Document:

Exhibit 4.1

 

 

 

UNIVERSAL CITY FLORIDA HOLDING CO. I

UNIVERSAL CITY FLORIDA HOLDING CO. II

UCFH I FINANCE, INC.

and

UCFH II FINANCE, INC.,

as Co-Issuers,

 

and

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Trustee

 

 

INDENTURE

 

 

Dated as of December 9, 2004

 

 

Floating Rate Senior Notes due 2010

83/8% Senior Notes due
2010

 

 

 

 

CROSS-REFERENCE TABLE

 

	
  TIA

  Section

  	
   

  	
  Indenture

  Section

  
	
   

  	
   

  	
   

  
	
  310(a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  N.A.

  
	
  (a)(4)

  	
   

  	
  N.A.

  
	
  (a)(5)

  	
   

  	
  7.08; 7.10

  
	
  (b)

  	
   

  	
  7.08; 7.10;
  11.02

  
	
  (c)

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
  2.05

  
	
  (b)

  	
   

  	
  11.03

  
	
  (c)

  	
   

  	
  11.03

  
	
  313(a)

  	
   

  	
  7.06

  
	
  (b)(1)

  	
   

  	
  7.06

  
	
  (b)(2)

  	
   

  	
  7.06

  
	
  (c)

  	
   

  	
  7.06; 11.02

  
	
  (d)

  	
   

  	
  7.06

  
	
  314(a)

  	
   

  	
  4.06; 11.02

  
	
  (b)

  	
   

  	
  N.A.

  
	
  (c)(1)

  	
   

  	
  7.02; 11.04;
  11.05

  
	
  (c)(2)

  	
   

  	
  7.02; 11.04;
  11.05

  
	
  (c)(3)

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
  11.05

  
	
  (f)

  	
   

  	
  N.A.

  
	
  315(a)

  	
   

  	
  7.01

  
	
  (b)

  	
   

  	
  7.05

  
	
  (c)

  	
   

  	
  7.01

  
	
  (d)

  	
   

  	
  6.05; 7.01

  
	
  (e)

  	
   

  	
  6.11

  
	
  316(a)(last
  sentence)

  	
   

  	
  2.09

  
	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
  (a)(2)

  	
   

  	
  9.02

  
	
  (b)

  	
   

  	
  6.07

  
	
  (c)

  	
   

  	
  9.04

  
	
  317(a)(1)

  	
   

  	
  6.08

  
	
  (a)(2)

  	
   

  	
  6.09

  
	
  (b)

  	
   

  	
  2.04

  
	
  318(a)

  	
   

  	
  11.01

  

 

N.A. means Not Applicable

 

Note:                   This Cross-Reference Table shall
not, for any purpose, be deemed to be a part of the Indenture

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  ONE

  	
   

  
	
   

  	
   

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
   

  
	
   

  	
   

  
	
  SECTION 1.01.

  	
  Definitions.

  	
   

  
	
  SECTION 1.02.

  	
  Other Definitions.

  	
   

  
	
  SECTION 1.03.

  	
  Incorporation by Reference of TIA.

  	
   

  
	
  SECTION 1.04.

  	
  Rules of Construction.

  	
   

  
	
   

  	
   

  
	
  ARTICLE
  TWO

  	
   

  
	
   

  	
   

  
	
  THE
  NOTES

  	
   

  
	
   

  
	
  SECTION 2.01.

  	
  Form and Dating.

  	
   

  
	
  SECTION 2.02.

  	
  Execution and Authentication.

  	
   

  
	
  SECTION 2.03.

  	
  Registrar and Paying Agent.

  	
   

  
	
  SECTION 2.04.

  	
  Paying Agent To Hold Assets in Trust.

  	
   

  
	
  SECTION 2.05.

  	
  Holder Lists.

  	
   

  
	
  SECTION 2.06.

  	
  Transfer and Exchange.

  	
   

  
	
  SECTION 2.07.

  	
  Replacement Notes.

  	
   

  
	
  SECTION 2.08.

  	
  Outstanding Notes.

  	
   

  
	
  SECTION 2.09.

  	
  Treasury Notes.

  	
   

  
	
  SECTION 2.10.

  	
  Temporary Notes.

  	
   

  
	
  SECTION 2.11.

  	
  Cancellation.

  	
   

  
	
  SECTION 2.12.

  	
  Defaulted Interest.

  	
   

  
	
  SECTION 2.13.

  	
  CUSIP Number.

  	
   

  
	
  SECTION 2.14.

  	
  Deposit of Moneys.

  	
   

  
	
  SECTION 2.15.

  	
  Book-Entry Provisions for Global Notes.

  	
   

  
	
  SECTION 2.16.

  	
  Special Transfer Provisions.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  THREE

  	
   

  
	
   

  	
   

  
	
  REDEMPTION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
  Notices to Trustee.

  	
   

  
	
  SECTION 3.02.

  	
  Selection of Notes To Be Redeemed.

  	
   

  
	
  SECTION 3.03.

  	
  Notice of Redemption.

  	
   

  
	
  SECTION 3.04.

  	
  Effect of Notice of Redemption.

  	
   

  
	
  SECTION 3.05.

  	
  Deposit of Redemption Price.

  	
   

  
	
  SECTION 3.06.

  	
  Notes Redeemed in Part.

  	
   

  

 

i

 

	
  ARTICLE FOUR

  	
   

  
	
   

  	
   

  
	
  COVENANTS

  	
   

  
	
   

  	
   

  
	
  SECTION 4.01.

  	
  Payment of Notes.

  	
   

  
	
  SECTION 4.02.

  	
  Maintenance of Office or Agency.

  	
   

  
	
  SECTION 4.03.

  	
  Corporate Existence.

  	
   

  
	
  SECTION 4.04.

  	
  Payment of Taxes and Other Claims.

  	
   

  
	
  SECTION 4.05.

  	
  Maintenance of Properties.

  	
   

  
	
  SECTION 4.06.

  	
  Compliance Certificate; Notice of Default.

  	
   

  
	
  SECTION 4.07.

  	
  Compliance with Laws.

  	
   

  
	
  SECTION 4.08.

  	
  Waiver of Stay, Extension or Usury Laws.

  	
   

  
	
  SECTION 4.09.

  	
  Change of Control.

  	
   

  
	
  SECTION 4.10.

  	
  Limitation on Incurrence of Indebtedness and Issuance of Disqualified
  Stock and Preferred Stock.

  	
   

  
	
  SECTION 4.11.

  	
  Limitation on Restricted Payments.

  	
   

  
	
  SECTION 4.12.

  	
  Liens.

  	
   

  
	
  SECTION 4.13.

  	
  Asset Sales.

  	
   

  
	
  SECTION 4.14.

  	
  Transactions with Affiliates.

  	
   

  
	
  SECTION 4.15.

  	
  Dividend and Other Payment Restrictions
  Affecting Subsidiaries.

  	
   

  
	
  SECTION 4.16.

  	
  Future Guarantors.

  	
   

  
	
  SECTION 4.17.

  	
  Limitation on Business Activities of
  Finance Issuers.

  	
   

  
	
  SECTION 4.18.

  	
  Reports and Other Information.

  	
   

  
	
   

  	
   

  
	
  ARTICLE
  FIVE

  	
   

  
	
   

  	
   

  
	
  SUCCESSOR CORPORATION

  	
   

  
	
   

  
	
  SECTION 5.01.

  	
  Merger, Consolidation or Sale of All or
  Substantially All Assets.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  SIX

  	
   

  
	
   

  	
   

  
	
  DEFAULT AND REMEDIES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01.

  	
  Events of Default.

  	
   

  
	
  SECTION 6.02.

  	
  Acceleration.

  	
   

  
	
  SECTION 6.03.

  	
  Other Remedies.

  	
   

  
	
  SECTION 6.04.

  	
  Waiver of Past Defaults.

  	
   

  
	
  SECTION 6.05.

  	
  Control by Majority.

  	
   

  
	
  SECTION 6.06.

  	
  Limitation on Suits.

  	
   

  
	
  SECTION 6.07.

  	
  Rights of Holders To Receive Payment.

  	
   

  
	
  SECTION 6.08.

  	
  Collection Suit by Trustee.

  	
   

  

 

ii

 

	
  SECTION 6.09.

  	
  Trustee May File Proofs of Claim.

  	
   

  
	
  SECTION 6.10.

  	
  Priorities.

  	
   

  
	
  SECTION 6.11.

  	
  Undertaking for Costs.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  SEVEN

  	
   

  
	
   

  	
   

  
	
  TRUSTEE

  	
   

  
	
   

  
	
  SECTION 7.01.

  	
  Duties of Trustee.

  	
   

  
	
  SECTION 7.02.

  	
  Rights of Trustee.

  	
   

  
	
  SECTION 7.03.

  	
  Individual Rights of Trustee.

  	
   

  
	
  SECTION 7.04.

  	
  Trustee’s Disclaimer.

  	
   

  
	
  SECTION 7.05.

  	
  Notice of Default.

  	
   

  
	
  SECTION 7.06.

  	
  Reports by Trustee to Holders.

  	
   

  
	
  SECTION 7.07.

  	
  Compensation and Indemnity.

  	
   

  
	
  SECTION 7.08.

  	
  Replacement of Trustee.

  	
   

  
	
  SECTION 7.09.

  	
  Successor Trustee by Merger, Etc.

  	
   

  
	
  SECTION 7.10.

  	
  Eligibility; Disqualification.

  	
   

  
	
  SECTION 7.11.

  	
  Preferential Collection of Claims Against
  the Co-Issuers.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  EIGHT

  	
   

  
	
   

  	
   

  
	
  DISCHARGE OF INDENTURE; DEFEASANCE

  	
   

  
	
   

  
	
  SECTION 8.01.

  	
  Termination of the Co-Issuers’ Obligations.

  	
   

  
	
  SECTION 8.02.

  	
  Legal Defeasance and Covenant Defeasance.

  	
   

  
	
  SECTION 8.03.

  	
  Conditions to Legal Defeasance or Covenant
  Defeasance.

  	
   

  
	
  SECTION 8.04.

  	
  Application of Trust Money.

  	
   

  
	
  SECTION 8.05.

  	
  Repayment to the Co-Issuers.

  	
   

  
	
  SECTION 8.06.

  	
  Reinstatement.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  NINE

  	
   

  
	
   

  	
   

  
	
  AMENDMENTS, SUPPLEMENTS AND WAIVERS

  	
   

  
	
   

  
	
  SECTION 9.01.

  	
  Without Consent of Holders.

  	
   

  
	
  SECTION 9.02.

  	
  With Consent of Holders.

  	
   

  
	
  SECTION 9.03.

  	
  Compliance with TIA.

  	
   

  
	
  SECTION 9.04.

  	
  Revocation and Effect of Consents.

  	
   

  
	
  SECTION 9.05.

  	
  Notation on or Exchange of Notes.

  	
   

  
	
  SECTION 9.06.

  	
  Trustee To Sign Amendments, Etc.

  	
   

  

 

iii

 

	
  ARTICLE
  TEN

  	
   

  
	
   

  	
   

  
	
  GUARANTEE

  	
   

  
	
   

  	
   

  
	
  SECTION 10.01.

  	
  Unconditional Guarantee.

  	
   

  
	
  SECTION 10.02.

  	
  Limitation on Guarantor Liability.

  	
   

  
	
  SECTION 10.03.

  	
  Execution and Delivery of Guarantee.

  	
   

  
	
  SECTION 10.04.

  	
  Release of a Guarantor.

  	
   

  
	
  SECTION 10.05.

  	
  Waiver of Subrogation.

  	
   

  
	
  SECTION 10.06.

  	
  Immediate Payment.

  	
   

  
	
  SECTION 10.07.

  	
  No Set-Off.

  	
   

  
	
  SECTION 10.08.

  	
  Guarantee Obligations Absolute.

  	
   

  
	
  SECTION 10.09.

  	
  Guarantee Obligations Continuing.

  	
   

  
	
  SECTION 10.10.

  	
  Guarantee Obligations Not Reduced.

  	
   

  
	
  SECTION 10.11.

  	
  Guarantee Obligations Reinstated.

  	
   

  
	
  SECTION 10.12.

  	
  Guarantee Obligations Not Affected.

  	
   

  
	
  SECTION 10.13.

  	
  Waiver.

  	
   

  
	
  SECTION 10.14.

  	
  No Obligation To Take Action Against the
  Issuers.

  	
   

  
	
  SECTION 10.15.

  	
  Dealing with the Co-Issuers and Others.

  	
   

  
	
  SECTION 10.16.

  	
  Default and Enforcement.

  	
   

  
	
  SECTION 10.17.

  	
  Amendment, Etc.

  	
   

  
	
  SECTION 10.18.

  	
  Acknowledgment.

  	
   

  
	
  SECTION 10.19.

  	
  Costs and Expenses.

  	
   

  
	
  SECTION 10.20.

  	
  No Merger or Waiver; Cumulative Remedies.

  	
   

  
	
  SECTION 10.21.

  	
  Survival of Guarantee Obligations.

  	
   

  
	
  SECTION 10.22.

  	
  Guarantee in Addition to Other Guarantee
  Obligations.

  	
   

  
	
  SECTION 10.23.

  	
  Severability.

  	
   

  
	
  SECTION 10.24.

  	
  Successors and Assigns.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  ELEVEN

  	
   

  
	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  
	
  SECTION 11.01.

  	
  TIA Controls.

  	
   

  
	
  SECTION 11.02.

  	
  Notices.

  	
   

  
	
  SECTION 11.03.

  	
  Communications by Holders with Other
  Holders.

  	
   

  
	
  SECTION 11.04.

  	
  Certificate and Opinion as to Conditions
  Precedent.

  	
   

  
	
  SECTION 11.05.

  	
  Statements Required in Certificate or
  Opinion.

  	
   

  
	
  SECTION 11.06.

  	
  Rules by Trustee, Paying Agent, Registrar.

  	
   

  
	
  SECTION 11.07.

  	
  Legal Holidays.

  	
   

  
	
  SECTION 11.08.

  	
  Governing Law; Waiver of Jury Trial.

  	
   

  
	
  SECTION 11.09.

  	
  No Adverse Interpretation of Other Agreements.

  	
   

  
	
  SECTION 11.10.

  	
  No Personal Liability of Partners,
  Directors, Officers, Employees and Stockholders.

  	
   

  

 

iv

 

	
  SECTION 11.11.

  	
  Successors.

  	
   

  
	
  SECTION 11.12.

  	
  Duplicate Originals.

  	
   

  
	
  SECTION 11.13.

  	
  Severability.

  	
   

  
	
   

  	
   

  	
   

  
	
  Signatures

  	
   

  	
   

  

 

v

 

	
  Exhibit
  A-1

  	
   

  	
  -

  	
   

  	
  Form of
  Floating Rate Note

  
	
  Exhibit
  A-2

  	
   

  	
  -

  	
   

  	
  Form of
  Fixed Rate Note

  
	
  Exhibit B

  	
   

  	
  -

  	
   

  	
  Form of
  Legends

  
	
  Exhibit C

  	
   

  	
  -

  	
   

  	
  Form of
  Certificate To Be Delivered in Connection with Transfers to Non-QIB
  Accredited Investors

  
	
  Exhibit D

  	
   

  	
  -

  	
   

  	
  Form of Certificate
  To Be Delivered in Connection with Transfers Pursuant to Regulation S

  
	
  Exhibit E

  	
   

  	
  -

  	
   

  	
  Form of
  Notation on Guarantee

  

 

Note:                   This Table of
Contents shall not, for any purpose, be deemed to be part of the Indenture.

 

vi

 

INDENTURE
dated as of December 9, 2004 among Universal City Florida Holding Co. I, a
Florida general partnership (“Holding I”),
Universal City Florida Holding Co. II, a Florida general partnership (“Holding II”).  “Issuers” herein refers to Holding I and Holding II
collectively and unless the context otherwise requires, either Holding I or
Holding II.  UCFH I Finance, Inc., a
Florida corporation (“Finance I”) and
UCFH II Finance, Inc., a Florida corporation (“Finance II”
and, together with Finance I, the “Finance Issuers”
and, together with the Issuers, the “Co-Issuers”),
and THE BANK OF NEW YORK TRUST COMPANY, N.A., a New York banking corporation,
as Trustee (the “Trustee”).

 

RECITALS

 

Each
party agrees as follows for the benefit of the other parties and for the equal
and ratable benefit of the Holders of (a) the Co-Issuers’ floating rate
senior notes (the “Floating Rate Notes”),
and their 83/8% senior notes due 2010 (the “Fixed Rate Notes” and together with the Floating Rate Notes,
the “Original Notes”) issued on the date
hereof, (b) any Additional Notes (as defined herein) that may be issued
after the date hereof (all such notes in clauses (a) and (b) being referred to
collectively as the “Initial Notes”)
and (c) if and when issued as provided in the Registration Rights
Agreement (as defined herein), the Co-Issuers’ floating rate senior notes due
2010 and their 83/8% senior notes due 2010 issued in the
Exchange Offer (as defined herein) in exchange for any Initial Notes (the “Exchange Notes” and, together with the Initial Notes, the “Notes”).  On the date
hereof, $450,000,000 in aggregate principal amount of Original Notes will be
issued.  Subject to the conditions and
compliance with the covenants (including without limitation, Section 4.10) set
forth herein, the Co-Issuers may issue an unlimited aggregate principal amount
of Additional Notes.

 

ARTICLE ONE

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

SECTION 1.01.                                                                 Definitions.

 

Set
forth below are certain defined terms used in this Indenture.

 

“Acquired Indebtedness” means, with respect to any specified
Person, (1) Indebtedness of any other Person existing at the time such other
Person was merged with or into or became a Restricted Subsidiary of such
specified Person, and (2) Indebtedness secured by a Lien encumbering any asset
acquired by such specified Person, in each case, other than Indebtedness
Incurred as consideration in, in contemplation of, or to provide all or any
portion of the funds or credit support utilized to consummate, the transaction
or series of related transactions pursuant to which such Restricted Subsidiary
became a Restricted Subsidiary of such specified Person or was otherwise
acquired by such Person, or such asset was acquired by such Person, as
applicable.

 

 

“Additional Interest” means any additional interest, if any,
payable on the Initial Notes pursuant to the terms of the Registration Rights
Agreement.

 

“Additional Notes” means floating rate senior notes due 2010
and 83/8% senior notes due 2010 issued under the terms of
this Indenture subsequent to the Issue Date.

 

“Affiliate” of any specified Person, or the Issuers, means
any other Person directly or indirectly controlling or controlled by, or under
direct or indirect common control with, such specified Person, or in the case
of the Issuers, either Issuer or the Issuers taken together.  For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by”
and “under common control with”), as used
with respect to any Person, 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.  For purposes of this
definition, (i) each of the entities comprising Blackstone and VUE is an
Affiliate of the Co-Issuers, (ii) UCF Hotel Venture is not an Affiliate of the
Co-Issuers under UCF Hotel Venture’s ownership structure as it exists on the
Issue Date and (iii) HR Florida Partners is not an Affiliate of the Issuers.

 

“Agent” means any Registrar, Paying Agent, Calculation Agent
or co-Registrar.

 

“amend” means amend, modify, supplement, restate or amend and
restate, including successively, and “amending” and “amended” have correlative meanings.

 

“Asset Sale” means:

 

(1)           the
sale, conveyance, transfer or other disposition (whether in a single
transaction or a series of related transactions) of property or assets
(including by way of a Sale/Leaseback Transaction) of either Issuer or any
Restricted Subsidiary (each referred to in this definition as a “disposition”)
or

 

(2)           the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than
to an Issuer or another Restricted Subsidiary) (whether in a single transaction
or a series of related transactions),

 

in each case other than:

 

(a)           a
disposition of Cash Equivalents or Investment Grade Securities or obsolete or
worn out equipment, or equipment or property that is no longer useful in the
conduct of the business of the Issuers and the Restricted Subsidiaries, in each
case, in the ordinary course of business;

 

2

 

 

(b)           the
disposition of all or substantially all of the assets of any Co-Issuer in a
manner permitted pursuant to Section 5.01 or any disposition that constitutes a
Change of Control;

 

(c)           any
Restricted Payment or Permitted Investment that is permitted to be made, and is
made, under Section 4.11;

 

(d)           any
disposition of assets, or issuance or sale of Equity Interests of any
Restricted Subsidiary, with an aggregate Fair Market Value of less than $20.0
million;

 

(e)           any
disposition of property or assets by a Restricted Subsidiary to an Issuer or by
an Issuer or a Restricted Subsidiary to a Restricted Subsidiary;

 

(f)            sales
of assets received by an Issuer upon the foreclosure on a Lien;

 

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

 

(h)           sales
of inventory in the ordinary course of business; and

 

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

 

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

 

“Blackstone” means Blackstone Capital Partners III Merchant
Banking Fund L.P. and its Affiliates.

 

“Board of Directors” means as to any Person, the board of
directors of such Person (or, if such Person is a partnership, the board of
directors or other governing body of the general partner of such Person) or any
duly authorized committee thereof or, with respect to UCDP, the Park Advisory
Board and with respect to either Issuer, the partner representatives of such
Issuer.

 

“Board Resolution” means, with respect to any Person, a duly
adopted resolution or consent of the Board of Directors of such Person, which
is in full force and effect on the date of such adoption or consent, and
delivered to the Trustee.

 

“Business Day” means a day other than a Saturday, Sunday or
other day on which banking institutions are authorized or required by law to
close in New York State.

 

“Calculation Date” has the meaning assigned to such term in
the definition of “Debt to EBITDA Ratio.”

 

3

 

“Capital Stock” means:

 

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

 

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

 

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

 

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

 

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

 

“Cash Contribution Amount” means half of the aggregate amount
of Indebtedness Incurred by the Issuers pursuant to clause (xviii) of Section
4.10(b).

 

“Cash Equivalents” means:

 

(1)           U.S.
dollars, pounds sterling, euros or, in the case of any Foreign Subsidiary that
is a Restricted Subsidiary, such local currencies held by it from time to time
in the ordinary course of business;

 

(2)           securities
issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof;

 

(3)           certificates
of deposit and time deposits with maturities of one year or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding one year and
overnight bank deposits, in each case with any commercial bank having capital
and surplus in excess of $500.0 million and whose long-term debt is rated “A”
or the equivalent thereof by Moody’s or S&P;

 

(4)           repurchase
obligations for underlying securities of the types described in clauses (2) and
(3) above entered into with any financial institution meeting the qualifications
specified in clause (3) above;

 

(5)           commercial
paper issued by a corporation (other than an Affiliate of the Issuers) rated at
least “A-2” or the equivalent thereof by Moody’s or S&P and in each case
maturing within one year after the date of acquisition;

 

4

 

(6)           investment
funds investing at least 95% of their assets in securities of the types
described in clauses (1) through (5) above;

 

(7)           readily
marketable direct obligations issued by any state of the United States of
America or any political subdivision thereof having one of the two highest
rating categories obtainable from either Moody’s or S&P; and

 

(8)           Indebtedness
or preferred stock issued by Persons (other than Blackstone or its Affiliates)
with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s.

 

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

 

(1)           the
sale, lease or transfer, in one or a series of related transactions, of all or
substantially all the assets of the Issuers and their Subsidiaries, taken as a
whole, to a Person other than one or more of the Permitted Holders; or

 

(2)           the
Co-Issuers become aware (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of
the acquisition by any Person or group (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act, or any successor provision), including
any group acting for the purpose of acquiring, holding or disposing of
securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act),
other than the Permitted Holders, in a single transaction or in a related
series of transactions, by way of merger, consolidation or other business
combination or purchase of beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act, or any successor provision), of more than 50% of
the total combined voting power of the Voting Stock or economic interests of
the Issuers (taken together); or

 

(3)           the
Issuers (taken together) cease to legally and beneficially own, directly or
indirectly, 100% of the issued and outstanding Capital Stock of UCDP.

 

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

 

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

 

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

 

5

 

(1)           consolidated
interest expense of such Person and its Restricted Subsidiaries for such
period, to the extent such expense was deducted in computing Consolidated Net
Income (including the interest component of Capitalized Lease Obligations, and
net payments and receipts (if any) pursuant to interest rate Hedging
Obligations and excluding amortization of deferred financing fees and original
issue discount, expensing of any bridge or other financing fees and non-cash
interest accrued on Special Fees);

 

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

 

(3)           one-third
of the obligations of such Person and its Restricted Subsidiaries for rental
payments made during such period under operating leases as part of
Sale/Leaseback Transactions

 

calculated in the case of the Issuers on a combined
consolidated basis.

 

“Consolidated Net Income” means, with respect to any Person
for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis (or, with
respect to the Issuers, on a combined consolidated basis); provided,
however, that:

 

(1)           any
net after-tax extraordinary gains or losses (less all fees and expenses relating
thereto) shall be excluded;

 

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

 

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

 

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

 

(5)           the
Net Income for such period of any Person that is not a Subsidiary of such
Person, or is an Unrestricted Subsidiary, or that is accounted for by the
equity method of accounting, shall be included only to the extent of the amount
of dividends or distributions or other payments paid in cash (or to the extent
converted into cash) to the referent Person or a Restricted Subsidiary thereof
in respect of such period; and

 

(6)           the
Net Income for such period of any Restricted Subsidiary shall be excluded to
the extent that the declaration or payment of dividends or similar distributions

 

6

 

by such Restricted Subsidiary of its Net Income is not
at the date of determination permitted without any prior governmental approval
(which has not been obtained) or, directly or indirectly, by the operation of
the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless (x) such restrictions with respect to
the payment of dividends or similar distributions have been legally waived or
(y) such restriction is permitted pursuant to Section 4.15; provided that the net loss of any such Restricted Subsidiary
shall be included.

 

For the avoidance of doubt, Consolidated Net Income
includes the deduction of any accrual of Special Fees incurred after the Issue
Date.

 

Notwithstanding
the foregoing, for the purpose of Section 4.11 only, there shall be excluded
from Consolidated Net Income any dividends, repayments of loans or advances or
other transfers of assets from Unrestricted Subsidiaries to an Issuer or a
Restricted Subsidiary to the extent such dividends, repayments or transfers
increase the amount of Restricted Payments permitted under such Section
pursuant to clauses (a)(C)(4) and (a)(C)(5).

 

“Contribution Indebtedness” means Indebtedness of such Person
in an aggregate principal amount not greater than twice the aggregate amount of
cash contributions (other than Excluded Contributions) made to the capital of
the Issuers (taken together) after the Issue Date, provided
that:

 

(1)           if
the aggregate principal amount of such Contribution Indebtedness is greater
than such cash contributions to the capital of the Issuers (taken together) the
amount in excess shall be Indebtedness with a Stated Maturity later than the
Stated Maturity of the Notes, and

 

(2)           such
Contribution Indebtedness (a) is Incurred within 180 days after the making of
such cash contributions and (b) is so designated as Contribution Indebtedness
pursuant to an Officers’ Certificate on the Incurrence date thereof.

 

“Corporate Trust Office” means the corporate trust office of
the Trustee located at 101 Barclay Street, Floor 8W, New York, New York 10286,
Attention:  Corporate Trust
Administration, with a copy to 10161 Centurion Parkway, Jacksonville, Florida
32256, Attention:  Corporate Trust
Administration, or such other office, designated by the Trustee by written
notice to the Issuers, at which at any particular time its corporate trust
business shall be principally administered.

 

“Credit Agreement” means the credit agreement dated as of
December 9, 2004 among UCDP, the financial institutions named therein, and
JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, as
amended, restated, supplemented, waived, replaced (whether or not upon
termination, and whether with the original lenders or otherwise),

 

7

 

restructured, repaid, refunded, refinanced or
otherwise modified from time to time, including any agreement extending the
maturity thereof or otherwise restructuring all or any portion of the
Indebtedness under such agreement or increasing the amount loaned thereunder or
altering the maturity thereof.

 

“Custodian” means any receiver, trustee, assignee,
liquidator, sequestrator or similar official under any Bankruptcy Law.

 

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

 

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

 

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

 

calculated in the case of the Issuers on a combined
consolidated basis.

 

For
purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers, consolidations and discontinued operations
(as determined in accordance with GAAP), in each case with respect to an
operating unit of a business, that have been made by the Issuers or any
Restricted Subsidiary during the four-quarter reference period or subsequent to
such reference period and on or prior to or simultaneously with the Calculation
Date shall be calculated on a pro forma basis assuming that all such
Investments, acquisitions, dispositions, discontinued operations, mergers and consolidations
(and the change in EBITDA resulting therefrom) had occurred on the first day of
the four-quarter reference period.  If
since the beginning of such period any Person that subsequently became a
Restricted Subsidiary or was merged with or into an Issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment,
acquisition, disposition, discontinued operation, merger or consolidation, in
each case with respect to an operating unit of a business, that would have
required adjustment pursuant to this definition, then the Debt to EBITDA Ratio
shall be calculated giving pro forma effect thereto for such period as if such
Investment, acquisition, disposition, discontinued operation, merger or
consolidation had occurred at the beginning of the applicable four-quarter
period.

 

For
purposes of this definition, whenever pro forma effect is to be given to any
transaction, the pro forma calculations shall be made in good faith by a
responsible financial or accounting officer of an Issuer.  Any such pro forma calculation may include
adjustments appropriate, in the reasonable determination of the Issuers as set
forth in an Officers’ Certificate, to reflect operating expense reductions
reasonably expected to result from any acquisition or merger.

 

8

 

“Default” means any event which is, or after notice or
passage of time or both would be, an Event of Default.

 

“Depositary” shall mean The Depository Trust Company, New
York, New York, or a successor thereto registered under the Exchange Act or
other applicable statute or regulation.

 

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

 

“Designated Preferred Stock” means Preferred Stock of an
Issuer (other than Disqualified Stock) that is issued for cash (other than to a
Subsidiary of the Issuers or an employee stock ownership plan or trust
established by an Issuer or any of the Issuers’ Subsidiaries) and is so
designated as Designated Preferred Stock, pursuant to an Officers’ Certificate,
on the issuance date thereof, the cash proceeds of which are excluded from the
calculation set forth in Section 4.11(a)(iv)(C).

 

“Disqualified Stock” means, with respect to any Person, any
Capital Stock of such Person which, by its terms (or by the terms of any
security into which it is convertible or for which it is redeemable or
exchangeable), or upon the happening of any event:

 

(1)           matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise (other than as a result of a change of control or asset sale, provided that the relevant asset sale or change of control
provisions, taken as a whole, are no more favorable in any material respect to
holders of such Capital Stock than the asset sale and change of control
provisions applicable to the Notes and any purchase requirement triggered
thereby may not become operative until compliance with the asset sale and
change of control provisions applicable to the Notes (including the purchase of
any Notes tendered pursuant thereto)),

 

(2)           is
convertible or exchangeable for Indebtedness or Disqualified Stock, or

 

(3)           is
redeemable at the option of the holder thereof, in whole or in part, in each
case prior to 91 days after the maturity date of the Notes;

 

provided, however,
that only the portion of Capital Stock which so matures or is mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option
of the holder thereof prior to such date shall be deemed to be Disqualified
Stock; provided  further,
however, that if such Capital Stock is
issued to any employee or to any plan for the benefit of employees of an Issuer
or any of the Issuers’ Subsidiaries or by any such plan to such employees, such

 

9

 

Capital Stock shall not constitute Disqualified Stock
solely because it may be required to be repurchased by a Co-Issuer in order to
satisfy applicable statutory or regulatory obligations or as a result of such
employee’s termination, death or disability.

 

“Domestic Subsidiary” means a Restricted Subsidiary that is
not a Foreign Subsidiary.

 

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

 

(1)           provision
for taxes based on income or profits of such Person for such period deducted in
computing Consolidated Net Income; plus

 

(2)           Consolidated
Interest Expense plus amortization of deferred financing fees and original
issue discount of such Person for such period to the extent the same was
deducted in computing Consolidated Net Income; plus

 

(3)           Consolidated
Depreciation and Amortization Expense of such Person for such period to the
extent such Consolidated Depreciation and Amortization Expense was deducted in
computing Consolidated Net Income; plus

 

(4)           any
non-recurring fees, expenses or charges related to any Equity Offering,
Permitted Investment, acquisition or Indebtedness permitted to be Incurred by
this Indenture (in each case, whether or not successful), to the extent deducted
in such period in computing Consolidated Net Income; plus

 

(5)           any
(a) cash restructuring charges not to exceed $15.0 million per annum and (b)
any one-time costs incurred in connection with acquisitions consummated after
the Issue Date, in each case, to the extent deducted in such period in
computing Consolidated Net Income; plus

 

(6)           the
amount of management, consulting, monitoring and advisory fees and related
expenses payable to VUE or Blackstone (or any accruals relating to such fees
and related expenses) during such period, in an amount not to exceed $3.0
million; plus

 

(7)           any
non-cash expense relating to defined benefit pension or post-retirement benefit
plans to the extent deducted in such period in computing Consolidated Net Income;
plus

 

(8)           any
other non-cash charges reducing Consolidated Net Income for such period
(including any non-cash charges arising from fair value accounting required by
Statement of Financial Accounting Standards No. 133), but excluding any such
charge

 

10

 

which consists of or requires an accrual of, or cash
reserve for, anticipated cash charges for any future period; plus

 

(9)           the
amount of any minority interest expense deducted in calculating Consolidated
Net Income;

 

less, without duplication,

 

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

 

(2)           any
income relating to defined benefit pension or post-retirement benefit plans
increasing Consolidated Net Income for such period,

 

calculated in the case of the Issuers on a combined
consolidated basis.

 

Notwithstanding
the foregoing, the provision for taxes based on the income or profits of, and
the depreciation and amortization of, a Subsidiary of the Issuers shall be
added to Consolidated Net Income to compute EBITDA only to the extent (and in
the same proportion) that the Net Income of such Subsidiary was included in
calculating Consolidated Net Income and only if a corresponding amount would be
permitted at the date of determination to be dividended to the Issuers by such
Subsidiary without prior approval (that has not been obtained), pursuant to the
terms of its charter and all agreements, instruments, judgments, decrees,
orders, statutes, rules and governmental regulations applicable to such Subsidiary
or its stockholders.

 

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

 

“Equity Offering” means any public or private sale of Capital
Stock, including without limitation, Preferred Stock of an Issuer (other than
Disqualified Stock), other than:

 

(1)           public
offerings registered on Form S-8; and

 

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

 

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

 

“Exchange Offer” means the registration by the Co-Issuers
under the Securities Act pursuant to a registration statement of the offer by
the Co-Issuers to each Holder of the Initial Notes to exchange all the Initial
Notes held by such Holder for Exchange Notes in an aggregate

 

11

 

principal amount equal to the aggregate principal
amount of Initial Notes held by such Holder, all in accordance with the terms
and conditions of the Registration Rights Agreement.

 

“Exchange Offer Registration Statement” means the
registration statement filed with the SEC in connection with the Exchange
Offer.

 

“Excluded Contributions” means the net cash proceeds received
by the Issuers (taken together) after the Issue Date from:

 

(1)           contributions
to the common equity capital of the Issuers (taken together), and

 

(2)           the
sale (other than to a Subsidiary of the Issuers or to any Subsidiary management
equity plan or stock option plan or any other management or employee benefit
plan or agreement) of Capital Stock (other than Disqualified Stock and
Designated Preferred Stock) of the Issuers, in each case designated as Excluded
Contributions pursuant to an Officers’ Certificate (taken together), the cash
proceeds of which are excluded from the calculation set forth in Section
4.11(a)(iv)(C).

 

“Existing Notes” means the 11 3/4% Senior Notes due 2010 of
UCDP.

 

“Fair Market Value” means, with respect to any asset or
property, the price which could be negotiated in an arm’s-length, free market
transaction, for cash, between a willing seller and a willing and able buyer,
neither of whom is under undue pressure or compulsion to complete the
transaction.

 

“Foreign Subsidiary” means a Restricted Subsidiary not
organized or existing under the laws of the United States of America or any
state or territory thereof and any subsidiary of such Restricted Subsidiary.

 

“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 Issue Date.  For the purposes of this Indenture, the term
“consolidated” with respect to any Person shall mean such Person consolidated
with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary,
but the interest of such Person in an Unrestricted Subsidiary will be accounted
for as an Investment and, in the case of the Issuers, “combined” means the
financial condition and results of the Issuers combined in accordance with
GAAP.

 

“Global Note” shall mean one or more IAI Global Notes,
Regulation S Global Notes and 144A Global Notes.

 

12

 

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

 

“Guarantee” means any guarantee of the obligations of any
Co-Issuer under this Indenture and the Notes by any Person in accordance with
the provisions of this Indenture.

 

“Guarantor” means any Person that Incurs a Guarantee; provided that upon the release or discharge of such Person
from its Guarantee in accordance with this Indenture, such Person ceases to be
a Guarantor.

 

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

 

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

 

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

 

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

 

“IAI Global Note”
means a permanent global security representing either the Fixed Rate Notes or
the Floating Rate Notes, as the case may be, in the form of Exhibit A
hereto bearing the legends set forth in Exhibit B and deposited with or
on behalf of and registered in the name of the Depositary or its nominee.

 

“Incur” means issue, assume, guarantee, incur or otherwise
become liable for; provided, however, that any Indebtedness or Capital Stock of a Person
existing at the time such Person becomes a Subsidiary of the Issuers (whether
by merger, consolidation, acquisition or otherwise) shall be deemed to be
Incurred by such Person at the time it becomes a Subsidiary of the Issuers.

 

“Indebtedness” means, with respect to any Person:

 

(1)           the
principal and premium (if any) of any indebtedness of such Person, whether or
not contingent, (a) in respect of borrowed money, (b) evidenced by bonds,
notes, debentures or similar instruments or letters of credit or bankers’ acceptances
(or, without duplication, reimbursement agreements in respect thereof), (c)
representing the deferred and unpaid purchase price of any property, except any
such balance that constitutes

 

13

 

a trade payable or similar obligation to a trade
creditor due within twelve months from the date on which it is Incurred, in
each case Incurred in the ordinary course of business, which purchase price is
due more than twelve months after the date of placing the property in service
or taking delivery and title thereto or (d) in respect of Capitalized Lease
Obligations, if and to the extent that any of the foregoing indebtedness (other
than letters of credit) would appear as a liability on a balance sheet
(excluding the footnotes thereto) of such Person prepared in accordance with
GAAP;

 

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

 

(3)           to
the extent not otherwise included, Indebtedness of another Person secured by a
Lien on any asset owned by such Person (whether or not such Indebtedness is
assumed by such Person); provided, however, that the amount of such Indebtedness will be the
lesser of: (a) the Fair Market Value of such asset at such date of determination
and (b) the amount of such Indebtedness of such other Person; and

 

(4)           the
deferred Special Fee in the aggregate amount of $40.9 million owed to VUE
outstanding as of September 26, 2004, on a pro forma basis after giving effect
to the Transactions (to the extent such amount remains unpaid),

 

calculated in the case of the Issuers on a combined
consolidated basis.

 

Notwithstanding
the foregoing, “Indebtedness” shall not include:

 

(1)           any
obligation of either Issuer to make distributions to its partners in accordance
with the terms of its partnership agreement; and

 

(2)           any
obligation relating to the Special Fee, other than as referred to in clause (4)
of the foregoing paragraph.

 

“Indenture” means this Indenture, as amended or supplemented
from time to time in accordance with the terms hereof.

 

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

 

“Initial Purchasers” means J.P. Morgan Securities Inc. and
Banc of America Securities LLC.

 

14

 

“Institutional Accredited Investor” or “IAI”
means an institutional “accredited investor” within the meaning of
Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“interest” means, with respect to the Notes, interest and any
Additional Interest on the Notes.

 

“Interest Payment Date” means, in the case of the Floating
Rate Notes, each February 1, May 1, August 1 and November 1, commencing
February 1, 2005, and in the case of the Fixed Rate Notes, each May 1 and
November 1, commencing May 1, 2005.

 

“Investment Grade Securities” means:

 

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

 

(2)           debt
securities or debt instruments (other than those issued by Blackstone, VUE or
their respective Affiliates) with a rating of BBB- or higher by S&P or Baa3
or higher by Moody’s or the equivalent of such rating by such rating organization,
or if no rating of S&P or Moody’s then exists, the equivalent of such
rating by any other nationally recognized securities rating agency, but
excluding any debt securities or instruments constituting loans or advances
among the Issuers and their Subsidiaries,

 

(3)           investments
in any fund that invests exclusively in investments of the type described in
clauses (1) and (2) which fund may also hold immaterial amounts of cash pending
investment and/or distribution and

 

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

 

“Investments”
means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees), advances
or capital contributions (excluding accounts receivable, trade credit and
advances to customers and commission, travel and similar advances to officers,
employees and consultants made in the ordinary course of business), purchases
or other acquisitions for consideration of Indebtedness, Equity Interests or
other securities issued by any other Person and investments that are required
by GAAP to be classified on the balance sheet of the Issuers (calculated on a
combined consolidated basis) in the same manner as the other investments
included in this definition to the extent such transactions involve the
transfer of cash or other property.  For
purposes of the definition of “Unrestricted Subsidiary” and Section 4.11:

 

(1)           “Investments”
shall include the portion (proportionate to the Issuers’ equity interest in
such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary

 

15

 

of the Issuers at the time that such Subsidiary is
designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a
Restricted Subsidiary, the Issuers shall be deemed to continue to have a permanent
“Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal
to:

 

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

 

(B)           the portion (proportionate to the
Issuers’ equity interest in such Subsidiary) of the Fair Market Value of the
net assets of such Subsidiary at the time of such redesignation; and

 

(2)           any
property transferred to or from an Unrestricted Subsidiary shall be valued at
its Fair Market Value at the time of such transfer,

 

in each case as determined in good faith by the Board
of Directors of UCDP or the Board of Directors of each of the Issuers.

 

“Issue Date” means December 9, 2004.

 

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

 

“Maturity Date” means May 1, 2010.

 

“Moody’s” means Moody’s Investors Service, Inc. or any
successor to the rating agency business thereto.

 

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

 

“Net Proceeds” means the aggregate cash proceeds received by
the Issuers or any Restricted Subsidiary in respect of any Asset Sale
(including, without limitation, any cash received in respect of or upon the
sale or other disposition of any Designated Non-cash Consideration or Land Sale
Non-cash Consideration received in any Asset Sale and any cash payments
received by way of deferred payment of principal pursuant to a note or installment
receivable or otherwise, but only as and when received, but excluding the assumption
by the acquiring

 

16

 

person of Indebtedness relating to the disposed assets
or other consideration received in any other non-cash form), net of the direct
costs relating to such Asset Sale and the sale or disposition of such
Designated Non-cash Consideration (including, without limitation, legal,
accounting and investment banking fees, and brokerage and sales commissions),
and any relocation expenses Incurred as a result thereof, taxes paid or payable
as a result thereof (after taking into account any available tax credits or
deductions and any tax sharing arrangements related thereto), payments required
to be made to holders of minority interests in Restricted Subsidiaries as a
result of such Asset Sale, amounts required to be applied to the repayment of
principal, premium (if any) and interest on Indebtedness required (other than
pursuant to Section 4.13(b)) to be paid as a result of such transaction, any
required distributions to holders of minority interests in any Restricted
Subsidiary party to such Asset Sale and any deduction of appropriate amounts to
be provided by the Issuers as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and retained
by the Issuers after such sale or other disposition thereof, including, without
limitation, pension and other post-employment benefit liabilities and
liabilities related to environmental matters or against any indemnification
obligations associated with such transaction (calculated in the case of the
Issuers on a combined consolidated basis).

 

“Non-U.S. Person” has the meaning assigned to such term in
Regulation S.

 

“Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements (including, without limitation, reimbursement
obligations with respect to letters of credit and bankers’ acceptances),
damages and other liabilities payable under the documentation governing any
Indebtedness; provided that Obligations with
respect to the Notes shall not include fees or indemnifications in favor of the
Trustee and other third parties other than the Holders of the Notes.

 

“Offering Memorandum” means the offering memorandum of the
Co-Issuers dated December 2, 2004 relating to the Initial Notes.

 

“Officer” means any member of the Park Advisory Board, Chief
Executive Officer, President, any Executive Vice President, Senior Vice
President or Vice President, the Treasurer or the Secretary of either Issuer or
the comparable title with respect to its general partner, or any person
performing those functions for either Issuer but employed by an Affiliate of
either Issuer, as applicable.

 

“Officers’ Certificate” means a certificate signed on behalf
of the Issuers by two Officers of either Issuer, one of whom must be the
principal executive officer, the principal financial officer or the principal
accounting officer of such Issuer; provided that
an Officers’ Certificate delivered on the Issue Date shall mean a certificate
signed on behalf of the Issuers by one Officer of either Issuer who must be the
principal executive officer, the principal financial officer or the principal
accounting officer of such Issuer, and in either case, such certificate must
meet the requirements set forth in this Indenture.

 

17

 

“144A Global Notes” means permanent global securities in
registered form representing the aggregate principal amount of Floating Rate
Notes and Fixed Rate Notes, as the case may be, sold in reliance on
Rule 144A under the Securities Act.

 

“Opinion of Counsel” means a written opinion from legal
counsel.  The counsel may be an employee
of, or counsel to, an Issuer.

 

“Pari Passu Indebtedness” means any Indebtedness of the
Co-Issuers that ranks equally in right of payment to the Notes.

 

“Partnership Agreement” means the Amended and Restated
Agreement of Limited Partnership of UCDP dated as of June 5, 2002.

 

“Permitted Holders” means (i) VUE, (ii) Blackstone and (iii)
any Person in which Blackstone and VUE collectively own at least 75% of the
outstanding Capital Stock.  Any person or
group whose acquisition of beneficial ownership constitutes a Change of Control
in respect of which a Change of Control Offer is made in accordance with the
requirements of this Indenture will thereafter, together with its Affiliates,
constitute an additional Permitted Holder.

 

“Permitted Investments” means:

 

(1)           any
Investment in the Co-Issuers or any Restricted Subsidiary;

 

(2)           any
Investment in Cash Equivalents or Investment Grade Securities;

 

(3)           any
Investment by any Issuer or any Restricted Subsidiary in a Person that is
primarily engaged in a Similar Business if as a result of such Investment (a)
such Person becomes a Restricted Subsidiary, or (b) such Person, in one transaction
or a series of related transactions, is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, an Issuer or a Restricted Subsidiary;

 

(4)           any
Investment in securities or other assets not constituting Cash Equivalents and
received in connection with an Asset Sale made pursuant to Section 4.13 or
any other disposition of assets not constituting an Asset Sale;

 

(5)           any
Investment existing on the Issue Date;

 

(6)           advances
to employees of an Issuer or to employees of an Affiliate of an Issuer that
regularly provides services to an Issuer not in excess of $10.0 million outstanding
at any one time for the Issuers in the aggregate;

 

18

 

(7)           any
Investment acquired by an Issuer or any Restricted Subsidiary (a) in exchange
for any other Investment or accounts receivable held by an Issuer or any such
Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or
accounts receivable, (b) as a result of a foreclosure by an Issuer or any
Restricted Subsidiary with respect to any secured Investment or other transfer
of title with respect to any secured Investment in default, or (c) in
satisfaction of a judgment in favor of an Issuer or any Restricted Subsidiary;

 

(8)           Hedging
Obligations;

 

(9)           additional
Investments having an aggregate Fair Market Value, taken together with all
other Investments made pursuant to this clause (9), not to exceed 5% of Total
Assets at the time of such Investment (with the Fair Market Value of each
Investment being measured at the same time made and without giving effect to
subsequent changes in value); provided, however, that if any Investment pursuant to this clause (9)
is made in any Person that is not a Restricted Subsidiary at the date of the
making of such Investment and such Person becomes a Restricted Subsidiary after
such date, such Investment shall thereafter be deemed to have been made
pursuant to clause (1) above and shall cease to have been made pursuant to this
clause (9) for so long as such Person continues to be a Restricted Subsidiary;

 

(10)         loans
and advances to officers, directors and employees for business-related travel
expenses, moving expenses and other similar expenses, in each case incurred in
the ordinary course of business;

 

(11)         Investments
the payment for which consists of Equity Interests of an Issuer (other than
Disqualified Stock); provided, however, that such Equity Interests will not increase the
amount available for Restricted Payments under Section 4.11(a)(C);

 

(12)         any
transaction to the extent it constitutes an Investment that is permitted by and
made in accordance with the provisions of Section 4.14(b) (except
transactions described in clauses (ii), (vi) and (vii) of such section);

 

(13)         Investments
consisting of the licensing or contribution of intellectual property pursuant
to joint marketing arrangements with other Persons;

 

(14)         guarantees
issued in accordance with Sections 4.10 and 4.16;

 

(15)         any
Investment by Restricted Subsidiaries in other Restricted Subsidiaries and
Investments by Subsidiaries that are not Restricted Subsidiaries in other
Subsidiaries that are not Restricted Subsidiaries;

 

19

 

(16)         Investments
consisting of purchases and acquisitions of inventory, supplies, materials and
equipment or purchases of contract rights or licenses or leases of intellectual
property, in each case in the ordinary course of business; and

 

(17)         Investments
consisting of the purchase by an Issuer at no greater than par from VUE of the
right to receive any Special Fee.

 

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

 

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

 

(2)           Liens
imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each
case for sums not yet due or being contested in good faith by appropriate proceedings
or other Liens arising out of judgments or awards against such Person with
respect to which such Person shall then be proceeding with an appeal or other
proceedings for review;

 

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

 

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

 

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

 

(6)           Liens
securing Indebtedness under the Credit Agreement incurred in accordance with
Section 4.10 and Liens securing Indebtedness permitted to be incurred pursuant
to clause (iv), (xii) or (xix) of Section 4.10(b);

 

20

 

(7)           Liens
existing on the Issue Date and after giving effect to the Transactions;

 

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

 

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

 

(10)         Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to
an Issuer or another Restricted Subsidiary permitted to be Incurred in accordance
with Section 4.10;

 

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

 

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

 

(13)         leases
and subleases of real property which do not materially interfere with the
ordinary conduct of the business of the Co-Issuers or any Restricted Subsidiary;

 

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

 

(15)         Liens
in favor of the Issuers;

 

(16)         Liens
to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancings, refundings, extensions, renewals or replacements) as a
whole, or in part, of any Indebtedness secured by any Lien referred to in the
foregoing clauses (6), (7), (8), (9), (10) and (11); provided,
however, that (x) such new

 

21

 

Lien shall be limited to all or part of the same
property that secured the original Lien (plus improvements on such property),
and (y) the Indebtedness secured by such Lien at such time is not increased to
any amount greater than the sum of (A) the outstanding principal amount or, if
greater, committed amount of the Indebtedness described under clauses (6), (7),
(8), (9), (10) and (11) at the time the original Lien became a Permitted Lien
under this Indenture, and (B) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, refunding, extension, renewal
or replacement;

 

(17)         Liens
securing obligations created by or resulting from any litigation or legal
proceeding involving an Issuer in the ordinary course of business which is currently
being contested in good faith by appropriate proceedings; provided
that adequate reserves have been set aside and no property is subject to a
material risk of loss or forfeiture;

 

(18)         Liens
securing the obligations of UCDP under that certain Agreement dated as of
January 20, 1987;

 

(19)         licenses
of intellectual property granted in a manner consistent with past practice; and

 

(20)         other
Liens securing obligations in an amount not to exceed $5.0 million at any one
time outstanding.

 

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

 

“Preferred Stock” means any Equity Interest with preferential
right of payment of dividends or upon liquidation, dissolution or winding up.

 

“Qualified Institutional Buyer” or “QIB”
shall have the meaning specified in Rule 144A under the Securities Act.

 

“Record Date” means the applicable Record Date specified in
the Notes.

 

“Redemption Date,” when used with respect to any Note to be
redeemed, means the date fixed for such redemption pursuant to this Indenture
and such Note.

 

“Redemption Price,” when used with respect to any Note to be
redeemed, means the price fixed for such redemption, payable in immediately
available funds, pursuant to this Indenture and such Note.

 

22

 

“Registration Rights Agreement” means (i) the
Registration Rights Agreement dated as of December 9, 2004 among the Co-Issuers
and the Initial Purchasers and (ii) with respect to any Additional Notes,
one or more similar registration rights agreements between the Co-Issuers and
the other parties thereto relating to rights given by the Co-Issuers to the purchasers
of such Additional Notes.

 

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

 

“Regulation S Global Notes” means permanent global securities
in registered form representing the aggregate principal amount of Fixed Rate
Notes and Floating Rate Notes, as the case may be, sold in reliance on
Regulation S under the Securities Act.

 

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

 

“Restricted Security” means a Note that constitutes a
“Restricted Security” within the meaning of Rule 144(a)(3) under the
Securities Act; provided, however,
that the Trustee shall be entitled to request and conclusively rely on an
Opinion of Counsel with respect to whether any Note constitutes a Restricted
Security.

 

“Restricted Subsidiary” means any Subsidiary of the Issuers
other than an Unrestricted Subsidiary.

 

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

 

“Sale/Leaseback Transaction” means an arrangement relating to
property now owned or hereafter acquired by an Issuer or a Restricted
Subsidiary whereby such Issuer or such Restricted Subsidiary transfers such
property to a Person and such Issuer or such Restricted Subsidiary leases it
from such Person, other than leases between a Co-Issuer and a Restricted Subsidiary
or between Restricted Subsidiaries.

 

“S&P” means Standard and Poor’s Ratings Group or any
successor to the rating agency business thereof.

 

“SEC” means the Securities and Exchange Commission.

 

“Secured Indebtedness” means any Indebtedness secured by a
Lien.

 

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

 

“Senior Credit Documents” means the collective reference to
the Credit Agreement, the notes issued pursuant thereto and the collateral
documents relating thereto, as amended, supplemented or otherwise modified from
time to time.

 

23

 

“Shelf Registration Statement” means a registration statement
filed by the Issuers in connection with the offer and sale of Initial Notes
pursuant to the Registration Rights Agreement.

 

“Significant Subsidiary” means any Restricted Subsidiary that
would be a “significant subsidiary” of the Issuers determined on a combined
consolidated basis, within the meaning of Rule 1-02 under Regulation S-X promulgated
by the SEC.

 

“Similar Business” means a business, the majority of whose
revenues are derived from the activities of the Co-Issuers and their
Subsidiaries as of the Issue Date or any business or activity that is
reasonably similar thereto or a reasonable extension, development or expansion
thereof or ancillary thereto.

 

“Special Fee” means that certain Special Fee, including any
interest accrued thereon, payable to VUE as defined in the Partnership
Agreement as in effect on the Issue Date or as such definition may be modified
in a manner no less favorable to UCDP.

 

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

 

“Subordinated Indebtedness” means with respect to the
Issuers, any Indebtedness of the Issuers which is by its terms subordinated in
right of payment to the Notes.

 

“Subsidiary” means, with respect to any Person or the Issuers
(1) any corporation, association or other business entity (other than a partnership,
joint venture or limited liability company) of which more than 50% of the total
voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time of determination owned or controlled,
directly or indirectly, by such Person, or the Issuers taken together, or one
or more of the other Subsidiaries of such Person, or the Issuers taken
together, or a combination thereof, and (2) any partnership, joint venture or
limited liability company of which (x) more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general and limited
partnership interests, as applicable, are owned or controlled, directly or indirectly,
by such Person, or the Issuers taken together, or one or more of the other
Subsidiaries of such Person, or the Issuers taken together, or a combination
thereof, whether in the form of membership, general, special or limited
partnership interests or otherwise, and (y) such Person, or the Issuers taken
together, or any Restricted Subsidiary of such Person, or the Issuers taken
together, is a controlling general partner or otherwise controls such entity.

 

24

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb), as in effect on the date of the date of this Indenture, except
as provided in Section 9.03.

 

“Total Assets” means the total consolidated assets of the
Issuers and the Restricted Subsidiaries, as shown on the most recent balance
sheet of the Issuers, calculated on a combined consolidated basis.

 

“Transactions” means the offering of the Notes and the other
transactions described in the Offering Memorandum relating to the offering of
the Notes.

 

“Trust Officer” means:

 

(1)           any
officer within the corporate trust department of a Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of that Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular subject,
and

 

(2)           who
shall have direct responsibility for the administration of this Indenture.

 

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

 

“UCDP” means Universal City Development Partners, Ltd., a
Florida limited partnership.

 

“Unrestricted Subsidiary” means:

 

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

 

(2)           any
Subsidiary of an Unrestricted Subsidiary.

 

The
Board of Directors of each of the Issuers may designate any Subsidiary of the
Issuers (including any newly acquired or newly formed Subsidiary of the
Issuers) to be an Unrestricted Subsidiary unless such Subsidiary or any of its
Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any
Lien on any property of, the Issuers (taken together) or any other Subsidiary
of the Issuers that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that
the Subsidiary to be so designated and its Subsidiaries do not at the time of
designation have and do not thereafter Incur any Indebtedness pursuant to

 

25

 

which the lender has recourse to any of the assets of
any of the Co-Issuers or any Restricted Subsidiaries; provided
further, however,
that either:

 

(a)           the
Subsidiary to be so designated has total consolidated assets of $1,000 or less;
or

 

(b)           if
such Subsidiary has consolidated assets greater than $1,000, then such
designation would be permitted under Section 4.11.

 

The
Board of Directors of each of the Issuers may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation:

 

(x)  (1) the Issuers could Incur $1.00
of additional Indebtedness pursuant to the Debt to EBITDA Ratio test described
under Section 4.10 or (2) the Debt to EBITDA Ratio for the Issuers and the
Restricted Subsidiaries would be lower than such ratio for the Issuers and the
Restricted Subsidiaries immediately prior to such designation, in each case on
a pro forma basis taking into account such designation and

 

(y)  no Event of Default shall have occurred
and be continuing.

 

Any
such designation by the Board of Directors of each of the Issuers shall be
evidenced to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Board of Directors of each of the Issuers giving effect to
such designation and an Officers’ Certificate certifying that such designation
complied with the foregoing provisions.

 

“U.S. Government Obligations” means direct obligations (or
certificates representing an ownership interest in such obligations) of the
United States of America (including any agency or instrumentality thereof) for
the payment of which the full faith and credit of the United States of America
is pledged and which are not callable or redeemable at the issuer’s option.

 

“U.S. Legal Tender” means such coin or currency of the United
States of America as at the time of payment shall be legal tender for the
payment of public and private debts.

 

“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, managers or other voting members of the governing body
of such Person.

 

“VUE” means Vivendi Universal Entertainment LLLP and its
Affiliates and any successor thereto.

 

26

 

“Weighted Average Life to Maturity” means, when applied to
any Indebtedness or Disqualified Stock, as the case may be, at any date, the
quotient obtained by dividing (1) the sum of the products of the number of
years from the date of determination to the date of each successive scheduled
principal payment of such Indebtedness or redemption or similar payment with
respect to such Disqualified Stock multiplied by the amount of such payment, by
(2) the sum of all such payments.

 

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

 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of
such Person 99% of the outstanding Capital Stock or other ownership interests
of which (other than directors’ qualifying shares) shall at the time be owned
by such Person or by one or more Wholly Owned Subsidiaries of such Person or by
such Person and one or more Wholly Owned Subsidiaries of such Person.

 

SECTION 1.02.                                                                 Other
Definitions.

 

	
  Term

  	
   

  	
  Defined
  in Section

  
	
   

  	
   

  	
   

  
	
  “Affiliate Transaction”

  	
   

  	
  4.14(a)

  
	
   

  	
   

  	
   

  
	
  “Asset Sale Offer”

  	
   

  	
  4.13(b)

  
	
   

  	
   

  	
   

  
	
  “Asset Sale Offer Amount”

  	
   

  	
  4.13(c)

  
	
   

  	
   

  	
   

  
	
  “Asset Sale Offer Period”

  	
   

  	
  4.13(c)

  
	
   

  	
   

  	
   

  
	
  “Asset Sale Purchase Date”

  	
   

  	
  4.13(c)

  
	
   

  	
   

  	
   

  
	
  “Basket Period”

  	
   

  	
  4.11(a)

  
	
   

  	
   

  	
   

  
	
  “Calculation Agent”

  	
   

  	
  2.03

  
	
   

  	
   

  	
   

  
	
  “Change of Control Offer”

  	
   

  	
  4.09(a)

  
	
   

  	
   

  	
   

  
	
  “Change of Control Payment”

  	
   

  	
  4.09(a)

  
	
   

  	
   

  	
   

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.09(b)

  
	
   

  	
   

  	
   

  
	
  “Co-Issuers”

  	
   

  	
  Recitals

  
	
   

  	
   

  	
   

  
	
  “Covenant Defeasance”

  	
   

  	
  8.02(c)

  
	
   

  	
   

  	
   

  
	
  “Event of Default”

  	
   

  	
  6.01

  
	
   

  	
   

  	
   

  
	
  “Excess Proceeds”

  	
   

  	
  4.13(b)

  
	
   

  	
   

  	
   

  
	
  “Exchange Notes”

  	
   

  	
  Recitals

  
	
   

  	
   

  	
   

  
	
  “Global Note Legend”

  	
   

  	
  Exhibit B

  

 

27

 

	
  Term

  	
   

  	
  Defined
  in Section

  
	
   

  	
   

  	
   

  
	
  “Guarantee Obligations”

  	
   

  	
  10.01(a)

  
	
   

  	
   

  	
   

  
	
  “Initial Notes”

  	
   

  	
  Recitals

  
	
   

  	
   

  	
   

  
	
  “Issuers”

  	
   

  	
  Recitals

  
	
   

  	
   

  	
   

  
	
  “Land Sale Non-cash Consideration”

  	
   

  	
  4.13(a)

  
	
   

  	
   

  	
   

  
	
  “Legal Defeasance”

  	
   

  	
  8.02(b)

  
	
   

  	
   

  	
   

  
	
  “Material Adverse Effect”

  	
   

  	
  4.03

  
	
   

  	
   

  	
   

  
	
  “Notes”

  	
   

  	
  Recitals

  
	
   

  	
   

  	
   

  
	
  “Original Notes”

  	
   

  	
  Recitals

  
	
   

  	
   

  	
   

  
	
  “Participants”

  	
   

  	
  2.15(a)

  
	
   

  	
   

  	
   

  
	
  “Paying Agent”

  	
   

  	
  2.03

  
	
   

  	
   

  	
   

  
	
  “Physical Notes”

  	
   

  	
  2.01

  
	
   

  	
   

  	
   

  
	
  “Private Placement Legend”

  	
   

  	
  Exhibit B

  
	
   

  	
   

  	
   

  
	
  “Refinancing Indebtedness”

  	
   

  	
  4.10(b)

  
	
   

  	
   

  	
   

  
	
  “Refunding Capital Stock”

  	
   

  	
  4.11(b)

  
	
   

  	
   

  	
   

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
   

  	
   

  	
   

  
	
  “Restricted Payments”

  	
   

  	
  4.11(a)

  
	
   

  	
   

  	
   

  
	
  “Retired Capital Stock”

  	
   

  	
  4.11(b)

  
	
   

  	
   

  	
   

  
	
  “Successor Company”

  	
   

  	
  5.01(a)

  
	
   

  	
   

  	
   

  
	
  “Successor Guarantor”

  	
   

  	
  5.01(b)

  

 

SECTION 1.03.                                                                 Incorporation
by Reference of TIA.

 

Whenever
this Indenture refers to a provision of the TIA, such 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:

 

(a)           “indenture securities” means
the Notes;

 

(b)           “indenture security holder”
means a Holder or a Noteholder;

 

(c)           “indenture to be qualified”
means this Indenture;

 

28

 

(d)           “indenture trustee” or “institutional
trustee” means the Trustee; and

 

(e)           “obligor” on the indenture
securities means the Co-Issuers, any Guarantor or any other obligor on the
Notes.

 

All
other TIA terms used in this Indenture that are defined by the TIA, defined by
TIA reference to another statute or defined by SEC rule and not otherwise
defined herein have the meanings assigned to them therein.

 

SECTION 1.04.                                                                 Rules
of Construction.

 

Unless
the context otherwise requires:

 

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

 

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

 

(c)           “or” is not exclusive;

 

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

 

(e)           “herein,” “hereof” and other words of
similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision; and

 

(f)            the words “including,” “includes”
and similar words shall be deemed to be followed by “without limitation.”

 

ARTICLE TWO

THE NOTES

 

SECTION 2.01.                                                                 Form
and Dating.

 

The
Initial Notes, the Exchange Notes and the Trustee’s certificate of authentication
shall be substantially in the form of Exhibits A-1 and A-2
hereto.  The Notes may have notations,
legends or endorsements required by law, stock exchange rule or usage.  The Co-Issuers shall approve the form of the
Notes and any notation, legend or endorsement on them.  Each Note shall be dated the date of its
authentication.  Any Note (whether a Global
Note or a Physical Note) that is a Restricted Security shall bear the Private
Placement Legend set forth in Exhibit B.

 

29

 

The
terms and provisions contained in the Notes shall constitute, and are hereby
expressly made, a part of this Indenture and, to the extent applicable, the
Co-Issuers and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.

 

Notes
offered and sold in reliance on Rule 144A and Notes offered and sold in
reliance on Regulation S shall be issued initially in the form of one or
more Global Notes, substantially in the form set forth in Exhibits A-1
and A-2, deposited with the Trustee, as custodian for the Depositary,
duly executed by the Co-Issuers and authenticated by the Trustee as hereinafter
provided and shall bear the legends relating to Global Notes set forth in Exhibit B.  The aggregate principal amount of the Global
Notes may from time to time be increased or decreased by adjustments made on
the records of the Trustee, as custodian for the Depositary, as hereinafter
provided.

 

Notes
issued in exchange for interests in a Global Note pursuant to Section 2.16 may
be issued in the form of permanent certificated Notes in registered form in
substantially the form set forth in Exhibits A-1 and A-2
(the “Physical Notes”) and shall, to the
extent applicable, bear the legends set forth in Exhibit B.

 

SECTION 2.02.                                                                 Execution
and Authentication.

 

One
Officer of each Co-Issuer (who shall have been duly authorized by all requisite
corporate actions) shall sign the Notes for such Co-Issuer by manual or
facsimile signature.

 

If an
Officer whose signature is on a Note was an Officer at the time of such
execution but no longer holds that office at the time the Trustee authenticates
the Note, the Note shall nevertheless be valid.

 

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

 

The
Trustee shall authenticate (i) Original Notes on the Issue Date in the
aggregate principal amount of $300,000,000 Floating Rate Notes and $150,000,000
Fixed Rate Notes and (ii) Exchange Notes from time to time for issuance
only in exchange for a like principal amount of Original Notes, in each case
upon a written order of each Co-Issuer in the form of an Officers’
Certificate.  In addition, the Trustee
shall authenticate Additional Notes thereafter in unlimited amount (so long as
not otherwise prohibited by the terms of this Indenture, including without
limitation, Section 4.10) and the same principal amount of Exchange Notes in
exchange therefor upon a written order of each Co-Issuer in the form of an
Officers’ Certificate.  Each such
Officers’ Certificate shall specify the amount of Notes to be authenticated,
the

 

30

 

date on which the Notes are to be authenticated and,
in the case of Additional Notes, the issue price of the Notes.

 

The
Trustee may appoint an authenticating agent reasonably acceptable to the
Co-Issuers to authenticate Notes.  Unless
otherwise provided in the appointment, 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 the
Co- Issuers and Affiliates of the Co-Issuers.

 

The
Notes shall be issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof.

 

SECTION 2.03.                                                                 Registrar
and Paying Agent.

 

The
Co-Issuers shall maintain an office or agency in the Borough of Manhattan, The
City of New York, where (a) Notes may be presented or surrendered for
registration of transfer or for exchange (the “Registrar”),
(b) Notes may be presented or surrendered for payment (the “Paying Agent”) and (c) notices and demands to or upon
the Co-Issuers in respect of the Notes and this Indenture may be served.  The Co-Issuers 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 shall in any
manner relieve the Co-Issuers of their obligation to maintain an office or
agency in the Borough of Manhattan, The City of New York, for such purposes.  The Co-Issuers may act as their own Registrar
or Paying Agent, except that for the purposes of Articles Three and Eight and
Sections 4.09 and 4.13, neither Issuer nor any Affiliate of either Issuer shall
act as Paying Agent.  The Registrar shall
keep a register of the Notes and of their transfer and exchange.  The Co-Issuers, upon notice to the Trustee,
may have one or more co-Registrars and one or more additional paying agents
reasonably acceptable to the Trustee. 
The term “Paying Agent” includes any additional paying agent.  The Co-Issuers shall also appoint a
calculation agent (the “Calculation Agent”)
to determine the interest rate on the Floating Rate Notes.  The Co-Issuers initially appoint the Trustee
as Registrar and Paying Agent until such time as the Trustee has resigned or a
successor has been appointed.

 

The
Co-Issuers shall enter into an appropriate agency agreement with any Agent not
a party to this Indenture, which agreement shall implement the provisions of
this Indenture that relate to such Agent. 
The Co-Issuers shall notify the Trustee, in advance, of the name and
address of any such Agent.  If the
Co-Issuers fail to maintain a Registrar, Paying Agent or Calculation Agent, the
Trustee shall act as such.

 

31

 

SECTION 2.04.                                                                 Paying
Agent To Hold Assets in Trust.

 

The
Co-Issuers shall require each Paying Agent other than the Trustee to agree in
writing that, subject to Article Eight, each Paying Agent shall hold in trust
for the benefit of Holders or the Trustee all assets held by the Paying Agent
for the payment of principal of, or interest on, the Notes (whether such assets
have been distributed to it by the Co-Issuers or any other obligor on the
Notes), and shall notify the Trustee of any Default by the Co-Issuers (or any
other obligor on the Notes) in making any such payment.  The Co-Issuers at any time may require a
Paying Agent to distribute all assets held by it to the Trustee and account for
any assets disbursed and the Trustee may at any time during the continuance of
any Payment Default, upon written request to a Paying Agent, require such
Paying Agent to distribute all assets held by it to the Trustee and to account
for any assets distributed.  Upon distribution
to the Trustee of all assets that shall have been delivered by the Co-Issuers
to the Paying Agent, the Paying Agent shall have no further liability for such
assets.

 

SECTION 2.05.                                                                 Holder
Lists.

 

The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Holders.  If the Trustee is not the Registrar, the
Co-Issuers shall furnish to the Trustee at least two (2) Business Days prior to
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 Holders, which list may be
conclusively relied upon by the Trustee.

 

SECTION 2.06.                                                                 Transfer
and Exchange.

 

Subject to Sections 2.15 and 2.16, when Notes are
presented to the Registrar or a co-Registrar with a request to register the
transfer of such Notes or to exchange such Notes for an equal principal amount
of Notes of other authorized denominations, the Registrar or co-Registrar shall
register the transfer or make the exchange as requested if its requirements for
such transaction are met; provided, however, that the Notes surrendered for transfer or exchange
shall be duly endorsed or accompanied by a written instrument of transfer in
form satisfactory to the Co-Issuers and the Registrar or co-Registrar, duly
executed by the Holder thereof or his or her attorney duly authorized in
writing.  To permit registrations of
transfers and exchanges, the Co-Issuers shall execute and the Trustee shall
authenticate Notes at the Registrar’s or co-Registrar’s request.  No service charge shall be made for any
registration of transfer or exchange, but the Co-Issuers may require payment of
a sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith.

 

The Registrar or co-Registrar shall not be required to
register the transfer of or exchange of any Note (i) during a period
beginning at the opening of business 15 days before the mailing of a notice of
redemption of Notes and ending at the close of business on the day of such
mailing, (ii) selected for redemption in whole or in part pursuant to
Article Three, except

 

32

 

the unredeemed portion of any Note being redeemed in
part, and (iii) during a Change of Control Offer or an Asset Sale Offer if
such Note is tendered pursuant to such Change of Control Offer or Asset Sale
Offer and not withdrawn.

 

Any
Holder of a beneficial interest in a Global Note shall, by acceptance of such
beneficial interest, agree that transfers of beneficial interests in such
Global Note may be effected only through a book-entry system maintained by the
Holder of such Global Note (or its agent), and that ownership of a beneficial
interest in the Note shall be required to be reflected in a book-entry system.

 

SECTION 2.07.                                                                 Replacement
Notes.

 

If a
mutilated Note is surrendered to the Trustee or if the Holder of a Note claims
that the Note has been lost, destroyed or wrongfully taken, the Co-Issuers shall
issue and the Trustee shall authenticate a replacement Note if the requirements
of Section 8-405 of the Uniform Commercial Code are met, such that the Holder
(a) satisfies the Co-Issuers or the Trustee within a reasonable time after
such Holder has notice of such loss, destruction or wrongful taking and the
Registrar does not register a transfer prior to receiving such notification,
(b) makes such request to the Co-Issuers or the Trustee prior to the Note
being acquired by a protected purchaser as defined in Section 8-303 of the
Uniform Commercial Code and (c) satisfies any other reasonable
requirements of the Trustee.  Such Holder
must provide an indemnity bond or other indemnity, sufficient in the judgment
of the Co-Issuers and the Trustee, to protect the Co-Issuers, the Trustee or
any Agent from any loss which any of them may suffer if a Note is
replaced.  The Co-Issuers may charge such
Holder for their reasonable out-of-pocket expenses in replacing a Note pursuant
to this Section 2.07, including reasonable fees and expenses of counsel and of
the Trustee.

 

Every
replacement Note is an additional obligation of the Co-Issuers.

 

SECTION 2.08.                                                                 Outstanding
Notes.

 

Notes
outstanding at any time are all the Notes that have been authenticated by the
Trustee except those cancelled by it, those delivered to it for cancellation
and those described in this Section 2.08 as not outstanding.  A Note does not cease to be outstanding
because the Co-Issuers or any of their respective Affiliates holds the Note
(subject to the provisions of Section 2.09).

 

If a
Note is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered
for replacement), it ceases to be outstanding unless a Trust Officer of the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
A mutilated Note ceases to be outstanding upon surrender of such Note
and replacement thereof pursuant to Section 2.07.

 

33

 

If the
principal amount of any Note is considered paid under Section 4.01, it
ceases to be outstanding and interest thereon ceases to accrue.  If on a Redemption Date or the Maturity Date
the Trustee or Paying Agent (other than any Co-Issuer or an Affiliate thereof)
holds U.S. Legal Tender or U.S. Government Obligations sufficient to pay all of
the principal and interest due on the Notes payable on that date, then on and
after that date such Notes cease to be outstanding and interest thereon ceases
to accrue.

 

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 any Co-Issuer or any of its
Affiliates shall be disregarded, except that, for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver
or consent, only Notes that a Trust Officer of the Trustee actually knows are
so owned shall be disregarded.

 

SECTION 2.10.                                                                 Temporary
Notes.

 

Until
definitive Notes are ready for delivery, the Co-Issuers may prepare and the
Trustee shall authenticate temporary Notes. 
Temporary Notes shall be substantially in the form of definitive Notes
but may have variations that the Co-Issuers consider appropriate for temporary
Notes.  Without unreasonable delay, the
Co-Issuers shall prepare and the Trustee shall authenticate definitive Notes in
exchange for temporary Notes.  Until such
exchange, temporary Notes shall be entitled to the same rights, benefits and
privileges as definitive Notes.  Notwithstanding
the foregoing, so long as the Notes are represented by a Global Note, such
Global Note may be in typewritten form.

 

SECTION 2.11.                                                                 Cancellation.

 

The
Co-Issuers at any time may deliver Notes to the Trustee for cancellation.  The Registrar and the Paying Agent shall
forward to the Trustee any Notes surrendered to them for transfer, exchange or
payment.  The Trustee, or at the
direction of the Trustee, the Registrar or the Paying Agent (other than any
Co-Issuer or any of its Subsidiaries), and no one else, shall cancel and, at
the written direction of the Co-Issuers, shall dispose of all Notes surrendered
for transfer, exchange, payment or cancellation in accordance with its
customary procedures.  Subject to Section
2.07, the Co-Issuers may not issue new Notes to replace Notes that they have
paid or delivered to the Trustee for cancellation.  If the Co-Issuers shall acquire any of the
Notes, such acquisition shall not operate as a redemption or satisfaction of
the Indebtedness represented by such Notes unless and until the same are
surrendered to the Trustee for cancellation pursuant to this Section 2.11.

 

34

 

SECTION 2.12.                                                                 Defaulted
Interest.

 

If the
Co-Issuers default in a payment of interest on the Notes, they shall, unless
the Trustee fixes another record date pursuant to Section 6.10, pay the
defaulted interest, plus (to the extent lawful) any interest payable on the
defaulted interest, in any lawful manner. 
The Co-Issuers may pay the defaulted interest to the Persons who are
Holders on a subsequent special record date, which date shall be the fifteenth
day next preceding the date fixed by the Co-Issuers for the payment of
defaulted interest or the next succeeding Business Day if such date is not a
Business Day.  At least 15 days before
any such subsequent special record date, the Co-Issuers shall mail to each
Holder, with a copy to the Trustee, a notice that states the subsequent special
record date, the payment date and the amount of defaulted interest, and
interest payable on such defaulted interest, if any, to be paid.

 

SECTION 2.13.                                                                 CUSIP
Number.

 

The
Co-Issuers in issuing the Notes may use a “CUSIP” number, and if so, the
Trustee shall use the CUSIP number in notices of redemption or exchange as a
convenience to Holders; provided, however, that any such notice may state that no representation
is made as to the correctness or accuracy of the CUSIP number printed in the
notice or on the Notes, and that reliance may be placed only on the other
identification numbers printed on the Notes. 
The Co-Issuers will promptly notify the Trustee of any change in the
CUSIP numbers.

 

SECTION 2.14.                                                                 Deposit
of Moneys.

 

Prior
to 10:00 a.m. New York City time on each Interest Payment Date, Maturity Date,
Redemption Date, Change of Control Payment Date and Asset Sale Purchase Date,
the Co-Issuers shall have deposited with the Paying Agent in immediately available
funds money sufficient to make cash payments, if any, due on such Interest
Payment Date, Maturity Date, Redemption Date, Change of Control Payment Date
and Asset Sale Purchase Date, as the case may be, in a timely manner which
permits the Paying Agent to remit payment to the Holders on such Interest
Payment Date, Maturity Date, Redemption Date, Change of Control Payment Date
and Asset Sale Purchase Date, as the case may be.

 

SECTION 2.15.                                         Book-Entry
Provisions for Global Notes.

 

(a)                                  The
Global Notes initially shall (i) be registered in the name of the Depositary or
the nominee of such Depositary, (ii) be delivered to the Trustee as custodian
for such Depositary and (iii) bear the legends relating to the Global Notes as
set forth in Exhibit B.

 

Members
of, or participants in, the Depositary (“Participants”)
shall have no rights under this Indenture with respect to any Global Note held
on their behalf by the Depositary, or the Trustee as its custodian, or under
any Global Note, and the Depositary may be treated by the Co-Issuers, the
Trustee and any agent of the Co-Issuers or the Trustee as the absolute

 

35

 

owner of any Global Note for all purposes
whatsoever.  Notwithstanding the foregoing,
nothing herein shall prevent the Co-Issuers, the Trustee or any agent of the
Co-Issuers or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depositary or impair, as between
the Depositary and Participants, the operation of customary practices governing
the exercise of the rights of a Holder of any Note.

 

(b)                                 Transfers
of Global Notes shall be limited to transfers in whole, but not in part, to the
Depositary, its successors or their respective nominees.  Beneficial interests of beneficial owners in
the Global Notes may be transferred or exchanged for Physical Notes in
accordance with the rules and procedures of the Depositary and the provisions
of Section 2.16.  In addition, Physical
Notes shall be transferred to all beneficial owners in exchange for their
beneficial interests in Global Notes if (i) the Depositary notifies the
Co-Issuers that it is unwilling or unable to continue as Depositary for any
Global Note and a successor Depositary is not appointed by the Co-Issuers, with
a copy to the Trustee, within 90 days of such notice, (ii) the Depositary
ceases to be registered as a clearing agency under the Securities Act and a successor
depositary is not appointed by the Co-Issuers, with a copy to the Trustee,
within 90 days of such cessation, (iii) the Co-Issuers, at their option,
notify the Trustee that they elect to cause the issuance of certificated Notes
or (iv) a Default has occurred and is continuing and the Registrar has
received a written request from the Depositary to issue Physical Notes.

 

(c)                                  In
connection with any transfer or exchange of a portion of the beneficial
interest in a Global Note to beneficial owners pursuant to paragraph (b)
of this Section 2.15, the Registrar shall (if one or more Physical Notes are to
be issued) reflect on its books and records the date and a decrease in the
principal amount of such Global Note in an amount equal to the principal amount
of the beneficial interest in the Global Note to be transferred, and
(i) the Co-Issuers shall execute and (ii) the Trustee shall
authenticate and deliver, one or more Physical Notes of authorized denominations
in an aggregate principal amount equal to the principal amount of the
beneficial interest in the Global Note so transferred.

 

(d)                                 In
connection with the transfer of a Global Note as an entirety to beneficial
owners pursuant to paragraph (b) of this Section 2.15, such Global Note shall
be deemed to be surrendered to the Trustee for cancellation and (i) the
Co-Issuers shall execute, and (ii) the Trustee shall upon written instructions
from the Co-Issuers authenticate and deliver, to each beneficial owner identified
by the Depositary in exchange for its beneficial interest in such Global Note,
an equal aggregate principal amount of Physical Notes of authorized denominations.

 

(e)                                  Any
Physical Note constituting a Restricted Security delivered in exchange for an
interest in a Global Note pursuant to paragraph (b), (c) or (d) of this Section
2.15 shall, except as otherwise provided by Section 2.16, bear the Private Placement
Legend.

 

36

 

(f)                                    The
Holder in any Global Note may grant proxies and otherwise authorize any Person,
including Participants and Persons that may hold interests through
Participants, to take any action which a Holder is entitled to take under this
Indenture or the Notes.

 

SECTION 2.16.                                                                 Special
Transfer Provisions.

 

(a)                                  Transfers
to Non-QIB Institutional Accredited Investors and Non-U.S. Persons.  The following provisions shall apply with
respect to the registration of any proposed transfer of a Restricted Security
to any Institutional Accredited Investor which is not a QIB or to any Non-U.S.
Person:

 

(i)                                     the
Registrar shall register the transfer of any Restricted Security, whether or
not such Note bears the Private Placement Legend, if (x) the requested transfer
is after the second anniversary of the Issue Date; provided,
however, that no Co-Issuer nor any
Affiliate of a Co-Issuer has held any beneficial interest in such Note, or
portion thereof, at any time on or prior to the second anniversary of the Issue
Date or (y) (1) in the case of a transfer to an Institutional Accredited
Investor which is not a QIB (excluding Non-U.S. Persons), the proposed
transferee has delivered to the Registrar a certificate substantially in the
form of Exhibit C hereto and any legal opinions and certifications
required thereby and (2) in the case of a transfer to a Non-U.S. Person,
the proposed transferor has delivered to the Registrar a certificate
substantially in the form of Exhibit D hereto;

 

(ii)                                  if
the proposed transferee is a Participant and the Notes to be transferred
consist of Physical Notes which after transfer are to be evidenced by an
interest in an IAI Global Note or a Regulation S Global Note, as the case
may be, upon receipt by the Registrar of the Physical Note and (x) written
instructions given in accordance with the Depositary’s and the Registrar’s
procedures and (y) the appropriate certificate, if any, required by clause (y)
of paragraph (i) above, the Registrar shall register the transfer and reflect
on its books and record the date and an increase in the principal amount of the
applicable IAI Global Note or the applicable Regulation S Global Note, as the
case may be, in an amount equal to the principal amount of Physical Notes to be
transferred, and the Registrar shall cancel the Physical Notes so transferred;
and

 

(iii)                               if
the proposed transferor is a Participant seeking to transfer an interest in a
Global Note, upon receipt by the Registrar of (x) written instructions given in
accordance with the Depositary’s and the Registrar’s procedures and (y) the
appropriate certificate, if any, required by clause (y) of paragraph (i) above,
the Registrar shall register the transfer and reflect on its books and record
the date and (A) a decrease in the principal amount of the Global Note from
which such interests are to be transferred in an amount equal to the principal
amount of the Notes to be transferred and (B) an increase in the principal
amount of the applicable IAI Global Note or the applicable Regulation S

 

37

 

Global Note, as the case
may be, in an amount equal to the principal amount of the Notes to be
transferred.

 

(b)                                 Transfers
to QIBs.  The following provisions
shall apply with respect to the registration of any proposed transfer of a
Restricted Security to a QIB:

 

(i)                                     the
Registrar shall register the transfer of any Restricted Security, whether or
not such Note bears the Private Placement Legend, if (x) the requested
transfer is after the second anniversary of the Issue Date; provided, however, that
neither the Co-Issuers nor any Affiliate of the Co-Issuers has held any
beneficial interest in such Note, or portion thereof, at any time on or prior
to the second anniversary of the Issue Date or (y) such transfer is being
made by a proposed transferor who has checked the box provided for on the form
of Note stating, or has otherwise advised the Co-Issuers and the Registrar in
writing, that the sale has been made in compliance with the provisions of Rule
144A to a transferee who has signed the certification provided for on the form
of Note stating, or has otherwise advised the Co-Issuers and the Registrar in
writing, that it is purchasing the Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any
such account is a QIB within the meaning of Rule 144A, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Co-Issuers as it has requested pursuant
to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon its foregoing representations in
order to claim the exemption from registration provided by Rule 144A;

 

(ii)                                  if
the proposed transferee is a Participant and the Notes to be transferred
consist of Physical Notes which after transfer are to be evidenced by an
interest in a 144A Global Note, upon receipt by the Registrar of the Physical
Note and written instructions given in accordance with the Depositary’s and the
Registrar’s procedures, the Registrar shall register the transfer and reflect
on its book and record the date and an increase in the principal amount of the
applicable 144A Global Note in an amount equal to the principal amount of
Physical Notes to be transferred, and the Registrar shall cancel the Physical
Notes so transferred; and

 

(iii)                               if
the proposed transferor is a Participant seeking to transfer an interest in an
IAI Global Note or a Regulation S Global Note, upon receipt by the
Registrar of written instructions given in accordance with the Depositary’s and
the Registrar’s procedures, the Registrar shall register the transfer and
reflect on its books and record the date and (A) a decrease in the principal
amount of the applicable IAI Global Note or the applicable Regulation S
Global Note, as the case may be, in an amount equal to the principal amount of
the Notes to be transferred and (B) an increase in the principal

 

38

 

amount of the applicable
144A Global Note in an amount equal to the principal amount of the Notes to be
transferred.

 

(c)                                  Restrictions
on Transfer and Exchange of Global Notes. 
Notwithstanding any other provisions of this Indenture, a Global Note
may not be transferred as a whole except 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.

 

(d)                                 Private
Placement Legend.  Upon the transfer,
exchange or replacement of Notes not bearing the Private Placement Legend, the
Registrar or co-Registrar shall deliver Notes that do not bear the Private
Placement Legend.  Upon the transfer,
exchange or replacement of Notes bearing the Private Placement Legend, the
Registrar or co-Registrar shall deliver only Notes that bear the Private
Placement Legend unless (i) there is delivered to the Trustee an Opinion of
Counsel reasonably satisfactory to the Co-Issuers and the Trustee to the effect
that neither such legend nor the related restrictions on transfer are required
in order to maintain compliance with the provisions of the Securities Act or
(ii) such Note has been offered pursuant to an effective registration statement
under the Securities Act.

 

(e)                                  General.  By its acceptance of any Note bearing the
Private Placement Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and in the
Private Placement Legend and agrees that it will transfer such Note only as
provided in this Indenture and in the Private Placement Legend.  Prior to any transfer of a Note by the
Co-Issuers or any of their Affiliates, the Co-Issuers or such Affiliate shall
notify the transferee of such Note that the transferor of such Note was an
issuer or an affiliate of an issuer for purposes of Rule 144 under the
Securities Act.

 

The
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.15 or this Section 2.16.  The Co-Issuers shall have the right to
inspect and make copies of all such letters, notices or other written communications
at any reasonable time upon the giving of reasonable written notice to the
Registrar.

 

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

 

The
Trustee shall have no responsibility for the actions or omissions of the Depositary,
or the accuracy of the books and records of the Depositary.

 

39

 

ARTICLE THREE

REDEMPTION

 

SECTION 3.01.                                                                 Notices
to Trustee.

 

If the
Co-Issuers elect to redeem Notes pursuant to Section 5 or Section 6 of the
Notes, they shall notify the Trustee in writing of the Redemption Date, the
Redemption Price and the principal amount of Notes to be redeemed.  The Co-Issuers shall give notice of redemption
to the Paying Agent and Trustee at least 45 days before the Redemption Date
(unless a shorter notice period shall be agreed to by the Trustee in writing),
together with an Officers’ Certificate stating that such redemption will comply
with the conditions contained herein.

 

SECTION 3.02.                                                                 Selection
of Notes To Be Redeemed.

 

If
less than all of the Notes are to be redeemed at any time, the Trustee will select
Notes for redemption as follows:

 

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

 

(ii)                                  if
the Notes are not so listed, on a pro rata basis,
by lot or by such method as the Trustee, in its sole discretion, shall deem
fair and appropriate (and in such manner as complies with the procedures of the
Depositary and applicable legal requirements);

 

provided,
however, that, in the case of a
redemption pursuant to Section 6 of the Notes, the Trustee will select the
Notes on a pro rata basis or on as nearly a pro rata basis as practicable (subject to the procedures of
the Depositary).

 

No
Notes of $1,000 or less shall be redeemed in part.

 

SECTION 3.03.                                                                 Notice
of Redemption.

 

At
least 30 days but not more than 60 days before a Redemption Date, the
Co-Issuers shall mail a notice of redemption by first class mail, postage prepaid,
to each Holder whose Notes are to be redeemed at its registered address.  At the Co-Issuers’ request, the Trustee shall
forward the notice of redemption in the Co-Issuers’ name and at the Co-Issuers’
expense.  Each notice for redemption
shall identify the Notes (including the CUSIP number) to be redeemed and shall
state:

 

(i)                                     the
Redemption Date;

 

40

 

(ii)                                  the
Redemption Price and the amount of accrued and unpaid interest and Additional
Interest, if any, to be paid;

 

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

 

(iv)                              that
Notes called for redemption must be surrendered to the Paying Agent to collect
the Redemption Price plus accrued and unpaid interest;

 

(v)                                 that,
unless the Co-Issuers default in making the redemption payment, interest on
Notes called for redemption ceases to accrue on and after the Redemption Date,
and the only remaining right of the Holders of such Notes is to receive payment
of the Redemption Price upon surrender to the Paying Agent of the Notes
redeemed;

 

(vi)                              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, and upon surrender of
such Note, a new Note or Notes in aggregate principal amount equal to the
unredeemed portion thereof will be issued;

 

(vii)                           if
fewer than all the Notes are to be redeemed, the identification of the
particular Notes (or portion thereof) to be redeemed, as well as the aggregate
principal amount of Notes to be redeemed and the aggregate principal amount of
Notes to be outstanding after such partial redemption; and

 

(viii)                        the
section of the Notes pursuant to which the Notes are to be redeemed.

 

Such notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives
such notice.  In any case, failure to
give such notice by mail or any defect in the notice to the Holder of any Note
designated for redemption in whole or in part shall not affect the validity of
the proceedings for the redemption of any other Note.  Notices of redemption may not be conditional.

 

SECTION 3.04.                                                                 Effect
of Notice of Redemption.

 

Once
notice of redemption is mailed in accordance with Section 3.03, Notes
called for redemption become due and payable on the Redemption Date and at the
Redemption Price plus accrued and unpaid interest to the Redemption Date.  Upon surrender to the Trustee or Paying
Agent, such Notes called for redemption shall be paid at the Redemption Price
(which shall include accrued interest thereon to the Redemption Date), but
installments of interest, the maturity of which is on or prior to the
Redemption Date, shall be payable to Holders of record at the close of business
on the relevant Record Dates.  On and
after the Redemption Date, interest shall cease to accrue on Notes or portions
thereof called for redemption.

 

41

 

SECTION 3.05.                                                                 Deposit
of Redemption Price.

 

On or
before 10:00 a.m. New York City time on the Redemption Date, the Co-Issuers
shall deposit with the Paying Agent, U.S. Legal Tender sufficient to pay the
Redemption Price plus accrued and unpaid interest of all Notes to be redeemed
on that date.

 

If the
Co-Issuers comply with the preceding paragraph, then, unless the Co-Issuers
default in the payment of such Redemption Price plus accrued and unpaid
interest, interest on the Notes to be redeemed will cease to accrue on and
after the applicable Redemption Date, whether or not such Notes are presented
for payment.

 

SECTION 3.06.                                                                 Notes
Redeemed in Part.

 

If any
Note is to be redeemed in part only, the notice of redemption that relates to
such Note shall state the portion of the principal amount thereof to be
redeemed.  A new Note or Notes in
principal amount equal to the unredeemed portion of the original Note or Notes
shall be issued in the name of the Holder thereof upon cancellation of the
original Note or Notes.

 

ARTICLE FOUR

COVENANTS

 

SECTION 4.01.                                                                 Payment
of Notes.

 

The
Co-Issuers shall pay the principal of (and premium, if any) and interest on the
Notes in the manner provided in the Notes, the Registration Rights Agreement
and this Indenture.  An installment of
principal of or interest on the Notes shall be considered paid on the date it
is due if the Trustee or Paying Agent (other than each Issuer or an Affiliate
thereof) holds on that date U.S. Legal Tender designated for and sufficient to
pay the installment.  Interest on the
Fixed Rate Notes will be computed on the basis of a 360-day year comprised of
twelve 30-day months.  Interest on the
Floating Rate Notes will be computed on the basis of a 360-day year and the
actual number of days in each period.

 

The
Co-Issuers shall pay interest on overdue principal (including, without
limitation, post petition interest in a proceeding under any Bankruptcy Law),
and overdue interest, to the extent lawful, at the same rate per annum borne by
the Notes.

 

SECTION 4.02.                                                                 Maintenance
of Office or Agency.

 

The
Co-Issuers shall maintain in the Borough of Manhattan, The City of New York,
the office or agency required under Section 2.03.  The Co-Issuers shall give prompt written
notice to the Trustee of the location, and any change in the location, of such
office or

 

42

 

agency.  If at
any time the Co-Issuers shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
address of the Trustee set forth in 11.02.

 

The
Co-Issuers may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations.  The Co-Issuers 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
Co-Issuers hereby initially designate the Trustee, located at the Corporate
Trust Office, as such office of the Co-Issuers in accordance with Section 2.03.

 

SECTION 4.03.                                                                 Corporate
Existence.

 

Except
as otherwise permitted by Article Five, the Issuers shall do or cause to be
done all things necessary to preserve and keep in full force and effect their respective
corporate or partnership existences, as applicable, and the corporate,
partnership or other existence of each of the Restricted Subsidiaries in
accordance with the respective organizational documents of each such Restricted
Subsidiary and the rights (charter and statutory), licenses and material
franchises of the Issuers and each of the Restricted Subsidiaries; provided, however, that
the Co-Issuers shall not be required to preserve any such right, license,
franchise or corporate or partnership existence with respect to each such
Restricted Subsidiary if the loss thereof would not, individually or in the
aggregate, have a material adverse effect on the business, financial condition
or results of operations of the Issuers and the Restricted Subsidiaries taken
as a whole (a “Material Adverse Effect”).

 

SECTION 4.04.                                                                 Payment
of Taxes and Other Claims.

 

The
Issuers shall, and shall cause each of their Subsidiaries to, pay or discharge
or cause to be paid or discharged, before any penalty or interest accrues
thereon, (a) all taxes, assessments and governmental charges levied or
imposed upon them or any of their Subsidiaries or upon the income, profits or
property of them or any of their Subsidiaries and (b) all lawful claims
for labor, materials and supplies which, in each case, if unpaid, might by law
become a material liability or Lien upon the property of them or any of the Restricted
Subsidiaries other than such taxes, assessments, governmental charges or claims
as to which the failure to pay would not, individually or in the aggregate,
have a Material Adverse Effect; provided further,
however, that the Co-Issuers shall not
be required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount the applicability or validity is being
contested in good faith by appropriate proceedings and for which appropriate
provision has been made.

 

43

 

SECTION 4.05.                                                                 Maintenance
of Properties.

 

Each
Issuer shall cause all material properties owned by or leased by it or any
Restricted Subsidiary used or useful to the conduct of its business or the
business of any Restricted Subsidiary to be maintained and kept in normal
condition, repair and working order and supplied with all necessary equipment
and shall cause to be made all repairs, renewals, replacements, and betterments
thereof, all as in its judgment may be necessary, so that the business carried
on in connection therewith may be properly and advantageously conducted at all
times; provided, however,
that nothing in this Section 4.05 shall prevent any Co-Issuer from discontinuing
the use, operation or maintenance of any of such properties, or disposing of
any of them, if such discontinuance or disposal is, in the judgment of the
Board of Directors of such Issuer or any such Restricted Subsidiary desirable
in the conduct of the business of such Issuer or any such Restricted
Subsidiary, and if such discontinuance or disposal would not, individually or
in the aggregate, have a material adverse effect on the ability of the
Co-Issuers to perform their obligations hereunder; provided
further, however,
that nothing in this Section 4.05 shall prevent any Co-Issuer or any Restricted
Subsidiaries from discontinuing or disposing of any properties to the extent
otherwise permitted by this Indenture.

 

SECTION 4.06.                                                                 Compliance
Certificate; Notice of Default.

 

(a)                                  The
Issuers shall deliver to the Trustee within 120 days after the end of each
fiscal year of the Issuers an Officers’ Certificate stating that in the course
of performance by the signers of their duties as Officers of the Issuers they
would normally have knowledge of any Default and whether or not the signers
know of any Default that occurred during such period.  If they do, the certificate shall describe
the Default, its status and what action the Issuers are taking or proposes to
take with respect thereto.

 

(b)                                 Either
Issuer shall deliver to the Trustee as soon as possible and in any event within
the earlier of 90 days after the occurrence and 30 days after such Issuer
becomes aware of the occurrence of any Default an Officers’ Certificate
specifying the Default and describing its status with particularity and the
action proposed to be taken thereto.

 

SECTION 4.07.                                                                 Compliance
with Laws.

 

The
Co-Issuers shall comply, and shall cause each of their Subsidiaries to comply,
with all applicable statutes, rules, regulations, orders and restrictions of
the United States, all states and municipalities thereof, and of any
governmental department, commission, board, regulatory authority, bureau,
agency and instrumentality of the foregoing, in respect of the conduct of their
respective businesses and the ownership of their respective properties, except,
in any such case, to the extent the failure to so comply would not, individually
or in the aggregate, have a Material Adverse Effect.

 

44

 

SECTION 4.08.                                                                 Waiver
of Stay, Extension or Usury Laws.

 

Each
Co-Issuer and each Guarantor, if any, 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 or extension law
or any usury law or other law that would prohibit or forgive such Co-Issuer or
such Guarantor from paying all or any portion of the principal of and/or
interest on the Notes or the Guarantee of any such Guarantor as contemplated
herein, wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture, and (to the extent
that it may lawfully do so) each hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had
been enacted.

 

SECTION 4.09.                                                                 Change
of Control.

 

(a)                                  If
a Change of Control occurs, each Holder of Notes will have the right to require
the Co-Issuers to repurchase all or any part (equal to $1,000 or an integral
multiple thereof) of that Holder’s Notes pursuant to a Change of Control Offer
(the “Change of Control Offer”), except to
the extent that the Co-Issuers have previously elected to redeem Notes pursuant
to Section 5 or Section 6 of the Notes.  In the Change of Control Offer, the
Co-Issuers will offer to pay an amount in cash (the “Change of Control
Payment”) equal to 101% of the aggregate principal amount of Notes
repurchased, plus accrued and unpaid interest thereon, if any, to the date of
repurchase (subject to the right of Holders of record on the relevant Record
Date to receive interest due on the relevant Interest Payment Date).

 

(b)                                 Within
60 days following any Change of Control, except to the extent the Co-Issuers
have previously elected to redeem Notes pursuant to Section 5 or Section 6 of
the Notes, the Co-Issuers will mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control and offering
to repurchase Notes on the date (the “Change of Control Payment
Date”) specified in such notice, which date shall be a Business Day
no earlier than 30 days and no later than 60 days from the date such notice is
mailed, pursuant to the procedures required by this Indenture and described in
such notice.  Such notice shall state:

 

(i)                                     that
the Change of Control Offer is being made pursuant to this Section 4.09 and
that all Notes tendered and not withdrawn will be accepted for payment;

 

(ii)                                  the
purchase price (including the amount of accrued and unpaid interest, if any, to
the Change of Control Payment Date) and the Change of Control Payment Date;

 

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

 

45

 

(iv)                              that,
unless the Co-Issuers default in making payment therefor, any Note accepted for
payment pursuant to the Change of Control Offer shall cease to accrue interest
after the Change of Control Payment Date;

 

(v)                                 that
Holders electing to have a Note purchased pursuant to a Change of Control 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, to the Paying
Agent at the address specified in the notice prior to the close of business on
the third Business Day prior to the Change of Control Payment Date;

 

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

 

(vii)                           that
Holders whose Notes are purchased only in part will be issued new Notes in a
principal amount equal to the unpurchased portion of the Notes surrendered; and

 

(viii)                        the
circumstances and relevant facts regarding such Change of Control.

 

(c)                                  On
or before the Change of Control Payment Date, the Co-Issuers will, to the
extent lawful:

 

(i)                                     accept
for payment all Notes or portions thereof (equal to $1,000 or an integral
multiple thereof) properly tendered pursuant to the Change of Control Offer;

 

(ii)                                  deposit
with the Paying Agent U.S. Legal Tender sufficient to pay the Change of Control
Payment in respect of all Notes or portions thereof so tendered; and

 

(iii)                               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 thereof being purchased by the Co-Issuers.

 

The Paying Agent will promptly mail to each Holder of
Notes so 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 such new Note will be in a principal amount of $1,000 or an integral
multiple thereof.

 

(d)                                 Notwithstanding
the foregoing, the Co-Issuers will not be required to make a Change of Control
Offer upon a Change of Control if a third party makes the Change of

 

46

 

Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Co-Issuers and purchases
all Notes validly tendered and not withdrawn under such Change of Control
Offer.

 

(e)                                  The
Co-Issuers will comply, to the extent applicable, with the requirements of
Section 14(e) of the Exchange Act and any other securities laws or
regulations in connection with the repurchase of Notes pursuant to this Section
4.09.  To the extent the provisions of
any securities laws or regulations conflict with the provisions of this Section
4.09, the Co-Issuers will comply with the applicable securities laws and
regulations and will not be deemed to have breached their obligations under
this Indenture by virtue thereof.

 

SECTION 4.10.                                                                 Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred

Stock.

 

(a)                                  The
Issuers will not

 

(i)                                     and
will not permit any Restricted Subsidiary to, directly or indirectly, Incur any
Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified
Stock; and

 

(ii)                                  permit
any Restricted Subsidiary to issue any shares of Preferred Stock;

 

provided, however, that the
Issuers and any Restricted Subsidiary may Incur Indebtedness (including
Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted
Subsidiary may issue shares of Preferred Stock, in each case, if the Debt to
EBITDA Ratio of the Issuers at the time of such Incurrence or issuance, as the
case may be, would have been less than or equal to 6.00 to 1.00, determined on
a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had been Incurred, or the
Disqualified Stock or Preferred Stock had been issued, as the case may be, and
the application of proceeds therefrom had occurred at the beginning of the most
recently ended four full fiscal quarters for which internal financial
statements are available.

 

(b)                                 The
limitations set forth in Section 4.10(a) will not apply to:

 

(i)                                     the
Incurrence by the Issuers or the Restricted Subsidiaries of Indebtedness under
the Credit Agreement, including any Indebtedness outstanding on the Issue Date,
and the issuance and creation of letters of credit and bankers’ acceptances
thereunder (with letters of credit and bankers’ acceptances being deemed to
have a principal amount equal to the face amount thereof) up to an aggregate
principal amount of $925.0 million outstanding at any one time, less (A) the
amount of all mandatory principal payments required to be made by the borrower
thereunder with the Net Proceeds of Asset Sales and (B) the amount of any
Refinancing Indebtedness Incurred pursuant to clause (xiv) to refinance
Indebtedness under the Credit Agreement;

 

47

 

(ii)                                  the
Incurrence by the Issuers and any Guarantors of Indebtedness represented by the
Notes (not including any Additional Notes) and any Guarantees, if applicable,
and any Exchange Notes and guarantees thereof;

 

(iii)                               Indebtedness
existing on the Issue Date (other than Indebtedness described in clauses (i)
and (ii) above);

 

(iv)                              Indebtedness
(including Capitalized Lease Obligations) Incurred by the Issuers or any
Restricted Subsidiary to finance the purchase, lease or improvement of property
(real or personal) or equipment (whether through the direct purchase of assets
or the Capital Stock of any Person owning such assets (but no other material
assets)) in an aggregate principal amount which, when aggregated with the
principal amount of all other Indebtedness then outstanding and Incurred pursuant
to this clause (iv), does not exceed the greater of (x) $50.0 million and (y)
2.5% of Total Assets;

 

(v)                                 Indebtedness
Incurred by the Issuers or any Restricted Subsidiary constituting reimbursement
obligations with respect to letters of credit issued in the ordinary course of
business, including without limitation letters of credit in respect of workers’
compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self-insurance, or other Indebtedness with
respect to reimbursement type obligations regarding workers’ compensation
claims; provided, however,
that upon the drawing of such letters of credit, such obligations are
reimbursed within 30 days following such drawing;

 

(vi)                              Indebtedness
arising from agreements of the Issuers (taken together) or a Restricted
Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case Incurred in connection with the disposition
of any business, assets or a Subsidiary of the Issuers in accordance with the
terms of this Indenture, other than guarantees of Indebtedness Incurred by any
Person acquiring all or any portion of such business, assets or Subsidiary for
the purpose of financing such acquisition;

 

(vii)                           Indebtedness
of the Issuers to a Restricted Subsidiary; provided that
any such Indebtedness is subordinated in right of payment to the Notes; provided  further that
any subsequent issuance or transfer of any Capital Stock or any other event
which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to
the Issuers or another Restricted Subsidiary) shall be deemed, in each case, to
be an Incurrence of such Indebtedness;

 

(viii)                        shares
of Preferred Stock of a Restricted Subsidiary issued to an Issuer or another
Restricted Subsidiary; provided that
any subsequent issuance or transfer of any Capital Stock or any other event
which results in any Restricted Subsidiary that holds

 

48

 

such shares of Preferred
Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary, or
any other subsequent transfer of any such shares of Preferred Stock (except to
an Issuer or another Restricted Subsidiary) shall be deemed, in each case, to
be an issuance of shares of Preferred Stock;

 

(ix)                                Indebtedness
of a Restricted Subsidiary to the Issuers (taken together) or another
Restricted Subsidiary; provided that
(A) any such Indebtedness is made pursuant to an intercompany note and (B) to
the extent applicable, if a Guarantor Incurs such Indebtedness to a Restricted
Subsidiary that is not a Guarantor such Indebtedness is subordinated in right
of payment to the Guarantee of such Guarantor; provided
further that any subsequent issuance or
transfer of any Capital Stock or any other event which results in any
Restricted Subsidiary lending such Indebtedness ceasing to be a Restricted Subsidiary
or any other subsequent transfer of any such Indebtedness (except to an Issuer
or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence
of such Indebtedness;

 

(x)                                   Hedging
Obligations that are Incurred in the ordinary course of business (and not for
speculative purposes):

 

(A)                               for
the purpose of fixing or hedging interest rate risk with respect to any
Indebtedness that is permitted by the terms of this Indenture to be outstanding;

 

(B)                                 for
the purpose of fixing or hedging currency exchange rate risk with respect to
any currency exchanges; or

 

(C)                                 for
the purpose of fixing or hedging commodity price risk with respect to any
commodity purchases;

 

(xi)                                obligations
in respect of performance, bid and surety bonds and completion guarantees
provided by the Issuers (taken together) or any Restricted Subsidiary in the
ordinary course of business;

 

(xii)                             Indebtedness
of the Issuers or Disqualified Stock of an Issuer or Indebtedness or Disqualified
Stock of any Restricted Subsidiary not otherwise permitted hereunder in an
aggregate principal amount, which when aggregated with the principal amount or
liquidation preference of all other Indebtedness and Disqualified Stock then
outstanding and Incurred pursuant to this clause (xii), does not exceed $60.0
million at any one time outstanding (it being understood that any Indebtedness
Incurred under this clause (xii) shall cease to be deemed Incurred or
outstanding for purposes of this clause (xii) but shall be deemed Incurred for
purposes of Section 4.10(a) from and after the first date on which the Issuers
or such Restricted Subsidiary could have Incurred such Indebtedness under
Section 4.10(a) without reliance upon this clause (xii));

 

49

 

(xiii)                          any
guarantee by the Issuers (taken together) or a Restricted Subsidiary of
Indebtedness or other obligations of the Issuers or such Restricted Subsidiary
so long as the Incurrence of such Indebtedness Incurred by the Issuers or such
Restricted Subsidiary is permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms
subordinated in right of payment to the Notes or any Guarantee, if applicable,
of such Restricted Subsidiary, as applicable, any such guarantee of such
Guarantor with respect to such Indebtedness shall be subordinated in right of
payment to such Guarantor’s Guarantee with respect to the Notes substantially
to the same extent as such Indebtedness is subordinated to the Notes or the
Guarantee of such Restricted Subsidiary, as applicable;

 

(xiv)                         the
Incurrence by the Issuers (taken together) or any Restricted Subsidiary of
Indebtedness which serves to refund or refinance any Indebtedness Incurred as
permitted under Section 4.10(a) and clauses (i), (ii), (iii), (iv) and (xv) of
this Section 4.10(b) or any Indebtedness issued to so refund or refinance such
Indebtedness (subject to the following proviso, “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that
such Refinancing Indebtedness:

 

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

 

(B)                                has
a Stated Maturity which is no earlier than the Stated Maturity of the
Indebtedness being refunded or refinanced;

 

(C)                                to
the extent such Refinancing Indebtedness refinances Indebtedness junior to the
Notes or, if applicable, any Guarantee of such Restricted Subsidiary, as
applicable, such Refinancing Indebtedness is junior to the Notes or the
Guarantee of such Restricted Subsidiary, as applicable;

 

(D)                               is
Incurred in an aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than the aggregate
principal amount (or if issued with original issue discount, the aggregate
accreted value) then outstanding of the Indebtedness being refinanced plus
premium and fees Incurred in connection with such refinancing;

 

(E)                                 shall
not include Indebtedness of (x) a Restricted Subsidiary that is not a Guarantor
that refinances Indebtedness of the Issuers or a Guarantor, or (y) the Issuers
or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted
Subsidiary; and

 

(F)                                 if
such Refinancing Indebtedness refinances Indebtedness Incurred as permitted
under Section 4.10(b)(i), the amount of Indebtedness permitted

 

50

 

to be Incurred under
Section 4.10(b)(i) shall be permanently reduced by the amount of any such
Refinancing Indebtedness;

 

(xv)                            Indebtedness
or Disqualified Stock of Persons that are acquired by the Issuers (taken
together) or any Restricted Subsidiary or merged into an Issuer or a Restricted
Subsidiary in accordance with the terms of this Indenture; provided,
however, that such Indebtedness or
Disqualified Stock is not Incurred or issued in contemplation of such
acquisition or merger or to provide all or a portion of the funds or credit
support required to consummate such acquisition or merger; provided
further, however,
that after giving effect to such acquisition and the Incurrence of such
Indebtedness either:

 

(A)                              the
Issuers would be permitted to Incur at least $1.00 of additional Indebtedness
pursuant to the Debt to EBITDA Ratio test set forth in Section 4.10(a); or

 

(B)                                the
Issuers’ Debt to EBITDA Ratio test would be lower than immediately prior to
such acquisition;

 

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

 

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

 

(xviii)                   Contribution
Indebtedness;

 

(xix)                           (A) if
the Issuers or any Restricted Subsidiary could Incur $1.00 of additional
Indebtedness pursuant to the first paragraph hereof after giving effect to such
borrowing, Indebtedness of Foreign Subsidiaries not otherwise permitted
hereunder or (B) if the Issuers could not Incur $1.00 of additional
Indebtedness pursuant to the first paragraph hereof after giving effect to such
borrowing, Indebtedness of Foreign Subsidiaries Incurred for working capital
purposes, in either case in an aggregate principal amount, which when
aggregated with the principal amount of all other Indebtedness then outstanding
and Incurred pursuant to this clause (xix), does not exceed the greater of (x)
$10.0 million and (y) 5% of the consolidated assets of the Foreign
Subsidiaries; and

 

(xx)                              Preferred
Stock that is not Disqualified Stock and issued by a Restricted Subsidiary to a
Person holding a minority Equity Interest in such Restricted Subsidiary (after
giving effect to such issuance) in an aggregate amount not to exceed $10.0
million

 

51

 

at any one time issued
and outstanding; provided, that such Preferred
Stock is not exchangeable or convertible into Indebtedness of the Issuers or
any Restricted Subsidiary and does not require cash payments of dividends at
any time that such cash payment would result in a Default or Event of Default
under this Indenture.

 

(c)                                  Notwithstanding
the foregoing, the Issuers may not Incur any Indebtedness pursuant to Section
4.10(b) if the proceeds thereof are used, directly or indirectly, to repay,
prepay, redeem, defease, retire, refund or refinance any Subordinated
Indebtedness unless such Indebtedness will be subordinated to the Notes to at
least the same extent as such Subordinated Indebtedness.  For purposes of determining compliance with
this Section 4.10, in the event that an item of Indebtedness meets the criteria
of more than one of the categories of permitted Indebtedness described in
clauses (i) through (xx) of Section 4.10(b) or is entitled to be Incurred
pursuant to Section 4.10(a), the Issuers shall, in their sole discretion,
classify or reclassify or allocate such item of Indebtedness in any manner that
complies with this covenant and such item of Indebtedness will be treated as
having been Incurred pursuant to only one of such clauses or pursuant to the
first paragraph hereof.  Accrual of interest,
the accretion of accreted value and the payment of interest in the form of
additional Indebtedness will not be deemed to be an Incurrence of Indebtedness
for purposes of this Section 4.10.

 

SECTION 4.11.                                                                 Limitation
on Restricted Payments.

 

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

 

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

 

(ii)                                  purchase
or otherwise acquire or retire for value any Equity Interests of an Issuer;

 

(iii)                               make
any principal payment on, or redeem, repurchase, defease or otherwise acquire
or retire for value, in each case prior to any scheduled repayment or scheduled
maturity, any Subordinated Indebtedness (other than the payment, redemption,
repurchase, defeasance, acquisition or retirement of (A) Subordinated
Indebtedness in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity,

 

52

 

in each case due within
one year of the date of such payment, redemption, repurchase, defeasance,
acquisition or retirement and (B) Indebtedness permitted under Section
4.10(b)(vii) and (ix)); or

 

(iv)                              make
any Restricted Investment

 

(all such payments and other actions set forth in
clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such
Restricted Payment:

 

(A)                         no
Default or Event of Default shall have occurred and be continuing or would occur
as a consequence thereof;

 

(B)                           immediately
after giving effect to such transaction on a pro forma basis, the Issuers could
Incur $1.00 of additional Indebtedness under the Debt to EBITDA Ratio; and

 

(C)                           such
Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Issuers (taken together) and the Restricted Subsidiaries
after the Issue Date (including, without duplication, Restricted Payments
permitted by clauses (i), (iv), (vi), (viii) and (xvi) of Section 4.11(b), but
excluding all other Restricted Payments permitted by Section 4.11(b)), is less
than the sum of, without duplication,

 

(1)                                  an
amount equal to the Issuers’ EBITDA for the period from the beginning of the
first fiscal quarter commencing after the Issue Date to the end of the Issuers’
most recently ended fiscal quarter for which internal financial statements are
available at the time of such Restricted Payment (the “Basket
Period”) less the product of 1.5 times the Issuers’ Consolidated
Interest Expense for the Basket Period, plus

 

(2)                                  100%
of the aggregate net proceeds, including cash and the Fair Market Value (as
determined in accordance with the next succeeding sentence) of property other
than cash, received by the Issuers (taken together) since the Issue Date from
the issue or sale of Equity Interests of either Issuer (excluding Refunding
Capital Stock, Designated Preferred Stock, Excluded Contributions, Disqualified
Stock, the Cash Contribution Amount and the net proceeds received from Equity Offerings
to the extent used to redeem Notes in compliance with Article 3 hereof and
Section 6 of the Notes), including Equity Interests issued upon conversion of
Indebtedness or upon exercise of warrants or options (other than an issuance or
sale to a Subsidiary of the Issuers or an employee stock ownership plan or
trust established by the Issuers or any of their Subsidiaries), plus

 

53

 

(3)                                  100%
of the aggregate amount of contributions to the capital of the Issuers (taken
together) received in cash and the Fair Market Value (as determined in
accordance with the next succeeding sentence) of property other than cash since
the Issue Date (other than Excluded Contributions, Refunding Capital Stock,
Designated Preferred Stock, Disqualified Stock and the Cash Contribution
Amount), plus

 

(4)                                  100%
of the aggregate amount received in cash and the Fair Market Value (as
determined in accordance with the next succeeding sentence) of property other
than cash received from:

 

(I)                                    the
sale or other disposition (other than to an Issuer or a Restricted Subsidiary)
of Restricted Investments made by an Issuer and a Restricted Subsidiary and
from repurchases and redemptions of such Restricted Investments from an Issuer
and a Restricted Subsidiary by any Person (other than an Issuer or any of the
Issuers’ Subsidiaries) and from repayments of loans or advances which
constituted Restricted Investments,

 

(II)                                the
sale (other than to an Issuer or a Restricted Subsidiary) of the Capital Stock
of an Unrestricted Subsidiary or

 

(III)                            a
distribution or dividend from an Unrestricted Subsidiary, plus

 

(5)                                  in
the event any Unrestricted Subsidiary has been redesignated as a Restricted
Subsidiary or has been merged, consolidated or amalgamated with or into, or
transfers or conveys its assets to, or is liquidated into, an Issuer or a
Restricted Subsidiary, the Fair Market Value (as determined in accordance with
the next succeeding sentence) of the Investment of the Issuers (taken together)
in such Unrestricted Subsidiary at the time of such redesignation, combination
or transfer (or of the assets transferred or conveyed, as applicable), after
deducting any Indebtedness associated with the Unrestricted Subsidiary so
designated or combined or any Indebtedness associated with the assets so
transferred or conveyed.

 

The
Fair Market Value of property other than cash covered by clauses (C)(2), (3),
(4) and (5) above shall be determined in good faith by the Issuers and

 

(x)                                   in
the event of property with a Fair Market Value in excess of $15.0 million,
shall be set forth in an Officers’ Certificate or

 

54

 

(y)                                 in
the event of property with a Fair Market Value in excess of $30.0 million,
shall be set forth in a resolution approved by at least a majority of the Board
of Directors of UCDP or the Board of Directors of each of the Issuers.

 

(b)                                 The
provisions of Section 4.11(a) will not prohibit:

 

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

 

(ii)                                  (A)  the
repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) of an Issuer or Subordinated
Indebtedness of the Issuers in exchange for, or out of the proceeds of the
substantially concurrent sale of, Equity Interests of either Issuer or
contributions to the equity capital of either Issuer (other than any
Disqualified Stock or any Equity Interests sold to a Subsidiary of the Issuers
or to an employee stock ownership plan or any trust established by an Issuer or
any of the Issuers’ Subsidiaries) (collectively, including any such
contributions, “Refunding Capital Stock”) and (B)
the declaration and payment of accrued dividends on the Retired Capital Stock
out of the proceeds of the substantially concurrent sale (other than to a
Subsidiary of the Issuers or to an employee stock ownership plan or any trust
established by an Issuer or any of the Issuers’ Subsidiaries) of Refunding
Capital Stock;

 

(iii)                               the
redemption, repurchase or other acquisition or retirement of Subordinated
Indebtedness of the Issuers made by exchange for, or out of the proceeds of the
substantially concurrent sale of, new Indebtedness of the Issuers which is
Incurred in accordance with Section 4.10 so long as;

 

(A)                              the
principal amount of such new Indebtedness does not exceed the principal amount
of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired
for value (plus the amount of any premium required to be paid under the terms
of the instrument governing the Subordinated Indebtedness being so redeemed,
repurchased, acquired or retired plus any fees incurred in connection
therewith),

 

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

 

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

 

55

 

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

 

(iv)                              the
repurchase, retirement or other acquisition for value of Equity Interests of an
Issuer held by any future, present or former employee, director or consultant
of an Issuer or any Subsidiary of the Issuers pursuant to any management equity
plan or stock option plan or any other management or employee benefit plan or
agreement; provided, however,
that the aggregate amounts paid under this clause (iv) do not exceed $5.0
million in any calendar year (with unused amounts in any calendar year being
permitted to be carried over for the two succeeding calendar years); provided  further, however, that such amount in any calendar year may be
increased by an amount not to exceed:

 

(A)                              the
cash proceeds received by an Issuer or any Restricted Subsidiary from the sale
of Equity Interests (other than Disqualified Stock) of such Issuer to members
of management, directors or consultants of such Issuer or such Restricted
Subsidiary that occurs after the Issue Date (provided
that the amount of such cash proceeds utilized for any such repurchase,
retirement, other acquisition or dividend will not increase the amount available
for Restricted Payments under Section 4.11(a)(C)); plus

 

(B)                                the
cash proceeds of key man life insurance policies received by an Issuer or a
Restricted Subsidiary after the Issue Date

 

(provided that the Issuers may elect to apply all or any
portion of the aggregate increase contemplated by clauses (A) and (B) above in
any single calendar year);

 

(v)                                 the
declaration and payment of dividends or distributions to holders of any class
or series of Disqualified Stock of an Issuer or any Restricted Subsidiary issued
in accordance with Section 4.10;

 

(vi)                              the
declaration and payment of dividends or distributions to holders of any class
or series of Designated Preferred Stock (other than Disqualified Stock) issued
after the Issue Date; provided, however, that (A) for the most recently ended four full
fiscal quarters for which internal financial statements are available
immediately preceding the date of issuance of such Designated Preferred Stock,
after giving effect to such issuance (and the payment of dividends or
distributions) on a pro forma basis, the Issuers would have had a Debt to
EBITDA Ratio of no greater than 6.00 to 1.00 and (B) the aggregate amount of
dividends declared and paid pursuant to this clause (vi) does not exceed the
net cash proceeds actually received by the Issuers (taken together) directly
from any such sale of Designated Preferred Stock (other than Disqualified
Stock) issued after the Issue Date;

 

56

 

(vii)                           Investments
in Unrestricted Subsidiaries and joint ventures having an aggregate Fair Market
Value, taken together with all other Investments made pursuant to this clause
(vii) that are at that time outstanding, not to exceed $40.0 million at the
time of such Investment (with the Fair Market Value of each Investment being
measured at the time made and without giving effect to subsequent changes in
value);

 

(viii)                        the
payment of dividends on an Issuer’s common stock of up to 6.0% per annum of the
net proceeds received by such Issuer from any public offering of common stock;

 

(ix)                                Investments
that are made with Excluded Contributions;

 

(x)                                   other
Restricted Payments in an aggregate amount not to exceed $20.0 million;

 

(xi)                                the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or
Indebtedness owed to the Issuers or a Restricted Subsidiary by, Unrestricted
Subsidiaries;

 

(xii)                             payments,
whether in the form of cash dividends or other distributions on an Issuer’s
Capital Stock or otherwise, used to fund the payment of fees and expenses owed
by an Issuer or a Restricted Subsidiary to Affiliates to the extent permitted
by Section 4.14;

 

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

 

(xiv)                         during
a period when either of the Issuers or UCDP are treated as partnerships for
federal, state or local or foreign income tax purposes and after such period to
the extent relating to the liability for such period, the payment of distributions
in respect of partners’ income tax liability with respect to either of the
Issuers or UCDP solely as a result of either of the Issuers or UCDP being
partnerships or similar pass-through entity for federal, state or local or
foreign income tax purposes in an amount not to exceed the taxable income of
either of the Issuers or UCDP multiplied by the highest combined federal, state
and local and foreign income tax rate applicable to partners of Blackstone UTP
Capital Partners LP, Blackstone UTP Capital Partners A LP, Blackstone UTP
Offshore Capital Partners LP and Blackstone Family Media Partnership
III LP;

 

(xv)                            the
declaration and payment of distributions of $450.0 million to any direct parent
of the Issuers on the Issue Date; and

 

57

 

(xvi)                         the
payment of fees and expenses incurred by Blackstone and VUE and paid by the
Issuers in connection with the Transactions;

 

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

 

(c)                                  As
of the Issue Date, all of the Issuers’ Subsidiaries will be Restricted Subsidiaries,
including UCDP.  The Issuers will not
permit any Unrestricted Subsidiary to become a Restricted Subsidiary except
pursuant to the definition of “Unrestricted Subsidiary.”  For purposes of designating any Restricted
Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the
Issuers and the Restricted Subsidiaries (except to the extent repaid) in the
Subsidiary so designated will be deemed to be Restricted Payments in an amount
determined as set forth in the last sentence of the definition of “Investments.”  Such designation will only be permitted if a
Restricted Payment in such amount would be permitted at such time and if such
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 

SECTION 4.12.                                                                 Liens.

 

The Issuers
will not directly or indirectly, create, Incur or suffer to exist any Lien on
any asset or property of the Issuers (taken together) or any income or profits
therefrom, or assign or convey any right to receive income therefrom, that
secures any obligations of the Issuers (taken together) unless the Notes are
equally and ratably secured with (or on a senior basis to, in the case of
obligations subordinated in right of payment to the Notes) the obligations so
secured or until such time as such obligations are no longer secured by a
Lien.  The preceding sentence will not
require the Issuers to secure the Notes if the Lien consists of a Permitted
Lien.

 

SECTION 4.13.                                                                 Asset
Sales.

 

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

 

(i)                                     an
Issuer or a Restricted Subsidiary, as the case may be, receives consideration
at the time of such Asset Sale at least equal to the Fair Market Value (as
determined in good faith by the Issuers) of the assets sold or otherwise disposed
of, and

 

(ii)                                  at
least 75% of the consideration therefor received by such Issuer or such
Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of:

 

(A)                              any
liabilities (as shown on such Issuer’s or such Restricted Subsidiary’s most
recent balance sheet or in the notes thereto) of such Issuer or any

 

58

 

Restricted Subsidiary
(other than liabilities that are by their terms subordinated to the Notes) that
are assumed by the transferee of any such assets,

 

(B)                                any
notes or other obligations or other securities or assets received by such
Issuer or such Restricted Subsidiary from such transferee that are converted by
such Issuer or such Restricted Subsidiary into cash within 180 days of the receipt
thereof (to the extent of the cash received),

 

(C)                                any
Designated Non-cash Consideration received by such Issuer or such Restricted
Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken
together with all other Designated Non-cash Consideration received pursuant to
this clause (C) that is at that time outstanding, not to exceed the greater of
2.5% of Total Assets and $50.0 million at the time of the receipt of such
Designated Non-cash Consideration (with the Fair Market Value of each item of
Designated Non-cash Consideration being measured at the time received and
without giving effect to subsequent changes in value), and

 

(D)                               any
non-cash consideration received by such Issuer or such Restricted Subsidiary in
connection with the sale of unimproved real property owned by the Issuers
(taken together) on the Issue Date (such non-cash consideration being referred
to herein as “Land Sale Non-cash Consideration”)

 

shall be deemed to be Cash Equivalents for the
purposes of this Section 4.13(a).

 

(b)                                 Within
395 days after an Issuer’s or a Restricted Subsidiary’s receipt of the Net
Proceeds from any Asset Sale, such Issuer or such Restricted Subsidiary may
apply the Net Proceeds from such Asset Sale, at its option:

 

(i)                                     to
permanently reduce Obligations under the Credit Agreement (and, in the case of
revolving Obligations, to correspondingly reduce commitments with respect
thereto) or Indebtedness of a Restricted Subsidiary, in each case other than
Indebtedness owed to the Issuers or an Affiliate of the Issuers or Pari Passu
Indebtedness; provided that if the Issuers
shall so reduce Pari Passu Indebtedness, they will equally and ratably make an
Asset Sale Offer to all Holders of Notes as set forth in the following
paragraph); provided that, if an offer to purchase
any Indebtedness of UCDP or any Restricted Subsidiary is made in accordance
with the terms of such Indebtedness, the obligation to permanently reduce
Indebtedness of a Restricted Subsidiary will be deemed to be satisfied to the
extent of the amount of the offer, whether or not accepted by the holders
thereof, and no Net Proceeds in the amount of such offer will be deemed to exist
following such offer,

 

(ii)                                  to
an investment in any one or more businesses (provided
that such investment in any business may be in the form of the acquisition of
Capital Stock so long

 

59

 

as it results in the
Issuers (taken together) or a Restricted Subsidiary, as the case may be, owning
substantially all the Capital Stock of such business), or capital expenditures,
in each case used or useful in a Similar Business and/or

 

(iii)                               to
make an investment in any one or more businesses (provided
that such investment in any business may be in the form of the acquisition of
Capital Stock so long as it results in the Issuers (taken together) or a
Restricted Subsidiary, as the case may be, owning substantially all the Capital
Stock of such business), properties or assets that replace the properties and
assets that are the subject of such Asset Sale.

 

(c)                                  Pending
the final application of any such Net Proceeds, the Issuers or such Restricted
Subsidiary may temporarily reduce Indebtedness under a revolving credit facility,
if any, or otherwise invest such Net Proceeds in Cash Equivalents or Investment
Grade Securities.  Any Net Proceeds from
any Asset Sale that are not applied as provided and within the time period set
forth in the first sentence of this paragraph (it being understood that any
portion of such Net Proceeds used to make an offer to purchase Notes, as
described in clause (b)(i) above, shall be deemed to have been invested whether
or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” 
When the aggregate amount of Excess Proceeds exceeds $20.0 million, the
Issuers shall make an offer to purchase, prepay or redeem (an “Asset Sale Offer”) on a pro rata basis the maximum principal
amount of Notes and other Pari Passu Indebtedness that may be purchased out of
such Excess Proceeds to (i) all Holders of Notes and (ii) all holders of any
other Pari Passu Indebtedness of the Issuers on the terms and to the extent
contemplated by the provisions governing such Pari Passu Indebtedness.  Such Asset Sale Offer will be at an offer
price in cash (A), in the case of the Notes, of 100% of the principal amount of
the Notes, plus accrued and unpaid interest thereon to the date of repurchase
(subject to the right of Holders of record on a record date to receive interest
on the relevant interest payment date in accordance with the procedures set
forth in this Indenture) and (B), in the case of other Pari Passu Indebtedness
of the Issuers, sufficient to comply with the provisions governing such Pari
Passu Indebtedness of the Issuers (provided that
in no event shall the Issuers offer to purchase Pari Passu Indebtedness at a
purchase price in excess of 100% of its principal amount, plus accrued and
unpaid interest thereon).  To the extent
that the aggregate amount of Notes and Pari Passu Indebtedness tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers
may use any remaining Excess Proceeds for general corporate purposes.  If the aggregate principal amount of Notes
surrendered by Holders thereof exceeds the pro rata amount of Excess Proceeds
to be used to purchase the Notes, the Trustee shall select the Notes to be
purchased in the manner described below. 
Upon completion of any such Asset Sale Offer, the amount of Excess
Proceeds shall be reset at zero.

 

(d)                                 The
Issuers will commence an Asset Sale Offer with respect to Excess Proceeds
within ten Business Days after the date that Excess Proceeds exceeds $20.0
million.  The Asset Sale Offer will
remain open for a period of 20 Business Days following its commencement, except
to the extent that a longer period is required by applicable law (the “Asset

 

60

 

Sale Offer Period”).  No later than five Business Days after the
termination of the Asset Sale Offer Period (the “Asset Sale
Purchase Date”), the Issuers will repurchase the principal amount of
Notes and Pari Passu Indebtedness required to be purchased pursuant to this covenant
(the “Asset Sale Offer Amount”) or, if less
than the Asset Sale Offer Amount has been so validly tendered, all Notes and
Pari Passu Indebtedness validly tendered in response to the Asset Sale Offer.

 

(e)                                  Upon
the commencement of an Asset Sale Offer, the Issuers shall send, by first class
mail, at least 30 but not more than 60 days before the Asset Sale Purchase
Date, a notice to the Trustee and to each Holder at its registered
address.  The notice shall contain all
instructions and materials necessary to enable such Holder to tender Notes
pursuant to the Asset Sale Offer.  Any
Asset Sale Offer shall be made to all Holders. 
The notice, which shall govern the terms of the Asset Sale Offer, shall
state:

 

(i)                                     that
the Asset Sale Offer is being made pursuant to this Section 4.13;

 

(ii)                                  the
purchase price (including the amount of accrued interest) and the Asset Sale
Purchase Date;

 

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

 

(iv)                              that,
unless the Issuers default in making payment therefor, any Note accepted for
payment pursuant to the Asset Sale Offer shall cease to accrue interest after
the Asset Sale Payment Date;

 

(v)                                 that
Holders electing to have a Note purchased pursuant to an 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, to the Paying Agent at
the address specified in the notice prior to the close of business on the third
Business Day prior to the Asset Sale Payment Date;

 

(vi)                              that
Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the second Business Day prior to the Asset Sale
Payment Date, a facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Notes the Holder delivered for purchase and
a statement that such Holder is withdrawing his election to have such Note purchased;

 

(vii)                           that
Holders whose Notes are purchased only in part will be issued new Notes in a
principal amount equal to the unpurchased portion of the Notes surrendered; and

 

(viii)                        the
circumstances and relevant facts regarding such Asset Sale Offer.

 

61

 

(f)                                    If
more Notes are tendered pursuant to the Asset Sale Offer than the Issuers are
required to purchase, selection of such Notes for purchase shall be made by the
Trustee in compliance with the requirements of the principal national
securities exchange, if any, on which such Notes are listed, or if such Notes
are not so listed, on a pro rata basis,
by lot or by such other method as the Trustee shall deem fair and appropriate
(and in such manner as complies with applicable legal requirement); provided
that no Notes of $1,000 or less shall be purchased in part.  The Issuers will deliver to the Trustee an
Officers’ Certificate stating that such Notes or portions thereof were accepted
for payment by the Issuers in accordance with the terms of this Section 4.13
and, in addition, the Issuers will deliver all certificates and Notes required,
if any, by the agreements governing the Pari Passu Indebtedness.  The Issuers or the Paying Agent, as the case
may be, will promptly (but in any case not later than five Business Days after
the termination of the Asset Sale Offer Period) mail or deliver to each
tendering Holder of Notes or holder or lender of Pari Passu Indebtedness, as
the case may be, an amount equal to the repurchase price of the Notes or Pari
Passu Indebtedness so validly tendered and not properly withdrawn by such
Holder or lender, as the case may be, and accepted by the Issuers for purchase,
and the Issuers will promptly issue a new Note, and the Trustee, upon delivery
of an Officers’ Certificate from the Co-Issuers, 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; provided,
however, that each such new Note will be in a principal amount of
$1,000 or an integral multiple of $1,000. 
In addition, the Issuers will take any and all other actions required by
the agreements governing the Pari Passu Indebtedness.  Any Note not so accepted will be promptly
mailed or delivered by the Issuers to the Holder thereof.

 

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

 

SECTION 4.14.                                                                 Transactions
with Affiliates.

 

(a)                                  Neither
Issuer will, and the Issuers will not permit any Restricted Subsidiary to,
directly or indirectly, 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 or
series of transactions, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of an Issuer (each of the
foregoing, an “Affiliate Transaction”) if such
Affiliate Transaction or series of related Affiliate Transactions involves
aggregate consideration in excess of $5.0 million to the Issuers and the
Restricted Subsidiaries, unless:

 

62

 

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

 

(ii)                                  with
respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $10.0 million, to
the Issuers and the Restricted Subsidiaries, the Issuers deliver to the Trustee
a resolution adopted in good faith by the majority of the Board of Directors of
each of the Issuers or UCDP approving such Affiliate Transaction and set forth
in an Officers’ Certificate certifying that such Affiliate Transaction complies
with clause (i) above.

 

(b)                                 The
foregoing provisions will not apply to the following:

 

(i)                                     transactions
between or among the Co-Issuers and/or any Restricted Subsidiary;

 

(ii)                                  Restricted
Payments permitted by Section 4.11;

 

(iii)                               the
payment of annual management, consulting, monitoring and advisory fees to VUE
and its Affiliates and Blackstone and its Affiliates in an amount in any fiscal
year not to exceed $3.0 million in the aggregate;

 

(iv)                              the
payment of reasonable and customary fees to, and indemnity provided on behalf
of, officers, directors, employees or consultants of an Issuer or of Affiliates
of an Issuer providing services to such Issuer;

 

(v)                                 payments
by an Issuer or a Restricted Subsidiary to Blackstone or VUE made for any
financial advisory, financing, underwriting or placement services or in respect
of other investment banking activities, including, without limitation, in
connection with acquisitions or divestitures, which payments are approved by a
majority of the Board of Directors of each of the Issuers or UCDP in good
faith;

 

(vi)                              transactions
in which an Issuer or a Restricted Subsidiary, as the case may be, delivers to
the Trustee a letter from an Independent Financial Advisor stating that such
transaction is fair to the Issuers (taken together) or such Restricted
Subsidiary from a financial point of view or meets the requirements of Section
4.14(a);

 

(vii)                           payments
or loans to employees or consultants in the ordinary course of business which
are approved by a majority of the Board of Directors of each of the Issuers or
UCDP in good faith;

 

63

 

(viii)                        any
agreement (other than with Blackstone or Vivendi Universal Entertainment LLLP
and its subsidiaries) as in effect as of the Issue Date or any amendment
thereto (so long as any such amendment is not disadvantageous to the Holders of
the Notes in any material respect) or any transaction contemplated thereby;

 

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

 

(x)                                   the
payment to VUE or its designee of current or deferred portions of the Special
Fee;

 

(xi)                                transactions
with customers, clients, suppliers or purchasers or sellers of goods or
services, in each case in the ordinary course of business and otherwise in compliance
with the terms of this Indenture, which are fair to the Issuers and the Restricted
Subsidiaries in the reasonable determination of the Board of Directors or the
senior management of each of the Issuers or UCDP, and are on terms not
materially less favorable than might reasonably have been obtained at such time
from an unaffiliated party;

 

(xii)                             the
issuance of Equity Interests (other than Disqualified Stock) of an Issuer to
any Permitted Holder;

 

(xiii)                          transactions
with VUE consisting of reimbursement of expenses, sharing of operating and
capital costs, licensing and sublicensing of rights under intellectual
property, joint marketing arrangements, promotional, merchandising and
advertising arrangements, sharing of personnel and employees, coverage under
insurance policies and joint purchasing arrangements, in each case consistent
with past practice or practice in effect on the Issue Date or with the
Partnership Agreement or, in each case, as modified in a manner no less favorable
to UCDP;

 

(xiv)                         the
reimbursement of out of pocket expenses actually and properly incurred by VUE
or its Affiliates and Blackstone or its Affiliates in connection with
activities of the Issuers as permitted pursuant to the Partnership Agreement as
in effect on the Issue Date or as modified in a manner not materially less
favorable to UCDP;

 

64

 

(xv)                            the
purchase by an Issuer at no greater than par from VUE of the right to receive
any Special Fee;

 

(xvi)                         transactions
with joint ventures in Similar Businesses entered into in the ordinary course
of business and in a manner consistent with past practice; and

 

(xvii)                      to
the extent otherwise permitted under this Indenture, any issuance of
securities, or other payments, awards or grants in cash, securities or
otherwise pursuant to (or the funding of) employment arrangements, stock options
and stock ownership plans to managers, employees or other individuals that are
not employed by an Issuer or a Restricted Subsidiary but provide services to an
Issuer or a Restricted Subsidiary.

 

SECTION 4.15.                                                                 Dividend
and Other Payment Restrictions Affecting Subsidiaries.

 

(a)                                  The
Issuers will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective
any consensual encumbrance or consensual restriction on the ability of any Restricted
Subsidiary to:

 

(i)                                     (A)
pay dividends or make any other distributions to an Issuer or any Restricted
Subsidiary (1) on its Capital Stock or (2) with respect to any other interest
or participation in, or measured by, its profits; or (B) pay any Indebtedness
owed to the Issuers or any Restricted Subsidiary;

 

(ii)                                  make
loans or advances to an Issuer or any Restricted Subsidiary; or

 

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

 

(b)                                 Notwithstanding
the foregoing, this Section 4.15 will not prohibit such encumbrances or
restrictions existing under or by reason of:

 

(i)                                     contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to
the Credit Agreement and the other Senior Credit Documents and the indenture
governing the Existing Notes;

 

(ii)                                  this
Indenture and the Notes;

 

(iii)                               applicable
law or any applicable rule, regulation or order;

 

(iv)                              any
agreement or other instrument relating to Indebtedness of a Person acquired by
an Issuer or any Restricted Subsidiary which was in existence at the time of
such acquisition (but not created in contemplation thereof or to provide all or
any portion of the funds or credit support utilized to consummate such
acquisition), which encumbrance

 

65

 

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;

 

(v)                                 any
restriction with respect to a Restricted Subsidiary imposed pursuant to an
agreement entered into for the sale or disposition of all or substantially all
the Capital Stock or assets of such Restricted Subsidiary pending the closing
of such sale or disposition;

 

(vi)                              Secured
Indebtedness otherwise permitted to be Incurred pursuant to Sections 4.10 and
4.12 that limit the right of the debtor to dispose of the assets securing such
Indebtedness;

 

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

 

(viii)                        customary
provisions in joint venture agreements and other similar agreements entered
into in the ordinary course of business;

 

(ix)                                purchase
money obligations for property acquired in the ordinary course of business that
impose restrictions of the nature discussed in clause (a)(iii) above on the
property so acquired;

 

(x)                                   customary
provisions contained in leases and other similar agreements entered into in the
ordinary course of business that impose restrictions of the type described in
clause (a)(iii) above;

 

(xi)                                other
Indebtedness of Restricted Subsidiaries (A) Incurred subsequent to the Issue
Date pursuant to Section 4.10 and either (i) the provisions relating to
such encumbrances or restriction contained in such Indebtedness are not materially
less favorable to the Issuers, taken as a whole, as determined by the Board of
Directors of each of the Issuers or UCDP in good faith, than the provisions
contained in the Credit Agreement or in the indenture governing the Existing
Notes, in each case, as in effect on the Issue Date or (ii) any such
encumbrance or restriction contained in such Indebtedness does not prohibit
(except upon a default or event of default thereunder) the payment of dividends
or distributions in an amount sufficient, as determined by the Board of
Directors of each of the Issuers or UCDP in good faith, to make scheduled
payments of cash interest on the Notes when due (taking into account the
resources of the Issuers at such time); or (B) that are Foreign Subsidiaries
that is Incurred subsequent to the Issue Date pursuant to clause (iv), (xii) or
(xix) of Section 4.10(b); or

 

(xii)                             any
encumbrances or restrictions of the type referred to in clauses (a)(i), (ii)
and (iii) above imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of
the contracts, instruments

 

66

 

or obligations referred
to in clauses (i) through (xi) above; provided that
such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are, in the good faith judgment of
each of the Issuers, not materially more restrictive with respect to such
dividend and other payment restrictions than those contained in the dividend or
other payment restrictions prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing.

 

SECTION 4.16.                                                                 Future
Guarantors.

 

The
Issuers shall cause each Wholly Owned Restricted Subsidiary that is a Domestic
Subsidiary that guarantees any Indebtedness of the Co-Issuers to execute and
deliver to the Trustee a supplemental indenture in form and substance
reasonably satisfactory to the Trustee pursuant to which such Wholly Owned
Restricted Subsidiary shall guarantee payment of the Notes.

 

SECTION 4.17.                                                                 Limitation
on Business Activities of Finance Issuers.

 

Neither
of the Finance Issuers will hold any material assets, become liable for any
material obligations, engage in any trade or business, or conduct any business
activity, other than the issuance of Equity Interests to the Issuers or any
Wholly Owned Restricted Subsidiary, the incurrence of Indebtedness as a
co-obligor or guarantor of Indebtedness incurred by the Issuers, including the
Notes and the Exchange Notes, if any, that is permitted to be incurred by the
Issuers under Section 4.10 and activities incidental thereto.  So long as the Issuers or any successor
obligor under the Notes is a limited liability company, partnership or trust,
there shall be a co-issuer of the Notes that is a Wholly Owned Restricted
Subsidiary of the Issuers and that is a corporation organized and existing
under the laws of the United States or any state thereof or the District of
Columbia.

 

SECTION 4.18.                                                                 Reports
and Other Information.

 

(a)                                  Notwithstanding
that the Co-Issuers may not be subject to the reporting requirements of Section
13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly
basis on forms provided for such annual and quarterly reporting pursuant to
rules and regulations promulgated by the SEC, the Co-Issuers will, beginning
with the first required filing after the Exchange Offer, file with the SEC (and
provide the Trustee and the Holders of the Notes with copies thereof, without
cost to any Holder, within 15 days after filing with the SEC),

 

(i)                                     within
90 days after the end of each fiscal year (or such shorter period as may be
required by the SEC), annual reports on Form 10-K (or any successor or comparable
form) containing the information required to be contained therein (or required
in such successor or comparable form),

 

67

 

(ii)                                  within
45 days after the end of each of the first three fiscal quarters of each fiscal
year (or such shorter period as may be required by the SEC), reports on Form
10-Q (or any successor or comparable form),

 

(iii)                               promptly
from time to time after the occurrence of an event required to be therein
reported (and in any event within the time period specified for filing current
reports on Form 8-K by the SEC), such other reports on Form 8-K (or any
successor or comparable form), and

 

(iv)                              any
other information, documents and other reports which the Co-Issuers would be
required to file with the SEC if they were subject to Section 13 or 15(d) of
the Exchange Act;

 

provided, however,
that the Co-Issuers shall not be so obligated to file such reports with the SEC
if the SEC does not permit such filing, in which event the Co-Issuers will make
available such information to prospective purchasers of Notes, in addition to
providing such information to the Trustee and the Holders, in each case within
15 days after the time the Co-Issuers would be required to file such information
with the SEC if they were subject to Section 13 or 15(d) of the Exchange
Act.  Notwithstanding the foregoing, such
requirements shall be deemed satisfied prior to the commencement of the
Exchange Offer or the effectiveness of the Shelf Registration Statement by the
filing with the SEC of the Exchange Offer Registration Statement and/or Shelf
Registration Statement, and any amendments thereto, with such financial information
that satisfies Regulation S-X of the Securities Act.

 

(b)                                 Delivery
of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Co-Issuers’ compliance with any of
their covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates).

 

ARTICLE FIVE

SUCCESSOR CORPORATION

 

SECTION 5.01.                                                                 Merger,
Consolidation or Sale of All or Substantially All Assets.

 

(a)                                  None
of the Co-Issuers may consolidate or merge with or into, or wind up into
(whether or not such Co-Issuer is the surviving corporation), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all its
properties or assets in one or more related transactions, to any Person, unless:

 

(i)                                     such
Co-Issuer is the surviving Person or the Person formed by or surviving any such
consolidation or merger (if other than such Co-Issuer) or to which such

 

68

 

sale, assignment,
transfer, lease, conveyance or other disposition has been made is a
corporation, partnership or limited liability company organized or existing
under the laws of the United States, any state or territory thereof or the
District of Columbia (such Co-Issuer or such Person, as the case may be, being
herein called the “Successor Company”);

 

(ii)                                  the
Successor Company (if other than such Co-Issuer) expressly assumes all the
obligations of such Co-Issuer under this Indenture and the Notes pursuant to a
supplemental indenture or other documents or instruments in form satisfactory
to the Trustee;

 

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

 

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

 

(A)                              the
Successor Company would be permitted to Incur at least $1.00 of additional
Indebtedness pursuant to the Debt to EBITDA Ratio test set forth in Section
4.10(a) or

 

(B)                                the
Debt to EBITDA Ratio for the Successor Company and the Restricted Subsidiaries
would be no higher than such ratio for the Issuers and the Restricted Subsidiaries
immediately prior to such transaction;

 

(v)                                 any
Guarantor, if applicable, unless it is the other party to the transactions
described above, shall have by supplemental indenture confirmed that its Guarantee
shall apply to such Person’s obligations under this Indenture and the Notes;
and

 

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

 

(b)                                 Except
as provided in Article Ten, no Guarantor may, and the Issuers shall not permit
such a Guarantor to, consolidate with or merge with or into or wind up into
(whether or not such Guarantor is the surviving corporation), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, any Person unless:

 

69

 

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

 

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

 

(iii)                               immediately
after giving effect to such transaction (and treating any Indebtedness which
becomes an obligation of the Successor Guarantor or any of its Subsidiaries as
a result of such transaction as having been Incurred by the Successor Guarantor
or such Subsidiary at the time of such transaction) no Default or Event of
Default shall have occurred and be continuing; and

 

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

 

(c)                                  Upon
any consolidation or merger of any Co-Issuer, or any transfer of all or
substantially all of the assets of any Co-Issuer in accordance with Section
5.01(a), in which such Co-Issuer is not the continuing obligor under the Notes,
the Successor Company formed by such consolidation or into which such Co-Issuer
is merged or to which the conveyance, lease or transfer is made will succeed
to, and be substituted for, and may exercise every right and power of, such
Co-Issuer under this Indenture and the Notes with the same effect as if such Successor
Company had been named therein as such Co-Issuer and such Co-Issuer will be released
from the obligation to pay the principal of and interest on the Notes and all
of such Co-Issuer’s other obligations and covenants under the Notes and this
Indenture, if applicable.

 

(d)                                 Notwithstanding
clause (iii) or (iv) of Section 5.01(a), (i) any Restricted Subsidiary may
consolidate with, merge into or transfer all or part of its properties and
assets to a Co-Issuer or to another Restricted Subsidiary, and (ii) any
Co-Issuer may merge with any Affiliate incorporated solely for the purpose of
reincorporating or reforming such Co-Issuer in another state of the United
States, or incorporating such Co-Issuer, so long as the amount of Indebtedness
of the Co-Issuers and the Restricted Subsidiaries is not increased thereby.

 

(e)                                  Notwithstanding
Section 5.01(b), a Guarantor may merge with an Affiliate incorporated solely
for the purpose of reincorporating or reforming such Guarantor in another

 

70

 

state of the United States, or incorporating such Guarantor, so long as
the amount of Indebtedness of such Guarantor is not increased thereby.

 

ARTICLE SIX

DEFAULT AND REMEDIES

 

SECTION 6.01.                                                                 Events
of Default.

 

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

 

(a)                                  a
default in any payment of interest on any Note when due continued for 30 days;

 

(b)                                 a
default in the payment of principal or premium, if any, on any Note when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon
declaration or otherwise;

 

(c)                                  the
failure by the Co-Issuers to comply with their obligations under Section 5.01;

 

(d)                                 the
failure by any Co-Issuer to comply for 30 days after notice with any of its
obligations under Sections 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17
and 4.18 (other than a failure to purchase Notes when required by Sections 4.09
and 4.13);

 

(e)                                  the
failure by a Co-Issuer to comply for 60 days after notice with its other
agreements contained in the Notes or this Indenture;

 

(f)                                    the
failure by a Co-Issuer or any Significant Subsidiary to pay any Indebtedness
(other than Indebtedness owing to a Co-Issuer or a Restricted Subsidiary)
within any applicable grace period after final maturity or the acceleration of
any such Indebtedness by the holders thereof because of a default if the total
amount of such Indebtedness unpaid or accelerated exceeds $25.0 million;

 

(g)                                 a
court having jurisdiction in the premises enters (i) a decree or order for
relief in respect of an Issuer or any Significant Subsidiary in an involuntary
case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or (ii) a decree or order
adjudging an Issuer or any of the Issuers’ Significant Subsidiaries bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of an Issuer or any
Significant Subsidiary under any applicable federal or state law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of an Issuer or any Significant Subsidiary or of any
substantial part of its property,

 

71

 

or ordering the
winding up or liquidation of its affairs, and any such decree or order of the
type in clause (i) or (ii) above remains unstayed and in effect for a period of
60 consecutive days;

 

(h)                                 an
Issuer or any Significant Subsidiary:

 

(i)                                     commences
a voluntary case or proceeding under any applicable federal or state
bankruptcy, insolvency, reorganization or other similar law or any other case
or proceeding to be adjudicated a bankrupt or insolvent; or

 

(ii)                                  consents
to the entry of a decree or order for relief in respect of an Issuer or any
Significant Subsidiary in an involuntary case or proceeding under any
applicable federal or state bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against such Issuer or any Significant Subsidiary; or

 

(iii)                               files
a petition or answer or consent seeking reorganization or relief under any
applicable federal or state law; or

 

(iv)                              consents
to the filing of such petition or to the appointment of or taking possession by
a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar
official of the Issuers or any Significant Subsidiary or of any substantial
part of its property; or

 

(v)                                 makes
an assignment for the benefit of creditors; or

 

(vi)                              admits
in writing its inability to pay its debts generally as they become due; or

 

(i)                                     the
failure by any Co-Issuer or any Significant Subsidiary to pay final
non-appealable judgments aggregating in excess of $25.0 million (net of
any amounts which are covered by enforceable insurance policies issued by
solvent carriers), which judgments are not discharged, waived or stayed for a
period of 60 days.

 

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

 

In the
event of any Event of Default specified in clause (f) of this Section 6.01,
such Event of Default and all consequences thereof (excluding, however, any
resulting payment default) will be annulled, waived and rescinded,
automatically and without any action by the Trustee or the Holders of the Notes,
if within 20 days after such Event of Default arose the Issuers

 

72

 

deliver an Officers’ Certificate to the Trustee
stating that (x) the Indebtedness or guarantee that is the basis for such
Event of Default has been discharged or (y) the Holders thereof have
rescinded or waived the acceleration, notice or action (as the case may be) giving
rise to such Event of Default or (z) the default that is the basis for
such Event of Default has been cured, it being understood that in no event
shall an acceleration of the principal amount of the Notes as described above
be annulled, waived or rescinded upon the happening of any such events.

 

Notwithstanding
anything to the contrary herein, a Default under clause (d) or (e) of this
Section 6.01 will not constitute an Event of Default until the Trustee or the
Holders of at least 25% in principal amount of the outstanding Notes notify the
Co-Issuers of the Default and the Co-Issuers do not cure such Default within
the time specified in such clause (d) or (e) after the receipt of such notice.

 

SECTION 6.02.                                                                 Acceleration.

 

(a)                                  In
the case of an Event of Default arising from either Section 6.01(g) or (h) with
respect to any Issuer or any Significant Subsidiary, the principal of, premium,
if any, and interest on 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, by notice to the
Co-Issuers, or the Holders of at least 25% in principal amount of the then outstanding
Notes, by notice to the Co-Issuers and the Trustee, may declare all the Notes
to be due and payable immediately.

 

(b)                                 At
any time after a declaration of acceleration with respect to the Notes as
described in the preceding paragraph, the Holders of a majority in principal
amount of outstanding Notes, by notice to the Trustee, may rescind and cancel
such declaration and its consequences:

 

(i)                                     if
the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction;

 

(ii)                                  if
all existing Events of Default have been cured or waived except nonpayment of
principal, premium or interest that has become due solely because of the acceleration;

 

(iii)                               to
the extent the payment of such interest is lawful, interest on overdue
installments of overdue principal, premium and interest, which has become due
otherwise than by such declaration of acceleration, has been paid; and

 

(iv)                              in
the event of the cure or waiver of a Default of the type set forth in Section
6.01(g) or (h), the Trustee shall have received an Officers’ Certificate and an
Opinion of Counsel that such Default has been cured or waived.

 

73

 

No such waiver or rescission shall affect any
subsequent Default or impair any right consequent thereto.

 

SECTION 6.03.                                                                 Other
Remedies.

 

If an
Event of Default occurs and is continuing, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of principal of
or 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 Noteholder in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other remedy.  All available remedies are cumulative to the
extent permitted by law.

 

SECTION 6.04.                                                                 Waiver
of Past Defaults.

 

Subject
to Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal amount
of the outstanding Notes by notice to the Trustee may waive an existing Default
and its consequences, except a Default in the payment of principal of or
premium, if any, or interest on any Note as specified in Section 6.01(a) or
(b).  The Co-Issuers shall deliver to the
Trustee an Officers’ Certificate stating that the requisite percentage of
Holders have consented to such waiver and attaching copies of such
consents.  When a Default is waived, it
is deemed cured.

 

SECTION 6.05.                                                                 Control
by Majority.

 

The
Holders of a majority in principal amount of the outstanding Notes may direct
the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on it.  Subject to Section 7.01, however, the
Trustee may refuse to follow any direction that conflicts with any law or this
Indenture, that the Trustee determines may be unduly prejudicial to the rights
of another Noteholder, or that may involve the Trustee in personal
liability.  Prior to the Trustee taking
any action or following any direction pursuant to this Indenture, the Trustee
shall be entitled to indemnification satisfactory to it in its sole discretion
against any loss or expense caused by taking or not taking such action or
following or not following such direction.

 

SECTION 6.06.                                                                 Limitation
on Suits.

 

(a)                                  Except
with respect to a Default in the payment of principal of, premium, if any, or
interest on any Note as specified in Section 6.01(a) or (b), a Noteholder may
not pursue any remedy with respect to this Indenture or the Notes unless:

 

74

 

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

 

(ii)                                  the
Holders of at least 25% in principal amount of the outstanding Notes have made
a written request to the Trustee to pursue the remedy;

 

(iii)                               such
Holder offers and provides to the Trustee security or indemnity reasonably
satisfactory to the Trustee against any loss, liability or expense;

 

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

 

(v)                                 during
such 60-day period, the Holders of a majority in principal amount of the
outstanding Notes do not give the Trustee a direction which, in the opinion of
the Trustee, is inconsistent with the request.

 

(b)                                 A
Noteholder may not use this Indenture to prejudice the rights of another
Noteholder or to obtain a preference or priority over such other Noteholder.

 

SECTION 6.07.                                                                 Rights
of Holders To Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder to receive
payment of principal of and premium and interest on a Note, on or after the
respective due dates expressed in such Note, 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 the Holder.

 

SECTION 6.08.                                                                 Collection
Suit by Trustee.

 

If an
Event of Default specified in Section 6.01(a) or (b) occurs and is continuing,
the Trustee may recover judgment in its own name and as trustee of an express
trust against the Co-Issuers or any other obligor on the Notes for the whole
amount of principal and accrued interest and fees remaining unpaid, together
with interest on overdue principal and, to the extent that payment of such
interest is lawful, interest on overdue installments of interest, in each case
at the rate per annum borne by the Notes and such further amount as shall be
sufficient to cover the reasonable 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 may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and

 

75

 

counsel) and the Noteholders allowed in any judicial
proceedings relating to the Co-Issuers, their creditors or their property and
shall be entitled and empowered to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same,
and any Custodian in any such judicial proceedings is hereby authorized by each
Noteholder 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
Noteholders, to pay to the Trustee any amount due to it for the compensation,
expenses, disbursements and advances of the Trustee, its agent and counsel, and
any other amounts due the Trustee under Section 7.07.  Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Noteholder in any
such proceeding.  The Trustee shall be
entitled to participate as a member of any official committee of creditors in
the matters as it deems necessary or advisable.

 

SECTION 6.10.                                                                 Priorities.

 

If the
Trustee collects any money or property pursuant to this Article Six, it shall
pay out the money or property in the following order:

 

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

 

Second:  to
Holders for interest accrued on the Notes, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for
interest;

 

Third:  to
Holders for principal and premium due and unpaid on the Notes, ratably, without
preference or priority of any kind, according to the amounts due and payable on
the Notes for principal and premium; and

 

Fourth:  to the
Co-Issuers or to the Guarantors, if any, as their respective interests may
appear.

 

The
Trustee, upon prior notice to the Co-Issuers, may fix a record date and payment
date for any payment to Noteholders pursuant to this Section 6.10.

 

SECTION 6.11.                                                                 Undertaking
for Costs.

 

In any
suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as 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
and expenses, against any party litigant in the suit, having due regard to the
merits

 

76

 

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 pursuant to Section 6.07,
or a suit by a Holder or Holders of more than 10% in principal amount of the
outstanding Notes.

 

ARTICLE SEVEN

TRUSTEE

 

SECTION 7.01.                                                                 Duties
of Trustee.

 

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

 

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

 

(i)                                     the
Trustee need perform only those duties as are specifically set forth herein or
in the TIA and no duties, covenants, responsibilities or obligations shall be
implied in this Indenture against the Trustee; and

 

(ii)                                  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 (including Officers’ Certificates) or opinions
(including Opinions of Counsel) furnished to the Trustee and conforming to the
requirements of this Indenture.  However,
in the case of any such certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, the Trustee shall
examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

 

(c)                                  Notwithstanding
anything to the contrary herein, the Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(i)                                     This
paragraph does not limit the effect of paragraph (b) of this Section 7.01.

 

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

 

77

 

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

 

(d)                                 No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder or to take or omit to take any action under this Indenture
or take any action at the request or direction of Holders if it shall have
reasonable grounds for believing that repayment of such funds is not assured to
it.

 

(e)                                  Whether
or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to this Section 7.01.

 

(f)                                    The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Co-Issuers.  Money held in trust by the Trustee need not
be segregated from other funds except to the extent required by law.

 

(g)                                 In
the absence of negligence or willful misconduct on the part of the Trustee, the
Trustee shall not be responsible for the application of any money by any Paying
Agent other than the Trustee.

 

SECTION 7.02.                                                                 Rights
of Trustee.

 

Subject
to Section 7.01:

 

(a)                                  The
Trustee may rely conclusively and shall be protected in acting or refraining
from acting on any document believed by it to be genuine and to have been
signed or presented by the proper Person. 
The Trustee need not investigate any fact or matter stated in the
document.

 

(b)                                 Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate and an Opinion of Counsel, which shall conform to the provisions of
Section 11.05.  The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on
such certificate or opinion.

 

(c)                                  The
Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent (other than an agent who is an
employee of the Trustee) appointed with due care.

 

(d)                                 The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights or
powers.

 

78

 

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

 

(f)                                    The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Holders pursuant to the provisions of this Indenture, unless such Holders shall
have offered to the Trustee security or indemnity reasonably satisfactory to it
against the costs, expenses and liabilities which may be incurred therein or
thereby.

 

(g)                                 The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate (including any Officers’ Certificate),
statement, instrument, opinion (including any Opinion of Counsel), notice,
request, direction, consent, order, bond, debenture, or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled, upon reasonable notice to the Co-Issuers, to examine the books, records,
and premises of the Co-Issuers, personally or by agent or attorney at the sole
cost of the Co-Issuers and shall incur no liability or additional liability of
any kind by reason of such inquiry or investigation.

 

(h)                                 The
Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder.

 

(i)                                     The
permissive rights of the Trustee to do things enumerated in this Indenture
shall not be construed as duties.

 

(j)                                     The
Trustee shall not be deemed to have notice of any Default unless a Trust
Officer of the Trustee has actual knowledge thereof or unless written notice of
any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Notes and
this Indenture.

 

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

 

(l)                                     The
Trustee may request that the Co-Issuers deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which Officers’
Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any

 

79

 

person specified
as to authorized in any such certificate previously delivered and not superseded.

 

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 Co-Issuers, their Subsidiaries or
their respective Affiliates with the same rights it would have if it were not
Trustee.  Any Agent may do the same with
like rights.  However, the Trustee must
comply with Sections 7.10 and 7.11.

 

SECTION 7.04.                                                                 Trustee’s
Disclaimer.

 

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

 

SECTION 7.05.                                                                 Notice
of Default.

 

If a
Default occurs and is continuing and the Trustee receives actual notice of such
Default, the Trustee shall mail to each Noteholder notice of the uncured
Default within the earlier of 90 days after such Default occurs or 30 days
after such Default is actually known to a Trust Officer or written notice of
such Default is received by the Trustee. 
Except in the case of a Default in payment of principal of, premium, if
any, or interest on, any Note, including an accelerated payment and the failure
to make payment on the Change of Control Payment Date pursuant to a Change of
Control Offer or the Asset Sale Purchase Date pursuant to an Asset Sale Offer,
the Trustee may withhold the notice if and so long as the Board of Directors,
the executive committee, or a trust committee of directors and/or Trust
Officers, of the Trustee in good faith determines that withholding the notice
is in the interest of the Noteholders.

 

SECTION 7.06.                                                                 Reports
by Trustee to Holders.

 

Within
60 days after each May 15 beginning with May 15, 2005, the Trustee shall, to
the extent that any of the events described in TIA § 313(a) occurred
within the previous twelve months, but not otherwise, mail to each Noteholder a
brief report dated as of such date that complies with TIA § 313(a).  The Trustee also shall comply with TIA
§§ 313(b), 313(c) and 313(d).  A
copy of each report at the time of its mailing to Noteholders shall be mailed
to the Co-Issuers and filed with the SEC and each securities exchange, if any,
on which the Notes are listed.  The
Co-Issuers shall promptly notify the Trustee if the Notes become listed on any
securities exchange or of any delisting thereof and the Trustee shall comply
with TIA § 313(d).

 

80

 

SECTION 7.07.                                                                 Compensation
and Indemnity.

 

The
Co-Issuers shall pay to the Trustee from time to time such compensation as the
Co-Issuers and the Trustee shall from time to time agree in writing for its
services hereunder.  The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust.  The Co-Issuers shall
reimburse the Trustee upon request for all reasonable disbursements, expenses
and advances (including reasonable fees and expenses of counsel) incurred or
made by it in addition to the compensation for its services, except any such
disbursements, expenses and advances as shall be determined to have been caused
by the Trustee’s own negligence or willful misconduct.  Such expenses shall include the reasonable
fees and expenses of the Trustee’s agents and counsel.

 

The
Co-Issuers, jointly and severally, shall indemnify each of the Trustee or any
predecessor Trustee and its agents, employees, officers, stockholders and
directors for, and hold them harmless against, any and all loss, damage, claims
including taxes (other than taxes based upon, measured by or determined by the
income of the Trustee), liability or expense incurred by them except for such
actions to the extent caused by any negligence, bad faith or willful misconduct
on their part, arising out of or in connection with the acceptance or
administration of this trust including the reasonable costs and expenses of
defending themselves against or investigating any claim (whether asserted by
the Co-Issuers or Noteholders or any other Person) or liability in connection
with the exercise or performance of any of the Trustee’s rights, powers or
duties hereunder.  The Trustee shall
notify the Co-Issuers promptly of any claim asserted against the Trustee or any
of its agents, employees, officers, stockholders and directors for which it may
seek indemnity.  The Co-Issuers may,
subject to the approval of the Trustee (which approval shall not be
unreasonably withheld), defend the claim and the Trustee shall cooperate in the
defense.  The Trustee and its agents,
employees, officers, stockholders and directors subject to the claim may have
separate counsel and the Co-Issuers shall pay the reasonable fees and expenses
of such counsel; provided, however,
that the Co-Issuers will not be required to pay such fees and expenses if,
subject to the approval of the Trustee (which approval shall not be unreasonably
withheld), it assumes the Trustee’s defense and there is no conflict of
interest between the Co-Issuers and the Trustee and its agents, employees,
officers, stockholders and directors subject to the claim in connection with
such defense as reasonably determined by the Trustee.  The Co-Issuers need not pay for any
settlement made without their written consent, which consent shall not be
unreasonably withheld.  The Co-Issuers
need not reimburse any expense or indemnify against any loss or liability to
the extent incurred by the Trustee through its own negligence or willful
misconduct.

 

To
secure the Co-Issuers’ payment obligations in this Section 7.07, the Trustee
shall have a Lien prior to the Notes against all money or property held or
collected by the Trustee, in its capacity as Trustee.

 

81

 

When
the Trustee incurs expenses or renders services after a Default specified in
Section 6.01(g) or (h) occurs, such expenses and the compensation for such
services shall be paid to the extent allowed under any Bankruptcy Law.

 

Notwithstanding
any other provision in this Indenture, the foregoing provisions of this Section
7.07 shall survive the satisfaction and discharge of this Indenture or the appointment
of a successor Trustee.

 

SECTION 7.08.                                                                 Replacement
of Trustee.

 

(a)                                  The
Trustee may resign at any time by so notifying the Co-Issuers in writing.  The Holders of a majority in principal amount
of the outstanding Notes may remove the Trustee by so notifying the Co-Issuers
and the Trustee and may appoint a successor Trustee.  The Co-Issuers may remove the Trustee if:

 

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

 

(ii)                                  the
Trustee is adjudged a bankrupt or an insolvent;

 

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

 

(iv)                              the
Trustee becomes incapable of acting.

 

(b)                                 If
the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Co-Issuers shall notify each Holder of such event
and shall promptly appoint a successor Trustee. 
Within one year after the successor Trustee takes office, the Holders of
a majority in principal amount of the Notes may appoint a successor Trustee to
replace the successor Trustee appointed by the Co-Issuers.

 

(c)                                  A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Co-Issuers. 
Immediately after that, the retiring Trustee shall transfer, after
payment of all sums then owing to the Trustee pursuant to Section 7.07, all
property held by it as Trustee to the successor Trustee, subject to the Lien
provided in Section 7.07, the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee under this Indenture.  A successor Trustee shall mail notice of its
succession to each Noteholder.

 

(d)                                 If
a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee (at the expense of the
Co-Issuers), the Co-Issuers or the Holders of at least 10% in principal amount
of the outstanding Notes may petition any court of competent jurisdiction for
the appointment of a successor Trustee at the expense of the Co-Issuers.

 

82

 

(e)                                  If
the Trustee fails to comply with Section 7.10, any Noteholder may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

(f)                                    Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Co-Issuers’
obligations under Section 7.07 shall continue for the benefit of the retiring
Trustee.

 

SECTION 7.09.                                                                 Successor
Trustee by Merger, Etc.

 

If the
Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the resulting,
surviving or transferee corporation without any further act shall, if such
resulting, surviving or transferee corporation is otherwise eligible hereunder,
be the successor Trustee; provided, however, that such corporation shall be otherwise qualified
and eligible under this Article Seven.

 

SECTION 7.10.                                                                 Eligibility;
Disqualification.

 

This
Indenture shall always have a Trustee who satisfies the requirement of TIA
§§ 310(a)(1), 310(a)(2) and 310(a)(5). 
The Trustee shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of
condition.  The Trustee shall comply with
TIA § 310(b); provided, however, that there shall be excluded from the operation of
TIA § 310(b)(1) any indenture or indentures under which other securities,
or certificates of interest or participation in other securities, of any
Co-Issuer are outstanding, if the requirements for such exclusion set forth in
TIA § 310(b)(1) are met.  The provisions
of TIA § 310 shall apply to the Co-Issuers and any other obligor of the
Notes.

 

SECTION 7.11.                                                                 Preferential
Collection of Claims Against the Co-Issuers.

 

The
Trustee, in its capacity as Trustee hereunder, shall comply with TIA
§ 311(a), excluding any creditor relationship listed in TIA
§ 311(b).  A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated.

 

ARTICLE EIGHT

DISCHARGE OF INDENTURE;
DEFEASANCE

 

SECTION 8.01.                                                                 Termination
of the Co-Issuers’ Obligations.

 

(a)                                  The
Co-Issuers may terminate their obligations under the Notes and this Indenture,
except those obligations referred to in the last paragraph of this Section
8.01, when:

 

83

 

(i)                                     (A)
all Notes theretofore authenticated and delivered (except lost, stolen or
destroyed Notes which have been replaced or paid and Notes for whose payment
money has theretofore been deposited in trust) have been delivered to the
Trustee for cancellation; or (B) all such Notes not theretofore delivered to
such 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 or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Co-Issuers and the
Co-Issuers or any Guarantor, if any, has irrevocably deposited or caused to be
deposited with such Trustee as trust funds in trust solely for the benefit of
the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or
a combination thereof, in such amounts as will be sufficient without consideration
of any reinvestment of interest to pay and discharge the entire indebtedness on
such Notes not theretofore delivered to the Trustee for cancellation for
principal, premium, if any, and accrued interest to the date of maturity or
redemption;

 

(ii)                                  no
Default or Event of Default (other than that resulting from borrowing funds to
be applied to make such deposit) with respect to this Indenture or the Notes
shall have occurred and be continuing on the date of such deposit or shall
occur as a result of such deposit and such deposit will not result in a breach
or violation of, or constitute a default under the Credit Agreement or any
other material agreement or instrument (other than the Indenture) to which any
Co-Issuer is a party or by which any Co-Issuer or any Guarantor, if any, is
bound;

 

(iii)                               the
Co-Issuers have paid or caused to be paid all sums payable by each of them
hereunder; and

 

(iv)                              the
Co-Issuers shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent providing for or
relating to the termination of the Co-Issuers’ obligations under the Notes and
this Indenture have been complied with and shall have delivered irrevocable
instructions to the Trustee pursuant to this Indenture to apply the deposited
money toward the payment of such Notes at maturity or the Redemption Date, as
the case may be.

 

After
such delivery or irrevocable deposit, the Trustee upon request shall
acknowledge in writing the discharge of the Co-Issuers’ obligations under the
Notes and this Indenture except for those surviving obligations specified in
clause (b) below.

 

(b)                                 Subject
to the next sentence and notwithstanding the foregoing paragraph, the
Co-Issuers’ obligations in Sections 2.05, 2.06, 2.07, 2.08, 4.01, 4.02, 7.07,
8.05 and 8.06 shall survive until the Notes are no longer outstanding pursuant
to the last paragraph of Section 2.08. 
After the Notes are no longer outstanding, the Co-Issuers’ obligations in
Sections 7.07, 8.05 and 8.06 shall survive.

 

84

 

SECTION 8.02.                                                                 Legal
Defeasance and Covenant Defeasance.

 

(a)                                  The
Co-Issuers may, at their option by Board Resolution of the Board of Directors
of each Issuer, at any time, elect to have either paragraph (b) or (c) below
applied to all outstanding Notes upon compliance with the conditions set forth
in Section 8.03.

 

(b)                                 Upon
the Co-Issuers’ exercise under paragraph (a) hereof of the option applicable to
this paragraph (b), the Co-Issuers shall, subject to the satisfaction of the
conditions set forth in Section 8.03, be deemed to have been discharged from
their obligations with respect to all outstanding Notes on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).  For this purpose, Legal Defeasance means that
the Co-Issuers shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.04 hereof and the other
Sections of this Indenture referred to in (i) and (ii) below, and to have
satisfied all their other obligations under such Notes and this Indenture (and
the Trustee, on demand of and at the expense of the Co-Issuers, shall execute proper
instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder:

 

(i)                                     the
rights of Holders of outstanding Notes to receive, solely from the trust fund
described in Section 8.04 hereof, and as more fully set forth in such
Section 8.04, payments in respect of the principal of, premium, if any,
and interest on such Notes when such payments are due;

 

(ii)                                  the
Co-Issuers’ obligations with respect to such Notes under Article Two and
Section 4.02 hereof;

 

(iii)                               the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Co-Issuers’ obligations in connection therewith; and

 

(iv)                              this
Article Eight.

 

Subject to compliance with this Article Eight, the
Co-Issuers may exercise their option under this Section 8.02(b) notwithstanding
the prior exercise of their option under Section 8.02(c) hereof.

 

(c)                                  Upon
the Co-Issuers’ exercise under paragraph (a) hereof of the option applicable to
this paragraph (c), the Co-Issuers shall, subject to the satisfaction of the
conditions set forth in Section 8.03 hereof, be released from their respective
obligations under the covenants contained in Sections 4.09 through 4.18,
Section 5.01 and clauses (c), (d), (f), (g) (with respect to Significant
Subsidiaries only) and (h) (with respect to Significant Subsidiaries only), (i)
(with respect to Significant Subsidiaries only) with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.03 are
satisfied (hereinafter, “Covenant

 

85

 

Defeasance”), and the Notes
shall 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 shall continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such
Notes shall not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means
that, with respect to the outstanding Notes, the Co-Issuers may omit to comply
with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute an Event of
Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes shall be unaffected thereby.

 

SECTION 8.03.                                                                 Conditions
to Legal Defeasance or Covenant Defeasance.

 

The
following shall be the conditions to the application of either Section 8.02(b)
or 8.02(c) hereof to the outstanding Notes:

 

In order to exercise either Legal Defeasance or
Covenant Defeasance:

 

(a)                                  the
Co-Issuers must irrevocably deposit with the Trustee, in trust, for the benefit
of the Holders of the Notes, U.S. Legal Tender, U.S. Government Obligations, or
a combination thereof, in such amounts as will be sufficient, in the opinion of
a nationally recognized firm of independent public accountants, to pay the
principal of, premium, if any, and interest on the outstanding Notes on the
Stated Maturity or on the applicable Redemption Date, as the case may be, and
the Co-Issuers must specify whether the Notes are being defeased to maturity or
to a particular Redemption Date;

 

(b)                                 in
the case of an election under Section 8.02(b) hereof, the Co-Issuers shall have
delivered to the Trustee an Opinion of Counsel reasonably acceptable to the
Trustee confirming that (i) the Co-Issuers have received from, or there
has been published by, the Internal Revenue Service a ruling or (ii) 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;

 

(c)                                  in
the case of an election under Section 8.02(c) hereof, the Co-Issuers shall have
delivered to the Trustee an Opinion of Counsel 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

 

86

 

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;

 

(d)                                 no
Event of Default shall have occurred and be continuing either: (a) on the date
of such deposit (other than an Event of Default resulting from the borrowing of
funds to be applied to such deposit), or (b) insofar as Events of Default from
bankruptcy or insolvency events are concerned, at any time in the period ending
on the 91st day after the date of deposit; provided, however, that such Legal Defeasance or Covenant Defeasance,
as the case may be, shall be deemed to have occurred on the date of such
deposit, subject to an Event of Default from bankruptcy or insolvency within
such 91-day period;

 

(e)                                  such
Legal Defeasance or Covenant Defeasance will not result in a breach or
violation of, or constitute a default under, the Credit Agreement or any material
agreement or instrument (other than this Indenture) to which the Co-Issuers or
any Restricted Subsidiary are a party or by which the Co-Issuers or any
Restricted Subsidiary are bound;

 

(f)                                    the
Co-Issuers must deliver to the Trustee an Officers’ Certificate satisfactory to
it stating that the deposit was not made by the Co-Issuers with the intent of
preferring the Holders of Notes over the other creditors of any Co-Issuer with
the intent of defeating, hindering, delaying or defrauding creditors of any
Co-Issuer or others; and

 

(g)                                 the
Co-Issuers must deliver to the Trustee an Officers’ Certificate and an Opinion
of Counsel satisfactory to it stating that all conditions precedent relating to
the Legal Defeasance or the Covenant Defeasance have been complied with.

 

SECTION 8.04.                                                                 Application
of Trust Money.

 

The Trustee or Paying Agent shall hold in trust U.S.
Legal Tender and U.S. Government Obligations deposited with it pursuant to this
Article Eight, and shall apply the deposited U.S. Legal Tender and the money
from U.S. Government Obligations in accordance with this Indenture to the
payment of principal of and interest on the Notes.  The Trustee shall be under no obligation to
invest said U.S. Legal Tender and U.S. Government Obligations except as it may
agree with the Co-Issuers.

 

The Co-Issuers shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S.
Legal Tender and U.S. Government Obligations deposited pursuant to
Section 8.03 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.

 

87

 

Anything in this Article Eight to the contrary
notwithstanding, the Trustee shall deliver or pay to the Co-Issuers from time
to time upon the Co-Issuers’ written request any U.S. Legal Tender and U.S.
Government Obligations held by it as provided in Section 8.03 which, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, 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 8.05.                                                                 Repayment
to the Co-Issuers.

 

Subject to this Article Eight, the Trustee and the
Paying Agent shall promptly pay to the Co-Issuers upon written request any
excess U.S. Legal Tender and U.S. Government Obligations held by them at any
time and thereupon shall be relieved from all liability with respect to such
money.  The Trustee and the Paying Agent
shall pay to the Co-Issuers upon written request any money held by them for the
payment of principal or interest that remains unclaimed for two years; provided, however, that
the Trustee or such Paying Agent, before being required to make any payment,
shall at the expense of the Co-Issuers cause to be published once in a
newspaper of general circulation in the City of New York or mail to each Holder
entitled to such money notice that such money remains unclaimed and that after
a date specified therein which shall be at least 30 days from the date of such
publication or mailing any unclaimed balance of such money then remaining will
be repaid to the Co-Issuers.  After
payment to the Co-Issuers, Holders entitled to such money must look to the
Co-Issuers for payment as general creditors unless an applicable law designates
another Person.

 

SECTION 8.06.                                                                 Reinstatement.

 

If the Trustee or Paying Agent is unable to apply any
U.S. Legal Tender or U.S. Government Obligations in accordance with this
Article Eight 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 Co-Issuers’ obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to this Article Eight until such time as the Trustee or
Paying Agent is permitted to apply all such U.S. Legal Tender and U.S.
Government Obligations in accordance with this Article Eight; provided, however, that
if the Co-Issuers have made any payment of interest on or principal of any Notes
because of the reinstatement of their obligations, the Co-Issuers shall be subrogated
to the rights of the Holders of such Notes to receive such payment from the
U.S. Legal Tender and U.S. Government Obligations held by the Trustee or Paying
Agent.

 

88

 

ARTICLE NINE

AMENDMENTS, SUPPLEMENTS AND
WAIVERS

 

SECTION 9.01.                                                                 Without
Consent of Holders.

 

The
Co-Issuers and the Trustee, together, may amend or supplement this Indenture or
the Notes without notice to or consent of any Noteholder to:

 

(a)                                  cure
any ambiguity, omission, defect or inconsistency;

 

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

 

(c)                                  add
Guarantees;

 

(d)                                 secure
the Notes;

 

(e)                                  provide
for the assumption of any Co-Issuer’s obligations to Holders of Notes by a
successor corporation, partnership or limited liability company in the case of
a merger or consolidation or sale of all or substantially all of any
Co-Issuer’s assets as contemplated by Section 5.01;

 

(f)                                    make
any change that would provide any additional rights or benefits to the Holders
of Notes or surrender any power conferred upon the Co-Issuers;

 

(g)                                 make
any change that would not adversely affect the rights of any Holder;

 

(h)                                 comply
with requirements of the SEC in order to effect or maintain the qualification
of this Indenture under the TIA; or

 

(i)                                     provide
for the issuance of the Exchange Notes or Additional Notes;

 

provided, however,
that the Co-Issuers have delivered to the Trustee an Opinion of Counsel and an
Officers’ Certificate, each stating that such amendment or supplement complies
with the provisions of this Section 9.01.

 

SECTION 9.02.                                                                 With
Consent of Holders.

 

(a)                                  Subject
to Sections 6.07 and 9.03, the Co-Issuers and the Trustee, together, with the
written consent of the Holder or Holders of a majority in aggregate principal

 

89

 

amount of the outstanding Notes, may amend or supplement this Indenture
or the Notes, without notice to any other Noteholders.  Subject to Sections 6.07 and 9.03, the Holder
or Holders of a majority in aggregate principal amount of the outstanding Notes
may waive compliance with any provision of this Indenture or the Notes without
notice to any other Noteholders.

 

(b)                                 Notwithstanding
Section 9.02(a), without the consent of each Noteholder affected, an
amendment, supplement or waiver, including a waiver pursuant to Section 6.04,
may not (with respect to any Notes held by a non-consenting Holder):

 

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

 

(ii)                                  reduce
the rate of or extend the time for payment of interest on any Note;

 

(iii)                               reduce
the principal of or extend the Stated Maturity of any Note;

 

(iv)                              reduce
the premium payable upon the redemption of any Note or change the time at which
any Note may be redeemed as described under Section 5 or Section 6 of the
Notes;

 

(v)                                 make
any Note payable in money other than that stated in such Note;

 

(vi)                              impair
the right of any Holder of Notes to receive payment of principal of, premium,
if any, and interest on such Holder’s Notes on or after the due dates therefor
or to institute suit for the enforcement of any payment on or with respect to
such Holder’s Notes; or

 

(vii)                           make
any change in the amendment provisions which require each Holder’s consent or
in the waiver provisions.

 

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

 

(d)                                 After
an amendment, supplement or waiver under this Section 9.02 becomes effective,
the Co-Issuers shall mail to the Holders affected thereby a notice briefly describing
the amendment, supplement or waiver.  Any
failure of the Co-Issuers to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver.

 

90

 

SECTION 9.03.                                                                 Compliance
with TIA.

 

From
the date on which this Indenture is qualified under the TIA, every amendment,
waiver or supplement of this Indenture, the Notes or any Guarantee shall comply
with the TIA as then in effect.

 

SECTION 9.04.                                                                 Revocation
and Effect of Consents.

 

(a)                                  Until
an amendment, waiver or supplement becomes effective, a consent to it by a
Holder is a continuing consent by the Holder 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 or subsequent Holder
may revoke the consent as to his Note or portion of his Note by notice to the
Trustee or the Co-Issuers received before the date on which the Trustee
receives an Officers’ Certificate certifying that the Holders of the requisite
principal amount of Notes have consented (and not theretofore revoked such
consent) to the amendment, supplement or waiver.  After an amendment, supplement or waiver
becomes effective, it shall bind every Noteholder, unless it makes a change described
in any of clauses (i) through (vii) of Section 9.02(b), in which case, the
amendment, supplement or waiver shall bind only each Holder of a Note who has
consented to it and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note; provided,
however, that any such waiver shall not
impair or affect the right of any Holder to receive payment of principal of and
interest on a Note, on or after the respective due dates therefor, or to bring
suit for the enforcement of any such payment on or after such respective dates
without the consent of such Holder.

 

(b)                                 The
Co-Issuers may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver which record date shall be at least 30 days prior to the
first solicitation of such consent.  If a
record date is fixed, then notwithstanding the last sentence of the immediately
preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to
revoke any consent previously given, whether or not such Persons continue to be
Holders after such record date.  No such
consent shall be valid or effective for more than 90 days after such record
date.  The Co-Issuers shall inform the
Trustee in writing of the fixed record date if applicable.

 

SECTION 9.05.                                                                 Notation
on or Exchange of Notes.

 

If an
amendment, supplement or waiver changes the terms of a Note, the Co-Issuers may
require the Holder of the Note to deliver it to the Trustee.  The Co-Issuers shall provide the Trustee with
an appropriate notation on the Note about the changed terms and cause the
Trustee to return it to the Holder at the Co-Issuers’ expense.  Alternatively, if the Co-Issuers or the
Trustee so determine, the Co-Issuers in exchange for the Note shall issue and
the Trustee shall authenticate a new Note that reflects the changed terms.  Failure to make the appropriate

 

91

 

notation or issue a new Note shall not affect the
validity and effect of such amendment, supplement or waiver.

 

SECTION 9.06.                                                                 Trustee
To Sign Amendments, Etc.

 

The
Trustee shall execute any amendment, supplement or waiver authorized pursuant
to this Article Nine; provided, however, that the Trustee may, but shall not be obligated
to, execute any such amendment, supplement or waiver which affects the
Trustee’s own rights, duties or immunities under this Indenture.  The Trustee shall be provided with, and shall
be fully protected in relying upon, an Opinion of Counsel and an Officers’
Certificate each stating that the execution of any amendment, supplement or
waiver authorized pursuant to this Article Nine is authorized or permitted by
this Indenture and constitutes the legal, valid and binding obligations of each
Issuer enforceable in accordance with its terms.  Such Opinion of Counsel shall be at the
expense of the Co-Issuers.

 

ARTICLE TEN

 GUARANTEE

 

SECTION 10.01.                                                           Unconditional
Guarantee.

 

(a)                                  Subject
to the provisions of this Article Ten, each Guarantor, if any, upon the
execution and delivery of a Guarantee pursuant to Section 4.16, shall
hereby, jointly and severally, unconditionally and irrevocably guarantee, on a
senior basis, 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 Co-Issuers or any other Guarantors to the Holders or the Trustee hereunder
or thereunder:  (i) (A) the due
and punctual payment of the principal of, premium, if any, and interest on the
Notes when and as the same shall become due and payable, whether at maturity,
upon redemption or repurchase, by acceleration or otherwise, (B) the due
and punctual payment of interest on the overdue principal and (to the extent
permitted by law) interest, if any, on the Notes and (C) the due and
punctual payment and performance (within applicable grace periods hereunder) of
all other obligations of the Co-Issuers and all other obligations of the other
Guarantors (including under the Guarantees), in each case, to the Holders or
the Trustee hereunder or thereunder (including amounts due the Trustee under Section 7.07
hereof), all in accordance with the terms hereof and thereof (collectively, the
“Guarantee Obligations”); and
(ii) in case of any extension of time of payment or renewal of any Notes
or any of such other obligations, the due and punctual payment and performance
of Guarantee Obligations in accordance with the terms of the extension or
renewal, whether at maturity, upon redemption or repurchase, by acceleration or
otherwise.  Failing payment when due of
any amount so guaranteed, or failing performance of any other obligation of the
Co-Issuers to the Holders under this Indenture or under the Notes, for whatever
reason, each Guarantor shall be obligated to pay, or to perform or cause the
performance of, the same immediately.  An
Event of Default under this Indenture or

 

92

 

the Notes shall constitute an event of default under the Guarantees,
and shall entitle the Holders of Notes to accelerate the obligations of the
Guarantors thereunder in the same manner and to the same extent as the
obligations of a Co-Issuer.

 

(b)                                 Each
Guarantor, if any, upon the execution and delivery of a Guarantee pursuant to
Section 4.16, shall hereby agree that its obligations hereunder shall be
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, any release of any other Guarantor, the recovery of any
judgment against the Co-Issuers, any action to enforce the same, whether or not
a Guarantee is affixed to any particular Note, or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.  Each Guarantor, if any, upon
the execution and delivery of a Guarantee pursuant to Section 4.16, shall
hereby waive the benefit of diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of any
Co-Issuer, any right to require a proceeding first against the Co-Issuers,
protest, notice and all demands whatsoever and covenants that its Guarantee
shall not be discharged except by complete performance of the obligations
contained in the Notes, this Indenture and this Guarantee.  Each Guarantee is a guarantee of payment and
not of collection.  If any Holder or the
Trustee is required by any court or otherwise to return to the Co-Issuers or to
any Guarantor, or any custodian, trustee, liquidator or other similar official
acting in relation to the Co-Issuers or such Guarantor, any amount paid by the
Co-Issuers or such Guarantor to the Trustee or such Holder, this Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and
effect.  Each Guarantor, if any, upon the
execution and delivery of a Guarantee pursuant to Section 4.16, shall further
agree that, as between it, on the one hand, and the Holders of Notes and the
Trustee, on the other hand, (i) subject to this Article Ten, the maturity
of the obligations guaranteed hereby may be accelerated as provided in Article
Six for the purposes of this Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (ii) in the event of any acceleration of such
obligations as provided in Article Six hereof, such obligations (whether or not
due and payable) shall forthwith become due and payable by the Guarantors for
the purpose of this Guarantee.

 

SECTION 10.02.                                                           Limitation
on Guarantor Liability.

 

Each
Guarantor, if any, upon the execution and delivery of a Guarantee pursuant to
Section 4.16, and by its acceptance of Notes, each Holder, hereby confirms
that it is the intention of all such parties that the Guarantee of such
Guarantor not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to
any Guarantee.  To effectuate the
foregoing intention, the Trustee, the Holders and the Guarantors hereby
irrevocably agree that the obligations of such Guarantor under its Guarantee
and this Article Ten shall be limited to the maximum amount as will, after
giving effect to such

 

93

 

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 Ten, result in the obligations of
such Guarantor under its Guarantee not constituting a fraudulent transfer or
conveyance.

 

SECTION 10.03.                                                           Execution
and Delivery of Guarantee.

 

To
further evidence its Guarantee set forth in Section 10.01, each Guarantor, if
any, upon the execution and delivery of a Guarantee pursuant to
Section 4.16, hereby agrees that a notation of its Guarantee,
substantially in the form of Exhibit E hereto, shall be endorsed on each
Note authenticated and delivered by the Trustee.  The Guarantee of any Guarantor shall be
executed on behalf of such Guarantor by either manual or facsimile signature of
one Officer or other Person duly authorized by all necessary corporate,
partnership or limited liability action of such Guarantor who shall have been
duly authorized to so execute by all requisite corporate, partnership or
limited liability action.  The validity
and enforceability of any Guarantee shall not be affected by the fact that it
is not affixed to any particular Note.

 

Each
Guarantor, if any, upon the execution and delivery of a Guarantee pursuant to
Section 4.16, hereby agrees that its Guarantee set forth in Section 10.01 shall
remain in full force and effect notwithstanding any failure to endorse on each
Note a notation of such Guarantee.

 

If an
officer of a Guarantor whose signature is on this Indenture or a Guarantee no
longer holds that office at the time the Trustee authenticates the Note on
which such Guarantee is endorsed or at any time thereafter, such Guarantor’s
Guarantee of such Note shall nevertheless be valid.

 

The
delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee set forth in this
Indenture on behalf of each Guarantor.

 

SECTION 10.04.                                                           Release
of a Guarantor.

 

(a)                                  In
the event a Guarantor is sold (whether by merger, consolidation, the sale of
its Capital Stock or the sale of all or substantially all of its assets), such
Guarantor will be released from its obligations under this Indenture and its
Guarantee if:

 

(i)                                     the
sale is in compliance with Section 4.13(a) hereof; and

 

(ii)                                  such
Guarantor is released from its guarantees, if any, of, and all pledges and
security, if any, granted in connection with, the Indebtedness of the Issuers.

 

94

 

(b)                                 A
Guarantor that is a Subsidiary of the Issuers will automatically be released
from its obligations under this Indenture, the Guarantee and the Registration
Rights Agreement (x) if the applicable Subsidiary ceases to be a
Subsidiary of the Issuers as a result of any foreclosure of any pledge or
security interest securing Indebtedness under the Credit Agreement or other
exercise of remedies in respect thereof, or (y) if the Issuers designate
such Guarantor as an Unrestricted Subsidiary and such designation complies with
the other applicable provisions of this Indenture.

 

(c)                                  The
Trustee shall execute an appropriate instrument prepared by the Co-Issuers
evidencing the release of a Guarantor from its obligations under its Guarantee
upon receipt of a request by the Co-Issuers or such Guarantor accompanied by an
Officers’ Certificate and an Opinion of Counsel certifying as to the compliance
with this Section 10.04; provided, however, that the legal counsel delivering such Opinion of
Counsel may rely as to matters of fact on one or more Officers’ Certificates of
the Co-Issuers.

 

(d)                                 Except
as set forth in Articles Four and Five and this Section 10.04, nothing
contained in this Indenture or in any of the Notes shall prevent any
consolidation or merger of a Guarantor with or into a Co-Issuer or another
Guarantor or shall prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to a Co-Issuer or
another Guarantor.

 

SECTION 10.05.                                                           Waiver
of Subrogation.

 

Until
this Indenture is discharged and all of the Notes are discharged and paid in
full, each Guarantor, upon execution and delivery of a Guarantee pursuant to
Section 4.16, hereby irrevocably waives and agrees not to exercise any
claim or other rights which it may now or hereafter acquire against the
Co-Issuers that arise from the existence, payment, performance or enforcement
of any Co-Issuer’s obligations under the Notes or this Indenture and such
Guarantor’s obligations under this Guarantee and this Indenture, in any such
instance including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution, indemnification, and any right to
participate in any claim or remedy of the Holders against any Co-Issuer,
whether or not such claim, remedy or right arises in equity, or under contract,
statute or common law, including, without limitation, the right to take or
receive from any Co-Issuer, directly or indirectly, in cash or other assets or
by set-off or in any other manner, payment or security on account of such claim
or other rights.  If any amount shall be
paid to any Guarantor in violation of the preceding sentence and any amounts
owing to the Trustee or the Holders of Notes under the Notes, this Indenture,
or any other document or instrument delivered under or in connection with such
agreements or instruments, shall not have been paid in full, such amount shall
have been deemed to have been paid to such Guarantor for the benefit of, and
held in trust for the benefit of, the Trustee or the Holders and shall
forthwith be paid to the Trustee for the benefit of itself or such Holders to
be credited and applied to the obligations in favor of the Trustee or the
Holders, as the case may be, whether matured or unmatured, in accordance

 

95

 

with the terms of this Indenture.  Each Guarantor acknowledges that it will
receive direct and indirect benefits from the financing arrangements
contemplated by this Indenture and that the waiver set forth in this Section
10.05 is knowingly made in contemplation of such benefits.

 

SECTION 10.06.                                                           Immediate
Payment.

 

Each
Guarantor, upon the execution and delivery of a Guarantee pursuant to
Section 4.16, agrees to make immediate payment to the Trustee on behalf of
the Holders of all Guarantee Obligations owing or payable to the respective
Holders upon receipt of a demand for payment therefor by the Trustee to such
Guarantor in writing.

 

SECTION 10.07.                                                           No
Set-Off.

 

Each
payment to be made by a Guarantor hereunder in respect of the Guarantee
Obligations shall be payable in the currency or currencies in which such
Guarantee Obligations are denominated, and shall be made without set-off,
counterclaim, reduction or diminution of any kind or nature.

 

SECTION 10.08.                                                           Guarantee
Obligations Absolute.

 

The
obligations of each Guarantor hereunder are and shall be absolute and unconditional
and any monies or amounts expressed to be owing or payable by each Guarantor
hereunder which may not be recoverable from such Guarantor on the basis of a
Guarantee shall be recoverable from such Guarantor as a primary obligor and
principal debtor in respect thereof.

 

SECTION 10.09.                                                           Guarantee
Obligations Continuing.

 

The
obligations of each Guarantor hereunder shall be continuing and shall remain in
full force and effect until all such obligations have been paid and satisfied
in full.  Each Guarantor agrees with the
Trustee that it will from time to time deliver to the Trustee suitable
acknowledgments of this continued liability hereunder and under any other
instrument or instruments in such form as counsel to the Trustee may advise and
as will prevent any action brought against it in respect of any default
hereunder being barred by any statute of limitations now or hereafter in force
and, in the event of the failure of a Guarantor so to do, it hereby irrevocably
appoints the Trustee the attorney and agent of such Guarantor to make, execute
and deliver such written acknowledgment or acknowledgments or other instruments
as may from time to time become necessary or advisable, in the judgment of the
Trustee on the advice of counsel, to fully maintain and keep in force the
liability of such Guarantor hereunder.

 

96

 

SECTION 10.10.                                                           Guarantee
Obligations Not Reduced.

 

The
obligations of each Guarantor hereunder shall not be satisfied, reduced or
discharged solely by the payment of such principal, premium, if any, interest,
fees and other monies or amounts as may at any time prior to discharge of this
Indenture pursuant to Article Eight be or become owing or payable under or by
virtue of or otherwise in connection with the Notes or this Indenture.

 

SECTION 10.11.                                                           Guarantee
Obligations Reinstated.

 

The
obligations of each Guarantor hereunder shall continue to be effective or shall
be reinstated, as the case may be, if at any time any payment which would
otherwise have reduced the obligations of any Guarantor hereunder (whether such
payment shall have been made by or on behalf of the Co-Issuers or by or on behalf
of a Guarantor) is rescinded or reclaimed from any of the Holders upon the
insolvency, bankruptcy, liquidation or reorganization of any Co-Issuer or any
Guarantor or otherwise, all as though such payment had not been made.  If demand for, or acceleration of the time
for, payment by the Co-Issuers or any other Guarantor is stayed upon the
insolvency, bankruptcy, liquidation or reorganization of any Co-Issuer or such
Guarantor, all such Indebtedness otherwise subject to demand for payment or
acceleration shall nonetheless be payable by each Guarantor as provided herein.

 

SECTION 10.12.                                                           Guarantee
Obligations Not Affected.

 

The
obligations of each Guarantor hereunder shall not be affected, impaired or
diminished in any way by any act, omission, matter or thing whatsoever,
occurring before, upon or after any demand for payment hereunder (and whether
or not known or consented to by any Guarantor or any of the Holders) which, but
for this provision, might constitute a whole or partial defense to a claim against
any Guarantor hereunder or might operate to release or otherwise exonerate any
Guarantor from any of its obligations hereunder or otherwise affect such
obligations, whether occasioned by default of any of the Holders or otherwise,
including, without limitation:

 

(a)                                  any
limitation of status or power, disability, incapacity or other circumstance
relating to any Co-Issuer or any other Person, including any insolvency, bankruptcy,
liquidation, reorganization, readjustment, composition, dissolution, winding-up
or other proceeding involving or affecting any Co-Issuer or any other Person;

 

(b)                                 any
irregularity, defect, unenforceability or invalidity in respect of any
indebtedness or other obligation of any Co-Issuer or any other Person under
this Indenture, the Notes or any other document or instrument;

 

97

 

(c)                                  any
failure of any Co-Issuer or any other Guarantor, whether or not without fault
on its part, to perform or comply with any of the provisions of this Indenture,
the Notes or any Guarantee, or to give notice thereof to a Guarantor;

 

(d)                                 the
taking or enforcing or exercising or the refusal or neglect to take or enforce
or exercise any right or remedy from or against any Co-Issuer or any other Person
or their respective assets or the release or discharge of any such right or
remedy;

 

(e)                                  the
granting of time, renewals, extensions, compromises, concessions, waivers,
releases, discharges and other indulgences to any Co-Issuer or any other Person;

 

(f)                                    any
change in the time, manner or place of payment of, or in any other term of, any
of the Notes, or any other amendment, variation, supplement, replacement or
waiver of, or any consent to departure from, any of the Notes or this
Indenture, including, without limitation, any increase or decrease in the
principal amount of or premium, if any, or interest on any of the Notes;

 

(g)                                 any
change in the ownership, control, name, objects, businesses, assets, capital
structure or constitution of any Co-Issuer or a Guarantor;

 

(h)                                 any
merger or amalgamation of any Co-Issuer or a Guarantor with any Person or
Persons; and

 

(i)                                     the
occurrence of any change in the laws, rules, regulations or ordinances of any
jurisdiction by any present or future action of any governmental authority or
court amending, varying, reducing or otherwise affecting, or purporting to
amend, vary, reduce or otherwise affect, any of the Guarantee Obligations or
the obligations of a Guarantor under its Guarantee.

 

SECTION 10.13.                                                           Waiver.

 

Without
in any way limiting the provisions of Section 10.01, each Guarantor, upon
the execution and delivery of a Guarantee pursuant to Section 4.16, hereby
waives notice of acceptance hereof, notice of any liability of any Guarantor
hereunder, notice or proof of reliance by the Holders upon the obligations of
any Guarantor hereunder, and diligence, presentment, demand for payment on the
Co-Issuers, protest, notice of dishonor or non-payment of any of the Guarantee
Obligations, or other notice or formalities to the Co-Issuers or any Guarantor
of any kind whatsoever.

 

98

 

SECTION 10.14.                                                           No
Obligation To Take Action Against the Issuers.

 

Neither
the Trustee nor any other Person shall have any obligation to enforce or
exhaust any rights or remedies against any Co-Issuer or any other Person or any
property of any Co-Issuer or any other Person before the Trustee is entitled to
demand payment and performance by any or all Guarantors of their liabilities
and obligations under their Guarantees or under this Indenture.

 

SECTION 10.15.                                                           Dealing
with the Co-Issuers and Others.

 

The
Holders, without releasing, discharging, limiting or otherwise affecting in
whole or in part the obligations and liabilities of any Guarantor hereunder and
without the consent of or notice to any Guarantor, may

 

(a)                                  grant
time, renewals, extensions, compromises, concessions, waivers, releases,
discharges and other indulgences to the Co-Issuers or any other Person;

 

(b)                                 take
or abstain from taking security or collateral from any Co-Issuer or from
perfecting security or collateral of any Co-Issuer;

 

(c)                                  release,
discharge, compromise, realize, enforce or otherwise deal with or do any act or
thing in respect of (with or without consideration) any and all collateral,
mortgages or other security given by a Co-Issuer or any third party with
respect to the obligations or matters contemplated by this Indenture or the
Notes;

 

(d)                                 accept
compromises or arrangements from the Co-Issuers;

 

(e)                                  apply
all monies at any time received from the Co-Issuers or from any security upon
such part of the Guarantee Obligations as the Holders may see fit or change any
such application in whole or in part from time to time as the Holders may see
fit; and

 

(f)                                    otherwise
deal with, or waive or modify their right to deal with, the Issuers and all
other Persons and any security as the Holders or the Trustee may see fit.

 

SECTION 10.16.                                                           Default
and Enforcement.

 

If any
Guarantor fails to pay in accordance with Section 10.06 hereof, the Trustee
may proceed in its name as trustee hereunder in the enforcement of the
Guarantee of any such Guarantor and such Guarantor’s obligations thereunder and
hereunder by any remedy provided by law, whether by legal proceedings or
otherwise, and to recover from such Guarantor the obligations.

 

99

 

SECTION 10.17.                                                           Amendment,
Etc.

 

No
amendment, modification or waiver of any provision of this Indenture relating
to any Guarantor or consent to any departure by any Guarantor or any other
Person from any such provision will in any event be effective unless it is
signed by such Guarantor and the Trustee.

 

SECTION 10.18.                                                           Acknowledgment.

 

Each
Guarantor hereby acknowledges communication of the terms of this Indenture and
the Notes and consents to and approves of the same.

 

SECTION 10.19.                                                           Costs
and Expenses.

 

Each
Guarantor shall pay on demand by the Trustee any and all costs, fees and
expenses (including, without limitation, legal fees and expenses on a solicitor
and client basis) incurred by the Trustee, its agents, advisors and counsel or
any of the Holders in enforcing any of their rights under any Guarantee.

 

SECTION 10.20.                                                           No
Merger or Waiver; Cumulative Remedies.

 

No
Guarantee shall operate by way of merger of any of the obligations of a
Guarantor under any other agreement, including, without limitation, this
Indenture.  No failure to exercise and no
delay in exercising, on the part of the Trustee or the Holders, any right, remedy,
power or privilege hereunder or under this Indenture or the Notes, shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder or under this Indenture or the
Notes preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. 
The rights, remedies, powers and privileges in the Guarantee and under
this Indenture, the Notes and any other document or instrument between a
Guarantor and/or the Co-Issuers and the Trustee are cumulative and not exclusive
of any rights, remedies, powers and privilege provided by law.

 

SECTION 10.21.                                                           Survival
of Guarantee Obligations.

 

Without
prejudice to the survival of any of the other obligations of each Guarantor
hereunder, the obligations of each Guarantor under Section 10.01 shall be
enforceable against such Guarantor without regard to and without giving effect
to any defense, right of offset or counterclaim available to or which may be
asserted by any Co-Issuer or any Guarantor.

 

SECTION 10.22.                                                           Guarantee
in Addition to Other Guarantee Obligations.

 

The
obligations of each Guarantor under its Guarantee and this Indenture are in
addition to and not in substitution for any other obligations to the Trustee or
to any of the Holders

 

100

 

in relation to this Indenture or the Notes and any
guarantees or security at any time held by or for the benefit of any of them.

 

SECTION 10.23.                                                           Severability.

 

Any
provision of this Article Ten which is prohibited or unenforceable in any
jurisdiction shall not invalidate the remaining provisions and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction unless its
removal would substantially defeat the basic intent, spirit and purpose of this
Indenture and this Article Ten.

 

SECTION 10.24.                                                           Successors
and Assigns.

 

Each
Guarantee shall be binding upon and inure to the benefit of each Guarantor and
the Trustee and the other Holders and their respective successors and permitted
assigns, except that no Guarantor may assign any of its obligations hereunder
or thereunder.

 

ARTICLE ELEVEN

MISCELLANEOUS

 

SECTION 11.01.                                                           TIA
Controls.

 

If any
provision of this Indenture limits, qualifies, or conflicts with another provision
which is required or deemed to be included in this Indenture by the TIA, such
required or deemed provision shall control.

 

SECTION 11.02.                                                           Notices.

 

Any
notices or other communications required or permitted hereunder shall be in
writing, and shall be sufficiently given if made by hand delivery, by
nationally recognized overnight courier service, by telecopier or registered or
certified mail, postage prepaid, return receipt requested, addressed as
follows:

 

if to the Co-Issuers:

 

c/o Universal City Florida Holding Co. II

1000 Universal Studios Plaza

Orlando, Florida 32819

Attention:  Treasurer/Chief Financial
Officer

Facsimile:               (407) 224-6740

 

101

 

with a copy to:

 

Attention:  Vice President, Legal
Affairs,

Universal City Development Partners, Ltd.

Facsimile:               (407)
363-8219

 

and a copy to:

 

Cravath Swaine & Moore LLP

825 Eighth Avenue

New York, New York  10019

Attention:  Thomas Brome

Facsimile:               (212) 474-3700

 

if to the Trustee:

 

The Bank of New York Trust Company, N.A.

101 Barclay Street

Floor 8W

New York, New York 10286

Attention:  Corporate Trust
Administration

Facsimile:               (212) 815-5707

 

with a copy to:

 

The Bank of New York Trust Company, N.A.

10161 Centurion Parkway

Jacksonville, Florida  32256

Attention:  Corporate Trust
Administration

Facsimile:               (904) 645-1930

 

The
Co-Issuers and the Trustee by written notice to each other such Person may
designate additional or different addresses for notices to such Person.  Any notice or communication to the Co-Issuers
and the Trustee shall be deemed to have been given or made as of the date so
delivered if personally delivered; when receipt is acknowledged, if telecopied;
five (5) calendar days after mailing if sent by registered or certified mail,
postage prepaid (except that a notice of change of address shall not be deemed
to have been given until actually received by the addressee); and next Business
Day if by nationally recognized overnight courier service.

 

Any
notice or communication mailed to a Noteholder shall be mailed to him, her or
it by first class mail or other equivalent means at his, her or its address as
it appears on the registration books of the Registrar and shall be sufficiently
given to him, her or it if so mailed within the time prescribed.

 

102

 

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

 

SECTION 11.03.                                                           Communications
by Holders with Other Holders.

 

Noteholders
may communicate pursuant to TIA § 312(b) with other Noteholders with
respect to their rights under this Indenture or the Notes.  The Co-Issuers, the Trustee, the Registrar
and any other Person shall have the protection of TIA § 312(c).

 

SECTION 11.04.                                                           Certificate
and Opinion as to Conditions Precedent.

 

Upon
any request or application by the Co-Issuers to the Trustee to take any action
under this Indenture, the Co-Issuers shall furnish to the Trustee at the
request of the Trustee:

 

(a)                                  an
Officers’ Certificate, in form and substance reasonably satisfactory to the
Trustee, stating that, in the opinion of the signers, all conditions precedent
to be performed or effected by the Co-Issuers, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(b)                                 an
Opinion of Counsel stating that, in the opinion of such counsel, any and all
such conditions precedent have been complied with.

 

SECTION 11.05.                                                           Statements
Required in Certificate or Opinion.

 

Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture, other than the Officers’ Certificate required
by Section 4.06, shall include:

 

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

 

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

 

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

 

(d)                                 a
statement as to whether or not, in the opinion of each such Person, such
condition or covenant has been complied with; provided,
however, that with respect to

 

103

 

matters of fact an
Opinion of Counsel may rely on an Officers’ Certificate or certificates of
public officials.

 

SECTION 11.06.                                                           Rules
by Trustee, Paying Agent, Registrar.

 

The
Trustee, Paying Agent or Registrar may make reasonable rules for its functions.

 

SECTION 11.07.                                                           Legal
Holidays.

 

If a
payment date is not a Business Day, payment may be made on the next succeeding
day that is a Business Day.

 

SECTION 11.08.                                                           Governing
Law; Waiver of Jury Trial.

 

This
Indenture, the Notes and the Guarantees, if any, will be governed by and
construed in accordance with the laws of the State of New York, as applied to
contracts made and performed within the State of New York, without regard to
principles of conflicts of law.

 

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

 

SECTION 11.09.                                                           No
Adverse Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret another indenture, loan or debt
agreement of any of the Issuers or any of their Subsidiaries.  Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

 

SECTION 11.10.                                                           No Personal Liability of
Partners, Directors, Officers, Employees and Stockholders.

 

No partner, director, officer, employee, incorporator or
holder of any equity interests in the Issuers or any direct or indirect parent
partnership or corporation, as such, will have any liability for any
obligations of the Issuers under the Notes, this Indenture, 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.

 

104

 

SECTION 11.11.                                                           Successors.

 

All
agreements of the Co-Issuers and the Guarantors, if any, in this Indenture, the
Notes and the Guarantees shall bind their respective successors.  All agreements of the Trustee in this
Indenture shall bind its successor.

 

SECTION 11.12.                                                           Duplicate
Originals.

 

All
parties may sign any number of copies of this Indenture.  Each signed copy or counterpart shall be an
original, but all of them together shall represent the same agreement.

 

SECTION 11.13.                                                           Severability.

 

In
case any one or more of the provisions in this Indenture, in the Notes or in
the Guarantees shall be held invalid, illegal or unenforceable, in any respect
for any reason, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions shall not in any way be affected
or impaired thereby, it being intended that all of the provisions hereof shall
be enforceable to the full extent permitted by law.

 

105

 

SIGNATURES

 

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

 

	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. I,

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
  Name: John R. Sprouls

  
	
   

  	
   

  	
  Title: President/CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. II,

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
  Name: John R. Sprouls

  
	
   

  	
   

  	
  Title: President/CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH I FINANCE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
  Name: John R. Sprouls

  
	
   

  	
   

  	
  Title: President/CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH II FINANCE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Sprouls

  	
   

  
	
   

  	
   

  	
  Name: John R. Sprouls

  
	
   

  	
   

  	
  Title: President/CEO

  

 

S-1

 

	
   

  	
  THE BANK OF NEW YORK TRUST COMPANY, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Derek Kettel

  	
   

  
	
   

  	
   

  	
  Name: Derek Kettel

  
	
   

  	
   

  	
  Title: Vice President

  

 

S-2

 

EXHIBIT A-1

 

FORM OF FLOATING RATE SENIOR NOTE

 

[Insert the Global Note Legend,
if applicable pursuant to the provisions of the Indenture]

 

[Insert the Private Placement
Legend, if applicable pursuant to the provisions of the Indenture]

 

UNIVERSAL CITY FLORIDA HOLDING CO. I

UNIVERSAL CITY FLORIDA HOLDING CO. II

UCFH I FINANCE, INC.

UCFH II FINANCE, INC.

 

Floating Rate Senior Notes due 2010

 

	
   

  	
  CUSIP
  No.[          ]

  
	
  No. [        ]

  	
  $[            ]

  

 

UNIVERSAL
CITY FLORIDA HOLDING CO. I, a Florida general partnership (“Holding I”),
UNIVERSAL CITY FLORIDA HOLDING CO. II, a Florida general partnership (“Holding
II”), UCFH I FINANCE, INC., a Florida corporation (“Finance I”) and UCFH II
FINANCE, INC., a Florida corporation (“Finance II”), as joint and several obligors
(the “Co-Issuers”), for value received promises to pay to CEDE & CO. or its
registered assigns, the principal sum of
[                         ]
on May 1, 2010.

 

Interest
Payment Dates: February 1, May 1, August 1 and November 1, commencing February
1, 2005.

 

Record
Dates: January 15, April 15, July 15 and October 15.

 

Reference
is made to the further provisions of this Floating Rate Senior Note contained
herein, which will for all purposes have the same effect as if set forth at
this place.

 

A-1-1

 

IN
WITNESS WHEREOF, each Issuer has caused this Floating Rate Note to be signed
manually or by facsimile by its duly authorized officer.

 

	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. I,

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. II,

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH I FINANCE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH II FINANCE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-1-2

 

[FORM OF TRUSTEE’S CERTIFICATE OF
AUTHENTICATION]

 

This
is one of the Floating Rate Notes due 2010 described in the within-mentioned
Indenture.

 

	
  Dated: [          ]

  	
  THE BANK OF NEW YORK TRUST COMPANY,

  
	
   

  	
  N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

A-1-3

 

(Reverse of Note)

 

Floating Rate Senior Notes due 2010

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

 

SECTION
1.  Interest.  UNIVERSAL CITY FLORIDA HOLDING CO. I, a
Florida general partnership (“Holding I”),
UNIVERSAL CITY FLORIDA HOLDING CO. II, a Florida general partnership (“Holding II”), UCFH I FINANCE, INC., a Florida corporation (“Finance I”) and UCFH II FINANCE, INC., a Florida corporation
(“Finance II”), as joint and several
obligors (the “Co-Issuers”), promise to pay
interest on the principal amount of this Floating Rate Senior Note (the “Note”) at a rate per annum, reset quarterly equal to LIBOR
plus 4.75%, as determined by an agent appointed by the Co-Issuers to calculate
LIBOR for purposes of the Indenture (the “Calculation Agent”),
which shall initially be the Trustee, from the date of the original issuance of
the Notes until maturity.  The Co-Issuers
will pay interest on February 1, May 1, August 1 and November 1 of each year,
but if such date is not a business day such payment may be made on the next succeeding
business day with the same force and effect as if made on such day, and no
interest shall accrue for the period from and after such date to the date of
payment (each, an “Interest Payment Date”),
commencing February 1, 2005.  Interest on
the Notes will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of original issuance; provided, however, that
if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date.  The
Co-Issuers shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time on demand to the extent lawful at the interest rate
applicable to the Notes; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace periods) from time to time on
demand at the same rate to the extent lawful. 
Interest will be computed on the
basis of a 360-day year and actual number of days in each period.

 

For purposes
of this Section 1, the following terms shall have the meaning indicated below:

 

“Determination Date,”
with respect to an Interest Period, will be the second London Banking Day
preceding the first day of the Interest Period.

 

“Interest Period”
means the period commencing on and including an interest payment date and
ending on and including the day immediately preceding the next succeeding
interest payment date, with the exception that the first Interest Period shall
commence on and include the Issue Date and end on and include January 31, 2005.

 

A-1-4

 

“LIBOR,” with
respect to an Interest Period, will be the rate (expressed as a percentage per
annum) for deposits in United States dollars for a three-month period beginning
on the second London Banking Day after the Determination Date that appears on
Telerate Page 3750 as of 11:00 a.m., London time, on the Determination
Date.  If Telerate Page 3750 does not
include such a rate or is unavailable on a Determination Date, the calculation
agent will request the principal London office of each of four major banks in
the London interbank market, as selected by the calculation agent, to provide
such bank’s offered quotation (expressed as a percentage per annum), as of
approximately 11:00 a.m., London time, on such Determination Date, to prime
banks in the London interbank market for deposits in a Representative Amount in
United States dollars for a three-month period beginning on the second London
Banking Day after the Determination Date. 
If at least two such offered quotations are so provided, LIBOR for the
Interest Period will be the arithmetic mean of such quotations.  If fewer than two such quotations are so
provided, the calculation agent will request each of three major banks in New
York City, as selected by the calculation agent, to provide such bank’s rate
(expressed as a percentage per annum), as of approximately 11:00 a.m., New York
City time, on such Determination Date, for loans in a Representative Amount in
United States dollars to leading European banks for a three-month period
beginning on the second London Banking Day after the Determination Date.  If at least two such rates are so provided,
LIBOR for the Interest Period will be the arithmetic mean of such rates.  If fewer than two such rates are so provided,
then LIBOR for the Interest Period will be LIBOR in effect with respect to the
immediately preceding Interest Period.

 

“London Banking Day”
is any day in which dealings in United States dollars are transacted or, with
respect to any future date, are expected to be transacted in the London interbank
market.

 

“Representative Amount”
means a principal amount of not less than U.S.$1,000,000 for a single
transaction in the relevant market at the relevant time.

 

“Telerate Page 3750”
means the display designated as “Page 3750” on the Moneyline Telerate service
(or such other page as may replace Page 3750 on that service).

 

The amount of interest for each day that the Notes
are outstanding (the “Daily Interest Amount”)
will be calculated by dividing the interest rate in effect for such day by 360
and multiplying the result by the principal amount of the Notes.  The amount of interest to be paid on the
Notes for each Interest Period will be calculated by adding the Daily Interest
Amounts for each day in the Interest Period.

 

All percentages resulting from any of the above
calculations will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point being
rounded upwards (e.g., 9.876545% (or 0.09876545) being rounded to 9.87655% (or
0.0987655)) and all dollar amounts used in or resulting from such calculations
will be rounded to the nearest cent (with one-half cent being rounded upwards).

 

A-1-5

 

The
interest rate on the Notes will in no event be higher than the maximum rate
permitted by New York law as the same may be modified by United States law of
general application.

 

The
Calculation Agent will, upon the request of any Holder of the Notes, provide
the interest rate then in effect with respect to the Notes.  All calculations made by the Calculation
Agent in the absence of manifest error will be conclusive for all purposes and
binding on the Co-Issuers and the Holders of the Notes.

 

SECTION
2.  Method of Payment.  The Co-Issuers will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the January 15, April 15, July 15 or October 15
next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as
provided in Section 2.12 of the Indenture with respect to defaulted
interest.  The Notes will be issued in
denominations of $1,000 and integral multiples thereof.  The Co-Issuers shall pay principal, premium,
if any, and interest on the Notes 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 (“U.S. Legal Tender”).  Principal, premium, if any, and interest on
the Notes will be payable at the office or agency of the Co-Issuers maintained
for such purpose or, at the option of the Co-Issuers, payment of interest may
be made by check mailed to the Holders of the Notes not issued in global form
at their respective addresses set forth in the register of Holders of
Notes.  Until otherwise designated by the
Co-Issuers, the Co-Issuers’ office or agency in New York will be the office of
the Trustee maintained for such purpose.

 

SECTION
3.  Paying Agent and Registrar.  Initially, The Bank of New York Trust
Company, N.A., the Trustee under the Indenture, will act as Paying Agent and
Registrar.  The Co-Issuers may change any
Paying Agent or Registrar without notice to any Holder.  The Co-Issuers or any of their Subsidiaries
may act in any such capacity.

 

SECTION
4.  Indenture.  The Co-Issuers issued the Notes under an
Indenture dated as of December 9, 2004 (“Indenture”) by
and among the Co-Issuers and the Trustee. 
The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”).  The Notes are subject to all such terms, and
Holders are referred to the Indenture and the TIA for a statement of such
terms.  To the extent any provision of
this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

 

SECTION
5.  Optional Redemption.  (A) Prior to November 1, 2006, the Co-Issuers
may redeem the Notes, at their option, in whole at any time or in part from
time to time, upon not less than 30 nor more than 60 days’ prior notice mailed
by first-class mail to each Holder’s registered address, at a redemption price
equal to 100% of the principal amount of the Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest and additional interest, if any,
to the applicable Redemption Date (subject to the right of holders of record on
the relevant Record Date to receive interest due on the relevant interest
payment date).

 

A-1-6

 

For
purposes of the preceding paragraph, the following terms will have the following
definitions:

 

  “Applicable Premium” means on any applicable Redemption Date,
the greater of:

 

(1)           1.0%
of the then outstanding principal amount of the Notes; and

 

(2)           the
excess of:

 

(a)           the
present value at such Redemption Date of (i) the redemption price of such Notes
at November 1, 2006 (such redemption price being set forth in the applicable
table pursuant to Section 5(B) hereof) plus (ii) all required interest payments
due on such Notes (assuming that the interest rate per annum on the Notes
applicable on the date of which the notice of redemption was given was in
effect for the entire period) through November 1, 2006 (excluding accrued but
unpaid interest), computed using a discount rate equal to the Treasury Rate as
of such Redemption Date plus 50 basis points; over

 

(b)           the
then outstanding principal amount of Notes.

 

“Treasury Rate”
means with respect to the Notes, as of the applicable Redemption Date, the
yield to maturity as of such Redemption Date of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15 (519) that has become publicly available at
least two business days prior to such Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market
data)) most nearly equal to the period from such Redemption Date to November 1,
2006; provided, however,
that if the period from such Redemption Date to November 1, 2006 is less than
one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used.

 

(B)  On or after November 1, 2006, the Notes will
be redeemable, at the Co-Issuers’ option, in whole or in part, upon not less
than 30 nor more than 60 days’ prior notice mailed by first-class mail to each
Holder’s registered address, at the Redemption Prices (expressed as percentages
of principal amount) set forth below plus accrued and unpaid interest and
additional interest, if any, to the Redemption Date (subject to the right of
Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date), if redeemed during the twelve-month period
commencing on November 1 of the years set forth below:

 

A-1-7

 

	
  Year

  	
   

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2006

  	
   

  	
  103.000

  	
  %

  
	
  2007

  	
   

  	
  102.000

  	
  %

  
	
  2008

  	
   

  	
  101.000

  	
  %

  
	
  2009 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

SECTION
6.  Optional Redemption upon Public Offering.  At any time prior to November 1, 2006, the
Co-Issuers may on any one or more occasions redeem in the aggregate up to 35%
of the aggregate principal amount of Notes issued under the Indenture,
including Additional Notes permitted under the Indenture, if any, with the net
cash proceeds of one or more Equity Offerings by the Issuers (or any direct or indirect parent company of the
Issuers to the extent such net cash proceeds are contributed to the common
equity capital of the Issuers or used to purchase Capital Stock (other than
Disqualified Stock) of the Issuers) at a Redemption Price equal to
100.000% of the aggregate principal amount of the Notes to be redeemed plus a
premium equal to the interest rate per annum of the Notes applicable on the
date on which the notice of redemption is given, plus accrued and unpaid
interest to the Redemption Date (subject to the right of Holders on the
relevant Record Date to receive interest due on the relevant Interest Payment
Date); provided, however,
that (i) at least 65% of the aggregate principal amount of Notes issued
under the Indenture, including Additional Notes permitted under the Indenture,
if any, remains outstanding immediately after the occurrence of each such
redemption and (ii) such redemption shall occur within 90 days after the
date on which such Equity Offering is consummated upon not less than 30 nor
more than 60 days’ notice mailed to each Holder of Notes being redeemed and
otherwise in accordance with the procedures set forth in the Indenture.

 

SECTION
7.  Mandatory Redemption.  For the avoidance
of doubt, an offer to purchase pursuant to Section 8 hereof shall not be deemed
a redemption.  The Co-Issuers shall not
be required to make mandatory redemption payments with respect to the Notes.

 

SECTION
8.  Repurchase at Option of Holder.  Upon the occurrence
of a Change of Control, and subject to certain conditions set forth in the
Indenture, the Co-Issuers will be required to offer to purchase all of the
outstanding Notes at a purchase price equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, thereon to the date of
repurchase (subject to the right of Holders to receive interest due on the
relevant interest payment date).

 

The
Co-Issuers are, under certain circumstances, obligated to make an offer to
purchase Notes at 100% of their principal amount, plus accrued and unpaid
interest, if any, thereon to the date of repurchase, with certain net cash
proceeds of certain sales or other dispositions of assets in accordance with
the Indenture.

 

SECTION
9.  Notice of Redemption.  Notice of redemption will be mailed by first
class mail at least 30 days but not more than 60 days before the Redemption
Date to each Holder of Notes to be redeemed at its registered address.  Notes in denominations larger than

 

A-1-8

 

$1,000 may be redeemed in part.  If any Note is to be redeemed in part only,
the notice of redemption that relates to such Note shall state the portion of
the principal amount thereof to be redeemed. 
A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the
original Note.  On and after the Redemption
Date interest ceases to accrue on Notes or portions thereof called for redemption.

 

SECTION
10.  Denominations, Transfer, Exchange.  The Notes are in registered form without
coupons in denominations of $1,000 and integral multiples of $1,000.  The transfer of Notes may be registered and
Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Co-Issuers may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. 
The Co-Issuers or the Registrar are not required to transfer or exchange
any Note selected for redemption.  Also,
the Co-Issuers or the Registrar are not required to transfer or exchange any
Notes for a period of 15 days before the mailing of a notice of redemption of
Notes to be redeemed.

 

SECTION
11.  Persons Deemed Owners.  The registered Holder of a Note may be
treated as its owner for all purposes.

 

SECTION
12.  Amendment, Supplement and Waiver.  Subject to certain exceptions, the Indenture
and the Notes may be amended or supplemented with the written consent of the
Holders of at least a majority in aggregate principal amount of the Notes then
outstanding, and any existing Default or compliance with any provision may be
waived with the consent of the Holders of a majority in aggregate principal
amount of the Notes then outstanding. 
Without notice to or consent of any Holder, the parties thereto may
amend or supplement the Indenture and the Notes to, among other things, cure
any ambiguity, defect or inconsistency in the Indenture, provide for
uncertificated Notes in addition to certificated Notes, comply with any requirements
of the SEC in connection with the qualification of the Indenture under the TIA,
or make any change that does not adversely affect the rights of any Holder of a
Note.

 

SECTION
13.  Defaults and Remedies.  If an Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the then outstanding Notes generally may declare by notice to the Co-Issuers
all the Notes to be due and payable immediately.  Notwithstanding the foregoing, in the case of
an Event of Default arising from certain events of bankruptcy or insolvency as
set forth in the Indenture, with respect to the Co-Issuers or any Significant
Subsidiary, all outstanding Notes will become due and payable without further
action or notice.  Holders of the Notes
may not enforce the Indenture or the Notes except as provided in the
Indenture.  Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders of the
Notes notice of any continuing Default (except a Default relating to the
payment of principal or interest) if it determines that withholding notice is
in their interest.  The Holders of a
majority in principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes

 

A-1-9

 

waive any existing Default and
its consequences under the Indenture except a continuing Default in the payment
of principal of, premium, if any, or interest on the Notes.

 

SECTION
14.  Restrictive Covenants.  The Indenture contains certain covenants
that, among other things, limit the ability of the Issuers and their Restricted
Subsidiaries to incur indebtedness, to make restricted payments, to create
liens, to sell assets, to permit restrictions on dividends and other payments
by Restricted Subsidiaries of the Issuers, to consolidate, merge or sell all or
substantially all of its assets or to engage in transactions with
affiliates.  The limitations are subject
to a number of important qualifications and exceptions.  The Issuers must annually report to the
Trustee on compliance with such limitations.

 

SECTION
15.  No Personal Liability of Partners, Directors,
Officers, Employees and Stockholders.  No
partner, director, officer, employee, incorporator or holder of any equity
interests in the Issuers or any direct or indirect parent partnership or corporation,
as such, will have any liability for any obligations of the Issuers under the
Notes, the Indenture, 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.

 

SECTION
16.  Trustee Dealings with the Co-Issuers.  The Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Notes and
may otherwise deal with the Co-Issuers, their Subsidiaries or their respective
Affiliates as if it were not the Trustee.

 

SECTION
17.  Authentication.  This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

SECTION
18.  Abbreviations.  Customary abbreviations may be used in the
name of a Holder or an assignee, such as:  TEN COM (= tenants in common),
TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

 

SECTION
19.  Additional Rights of Holders of
Restricted Global Notes and Restricted Definitive Notes.  Pursuant to, but subject to the exceptions
in, the Registration Rights Agreement, the Co-Issuers will be obligated to
consummate an exchange offer pursuant to which the Holder of this Note shall
have the right to exchange this Note for a Floating Rate Note due 2010 of the
Co-Issuers which shall have been registered under the Securities Act, in like
principal amount and having terms identical in all material respects to this
Note (except that such Note shall not be entitled to Additional Interest).  The Holders shall be entitled to receive certain
Additional Interest in the event such exchange offer is not consummated or the

 

A-1-10

 

Notes are not offered for resale and upon certain
other conditions, all pursuant to and in accordance with the terms of the
Registration Rights Agreement.(a)

 

SECTION
20.  CUSIP Numbers.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Co-Issuers
have caused CUSIP numbers to be printed on the Notes and the Trustee may use
CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.

 

SECTION
21.  Governing Law.  This Note shall be
governed by, and construed in accordance with, the laws of the State of New
York without giving effect to applicable principles of conflicts of laws to the
extent that the application of the laws of another jurisdiction would be
required thereby.

 

The
Co-Issuers will furnish to any Holder upon written request and without charge a
copy of the Indenture.

 

(a)                                  This
Section not to appear on Exchange Notes or on Notes the Holder of which is not
a party to the Registration Rights Agreement.

 

A-1-11

 

ASSIGNMENT FORM

 

	
  I or we assign and transfer this Note to

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Print or type name, address and zip code of assignee or transferee)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Insert Social Security or other identifying number of assignee or
  transferee)

  	
   

  
	
   

  	
   

  
	
  and irrevocably appoint 

  	
   

  	
  agent to transfer this

  	
   

  
	
  Note on the books of the Co-Issuers. 
  The agent may substitute another to act for him.

  
				

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  Signed: 

  	
   

  
	
   

  	
   

  	
   

  	
  (Sign
  exactly as name appears on

  
	
   

  	
   

  	
   

  	
  the
  other side of this Note)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
  Participant in a recognized Signature Guarantee
  Medallion Program (or other signature guarantor program reasonably acceptable
  to the Trustee)

  
							

 

In connection with any transfer of this Note occurring
prior to the date which is the earlier of (i) the date of the declaration
by the SEC of the effectiveness of a registration statement under the
Securities Act of 1933, as amended (the “Securities Act”),
covering resales of this Note (which effectiveness shall not have been
suspended or terminated at the date of the transfer) and (ii) the date
following the second anniversary of the original issuance of this Note, the undersigned
confirms that it has not utilized any general solicitation or general
advertising in connection with the transfer:

 

Check One

 

(1)                      o                                                to
any Co-Issuer or a subsidiary thereof; or

 

(2)                      o                                                pursuant
to and in compliance with Rule 144A under the Securities Act; or

 

(3)                      o                                                to
an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3)
or (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which letter
can be obtained from the Trustee); or

 

(4)                      o                                                outside
the United States to a “foreign purchaser” in compliance with Rule 904 of
Regulation S under the Securities Act; or

 

A-1-12

 

(5)                      o                                                pursuant
to the exemption from registration provided by Rule 144 under the Securities
Act; or

 

(6)                      o                                                pursuant
to an effective registration statement under the Securities Act; or

 

(7)                      o                                                pursuant
to another available exemption from the registration statement requirements of
the Securities Act of 1933;

 

and unless the box below is checked, the undersigned
confirms that such Note is not being transferred to an “affiliate” of the any
Co-Issuer as defined in Rule 144 under the Securities Act (an “Affiliate”):

 

o                                    The
transferee is an Affiliate of any Co-Issuer.

 

Unless one of items (1) through (7) is checked, the
Trustee will refuse to register any of the Notes evidenced by this certificate
in the name of any Person other than the registered Holder thereof; provided, however, that
if item (3), (4), (5) or (7) is checked, the Co-Issuers or the Trustee may
require, prior to registering any such transfer of the Notes, in their sole discretion,
such written legal opinions, certifications (including an investment letter in
the case of item (3) or (4)) and other information as the Trustee or the
Co-Issuers have reasonably requested to confirm that such transfer is being
made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act.

 

If none of the foregoing items are checked, the
Trustee or Registrar shall not be obligated to register this Note in the name
of any Person other than the Holder hereof unless and until the conditions to
any such transfer of registration set forth herein and in Section 2.16 of
the Indenture shall have been satisfied.

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  	 

	
   

  	
   

  	
  (Sign exactly as name appears on the other

  side of this Note)

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Signature Guarantee:

  	
   

  	
   

  
							

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

 

The undersigned represents and warrants that it is
purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Co-Issuers as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order
to claim the exemption from registration provided by Rule 144A.

 

A-1-13

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  NOTICE:

  	
  To be executed by an executive

  officer

  

 

A-1-14

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you
want to elect to have this Note purchased by the Co-Issuers pursuant to Section
4.09 or Section 4.13 of the Indenture, check the appropriate box:

 

Section 4.09 o                                      Section
4.13 o

 

If you
want to elect to have only part of this Note purchased by the Co-Issuers
pursuant to Section 4.09 or Section 4.13 of the Indenture, state the
amount:  $                      

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign
  exactly as name

  appears on the other

  side of this Note)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
  Participant in a recognized Signature Guarantee Medallion
  Program (or other signature guarantor program reasonably acceptable to the
  Trustee)

  
							

 

A-1-15

 

EXHIBIT A-2

 

FORM OF FIXED RATE NOTE

 

[Insert the Global Note Legend,
if applicable pursuant to the provisions of the Indenture]

 

[Insert the Private Placement
Legend, if applicable pursuant to the provisions of the Indenture]

 

UNIVERSAL CITY FLORIDA HOLDING CO. I

UNIVERSAL CITY FLORIDA HOLDING CO. II

UCFH I FINANCE, INC.

UCFH II FINANCE, INC.

83/8% Senior Notes due
2010

 

	
   

  	
  CUSIP
  No.[          ]

  
	
  No. [        ]

  	
  $[            ]

  

 

UNIVERSAL
CITY FLORIDA HOLDING CO. I, a Florida general partnership (“Holding I”),
UNIVERSAL CITY FLORIDA HOLDING CO. II, a Florida general partnership (“Holding
II”), UCFH I FINANCE, INC., a Florida corporation (“Finance I”) and UCFH II
FINANCE, INC., a Florida corporation (“Finance II”), as joint and several
obligors (the “Co-Issuers”), for value received promises to pay to CEDE &
CO. or its registered assigns, the principal sum of
[                         ]
on May 1, 2010.

 

Interest
Payment Dates: May 1 and November 1, commencing May 1, 2005.

 

Record
Dates: April 15 and October 15.

 

Reference
is made to the further provisions of this Senior Note contained herein, which
will for all purposes have the same effect as if set forth at this place.

 

A-2-1

 

IN
WITNESS WHEREOF, each Issuer has caused this Senior Note to be signed manually
or by facsimile by its duly authorized officer.

 

	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. I,

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. II,

  
	
   

  	
  a Florida general partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH I FINANCE, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UCFH II FINANCE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-2-2

 

[FORM OF TRUSTEE’S CERTIFICATE OF
AUTHENTICATION]

 

This
is one of the 83/8% Senior Notes due 2010 described in the
within-mentioned Indenture.

 

	
  Dated: [          ]

  	
  THE BANK OF NEW YORK TRUST COMPANY,

  
	
   

  	
  N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

A-2-3

 

(Reverse of Note)

 

83/8% Senior Notes due 2010

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

 

SECTION
1.  Interest.  UNIVERSAL CITY FLORIDA HOLDING CO. I, a
Florida general partnership (“Holding I”),
UNIVERSAL CITY FLORIDA HOLDING CO. II, a Florida general partnership (“Holding II”), UCFH I FINANCE, INC., a Florida corporation (“Finance I”) and UCFH II FINANCE, INC., a Florida corporation
(“Finance II”), as joint and several
obligors (the “Co-Issuers”), promise to pay interest
on the principal amount of this Senior Note (the “Notes”)
at 83/8% per annum from the date of the original issuance
of the Notes until maturity.  The
Co-Issuers will pay interest semi-annually on May 1 and November 1 of each
year, but if such date is not a business day such payment may be made on the
next succeeding business day with the same force and effect as if made on such
day, and no interest shall accrue for the period from and after such date to
the date of payment (each, an “Interest Payment Date”),
commencing May 1, 2005.  Interest on the
Notes will accrue from the most recent date to which interest has been paid or,
if no interest has been paid, from the date of original issuance; provided, however, that
if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date.  The
Co-Issuers shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time on demand to the extent lawful at the interest rate
applicable to the Notes; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace periods) from time to time on
demand at the same rate to the extent lawful. 
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

 

SECTION
2.  Method of Payment.  The Co-Issuers will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the April 15 or October 15 next preceding the
Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest.  The Notes will be issued in denominations of
$1,000 and integral multiples thereof. 
The Co-Issuers shall pay principal, premium, if any, and interest on the
Notes 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 (“U.S. Legal Tender”). 
Principal, premium, if any, and interest on the Notes will be payable at
the office or agency of the Co-Issuers maintained for such purpose or, at the option
of the Co-Issuers, payment of interest may be made by check mailed to the
Holders of the Notes not issued in global form at their respective addresses
set forth in the register of Holders

 

A-2-4

 

of Notes.  Until
otherwise designated by the Co-Issuers, the Co-Issuers’ office or agency in New
York will be the office of the Trustee maintained for such purpose.

 

SECTION
3.  Paying Agent and Registrar.  Initially, The Bank of New York Trust
Company, N.A., the Trustee under the Indenture, will act as Paying Agent and
Registrar.  The Co-Issuers may change any
Paying Agent or Registrar without notice to any Holder.  The Co-Issuers or any of their Subsidiaries
may act in any such capacity.

 

SECTION
4.  Indenture.  The Co-Issuers issued the Notes under an
Indenture dated as of December 9, 2004 (“Indenture”) by
and among the Co-Issuers and the Trustee. 
The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”).  The Notes are subject to all such terms, and
Holders are referred to the Indenture and the TIA for a statement of such
terms.  To the extent any provision of
this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

 

SECTION 5.  Optional
Redemption.  (A) Prior to May 1, 2007, the Co-Issuers may
redeem the Notes, at their option, in whole at any time or in part from time to
time, upon not less than 30 nor more than 60 days’ prior notice mailed by
first-class mail to each Holder’s registered address, at a redemption price
equal to 100% of the principal amount of the Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest and additional interest, if any,
to the applicable Redemption Date (subject to the right of holders of record on
the relevant Record Date to receive interest due on the relevant interest
payment date).

 

For
purposes of the preceding paragraph, the following terms will have the following
definitions:

 

“Applicable Premium” means on any applicable Redemption Date,
the greater of:

 

(1)           1.0%
of the then outstanding principal amount of the Notes; and

 

(2)           the
excess of:

 

(a)           the
present value at such Redemption Date of (i) the redemption price of such Notes
at May 1, 2007 (such redemption price being set forth in the applicable
table pursuant to Section 5(B)) plus (ii) all required interest payments due on
such Notes through May 1, 2007 (excluding accrued but unpaid interest),
computed using a discount rate equal to the Treasury Rate as of such Redemption
Date plus 50 basis points; over

 

A-2-5

 

(b)           the
then outstanding principal amount of Notes.

 

“Treasury Rate”
means with respect to the Notes, as of the applicable Redemption Date, the
yield to maturity as of such Redemption Date of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15 (519) that has become publicly available at
least two business days prior to such Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market
data)) most nearly equal to the period from such Redemption Date to May 1,
2007; provided, however,
that if the period from such Redemption Date to May 1, 2007 is less than
one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used.

 

(B)  On or after May 1, 2007, the Notes will be
redeemable, at the Co-Issuers’ option, in whole or in part, upon not less than
30 nor more than 60 days’ prior notice mailed by first-class mail to each
Holder’s registered address, at the Redemption Prices (expressed as percentages
of principal amount) set forth below plus accrued and unpaid interest and additional
interest, if any, to the Redemption Date (subject to the right of Holders of
record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date), if redeemed during the twelve-month period commencing
on May 1 of the years set forth below: 

 

	
  Year

  	
   

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2007

  	
   

  	
  104.188

  	
  %

  
	
  2008

  	
   

  	
  102.094

  	
  %

  
	
  2009 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

SECTION
6.  Optional Redemption upon Public
Offering.  At any time prior to May
1, 2007, the Co-Issuers may on any one or more occasions redeem in the aggregate
up to 35% of the aggregate principal amount of Notes issued under the
Indenture, including Additional Notes permitted under the Indenture, if any,
with the net cash proceeds of one or more Equity Offerings by the Issuers (or any direct or indirect parent company of the
Issuers to the extent such net cash proceeds are contributed to the common
equity capital of the Issuers or used to purchase Capital Stock (other than
Disqualified Stock) of the Issuers) at a Redemption Price equal to
108.375% of the aggregate principal amount of the Notes to be redeemed, plus
accrued and unpaid interest to the Redemption Date (subject to the right of
Holders on the relevant Record Date to receive interest due on the relevant
Interest Payment Date); provided, however, that (i) at least 65% of the aggregate
principal amount of Notes issued under the Indenture, including Additional
Notes permitted under the Indenture, if any, remains outstanding immediately
after the occurrence of each such redemption and (ii) such redemption
shall occur within 90 days after the date on which such Equity Offering is
consummated upon not less than 30 nor more than 60 days’ notice mailed to each
Holder of Notes being redeemed and otherwise in accordance with the procedures
set forth in the Indenture.

 

A-2-6

 

SECTION
7.  Mandatory Redemption.  For the avoidance
of doubt, an offer to purchase pursuant to Section 8 hereof shall not be deemed
a redemption.  The Co-Issuers shall not
be required to make mandatory redemption payments with respect to the Notes.

 

SECTION
8.  Repurchase at Option of Holder.  Upon the occurrence
of a Change of Control, and subject to certain conditions set forth in the
Indenture, the Co-Issuers will be required to offer to purchase all of the
outstanding Notes at a purchase price equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, thereon to the date of
repurchase (subject to the right of Holders to receive interest due on the
relevant interest payment date).

 

The
Co-Issuers are, under certain circumstances, obligated to make an offer to
purchase Notes at 100% of their principal amount, plus accrued and unpaid
interest, if any, thereon to the date of repurchase, with certain net cash
proceeds of certain sales or other dispositions of assets in accordance with
the Indenture.

 

SECTION
9.  Notice of Redemption.  Notice of redemption will be mailed by first
class mail at least 30 days but not more than 60 days before the Redemption
Date to each Holder of Notes to be redeemed at its registered address.  Notes in denominations larger than $1,000 may
be redeemed in part.  If any Note is to
be redeemed in part only, the notice of redemption that relates to such Note
shall state the portion of the principal amount thereof to be redeemed.  A new Note in principal amount equal to the
unredeemed portion thereof will be issued in the name of the Holder thereof
upon cancellation of the original Note. 
On and after the Redemption Date interest ceases to accrue on Notes or
portions thereof called for redemption.

 

SECTION
10.  Denominations, Transfer, Exchange.  The Notes are in registered form without
coupons in denominations of $1,000 and integral multiples of $1,000.  The transfer of Notes may be registered and
Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Co-Issuers may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. 
The Co-Issuers or the Registrar are not required to transfer or exchange
any Note selected for redemption.  Also,
the Co-Issuers or the Registrar are not required to transfer or exchange any
Notes for a period of 15 days before the mailing of a notice of redemption of
Notes to be redeemed.

 

SECTION
11.  Persons Deemed Owners.  The registered Holder of a Note may be
treated as its owner for all purposes.

 

SECTION
12.  Amendment, Supplement and Waiver.  Subject to certain exceptions, the Indenture
and the Notes may be amended or supplemented with the written consent of the
Holders of at least a majority in aggregate principal amount of the Notes then
outstanding, and any existing Default or compliance with any provision may be
waived with the consent of

 

A-2-7

 

the Holders of a majority in aggregate principal
amount of the Notes then outstanding. 
Without notice to or consent of any Holder, the parties thereto may
amend or supplement the Indenture and the Notes to, among other things, cure
any ambiguity, defect or inconsistency in the Indenture, provide for
uncertificated Notes in addition to certificated Notes, comply with any
requirements of the SEC in connection with the qualification of the Indenture
under the TIA, or make any change that does not adversely affect the rights of
any Holder of a Note.

 

SECTION
13.  Defaults and Remedies.  If an Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the then outstanding Notes generally may declare by notice to the Co-Issuers
all the Notes to be due and payable immediately.  Notwithstanding the foregoing, in the case of
an Event of Default arising from certain events of bankruptcy or insolvency as
set forth in the Indenture, with respect to the Co-Issuers or any Significant
Subsidiary, all outstanding Notes will become due and payable without further
action or notice.  Holders of the Notes
may not enforce the Indenture or the Notes except as provided in the
Indenture.  Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders of the
Notes notice of any continuing Default (except a Default relating to the
payment of principal or interest) if it determines that withholding notice is
in their interest.  The Holders of a
majority in principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing
Default and its consequences under the Indenture except a continuing Default in
the payment of principal of, premium, if any, or interest on the Notes.

 

SECTION
14.  Restrictive Covenants.  The Indenture contains certain covenants
that, among other things, limit the ability of the Issuers and their Restricted
Subsidiaries to incur indebtedness, to make restricted payments, to create
liens, to sell assets, to permit restrictions on dividends and other payments
by Restricted Subsidiaries of the Issuers, to consolidate, merge or sell all or
substantially all of its assets or to engage in transactions with
affiliates.  The limitations are subject
to a number of important qualifications and exceptions.  The Issuers must annually report to the
Trustee on compliance with such limitations.

 

SECTION
15.  No Personal Liability of Partners, Directors,
Officers, Employees and Stockholders.  No
partner, director, officer, employee, incorporator or holder of any equity
interests in the Issuers or any direct or indirect parent partnership or corporation,
as such, will have any liability for any obligations of the Issuers under the
Notes, the Indenture, 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.

 

SECTION
16.  Trustee Dealings with the
Co-Issuers.  The Trustee under the Indenture,
in its individual or any other capacity, may become the owner or pledgee of Notes
and

 

A-2-8

 

may otherwise deal with the Co-Issuers, their
Subsidiaries or their respective Affiliates as if it were not the Trustee.

 

SECTION
17.  Authentication.  This Note shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.

 

SECTION
18.  Abbreviations.  Customary abbreviations may be used in the
name of a Holder or an assignee, such as:  TEN COM (= tenants in common),
TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

 

SECTION
19.  Additional Rights of Holders of
Restricted Global Notes and Restricted Definitive Notes.  Pursuant to, but subject to the exceptions
in, the Registration Rights Agreement, the Co-Issuers will be obligated to
consummate an exchange offer pursuant to which the Holder of this Note shall
have the right to exchange this Note for an 83/8% Senior
Note due 2010 of the Co-Issuers which shall have been registered under the
Securities Act, in like principal amount and having terms identical in all
material respects to this Note (except that such Note shall not be entitled to
Additional Interest).  The Holders shall
be entitled to receive certain Additional Interest in the event such exchange
offer is not consummated or the Notes are not offered for resale and upon
certain other conditions, all pursuant to and in accordance with the terms of
the Registration Rights Agreement.(a)

 

SECTION
20.  CUSIP Numbers.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Co-Issuers
have caused CUSIP numbers to be printed on the Notes and the Trustee may use
CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.

 

SECTION
21.  Governing Law.  This Note shall be
governed by, and construed in accordance with, the laws of the State of New
York without giving effect to applicable principles of conflicts of laws to the
extent that the application of the laws of another jurisdiction would be
required thereby.

 

The
Co-Issuers will furnish to any Holder upon written request and without charge a
copy of the Indenture.

 

(a)                                  This
Section not to appear on Exchange Notes or on Notes the Holder of which is not
a party to the Registration Rights Agreement.

 

A-2-9

 

ASSIGNMENT FORM

 

	
  I or we assign and transfer this Note to

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Print or type name, address and zip code of assignee or transferee)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Insert Social Security or other identifying number of assignee or
  transferee)

  	
   

  
	
   

  	
   

  
	
  and irrevocably appoint 

  	
   

  	
  agent to transfer this

  	
   

  
	
  Note on the books of the Co-Issuers. 
  The agent may substitute another to act for him.

  
				

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  Signed: 

  	
   

  
	
   

  	
   

  	
   

  	
  (Sign exactly as name appears on

  
	
   

  	
   

  	
   

  	
  the other side of this Note)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
  Participant in a recognized Signature Guarantee
  Medallion Program (or other signature guarantor program reasonably acceptable
  to the Trustee)

  
							

 

In connection with any transfer of this Note occurring
prior to the date which is the earlier of (i) the date of the declaration
by the SEC of the effectiveness of a registration statement under the
Securities Act of 1933, as amended (the “Securities Act”),
covering resales of this Note (which effectiveness shall not have been
suspended or terminated at the date of the transfer) and (ii) the date
following the second anniversary of the original issuance of this Note, the undersigned
confirms that it has not utilized any general solicitation or general
advertising in connection with the transfer:

 

Check One

 

(1)                      o                to any Co-Issuer or a subsidiary
thereof; or

 

(2)                      o                                                pursuant
to and in compliance with Rule 144A under the Securities Act; or

 

(3)                       ̈                                                to
an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3)
or (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which letter
can be obtained from the Trustee); or

 

A-2-10

 

(4)                      o                                                outside
the United States to a “foreign purchaser” in compliance with Rule 904 of
Regulation S under the Securities Act; or

 

(5)                      o                                                pursuant
to the exemption from registration provided by Rule 144 under the Securities
Act; or

 

(6)                      o                                                pursuant
to an effective registration statement under the Securities Act; or

 

(7)                      o                                                pursuant
to another available exemption from the registration statement requirements of
the Securities Act of 1933;

 

and unless the box below is checked, the undersigned
confirms that such Note is not being transferred to an “affiliate” of the any
Co-Issuer as defined in Rule 144 under the Securities Act (an “Affiliate”):

 

o                                    The
transferee is an Affiliate of any Co-Issuer.

 

Unless one of items (1) through (7) is checked, the
Trustee will refuse to register any of the Notes evidenced by this certificate
in the name of any Person other than the registered Holder thereof; provided, however, that
if item (3), (4), (5) or (7) is checked, the Co-Issuers or the Trustee may
require, prior to registering any such transfer of the Notes, in their sole discretion,
such written legal opinions, certifications (including an investment letter in
the case of item (3) or (4)) and other information as the Trustee or the
Co-Issuers have reasonably requested to confirm that such transfer is being
made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act.

 

If none of the foregoing items are checked, the
Trustee or Registrar shall not be obligated to register this Note in the name
of any Person other than the Holder hereof unless and until the conditions to
any such transfer of registration set forth herein and in Section 2.16 of
the Indenture shall have been satisfied.

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name appears on the other

  side of this Note)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
						

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

 

The undersigned represents and warrants that it is
purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Co-Issuers as the

 

A-2-11

 

undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor
is relying upon the undersigned’s foregoing representations in order to claim
the exemption from registration provided by Rule 144A.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  NOTICE:

  	
  To be executed by an executive

  officer

  

 

A-2-12

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you
want to elect to have this Note purchased by the Co-Issuers pursuant to Section
4.09 or Section 4.13 of the Indenture, check the appropriate box:

 

Section 4.09 o                                      Section
4.13 o

 

If you
want to elect to have only part of this Note purchased by the Co-Issuers
pursuant to Section 4.09 or Section 4.13 of the Indenture, state the
amount:  $                        

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign
  exactly as name

  appears on the other

  side of this Note)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
  Participant in a recognized Signature Guarantee Medallion
  Program (or other signature guarantor program reasonably acceptable to the
  Trustee)

  
							

 

A-2-13

 

EXHIBIT B

 

FORM OF
LEGENDS

 

Each
Global Note and Physical Note that constitutes a Restricted Security or is sold
in compliance with Regulation S shall bear the following legend (the “Private Placement Legend”) on the face thereof, unless
otherwise agreed by the Issuers and the Holder thereof:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. 
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.  THE HOLDER OF THIS SECURITY, BY ITS
ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”)
THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE
LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUERS,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT
OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A
MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES
AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION
IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE

 

B-1

 

SECURITIES ACT,
SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSE (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM.  THIS LEGEND WILL BE REMOVED UPON
THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

Each
Global Note authenticated and delivered hereunder shall also bear the following
legend:

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY
OR A SUCCESSOR DEPOSITARY.  THIS NOTE IS
NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE 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) MAY BE REGISTERED
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

 

TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 2.16 OF
THE INDENTURE.

 

B-2

 

EXHIBIT C

 

Form of Certificate To Be

Delivered in Connection with

Transfers to Non-QIB Accredited Investors

 

[                  ],
[       ]

 

[Trustee]

 

Ladies and Gentlemen:

 

In
connection with our proposed purchase of [83/8% Senior
Notes due 2010] [Floating Rate Notes due 2010] (the “Notes”)
of UNIVERSAL CITY FLORIDA HOLDING CO. I, a Florida general partnership (“Holding I”), UNIVERSAL CITY FLORIDA HOLDING CO. II, a Florida
general partnership (“Holding II”),
UCFH I FINANCE, INC., a Florida corporation (“Finance I”)
and UCFH II FINANCE, INC., a Florida corporation (“Finance II”),
as joint and several obligors (the “Co-Issuers”),
we confirm that:

 

1.             We
have received a copy of the Offering Memorandum (the “Offering
Memorandum”), dated December 2, 2004, relating to the Notes and such
other information as we deem necessary in order to make our investment
decision.  We acknowledge that we have
read and agreed to the matters stated in the section entitled “Transfer
restrictions” of such Offering Memorandum, including the restrictions on
duplication and circulation of the Offering Memorandum.

 

2.             We
understand that any subsequent transfer of the Notes is subject to certain
restrictions and conditions set forth in the Indenture relating to the Notes
(the “Indenture”) as described in the
Offering Memorandum and the undersigned agrees to be bound by, and not to
resell, pledge or otherwise transfer the Notes except in compliance with, such
restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”), and all applicable state securities laws.

 

3.             We
understand that the offer and sale of the Notes have not been registered under
the Securities Act, and that the Notes may not be offered or sold except as
permitted in the following sentence.  We
agree, on our own behalf and on behalf of any accounts for which we are acting
as hereinafter stated, that if we should sell any Notes, we will do so only
(a) to the Co-Issuers, (b) pursuant to a registration statement that
has been declared effective under the Securities Act, (c) for so long as
the Notes are eligible for resale pursuant to Rule 144A under the
Securities Act, to a person we reasonably believe is a “qualified institutional
buyer” as defined in Rule 144A under the Securities Act that purchases for
its own account or for the account of a qualified institutional buyer to whom
notice is given that the transfer

 

C-1

 

is being made in reliance on Rule 144A,
(d) pursuant to offers and sales that occur outside the United States
within the meaning of Regulation S under the Securities Act, (e) to
an institutional “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act that is an institutional accredited
investor acquiring the security for its own account or for the account of such
an institutional accredited investor, in each case in a minimum principal
amount of the securities of $250,000, for investment purposes and not with a
view to or for offer or sale in connection with any distribution in violation
of the Securities Act, or (f) pursuant to another available exemption from
the registration requirements of the Securities Act, subject to the Co-Issuers’
and the Trustee’s right prior to any such offer, sale or transfer pursuant to
clause (e) or (f) to require the delivery of an opinion of counsel,
certification and/or other information satisfactory to each of them, and we further
agree to provide to any Person purchasing any of the Notes from us a notice
advising such purchaser that resales of the Notes are restricted as stated
herein.

 

4.             We
are not acquiring the Notes for or on behalf of, and will not transfer the
Notes to, any pension or welfare plan (as defined in Section 3 of the Employee
Retirement Income Security Act of 1974, as amended) or plan (as defined in Section 4975
of the Internal Revenue Code of 1986, as amended), except as permitted in the
section entitled “Transfer restrictions” of the Offering Memorandum.

 

5.             We
understand that, on any proposed resale of any Notes, we will be required to
furnish to the Trustee and the Co-Issuers such certification, legal opinions
and other information as the Trustee and the Co-Issuers may reasonably require
to confirm that the proposed sale complies with the foregoing
restrictions.  We further understand that
the Notes purchased by us will bear a legend to the foregoing effect.

 

6.             We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act) and have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Notes, and we and any accounts for which we are
acting are each able to bear the economic risk of our or their investment, as
the case may be.

 

7.             We
are acquiring the Notes purchased by us for our account or for one or more
accounts (each of which is an institutional “accredited investor”) as to each
of which we exercise sole investment discretion.

 

C-2

 

You,
the Co-Issuers, the Trustee and others are entitled to rely upon this letter
and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

C-3

 

EXHIBIT D

 

Form of Certificate To Be Delivered

in Connection with Transfers

Pursuant to Regulation S

 

[                ],
[     ]

 

[Trustee]

 

	
  Re:

  	
   

  	
  UNIVERSAL CITY FLORIDA HOLDING CO. I, a Florida general partnership
  (“Holding I”), UNIVERSAL CITY FLORIDA
  HOLDING CO. II, a Florida general partnership (“Holding II”),
  UCFH I FINANCE, INC., a Florida corporation (“Finance I”)
  and UCFH II FINANCE, INC., a Florida corporation (“Finance II”),
  as joint and several obligors (the “Co-Issuers”),
  [83/8% Senior Notes due 2010] [Floating Rate Notes due
  2010] (the “Notes”)

  

 

Ladies and Gentlemen:

 

In
connection with our proposed sale of
$[        ] aggregate principal amount
of the Notes, we confirm that such sale has been effected pursuant to and in accordance
with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

 

(1)           the
offer of the Notes was not made to a Person in the United States;

 

(2)           either
(a) at the time the buy offer was originated, the transferee was outside the
United States or we and any Person acting on our behalf reasonably believed
that the transferee was outside the United States, or (b) the transaction was
executed in, on or through the facilities of a designated offshore securities
market and neither we nor any Person acting on our behalf knows that the
transaction has been prearranged with a buyer in the United States;

 

(3)           no
directed selling efforts have been made in the United States in contravention
of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

 

(4)           the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and

 

(5)           we
have advised the transferee of the transfer restrictions applicable to the
Notes.

 

D-1

 

You, the Co-Issuers and counsel for the Co-Issuers are
entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered
hereby.  Terms used in this certificate
have the meanings set forth in Regulation S.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [Name of Transferor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signature

  

 

D-2

 

EXHIBIT E

 

GUARANTEE

 

For
value received, each of the undersigned hereby unconditionally guarantees, as
principal obligor and not only as a surety, to the Holder of this Note the cash
payment in United States dollars of principal of, premium, if any, and interest
on this Note in the amounts and at the times when due and interest on the
overdue principal, premium, if any, and interest, if any, of this Note, if
lawful, and the payment or performance of all other obligations of the Issuers
under the Indenture (as defined below) or the Notes, to the Holder of this Note
and the Trustee, all in accordance with and subject to the terms and
limitations of this Note, Article Ten of the Indenture and this Guarantee.  This Guarantee will become effective in
accordance with Article Ten of the Indenture and its terms shall be evidenced
therein.  The validity and enforceability
of any Guarantee shall not be affected by the fact that it is not affixed to
any particular Note.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Indenture dated as of December 9, 2004, among UNIVERSAL CITY FLORIDA
HOLDING CO. I, a Florida general partnership (“Holding I”),
UNIVERSAL CITY FLORIDA HOLDING CO. II, a Florida general partnership (“Holding II”), UCFH I FINANCE, INC., a Florida corporation (“Finance I”) and UCFH II FINANCE, INC., a Florida corporation
(“Finance II”), as joint and several
obligors (the “Co-Issuers”), and The Bank of New
York Trust Company, N.A., as trustee (the “Trustee”), as
amended or supplemented (the “Indenture”).

 

The
obligations of the undersigned to the Holders of Notes and to the Trustee
pursuant to this Guarantee and the Indenture are expressly set forth in Article
Ten of the Indenture and reference is hereby made to the Indenture for the
precise terms of the Guarantee and all of the other provisions of the Indenture
to which this Guarantee relates.

 

No
director, officer, employee, incorporator or stockholder of any Guarantor, as
such, shall have any liability for any obligations of the Guarantors under the
Guarantors’ Guarantees or for any claim based on, in respect of, or by reason
of, such obligations or their creation.

 

This
Guarantee shall be governed by, and construed in accordance with, the laws of
the State of New York without giving effect to principles of conflicts of
law.  The undersigned Guarantor hereby
agrees to submit to the jurisdiction of the courts of the State of New York in
any action or proceeding arising out of or relating to this Guarantee.

 

This
Guarantee is subject to release upon the terms set forth in the Indenture.

 

E-1

 

IN
WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly executed.

 

	
  Date: [          ]

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                   ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-2Exhibit 4.2

 

SECOND SUPPLEMENTAL
INDENTURE, dated as of December 9, 2004 (this “Second Supplemental Indenture”),
among UNIVERSAL CITY DEVELOPMENT PARTNERS, LTD., a Florida limited partnership (the
“Company”), UCDP FINANCE, INC., a Florida corporation (“Finance”
and, together with the Company, the “Issuers”), UNIVERSAL CITY TRAVEL
PARTNERS, a Florida general partnership (the “Guarantor”), and THE BANK
OF NEW YORK, a New York banking corporation, as Trustee (the “Trustee”).

 

WHEREAS each
of the Issuers and the Trustee have entered into an Indenture dated as of March
28, 2003 relating to the 113⁄4% Senior Notes due 2010 of the Issuers (as amended
by the First Supplemental Indenture dated as of June 12, 2003 among the Issuers
and the Trustee, the “Indenture”);

 

WHEREAS the
Guarantor is guaranteeing indebtedness of the Company pursuant to the
Subsidiary Guaranty Agreement dated as of the date hereof among the Company,
the Guarantor and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative
Agent”), relating to the Amended and Restated Credit Agreement dated as of
the date hereof among the Company, the lenders party thereto and the
Administrative Agent;

 

WHEREAS,
pursuant to Section 4.16 of the Indenture, the Guarantor is required to execute
and deliver to the Trustee a supplemental indenture pursuant to which the
Guarantor shall unconditionally and irrevocably guarantee payment of the Notes
on the terms set forth in the Indenture; and

 

WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee is authorized to
execute and deliver this Second Supplemental Indenture.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein, the parties hereto agree as follows:

 

1.             The
Guarantor hereby unconditionally and irrevocably guarantees the Issuers’
obligations under the Notes and the Indenture on the terms and subject to the
conditions set forth in Article 10 of the Indenture and agrees to be bound by
all other provisions of the Indenture and the Notes applicable to a Guarantor
therein.

 

2.             Except as expressly amended hereby,
the Indenture shall continue in full force and effect in accordance with the
provisions thereof as in existence on the date hereof.  This Second Supplemental Indenture shall form
a part of the Indenture for all purposes, and every Holder of Notes heretofore
or hereafter authenticated and delivered shall be bound hereby.

 

3.             All capitalized terms not defined
herein have the meanings assigned to them in the Indenture, and this Second
Supplemental Indenture shall be governed by the rules of construction set forth
in Section 1.04 of the Indenture.

 

 

4.             This Second Supplemental Indenture
will be governed by and construed in accordance with the laws of the State of
New York, as applied to contracts made and performed within the State of New
York, without regard to principles of conflicts of law.

 

5.             The parties hereto may sign one or
more copies of this Second Supplemental Indenture in counterparts, all of which
together shall constitute one and the same agreement.

 

6.             The execution, delivery and
performance of this Second Supplemental Indenture have been duly authorized by
all necessary action on the part of each of the Issuers, and this Second
Supplemental Indenture represents the valid and binding obligation of each of
the Issuers, enforceable against the Issuers in accordance with its terms.

 

7.             In the event of a conflict between
the terms and conditions of the Indenture and the terms and conditions of this Second
Supplemental Indenture, then the terms and conditions of this Second
Supplemental Indenture shall prevail.

 

8.             The recitals contained herein shall
be taken as the statements of the Issuers and the Trustee assumes no
responsibility for their correctness. 
The Trustee makes no representations as to the validity or sufficiency
of this Second Supplemental Indenture. 

 

2

 

IN WITNESS
WHEREOF, the parties hereto have each caused this Second Supplemental Indenture
to be fully executed as of the date first above written.

 

 

	
   

  	
  UNIVERSAL CITY DEVELOPMENT PARTNERS, LTD., a Florida limited
  partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Michael Short

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael Short

  
	
   

  	
   

  	
  Title:

  	
  Authorized Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  UCDP FINANCE, INC., a Florida corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Michael Short

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael Short

  
	
   

  	
   

  	
  Title:

  	
  Authorized Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  UNIVERSAL CITY TRAVEL PARTNERS, a Florida general partnership, as
  Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Michael J Short

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael J Short

  
	
   

  	
   

  	
  Title:

  	
  Authorized Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK, a New York banking corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Derek Kettel

  	
   

  
	
   

  	
   

  	
  Name: Derek Kettel

  
	
   

  	
   

  	
  Title: Agent

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