar amount of assets, as
defined by generally accepted accounting principles, less accumulated
depreciation and amortization.

 

 

“Capitalized Rent” means the present value (discounted
semi-annually at a discount rate equal to the weighted average rate of interest
borne by the Securities then Outstanding) of the total net amount of rent
payable for the remaining term of any lease of property by the Company
(including any period for which any lease has been extended); provided, however,
that no such rental obligation shall be deemed to be Capitalized Rent unless
the lease resulted from a Sale and Leaseback Transaction.  The total net amount of rent payable under
any lease for any period shall be the total amount of the rent payable by the
lessee with respect to such period but shall not include amounts required to be
paid on account of maintenance and repairs, insurance, taxes assessments, water
rates, sewer rates and similar charges.

 

“Capital Stock” means and includes any and all shares,
interests, participations or other equivalents (however designated) of
ownership in a corporation or other Person.

 

“Consolidated Assets” means the Assets of the Company
and its Subsidiaries determined on a consolidated basis as of the end of the
Company’s then most recently reported fiscal year or quarter, as the case may
be, including minority interests in Subsidiaries.

 

“Control” means ownership of voting power sufficient
to elect a majority of the directors or other members of the governing body of
any Person.

 

“Debt” means, with respect to a Person, all
obligations of such Person for borrowed money and all such obligations of any
other Person for borrowed money guaranteed by such Person.

 

“Funded Debt” means any Debt maturing by its terms
more than one year from its date of issuance (notwithstanding that any portion
of such Debt is included in current liabilities).

 

“Lien” means any mortgage, pledge, security interest,
lien, charge or other encumbrance.

 

“property” means any directly-held interest of a
Person in any kind of property or asset whether real, personal or mixed and
whether tangible or intangible, and includes capital stock or other ownership
interests or participations in or indebtedness of a subsidiary or other Person.

 

“Sale and Leaseback Transaction” means any arrangement
with any Person other than a Tax Consolidated Subsidiary providing for the
leasing (as lessee) by the Company of any property (except for temporary leases
for a term, including any renewal thereof, of not more than three years
(providing that any such temporary lease may be for a term of up to five years
if (a) the Board of Directors of the Company reasonably finds such term to
be in the best interest of the Company and (b) the primary purpose of the
transaction of which such lease is part is not to provide funds to or financing
for the Company)), which property has been or is to be sold or transferred by
the Company (i) to any subsidiary of the Company in contemplation of or in
connection with such arrangement or (ii) to such other Person.

 

“Secured Debt” means Debt of the Company secured by
any Lien on property (including Capital Stock or indebtedness of subsidiaries
of the Company) owned by the Company.

 

2

 

“Tax Consolidated Subsidiary” means a subsidiary of
the Company in respect of which, at the time a Sale and Leaseback Transaction
is entered into by the Company, the Company would be entitled to file a
consolidated federal income tax return.

 

“USCC” means United States Cellular Corporation.

 

Capitalized terms used herein without definition shall
have the same meanings given them in the Indenture.

 

SECTION 1.3 
Rules of Construction.  
For all purposes of this Supplemental Indenture:

 

(a)                                  capitalized
terms used herein without definition shall have the meanings specified in the
Indenture;

 

(b)                                 all
references herein to Articles and Sections, unless otherwise specified, refer
to the corresponding Articles and Sections of this Supplemental Indenture;

 

(c)                                  the
terms “herein”, “hereof’, “hereunder” and other words of similar import refer
to this Supplemental Indenture; and

 

(d)                                 in
the event of a conflict with the definition of terms in the Indenture, the
definitions in this Supplemental Indenture shall control.

 

ARTICLE TWO

 

THE
SECURITIES

 

There is hereby established a Series of
Securities pursuant to the Indenture with the following terms:

 

SECTION 2.1  Title of the Securities.  The Series of Securities shall be
designated the 6.625% Senior Notes due 2045 (the “Notes”).

 

SECTION 2.2  Limitation
on Aggregate Principal Amount.  The
Notes will be initially issued in an aggregate principal amount of up to $126,500,000
(except for Notes authenticated and delivered upon registration of transfer of,
in exchange for or in lieu of other Notes). 
The Company may, at its option, at any time and without the consent of
the then existing holders of the Notes, issue additional Notes in one or more
transactions after the date of the initial issuance of the Notes with terms
(other than the issuance date, first interest payment date and issue price)
identical to the Notes initially issued. Any additional Notes issued will be
deemed to be part of the same series as the Notes initially issued and holders
of any such additional Notes shall have the right to vote with holders of all other
previously issued Notes. No additional Notes may be issued if an Event of
Default under the Indenture has occurred and is continuing with respect to the
Notes.

 

3

 

SECTION 2.3  Form and Dating.

 

(a)                                  General.  The Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A
hereto.  The Notes may have notations,
legends or endorsements required by law, stock exchange rule or
usage.  Each Note shall be dated the date
of its authentication.  The Notes shall
be in denominations of $25.00 and integral multiples thereof.

 

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

 

(b)                                 Book-Entry
Provisions. 
The Notes shall be issued initially in global form and the Company
hereby designates The Depository Trust Company as the initial Depository for
the Global Securities.  Except as
provided in Section 2.11 of the Indenture, owners of beneficial interests
in Global Securities will not be entitled to receive physical delivery of
certificated Notes.

 

SECTION 2.4  Optional Redemption.  The Notes may be redeemed at the option of
the Company, in whole or in part, at any time on and after March 31, 2010
at a redemption price equal to 100% of the principal amount of the Notes being
redeemed on the redemption date, plus accrued and unpaid interest thereon to
the redemption date.  The Company shall
mail notice of any redemption at least 30 days but not more than 60 days before
the redemption date to each registered Holder of the Notes to be redeemed. Once
notice of redemption is mailed, the Notes called for redemption will become due
and payable on the redemption date and at the applicable redemption price, plus
accrued and unpaid interest to the redemption date.

 

ARTICLE THREE

 

ADDITIONAL
COVENANTS OF THE COMPANY

 

SECTION 3.1 
Limitations on Secured Debt. 
So long as any of the Notes remain Outstanding, the Company will not
create or incur any Secured Debt without in any such case effectively providing
concurrently with the creation or incurrence of any such Secured Debt that the
Notes then Outstanding (together with, if the Company shall so determine, any
other Debt of or guaranteed by the Company ranking equally with the Notes and
then existing or thereafter created) shall be secured equally and ratably with
(or, at the option of the Company, prior to) such Secured Debt, unless
immediately after the incurrence of such Secured Debt (and after giving effect
to the application of the proceeds, if any, therefrom), the aggregate principal
amount of all Secured Debt, together with the aggregate amount of Capitalized
Rent in respect of Sale and Leaseback Transactions (other than Sale and
Leaseback Transactions described in clauses (a) to (f), inclusive, of Section 3.2),
would not exceed 20% of the Consolidated Assets;

 

4

 

provided,
however, that the foregoing restrictions shall not apply to, and there
shall be excluded in computing Secured Debt for the purpose of such
restrictions, Secured Debt secured by:

 

(a)                                  Liens
on property existing at the time of acquisition of such property by the
Company, or Liens to secure the payment of all or any part of the purchase
price of property acquired or constructed by the Company (including any
improvements to existing property) created at the time of or within 270 days
following the acquisition of such property by the Company, or Liens to secure
any Secured Debt incurred by the Company prior to, at the time of or within 270
days following the acquisition of such property, which Secured Debt is incurred
for the purpose of financing all or any part of the purchase price thereof; provided,
however, that in the case of any such acquisition, the Lien shall not
apply to any property theretofore owned by the Company (including property
transferred by the Company to any subsidiary of the Company in contemplation of
or in connection with the creation of such Lien) or to any property of the
Company other than the property so acquired (other than, in the case of
construction or improvement, any theretofore unimproved real property or portion
thereof on which the property so constructed, or improvement, is located);

 

(b)                                 Liens
on property of a person (i) existing at the time such Person is merged
into or consolidated with the Company or at the time of a sale, lease or other
disposition of the properties of a Person as an entirety or substantially as an
entirety to the Company, (ii) resulting from such merger, consolidation,
sale, lease or disposition by virtue of any Lien on property granted by the
Company prior to such merger, consolidation, sale, lease or disposition (and
not in contemplation thereof or in connection therewith) which applies to
after-acquired property of the Company or (iii) resulting from such
merger, consolidation, sale, lease or disposition pursuant to a Lien or
contractual provision granted or entered into by such Person prior to such
merger, consolidation, sale, lease or disposition (and not at the request of
the Company); provided, however, that any such Lien referred to
in clause (i) shall not apply to any property of the Company other than
the property subject thereto, at the time such Person or properties were
acquired and any such Lien referred to in clause (ii) or (iii) shall
not apply to any property of the Company other than the property so acquired;

 

(c)                                  Liens
existing on the date of this Supplemental Indenture;

 

(d)                                 Liens
in favor of a government or governmental entity to secure partial progress,
advance or other payments, or other obligations, pursuant to any contract or
statute or to secure any Debt incurred for the purpose of financing all or any
part of the cost of acquiring, constructing or improving the property subject
to such Liens (including, without limitation, Liens incurred in connection with
pollution control, industrial revenue, private activity bond or similar
financing);

 

(e)                                  Liens
arising by reason of deposits with, or the giving of any form of security to,
any governmental agency or any body created or approved by law or governmental
regulation, which Lien is required by law or governmental regulation as a
condition to the transaction of any business or the exercise of any privilege,
franchise, license or permit;

 

5

 

(f)                                    Liens
for taxes, assessments or governmental charges or levies not yet delinquent or
governmental charges or levies already delinquent, the validity of which charge
or levy is being contested in good faith and for which any reserves required in
accordance with generally accepted accounting principles have been established;

 

(g)                                 Liens
(including judgment liens) arising in connection with legal proceedings so long
as such proceedings are being contested in good faith and, in the case of
judgment liens, execution thereon is stayed and for which any reserves required
in accordance with generally accepted accounting principles have been
established;

 

(h)                                 Liens
on any equity interests owned by the Company or by any of its subsidiaries in (i) Deutsche
Telekom AG, Rural Cellular Corporation, VeriSign, Inc., Vodafone Group plc
or any of their respective successors, or (ii) any other person or persons
that are not directly, or indirectly through one or more intermediaries,
controlled by the Company or by any of its subsidiaries;

 

(i)                                     Liens
upon or in any property or assets now owned or from time to time hereafter
acquired by USCC or any of its subsidiaries related in any way to the ownership
by USCC or by any of its subsidiaries of wireless telecommunications towers,
including, but not limited to, tower structures, land on which towers are
located, other real estate associated with such towers, leases for towers or
for tower sites, subleases, licenses, collocation arrangements, easements and
all other real property and other tangible or intangible assets related
thereto;

 

(j)                                     Liens
securing indebtedness of the Company or of any of its Subsidiaries to the Rural
Electrification Administration, Rural Utility Service, Rural Telephone Bank or
the Rural Telephone Finance Cooperative or successors thereto;

 

(k)                                  Liens
incurred and deposits made in the ordinary course of business to secure surety
and appeal bonds, leases, return-on-money bonds and other similar obligations,
exclusive of obligations for the payment of borrowed money; and

 

(l)                                     any
extension, renewal or replacement (or successive extensions, renewals or
replacements) in whole or in part of any Lien referred to in the foregoing
clauses (a) to (k), inclusive; provided, however, that the
principal amount of Secured Debt secured thereby shall not exceed the principal
amount of Secured Debt secured thereby at the time of such extension, renewal
or replacement, and that such extension, renewal or replacement shall be
limited to all or a part of the property which secured the Lien so extended,
renewed or replaced (plus improvements to such property).

 

3.2  Limitation
on Sale and Leaseback.  The Company
will not enter into any Sale and Leaseback Transaction unless immediately
thereafter (and after giving effect to the application of the proceeds, if any,
therefrom), the aggregate amount of Capitalized Rent in respect of Sale and
Leaseback Transactions, together with the aggregate principal amount of all
Secured Debt (other than Secured Debt described in clauses (a) to (l),
inclusive, of Section 3.1), would not exceed 20% of Consolidated Assets; provided,
however, that the foregoing restrictions shall not apply

 

6

 

to, and there shall be
excluded in computing the aggregate amount of Capitalized Rent for the purpose
of such restrictions, the following Sale and Leaseback Transactions:

 

(a)                                  any
Sale and Leaseback Transaction entered into to finance the payment of all or
any part of the purchase price of property acquired or constructed by the
Company (including any improvements to existing property) or entered into prior
to, at the time of or within 270 days after the acquisition or construction of
such property, which Sale and Leaseback Transaction is entered into for the
purpose of financing all or part of the purchase or construction price thereof;
provided, however, that in the case of any such acquisition, such
Sale and Leaseback Transaction shall not involve any property transferred by
the Company to a subsidiary of the Company in contemplation of or in connection
with such Sale and Leaseback Transaction or involve any property of the Company
other than the property so acquired (other than, in the case of construction or
improvement, any theretofore unimproved real property or portion thereof on
which the property so constructed, or the improvement, is located);

 

(b)                                 any
Sale and Leaseback Transaction involving property of a Person existing at the
time such Person is merged into or consolidated with the Company or at the time
of a sale, lease or other disposition of the properties of a Person as an
entirety or substantially as an entirety to the Company;

 

(c)                                  any
Sale and Leaseback Transaction in which the lessor is a government or
governmental entity and which Sale and Leaseback Transaction is entered into to
secure partial progress, advance or other payments, or other obligations,
pursuant to any contract or statute or to secure any Debt incurred for the
purpose of financing all or any part of the cost of constructing or improving
the property subject to such Sale and Leaseback Transaction (including, without
limitation, Sale and Leaseback Transactions incurred in connection with
pollution control, industrial revenue, private activity bond or similar
financing);

 

(d)                                 any
Sale and Leaseback Transaction involving any property or assets now owned or
from time to time hereafter acquired by USCC or any of its subsidiaries related
in any way to the ownership by USCC or by any of its subsidiaries of wireless
telecommunications towers, including, but not limited to, tower structures,
land on which towers are located, other real estate associated with such
towers, leases for towers or for tower sites, subleases, licenses, collocation
arrangements, easements and all other real property and other tangible or
intangible assets related thereto;

 

(e)                                  any
Sale and Leaseback Transaction the net proceeds of which are at least equal to
the fair value (as determined by the Board of Directors of the Company) of the
property leased pursuant to such Sale and Leaseback Transaction, so long as
within 270 days of the effective date of such Sale and Leaseback Transaction,
the Company applies (or irrevocably commits to an escrow account for the
purpose or purposes hereinafter mentioned) an amount equal to the net proceeds
of such Sale and Leaseback Transaction to either (x) the purchase of other property
having a fair value at least equal to the fair value of the property leased in
such Sale and Leaseback Transaction and having a similar utility and function,
or (y) the retirement or repayment (other than any mandatory

 

7

 

retirement or repayment at maturity) of (i) Notes, (ii) other
Funded Debt of the Company which ranks prior to or in a parity with the Notes
or (iii) indebtedness of any subsidiary of the Company maturing by its
terms more than one year from its date of issuance (notwithstanding that any
portion of such indebtedness is included in current liabilities) or preferred
stock of any subsidiary of the Company (other than any such indebtedness owed
to or preferred stock owned by the Company or any subsidiary of the Company); provided,
however, that in lieu of applying an amount equivalent to all or any
part of such net proceeds to such retirement or repayment (or committing such
an amount to any escrow account for such purpose), the Company may deliver to
the Trustee Outstanding Notes and thereby reduce the amount to be applied
pursuant to (y) of this clause (e) by an amount equivalent to the
aggregate principal amount of the Notes so delivered; and

 

(f)                                    any
Sale and Leaseback Transaction involving the extension, renewal or replacement
(or successive extensions, renewals or replacements) in whole or in part of a
lease pursuant to a Sale and Leaseback Transaction referred to in the foregoing
clauses (a) to (e), inclusive; provided, however, that such
lease extension, renewal or replacement shall be limited to all or any part of
the same property leased under the lease so extended, renewed or replaced (plus
improvements to such property).

 

ARTICLE FOUR

 

ADDITIONAL REMEDIES OF THE
TRUSTEE

AND SECURITYHOLDERS ON EVENTS
OF DEFAULT

 

SECTION 4.1 
Additional Events of Default. 
In addition to the “Events of Default” provided for in Section 6.01
of the Indenture, the following shall also constitute “Events of Default” with
respect to the Notes as contemplated by Section 6.01(a)(6) of the
Indenture:

 

(i) 
a default occurs under any instrument (including this Indenture) under which
there is at the time outstanding, or by which there may be secured or
evidenced, any indebtedness of the Company for money borrowed by the Company
(other than non-recourse indebtedness) which results in acceleration (whether
by declaration or automatically) of, or the non payment at maturity (after
giving effect to any applicable grace period) of, such indebtedness in an
aggregate amount exceeding 2% of Consolidated Assets, in which case the Company
shall immediately give notice to the Trustee of such acceleration or
non-payment and (ii) there shall have been a failure to cure such default
or to discharge all such defaulted indebtedness within ten days after notice
thereof to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 33% in principal amount of the Notes then Outstanding
(excluding, if such defaulted indebtedness includes the Notes, such Notes) and
such acceleration shall not be rescinded or annulled; provided, however,
that it shall not constitute an Event of Default hereunder as long as the
Company is contesting any such default or acceleration in good faith and by
appropriate proceedings.

 

8

 

ARTICLE FIVE

 

MISCELLANEOUS PROVISIONS

 

SECTION 5.1 
Ratification.  The
Indenture, as supplemented and amended by this Supplemental Indenture, is in
all respects hereby adopted, ratified and confirmed

 

SECTION 5.2 
Governing Law.  This Third
Supplemental Indenture shall be governed by, and construed and enforced in
accordance with, the laws of the jurisdiction which govern the Indenture and
its construction.

 

SECTION 5.3 
Counterparts and Method of Execution. This Third Supplemental
Indenture may be executed in several counterparts, all of which together shall
constitute one agreement binding on all parties hereto, notwithstanding that
all parties have not signed the same counterpart.

 

SECTION 5.4 
Section Titles.  Section titles
are for descriptive purposes only and shall not control or alter the meaning of
this Third Supplemental Indenture as set forth in the text.

 

SECTION 5.5 
Trustee.  The Trustee makes
no representations and is not responsible for the sufficiency, validity or
legality of this Third Supplemental Indenture. 
The statements herein are deemed to be those of the Company and not of
the Trustee.

 

9

 

IN WITNESS WHEREOF, the Parties hereto have caused
this Third Supplemental Indenture to be duly executed as of the day and year
first above written.

 

	
   

  	
  TELEPHONE AND DATA SYSTEMS, INC.,

  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:  LeRoy T. Carlson, Jr.

  
	
   

  	
  Title:  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:  Sandra L. Helton

  
	
   

  	
  Title:  Executive Vice President and Chief Financial

  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BNY MIDWEST TRUST COMPANY,

  Trustee, an Illinois Trust Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:  Mary Callahan

  
	
   

  	
  Title:  Assistant Vice President

  

 

 

SIGNATURE PAGE
TO THIRD

SUPPLEMENTAL
INDENTURE

RE:  SENIOR NOTES OF TDS

 

 

EXHIBIT A TO THIRD SUPPLEMENTAL INDENTURE

 

Unless this
certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (“DTC”), to the issuer or its agent for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. Except as otherwise
provided in Section 2.11 of the Indenture, this Security may be
transferred, in whole but not in part, only to another nominee of the
Depository or to a successor Depository or to a nominee of such successor
Depository.

 

	
  No.         

  	
   

  	
  CUSIP: 879433852

  
	
   

  	
   

  	
  ISIN: US8794338520

  

 

 

TELEPHONE AND
DATA SYSTEMS, INC.

 

6.625% SENIOR
NOTES DUE 2045

 

	
  Principal Amount:

  	
   

  	
  $                     

  
	
  Stated Maturity Date:

  	
   

  	
  March 31, 2045

  
	
  Original Issue Date:

  	
   

  	
  March 31, 2005

  
	
  Interest Rate:

  	
   

  	
  6.625% per annum

  

 

TELEPHONE AND
DATA SYSTEMS, INC., a corporation duly organized and existing under the laws of
the State of Delaware (herein referred to as the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & CO. or registered
assigns, the Principal Amount specified above on the Stated Maturity Date
specified above, and to pay interest on said Principal Amount from March 31,
2005 at the Interest Rate specified above on June 30, 2005 and thereafter
quarterly on September 30, December 31, March 31 and June 30
of each year (each an “Interest Payment Date”), until the Principal Amount will
have been paid or duly provided for.

 

On an Interest
Payment Date, interest will be paid to the persons in whose names the Notes (as
defined below) were registered as of the Record Date (the “Record Date”).  With respect to any Interest Payment Date,
while the Notes remain in the form of a Global Security, the Record Date will
be one Business Day prior to the relevant Interest Payment Date.

 

 

The amount of interest payable for any period
will be computed on the basis of twelve 30-day months and a 360-day
year. The amount of interest payable for any period shorter than a full
quarterly interest period will be computed on the basis of the number of days
elapsed in a 90-day quarter of three 30-day months. If any Interest
Payment Date falls on a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of New York are authorized by law to close,
then payment of interest will be made on the next succeeding business day and
no additional interest will accrue because of the delayed payment, except that,
if such business day is in the next succeeding calendar year, such payment shall
be made on the immediately preceding business day, with the same force and
effect as if made on such date.

 

Payment of the
principal of this Note and the interest thereon will be made at the office or
agency of the Company in the Borough of Manhattan, City and State of New York,
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

 

The Notes are
issuable only in registered form without coupons in denominations of $25.00 and any integral multiple thereof.

 

The Notes will
be redeemable at the option of the Company, in whole or in part, at any time on
and after March 31, 2010, upon not less than 30 nor more than 60 days
notice, at a redemption price equal to 100% of the principal amount redeemed
plus accrued and unpaid interest to the redemption date.

 

In case of any
partial redemption, selection of the Notes for redemption will be made by the
Trustee on a pro rata basis, by lot or by such other method as the Trustee in its
sole discretion shall deem to be fair and appropriate, although no Note of $25.00
in principal amount at maturity or less shall be redeemed in part.  If any Note is to be redeemed in part only,
the notice of redemption relating to such Note shall state the portion of the
principal amount thereof to be redeemed. 
A new Note in principal amount at maturity equal to the unredeemed
portion thereof will be issued in the name of the holder thereof upon
cancellation of the original Note.

 

This Note is
one of a duly authorized series of Securities of the Company (herein sometimes
referred to as the “Notes”), issuable in one or more series under and pursuant
to an Indenture dated as of November 1, 2001 duly executed and delivered
between the Company and BNY Midwest Trust Company, as Trustee (herein referred
to as the “Trustee”), and have been designated pursuant to the Third
Supplemental Indenture thereto dated March 23, 2005  (such Indenture, as originally executed and
delivered and as thereafter supplemented and amended being herein after
referred to as the “Indenture”). 
Reference is made to the Indenture and all indentures supplemental
thereto for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the holders of
the Notes.  By the terms of the
Indenture, Securities are issuable in series which may vary as to amount, date
of maturity, rate of interest and in other respects as in the Indenture provided.  This Note is one of the series of Securities designated
on the face hereof.

 

Notes may be
exchanged upon presentation thereof at the office or agency of the Company
designated for such purpose, for other Notes of authorized denominations, and
for a like aggregate principal amount, upon payment of a sum sufficient to
cover any tax or other

 

2

 

governmental charge in relation thereto, all as provided in the
Indenture.  In respect of any Notes so
surrendered for exchange, the Company will execute, the Trustee will
authenticate and such office or agency will deliver in exchange therefor the
Note or Notes of the same series which the Securityholder making the exchange
will be entitled to receive, bearing numbers not contemporaneously outstanding.

 

The Company
will keep, or cause to be kept, at its office or agency designated for such
purpose in the Borough of Manhattan, the City and State of New York, or such
other location designated by the Company a register or registers (herein
referred to as the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company will register the Notes and the
transfers of Notes.  The registrar for
the purpose of registering Notes and transfer of Notes will initially be the
Trustee or such other person as may be subsequently appointed as authorized by
Board Resolution or Company Order (the “Note Registrar”).

 

Upon surrender
for transfer of any Note at the office or agency of the Company designated for
such purpose in the Borough of Manhattan, the City and State of New York, or
other location as aforesaid, the Company will execute, the Trustee will
authenticate and such office or agency will deliver in the name of the
transferee or transferees a new Note or Notes presented for a like aggregate
principal amount.

 

All Notes
presented or surrendered for exchange or registration of transfer will be
accompanied (if so required by the Company or the Note Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the Company or
the Note Registrar, duly executed by the registered holder or by his duly
authorized attorney in writing.

 

Except as
provided in the Indenture, no service charge will be assessed for any exchange
or registration of transfer of Notes, or issue of new Notes in case of partial
redemption, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge in relation thereto as provided in the
Indenture.

 

The Company
will neither be required (i) to issue, exchange or register the transfer
of any Notes during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of less than all the
outstanding Notes and ending at the close of business on the day of such mailing,
nor (ii) to register the transfer of or exchange any Notes or portions
thereof called for redemption.

 

As long as
this Note is represented in global form (the “Global Security”) registered in
the name of The Depository Trust Company or its nominee, except as provided in
the Indenture and subject to certain limitations therein set forth, no Global
Security shall be exchangeable or transferable.

 

So long as any
Notes remain outstanding, the Company agrees to maintain an office or agency
with respect to each such series, which will be in the Borough of Manhattan,
the City and State of New York or at such other location or locations as may be
designated as provided in the Indenture, where (i) Notes may be presented
for payment, (ii) Notes may be presented as for registration of transfer
and exchange, and (iii) notices and demands to or upon the Company in
respect of the Notes and this Indenture may be given or served, such
designation to continue with

 

3

 

respect to such office or agency until the Company will, by written
notice signed by an Authorized Officer and delivered to the Trustee, designate
some other office or agency for such purposes or any of them.  The Company may also from time to time
designate one or more other offices or agencies for the foregoing purposes
within or outside the Borough of Manhattan, City of New York, and may from time
to time rescind such designations.

 

The Trustee or
its agent at its offices in New York, New York will initially act as Notes
Registrar and paying agent for the Notes.

 

The Notes are
not subject to any sinking fund.

 

If an Event of
Default (as defined in the Indenture) with respect to the Notes shall occur and
be continuing, the principal plus any accrued interest may be declared due and
payable in the manner and with the effect and subject to the conditions
provided in the Indenture.

 

The Indenture
contains provisions for defeasance at any time of the entire indebtedness of
this Note upon compliance by the Company with certain conditions set forth
therein.

 

Prior to the
due presentment for registration of transfer of any Notes, the Company, the
Trustee, any paying agent and any Note Registrar may deem and treat the person
in whose name such Note will be registered upon the books of the Company as the
absolute owner of such Note (whether or not such Note will be overdue and
notwithstanding any notice of ownership or writing thereon made by anyone other
than the Note Registrar) for the purpose of receiving payment of or on account
of the principal of and premium, if any, and (subject to the Indenture)
interest on such Note and for all other purposes; and neither the Company nor
the Trustee nor any paying agent nor any Note Registrar will be affected by any
notice to the contrary.

 

The Company
and the Trustee may execute supplemental indentures without the consent of any
holder of Notes for certain purposes as specified in the Indenture and with the
consent of the holders of not less than a majority in aggregate principal amount
of the Securities for certain other purposes as specified in the Indenture.

 

No recourse
will be had for the payment of the principal of or the interest on this Note,
or for any claim based hereon, or otherwise in respect hereof, or based on or
in respect of the Indenture, against any incorporator, stockholder, officer or
director, past, present or future, as such, of the Company or of any
predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issuance hereof, expressly waived and released.

 

THIS NOTE WILL
BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF ILLINOIS, AND FOR ALL
PURPOSES WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS
MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW.

 

All terms used
in this Note which are defined in the Indenture will have the meanings assigned
to them in the Indenture.

 

4

 

This Note will
not be entitled to any benefit under the Indenture hereinafter referred to, be
valid or become obligatory for any purpose until the Certificate of Authentication
hereon will have been signed by or on behalf of the Trustee.

 

IN WITNESS
WHEREOF, the Company has caused this Instrument to be executed.

 

	
   

  	
  TELEPHONE AND DATA SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  LeRoy T. Carlson, Jr.

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Sandra L. Helton

  
	
   

  	
   

  	
  Executive Vice President and Chief

  
	
   

  	
   

  	
  Financial
  Officer

  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Securities of the series designated in accordance with, and referred to in,
the within-mentioned Indenture.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BNY Midwest
  Trust Company, as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Authorized Signatory

  	
   

  	
   

  
						

 

 

SIGNATURE PAGE TO 

GLOBAL SECURITY FOR

6.625% SENIOR NOTES DUE 2045

OF TELEPHONE AND DATA SYSTEMS, INC.

 

5

 

ASSIGNMENT FORM

 

	
  To assign
  this Note, fill in the form below:

  
	
   

  
	
  I or we assign and transfer this Note to 

  
	
   

  
	
   

  	
   

  	
   

  
	
  Insert
  assignee’s Social Security or tax I.D. no.

  
	
   

  
	
   

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

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  and all rights thereunder and irrevocably
  appoint

  
	
   

  
	
   

  
	
   

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

  
	
   

  
	
   

  
	
   

  
	
   

  

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Notice:  The signature to this assignment must
  correspond with the name as it appears on the first page of the
  within Note.

  

 

6Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT
NO. 4 TO THE CREDIT AGREEMENT

 

Dated as of March 18, 2005

 

AMENDMENT NO. 4 TO THE CREDIT AGREEMENT (this “Amendment”) among ALDERWOODS GROUP, INC., a Delaware corporation (the “Borrower”), the banks, financial
institutions and other institutional lenders parties to the Credit Agreement
referred to below (collectively, the “Lenders”)
and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

 

PRELIMINARY STATEMENTS:

 

(1)           WHEREAS, the Borrower, the Lenders and
the Administrative Agent have entered into a Credit Agreement dated as of
September 17, 2003 (such Credit Agreement, as amended, supplemented or
otherwise modified through the date hereof, the “Credit
Agreement”).  Capitalized
terms not otherwise defined in this Amendment have the same meanings as
specified in the Credit Agreement;

 

(2)           WHEREAS, the Borrower and the Required
Lenders have agreed to amend the Credit Agreement as hereinafter set forth.

 

SECTION 1.           Amendments
to Credit Agreement.  The Credit Agreement is, effective as of the
date hereof and subject to the satisfaction of the conditions precedent set
forth in Section 2, hereby amended as follows:

 

(a)           Section
1.01 of the Credit Agreement is
hereby amended by amending and restating clause (a) of the definition of “Consolidated Fixed Charge Coverage
Ratio” to read in full as follows:

 

“(a)(i) Consolidated EBITDA for the period of the four
consecutive fiscal quarters ending on such date, plus (ii) all federal,
state, local and foreign property taxes payable by the Borrower and its
Subsidiaries during such period, less (iii) the aggregate amount of all
Capital Expenditures made by or on behalf of the Borrower and its Subsidiaries
during such period to”

 

(b)           Section
1.01 of the Credit Agreement is
hereby further amended by amending and restating the definition of “Letter of Credit Sublimit”
to read in full as follows:

 

““Letter of Credit Sublimit”
means an amount equal to $35,000,000. 
The Letter of Credit Sublimit is a part of, and not in addition to, the
Revolving Credit Facility.”

 

(c)           Section
2.05(b)(ii) of the
Credit Agreement is hereby amended by replacing the word “or” after the
reference to “(d)” in the third line thereof with a comma and by adding the
words “or (k)” after the reference to “(h)” in the third line thereof.

 

(d)           Section
2.05(b)(iii) of the
Credit Agreement is hereby amended and restated in full to read as follows:

 

“(iii) Upon the sale by any Loan Party or any of its
Subsidiaries of any of its capital stock or other Equity Interests, other than
(A) the sale of capital stock or other Equity Interests of a Subsidiary of a
Loan Party to any Loan Party, (B) the sale of capital stock or other Equity
Interests of a non-Guarantor to a Subsidiary of a Loan Party that is a
non-Guarantor or (C) the

 

 

sale of capital stock or other Equity Interests of the
Borrower to participants in an employee stock purchase, equity incentive,
deferred compensation or similar plan of the Borrower pursuant to any such plan
in connection with a Disposition permitted by Section 7.05(k) (in each
case, to the extent not prohibited by Sections 7.03, 7.05 and 7.06), the
Borrower shall prepay an aggregate principal amount of Loans equal to 50% of
all Net Cash Proceeds received therefrom immediately upon receipt thereof by
any Loan Party or such Subsidiary.”

 

(e)           Section
7.03(k) of the Credit Agreement is
hereby amended and restated in full to read as follows:

 

“(k)         Loans or advances to officers, employees
or consultants of the Borrower or any of its Subsidiaries for travel and moving
expenses in the ordinary course of business for bona fide business purposes of
the Borrower or any of its Subsidiaries, or to participants in an employee
stock purchase, equity incentive, deferred compensation or similar plan of the
Borrower to the extent resulting from deferral of payments owing by such
participants under and in accordance with the terms of such plans; provided, that such loans or advances are made in compliance
with the Sarbanes-Oxley Act of 2002, as amended;”

 

(f)            Section
7.05 of the Credit Agreement is
hereby amended by deleting the word “and” at the end of clause (i)
thereof, adding the word “and” at the end of clause j thereof and adding
a new clause (k) to read in full as follows:

 

“(k)         Dispositions of common stock of the
Borrower made by the Borrower in connection with any employee stock purchase,
equity incentive, deferred compensation or similar plan of the Borrower to
participants in such plan;”

 

(g)           Section
7.06 of the Credit Agreement is
hereby amended by redesignating clause (g) thereof as clause (i),
by redesignating clause (h) thereof as clause (j), and by adding
new clauses (g) and (h), to read in full as follows:

 

“(g)         the Borrower may repurchase or otherwise
acquire shares of the common stock of the Borrower for contribution to any
employee stock purchase, equity incentive, deferred compensation or similar
plan in the ordinary course of business; provided that
the aggregate amount of such purchases or acquisitions in any calendar year,
when aggregated with Restricted Payments permitted by clause (h) below,
shall not exceed the sum of (x) $2.0 million and (y) the amount of Restricted
Payments permitted but not made pursuant to this clause (g) and clause
(h) below in the immediately preceding calendar year;

 

(h)           the Borrower may redeem, repurchase,
retire or otherwise acquire any Equity Interests of the Borrower or any
Subsidiary of the Borrower held by any of the Borrower’s current or former
directors, employees or consultants (or those of any of its Subsidiaries)
pursuant to any management equity subscription agreement, employment agreement
or stock option agreement; provided that
the aggregate price paid for all such redeemed, repurchased, retired or
acquired Equity Interests in any calendar year, when aggregated with Restricted
Payments permitted by clause (g) above, shall not exceed the sum of (x)
$2.0 million and (y) the amount of Restricted Payments permitted but not made
pursuant to clause (g) above and this clause (h) in the immediately
preceding calendar year;”

 

SECTION 2.           Conditions
of Effectiveness.  This Amendment shall become effective as of
the date first written above (the “Fourth
Amendment Effective Date”) when the Administrative Agent shall
have received counterparts of this Amendment executed by the Borrower, each L/C
Issuer and the

 

2

 

Required
Lenders or, as to any of the Lenders, advice satisfactory to the Administrative
Agent that such Lender has executed this Amendment and the Consent attached
hereto executed by each of the Loan Parties (other than the Borrower) and the
Borrower shall have paid all reasonable costs and expenses (including the
reasonable fees, charges and disbursements of counsel to the Administrative
Agent invoiced to the Borrower in reasonable detail) incurred in connection
with the preparation, negotiation and execution of this Amendment.

 

SECTION 3.           Representations
and Warranties of the Borrower.  The Borrower represents and warrants as
follows:

 

(a)           The execution, delivery and performance
by each Loan Party of this Amendment and each Loan Document as amended by the
Amendment, are within such Loan Party’s corporate or other powers, have been
duly authorized by all necessary corporate or other organizational action, and
do not and will not (a) contravene the terms of any of such Person’s
Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, or require any payment to
be made under (i) any material Contractual Obligation to which such Person is a
party or affecting such Person or the properties of such Person or any of its
Subsidiaries other than as contemplated hereby or (ii) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which
such Person or its property is subject; or (c) violate any Law.

 

(b)           This Amendment and the consent attached
hereto, when delivered hereunder, will have been duly executed and delivered by
each Loan Party that is a party hereto and thereto.  This Amendment and the consent attached
hereto, when so delivered, will constitute a legal, valid and binding
obligation of such Loan Party, enforceable against each Loan Party that is a
party hereto and thereto in accordance with its terms.

 

SECTION 4.           Reference
to and Effect on the Credit Agreement, the Notes and the Loan Documents.  (a) On and after
the Fourth Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the
Credit Agreement, and each reference in the Notes and each of the other Loan
Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement, as amended by this Amendment.

 

(b)           The Credit Agreement, the Notes and each
of the other Loan Documents, as specifically amended by this Amendment, are and
shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed.  Without limiting
the generality of the foregoing, the Collateral Documents and all of the
Collateral described therein do and shall continue to secure the payment of all
Obligations (except to the extent limited by the terms of the Collateral
Documents) of the Loan Parties under the Loan Documents, in each case as
amended by this Amendment.

 

(c)           The execution, delivery and effectiveness
of this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Lender or the Administrative Agent
under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents.

 

SECTION 5.           Costs,
Expenses.  The Borrower agrees to pay on demand all
costs and expenses of the Administrative Agent in connection with the
preparation, execution, delivery and administration, modification and amendment
of this Amendment and the other instruments and documents to be delivered
hereunder (including, without limitation, the reasonable fees and expenses of

 

3

 

counsel
for the Administrative Agent invoiced to the Borrower in reasonable detail) in
accordance with the terms of Section 10.04 of the Credit Agreement.

 

SECTION 6.           Execution
in Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a
signature page to this Amendment by telecopier shall be effective as delivery
of a manually executed counterpart of this Amendment.

 

SECTION 7.           Governing
Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

 

	
   

  	
  ALDERWOODS
  GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth Sloan

  	
   

  
	
   

  	
  Name: Kenneth
  Sloan

  
	
   

  	
  Title: Executive
  Vice President and Chief

  Financial Officer

  

 

 

	
   

  	
  BANK OF AMERICA,
  N.A. as Administrative Agent,

  
	
   

  	
  Swing Line Lender
  and L/C Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Don B. Pinzon

  	
   

  
	
   

  	
  Name: Don B.
  Pinzon

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  [Signatures for
  the following lenders a party hereto omitted:

  
	
   

  	
  ACCESS
  INSTITUTIONAL LOAN FUND

  
	
   

  	
  ACM
  INCOME FUND

  
	
   

  	
  ADDISON
  CDO LIMITED

  
	
   

  	
  ALLIANCE
  GLOBAL STRATEGIC INCOME

  
	
   

  	
  ANTARES
  CAPITAL CORPORATION

  
	
   

  	
  ANTARES
  CAPITAL CORPORATION

  
	
   

  	
  ANTARES
  FUNDING LP CO LTD

  
	
   

  	
  ARCHIMEDES
  FUNDING III LTD

  
	
   

  	
  ARCHIMEDES
  FUNDING IV (CAYMAN) LTD

  
	
   

  	
  ARES
  ENHANCED LOAN INVESTMENT

  
	
   

  	
  ARES
  IX CLO LTD

  
	
   

  	
  ARES
  VII CLO LTD

  
	
   

  	
  ARES
  VIII CLO LTD

  
	
   

  	
  ATRIUM
  III

  
	
   

  	
  AURUM
  CLO 2002-1 LTD

  
	
   

  	
  AVERY
  POINT CLO LTD

  
	
   

  	
  BABSON
  CLO LTD 2004-1

  
	
   

  	
  BABSON
  CLO LTD 2004-11

  
	
   

  	
  BABSON
  CLO LTD. 2003-1

  
	
   

  	
  BANK
  OF AMERICA

  
	
   

  	
  BANK
  OF AMERICA

  
	
   

  	
  BANK
  OF AMERICA

  
	
   

  	
  BANK
  OF AMERICA (DEAL PLUG)

  
	
   

  	
  BANK
  OF AMERICA TRADE

  
	
   

  	
  BANK
  OF AMERICA TRADE

  
	
   

  	
  BIG
  SKY III SENIOR LOAN TRUST

  
	
   

  	
  BIG
  SKY SENIOR LOAN FUND LTD

  
	
   

  	
  BILL
  & MELINDA GATES FOUNDATION

  
	
   

  	
  BIRCHWOOD
  FUNDING LLC

  
	
   

  	
  BLACKROCK
  GLOBAL FLOATING RATE

  
	
   

  	
  BLACKROCK
  LIMITED DURATION INCOME

  
	
   

  	
  BLACKROCK
  SENIOR INCOME SERIES

  
	
   

  	
  BLACKROCK
  SENIOR LOAN TRUST

  
	
   

  	
  BRYN
  MAWR CLO LTD BY: DEERFIELD

  
	
   

  	
  BUSHNELL
  CBNA LOAN FUNDING

  
	
   

  	
  CARLYLE
  HIGH YIELD PARNTERS II LTD

  
	
   

  	
  CARLYLE
  HIGH YIELD PARTNERS III LTD

  
	
   

  	
  CARLYLE
  HIGH YIELD PARTNERS IV LTD

  
	
   

  	
  CARLYLE
  HIGH YIELD PARTNERS LP

  
	
   

  	
  CARLYLE
  HIGH YIELD PARTNERS VI LTD

  
	
   

  	
  CARLYLE
  LOAN INVESTMENT LTD

  
	
   

  	
  CARLYLE
  LOAN OPPORTUNITY FUND

  
	
   

  	
  CASTLE
  HILL III CLO LTD

  
	
   

  	
  CITIGROUP
  INVESTMENTS CORPORATE

  
	
   

  	
  CLYDESDALE
  CLO 2001-1 LTD

  
	
   

  	
  CLYDESDALE
  CLO 2001-1 LTD

  
					

 

 

	
   

  	
  CLYDESDALE
  CLO 2003 LTD

  
	
   

  	
  CLYDESDALE
  CLO 2004 LTD

  
	
   

  	
  COOKSMILL

  
	
   

  	
  CORONA
  TRUST

  
	
   

  	
  COSTANTINUS
  EATON VANCE CDO V, LTD

  
	
   

  	
  CSAM
  FUNDING III

  
	
   

  	
  CSAM
  SYNDICATED LOAN FUND

  
	
   

  	
  DEUTSCHE
  BANK AG (NEW YORK BRANCH)

  
	
   

  	
  EAGLE
  MASTER FUND LTD

  
	
   

  	
  EATON
  VANCE CDO II LTD

  
	
   

  	
  EATON
  VANCE CDO VI LTD

  
	
   

  	
  EATON
  VANCE FLOATING RATE INCOME

  
	
   

  	
  EATON
  VANCE INSTITUTIONAL SENIOR

  
	
   

  	
  EATON
  VANCE LIMITED DURATION INCOME

  
	
   

  	
  EATON
  VANCE SENIOR FLOATING-RATE

  
	
   

  	
  EATON
  VANCE SENIOR INCOME TRUST

  
	
   

  	
  EATON
  VANCE VT FLOATING-RATE

  
	
   

  	
  ECL
  FUNDING LLC

  
	
   

  	
  ELT
  LTD

  
	
   

  	
  ENDURANCE
  CLO I LTD

  
	
   

  	
  FIRST
  2004-II CLO LTD

  
	
   

  	
  FLAGSHIP
  CLO 2001-1

  
	
   

  	
  FLAGSHIP
  CLO II

  
	
   

  	
  FLAGSHIP
  CLO III

  
	
   

  	
  FOREST
  CREEK CLO LTD

  
	
   

  	
  FRANKLIN
  CLO I LIMITED

  
	
   

  	
  FRANKLIN
  CLO II, LIMITED

  
	
   

  	
  FRANKLIN
  FLOATING RATE DAILY ACCESS

  
	
   

  	
  FRANKLIN
  FLOATING RATE MASTER

  
	
   

  	
  FRANKLIN
  FLOATING RATE TRUST

  
	
   

  	
  FRANKLIN
  TEMPLETON LIMITED DURATION

  
	
   

  	
  FRF
  CORPORATION

  
	
   

  	
  GALAXY
  CLO 1999-1 LTD

  
	
   

  	
  GALAXY
  CLO 2003-1 LTD

  
	
   

  	
  GRAYSON
  & CO

  
	
   

  	
  GSC
  PARTNERS GEMINI FUND LIMITED

  
	
   

  	
  HANOVER
  SQUARE CLO LTD

  
	
   

  	
  IKB
  CAPITAL CORPORATION

  
	
   

  	
  ING
  ORYX CLO LTD

  
	
   

  	
  ING
  PRIME RATE TRUST

  
	
   

  	
  ING
  SENIOR INCOME FUND

  
	
   

  	
  JISSEKIKUN
  FUNDING LTD

  
	
   

  	
  JUPITER
  LOAN FUNDING LLC

  
	
   

  	
  JUPITER
  LOAN FUNDING LLC

  
	
   

  	
  KZH
  CRESCENT 3 LLC

  
	
   

  	
  KZH
  SOLEIL LLC

  
	
   

  	
  KZH
  SOLEIL-2 LLC

  
	
   

  	
  LANDMARK
  III CDO LIMITED

  
	
   

  	
  LCM
  II LIMITED PARTNERSHIP

  
	
   

  	
  LCM
  IV LTD

  
	
   

  	
  LOAN
  FUNDING I LLC

  
	
   

  	
  LOAN
  FUNDING I LLC

  
	
   

  	
  LOAN
  FUNDING III LLC

  
	
   

  	
  LOAN
  FUNDING VI LLC

  
	
   

  	
  LOAN
  FUNDING VIII

  
	
   

  	
  LOAN
  STAR STATE TRUST

  

 

 

	
   

  	
  LONG
  GROVE CLO LTD

  
	
   

  	
  LOOMIS
  SAYLES SENIOR LOAN FUND LLC

  
	
   

  	
  MAGNETITE
  ASSET INVESTORS III LLC

  
	
   

  	
  MAGNETITE
  IV CLO LIMITED

  
	
   

  	
  MAGNETITE
  V CLO LIMITED

  
	
   

  	
  MASSACHUSETTS
  MUTUAL LIFE INSURANCE

  
	
   

  	
  MERRILL
  LYNCH BUSINESS FINANCIAL

  
	
   

  	
  MERRILL
  LYNCH BUSINESS FINANCIAL

  
	
   

  	
  MONUMENT
  PARK CDO LTD

  
	
   

  	
  MORGAN
  STANLEY PRIME INCOME TRUST

  
	
   

  	
  MORGAN
  STANLEY SENIOR FUNDING INC

  
	
   

  	
  MORGAN
  STANLEY SENIOR FUNDING INC

  
	
   

  	
  MUIRFIELD
  TRADING LLC

  
	
   

  	
  NATIONAL
  CITY BANK

  
	
   

  	
  NATIONAL
  CITY BANK

  
	
   

  	
  NAVIGATOR
  CDO 2003 LTD LASALLE BANK

  
	
   

  	
  NAVIGATOR
  CDO 2004 LTD

  
	
   

  	
  NAVIGATOR
  CDO 2004 LTD

  
	
   

  	
  NEMEAN
  CLO LTD

  
	
   

  	
  NEW
  ALLIANCE GLOBAL CDO LIMITED

  
	
   

  	
  NOMURA
  BOND & LOAN FUND

  
	
   

  	
  NORTHWOODS
  CAPITAL II LTD

  
	
   

  	
  NORTHWOODS
  CAPITAL III LIMITED

  
	
   

  	
  NORTHWOODS
  CAPITAL IV LIMITED

  
	
   

  	
  NUVEEN
  FLOATING RATE INCOME OPPORTU

  
	
   

  	
  NUVEEN
  TAX-ADVANTAGED TOTAL RETURN

  
	
   

  	
  PIMCO
  FLOATING INCOME FUND

  
	
   

  	
  PIMCO
  FLOATING RATE INCOME FUND

  
	
   

  	
  PIMCO
  FLOATING RATE STRATEGY FUND

  
	
   

  	
  PIMCO
  HIGH YIELD FUND

  
	
   

  	
  PPM
  - SHADOW CREEK FUNDING LLC

  
	
   

  	
  PPM
  MONARCH BAY FUNDING LLC

  
	
   

  	
  PPM
  SPYGLASS FUNDING TRUST

  
	
   

  	
  PUTNAM
  FLOATING RATE INCOME FUND

  
	
   

  	
  RACE
  POINT CLO LIMITED

  
	
   

  	
  RACE
  POINT II CLO LIMITED

  
	
   

  	
  ROSEMONT
  CLO LTD

  
	
   

  	
  SANKATY
  HIGH YIELD PARTNERS II LP

  
	
   

  	
  SANKATY
  HIGH YIELD PARTNERS II LP

  
	
   

  	
  SEABOARD
  CLO 2000 LTD

  
	
   

  	
  SENIOR
  DEBT PORTFOLIO

  
	
   

  	
  SENIOR
  LOAN FUND

  
	
   

  	
  SEQUILS
  - CUMBERLAND 1 LTD

  
	
   

  	
  SEQUILS
  ING I (HBDGM) LTD

  
	
   

  	
  SEQUILS
  MAGNUM LTD

  
	
   

  	
  SIMSBURY
  CLO LIMITED

  
	
   

  	
  SKY
  CBNA LOAN FUNDING LLC

  
	
   

  	
  SKY
  CBNA LOAN FUNDING LLC

  
	
   

  	
  SOUTHPORT
  CLO LIMITED

  
	
   

  	
  SRF
  2000 INC

  
	
   

  	
  SUFFIELD
  CLO LIMITED

  
	
   

  	
  SUN
  LIFE ASSURANCE CO OF CANADA

  
	
   

  	
  TCW
  SELECT LOAN FUND LIMITED

  
	
   

  	
  TOLLI
  & CO

  
	
   

  	
  TRUMBULL
  THC2 LOAN FUNDING LLC

  
	
   

  	
  TRYO
  CLO LTD 2000-1

  

 

 

	
   

  	
  UNION
  SQUARE CDO LTD

  
	
   

  	
  VAN
  KAMPEN SENIOR INCOME TRUST

  
	
   

  	
  VAN
  KAMPEN SENIOR INCOME TRUST

  
	
   

  	
  VAN
  KAMPEN SENIOR LOAN FUND

  
	
   

  	
  VAN
  KAMPEN SENIOR LOAN FUND

  
	
   

  	
  VELOCITY
  CLO LTD

  
	
   

  	
  WAVELAND-INGOTS,LTD

  
	
   

  	
  WESTERN
  ASSET FLOATING RATE HIGH

  
	
   

  	
  WINGED
  FOOT FUNDING TRUST

  
	
   

  	
  WINGED
  FOOT FUNDING TRUST

  
	
   

  	
  WRIGLEY
  CDO, LIMITED]

  

 

 

CONSENT

 

Dated as of March 18, 2005

 

 

Each of the undersigned, hereby consents to the foregoing
Amendment and hereby confirms and agrees that (a) notwithstanding the
effectiveness of such Amendment, each Loan Document to which it is a party is,
and shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects, except that, on and after the effectiveness of such
Amendment, each reference in the Loan Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Amendment, and (b) the Collateral Documents
to which each of the undersigned is a party and all of the Collateral described
therein do, and shall continue to, secure the payment of all of the Secured
Obligations (in each case, as defined therein) except to the extent limited by
the terms of the Collateral Documents.

 

 

	
   

  	
  Each of the Loan
  Parties listed on Annex A hereto

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Lowe

  	
   

  
	
   

  	
  Name: Jeffrey Lowe

  
	
   

  	
  Title: Authorized
  Signatory

  

 

 

	
   

  	
  ALDERWOODS (TEXAS),
  L.P.

  By: Alderwoods (Partner), Inc., its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Lowe

  	
   

  
	
   

  	
  Name: Jeffrey Lowe

  
	
   

  	
  Title: Authorized
  Signatory

  

 

 

	
   

  	
  DIRECTORS (TEXAS), L.P.

  By: DSP General Partner, Inc., its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Lowe

  	
   

  
	
   

  	
  Name: Jeffrey Lowe

  
	
   

  	
  Title: Authorized Signatory

  

 

 

ANNEX A

 

ALABAMA

Advanced Planning
(Alabama), Inc.

 

ALASKA

Alderwoods (Alaska), Inc.

 

ARIZONA

Alderwoods (Arizona),
Inc.

Phoenix Memorial Park
Association

 

ARKANSAS

Alderwoods (Arkansas),
Inc.

 

CALIFORNIA

Advance Funeral Insurance
Services

Alderwoods (Texas), Inc.

Alderwoods Group
(California), Inc.

Directors Succession
Planning II, Inc.

Directors Succession
Planning, Inc.

DSP General Partner II,
Inc.

Earthman LP, Inc.

Universal Memorial
Centers V, Inc.

Universal Memorial
Centers VI, Inc.

Whitehurst-Lakewood
Memorial Park and Funeral Service

A.L. Cemetery

Colton Funeral Chapel,
Inc.

Custer Christiansen
Covina Mortuary, Inc.

Dimond Service
Corporation

Glasband-Malinow-Weinstein
Mortuary, Inc.

Glasband-Willen
Mortuaries

Grove Colonial Mortuary,
Inc.

Harbor Lawn Memorial
Park, Inc.

Home of Peace Memorial
Park and Mausoleum, Inc.

Neel Funeral Directors,
Inc.

RH Mortuary Corporation

Richardson-Peterson
Mortuary, Inc.

San Fernando Mortuary, Inc.

White Funeral Home, Inc.

Workman Mill Investment
Company

 

COLORADO

Alderwoods (Colorado),
Inc.

 

CONNECTICUT

Alderwoods (Connecticut),
Inc.

 

 

DELAWARE

Administration Services,
Inc.

Alderwoods (Alabama),
Inc.

Alderwoods
(Commissioner), Inc.

Alderwoods (Delaware),
Inc.

Alderwoods (Mississippi),
Inc.

American Burial and
Cremation Centers, Inc.

DSP General Partner, Inc.

H.P. Brandt Funeral Home,
Inc.

Lienkaemper Chapels, Inc.

Osiris Holding
Corporation

RH Cemetery Corp.

RH Satellite Properties
Corp.

Rose Hills Company

Rose Hills Holdings Corp.

 

FLORIDA

Coral Ridge Funeral Home
and Cemetery, Inc.

Funeral Services
Acquisition Group, Inc.

Garden Sanctuary
Acquisition, Inc.

Kadek Enterprises of
Florida, Inc.

Levitt Weinstein Memorial
Chapels, Inc.

MHI Group, Inc.

Naples Memorial Gardens,
Inc.

Osiris Holding of
Florida, Inc.

Security Trust Plans,
Inc.

 

GEORGIA

Advanced Planning of
Georgia, Inc.

Alderwoods (Georgia),
Inc.

Alderwoods (Georgia)
Holdings, Inc.

Green Lawn Cemetery
Corporation

Poteet Holdings, Inc.

Southeastern Funeral
Homes, Inc.

 

IDAHO

Alderwoods (Idaho), Inc.

 

ILLINOIS

Alderwoods (Chicago
Central), Inc.

Alderwoods (Chicago
North), Inc.

Alderwoods (Chicago
South), Inc.

Alderwoods (Illinois),
Inc.

Chapel Hill Memorial
Gardens & Funeral Home Ltd.

Chicago Cemetery
Corporation

Elmwood Acquisition
Corporation

Mount Auburn Memorial
Park, Inc.

Pineview Memorial Park,
Inc.

Ridgewood Cemetery
Company, Inc.

Ruzich Funeral Home, Inc.

The Oak Woods Cemetery
Association

Woodlawn Cemetery of
Chicago, Inc.

 

 

Woodlawn Memorial Park,
Inc.

 

INDIANA

Advance Planning of
America, Inc.

Alderwoods (Indiana),
Inc.

Ruzich Funeral Home, Inc.

 

IOWA

Alderwoods (Iowa), Inc.

 

KANSAS

Alderwoods (Kansas), Inc.

 

KENTUCKY

Alderwoods (Partner),
Inc.

 

LOUISIANA

Alderwoods (Louisiana),
Inc.

 

MARYLAND

Alderwoods (Maryland),
Inc.

 

MASSACHUSETTS

Alderwoods
(Massachusetts), Inc.

Doba Haby Insurance
Agency, Inc.

 

MICHIGAN

Alderwoods (Michigan),
Inc.

AMG, Inc.

WMP, Inc.

 

MINNESOTA

Alderwoods (Minnesota),
Inc.

 

MISSISSIPPI

Family Care, Inc.

Stephens Funeral Fund,
Inc.

 

MISSOURI

Alderwoods (Missouri),
Inc.

 

MONTANA

Alderwoods (Montana),
Inc.

 

NEVADA

Alderwoods (Nevada), Inc.

 

NEW HAMPSHIRE

Robert Douglas Goundrey
Funeral Home, Inc.

St. Laurent Funeral Home,
Inc.

ZS Acquisition, Inc.

 

 

NEW MEXICO

Alderwoods (New Mexico),
Inc.

 

NEW YORK

Alderwoods (New York),
Inc.

Northeast Monument
Company, Inc.

 

NORTH CAROLINA

Alderwoods (North
Carolina), Inc.

Carothers Holding
Company, Inc.

Lineberry Group Inc.

MFH, L.L.C.

Reeves, Inc.

Westminster Gardens, Inc.

 

OHIO

Alderwoods (Ohio)
Cemetery Management, Inc.

Alderwoods (Ohio) Funeral
Home, Inc.

 

OKLAHOMA

Alderwoods (Oklahoma),
Inc.

 

OREGON

Alderwoods (Oregon), Inc.

The Portland Memorial,
Inc.

Universal Memorial
Centers I, Inc.

Universal Memorial
Centers II, Inc.

Universal Memorial
Centers III, Inc.

 

PENNSYLVANIA

Alderwoods
(Pennsylvania), Inc.

Bright Undertaking
Company

H. Samson, Inc.

Knee Funeral Home of
Wilkinsburg, Inc.

Nineteen Thirty-Five
Holdings, Inc.

Oak Woods Management
Company

 

RHODE ISLAND

Alderwoods (Rhode
Island), Inc.

 

SOUTH CAROLINA

Alderwoods (South Carolina),
Inc.

Graceland Cemetery
Development Co.

 

TENNESSEE

Alderwoods (Tennessee),
Inc.

Eagle Financial
Associates, Inc.

 

TEXAS

Alderwoods (Texas)
Cemetery, Inc.

 

 

CHMP Holdings, Inc.

Del Rio Memorial Park, Inc.

DHFH Holdings, Inc.

DHNC Holdings, Inc.

Directors Cemetery
(Texas), Inc.

DSP General Partner, Inc.

Earthman Cemetery
Holdings, Inc.

Earthman Holdings, Inc.

EDSB Holdings, Inc.

HFCC Holdings, Inc.

HFJC Holdings, Inc.

HFSC Holdings, Inc.

Panola County Restland
Memorial Park, Inc.

Pioneer Funeral Plans,
Inc.

Travis Land Company

Tyler Memorial Funeral
Home and Chapel, Inc.

Waco Memorial Park, Inc.

 

VIRGINIA

Alderwoods (Virginia),
Inc.

 

WASHINGTON

Alderwoods (Washington),
Inc.

Evergreen Funeral Home
and Cemetery, Inc.

Green Service Corporation

S&H Properties and
Enterprises, Inc.

Vancouver Funeral Chapel,
Inc.

 

WEST VIRGINIA

Alderwoods (West
Virginia), Inc.

 

WISCONSIN

Alderwoods (Wisconsin),
Inc.

Northern Land Company,
Inc.

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