Document:

Exhibit 4.2

 

EXECUTION
VERSION

 

 

INDENTURE

Dated as of August 23, 2006

Among

TDS INVESTOR CORPORATION,

 

the Guarantors listed herein

 

and

THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK,

as Trustee

117/8% DOLLAR SENIOR SUBORDINATED FIXED RATE NOTES DUE
2016

107/8% SENIOR SUBORDINATED EURO FIXED RATE NOTES DUE 2016

 

 

 

CROSS-REFERENCE TABLE*

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture Section

  	
   

  
	
  310(a)(1)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  	
   

  
	
  311(a)

  	
   

  	
  7.11

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.11

  	
   

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  	
   

  
	
  312(a)

  	
   

  	
  2.05

  	
   

  
	
   

  	
  (b)

  	
   

  	
  14.03

  	
   

  
	
   

  	
  (c)

  	
   

  	
  14.03

  	
   

  
	
  313(a)

  	
   

  	
  7.06

  	
   

  
	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06;7.07

  	
   

  
	
   

  	
  (c)

  	
   

  	
  7.06;14.02

  	
   

  
	
   

  	
  (d)

  	
   

  	
  7.06

  	
   

  
	
  314(a)

  	
   

  	
  4.03;14.02; 14.05

  	
   

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (c)(1)

  	
   

  	
  14.04

  	
   

  
	
   

  	
  (c)(2)

  	
   

  	
  14.04

  	
   

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (e)

  	
   

  	
  14.05

  	
   

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  	
   

  
	
  315(a)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.05;14.02

  	
   

  
	
   

  	
  (c)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (d)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (e)

  	
   

  	
  6.14

  	
   

  
	
  316(a)(last
  sentence)

  	
   

  	
  2.09

  	
   

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  	
   

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (b)

  	
   

  	
  6.07

  	
   

  
	
   

  	
  (c)

  	
   

  	
  2.12;9.04

  	
   

  
	
  317(a)(1)

  	
   

  	
  6.08

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  6.12

  	
   

  
	
   

  	
  (b)

  	
   

  	
  2.04

  	
   

  
	
  318(a)

  	
   

  	
  14.01

  	
   

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (c)

  	
   

  	
  14.01

  	
   

  

 

N.A.
means not applicable.

*  This Cross-Reference Table is not part of the
Indenture.

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 1

  
	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS AND
  INCORPORATION BY REFERENCE

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02

  	
  Other
  Definitions

  	
   

  	
  31

  
	
  Section 1.03

  	
  Incorporation
  by Reference of Trust Indenture Act

  	
   

  	
  32

  
	
  Section 1.04

  	
  Rules of
  Construction

  	
   

  	
  32

  
	
  Section 1.05

  	
  Acts of
  Holders

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2

  
	
   

  	
   

  	
   

  	
   

  
	
  THE NOTES

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01

  	
  Form and
  Dating; Terms

  	
   

  	
  34

  
	
  Section 2.02

  	
  Execution
  and Authentication

  	
   

  	
  36

  
	
  Section 2.03

  	
  Registrar
  and Paying Agent

  	
   

  	
  36

  
	
  Section 2.04

  	
  Paying Agent
  to Hold Money in Trust

  	
   

  	
  37

  
	
  Section 2.05

  	
  Holder Lists

  	
   

  	
  37

  
	
  Section 2.06

  	
  Transfer and
  Exchange

  	
   

  	
  37

  
	
  Section 2.07

  	
  Replacement
  Notes

  	
   

  	
  49

  
	
  Section 2.08

  	
  Outstanding
  Notes

  	
   

  	
  50

  
	
  Section 2.09

  	
  Treasury
  Notes

  	
   

  	
  50

  
	
  Section 2.10

  	
  Temporary
  Notes

  	
   

  	
  50

  
	
  Section 2.11

  	
  Cancellation

  	
   

  	
  51

  
	
  Section 2.12

  	
  Defaulted
  Interest

  	
   

  	
  51

  
	
  Section 2.13

  	
  CUSIP/COMMON
  CODE/ISIN Numbers

  	
   

  	
  51

  
	
  Section 2.14

  	
  Calculation
  of Principal Amount of Securities

  	
   

  	
  51

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3

  
	
   

  
	
  REDEMPTION

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01

  	
  Notices to
  Trustee

  	
   

  	
  52

  
	
  Section 3.02

  	
  Selection of
  Notes to Be Redeemed or Purchased

  	
   

  	
  52

  
	
  Section 3.03

  	
  Notice of
  Redemption

  	
   

  	
  52

  
	
  Section 3.04

  	
  Effect of
  Notice of Redemption

  	
   

  	
  53

  
	
  Section 3.05

  	
  Deposit of
  Redemption or Purchase Price

  	
   

  	
  54

  
	
  Section 3.06

  	
  Notes
  Redeemed or Purchased in Part

  	
   

  	
  54

  
	
  Section 3.07

  	
  Optional
  Redemption

  	
   

  	
  54

  
	
  Section 3.08

  	
  Mandatory
  Redemption

  	
   

  	
  55

  
	
  Section 3.09

  	
  Offers to
  Repurchase by Application of Excess Proceeds

  	
   

  	
  55

  

 

i

 

 

	
  ARTICLE 4

  
	
   

  	
   

  	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01

  	
  Payment of
  Notes

  	
   

  	
  57

  
	
  Section 4.02

  	
  Maintenance
  of Office or Agency

  	
   

  	
  58

  
	
  Section 4.03

  	
  Reports and
  Other Information

  	
   

  	
  58

  
	
  Section 4.04

  	
  Compliance
  Certificate

  	
   

  	
  59

  
	
  Section 4.05

  	
  Taxes

  	
   

  	
  60

  
	
  Section 4.06

  	
  Stay,
  Extension and Usury Laws

  	
   

  	
  60

  
	
  Section 4.07

  	
  Limitation
  on Restricted Payments

  	
   

  	
  60

  
	
  Section 4.08

  	
  Dividend and
  Other Payment Restrictions Affecting Restricted Subsidiaries

  	
   

  	
  66

  
	
  Section 4.09

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

  	
   

  	
  68

  
	
  Section 4.10

  	
  Asset Sales

  	
   

  	
  72

  
	
  Section 4.11

  	
  Transactions
  with Affiliates

  	
   

  	
  75

  
	
  Section 4.12

  	
  Liens

  	
   

  	
  76

  
	
  Section 4.13

  	
  Corporate
  Existence

  	
   

  	
  77

  
	
  Section 4.14

  	
  Offer to
  Repurchase Upon Change of Control

  	
   

  	
  77

  
	
  Section 4.15

  	
  Limitation
  on Guarantees of Indebtedness by Restricted Subsidiaries

  	
   

  	
  79

  
	
  Section 4.16

  	
  Discharge
  and Suspension of Covenants

  	
   

  	
  80

  
	
  Section 4.17

  	
  Limitation
  on Layering

  	
   

  	
  80

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5

  
	
   

  	
   

  	
   

  	
   

  
	
  SUCCESSORS

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01

  	
  Merger,
  Consolidation or Sale of All or Substantially All Assets

  	
   

  	
  81

  
	
  Section 5.02

  	
  Successor
  Corporation Substituted

  	
   

  	
  82

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6

  
	
   

  	
   

  	
   

  	
   

  
	
  DEFAULTS AND
  REMEDIES

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01

  	
  Events of
  Default

  	
   

  	
  83

  
	
  Section 6.02

  	
  Acceleration

  	
   

  	
  85

  
	
  Section 6.03

  	
  Other
  Remedies

  	
   

  	
  85

  
	
  Section 6.04

  	
  Waiver of
  Past Defaults

  	
   

  	
  86

  
	
  Section 6.05

  	
  Control by
  Majority

  	
   

  	
  86

  
	
  Section 6.06

  	
  Limitation
  on Suits

  	
   

  	
  86

  
	
  Section 6.07

  	
  Rights of
  Holders of Notes to Receive Payment

  	
   

  	
  86

  
	
  Section 6.08

  	
  Collection
  Suit by Trustee

  	
   

  	
  87

  
	
  Section 6.09

  	
  Restoration
  of Rights and Remedies

  	
   

  	
  87

  
	
  Section 6.10

  	
  Rights and
  Remedies Cumulative

  	
   

  	
  87

  
	
  Section 6.11

  	
  Delay or
  Omission Not Waiver

  	
   

  	
  87

  
	
  Section 6.12

  	
  Trustee May
  File Proofs of Claim

  	
   

  	
  87

  
	
  Section 6.13

  	
  Priorities

  	
   

  	
  88

  
	
  Section 6.14

  	
  Undertaking
  for Costs

  	
   

  	
  88

  

 

ii

 

	
  ARTICLE 7

  
	
   

  
	
  TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01

  	
  Duties of
  Trustee

  	
   

  	
  89

  
	
  Section 7.02

  	
  Rights of
  Trustee

  	
   

  	
  90

  
	
  Section 7.03

  	
  Individual
  Rights of Trustee

  	
   

  	
  91

  
	
  Section 7.04

  	
  Trustee’s
  Disclaimer

  	
   

  	
  91

  
	
  Section 7.05

  	
  Notice of
  Defaults

  	
   

  	
  91

  
	
  Section 7.06

  	
  Reports by
  Trustee to Holders of the Notes

  	
   

  	
  91

  
	
  Section 7.07

  	
  Compensation
  and Indemnity

  	
   

  	
  92

  
	
  Section 7.08

  	
  Replacement
  of Trustee

  	
   

  	
  92

  
	
  Section 7.09

  	
  Successor
  Trustee by Merger, etc.

  	
   

  	
  93

  
	
  Section 7.10

  	
  Eligibility;
  Disqualification

  	
   

  	
  93

  
	
  Section 7.11

  	
  Preferential
  Collection of Claims Against Issuer

  	
   

  	
  94

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8

  
	
   

  	
   

  	
   

  	
   

  
	
  LEGAL DEFEASANCE
  AND COVENANT DEFEASANCE

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 8.01

  	
  Option to
  Effect Legal Defeasance or Covenant Defeasance

  	
   

  	
  94

  
	
  Section 8.02

  	
  Legal
  Defeasance and Discharge

  	
   

  	
  94

  
	
  Section 8.03

  	
  Covenant
  Defeasance

  	
   

  	
  94

  
	
  Section 8.04

  	
  Conditions
  to Legal or Covenant Defeasance

  	
   

  	
  95

  
	
  Section 8.05

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

  	
   

  	
  96

  
	
  Section 8.06

  	
  Repayment to
  Issuer

  	
   

  	
  97

  
	
  Section 8.07

  	
  Reinstatement

  	
   

  	
  97

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9

  
	
   

  
	
  AMENDMENT,
  SUPPLEMENT AND WAIVER

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 9.01

  	
  Without
  Consent of Holders of Notes

  	
   

  	
  97

  
	
  Section 9.02

  	
  With Consent
  of Holders of Notes

  	
   

  	
  98

  
	
  Section 9.03

  	
  Compliance
  with Trust Indenture Act

  	
   

  	
  100

  
	
  Section 9.04

  	
  Revocation
  and Effect of Consents

  	
   

  	
  100

  
	
  Section 9.05

  	
  Notation on
  or Exchange of Notes

  	
   

  	
  100

  
	
  Section 9.06

  	
  Trustee to
  Sign Amendments, etc.

  	
   

  	
  101

  
	
  Section 9.07

  	
  Payment for
  Consent

  	
   

  	
  101

  
	
  Section 9.08

  	
  Additional
  Voting Terms; Calculation of Principal Amount

  	
   

  	
  101

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10

  
	
   

  	
   

  	
   

  	
   

  
	
  SUBORDINATION

  
	
   

  
	
  Section
  10.01

  	
  Agreement To
  Subordinate

  	
   

  	
  101

  
	
  Section
  10.02

  	
  Liquidation,
  Dissolution, Bankruptcy

  	
   

  	
  101

  
	
  Section
  10.03

  	
  Default on
  Senior Indebtedness of the Issuer

  	
   

  	
  102

  
	
  Section 10.04

  	
  Acceleration
  of Payment of Notes

  	
   

  	
  103

  

 

iii

 

	
  Section
  10.05

  	
  When
  Distribution Must Be Paid Over

  	
   

  	
  103

  
	
  Section
  10.06

  	
  Subrogation

  	
   

  	
  103

  
	
  Section
  10.07

  	
  Relative
  Rights

  	
   

  	
  103

  
	
  Section
  10.08

  	
  Subordination
  May Not Be Impaired by Issuer

  	
   

  	
  104

  
	
  Section
  10.09

  	
  Rights of
  Trustee and Paying Agent

  	
   

  	
  104

  
	
  Section
  10.10

  	
  Distribution
  or Notice to Representative

  	
   

  	
  104

  
	
  Section
  10.11

  	
  Article 10
  Not To Prevent Events of Default or Limit Right To Accelerate

  	
   

  	
  104

  
	
  Section
  10.12

  	
  Trust Moneys
  Not Subordinated

  	
   

  	
  104

  
	
  Section
  10.13

  	
  Trustee
  Entitled To Rely

  	
   

  	
  105

  
	
  Section
  10.14

  	
  Trustee To
  Effectuate Subordination

  	
   

  	
  105

  
	
  Section
  10.15

  	
  Trustee Not
  Fiduciary for Holders of Senior Indebtedness of the Issuer

  	
   

  	
  105

  
	
  Section
  10.16

  	
  Reliance by
  Holders of Senior Indebtedness of the Issuer on Subordination Provisions

  	
   

  	
  105

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11

  
	
   

  	
   

  	
   

  	
   

  
	
  GUARANTEES

  
	
   

  	
   

  	
   

  	
   

  
	
  Section
  11.01

  	
  Guarantee

  	
   

  	
  106

  
	
  Section
  11.02

  	
  Limitation
  on Guarantor Liability

  	
   

  	
  107

  
	
  Section
  11.03

  	
  Execution
  and Delivery

  	
   

  	
  108

  
	
  Section
  11.04

  	
  Subrogation

  	
   

  	
  108

  
	
  Section
  11.05

  	
  Benefits
  Acknowledged

  	
   

  	
  108

  
	
  Section
  11.06

  	
  Release of
  Guarantees

  	
   

  	
  108

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12

  
	
   

  	
   

  	
   

  	
   

  
	
  SUBORDINATION OF
  GUARANTEES

  
	
   

  	
   

  	
   

  	
   

  
	
  Section
  12.01

  	
  Agreement To
  Subordinate

  	
   

  	
  109

  
	
  Section
  12.02

  	
  Liquidation,
  Dissolution, Bankruptcy

  	
   

  	
  109

  
	
  Section
  12.03

  	
  Default on
  Senior Indebtedness of a Guarantor

  	
   

  	
  109

  
	
  Section
  12.04

  	
  Demand for
  Payment

  	
   

  	
  111

  
	
  Section
  12.05

  	
  When
  Distribution Must Be Paid Over

  	
   

  	
  111

  
	
  Section
  12.06

  	
  Subrogation

  	
   

  	
  111

  
	
  Section
  12.07

  	
  Relative
  Rights

  	
   

  	
  111

  
	
  Section
  12.08

  	
  Subordination
  May Not Be Impaired by a Guarantor

  	
   

  	
  112

  
	
  Section
  12.09

  	
  Rights of
  Trustee and Paying Agent

  	
   

  	
  112

  
	
  Section
  12.10

  	
  Distribution
  or Notice to Representative

  	
   

  	
  112

  
	
  Section
  12.11

  	
  Article 12
  Not To Prevent Events of Default or Limit Right To Demand Payment

  	
   

  	
  112

  
	
  Section
  12.12

  	
  Trust Moneys
  Not Subordinated

  	
   

  	
  112

  
	
  Section
  12.13

  	
  Trustee
  Entitled To Rely

  	
   

  	
  113

  
	
  Section
  12.14

  	
  Trustee To
  Effectuate Subordination

  	
   

  	
  113

  
	
  Section
  12.15

  	
  Trustee Not
  Fiduciary for Holders of Senior Indebtedness of Guarantors

  	
   

  	
  113

  
	
  Section
  12.16

  	
  Reliance by
  Holders of Senior Indebtedness of a Guarantor on Subordination Provisions

  	
   

  	
  113

  

 

iv

 

	
  ARTICLE 13

  
	
   

  
	
  SATISFACTION AND
  DISCHARGE

  
	
   

  	
   

  	
   

  	
   

  
	
  Section
  13.01

  	
  Satisfaction
  and Discharge

  	
   

  	
  114

  
	
  Section
  13.02

  	
  Application
  of Trust Money

  	
   

  	
  115

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 14

  
	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  	
   

  
	
  Section
  14.01

  	
  Trust
  Indenture Act Controls

  	
   

  	
  115

  
	
  Section
  14.02

  	
  Notices

  	
   

  	
  115

  
	
  Section
  14.03

  	
  Communication
  by Holders of Notes with Other Holders of Notes

  	
   

  	
  116

  
	
  Section
  14.04

  	
  Certificate
  and Opinion as to Conditions Precedent

  	
   

  	
  116

  
	
  Section
  14.05

  	
  Statements
  Required in Certificate or Opinion

  	
   

  	
  117

  
	
  Section
  14.06

  	
  Rules by
  Trustee and Agents

  	
   

  	
  117

  
	
  Section
  14.07

  	
  No Personal
  Liability of Directors, Officers, Employees and Stockholders

  	
   

  	
  117

  
	
  Section
  14.08

  	
  Governing
  Law

  	
   

  	
  117

  
	
  Section
  14.09

  	
  Waiver of
  Jury Trial

  	
   

  	
  118

  
	
  Section
  14.10

  	
  Force
  Majeure

  	
   

  	
  118

  
	
  Section
  14.11

  	
  No Adverse
  Interpretation of Other Agreements

  	
   

  	
  118

  
	
  Section
  14.12

  	
  Successors

  	
   

  	
  118

  
	
  Section
  14.13

  	
  Severability

  	
   

  	
  118

  
	
  Section
  14.14

  	
  Counterpart
  Originals

  	
   

  	
  118

  
	
  Section
  14.15

  	
  Table of
  Contents, Headings, etc.

  	
   

  	
  118

  
	
  Section
  14.16

  	
  Qualification
  of Indenture

  	
   

  	
  118

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A-1

  	
  Form of Dollar Note

  	
   

  	
   

  
	
  Exhibit A-2

  	
  Form of Euro Note

  	
   

  	
   

  
	
  Exhibit B

  	
  Form of Certificate of Transfer

  	
   

  	
   

  
	
  Exhibit C

  	
  Form of Certificate of Exchange

  	
   

  	
   

  
	
  Exhibit D

  	
  Form of Supplemental Indenture to Be Delivered by Subsequent
  Guarantors

  	
   

  	
   

  

 

v

 

INDENTURE, dated as of August 23, 2006, among TDS
Investor Corporation, a Delaware corporation (the “Issuer”) and the
Guarantors (as defined herein) listed on the signature pages hereto and The
Bank of Nova Scotia Trust Company of New York, a New York trust
corporation, as Trustee.

 

W I  T
N  E  S  S  E  T  H

 

WHEREAS, the Issuer has duly authorized the creation
of an issue of (i) $300,000,000 aggregate principal amount of the Issuer’s 117/8%
Dollar Senior Subordinated Notes due 2016 (the “Initial Dollar
Notes”) and (ii) €160,000,000 aggregate principal amount of the Issuer’s 107/8%
Euro Senior Subordinated Notes due 2016 (the “Initial Notes”);

 

WHEREAS, the Issuer and each of the Guarantors has
duly authorized the execution and delivery of this Indenture.

 

NOW, THEREFORE, the Issuer, the Guarantors and the
Trustee agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders of the Notes.

 

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01              Definitions.

 

“144A Global Note” means a Global Note
substantially in the form of Exhibit A-1 or Exhibit A-2 hereto,
as the case may be, bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the applicable
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the applicable series of Notes sold in reliance
on Rule 144A.

 

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

 

(1)           Indebtedness of any other Person existing at
the time such other Person is merged with or into or became a Restricted
Subsidiary of such specified Person, including Indebtedness incurred in
connection with, or in contemplation of, such other Person merging with or into
or becoming a Restricted Subsidiary of such specified Person, and

 

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

 

“Acquisition” means
the transactions contemplated by the Transaction Agreement.

 

“Additional Dollar Notes” means additional
Dollar Notes (other than the Initial Dollar Notes and other than Exchange Notes
issued for such Initial Dollar Notes) issued from time to time under this
Indenture in accordance with Sections 2.01 and 4.09 hereof.

 

“Additional Euro Notes” means additional Euro
Notes (other than the Initial Euro Notes and other than Exchange Notes issued
for such Initial Euro Notes) issued from time to time under this Indenture in
accordance with Sections 2.01 and 4.09 hereof.

 

“Additional Interest”
means all additional interest then owing pursuant to the Registration Rights
Agreement.

 

1

 

“Additional Notes” means Additional Dollar
Notes and Additional Euro Notes.

 

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

 

“Agent” means any Registrar or Paying Agent.

 

“Applicable Currency Equivalent” means, with
respect to any monetary amount in a currency other than U.S. dollars, in the
case of the Dollar Notes, or euros, in the case of the Euro Notes, at any time
for the determination thereof, the amount of U.S. dollars or euros, as
applicable, obtained by converting such foreign currency involved in such computation
into U.S. dollars or euros, as applicable, at the spot rate for the purchase of
U.S. dollars or euros, as applicable, with the applicable foreign currency as
quoted by Reuters at approximately 10:00 A.M. (New York time) on the date
not more than two Business Days prior to such determination.

 

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

 

(1)           1.0% of the principal amount of such Note;
and

 

(2)           the
excess, if any, of (a) the present value at such Redemption Date of (i) the
redemption price of such Dollar Note or Euro Note at September 1, 2011 (each
such redemption price being set forth in the table set forth in Section 3.07(f)
or 3.07(g), as the case may be, plus (ii) all required interest payments due on
such Dollar Note or Euro Note through September 1, 2011 (excluding accrued but
unpaid interest to the Redemption Date), computed using a discount rate equal
to the Treasury Rate, in the case of the Dollar Notes, and the Bund Rate, in
the case of the Euro Notes, as of such Redemption Date, in each case plus 50 basis
points; over (b) the principal amount of such Dollar Note or Euro Note, as
applicable.

 

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

 

“Asset Sale” means:

 

(1)           the sale, conveyance, transfer or other
disposition, whether in a single transaction or a series of related transactions,
of property or assets (including by way of a Sale and Lease-Back Transaction)
of Holdings or any of its Restricted Subsidiaries (each referred to in this
definition as a “disposition”); or

 

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

 

2

 

in each case, other than:

 

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

 

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

 

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

 

(d)           any
disposition of assets or issuance or sale of Equity Interests of any Restricted
Subsidiary in any transaction or series of transactions with an aggregate fair
market value of less than $15.0 million;

 

(e)           any
disposition of property or assets or issuance of securities by a Restricted
Subsidiary of Holdings to Holdings or by Holdings or a Restricted Subsidiary of
Holdings to another Restricted Subsidiary of Holdings;

 

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

 

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

 

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

 

(i)            foreclosures
on assets;

 

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

 

(k)           any
financing transaction with respect to property built or acquired by Holdings or
any Restricted Subsidiary after the Issue Date, including Sale and Lease-Back
Transactions and asset securitizations permitted by this Indenture.

 

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

 

“Broker-Dealer” has the meaning set forth in
the Registration Rights Agreement.

 

“Bund Rate” means, with
respect to any Redemption Date, the rate per annum equal to the quarterly
equivalent yield to maturity as of such date of the Comparable German Bund
Issue, assuming a price for the Comparable German Bund Issue (expressed as a
percentage of its principal amount) equal to the Comparable German Bund Price
for such Redemption Date, where:

 

3

 

(1)           “Comparable
German Bund Issue” means the German Bundesanleihe security selected
by any Reference German Bund Dealer as having a fixed maturity most nearly
equal to the period from such Redemption Date to September 1, 2011 and that
would be utilized at the time of selection and in accordance with customary
financial practice, in pricing new issues of euro-denominated corporate debt
securities in a principal amount approximately equal to the then outstanding
principal amount of the Euro Notes and of a maturity most nearly equal to September
1, 2011; provided, however, that,
if the period from such Redemption Date to September 1, 2011 is not equal to
the fixed maturity of the German Bundesanleihe security selected by such Reference
German Bund Dealer, the Bund Rate shall be determined by linear interpolation
(calculated to the nearest one-twelfth of a year) from the yields of German
Bundesanleihe securities for which such yields are given, except that if the
period from such Redemption Date to September 1, 2011 is less than one year, a
fixed maturity of one year shall be used;

 

(2)           “Comparable
German Bund Price” means, with respect to any Redemption Date, the
average of all Reference German Bund Dealer Quotations for such date (which, in
any event, must include at least two such quotations), after excluding the
highest and lowest such Reference German Bund Dealer Quotations, or if the Issuer obtains fewer than four such Reference German Bund
Dealer Quotations, the average of all such quotations;

 

(3)           “Reference
German Bund Dealer” means any dealer of German Bundesanleihe
securities appointed by the Issuer in good faith; and

 

(4)           “Reference
German Bund Dealer Quotations” means, with respect to each Reference
German Bund Dealer and any Redemption Date, the average as determined by the Issuer in good faith of the bid and offered prices for
the Comparable German Bund Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Issuer
by such Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany, time on
the third Business Day preceding the Redemption Date.

 

“Business Day” means each day which is not a
Legal Holiday.

 

“Capital Stock” means:

 

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

 

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

 

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

 

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

 

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

 

“Capitalized Software Expenditures” shall
mean, for any period, the aggregate of all expenditures (whether paid in cash
or accrued as liabilities) by a Person and its Restricted Subsidiaries during 

 

4

 

such period in respect of purchased software or
internally developed software and software enhancements that, in conformity
with GAAP, are or are required to be reflected as capitalized costs on the
consolidated balance sheet of a Person and its Restricted Subsidiaries.

 

“Cash Equivalents” means:

 

(1)           United States dollars;

 

(2)           (a)           euro, or any national currency of any
participating member state of the EMU; or

 

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

 

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

 

(4)           certificates of deposit, time deposits and
eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and
overnight bank deposits, in each case with any commercial bank having capital
and surplus of not less than $500.0 million in the case of U.S. banks and
$100.0 million (or the U.S. dollar equivalent as of the date of determination)
in the case of non-U.S. banks;

 

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

 

(6)           commercial paper rated at least P-1 by Moody’s
or at least A-1 by S&P and in each case maturing within 24 months after the
date of creation thereof;

 

(7)           marketable short-term money market and
similar securities having a rating of at least P-2 or A-2 from either Moody’s
or S&P, respectively (or, if at any time neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another Rating Agency)
and in each case maturing within 24 months after the date of creation
thereof;

 

(8)           investment funds investing 95% of their
assets in securities of the types described in clauses (1) through (7) above;

 

(9)           readily marketable direct obligations issued
by any state, commonwealth or territory of the United States or any political
subdivision or taxing authority thereof having an Investment Grade Rating from
either Moody’s or S&P with maturities of 24 months or less from the
date of acquisition;

 

(10)         Indebtedness or Preferred Stock issued by
Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s with maturities of 24 months or less from the date of acquisition;
and

 

5

 

(11)         Investments with average maturities of 12
months or less from the date of acquisition in money market funds rated AAA-
(or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent
thereof) or better by Moody’s.

 

Notwithstanding the
foregoing, Cash Equivalents shall include amounts denominated in currencies
other than those set forth in clauses (1) and (2) above, provided that such amounts are converted
into any currency listed in clauses (1) and (2) as promptly as practicable
and in any event within ten Business Days following the receipt of such
amounts.

 

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

 

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

 

(2)           Holdings becomes aware of (by way of a report
or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) the acquisition by any Person or group (within the
meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any
successor provision), including any group acting for the purpose of acquiring,
holding or disposing of securities (within the meaning of Rule 13d-5(b)(1)
under the Exchange Act), other than the Permitted Holders, in a single
transaction or in a related series of transactions, by way of merger,
consolidation or other business combination or purchase of beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) of 50% or more of the total voting power of the Voting Stock of
Holdings or any of its direct or indirect parent companies holding directly or
indirectly 100% of the total voting power of the Voting Stock of Holdings.

 

“Clearstream” means Clearstream Banking,
Société Anonyme.

 

“Common Depositary” means The Bank of New
York, as common depositary for Euroclear and Clearstream and depositary for the
Euro Notes, together with its successors in such capacity.

 

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

 

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

 

(1)           consolidated interest expense of such Person
and its Restricted Subsidiaries for such period, to the extent such expense was
deducted (and not added back) in computing Consolidated Net Income (including
(a) amortization of original issue discount resulting from the issuance of
Indebtedness at less than par, (b) all commissions, discounts and other fees
and charges owed with respect to letters of credit or bankers acceptances, (c)
non-cash interest payments (but excluding any non-cash interest expense
attributable to the movement in the mark to market valuation of Hedging
Obligations or other derivative instruments pursuant to GAAP), (d) the interest
component of Capitalized Lease Obligations, and (e) net payments, if any,
pursuant to interest rate Hedging Obligations with respect to Indebtedness, and
excluding (v) any Additional Interest and any “additional interest” with respect
to the Senior Notes, (w) amortization of deferred financing fees, debt issuance
costs, commissions, fees and expenses, (x) any expensing of 

 

6

 

bridge, commitment and other
financing fees, (y) commissions, discounts, yield and other fees and charges
(including any interest expense) related to any Receivables Facility) and (z)
any accretion or accrued interest of discounted liabilities; plus

 

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

 

(3)           interest income for such period.

 

For purposes of this definition, interest on a
Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by such Person to be the rate of interest implicit in such
Capitalized Lease Obligation in accordance with GAAP.

 

“Consolidated Net Income” means, with respect
to any Person for any period, the aggregate of the Net Income, of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, and
otherwise determined in accordance with GAAP; provided, however,
that, without duplication,

 

(1)           any after-tax effect of extraordinary, non-recurring
or unusual gains or losses (less all fees and expenses relating thereto) or
expenses (including relating to the Transaction to the extent incurred on or
prior to June 30, 2007), severance, relocation costs and curtailments or
modifications to pension and post-retirement employee benefit plans 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 after-tax effect of income (loss) from
disposed or discontinued operations and any net after-tax gains or losses on
disposal of disposed, abandoned or discontinued operations (including the
Travel 2 Travel 4 operations being disposed) shall be excluded,

 

(4)           any after-tax effect of gains or losses (less
all fees and expenses relating thereto) attributable to asset dispositions or
abandonments other than in the ordinary course of business shall be excluded,

 

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

 

(6)           solely for the purpose of determining the
amount available for Restricted Payments under clause (3)(a) of Section
4.07(a) hereof, the Net Income for such period of any Restricted Subsidiary
(other than any Guarantor) shall be excluded if the declaration or payment of
dividends or similar distributions by that Restricted Subsidiary of its Net
Income is not at the date of determination wholly permitted without any prior
governmental approval (which has not been obtained) or, directly or indirectly,
by the operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule, or governmental regulation applicable
to that Restricted Subsidiary or its stockholders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally
waived, provided that
Consolidated Net Income of Holdings will be increased by the amount of
dividends or other distributions or other 

 

7

 

payments actually paid in
cash (or to the extent converted into cash) to Holdings or a Restricted
Subsidiary thereof in respect of such period, to the extent not already
included therein,

 

(7)           effects of adjustments (including the effects
of such adjustments pushed down to Holdings and its Restricted Subsidiaries) in
the property and equipment, software and other intangible assets, deferred
revenue and debt line items in such Person’s consolidated financial statements
pursuant to GAAP resulting from the application of purchase accounting in relation
to the Transaction or any consummated acquisition or the amortization or
write-off of any amounts thereof, net of taxes (other than the impact of
unfavorable contract liabilities and commission agreements under purchase accounting),
shall be excluded,

 

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

 

(9)           any impairment charge or asset write-off,
including without limitation impairment charges or asset write-offs related to
intangible assets, long-lived assets or investments in debt and equity
securities, in each case, pursuant to GAAP, and the amortization of intangibles
arising pursuant to GAAP shall be excluded,

 

(10)         any non-cash compensation expense recorded
from grants of stock appreciation or similar rights, stock options, restricted
stock or other rights shall be excluded,

 

(11)         any
fees and expenses incurred during such period, or any amortization thereof for
such period, in connection with any acquisition, Investment, Asset Sale,
issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing
transaction or amendment or modification of any debt instrument (in each case,
including any such transaction consummated prior to the Issue Date and any such
transaction undertaken but not completed) and any charges including bonuses
paid in connection with the GTA acquisition and any adjustments to liabilities
due to the former owners of Orbitz
under the tax sharing arrangement or integration and non-recurring merger costs
incurred during such period as a result of any such transaction shall be excluded,

 

(12)         accruals and reserves that are established
within twelve months after the Issue Date that are so required to be established
as a result of the Transaction in accordance with GAAP shall be excluded; and

 

(13)         the following items shall be excluded:

 

(a)           any net unrealized gain or loss (after any
offset) resulting in such period from Hedging Obligations and the application
of Statement of Financial Accounting Standards No. 133; and

 

(b)           any net unrealized gain or loss (after any
offset) resulting in such period from currency translation gains or losses
related to currency remeasurements of Indebtedness (including any net loss or
gain resulting from hedge agreements for currency exchange risk).

 

Notwithstanding the foregoing, for the purpose of
Section 4.07 hereof only (other than clause (3)(d) of Section 4.07(a) hereof),
there shall be excluded from Consolidated Net Income any income arising from
any sale or other disposition of Restricted Investments made by Holdings and
its Restricted Subsidiaries, any repurchases and redemptions of Restricted
Investments from Holdings and its Restricted Subsidiaries, any repayments of
loans and advances which constitute Restricted Investments by 

 

8

 

Holdings or any of its
Restricted Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or
any distribution or dividend from an Unrestricted Subsidiary, in each case only
to the extent such amounts increase the amount of Restricted Payments permitted
under clause (3)(d) of Section 4.07(a) hereof.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of such
Person guaranteeing any leases, dividends or other obligations that do not
constitute Indebtedness (“primary
obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including, without limitation, any obligation of such Person,
whether or not contingent,

 

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

 

(2)           to advance or supply funds

 

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

 

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

 

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

 

“Corporate Trust Office of the Trustee” shall
be at the address of the Trustee specified in Section 14.02 hereof or such
other address as to which the Trustee may give notice to the Holders and the Issuer.

 

“Credit Facilities” means, with respect to
Holdings or any of its Restricted Subsidiaries, one or more debt facilities,
including the Senior Credit Facilities, or other financing arrangements (including,
without limitation, commercial paper facilities or indentures) providing for revolving
credit loans, term loans, letters of credit or other long-term indebtedness,
including any notes, mortgages, guarantees, collateral documents, instruments
and agreements executed in connection therewith, and any amendments,
supplements, modifications, extensions, renewals, restatements or refundings
thereof and any indentures or credit facilities or commercial paper facilities that
replace, refund or refinance any part of the loans, notes, other credit
facilities or commitments thereunder, including any such replacement, refunding
or refinancing facility or indenture that increases the amount permitted to be
borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under
Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or
guarantors thereunder and whether by the same or any other agent, lender or
group of lenders.

 

“Custodian” means the Trustee, as custodian
with respect to the Dollar Notes, in global form, or any successor entity
thereto, and The Bank of New York, as custodian with respect to the Euro Notes,
in global form, or any successor entity thereto.

 

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

 

“Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with
Section 2.06(c) hereof, substantially in the form of Exhibit A-1 or
A-2 hereto, as the case may be, except that such Note shall not bear the
Global Note Legend and shall not have the “Schedule of Exchanges of Interests
in the Global Note” attached thereto.

 

9

 

“Depositary” means the Dollar Depositary or
the Common Depositary, as the case may be.

 

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

 

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

 

“Designated Senior Indebtedness” means:

 

(1)           any
Indebtedness outstanding under the Senior Credit Facilities; and

 

(2)           any
other Senior Indebtedness permitted under the Indenture, the principal amount
of which is $50.0 million or more and that has been designated by the
Issuer as “Designated Senior Indebtedness.”

 

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

 

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

 

“Dollar Notes” means the Initial Dollar Notes
and any Additional Dollar Notes.

 

10

 

“EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income
of such Person for such period

 

(1)           increased (without duplication) by:

 

(a)           provision
for taxes based on income or profits or capital, including, without limitation,
state, franchise and similar taxes (such as the Pennsylvania capital tax) and
foreign withholding taxes of such Person paid or accrued during such period
deducted (and not added back) in computing Consolidated Net Income; plus

 

(b)           Fixed Charges of such
Person for such period (including (x) net losses or Hedging Obligations or
other derivative instruments entered into for the purpose of hedging interest
rate risk and (y) costs of surety bonds in connection with financing
activities, in each case, to the extent included in Fixed Charges), together
with items excluded from the definition of “Consolidated Interest Expense”
pursuant to clauses (1)(w), (x) and (y) thereof to the extent the same was deducted
(and not added back) in calculating such Consolidated Net Income; plus

 

(c)           Consolidated
Depreciation and Amortization Expense of such Person for such period to the
extent the same were deducted (and not added back) in computing Consolidated
Net Income; plus

 

(d)           any expenses or charges
(other than depreciation or amortization expense) related to any Equity Offering,
Permitted Investment, acquisition, disposition, recapitalization or the incurrence
of Indebtedness permitted to be incurred by this Indenture (including a
refinancing thereof) (whether or not successful), including (i) such fees,
expenses or charges related to the offering of the Notes and the Credit
Facilities and (ii) any amendment or other modification of the Notes, and, in
each case, deducted (and not added back) in computing Consolidated Net Income; plus

 

(e)           the amount of any
restructuring charges, integration costs or other business optimization
expenses or reserves deducted (and not added back) in such period in computing
Consolidated Net Income, including any one-time costs incurred in connection
with acquisitions after the Issue Date, and costs related to the closure and/or
consolidation of facilities, the separation from Cendant and the
business-to-consumer platform; plus

 

(f)            any other non-cash
charges, including any write offs or write downs and the amortization of
up-front bonuses in connection with the supplier services business, reducing
Consolidated Net Income for such period (provided that if any such non-cash charges represent an
accrual or reserve for potential cash items in any future period, the cash
payment in respect thereof in such future period shall be subtracted from
EBITDA to such extent, and excluding amortization of a prepaid cash item that
was paid in a prior period); plus

 

(g)           the amount of any
minority interest expense consisting of Subsidiary income attributable to minority
equity interests of third parties in any non-Wholly Owned Subsidiary deducted (and
not added back) in such period in calculating Consolidated Net Income; plus

 

 

11

 

(h)           the amount of
management, monitoring, consulting and advisory fees and related expenses paid
in such period to the Investors to the extent otherwise permitted under Section
4.11 hereof; plus

 

(i)            the
amount of net cost savings projected by the Issuer in good faith to be realized
as a result of specified actions taken during or prior to such period
(calculated on a pro forma basis as though such
cost savings had been realized on the first day of such period), net of the
amount of actual benefits realized during such period from such actions; provided
that (x) such cost savings are reasonably identifiable and factually supportable,
(y) such actions are taken no later than 36 months after the Issue Date
and (z) the aggregate amount of cost savings added pursuant to this
clause (i) shall not exceed $85.8 million for any four consecutive quarter
period (which adjustments may be incremental to pro forma
cost savings adjustments made pursuant to the definition of “Fixed Charge Coverage
Ratio”); plus

 

(j)            the
amount of loss on sale of receivables and related assets to the Receivables
Subsidiary in connection with a Receivables Facility; plus

 

(k)           any costs or expense incurred by Holdings or
a Restricted Subsidiary pursuant to any management equity plan or stock option
plan or any other management or employee benefit plan or agreement or any stock
subscription or shareholder agreement, to the extent that such cost or expenses
are funded with cash proceeds contributed to the capital of Holdings or net
cash proceeds of an issuance of Equity Interest of Holdings (other than Disqualified
Stock) solely to the extent that such net cash proceeds are excluded from the
calculation set forth in clause (3) of Section 4.07(a) hereof; and

 

(2)           decreased
by (without duplication) (a) non-cash gains increasing Consolidated Net Income
of such Person for such period, excluding any non-cash gains to the extent they
represent the reversal of an accrual or reserve for a potential cash item that
reduced EBITDA in any prior period and (b) for the year ended December 31, 2005
an aggregate of (i) $12.5 million applicable to changes in estimates with
respect to the allowance for doubtful accounts; (ii) $11.1 million applicable
to changes in estimates of breakage revenues relating to vendor liabilities and
(iii) $2.7 million applicable to changes in estimates with respect to Orbitz’s
affinity credit-card liability, in each case recorded on a quarterly basis.

 

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

 

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

 

“Equity Offering” means any public or private
sale of common stock or Preferred Stock of Holdings or any of its direct or
indirect parent companies (excluding Disqualified Stock), other than:

 

(1)           public offerings with respect to Holdings’ or
any direct or indirect parent company’s common stock registered on Form S-8;

 

(2)           issuances to any Subsidiary of Holdings; and

 

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

 

12

 

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

 

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

 

“Euro Notes” means the Initial Euro Notes and
any Additional Euro Notes.

 

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

 

“Exchange Notes” means the Notes issued in
the Exchange Offer pursuant to Section 2.06(f) hereof.

 

“Exchange Offer” has the meaning set forth in
the Registration Rights Agreement.

 

“Exchange Offer Registration Statement” has
the meaning set forth in the Registration Rights Agreement.

 

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

 

(1)           contributions to its common equity capital,
and

 

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

 

in each case designated as
Excluded Contributions pursuant to an officer’s certificate executed by the
principal financial officer of the Issuer on the date such capital
contributions are made or the date such Equity Interests are sold, as the case
may be, which are excluded from the calculation set forth in clause (3) of
Section 4.07(a) hereof.

 

“fair
market value” means, with respect to any asset or liability, the
fair market value of such asset or liability as determined by the Issuer in
good faith; provided
that if the fair market value is equal to or exceeds $50.0 million, such
determination shall be made by the Board of Directors of the Issuer in good
faith.

 

“Fixed Charge Coverage Ratio” means, with
respect to any Person for any period, the ratio of EBITDA of such Person for
such period to the Fixed Charges of such Person for such period. In the event
that Holdings or any Restricted Subsidiary incurs, assumes, guarantees,
redeems, retires or extinguishes any Indebtedness (other than Indebtedness
incurred under any revolving credit facility unless such Indebtedness has been
permanently repaid and has not been replaced) or issues or redeems Disqualified
Stock or Preferred Stock subsequent to the commencement of the period for which
the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously
with the event for which the calculation of the Fixed Charge Coverage Ratio is
made (the “Fixed Charge Coverage
Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall
be calculated giving pro forma
effect to such incurrence, assumption, guarantee, redemption, retirement or
extinguishment of Indebtedness, or such issuance or redemption of Disqualified
Stock or Preferred Stock, as if the same had occurred at the beginning of the
applicable four-quarter period.

 

13

 

 

For purposes of making the computation referred to
above, Investments, acquisitions, dispositions, mergers, consolidations and
disposed operations (as determined in accordance with GAAP) that have been made
by Holdings or any of its Restricted Subsidiaries during the four-quarter
reference period or subsequent to such reference period and on or prior to or
simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be
calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers,
consolidations and disposed operations (and the change in any associated fixed
charge obligations 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 Holdings or any of its Restricted Subsidiaries since
the beginning of such period shall have made any Investment, acquisition,
disposition, merger, consolidation or disposed operation that would have
required adjustment pursuant to this definition, then the Fixed Charge Coverage
Ratio shall be calculated giving pro forma
effect thereto for such period as if such Investment, acquisition, disposition,
merger, consolidation or disposed operation had occurred at the beginning of
the applicable four-quarter period.

 

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

 

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

 

(1)           Consolidated Interest Expense of such Person
for such period;

 

(2)           all cash dividends or other distributions
paid (excluding items eliminated in consolidation) on any series of Preferred
Stock during such period; and

 

(3)           all cash dividends or other distributions
paid (excluding items eliminated in consolidation) on any series of Disqualified
Stock during such period.

 

“Foreign Holdco” means Waltonville Limited, a
Gibraltar corporation.

 

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

 

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

 

14

 

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

 

“Global Notes” means, individually and
collectively, each of the Restricted Global Notes and the Unrestricted Global
Notes, substantially in the form of Exhibit A-1 or A-2 hereto, as
the case may be, issued in accordance with Section 2.01, 2.06(b), 2.06(d) or
2.06(f) hereof.

 

“Government Securities” means securities that
are:

 

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

 

(2)           obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America the timely payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States of America,

 

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

 

“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 letters of credit and reimbursement agreements in respect
thereof), of all or any part of any Indebtedness or other obligations.

 

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

 

“Guarantor” means Holdings and each
Restricted Subsidiary that Guarantees the Notes in accordance with the terms of
this Indenture.

 

“Hedging Obligations” means, with respect to
any Person, the obligations of such Person under any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, commodity
swap agreement, commodity cap agreement, commodity collar agreement, foreign
exchange contract, currency swap agreement or similar agreement providing for
the transfer or mitigation of interest rate or currency risks either generally
or under specific contingencies.

 

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

 

“Holdings” means TDS Investor (Bermuda) Ltd.,
a Bermuda corporation.

 

“Indebtedness” means, with respect to any
Person, without duplication:

 

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

 

 

15

 

(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 balance deferred and unpaid of the purchase price of any property
(including Capitalized Lease Obligations), except (i) any such balance that constitutes
a trade payable or similar obligation to a trade creditor, in each case accrued
in the ordinary course of business and (ii) any earn-out obligations until such
obligation becomes a liability on the balance sheet of such Person in
accordance with GAAP; or

 

(d)           representing
any Hedging Obligations,

 

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

 

(2)           to the extent not otherwise included, any
obligation by such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, on the obligations of the type referred to in clause (1) of a third
Person (whether or not such items would appear upon the balance sheet of the
such obligor or guarantor), other than by endorsement of negotiable instruments
for collection in the ordinary course of business; and

 

(3)           to the extent not otherwise included, the
obligations of the type referred to in clause (1) of a third Person secured by
a Lien on any asset owned by such first Person, whether or not such
Indebtedness is assumed by such first Person;

 

provided, however, that notwithstanding the foregoing,
Indebtedness shall be deemed not to include (a) Contingent Obligations incurred
in the ordinary course of business or (b) obligations under or in respect of
Receivables Facilities.

 

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

 

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

 

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

 

“Initial Dollar Notes” as defined in the
recitals hereto.

 

“Initial Euro Notes” as defined in the
recitals hereto.

 

“Initial Notes” means the Initial Dollar Notes
and the Initial Euro Notes.

 

“Initial
Purchasers” means Lehman Brothers Inc., Credit Suisse Securities
(USA) LLC, UBS Securities LLC, Citigroup Global Markets Inc. and Deutsche Bank
Securities Inc.

 

“Interest Payment Date” means March 1 and
September 1 of each year to stated maturity.

 

16

 

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

 

“Investment Grade Securities” means:

 

(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 with an
Investment Grade Rating, but excluding any debt securities or instruments
constituting loans or advances among Holdings and its 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 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, advances to customers, commission,
travel and similar advances to officers and employees, in each case made in the
ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities issued by any other
Person and investments that are required by GAAP to be classified on the
balance sheet (excluding the footnotes) of Holdings in the same manner as the
other investments included in this definition to the extent such transactions
involve the transfer of cash or other property. For purposes of the definition
of “Unrestricted Subsidiary” and Section 4.07 hereof:

 

(1)           “Investments” shall include the portion
(proportionate to Holdings’ equity interest in such Subsidiary) of the fair
market value of the net assets of a Subsidiary of Holdings at the time that
such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary
as a Restricted Subsidiary, Holdings shall be deemed to continue to have a
permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to:

 

(a)           Holdings’
“Investment” in such Subsidiary at the time of such redesignation; less

 

(b)           the
portion (proportionate to Holdings’ 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.

 

“Investors”
means The Blackstone Group and each of its Affiliates but not including, however,
any portfolio companies of any of the foregoing.

 

“Issue Date” means August 23, 2006.

 

17

 

“Issuer” has the meaning set forth in the
first paragraph of the recitals hereto.

 

“Issuer Order” means a written request or
order signed on behalf of the Issuer by an Officer of the Issuer, who must be
the principal executive officer, the principal financial officer, the treasurer
or the principal accounting officer of the Issuer, and delivered to the
Trustee.

 

“Legal Holiday” means a Saturday, a Sunday or
a day on which commercial banking institutions are not required to be open in
the State of New York or London, United Kingdom.

 

“Letter of Transmittal” means the letter of
transmittal to be prepared by the Issuer and sent to all Holders of the Notes
for use by such Holders in connection with the Exchange Offer.

 

“Lien” means, with respect to any asset, any
mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security
interest, preference, priority 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.

 

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

 

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

 

“Net Proceeds” means the aggregate cash
proceeds received by Holdings or any of its Restricted Subsidiaries in respect
of any Asset Sale, including any cash received upon the sale or other
disposition of any Designated Non-cash Consideration received in any Asset
Sale, net of the direct costs relating to such Asset Sale and the sale or
disposition of such Designated Non-cash Consideration, including legal,
accounting and investment banking fees, and brokerage and sales commissions,
any relocation expenses incurred as a result thereof, taxes paid or payable as
a result thereof (after taking into account any available tax credits or deductions
and any tax sharing arrangements), amounts required to be applied to the repayment
of principal, premium, if any, and interest on Senior Indebtedness required
(other than required by clause (1) of Section 4.10(b) hereof) to be paid as a
result of such transaction and any deduction of appropriate amounts to be
provided by Holdings or any of its Restricted Subsidiaries as a reserve in accordance
with GAAP against any liabilities associated with the asset disposed of in such
transaction and retained by Holdings or any of its Restricted Subsidiaries
after such sale or other disposition thereof, including pension and other post-employment
benefit liabilities and liabilities related to environmental matters or against
any indemnification obligations associated with such transaction.

 

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

 

“Notes” means the Initial Dollar Notes and
the Initial Euro Notes and more particularly means any Note authenticated and
delivered under this Indenture. For all purposes of this Indenture, the term “Notes”
shall also include any Additional Dollar Notes and Additional Euro Notes that
may be issued under a supplemental indenture. Dollar Notes and the Euro Notes
(including, in each case, any Exchange Notes issued in exchange therefor) are
separate series of Notes, but shall be treated as a single class for all
purposes under this Indenture, except as set forth herein. For purposes of this
Indenture, all references to Notes to be issued or authenticated upon transfer,
replacement or exchange shall be deemed to refer to Notes of the applicable series.

 

 

18

 

“Obligations” means any principal, interest
(including any interest accruing subsequent to the filing of a petition in bankruptcy,
reorganization or similar proceeding at the rate provided for in the documentation
with respect thereto, whether or not such interest is an allowed claim under
applicable state, federal or foreign law), penalties, fees, indemnifications,
reimbursements (including reimbursement obligations with respect to letters of
credit and banker’s acceptances), damages and other liabilities, and guarantees
of payment of such principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities, payable under the documentation
governing any Indebtedness.

 

“Offering Memorandum” means the offering
memorandum, dated August 11, 2006, relating to the sale of the Initial
Notes.

 

“Officer” means the Chairman of the Board,
the Chief Executive Officer, the Chief Financial Officer, the President, any Executive
Vice President, Senior Vice President or Vice President, the Treasurer or the
Secretary of the Issuer.

 

“Officer’s Certificate” means a certificate
signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Issuer, that meets the requirements set
forth in this Indenture.

 

“Opinion of Counsel” means a written opinion
from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Issuer or the Trustee.

 

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

 

“Permitted Asset Swap”
means the concurrent purchase and sale or exchange of Related Business Assets
or a combination of Related Business Assets and cash or Cash Equivalents between
Holdings or any of its Restricted Subsidiaries and another Person; provided,
that any cash or Cash Equivalents received must be applied in accordance with
Section 4.10 hereof.

 

“Permitted Holders” means each of the
Investors and members of management of Holdings (or its direct parent) on the Issue
Date who are holders of Equity Interests of Holdings (or any of its direct or
indirect parent companies) and any group (within the meaning of Section
13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of
which any of the foregoing are members; provided,
that, in the case of such group and without giving effect to the existence of
such group or any other group, such Investors and members of management, collectively,
have beneficial ownership of more than 50% of the total voting power of the
Voting Stock of Holdings or any of its direct or indirect parent companies.

 

“Permitted Investments” means:

 

(1)           any Investment in Holdings or any of its
Restricted Subsidiaries;

 

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

 

(3)           any Investment by Holdings or any of its
Restricted Subsidiaries in a Person that is engaged in a Similar Business if as
a result of such Investment:

 

(a)           such
Person becomes a Restricted Subsidiary; or

 

19

 

(b)           such
Person, in one transaction or a series of related transactions, is merged or
consolidated with or into, or transfers or conveys substantially all of its
assets to, or is liquidated into, Holdings or a Restricted Subsidiary,

 

and, in each case, any Investment held by
such Person; provided, that such
Investment was not acquired by such Person in contemplation of such
acquisition, merger, consolidation or transfer;

 

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

 

(5)           any Investment existing on the Issue Date;

 

(6)           any Investment acquired by Holdings or any of
its Restricted Subsidiaries:

 

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

 

(b)           as
a result of a foreclosure by Holdings or any of its Restricted Subsidiaries
with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default;

 

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

 

(8)           any Investment in a Similar Business having
an aggregate fair market value, taken together with all other Investments made
pursuant to this clause (8) that are at that time outstanding, not to
exceed 2.5% of Total Assets 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);

 

(9)           Investments the payment for which consists of
Equity Interests (exclusive of Disqualified Stock) of Holdings, or any of its
direct or indirect parent companies; provided, however, that such Equity
Interests will not increase the amount available for Restricted Payments under
clause (3) of Section 4.07(a) hereof;

 

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

 

(11)         any transaction to the extent it constitutes
an Investment that is permitted and made in accordance with the provisions of
Section 4.11(b) hereof (except transactions described in clauses (2), (5) and
(9) of Section 4.11(b) hereof);

 

(12)         Investments consisting of purchases and
acquisitions of inventory, supplies, material or equipment;

 

(13)         additional Investments having an aggregate
fair market value, taken together with all other Investments made pursuant to
this clause (13) that are at that time outstanding (without giving effect to
the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale
do not consist of cash or marketable securities), not to exceed 3.5% of Total
Assets at the time of 

 

20

 

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);

 

(14)         Investments relating to a Receivables
Subsidiary that, in the good faith determination of the Issuer are necessary or
advisable to effect any Receivables Facility;

 

(15)         advances to, or guarantees of Indebtedness
of, employees not in excess of $10.0 million outstanding at any one time,
in the aggregate; and

 

(16)         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 or
consistent with past practices or to fund such Person’s purchase of Equity
Interests of Holdings or any direct or indirect parent company thereof.

 

“Permitted Junior Securities” means:

 

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

 

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

 

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

 

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

 

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

 

(2)           Liens imposed by law, such as carriers’,
warehousemen’s and mechanics’ Liens, in each case for sums not yet overdue for
a period of more than 30 days 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 if adequate reserves with respect thereto are
maintained on the books of such Person in accordance with GAAP;

 

(3)           Liens for taxes, assessments or other
governmental charges not yet overdue for a period of more than 30 days or
payable or subject to penalties for nonpayment or which are being 

 

 

21

 

contested in good faith by
appropriate proceedings diligently conducted, if adequate reserves with respect
thereto are maintained on the books of such Person in accordance with GAAP;

 

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

 

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

 

(6)           Liens securing Indebtedness permitted to be
incurred pursuant to clause (4) or (12)(b) of Section 4.09(b) hereof;

 

(7)           Liens existing on the Issue Date;

 

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

 

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

 

(10)         Liens securing Indebtedness or other
obligations of a Restricted Subsidiary owing to Holdings or another Restricted
Subsidiary permitted to be incurred in accordance with the Section 4.09;

 

(11)         Liens securing Hedging Obligations so long as
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 of other
goods and proceeds of any Person securing such Person’s obligations in respect
of bankers’ acceptances issued or created for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods;

 

(13)         leases, subleases, licenses or sublicenses
granted to others in the ordinary course of business which do not materially
interfere with the ordinary conduct of the business of Holdings or any of its
Restricted Subsidiaries and do not secure any Indebtedness;

 

22

 

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

 

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

 

(16)         Liens on equipment of Holdings or any of its
Restricted Subsidiaries granted in the ordinary course of business to Holdings’
clients;

 

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

 

(18)         Liens to secure any refinancing, refunding,
extension, renewal or replacement (or successive refinancing, refunding,
extensions, renewals or replacements) as a whole, or in part, of any
Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7),
(8) and (9); provided, however, that (a) such new
Lien shall be limited to all or part of the same property that secured the
original Lien (plus improvements on such property), and (b) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than
the sum of (i) the outstanding principal amount or, if greater, committed amount
of the Indebtedness described under clauses (6), (7), (8) and (9) at the time
the original Lien became a Permitted Lien under this Indenture, and (ii) an
amount necessary to pay any fees and expenses, including premiums, related to
such refinancing, refunding, extension, renewal or replacement;

 

(19)         deposits made in the ordinary course of
business to secure liability to insurance carriers;

 

(20)         other Liens securing obligations incurred in
the ordinary course of business which obligations do not exceed $40.0 million
at any one time outstanding;

 

(21)         Liens securing judgments for the payment of
money not constituting an Event of Default under clause (5) under Section 6.01
hereof so long as such Liens are adequately bonded and any appropriate legal
proceedings that may have been duly initiated for the review of such judgment
have not been finally terminated or the period within which such proceedings
may be initiated has not expired;

 

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

 

(23)         Liens (i) of a collection bank arising
under Section 4-210 of the Uniform Commercial Code on items in the course of
collection, (ii) attaching to commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of business, and
(iii) in favor of banking institutions arising as a matter of law encumbering
deposits (including the right of set-off) and which are within the general
parameters customary in the banking industry;

 

(24)         Liens deemed to exist in connection with
Investments in repurchase agreements permitted under Section 4.09 hereof; provided
that such Liens do not extend to any assets other than those that are the
subject of such repurchase agreement;

 

23

 

(25)         Liens encumbering reasonable customary
initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of
business and not for speculative purposes; and

 

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

 

For purposes of this definition, the term “Indebtedness”
shall be deemed to include interest on such Indebtedness.

 

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

 

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

 

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

 

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

 

“Qualified
Proceeds” means the fair market value of assets that are used or
useful in, or Capital Stock of any Person engaged in, a Similar Business.

 

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

 

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

 

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

 

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

 

 

24

 

“Record Date” for the interest or Additional
Interest, if any, payable on any applicable Interest Payment Date means February
15 and August 15 (whether or not a Business Day) immediately preceding such
Interest Payment Date.

 

“Registration Rights Agreement” means the
Registration Rights Agreement with respect to the Notes dated as of the Issue
Date, among the Issuer, the Guarantors and the Initial Purchasers, as such
agreement may be amended, modified or supplemented from time to time and, with
respect to any Additional Notes, one or more registration rights agreements
between the Issuer and the other parties thereto, as such agreement(s) may be
amended, modified or supplemented from time to time, relating to rights given
by the Issuer to the purchasers of Additional Notes to register such Additional
Notes under the Securities Act.

 

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

 

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

 

“Regulation S Permanent Global Note” means a
permanent Global Note in the form of Exhibit A-1 or Exhibit A-2
hereto, as the case may be, bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name
of the applicable Depositary or its nominee, issued in a denomination equal to
the outstanding principal amount of the Regulation S Temporary Global Note of
the applicable series upon expiration of the Restricted Period.

 

“Regulation S Temporary Global Note” means a
temporary Global Note in the form of Exhibit A-1 or Exhibit A-2
hereto, as the case may be, bearing the Global Note Legend, the Private
Placement Legend and the Regulation S Temporary Global Note Legend and
deposited with or on behalf of and registered in the name of the applicable
Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes of the applicable series initially sold in reliance
on Rule 903.

 

“Regulation S Temporary Global Note Legend”
means the legend set forth in Section 2.06(g)(iii) hereof.

 

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

 

“Representative”
means any trustee, agent or other representative for an issue of Senior Indebtedness
of the Issuer.

 

“Responsible Officer” means, when used with
respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of the
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 who shall have direct responsibility for the
administration of this Indenture.

 

 

25

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“S&P” means Standard & Poor’s, a
division of The McGraw-Hill Companies, Inc., and any successor to its rating
agency business.

 

“Sale
and Lease-Back Transaction” means any arrangement providing for the
leasing by Holdings or any of its Restricted Subsidiaries of any real or
tangible personal property, which property has been or is to be sold or
transferred by Holdings or such Restricted Subsidiary to a third Person in contemplation
of such leasing.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secured
Indebtedness” means any Indebtedness of Holdings or any of its
Restricted Subsidiaries 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 Facilities” means the Credit Facility under the Credit
Agreement to be entered into as of the Issue Date by and among the Issuer,
Foreign Holdco, Holdings, the lenders party thereto in their capacities as
lenders thereunder and UBS AG, Stamford Branch, as Administrative Agent,
including any guarantees, collateral documents, instruments and agreements executed
in connection therewith, and any amendments, supplements, modifications,
extensions, renewals, restatements, refundings or refinancings thereof and any
indentures or credit facilities or commercial paper facilities with banks or
other institutional lenders or investors that replace, refund or refinance any
part of the loans, notes, other credit facilities or commitments thereunder,
including any such replacement, refunding or refinancing facility or indenture
that increases the amount borrowable thereunder or alters the maturity thereof
(provided that such
increase in borrowings is permitted under Section 4.09 hereof).

 

 

26

 

“Senior Indebtedness” means:

 

(1)           all Indebtedness of the Issuer or any
Guarantor outstanding under the Senior Credit Facilities or Senior Notes and
related Guarantees (including interest accruing on or after the filing of any
petition in bankruptcy or similar proceeding or for reorganization of the
Issuer or any Guarantor (at the rate provided for in the documentation with
respect thereto, regardless of whether or not a claim for post-filing interest
is allowed in such proceedings)), and any and all other fees, expense
reimbursement obligations, indemnification amounts, penalties, and other
amounts (whether existing on the Issue Date or thereafter created or incurred)
and all obligations of the Issuer or any Guarantor to reimburse any bank or
other Person in respect of amounts paid under letters of credit, acceptances or
other similar instruments;

 

(2)           all Hedging Obligations (and guarantees
thereof) owing to a Lender (as defined in the Senior Credit Facilities) or any
Affiliate of such Lender (or any Person that was a Lender or an Affiliate of
such Lender at the time the applicable agreement giving rise to such Hedging Obligation
was entered into), provided that such Hedging Obligations are permitted
to be incurred under the terms of this Indenture;

 

(3)           any other Indebtedness of the Issuer or any
Guarantor permitted to be incurred under the terms of this Indenture, unless
the instrument under which such Indebtedness is incurred expressly provides
that it is on a parity with or subordinated in right of payment to the Senior
Subordinated Notes or any related Guarantee; and

 

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

 

provided, however, that Senior Indebtedness shall not include:

 

(a)           any obligation of such Person to the Issuer
or any of its Subsidiaries;

 

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

 

(c)           any accounts payable or other liability to
trade creditors arising in the ordinary course of business;

 

(d)           any Indebtedness or other Obligation of such
Person which is subordinate or junior in any respect to any other Indebtedness
or other Obligation of such Person; or

 

(e)           that portion of any Indebtedness which at the
time of incurrence is incurred in violation of this Indenture; provided, however that
such Indebtedness shall be deemed not to have been incurred in violation of the
Indenture for purposes of this clause if such Indebtedness consists of
Designated Senior Indebtedness, and the holder(s) of such Indebtedness of their
agent or representative (a) had no actual knowledge at the time of incurrence
that the incurrence of such Indebtedness violated the Indenture and
(b) shall have receive a certificate from an officer of the Issuer to the
effect that the incurrence of such Indebtedness does not violate the provisions
of this Indenture.

 

“Senior
Notes” means (i) $150,000,000 aggregate principal amount of the Issuer’s Senior
Dollar Floating Rate Notes due 2014, (ii) €235,000,000 aggregate principal
amount of the Issuer’s Senior Euro Floating Rate Notes due 2014 and (iii)
$450,000,000 aggregate principal amount of the Issuer’s 97⁄8% Senior Dollar
Fixed Rate Notes due 2014, in each case issued on the Issue Date.

 

 

27

 

“Senior Subordinated Indebtedness” means:

 

(1)           with
respect to the Issuer, Indebtedness which ranks equal in right of payment to
the Notes issued by the Issuer; and

 

(2)           with
respect to any Guarantor, Indebtedness which ranks equal in right of payment to
the Guarantee of such entity of Notes.

 

“Shelf Registration Statement” means the
Shelf Registration Statement as defined in the Registration Rights Agreement.

 

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

 

“Similar
Business” means any business conducted or proposed to be conducted
by Holdings and its Restricted Subsidiaries on the Issue Date or any business
that is similar, reasonably related, incidental or ancillary thereto.

 

“Sponsor Management Agreement” means the
management agreement between certain of the management companies associated
with the Investor and the Issuer, as amended from time to time.

 

“Subordinated
Indebtedness” means, with respect to the Notes,

 

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

 

(2)           any Indebtedness of any
Guarantor which is by its terms subordinated in right of payment to the
Guarantee of such entity of the Notes.

 

“Subsidiary” means, with respect to any
Person:

 

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

 

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

 

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

 

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

 

 

28

 

“Total
Assets” means the total assets of Holdings and its Restricted Subsidiaries
on a consolidated basis, as shown on the most recent balance sheet of Holdings
or such other Person as may be expressly stated.

 

“Transaction”
means the transactions contemplated by the Transaction Agreement, the issuance
of the Notes and the Senior Subordinated Notes and borrowings under the Senior
Credit Facilities as in effect on the Issue Date.

 

“Transaction
Agreement” means the Purchase Agreement, dated as of June 30, 2006
by and among Cendant Corporation, Travelport Inc. and TDS Investor LLC, as the
same may be amended on or prior to the Issue Date.

 

“Treasury
Rate” means, as of any Redemption Date, the yield to maturity as of
such Redemption Date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve
Statistical Release H.15 (519) that has become publicly available at least two
Business Days prior to the Redemption Date (or, if such Statistical Release is
no longer published, any publicly available source of similar market data))
most nearly equal to the period from the Redemption Date to September 1, 2011; provided, however, that if the period from the Redemption Date to
September 1, 2011 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.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended (15 U.S.C §§ 77aaa-777bbbb).

 

“Trustee” means The Bank of Nova Scotia Trust
Company of New York, as trustee, until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

 

“Unrestricted Definitive Note” means one or
more Definitive Notes that do not bear and are not required to bear the Private
Placement Legend.

 

“Unrestricted Global Note” means a permanent
Global Note, substantially in the form of Exhibit A-1 or A-2
attached hereto, as the case may be, that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached
thereto, and that is deposited with or on behalf of and registered in the name
of the applicable Depositary, representing Notes that do not bear the Private
Placement Legend.

 

“Unrestricted Subsidiary” means:

 

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

 

(2)           any Subsidiary of an Unrestricted Subsidiary.

 

Holdings may designate any Subsidiary of Holdings
(including any existing Subsidiary and any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of
its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds
any Lien on, any property of, Holdings or any Subsidiary of Holdings (other
than solely any Subsidiary of the Subsidiary to be so designated); provided that

 

 

29

 

(1)           any Unrestricted Subsidiary must be an entity
of which the Equity Interests entitled to cast at least a majority of the votes
that may be cast by all Equity Interests having ordinary voting power for the
election of directors or Persons performing a similar function are owned, directly
or indirectly, by Holdings;

 

(2)           such designation complies with Section 4.07
hereof; and

 

(3)           each of:

 

(a)           the
Subsidiary to be so designated; and

 

(b)           its
Subsidiaries

 

has not at the time of
designation, and does not thereafter, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable with respect to any
Indebtedness pursuant to which the lender has recourse to any of the assets of
Holdings or any Restricted Subsidiary.

 

Holdings may designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided
that, immediately after giving effect to such designation, no Default shall
have occurred and be continuing and either:

 

(1)           Holdings could incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test
described in Section 4.09(a) hereof; or

 

(2)           the Fixed Charge Coverage Ratio for Holdings
and its Restricted Subsidiaries would be greater than such ratio for Holdings
and its Restricted Subsidiaries immediately prior to such designation,

 

in each case on a pro forma basis taking into account such
designation.

 

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

 

“U.S. Dollar Equivalent” means, with respect
to any monetary amount in a currency other than U.S. dollars, at any time for
the determination thereof, the amount of U.S. dollars obtained by converting
such foreign currency involved in such computation into U.S. dollars at the
spot rate for the purchase of U.S. dollars with the applicable foreign currency
as quoted by Reuters at approximately 10:00 A.M. (New York City time) on such
date of determination (or if no such quote is available on such date, on the
immediately preceding Business Day for which such a quote is available).

 

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

 

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

 

 

30

 

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

 

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

 

(2)           the sum of all such payments.

 

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

 

Section 1.02              Other Definitions.

 

	
  Term

  	
   

  	
  Defined in

  Section

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Acceptable Commitment”

  	
   

  	
  4.10

  	
   

  
	
  “Affiliate Transaction”

  	
   

  	
  4.11

  	
   

  
	
  “Asset Sale Offer”

  	
   

  	
  4.10

  	
   

  
	
  “Authentication Order”

  	
   

  	
  2.02

  	
   

  
	
  “Blockage Notice”

  	
   

  	
  10.03

  	
   

  
	
  “Change of Control Offer”

  	
   

  	
  4.14

  	
   

  
	
  “Change of Control Payment”

  	
   

  	
  4.14

  	
   

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.14

  	
   

  
	
  “Covenant Defeasance”

  	
   

  	
  8.03

  	
   

  
	
  “Covenant Suspension Event”

  	
   

  	
  4.16

  	
   

  
	
  “DTC”

  	
   

  	
  2.03

  	
   

  
	
  “Dollar Paying Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Euro Paying Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Event of Default”

  	
   

  	
  6.01

  	
   

  
	
  “Excess Proceeds”

  	
   

  	
  4.10

  	
   

  
	
  “Guarantee
  Blockage Notice”

  	
   

  	
  12.03

  	
   

  
	
  “Guarantee
  Payment Blockage Period”

  	
   

  	
  12.03

  	
   

  
	
  “Guarantor
  Payment Default”

  	
   

  	
  12.03

  	
   

  
	
  “incur”

  	
   

  	
  4.09

  	
   

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.02

  	
   

  
	
  “Non-Guarantor
  Payment Default”

  	
   

  	
  12.03

  	
   

  
	
  “Non-Payment
  Default”

  	
   

  	
  10.03

  	
   

  
	
  “Note
  Register”

  	
   

  	
  2.03

  	
   

  
	
  “Offer
  Amount”

  	
   

  	
  3.09

  	
   

  
	
  “Offer
  Period”

  	
   

  	
  3.09

  	
   

  
	
  “Pari
  Passu Indebtedness”

  	
   

  	
  4.10

  	
   

  
	
  “pay
  its Guarantee”

  	
   

  	
  12.03

  	
   

  
	
  “pay
  the Notes”

  	
   

  	
  10.03

  	
   

  
	
  “Paying
  Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Payment
  Blockage Period”

  	
   

  	
  10.03

  	
   

  
	
  “Payment
  Default”

  	
   

  	
  10.03

  	
   

  
	
  “Purchase
  Date”

  	
   

  	
  3.09

  	
   

  

 

 

31

 

	
  Term

  	
   

  	
  Defined in

  Section

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Redemption
  Date”

  	
   

  	
  3.07

  	
   

  
	
  “Refinancing Indebtedness”

  	
   

  	
  4.09

  	
   

  
	
  “Refunding
  Capital Stock”

  	
   

  	
  4.07

  	
   

  
	
  “Registrar”

  	
   

  	
  2.03

  	
   

  
	
  “Restricted
  Payments”

  	
   

  	
  4.07

  	
   

  
	
  “Reversion
  Date”

  	
   

  	
  4.16

  	
   

  
	
  “Second
  Commitment”

  	
   

  	
  4.10

  	
   

  
	
  “Successor
  Company”

  	
   

  	
  5.01

  	
   

  
	
  “Successor Person”

  	
   

  	
  5.01

  	
   

  
	
  “Suspended
  Covenants”

  	
   

  	
  4.16

  	
   

  
	
  “Treasury
  Capital Stock”

  	
   

  	
  4.07

  	
   

  

 

Section 1.03              Incorporation by Reference of Trust Indenture
Act.

 

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

 

The following Trust Indenture Act terms used in this
Indenture have the following meanings:

 

“indenture securities” means the Notes;

 

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

 

“indenture to be qualified” means this Indenture;

 

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

 

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

 

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

 

Section 1.04              Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c)           “or”
is not exclusive;

 

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

 

 

32

 

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

 

(f)            provisions
apply to successive events and transactions;

 

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

 

(h)           unless
the context otherwise requires, any reference to an “Article,” “Section” or “clause”
refers to an Article, Section or clause, as the case may be, of this Indenture;
and

 

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

 

Section 1.05              Acts of Holders.

 

(a)           Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Issuer. Proof of execution of any such
instrument or of a writing appointing any such agent, or the holding by any
Person of a Note, shall be sufficient for any purpose of this Indenture and
(subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if
made in the manner provided in this Section 1.05.

 

(b)           The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by the certificate of any notary public or other
officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by or on behalf of any legal entity other than
an individual, such certificate or affidavit shall also constitute proof of the
authority of the Person executing the same. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner that the Trustee deems sufficient.

 

(c)           The ownership of Notes shall be proved by the
Note Register.

 

(d)           Any request, demand, authorization,
direction, notice, consent, waiver or other action by the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note
issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, in respect of any action taken, suffered or omitted by the
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

 

(e)           The Issuer may, in the circumstances
permitted by the Trust Indenture Act, set a record date for purposes of determining
the identity of Holders entitled to give any request, demand, authorization,
direction, notice, consent, waiver or take any other act, or to vote or consent
to any action by vote or consent authorized or permitted to be given or taken
by Holders. Unless otherwise specified, if not set by the Issuer prior to the
first solicitation of a Holder made by any Person in respect of any such
action, or in the case of any such vote, prior to such vote, any such record
date shall be the later of 30 days prior to the first solicitation of such
consent or the date of the most recent list of Holders furnished to the Trustee
prior to such solicitation.

 

 

33

 

(f)            Without limiting the foregoing, a Holder
entitled to take any action hereunder with regard to any particular Note may do
so with regard to all or any part of the principal amount of such Note or by
one or more duly appointed agents, each of which may do so pursuant to such appointment
with regard to all or any part of such principal amount. Any notice given or
action taken by a Holder or its agents with regard to different parts of such
principal amount pursuant to this paragraph shall have the same effect as if
given or taken by separate Holders of each such different part.

 

(g)           Without limiting the generality of the
foregoing, a Holder, including DTC and the Common Depositary that is the Holder
of a Global Note, may make, give or take, by a proxy or proxies duly appointed
in writing, any request, demand, authorization, direction, notice, consent,
waiver or other action provided in this Indenture to be made, given or taken by
Holders, and DTC and the Common Depositary that is the Holder of a Global Note
may provide its proxy or proxies to the beneficial owners of interests in any
such Global Note through such depositary’s standing instructions and customary
practices.

 

(h)           The Issuer may fix a record date for the
purpose of determining the Persons who are beneficial owners of interests in
any Global Note held by DTC and the Common Depositary entitled under the
procedures of such depositary to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or
taken by Holders. If such a record date is fixed, the Holders on such record
date or their duly appointed proxy or proxies, and only such Persons, shall be
entitled to make, give or take such request, demand, authorization, direction,
notice, consent, waiver or other action, whether or not such Holders remain
Holders after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be valid or effective
if made, given or taken more than 90 days after such record date.

 

ARTICLE 2

THE NOTES

 

Section 2.01              Form and Dating; Terms.

 

(a)           General. The Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A-1 (in the case of the Dollar Notes)
and Exhibit A-2 (in the case of the Euro Notes) hereto. The Notes may
have notations, legends or endorsements required by law, stock exchange rules
or usage. Each Note shall be dated the date of its authentication. The Dollar
Notes shall be in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The Euro Notes shall be in minimum denominations of
€50,000 and integral multiples of €1,000 in excess thereof.

 

(b)           Global Notes. Notes issued in global form shall be
substantially in the form of Exhibit A-1 (in the case of the Dollar Notes)
and Exhibit A-2 (in the case of the Euro Notes) attached hereto
(including the Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Notes issued in definitive
form shall be substantially in the form of Exhibit A-1 (in the case of
the Dollar Notes) and Exhibit A-2 (in the case of the Euro Notes)  attached hereto (but without the Global Note
Legend thereon and without the “Schedule of Exchanges of Interests in the
Global Note” attached thereto). Each Global Note shall represent such of the
outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests
in the Global Note” attached thereto and each shall provide that it shall
represent up to the aggregate principal amount of Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as
applicable, to reflect exchanges and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the aggregate
principal 

 

34

 

amount of outstanding Notes represented thereby shall be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.06 hereof.

 

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

 

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

 

(ii)           an Officer’s
Certificate from the Issuer.

 

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

 

(d)           Terms. The aggregate principal amount of Notes that may be authenticated and
delivered under this Indenture is unlimited.

 

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

 

The Notes shall be subject to repurchase by the
Issuer pursuant to an Asset Sale Offer as provided in Section 4.10 hereof or a
Change of Control Offer as provided in Section 4.14 hereof. The Notes shall not
be redeemable, other than as provided in Article 3.

 

Additional Notes ranking pari
passu with the Initial Notes may be
created and issued from time to time by the Issuer without notice to or consent
of the Holders and shall be consolidated with and form a single class with the
Initial Notes and shall have the same terms as to status, redemption or
otherwise as the Initial Notes; provided that the Issuer’s ability to
issue Additional Notes shall be subject to the Issuer’s compliance with Section
4.09 hereof. Any Additional Notes shall be issued with the benefit of an indenture
supplemental to this Indenture.

 

35

 

 

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

 

Section 2.02              Execution
and Authentication.

 

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

 

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

 

A Note shall not be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A-1 or Exhibit A-2 attached
hereto, as the case may be, by the manual or facsimile signature of the Trustee.
The signature shall be conclusive evidence that the Note has been duly
authenticated and delivered under this Indenture.

 

On the Issue Date, the Trustee shall, upon receipt
of an Issuer Order (an “Authentication Order”), authenticate and deliver
(i) the Initial Dollar Notes and (ii) the Initial Euro Notes. In
addition, at any time, from time to time, the Trustee shall upon an
Authentication Order authenticate and deliver any Additional Notes and Exchange
Notes for an aggregate principal amount specified in such Authentication Order
for such Additional Notes or Exchange Notes issued hereunder.

 

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

 

Section 2.03              Registrar
and Paying Agent.

 

The Issuer shall maintain (i) an office or agency
where Notes may be presented for registration of transfer or for exchange (“Registrar”),
(ii) an office or agency in the Borough of Manhattan, the City of New York, the
State of New York where Dollar Notes may be presented for payment (“Dollar
Paying Agent”), (iii) an office or agency in the Borough of Manhattan, the
City of New York, the State of New York and London, England where Euro Notes
may be presented for payment (“Euro Paying Agent”) and (iv) to the
extent practicable, an office or agency in a European Union member state that
will not be obliged to withhold or deduct tax pursuant to the European Union
Directive 2003/48/EC regarding the taxation of savings income (the “Directive”).
The Registrar shall keep a register of the Notes (“Note Register”) and
of their transfer and exchange. The Issuer may appoint one or more
co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes the Dollar
Paying Agent, the Euro Paying Agent and any additional paying agent. The Issuer
initially appoints the Trustee as Dollar Paying Agent and The Bank of New York
as Euro Paying Agent. The Issuer may change any Paying Agent or Registrar
without prior notice to any Holder. The Issuer shall notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If
the Issuer fails to appoint or maintain another entity as Registrar or Paying
Agent, the Trustee shall, to the extent that it is capable, act as such. The
Issuer or any of its Subsidiaries may act as Paying Agent or Registrar.

 

 

36

 

The Issuer initially appoints The Depository Trust
Company (“DTC”) to act as Depositary with respect to the Global Notes
representing the Dollar Notes. The Issuer initially appoints The Bank of New
York to act as Common Depositary with respect to the Global Notes representing
the Euro Notes.

 

The Issuer initially appoints the Trustee to act as
the Registrar for the Notes and the Common Depositary to act as Custodian with
respect to the Global Notes representing the Euro Notes.

 

Section 2.04              Paying
Agent to Hold Money in Trust.

 

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

 

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 all Holders and shall otherwise comply with Trust Indenture Act
Section 312(a). If the Trustee is not the Registrar, the Issuer shall furnish
to the Trustee at least five Business Days before each Interest Payment Date
and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and
addresses of the Holders of Notes and the Issuer shall otherwise comply with
Trust Indenture Act Section 312(a).

 

Section 2.06              Transfer
and Exchange.

 

(a)           Transfer and Exchange of Global Notes. Except as otherwise set forth in this
Section 2.06, a Global Note may be transferred, in whole and not in part, only
to another nominee of the applicable Depositary or to a successor thereto or a
nominee of such successor thereto. A beneficial interest in a Global Note may
not be exchanged for a Definitive Note of the same series unless(A) in
the case of a Global Note representing Dollar Notes, the Dollar Depositary (x)
notifies the Issuer that it is unwilling or unable to continue as Depositary
for such Global Note or (y) has ceased to be a clearing agency registered under
the Exchange Act, and, in either case, a successor Depositary is not appointed
by the Issuer within 120 days, (B) in the case of a Global Note representing
Euro Notes, (x) Euroclear or Clearstream notifies the Issuer that it is
unwilling or unable to continue as clearing agency or (y) the Common Depositary
notifies the Issuer that it is unwilling or unable to continue as common depositary
for such Global Note, and, in either case, a successor Depositary is not
appointed by the Issuer within 120 days or (C) in the case of any Global Note, there shall have occurred and be
continuing a Default with respect to the Notes. Upon the occurrence of any of
the preceding events in (A) or (B) above, Definitive Notes delivered in
exchange for any Global Note of the same series or beneficial interests therein
will be registered in the names, and issued in any approved denominations,
requested by or on behalf of the Depositary (in accordance with its customary
procedures). Global Notes also may be exchanged or replaced, in whole or in
part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated
and delivered 

 

 

37

 

in exchange for, or in lieu of, a Global Note of the same series or any
portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof,
shall be authenticated and delivered in the form of, and shall be, a Global
Note, except for Definitive Notes issued subsequent to any of the preceding
events in (i) or (ii) above and pursuant to Section 2.06(c) hereof. A Global
Note may not be exchanged for another Note other than as provided in this
Section 2.06(a); provided, however, beneficial interests in a
Global Note may be transferred and exchanged as provided in Section 2.06(b),
(c) or (f) hereof.

 

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

 

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

 

(ii)           All Other Transfers and Exchanges of
Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver
to the Registrar either (A) (1) a written order from a Participant or an
Indirect Participant given to the applicable Depositary in accordance with the
Applicable Procedures directing such Depositary to credit or cause to be
credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions
given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase or
(B) (1) a written order from a Participant or an Indirect Participant
given to the applicable Depositary in accordance with the Applicable Procedures
directing such Depositary to cause to be issued a Definitive Note of the same
series in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given by the applicable Depositary to the Registrar
containing information regarding the Person in whose name such Definitive Note
shall be registered to effect the transfer or exchange referred to in (1)
above; provided that in no event shall Definitive Notes be issued upon
the transfer or exchange of beneficial interests in a Regulation S Temporary
Global Note prior to (A) the expiration of the Restricted Period and (B) the
receipt by the Registrar of any certificates required pursuant to Rule 903. Upon
consummation of an Exchange Offer by the Issuer in accordance with Section
2.06(f) hereof, the requirements of this Section 2.06(b)(ii) shall be deemed to
have been satisfied upon receipt by the Registrar of the instructions contained
in the Letter of Transmittal delivered by the Holder of such beneficial interests
in the Restricted Global Notes. Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in
this Indenture and the Notes or 

 

 

38

 

otherwise applicable under
the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h) hereof.

 

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

 

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

 

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

 

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

 

(A)          such exchange or transfer is effected pursuant
to the Exchange Offer in accordance with the Registration Rights Agreement and
the holder of the beneficial interest to be transferred, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) a Broker-Dealer,
(2) a Person participating in the distribution of the Exchange Notes or
(3) a Person who is an affiliate (as defined in Rule 144) of the Issuer;

 

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

 

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

 

(D)          the Registrar receives the following:

 

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

 

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

 

 

39

 

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

 

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

 

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

 

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

 

(i)            Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note or to transfer
such beneficial interest to a Person who takes delivery thereof in the form of
a Restricted Definitive Note, then, upon the occurrence of any of the events in
paragraph (i) or (ii) of Section 2.06(a) hereof
and receipt by the Registrar of the following documentation:

 

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

 

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

 

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

 

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

 

(E)           if such beneficial
interest is being transferred to the Issuer or any of its Restricted
Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

 

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

 

 

40

 

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

 

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

 

(iii)          Beneficial Interests
in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial
interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note only upon the occurrence of any of the events in subsection (i)
or (ii) of Section 2.06(a) hereof
and if:

 

(A)          such exchange or
transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the holder of such beneficial interest, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a
Person participating in the distribution of the Exchange Notes or (3) a Person
who is an affiliate (as defined in Rule 144) of the Issuer;

 

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

 

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

 

(D)          the Registrar receives
the following:

 

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

 

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

 

41

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

42

 

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

 

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

 

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

 

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

 

(A)          such exchange or
transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case of an exchange, or the transferee,
in the case of a transfer, certifies in the applicable Letter of Transmittal
that it is not (1) a Broker-Dealer, (2) a Person participating in the distribution
of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule
144) of the Issuer;

 

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

 

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

 

(D)          the Registrar receives
the following:

 

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

 

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

 

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

 

 

43

 

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

 

(iii)          Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of an Unrestricted Definitive Note may exchange such Note for a
beneficial interest in an Unrestricted Global Note or transfer such Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee shall cancel the applicable
Unrestricted Definitive Note and increase or cause to be increased the
aggregate principal amount of one of the Unrestricted Global Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(A)          such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, 

 

 

44

 

or the transferee, in the
case of a transfer, certifies in the applicable Letter of Transmittal that it
is not (1) a Broker-Dealer, (2) a Person participating in the distribution of
the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144)
of the Issuer;

 

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

 

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

 

(D)          the Registrar receives the following:

 

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

 

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

 

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

 

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

 

(f)            Exchange Offer. Upon the occurrence of the Exchange Offer
in accordance with the Registration Rights Agreement, the Issuer shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee shall authenticate (i) one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of the
beneficial interests in the Restricted Global Notes of the same series tendered
for acceptance by Persons that certify in the applicable Letters of Transmittal
that (x) they are not Broker-Dealers, (y) they are not participating in a distribution
of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144)
of the Issuer, and accepted for exchange in the Exchange Offer and
(ii) Unrestricted Definitive Notes in an aggregate principal amount equal
to the principal amount of the Restricted Definitive Notes of the same
series tendered for acceptance by Persons
that certify in the applicable Letters of Transmittal that (x) they are not
Broker-Dealers, (y) they are not participating in a distribution of the
Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the
Issuer, and accepted for exchange in the Exchange Offer. Concurrently with the
issuance of such Notes, the Trustee shall cause the aggregate principal amount
of the applicable Restricted Global Notes to be reduced accordingly, and the
Issuer shall execute and the Trustee shall authenticate and mail to the Persons
designated by the Holders of Definitive Notes so accepted Unrestricted 

 

 

45

 

Definitive Notes in the applicable principal amount. Any Notes that
remain outstanding after the consummation of the Exchange Offer, and Exchange
Notes issued in connection with the Exchange Offer, shall be treated as a
single class of securities under this Indenture.

 

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

 

(i)            Private Placement Legend.

 

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

 

“THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE
SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL
ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A)
TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (D) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE
ISSUER SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO
WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES
ACT.”

 

(B)           Notwithstanding the
foregoing, any Global Note or Definitive Note issued pursuant to subparagraph
(b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this
Section 2.06 (and all Notes issued in exchange therefor or substitution
thereof) shall not bear the Private Placement Legend.

 

(ii)           Global Note Legend. (a) 
Each Global Note representing Dollar Notes shall bear a legend in
substantially the following form:

 

 

46

 

“THIS
GLOBAL NOTE IS HELD BY THE DOLLAR DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DOLLAR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DOLLAR DEPOSITARY TO A NOMINEE OF THE DOLLAR DEPOSITARY OR BY A NOMINEE OF THE
DOLLAR DEPOSITARY TO THE DOLLAR DEPOSITARY OR ANOTHER NOMINEE OF THE DOLLAR
DEPOSITARY OR BY THE DOLLAR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DOLLAR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DOLLAR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(iii)          (b)           Each Global Note
representing Euro Notes shall bear a legend in substantially the following
form:

 

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

 

 

47

 

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

 

(iii)          Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note
shall bear a legend in substantially the following form:

 

“THE
RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS
AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED
IN THE INDENTURE (AS DEFINED HEREIN).”

 

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

 

(i)            General Provisions Relating to Transfers and
Exchanges.

 

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

 

 

48

 

(ii)           No service charge shall
be made to a holder of a beneficial interest in a Global Note or to a Holder of
a Definitive Note for any registration of transfer or exchange, but the Issuer
may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such
transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof).

 

(iii)          Neither the Registrar
nor the Issuer shall be required to register the transfer of or exchange any
Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part.

 

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

 

(v)           The Issuer shall not be
required (A) to issue, to register the transfer of or to exchange any Notes
during a period beginning at the opening of business 15 days before the day of
any selection of Notes for redemption under Section 3.02 hereof and ending at
the close of business on the day of selection, (B) to register the transfer of
or to exchange any Note so selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part or (C) to register
the transfer of or to exchange a Note between a Record Date and the next
succeeding Interest Payment Date.

 

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

 

(vii)         Upon surrender for
registration of transfer of any Note at the office or agency of the Issuer
designated pursuant to Section 4.02
hereof, the Issuer shall execute, and the Trustee shall authenticate and
mail, in the name of the designated transferee or transferees, one or more
replacement Notes of any authorized denomination or denominations of a like aggregate
principal amount.

 

(viii)        At the option of the
Holder, Notes may be exchanged for other Notes of any authorized denomination
or denominations of a like aggregate principal amount upon surrender of the
Notes to be exchanged at such office or agency. Whenever any Global Notes or
Definitive Notes are so surrendered for exchange, the Issuer shall execute, and
the Trustee shall authenticate and mail, the replacement Global Notes and
Definitive Notes which the Holder making the exchange is entitled to in accordance
with the provisions of Section 2.02 hereof.

 

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

 

Section 2.07              Replacement
Notes.

 

If any mutilated Note is surrendered to the Trustee,
the Registrar or the Issuer and the Trustee receives evidence to its satisfaction
of the ownership and destruction, loss or theft of any Note, the Issuer shall
issue and the Trustee, upon receipt of an Authentication Order, shall
authenticate a replacement Note if the Trustee’s requirements are met. If
required by the Trustee or the Issuer, an indemnity bond must be supplied by
the Holder that is sufficient in the judgment of the Trustee and the Issuer to 

 

 

49

 

protect the Issuer, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Issuer may charge for its expenses in replacing a Note.

 

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

 

Section 2.08              Outstanding
Notes.

 

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

 

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

 

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

 

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

 

Section 2.09              Treasury
Notes.

 

In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Issuer, or by any Affiliate of the Issuer, shall be
considered as though not outstanding, 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 Responsible Officer of the
Trustee knows are so owned shall be so disregarded. Notes so owned which have
been pledged in good faith shall not be disregarded if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right to deliver any such
direction, waiver or consent with respect to the Notes and that the pledgee is
not the Issuer or any obligor upon the Notes or any Affiliate of the Issuer or
of such other obligor.

 

Section 2.10              Temporary
Notes.

 

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

 

Holders and beneficial holders, as the case may be,
of temporary Notes shall be entitled to all of the benefits accorded to
Holders, or beneficial holders, respectively, of Notes under this Indenture.

 

50

 

Section 2.11              Cancellation.

 

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

 

Section 2.12              Defaulted
Interest.

 

If the Issuer defaults in a payment of interest on
the Notes, it shall pay the defaulted interest in any lawful manner plus, to
the extent lawful, interest payable on the defaulted interest to the Persons
who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Issuer shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on
each Note and the date of the proposed payment, and at the same time the Issuer
shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such defaulted interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such defaulted interest as provided in this
Section 2.12. The Trustee shall fix or cause to be fixed each such special
record date and payment date; provided that no such special record date
shall be less than 10 days prior to the related payment date for such defaulted
interest. The Trustee shall promptly notify the Issuer of such special record
date. At least 15 days before the special record date, the Issuer (or, upon the
written request of the Issuer, the Trustee in the name and at the expense of
the Issuer) shall mail or cause to be mailed, first-class postage prepaid, to
each Holder, with a copy to the Trustee, a notice at his or her address as it
appears in the Note Register that states the special record date, the related
payment date and the amount of such interest to be paid.

 

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

 

Section
2.13              CUSIP/COMMON CODE/ISIN Numbers

 

The Issuer in issuing the Notes may use CUSIP or
Common Code, as applicable, and ISIN numbers (if then generally in use) and, if
so, the Trustee shall use CUSIP or Common Code, as applicable, and ISIN numbers
in notices of redemption as a convenience to Holders; provided,
that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in
any notice of redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Issuer will as
promptly as practicable notify the Trustee of any change in the CUSIP or Common
Code, as applicable, and ISIN numbers.

 

Section 2.14           Calculation
of Principal Amount of Securities.

 

The aggregate principal amount of the Notes, at any
date of determination, shall be the sum of (1) the principal amount of the
Dollar Notes at such date of determination plus (2) the U.S. Dollar Equivalent,
at such date of determination, of the principal amount of the Euro Notes at
such date of 

 

51

 

determination. With respect to any matter requiring
consent, waiver, approval or other action of the Holders of a specified
percentage of the principal amount of all the Notes (and not solely the Dollar
Notes or the Euro Notes as provided for in the proviso to the first sentence of
Section 9.02), such percentage shall be calculated, on the relevant date of
determination, by dividing (a) the principal amount, as of such date of
determination, of Notes, the Holders of which have so consented by (b) the
aggregate principal amount, as of such date of determination, of the Notes then
outstanding, in each case, as determined in accordance with the preceding
sentence, Section 2.08 and Section 2.09 of this Indenture. Any such calculation
made pursuant to this Section 2.14 shall be made by the Issuer and delivered to
the Trustee pursuant to an Officers’ Certificate.

 

ARTICLE 3

REDEMPTION

 

Section 3.01              Notices
to Trustee.

 

If the Issuer elects to redeem Dollar Notes or Euro
Notes pursuant to Section 3.07 hereof, it shall furnish to the Trustee,, at
least 2 Business Days before notice of redemption is required to be mailed or
caused to be mailed to Holders pursuant to Section 3.03 hereof but not more
than 60 days before a Redemption Date, an Officer’s Certificate setting forth
(i) the paragraph or subparagraph of such Note and/or Section of this Indenture
pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii)
the principal amount of the Dollar Notes or Euro Notes, as the case may be, to
be redeemed and (iv) the redemption price.

 

Section 3.02              Selection
of Notes to Be Redeemed or Purchased.

 

If less than all of the Dollar Notes or Euro Notes,
as the case may be, are to be redeemed or purchased in an offer to purchase at
any time, the Trustee shall select the Notes to be redeemed or purchased
(a) if the Notes are listed on any national securities exchange, in
compliance with the requirements of the principal national securities exchange
on which the Notes are listed or (b) on a pro rata
basis or, to the extent that selection on a pro rata basis
is not practicable, by lot or by such other method the Trustee considers fair
and appropriate. In the event of partial redemption or purchase by lot, the
particular Notes to be redeemed or purchased shall be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption
Date by the Trustee from the outstanding Notes not previously called for redemption
or purchase.

 

The Trustee shall promptly notify the Issuer in
writing of the Notes selected for redemption or purchase and, in the case of
any Note selected for partial redemption or purchase, the principal amount
thereof to be redeemed or purchased. Notes and portions of Notes selected shall
be in amounts of $2,000 or whole multiples of $1,000 in excess thereof, in the
case of the Dollar Notes or €50,000, or whole multiples of €1,000 in excess
thereof, in the case of the Euro Notes; no Dollar Notes of less than $2,000 or
Euro Notes of less than €50,000 can be redeemed in part, except that if all of
the Notes of a Holder are to be redeemed or purchased, the entire outstanding
amount of Notes held by such Holder, even if not a multiple of $1,000 or
€1,000, as the case may be, shall be redeemed or purchased. Except as provided
in the preceding sentence, provisions of this Indenture that apply to Notes
called for redemption or purchase also apply to portions of Notes called for redemption
or purchase.

 

Section 3.03              Notice
of Redemption.

 

Subject to Section 3.09 hereof, the Issuer shall
mail or cause to be mailed by first-class mail notices of redemption at least
30 days but not more than 60 days before the Redemption Date to each 

 

 

52

 

Holder of Notes to be redeemed at such Holder’s
registered address or otherwise in accordance with Applicable Procedures,
except that redemption notices may be mailed more than 60 days prior to a Redemption
Date if the notice is issued in connection with Article 8 or Article 11 hereof.
Except as set forth in Section 3.07(c) and Section 3.07(d) hereof, notices of
redemption may not be conditional.

 

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

 

(a)           the Redemption Date;

 

(b)           the redemption price;

 

(c)           if any Note is to be
redeemed in part only, the portion of the principal amount of that Note that is
to be redeemed and that, after the Redemption Date upon surrender of such Note,
a new Note or Notes in principal amount equal to the unredeemed portion of the
original Note representing the same indebtedness to the extent not redeemed
will be issued in the name of the Holder of the Notes upon cancellation of the
original Note;

 

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

 

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

 

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

 

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

 

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

 

(i)            if in connection with
a redemption pursuant to Section 3.07(c) or 3.07(d) hereof, any condition to
such redemption.

 

At the Issuer’s request, the Trustee shall give the
notice of redemption in the Issuer’s name and at its expense; provided
that the Issuer shall have delivered to the Trustee, at least 2 Business Days
before notice of redemption is required to be mailed or caused to be mailed to
Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed
to by the Trustee), an Officer’s Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as
provided in the preceding paragraph.

 

Section 3.04              Effect
of Notice of Redemption.

 

Once notice of redemption is mailed in accordance
with Section 3.03 hereof, Notes called for redemption become irrevocably due
and payable on the Redemption Date at the redemption price (except as provided
for in Section 3.07(b) hereof). The 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. Subject to Section 3.05 hereof, on and after the Redemption
Date, interest ceases to accrue on Notes or portions of Notes called for redemption.

 

 

53

 

Section 3.05              Deposit
of Redemption or Purchase Price.

 

(a)           With
respect to the Dollar Notes, prior to 10:00 a.m. (New York City time) on the
redemption or purchase date, the Issuer shall deposit with the Trustee or with
the Dollar Paying Agent money sufficient to pay the redemption or purchase price
of and accrued and unpaid interest (including Additional Interest, if any) on
all Dollar Notes to be redeemed or purchased on that date. The Trustee or the
Dollar Paying Agent shall promptly return to the Issuer any money deposited
with the Trustee or the Dollar Paying Agent by the Issuer in excess of the
amounts necessary to pay the redemption price of, and accrued and unpaid
interest on, all Dollar Notes to be redeemed or purchased.

 

(b)           With
respect to the Euro Notes, prior to 10:00 a.m. (London time) on the redemption
or purchase date, the Issuer shall deposit with the Euro Paying Agent money
sufficient to pay the redemption or purchase price of and accrued and unpaid
interest (including Additional Interest, if any) on all Euro Notes to be
redeemed or purchased on that date. The Euro Paying Agent shall promptly return
to the Issuer any money deposited with the Euro Paying Agent by the Issuer in
excess of the amounts necessary to pay the redemption price of, and accrued and
unpaid interest on, all Euro Notes to be redeemed or purchased.

 

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

 

Section 3.06              Notes
Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed or
purchased in part, the Issuer shall issue and the Trustee shall authenticate for
the Holder at the expense of the Issuer a new Note equal in principal amount to
the unredeemed or unpurchased portion of the Note surrendered representing the
same indebtedness to the extent not redeemed or purchased; provided that
(i) each new Dollar Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof and (ii) each new Euro Note will be in a
principal amount of €50,000 or €1,000 in excess thereof. It is understood that,
notwithstanding anything in this Indenture to the contrary, only an
Authentication Order and not an Opinion of Counsel or Officer’s Certificate is
required for the Trustee to authenticate such new Note.

 

Section 3.07              Optional
Redemption.

 

(a)           At
any time prior to September 1, 2011, the Issuer may redeem all or a part of
Dollar Notes and/or Euro Notes upon not less than 30 nor more than 60 days’
prior notice mailed by first-class mail to the registered address of each
Holder or otherwise delivered in accordance with Applicable Procedures, at a
redemption price equal to 100% of the principal amount of such Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest and
Additional Interest, if any, to the date of redemption (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.

 

 

54

 

(b)           Until
September 1, 2009, the Issuer may, at its option, redeem up to 35% of the
aggregate principal amount of Dollar Notes and/or Euro Notes issued by it at a
redemption price equal to 111.875% of the aggregate principal amount thereof,
plus accrued and unpaid interest and Additional Interest, if any, and up to 35%
of the aggregate principal amount of Euro Notes issued by it at a redemption
price equal to 111.875% of the aggregate principal amount thereof, plus accrued
and unpaid interest and Additional Interest, if any, to the Redemption Date,
subject in each case to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date, with the
net cash proceeds received by it from one or more Equity Offerings; provided that (i) at least 50% of
the sum of the aggregate principal amount of Dollar Notes originally issued
under this Indenture and any Additional Notes that are Dollar Notes issued
under this Indenture after the Issue Date and at least 50% of the sum of the
aggregate principal amount of Euro Notes originally issued under this Indenture
and any Additional Notes that are Euro Notes issued under this Indenture after
the Issue Date remains outstanding immediately after the occurrence of each
such redemption; and (ii) each such redemption occurs within 90 days of the
date of closing of each such Equity Offering.

 

(c)           Except
pursuant to clause (a) or (b) of this Section 3.07, the Dollar Notes and the
Euro Notes will not be redeemable at the Issuer’s option prior to September 1,
2011.

 

(d)           On
and after September 1, 2011, the Issuer may redeem each series of Notes, in
whole or in part, upon notice in accordance with Section 3.03 at the redemption
prices (expressed as percentages of principal amount of the Dollar Notes and/or
Euro Notes to be redeemed) 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
beginning on September 1 of each of the years indicated below:

 

	
  Year

  	
   

  	
  Dollar Notes

  Percentage

  	
   

  	
  Euro Notes

  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2011

  	
   

  	
  105.938

  	
  %

  	
  105.438

  	
  %

  
	
  2012

  	
   

  	
  103.958

  	
  %

  	
  103.625

  	
  %

  
	
  2013

  	
   

  	
  101.979

  	
  %

  	
  101.813

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100.000

  	
  %

  	
  100.000

  	
  %

  

 

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

 

Section 3.08              Mandatory
Redemption.

 

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

 

Section 3.09              Offers
to Repurchase by Application of Excess Proceeds.

 

(a)           In the event that, pursuant to Section 4.10
hereof, the Issuer shall be required to commence an Asset Sale Offer, it shall
follow the procedures specified below.

 

(b)           The Asset Sale Offer shall remain open for a
period of 20 Business Days following its commencement and no longer, except to
the extent that a longer period is required by applicable law (the “Offer
Period”). No later than five Business Days after the termination of the
Offer Period (the “Purchase Date”), the Issuer shall apply all Excess
Proceeds (the “Offer Amount”) to the purchase of 

 

 

55

 

Notes
and, if required, Pari Passu Indebtedness (on a pro rata
basis, if applicable), or, if less than the Offer Amount has been tendered, all
Notes and Pari Passu Indebtedness tendered in response to the Asset Sale Offer.
Payment for any Notes so purchased shall be made in the same manner as interest
payments are made.

 

(c)           If the Purchase Date is on or after a Record
Date and on or before the related Interest Payment Date, any accrued and unpaid
interest and Additional Interest, if any, up to but excluding the Purchase
Date, shall be paid to the Person in whose name a Note is registered at the
close of business on such Record Date, and no additional interest shall be
payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 

(d)           Upon the commencement of an Asset Sale Offer,
the Issuer shall send, by first-class mail, a notice to each of the Holders,
with a copy to the Trustee. The notice shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the
Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and holders
of Pari Passu Indebtedness. 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 3.09 and Section 4.10 hereof and the length of time
the Asset Sale Offer shall remain open;

 

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

 

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

 

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

 

(v)          that Holders electing to have a Note
purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in
denominations of $2,000 or whole multiples of $1,000 in excess thereof, in the
case of the Dollar Notes or denominations of €50,000 in excess thereof, or
whole multiples of €1,000, in the case of the Euro Notes;

 

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

 

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

 

(viii)       that, if the aggregate principal amount of
Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds
the Offer Amount, the Trustee shall select the Notes and such Pari Passu
Indebtedness to be purchased on a pro rata basis
based on the accreted value or principal amount of the Notes or such Pari Passu
Indebtedness tendered (with such adjustments as may be deemed appropriate by
the Trustee so that only Notes in denominations of $2,000 or whole multiples of
$1,000 in excess thereof, in the case of the Dollar Notes or denominations of 

 

 

56

 

€50,000, or whole multiples
of €1,000 in excess thereof, in the case of the Euro Notes, shall be
purchased); and

 

(ix)          that Holders whose Notes were purchased only
in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer)
representing the same indebtedness to the extent not repurchased.

 

(e)           On or before the Purchase Date, the Issuer
shall, to the extent lawful, (1) accept for payment, on a pro rata
basis to the extent necessary, the Offer Amount of Notes or portions thereof
validly tendered pursuant to the Asset Sale Offer, or if less than the Offer
Amount has been tendered, all Notes tendered and (2) deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officer’s
Certificate stating the aggregate principal amount of Notes or portions thereof
so tendered.

 

(f)            The Issuer, the applicable Depositary or the
Paying Agent, as the case may be, shall promptly mail or deliver to each tendering
Holder an amount equal to the purchase price of the Notes properly tendered by
such Holder and accepted by the Issuer for purchase, and the Issuer shall
promptly issue a new Note, and the Trustee, upon receipt of an Authentication
Order, shall authenticate and mail or deliver (or cause to be transferred by
book-entry) such new Note to such Holder (it being understood that,
notwithstanding anything in this Indenture to the contrary, no Opinion of
Counsel or Officer’s Certificate is required for the Trustee to authenticate
and mail or deliver such new Note) in a principal amount equal to any
unpurchased portion of the Note surrendered representing the same indebtedness
to the extent not repurchased; provided, that each such new Note shall
be in a principal amount of $2,000 or €50,000 and integral multiples of $1,000
or €1,000 in excess thereof, as the case may be. Any Note not so accepted shall
be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer
shall publicly announce the results of the Asset Sale Offer on or as soon as
practicable after the Purchase Date.

 

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

 

ARTICLE 4

COVENANTS

 

Section
4.01              Payment of Notes.

 

The
Issuer shall pay or cause to be paid the principal of, premium, if any,
Additional Interest, if any, and interest on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, Additional Interest,
if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Issuer or a Subsidiary, holds as of noon Eastern Time
in the case of the Dollar Notes and noon London Time with respect to the Euro
Notes on the due date money deposited by the Issuer in immediately available
funds and designated for and sufficient to pay all principal, premium, if any,
and interest then due.

 

The
Issuer shall pay all Additional Interest, if any, in the same manner on the
dates and in the amounts set forth in the Registration Rights Agreement.

 

The
Issuer shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal at the rate equal to the then
applicable interest rate on the Notes to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy 

 

57

 

Law) on
overdue installments of interest and Additional Interest (without regard to any
applicable grace period) at the same rate to the extent lawful.

 

Section
4.02              Maintenance of Office or Agency.

 

The
Issuer shall maintain the offices or agencies (which may be an office of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar) required
under Section 2.03 where Notes may be surrendered for registration of transfer
or for exchange and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be served. The Issuer shall give prompt
written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Issuer 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 Corporate Trust Office of the Trustee.

 

The
Issuer may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided
that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain such offices or agencies as required by Section
2.03 for such purposes. The Issuer shall give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

 

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

 

Section
4.03              Reports and Other Information.

 

(a)           Notwithstanding that Holdings 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, Holdings shall file with the SEC (and make available to
the Trustee and Holders of the Notes (without exhibits), without cost to any
Holder, within 15 days after Holdings files them with the SEC) from and
after the Issue Date,

 

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

 

(2)          within 45 days after the end of each of the
first three fiscal quarters of each fiscal year, reports on Form 10-Q containing
all quarterly information that would be required to be contained in Form 10-Q,
or any successor or comparable form;

 

(3)          promptly from time to time after the
occurrence of an event required to be therein reported, such other reports on
Form 8-K, or any successor or comparable form; and

 

(4)          any other information, documents and other
reports which Holdings would be required to file with the SEC if it were
subject to Section 13 or 15(d) of the Exchange Act;

 

in
each case, in a manner that complies
in all material respects with the
requirements specified in such form; provided that Holdings shall
not be so obligated to file such reports with the SEC if the SEC does 

 

58

not permit such filing, in
which event Holdings shall make available such information to prospective
purchasers of Notes, in addition to providing such information to the Trustee
and the Holders of the Notes, in each case within 15 days after the time
Holdings would be required to file such information with the SEC, if it were
subject to Sections 13 or 15(d) of the Exchange Act. 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, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers’ Certificates). In addition, to the extent not satisfied by the
foregoing, Holdings shall furnish to Holders and to securities analysts and
prospective investors, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(b)           In the event that any direct or indirect
parent company of Holdings becomes a guarantor of the Notes, Holdings may to
satisfy its obligations under this Section 4.03 with respect to financial
information relating to Holdings by furnishing financial information relating
to such parent; provided
that the same is accompanied by consolidating information that explains in reasonable
detail the differences between the information relating to such parent, on the
one hand, and the information relating to Holdings and its Restricted
Subsidiaries on a standalone basis, on the other hand.

 

(c)           Notwithstanding the foregoing, the
requirements of this Section 4.03 shall be deemed satisfied prior to the commencement
of the Exchange Offer or the effectiveness of the Shelf Registration Statement
by (1) the filing with the SEC of the Exchange Offer Registration Statement or
Shelf Registration Statement (or any other similar registration statement), and
any amendments thereto, with such financial information that satisfies
Regulation S-X of the Securities Act or (2) by posting on its website or
providing to the Trustee within 15 days of the time periods after Holdings
would have been required to file annual and interim reports with the SEC, the
financial information (including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” section) that would be required
to be included in such reports, subject to exceptions consistent with the
presentation of financial information in the Offering Memorandum.

 

Section
4.04              Compliance Certificate.

 

(a)           The Issuer and each Guarantor (to the extent
that such Guarantor is so required under the Trust Indenture Act) shall deliver
to the Trustee, within 90 days after the end of each fiscal year ending after
the Issue Date, a certificate from the principal executive officer, principal
financial officer or principal accounting officer stating that a review of the
activities of the Issuer and its Restricted Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officer with a
view to determining whether the Issuer has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to such
Officer signing such certificate, that to the best of his or her knowledge the
Issuer has kept, observed, performed and fulfilled each and every condition and
covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions, covenants and conditions of this
Indenture (or, if a Default shall have occurred, describing all such Defaults
of which he or she may have knowledge and what action the Issuer is taking or
proposes to take with respect thereto).

 

(b)           When any Default has occurred and is
continuing under this Indenture, or if the Trustee or the holder of any other
evidence of Indebtedness of the Issuer or any Subsidiary gives any notice or
takes any other action with respect to a claimed Default, the Issuer shall
promptly (which shall be no more than five (5) Business Days) deliver to the
Trustee by registered or certified mail or by facsimile 

 

 

59

 

transmission
an Officer’s Certificate specifying such event and what action the Issuer
proposes to take with respect thereto.

 

Section
4.05              Taxes.

 

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

 

Section
4.06              Stay, Extension and Usury Laws.

 

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

 

Section
4.07              Limitation on Restricted Payments.

 

(a)           Holdings shall not, and shall not permit any
of its Restricted Subsidiaries to, directly or indirectly:

 

(I)            declare or pay any dividend or make any
payment or distribution on account of Holdings’, or any of its Restricted
Subsidiaries’ Equity Interests, including any dividend or distribution payable
in connection with any merger or consolidation other than:

 

(a)           dividends or distributions by Holdings payable solely in Equity
Interests (other than Disqualified Stock) of Holdings; or

 

(b)           dividends or distributions by a Restricted Subsidiary so long as, in
the case of any dividend or distribution payable on or in respect of any class
or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned
Subsidiary, Holdings 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, redeem, defease or otherwise acquire or retire for value any
Equity Interests of Holdings or any direct or indirect parent of Holdings,
including in connection with any merger or consolidation;

 

(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, sinking fund payment or maturity, any Subordinated Indebtedness,
other than:

 

(a)           Indebtedness permitted under clauses (7) and (8) of Section 4.09(b)
hereof; or

 

 

60

 

(b)           the purchase, repurchase or other acquisition of Subordinated
Indebtedness purchased in anticipation of satisfying a sinking fund obligation,
principal installment or final maturity, in each case due within one year of
the date of purchase, repurchase or acquisition; or

 

(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:

 

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

 

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

 

(3)           such Restricted Payment, together with the
aggregate amount of all other Restricted Payments made by Holdings and its
Restricted Subsidiaries after the Issue Date (including Restricted Payments
permitted by clauses (1), (2) (with respect to the payment of dividends on
Refunding Capital Stock (as defined below) pursuant to clause (b) thereof
only), (6)(c), (9) and (14) of Section 4.07(b) hereof, but excluding all
other Restricted Payments permitted by Section 4.07(b) hereof, is less than the
sum of (without duplication):

 

(a)           50% of the Consolidated Net Income of
Holdings for the period (taken as one accounting period) beginning July 1,
2006, to the end of Holdings’ recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted Payment, or,
in the case such Consolidated Net Income for such period is a deficit, minus
100% of such deficit; plus

 

(b)           100% of the aggregate net cash proceeds and the fair market value of
marketable securities or other property received by Holdings since immediately
after the Issue Date (other than net cash proceeds to the extent such net cash
proceeds have been used to incur Indebtedness, Disqualified Stock or Preferred
Stock pursuant to clause (12)(a) of Section 4.09(a) hereof from the issue
or sale of:

 

(i)            (A) Equity Interests of Holdings, including
Treasury Capital Stock (as defined below), but excluding cash proceeds and the
fair market value of marketable securities or other property received from the
sale of:

 

(x)            Equity Interests to members of management, directors
or consultants of Holdings, any direct or indirect parent company of Holdings
and Holdings’ Subsidiaries after the Issue Date to the extent such amounts have
been applied to Restricted Payments made in accordance with clause (4) Section 4.07(b)
hereof; and

 

(y)           Designated Preferred Stock;

 

and (B) to the extent such net cash proceeds are actually contributed
to Holdings, Equity Interests of Holdings’ direct or indirect parent companies
(excluding contributions of the proceeds from the sale of Designated Preferred
Stock of such 

 

 

61

 

companies or contributions to the extent such amounts have been applied
to Restricted Payments made in accordance with clause (4) of
Section 4.07(b) hereof; or

 

(ii)           debt securities of Holdings that have been
converted into or exchanged for such Equity Interests of Holdings;

 

provided, however, that this clause (b) shall not include the proceeds from (W)
Refunding Capital Stock (as defined below), (X) Equity Interests or convertible
debt securities of Holdings sold to a Restricted Subsidiary, as the case may
be, (Y) Disqualified Stock or debt securities that have been converted into
Disqualified Stock or (Z) Excluded Contributions; plus

 

(c)           100% of the aggregate amount of cash and the
fair market value of marketable securities or other property contributed to the
capital of Holdings following the Issue Date (other than net cash proceeds to
the extent such net cash proceeds have been used to incur Indebtedness,
Disqualified Stock or Preferred Stock pursuant to clause (12)(a) of
Section 4.09(b) hereof) (other than by a Restricted Subsidiary and other
than by any Excluded Contributions); plus

 

(d)           100% of the aggregate amount received in cash and the fair market value
of marketable securities or other property received by means of:

 

(i)            the sale or other disposition (other than to
Holdings or a Restricted Subsidiary) of Restricted Investments made by Holdings
or its Restricted Subsidiaries and repurchases and redemptions of such Restricted
Investments from Holdings or its Restricted Subsidiaries and repayments of
loans or advances, and releases of guarantees, which constitute Restricted
Investments by Holdings or its Restricted Subsidiaries, in each case after the
Issue Date; or

 

(ii)           the sale (other than to Holdings or a
Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a
distribution from an Unrestricted Subsidiary (other than in each case to the
extent the Investment in such Unrestricted Subsidiary was made by Holdings or a
Restricted Subsidiary pursuant to clause (7) of Section 4.07(b)
hereof or to the extent such Investment constituted a Permitted Investment) or
a dividend from an Unrestricted Subsidiary after the Issue Date; plus

 

(e)           in the case of the redesignation of an
Unrestricted Subsidiary as a Restricted Subsidiary after the Issue Date, the
fair market value of the Investment in such Unrestricted Subsidiary (which, if
the fair market value of such Investment shall exceed $50.0 million, shall
be set forth in writing by an Independent Financial Advisor), at the time of
the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary
other than an Unrestricted Subsidiary to the extent the Investment in such
Unrestricted Subsidiary was made by Holdings or a Restricted Subsidiary
pursuant to clause (7) of Section 4.07(b) hereof or to the extent such
Investment constituted a Permitted Investment.

 

(b)           The foregoing provisions of
Section 4.07(a) hereof will not prohibit:

 

 

62

 

(1)     the payment of any dividend 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;

 

(2)     (a) the redemption, repurchase, retirement or
other acquisition of any Equity Interests (“Treasury Capital Stock”) or Subordinated Indebtedness of Holdings or
any Equity Interests of any direct or indirect parent company of Holdings, in exchange
for, or out of the proceeds of the substantially concurrent sale (other than to
a Restricted Subsidiary) of, Equity Interests of Holdings or any direct or
indirect parent company of Holdings to the extent contributed to Holdings (in
each case, other than any Disqualified Stock) (“Refunding Capital Stock”) and (b) if immediately prior to
the retirement of Treasury Capital Stock, the declaration and payment of
dividends thereon was permitted under clause (6) of this Section 4.07(b),
the declaration and payment of dividends on the Refunding Capital Stock (other
than Refunding Capital Stock the proceeds of which were used to redeem,
repurchase, retire or otherwise acquire any Equity Interests of any direct or
indirect parent company of Holdings) in an aggregate amount per year no greater
than the aggregate amount of dividends per annum that were declarable and
payable on such Treasury Capital Stock immediately prior to such retirement;

 

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

 

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

 

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

 

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

 

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

 

(4)     a Restricted Payment to pay for the
repurchase, retirement or other acquisition or retirement for value of Equity
Interests (other than Disqualified Stock) of Holdings or any of its direct or
indirect parent companies held by any future, present or former employee,
director or consultant of Holdings, any of its Subsidiaries or any of its
direct or indirect parent companies pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan or
agreement; provided, however, that the aggregate
Restricted Payments made under this clause (4) do not exceed in any calendar
year $20.0 million (which shall increase to $25.0 million subsequent to
the consummation of an underwritten public Equity Offering by 

 

 

63

 

Holdings or any direct or
indirect parent entity of Holdings) (with unused amounts in any calendar year
being carried over to succeeding calendar years subject to a maximum (without
giving effect to the following proviso) of $25.0 million in any calendar
year (which shall increase to $50.0 million subsequent to the consummation of
an underwritten public Equity Offering by Holdings or any direct or indirect
parent corporation of Holdings)); provided further that such amount in
any calendar year may be increased by an amount not to exceed:

 

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

 

(b)           the cash proceeds of key man life insurance policies received by
Holdings or its Restricted Subsidiaries after the Issue Date; less

 

(c)           the amount of any Restricted Payments previously made with the cash
proceeds described in clauses (a) and (b) of this clause (4);

 

and provided further that cancellation of Indebtedness owing to
Holdings from members of management of Holdings, any of Holdings’ direct or
indirect parent companies or any of Holdings’ Restricted Subsidiaries in
connection with a repurchase of Equity Interests of Holdings or any of its
direct or indirect parent companies will not be deemed to constitute a
Restricted Payment for purposes of this Section 4.07 or any other provision of
this Indenture;

 

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

 

(6)     (a) the declaration and payment of dividends
to holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) issued by Holdings after the Issue Date;

 

(b)           the declaration and payment of dividends to a
direct or indirect parent company of Holdings, the proceeds of which will be
used to fund the payment of dividends to holders of any class or series of
Designated Preferred Stock (other than Disqualified Stock) of such parent corporation
issued after the Issue Date, provided that the amount of dividends paid
pursuant to this clause (b) shall not exceed the aggregate amount of cash
actually contributed to Holdings from the sale of such Designated Preferred
Stock; or

 

(c)           the declaration and payment of dividends on
Refunding Capital Stock that is Preferred Stock in excess of the dividends
declarable and payable thereon pursuant to clause (2) of this
Section 4.07(b);

 

provided, however, in the case of each of (a),
(b) and (c) of this clause (6), that for the most recently ended four full
fiscal quarters for which internal financial statements are available immediately
preceding the date of issuance of such Designated Preferred Stock or the
declaration of such dividends on Refunding Capital Stock that is Preferred
Stock, after giving effect to such issuance 

 

 

64

 

or declaration on a pro forma basis, Holdings and its Restricted Subsidiaries on
a consolidated basis would have had a Fixed Charge Coverage Ratio of at least
2.00 to 1.00;

 

(7)           Investments in Unrestricted Subsidiaries
having an aggregate fair market value, taken together with all other Investments
made pursuant to this clause (7) that are at the time outstanding, without
giving effect to the sale of an Unrestricted Subsidiary to the extent the
proceeds of such sale do not consist of cash or marketable securities, not to
exceed the greater of $75.0 million and 1.5% of Total Assets 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);

 

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

 

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

 

(10)         Restricted Payments that are made with
Excluded Contributions;

 

(11)         other Restricted Payments in an aggregate
amount taken together with all other Restricted Payments made pursuant to this
clause (11) not to exceed 1.875% of Total Assets at the time made;

 

(12)         distributions or payments of Receivables
Fees;

 

(13)         any Restricted Payment used to fund the
Transaction and the fees and expenses related thereto or owed to Affiliates, in
each case to the extent permitted by Section 4.11 hereof;

 

(14)         the repurchase, redemption or other
acquisition or retirement for value of any Subordinated Indebtedness pursuant
to the provisions similar to those described under Section 4.10 and
Section 4.14 hereof; provided
that all Notes validly tendered by Holders in connection with a Change of
Control Offer or Asset Sale Offer, as applicable, have been repurchased,
redeemed or acquired for value;

 

(15)         the declaration and payment of dividends by
Holdings to, or the making of loans to, any direct or indirect parent in
amounts required for any direct or indirect parent companies to pay, in each case
without duplication,

 

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

 

(b)           federal, state and local income taxes, to the extent such income taxes
are attributable to the income of Holdings and its Restricted Subsidiaries and,
to the extent of the amount actually received from its Unrestricted Subsidiaries,
in amounts required to pay such taxes to the extent attributable to the income
of such Unrestricted Subsidiaries; 

 

 

65

 

provided that in each case the amount of such
payments in any fiscal year does not exceed the amount that Holdings and its Restricted
Subsidiaries would be required to pay in respect of federal, state and local
taxes for such fiscal year were Holdings, its Restricted Subsidiaries and its
Unrestricted Subsidiaries (to the extent described above) to pay such taxes
separately from any such parent entity;

 

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

 

(d)           general corporate operating and overhead costs and expenses of any
direct or indirect parent company of Holdings to the extent such costs and
expenses are attributable to the ownership or operation of Holdings and its Restricted
Subsidiaries; and

 

(e)           fees and expenses other than to Affiliates of Holdings related to any
unsuccessful equity or debt offering of such parent entity; and

 

(16)         the distribution, by dividend or otherwise,
of shares of Capital Stock of, or Indebtedness owed to Holdings or a Restricted
Subsidiary by Unrestricted Subsidiaries (other than Unrestricted Subsidiaries,
the primary assets of which are cash and/or Cash Equivalents);

 

provided, however, that at the time of, and after giving
effect to, any Restricted Payment permitted under clauses (11) and (16) of
this Section 4.07(b), no Default shall have occurred and be continuing or
would occur as a consequence thereof.

 

(c)           Holdings will not permit any Unrestricted
Subsidiary to become a Restricted Subsidiary except pursuant to the last
sentence of the definition of “Unrestricted Subsidiary.”  For purposes of designating any Restricted
Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by
Holdings and its Restricted Subsidiaries (except to the extent repaid) in the
Subsidiary so designated will be deemed to be Restricted Payments in an amount
determined as set forth in the last sentence of the definition of “Investment.”  Such designation will be permitted only if a
Restricted Payment in such amount would be permitted at such time, whether
pursuant to Section 4.07(a) hereof or under clause (7), (10), (11) or (16)
of Section 4.07(b) hereof, or pursuant to the definition of “Permitted
Investments,” and if such Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary.

 

Section
4.08              Dividend and Other Payment Restrictions
Affecting Restricted Subsidiaries.

 

(a)           Holdings shall not, and shall not permit any
of its Restricted Subsidiaries that are not Guarantors to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective
any consensual encumbrance or consensual restriction on the ability of any such
Restricted Subsidiary to:

 

(1)           (A) 
pay dividends or make any other distributions to Holdings or any of its
Restricted Subsidiaries on its Capital Stock or with respect to any other
interest or participation in, or measured by, its profits, or

 

(B)           pay any Indebtedness owed to Holdings or any
of its Restricted Subsidiaries;

 

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

 

 

66

 

(3)           sell, lease or transfer any of its properties
or assets to Holdings or any of its Restricted Subsidiaries.

 

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

 

(1)           contractual encumbrances or restrictions in
effect on the Issue Date, including pursuant to the Senior Credit Facilities
and the related documentation and the indenture governing the Senior Notes and
the related documentation;

 

(2)           this Indenture and the Notes;

 

(3)           purchase money obligations for property
acquired in the ordinary course of business that impose restrictions of the
nature discussed in clause (3) of Section 4.08(a) hereof on the property so
acquired;

 

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

 

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

 

(6)           contracts for the sale of assets, including
customary restrictions with respect to a Subsidiary of Holdings pursuant to an
agreement that has been entered into for the sale or disposition of all or
substantially all of the Capital Stock or assets of such Subsidiary;

 

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

 

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

 

(9)           other Indebtedness, Disqualified Stock or
Preferred Stock of Foreign Subsidiaries permitted to be incurred subsequent to
the Issue Date pursuant to the provisions of Section 4.09 hereof;

 

(10)         customary provisions in joint venture
agreements and other similar agreements relating solely to such joint venture;

 

(11)         customary provisions contained in leases or
licenses of intellectual property and other agreements, in each case, entered
into in the ordinary course of business;

 

(12)         any encumbrances or restrictions of the type
referred to in clauses (1), (2) and (3) of Section 4.08(a) hereof imposed by
any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in clauses (1) through (11) of this Section 4.08(b); provided
that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, in the good faith
judgment of Holdings, no more restrictive with 

 

 

67

 

respect to such encumbrance
and other restrictions taken as a whole than those prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing; and

 

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

 

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

 

(a)           Holdings shall not, and shall not permit any
of its Restricted Subsidiaries to, directly or indirectly, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly liable, contingently
or otherwise (collectively, “incur”
and collectively, an “incurrence”)
with respect to any Indebtedness (including Acquired Indebtedness) and Holdings
will not issue any shares of Disqualified Stock and will not permit any
Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred
Stock; provided, however, that Holdings may
incur Indebtedness (including Acquired Indebtedness) or issue shares of
Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including
Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of
Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for
Holdings and its Restricted Subsidiaries’ most recently ended four fiscal
quarters for which internal financial statements are available immediately
preceding the date on which such additional Indebtedness is incurred or such
Disqualified Stock or Preferred Stock is issued would have been at least 2.00
to 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 such four-quarter period; provided
that Restricted Subsidiaries that are not Guarantors may not incur Indebtedness
or Disqualified Stock or Preferred Stock if, after giving pro forma
effect to such incurrence or issuance (including a pro forma
application of the net proceeds therefrom), more than an aggregate of $100.0
million of Indebtedness or Disqualified Stock or Preferred Stock of Restricted
Subsidiaries that are not Guarantors is outstanding pursuant to this paragraph
at such time.

 

(b)           The provisions of Section 4.09(a) hereof
shall not apply to:

 

(1)           the incurrence of Indebtedness under Credit
Facilities by Holdings or any of its Restricted Subsidiaries and the issuance
and creation of letters of credit and bankers’ acceptances thereunder (with
letters of credit and bankers’ acceptances being deemed to have a principal
amount equal to the face amount thereof), up to an aggregate principal amount
of $3,100 million outstanding at any one time, less the aggregate of
mandatory principal payments actually made by the borrower thereunder in
respect of Indebtedness thereunder with Net Proceeds from an Asset Sale or
series of related Asset Sales;

 

(2)           the incurrence by the Issuer and any
Guarantor of Indebtedness represented by (a) the Notes (including any
Guarantee) (other than any Additional Notes) and (b) the Senior Notes
(including any guarantee thereof);

 

(3)           Indebtedness of Holdings and its Restricted
Subsidiaries in existence on the Issue Date (other than Indebtedness described
in clauses (1) and (2) of this Section 4.09(b));

 

(4)           Indebtedness (including Capitalized Lease
Obligations), Disqualified Stock and Preferred Stock incurred by Holdings or
any of its Restricted Subsidiaries, to finance the purchase, lease or
improvement of property (real or personal) or equipment that is used or useful
in a 

 

 

68

 

Similar Business, whether
through the direct purchase of assets or the Capital Stock of any Person owning
such assets in an aggregate principal amount, together with any Refinancing
Indebtedness in respect thereof and all other Indebtedness, Disqualified Stock
and/or Preferred Stock issued and outstanding under this clause (4) not to
exceed 4.0% of Total Assets at any time outstanding; so long as such
Indebtedness exists at the date of such purchase, lease or improvement, or is
created within 270 days thereafter;

 

(5)           Indebtedness incurred by Holdings or any of
its Restricted Subsidiaries constituting reimbursement obligations with respect
to letters of credit issued in the ordinary course of business, including
letters of credit in respect of workers’ compensation claims, or other
Indebtedness with respect to reimbursement type obligations regarding workers’
compensation claims; provided, however, that upon the
drawing of such letters of credit or the incurrence of such Indebtedness, such
obligations are reimbursed within 30 days following such drawing or incurrence;

 

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

 

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

 

(b)           the maximum assumable liability in respect of all such Indebtedness
shall at no time exceed the gross proceeds including non-cash proceeds (the
fair market value of such non-cash proceeds being measured at the time received
and without giving effect to any subsequent changes in value) actually received
by Holdings and its Restricted Subsidiaries in connection with such disposition;

 

(7)           Indebtedness of Holdings to a Restricted
Subsidiary; provided
that any such Indebtedness owing to a Restricted Subsidiary that is not a
Guarantor is expressly 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 Restricted Subsidiary ceasing
to be a Restricted Subsidiary or any other subsequent transfer of any such
Indebtedness (except to Holdings or another Restricted Subsidiary) shall be
deemed, in each case, to be an incurrence of such Indebtedness;

 

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

 

(9)           shares of Preferred Stock of a Restricted
Subsidiary issued to Holdings or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of any Capital Stock or any other event which results in
any such Restricted Subsidiary ceasing to be a Restricted Subsidiary 

 

 

69

 

or any other subsequent
transfer of any such shares of Preferred Stock (except to Holdings or another
of its Restricted Subsidiaries) shall be deemed in each case to be an issuance
of such shares of Preferred Stock;

 

(10)         Hedging Obligations (excluding Hedging
Obligations entered into for speculative purposes) for the purpose of limiting
interest rate risk with respect to any Indebtedness permitted to be incurred
pursuant to this Section 4.09, exchange rate risk or commodity pricing
risk;

 

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

 

(12)         (a) Indebtedness or Disqualified Stock of
Holdings and Indebtedness, Disqualified Stock or Preferred Stock of Holdings or
any Restricted Subsidiary equal to 200.0% of the net cash proceeds received by
Holdings since immediately after the Issue Date from the issue or sale of Equity
Interests of Holdings or cash contributed to the capital of Holdings (in each
case, other than proceeds of Disqualified Stock or sales of Equity Interests to
Holdings or any of its Subsidiaries) as determined in accordance with
clauses (3)(b) and (3)(c) of Section 4.07(a) hereof to the extent
such net cash proceeds or cash have not been applied pursuant to such clauses
to make Restricted Payments or to make other Investments, payments or exchanges
pursuant to Section 4.07(b) hereof or to make Permitted Investments (other
than Permitted Investments specified in clauses (1) and (3) of the
definition thereof) and (b) Indebtedness or Disqualified Stock of Holdings
and Indebtedness, Disqualified Stock or Preferred Stock of Holdings or any
Restricted Subsidiary not otherwise permitted hereunder in an aggregate
principal amount or liquidation preference, which when aggregated with the
principal amount and liquidation preference of all other Indebtedness,
Disqualified Stock and Preferred Stock then outstanding and incurred pursuant
to this clause (12)(b), does not at any one time outstanding
exceed $300.0 million; provided, however that no more
than $100.0 million of Indebtedness, Disqualified Stock or Preferred Stock at
any one time outstanding and incurred pursuant to this clause (12)(b)
shall be incurred by Restricted Subsidiaries that are not Guarantors (it being
understood that any Indebtedness, Disqualified Stock or Preferred Stock
incurred pursuant to this clause (12)(b) shall cease to be deemed incurred
or outstanding for purposes of this clause (12)(b) but shall be deemed
incurred for the purposes of Section 4.09(a) hereof from and after the
first date on which Holdings or such Restricted Subsidiary could have incurred
such Indebtedness, Disqualified Stock or Preferred Stock under
Section 4.09(a) hereof without reliance on this clause (12)(b));

 

(13)         the incurrence by Holdings or any Restricted
Subsidiary, of Holdings of Indebtedness, Disqualified Stock or Preferred Stock
which serves to refund or refinance any Indebtedness, Disqualified Stock or
Preferred Stock incurred as permitted under Section 4.09(a) hereof and
clauses (2), (3), (4) and (12)(a) of this Section 4.09(b), this
clause (13) and clause (14) of this Section 4.09(b) or any
Indebtedness, Disqualified Stock or Preferred Stock issued to so refund or
refinance such Indebtedness, Disqualified Stock or Preferred Stock including
additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay
premiums (including reasonable tender premiums), defeasance costs and fees in
connection therewith (the “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness:

 

(a)           has a final maturity date later than the final maturity date of, and
has a Weighted Average Life to Maturity at the time such Refinancing
Indebtedness is incurred which is not less than the remaining Weighted Average
Life to Maturity of, the Indebtedness, Disqualified Stock or Preferred Stock
being refunded or refinanced,

 

 

70

 

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

 

(c)           shall not include:

 

(i)            Indebtedness, Disqualified Stock or Preferred
Stock of a Subsidiary of Holdings that is not a Guarantor (other than the
Issuer) that refinances Indebtedness, Disqualified Stock or Preferred Stock of
Holdings;

 

(ii)           Indebtedness, Disqualified Stock or Preferred
Stock of a Subsidiary of Holdings that is not a Guarantor (other than the
Issuer) that refinances Indebtedness, Disqualified Stock or Preferred Stock of
a Guarantor; or

 

(iii)          Indebtedness, Disqualified Stock or Preferred
Stock of Holdings or a Restricted Subsidiary that refinances Indebtedness, Disqualified
Stock or Preferred Stock of an Unrestricted Subsidiary;

 

and provided further that subclause (a) of this clause (13) will
not apply to any refunding or refinancing of any Indebtedness outstanding under
any Senior Indebtedness;

 

(14)         Indebtedness, Disqualified Stock or Preferred
Stock of (x) the Issuer or a Guarantor incurred to finance an acquisition or
(y) Persons that are acquired by the Issuer or any Guarantor or merged
into the Issuer or a Guarantor in accordance with the terms of this Indenture; provided that after giving effect
to such acquisition or merger, either

 

(a)           Holdings would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Test set forth in
Section 4.09(a) hereof, or

 

(b)           the Fixed Charge Coverage Ratio of Holdings and the Restricted
Subsidiaries is greater than immediately prior to such acquisition or merger;

 

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

 

(16)         Indebtedness of Holdings or any of its
Restricted Subsidiaries supported by a letter of credit issued pursuant to the
Credit Facilities, in a principal amount not in excess of the stated amount of
such letter of credit;

 

(17)         (a) any guarantee by Holdings or a
Restricted Subsidiary of Indebtedness or other obligations of any Restricted
Subsidiary so long as the incurrence of such Indebtedness incurred by such
Restricted Subsidiary is permitted under the terms of this Indenture, or

 

(b)           any guarantee by a Restricted Subsidiary of Indebtedness
of Holdings; provided that such guarantee is incurred in accordance with
Section 4.15 hereof;

 

 

71

 

(18)         Indebtedness of Holdings or any of its
Restricted Subsidiaries consisting of (i) the financing of insurance premiums
or (ii) take-or-pay obligations contained in supply arrangements in each case,
incurred in the ordinary course of business; and

 

(19)         Indebtedness consisting of Indebtedness
issued by Holdings or any of its Restricted Subsidiaries to current or former
officers, directors and employees thereof, their respective estates, spouses or
former spouses, in each case to finance the purchase or redemption of Equity
Interests of Holdings or any direct or indirect parent company of Holdings to
the extent described in clause (4) of Section 4.07(b) hereof.

 

(c)           For purposes of determining compliance with
this Section 4.09:

 

(1)           in the event that an item of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria
of more than one of the categories of permitted Indebtedness, Disqualified
Stock or Preferred Stock described in clauses (1) through (19) of
Section 4.09(b) hereof or is entitled to be incurred pursuant to
Section 4.09(a) hereof, the Issuer, in its sole discretion, will classify
or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock
(or any portion thereof) and will only be required to include the amount and
type of such Indebtedness, Disqualified Stock or Preferred Stock in one of the
above clauses; provided that all Indebtedness outstanding under the
Credit Facilities on the Issue Date will be treated as incurred on the Issue
Date under clause (1) of Section 4.09(b) hereof; and

 

(2)           at the time of incurrence, the Issuer will be
entitled to divide and classify an item of Indebtedness in more than one of the
types of Indebtedness described in Section 4.09(a) and
Section 4.09(b) hereof.

 

Accrual of interest, the
accretion of accreted value and the payment of interest in the form of additional
Indebtedness, Disqualified Stock or Preferred Stock will not be deemed to be an
incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes
of this Section 4.09.

 

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

 

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

 

Section
4.10              Asset Sales.

 

(a)           Holdings shall not, and shall not permit any
of its Restricted Subsidiaries to, cause, make or suffer to exist an Asset
Sale, unless:

 

 

72

 

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

 

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

 

(a)           any liabilities (as shown on Holdings’ or such Restricted Subsidiary’s
most recent balance sheet or in the footnotes thereto) of Holdings or such
Restricted Subsidiary, other than liabilities that are by their terms subordinated
to the Notes, that are assumed by the transferee of any such assets and for
which Holdings and all of its Restricted Subsidiaries have been validly
released by all creditors in writing,

 

(b)           any securities received by Holdings or such Restricted Subsidiary from
such transferee that are converted by Holdings or such Restricted Subsidiary
into cash (to the extent of the cash received) within 180 days following the
closing of such Asset Sale, and

 

(c)           any Designated Non-cash Consideration received by Holdings 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 2.5% of
Total Assets 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,

 

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

 

(b)           Within 450 days after the receipt of any Net
Proceeds of any Asset Sale, Holdings or such Restricted Subsidiary, at its
option, may apply the Net Proceeds from such Asset Sale,

 

(1)           to permanently reduce:

 

(a)           Obligations under Senior Indebtedness; and to correspondingly reduce
commitments with respect thereto;

 

(b)           Obligations under Senior Subordinated Indebtedness and to correspondingly
reduce commitments with respect thereto, provided that the Issuer shall
equally and ratably reduce Obligations under the Notes as provided under
Section 3.07 hereof through open-market purchases (to the extent such
purchases are at or above 100% of the principal amount thereof) or by making an
offer (in accordance with the procedures set forth below under Section 4.10(c)
hereof) to all Holders to purchase their Notes at 100% of the principal amount
thereof, plus the amount of accrued but unpaid interest, if any, on the amount
of Notes that would otherwise be prepaid; or

 

(c)           Indebtedness of a Restricted Subsidiary that is not a Guarantor, other
than Indebtedness owed to Holdings or another Restricted Subsidiary;

 

(2)           to make (a) an Investment in any one or
more businesses, provided
that such Investment in any business is in the form of the acquisition of
Capital Stock and results in Holdings 

 

 

73

 

or another of its Restricted
Subsidiaries, as the case may be, owning an amount of the Capital Stock of such
business such that it constitutes a Restricted Subsidiary, (b) capital
expenditures or (c) acquisitions of other assets, in each of (a), (b) and (c),
used or useful in a Similar Business, or

 

(3)     to make an investment in (a) any one or
more businesses, provided
that such Investment in any business is in the form of the acquisition of
Capital Stock and results in Holdings or another of its Restricted
Subsidiaries, as the case may be, owning an amount of the Capital Stock of such
business such that it constitutes a Restricted Subsidiary, (b) properties
or (c) acquisitions of other assets that, in each of (a), (b) and (c),
replace the businesses, properties and/or assets that are the subject of such
Asset Sale;

 

provided that, in the case of clauses (2) and (3)
above, a binding commitment shall be treated as a permitted application of the
Net Proceeds from the date of such commitment so long as Holdings, or such
other Restricted Subsidiary enters into such commitment with the good faith
expectation that such Net Proceeds will be applied to satisfy such commitment
within 180 days of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable
Commitment is later cancelled or terminated for any reason before the Net
Proceeds are applied in connection therewith, Holdings or such Restricted
Subsidiary enters into another Acceptable Commitment (a “Second Commitment”)
within 180 days of such cancellation or termination; provided  further
that if any Second Commitment is later cancelled or terminated for any reason
before such Net Proceeds are applied, then such Net Proceeds shall constitute
Excess Proceeds.

 

(c)           Any Net Proceeds from the Asset Sale that are
not invested or applied as provided and within the time period set forth in the
first sentence of the preceding paragraph will be deemed to constitute “Excess Proceeds.” When the
aggregate amount of Excess Proceeds exceeds $35.0 million, the Issuer
shall make an offer to all Holders of the Notes and, if required by the terms
of any Indebtedness that is pari passu
with the Notes (“Pari Passu
Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase
the maximum aggregate principal amount of the Notes and such Pari Passu
Indebtedness that is at least $2,000 or an integral multiple of $1,000
thereafter, in the case of the Dollar Notes and €50,000 or an integral multiple
of €1,000 thereafter, in the case of the Euro Notes, that may be purchased out
of the Excess Proceeds at an offer price in cash in an amount equal to 100% of
the principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, to the date fixed for the closing of such offer, in
accordance with the procedures set forth in this Indenture. The Issuer will commence
an Asset Sale Offer with respect to Excess Proceeds within ten Business Days
after the date that Excess Proceeds exceed $35.0 million by mailing the
notice required pursuant to the terms of this Indenture, with a copy to the Trustee.

 

To the
extent that the aggregate amount of Notes and such Pari Passu Indebtedness tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer
may use any remaining Excess Proceeds for general corporate purposes, subject
to other covenants contained in this Indenture. If the aggregate principal
amount of Notes or the Pari Passu Indebtedness surrendered by such holders
thereof exceeds the amount of Excess Proceeds, the Trustee shall select the
Notes and such Pari Passu Indebtedness to be purchased on a pro rata basis based
on the accreted value or principal amount of the Notes or such Pari Passu
Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount
of Excess Proceeds shall be reset to zero.

 

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

 

 

74

 

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

 

Section 4.11           Transactions
with Affiliates.

 

Holdings
will not, and will not permit any of its Restricted Subsidiaries to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of Holdings
(each of the foregoing, an “Affiliate
Transaction”) involving aggregate payments or consideration in
excess of $10.0 million, unless:

 

(1)           such Affiliate Transaction is on terms that
are not materially less favorable to Holdings or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction
by Holdings or such Restricted Subsidiary with an unrelated Person on an arm’s-length
basis; and

 

(2)           the Issuer delivers to the Trustee with
respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate payments or consideration in excess of $20.0 million, a
resolution adopted by the majority of the board of directors of the Issuer
approving such Affiliate Transaction and set forth in an Officer’s Certificate
certifying that such Affiliate Transaction complies with clause (1) of this
Section 4.11(a).

 

The
provisions of Section 4.11(a) will not apply to the following:

 

(1)           transactions between or among Holdings or any
of its Restricted Subsidiaries;

 

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

 

(3)           the payment of management, consulting,
monitoring and advisory fees and related expenses to the Investors pursuant to
the Sponsor Management Agreement (plus any unpaid management, consulting,
monitoring and advisory fees and related expenses accrued in any prior year)
and the termination fees pursuant to the Sponsor Management Agreement, in each
case as in effect on the Issue Date;

 

(4)           the payment of reasonable and customary fees
paid to, and indemnities provided for the benefit of, officers, directors,
employees or consultants of Holdings, any of its direct or indirect parent
companies or any of its Restricted Subsidiaries;

 

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

 

75

 

 

(6)           any agreement as in effect as of the Issue
Date, or any amendment thereto (so long as any such amendment is not
disadvantageous to the Holders when taken as a whole as compared to the
applicable agreement as in effect on the Issue Date);

 

(7)           the existence of, or the performance by
Holdings or any of its Restricted Subsidiaries 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 similar agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by
Holdings or any of its Restricted Subsidiaries of obligations under any future
amendment to any such existing agreement or under any similar agreement entered
into after the Issue Date shall only be permitted by this clause (7) to the extent
that the terms of any such amendment or new agreement are not otherwise disadvantageous
to the Holders when taken as a whole;

 

(8)           the Transaction and the payment of all fees
and expenses related to the Transaction, in each case as disclosed in the
Offering Memorandum;

 

(9)           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 Holdings and its Restricted Subsidiaries, in the
reasonable determination of the board of directors of Holdings or the senior
management thereof, or are on terms at least as favorable as might reasonably
have been obtained at such time from an unaffiliated party;

 

(10)         the issuance of Equity Interests (other than
Disqualified Stock) of Holdings to any Permitted Holder or to any director,
officer, employee or consultant;

 

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

 

(12)         payments by Holdings or any of its Restricted
Subsidiaries to any of the Investors 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 Holdings in good faith;

 

(13)         payments or loans (or cancellation of loans)
to employees or consultants of Holdings, any of its direct or indirect parent
companies or any of its Restricted Subsidiaries and employment agreements,
stock option plans and other similar arrangements with such employees or
consultants which, in each case, are approved by a majority of the board of directors
of Holdings in good faith; and

 

(14)         investments by the Investors in securities of
Holdings or any of its Restricted Subsidiaries so long as (i) the investment is
being offered generally to other investors on the same or more favorable terms
and (ii) the investment constitutes less than 5% of the proposed or outstanding
issue amount of such class of securities.

 

Section
4.12           Liens.

 

The
Issuer shall not, and shall not permit any Guarantor to, directly or
indirectly, create, incur, assume or suffer to exist any Lien (except Permitted
Liens) that secures obligations under any 

 

 

76

 

Indebtedness
ranking pari passu with or subordinated to the
Notes or any related Guarantee, on any asset or property of the Issuer or any
Guarantor, or any income or profits therefrom, or assign or convey any right to
receive income therefrom, unless:

 

(1)           in the case of Liens securing Subordinated
Indebtedness, the Notes and related Guarantees are secured by a Lien on such
property, assets or proceeds that is senior in priority to such Liens; or

 

(2)           in all other cases, the Notes or the
Guarantees are equally and ratably secured, except that the foregoing shall not
apply to (A) Liens securing the Notes and the related Guarantees and (B) Liens
securing Senior Indebtedness of the Issuer or any Guarantor.

 

Section
4.13           Corporate Existence.

 

Subject
to Article 5 hereof, Holdings shall do or cause to be done all things necessary
to preserve and keep in full force and effect (i) its corporate existence, and
the corporate, partnership or other existence of each of its Restricted
Subsidiaries, in accordance with the respective organizational documents (as
the same may be amended from time to time) of Holdings or any such Restricted
Subsidiary and (ii) the rights (charter and statutory), licenses and franchises
of Holdings and its Restricted Subsidiaries; provided that Holdings
shall not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any of its Restricted Subsidiaries,
if Holdings in good faith shall determine that the preservation thereof is no
longer desirable in the conduct of the business of Holdings and its Restricted
Subsidiaries, taken as a whole.

 

Section
4.14           Offer to Repurchase Upon Change of Control.

 

If a
Change of Control occurs, unless the Issuer has previously or concurrently
mailed a redemption notice with respect to all the outstanding Notes as
described under Section 3.07 hereof, the Issuer shall make an offer to purchase
all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a
price in cash (the “Change of
Control Payment”) equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest and Additional Interest, if any, to
the date of purchase, subject to the right of Holders of the Notes of record on
the relevant Record Date to receive interest due on the relevant Interest
Payment Date. Within 30 days following any Change of Control, the Issuer shall
send notice of such Change of Control Offer by first-class mail, with a copy to
the Trustee, to each Holder of Notes to the address of such Holder appearing in
the security register or otherwise in accordance with Applicable Procedures,
with a copy to the Trustee, with the following information:

 

(1)           that a Change of Control Offer is being made
pursuant to this Section 4.14 and that all Notes properly tendered pursuant to
such Change of Control Offer will be accepted for payment by the Issuer;

 

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

 

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

 

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

 

 

77

 

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

 

(6)           that Holders will be entitled to withdraw
their tendered Notes and their election to require the Issuer to purchase such
Notes, provided that the
paying agent receives, not later than the close of business on the 30 day
following the date of the Change of Control notice, a telegram, facsimile
transmission or letter setting forth the name of the Holder of the Notes, the
principal amount of Notes tendered for purchase, and a statement that such
Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

 

(7)           that if the Issuer is redeeming less than all
of the Notes, the Holders of the remaining Notes will be issued new Notes and
such new Notes will be equal in principal amount to the unpurchased portion of
the Notes surrendered. The unpurchased portion of the Notes must be equal to at
least $2,000 or an integral multiple of $1,000 thereafter, in the case of the
Dollar Notes and €50,000 or an integral multiple of €1,000 thereafter, in the
case of the Euro Notes; and

 

(8)           the other instructions, as determined by the
Issuer, consistent with this Section 4.14 described hereunder, that a Holder
must follow.

 

The
notice, if mailed in a manner herein provided, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice. If (a) the
notice is mailed in a manner herein provided and (b) any Holder fails to
receive such notice or a Holder receives such notice but it is defective, such
Holder’s failure to receive such notice or such defect shall not affect the
validity of the proceedings for the purchase of the Notes as to all other
Holders that properly received such notice without defect. The Issuer shall
comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws or
regulations are applicable in connection with the repurchase of Notes pursuant
to a Change of Control Offer. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Section 4.14, the
Issuer shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under this Section 4.14 by
virtue thereof.

 

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

 

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

 

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

 

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

 

(c)           The Issuer shall not be required to make a
Change of Control Offer following a Change of Control if a third party makes
the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in this Section 4.14 applicable to a
Change of Control Offer made by the Issuer and purchases all Notes validly
tendered and not withdrawn under such

 

78

 

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

 

(d)           Other than as specifically provided in this
Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant
to the provisions of Sections 3.02, 3.05 and 3.06 hereof.

 

Section
4.15           Limitation on Guarantees of Indebtedness by
Restricted Subsidiaries.

 

Holdings
shall not permit any of its Wholly-Owned Subsidiaries that are Restricted Subsidiaries
(and non-Wholly-Owned Subsidiaries if such non-Wholly-Owned Subsidiaries
guarantee other capital markets debt securities), other than a Guarantor or a
Foreign Subsidiary, to guarantee the payment of any Indebtedness of the Issuer
or any other Guarantor unless:

 

(1)           such Restricted Subsidiary within 30 days
executes and delivers a supplemental indenture to this Indenture, the form of
which is attached as Exhibit D hereto, providing for a Guarantee by such
Restricted Subsidiary, except that with respect to a guarantee of Indebtedness
of the Issuer or any Guarantor:

 

(a)           if the Notes or such Guarantor’s Guarantee are subordinated in right of
payment to such Indebtedness, the Guarantee under the supplemental indenture
shall be subordinated to such Restricted Subsidiary’s guarantee with respect to
such Indebtedness substantially to the same extent as the Notes are
subordinated to such Indebtedness; and

 

(b)           if such Indebtedness is by its express terms subordinated in right of
payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such
Restricted Subsidiary with respect to such Indebtedness shall be subordinated
in right of payment to such Guarantee substantially to the same extent as such
Indebtedness is subordinated to the Notes;

 

(2)           such Restricted Subsidiary waives and shall
not in any manner whatsoever claim or take the benefit or advantage of, any
rights of reimbursement, indemnity or subrogation or any other rights against
Holdings or any other Restricted Subsidiary as a result of any payment by such
Restricted Subsidiary under its Guarantee; and

 

(3)           such Restricted Subsidiary shall deliver to
the Trustee an Opinion of Counsel to the effect that:

 

(a)           such Guarantee has been duly executed and authorized; and

 

(b)           such Guarantee constitutes a valid, binding and enforceable obligation
of such Restricted Subsidiary, except insofar as enforcement thereof may be limited
by bankruptcy, insolvency or similar laws (including, without limitation, all
laws relating to fraudulent transfers) and except insofar as enforcement
thereof is subject to general principles of equity;

 

provided that this Section 4.15 shall not be applicable to any
guarantee of any Restricted Subsidiary that existed at the time such Person
became a Restricted Subsidiary and was not incurred in connection with, or in
contemplation of, such Person becoming a Restricted Subsidiary.

 

79

 

Section
4.16           Discharge and Suspension of Covenants.

 

(a)           If after the Issue Date (i) the Notes have
Investment Grade Ratings from both Rating Agencies and (ii) no Default has
occurred and is continuing under this Indenture then, beginning on that day and
continuing at all times thereafter regardless of any subsequent changes in the
rating of the Notes (the occurrence of the events described in the foregoing
clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”),
Section 4.07 hereof, Section 4.08 hereof, Section 4.09 hereof, Section 4.10
hereof, Section 4.11 hereof, Section 4.14 hereof, Section 4.15 hereof, Section
4.17 hereof and clause (4) of Section 5.01 hereof shall not be applicable to
the Notes (collectively, the “Suspended
Covenants”).

 

(b)           During any period that the foregoing
covenants have been suspended, Holdings may not designate any of its
Subsidiaries as Unrestricted Subsidiaries pursuant to the second sentence of
the definition of “Unrestricted Subsidiary.”

 

(c)           In the event that
Holdings and its Restricted Subsidiaries are not subject to the Suspended
Covenants under this Indenture for any period of time as a result of the
foregoing, and on any subsequent date (the “Suspension Date”) one or both of the Rating Agencies
withdraw their Investment Grade Rating or downgrade the rating assigned to the
Notes below an Investment Grade Rating, then Holdings and its Restricted
Subsidiaries will thereafter again be subject to the Suspended Covenants under
this Indenture with respect to future events. The period of time between the
Suspension Date and the Reversion Date is referred to in this Section 4.16 as
the “Suspension Period.” The Guarantees of the Guarantors will be
suspended during the Suspension Period. Additionally, upon the occurrence of a
Covenant Suspension Event, the amount of Excess Proceeds from Net Proceeds
shall be reset to zero.

 

(d)           Notwithstanding the foregoing, in the event
of any such reinstatement, no action taken or omitted to be taken by Holdings
or any of its Restricted Subsidiaries prior to such reinstatement will give
rise to a Default or Event of Default under this Indenture with respect to the
Notes; provided that (1) with respect to
Restricted Payments made after such reinstatement, the amount of Restricted
Payments made will be calculated as though Section 4.07 had been in effect
prior to, but not during, the Suspension Period; and (2) all Indebtedness
incurred, or Disqualified Stock issued, during the Suspension Period will be
classified to have been incurred or issued pursuant to Section 4.09(b)(3).

 

(e)           The Issuer shall deliver promptly to the
Trustee an Officer’s Certificate notifying it of any such occurrence under this
Section 4.16.

 

Section
4.17           Limitation on Layering.

 

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

 

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

 

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

 

For
the purposes of this Indenture, Indebtedness that is unsecured is not deemed to
be subordinated or junior to Secured Indebtedness merely because it is
unsecured, and Senior Indebtedness is 

 

 

80

 

not
deemed to be subordinated or junior to any other Senior Indebtedness merely
because it has a junior priority with respect to the same collateral.

 

ARTICLE 5

SUCCESSORS

 

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

 

(a)           Neither Holdings nor the Issuer may
consolidate or merge with or into or wind up into (whether or not Holdings or
the Issuer, as applicable, is the surviving corporation), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets, in one or more related transactions, to any Person
unless:

 

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

 

(2)           the Successor Company, if other than Holdings
or the Issuer, expressly assumes all the obligations of Holdings or the Issuer,
as applicable, under the Notes pursuant to supplemental indentures or other
documents or instruments;

 

(3)           immediately after such transaction, no Default
exists;

 

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

 

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

 

(b)           the Fixed Charge Coverage Ratio for the Successor Company, Holdings or
the Issuer, as applicable, and the Restricted Subsidiaries would be greater
than the Fixed Charge Coverage Ratio for Holdings and its Restricted Subsidiaries
immediately prior to such transaction;

 

(5)           each Guarantor, unless it is the other party
to the transactions described above, in which case Section 5.01(c)(1)(B)
hereof shall apply, shall have by supplemental indenture confirmed that its
Guarantee shall apply to such Person’s obligations under this Indenture, the
Notes and the Registration Rights Agreement; and

 

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

 

 

81

 

(b)           The Successor Company will succeed to, and be
substituted for Holdings or the Issuer, as the case may be, under this
Indenture, the Guarantees and the Notes, as applicable. Notwithstanding the
clauses (3) and (4) of Section 5.01(a) hereof,

 

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

 

(2)           Holdings or the Issuer may merge with an
Affiliate of Holdings or the Issuer, as the case may be, solely for the purpose
of reincorporating Holdings or the Issuer in a State of the United States so
long as the amount of Indebtedness of Holdings and its Restricted Subsidiaries
is not increased thereby.

 

(c)           Subject to certain limitations described in
this Indenture governing release of a Guarantee upon the sale, disposition or
transfer of a guarantor, no Guarantor will, and the Issuer will not permit any
Guarantor to, consolidate or merge with or into or wind up into (whether or not
the Issuer or Guarantor is the surviving corporation), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets, in one or more related transactions, to any Person
unless:

 

(1)           (a) such Guarantor is the surviving
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 organized or existing under the laws of the jurisdiction of organization
of such Guarantor, as the case may be, or the laws of the United States, any
state thereof, the District of Columbia, or any territory thereof (such
Guarantor or such Person, as the case may be, being herein called the “Successor Person”);

 

(b)           the Successor Person, if other than such
Guarantor, expressly assumes all the obligations of such Guarantor under this
Indenture and such Guarantor’s related Guarantee pursuant to supplemental
indentures or other documents or instruments;

 

(c)           immediately after such transaction, no Default
exists; and

 

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

 

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

 

(d)           Subject to certain limitations described in
this Indenture, the Successor Person will succeed to, and be substituted for,
such Guarantor under this Indenture and such Guarantor’s Guarantee. Notwithstanding
the foregoing, any Guarantor may merge into or transfer all or part of its
properties and assets to another Guarantor or the Issuer.

 

(e)           Notwithstanding anything to the contrary, the
mergers contemplated by the Transaction Agreement shall be permitted without
compliance with this Section 5.01.

 

Section
5.02           Successor Corporation Substituted.

 

Upon
any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets of
the Issuer in accordance with Section 5.01 hereof, the successor corporation
formed by such consolidation or into or with which the Issuer is merged

 

82

 

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

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section
6.01           Events of Default.

 

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

 

(1)           default in payment when due and payable, upon
redemption, acceleration or otherwise, of principal of, or premium, if any, on
the Notes (whether or not prohibited by the subordination provisions of this
Indenture);

 

(2)           default for 30 days or more in the payment
when due of interest or Additional Interest on or with respect to the Notes
(whether or not prohibited by the subordination provisions of this Indenture);

 

(3)           failure by the Issuer or any Guarantor for 60
days after receipt of written notice given by the Trustee or the Holders of not
less than 25% in principal amount of the Notes to comply with any of its
obligations, covenants or agreements (other than a default referred to in
clauses (1) and (2) above) contained in this Indenture or the Notes;

 

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

 

(a)           such default either results from the failure to pay any principal of
such Indebtedness at its stated final maturity (after giving effect to any
applicable grace periods) or relates to an obligation other than the obligation
to pay principal of any such Indebtedness at its stated final maturity and results
in the holder or holders of such Indebtedness causing such Indebtedness to
become due prior to its stated maturity; and

 

(b)           the principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal
at stated final maturity (after giving effect to any applicable grace periods),
or the maturity of which has been so accelerated, aggregate $50.0 million or
more at any one time outstanding;

 

 

83

 

(5)           failure by Holdings or any Significant
Subsidiary to pay final judgments aggregating in excess of $50.0 million,
which final judgments remain unpaid, undischarged and unstayed for a period of
more than 60 days after such judgment becomes final, and in the event such
judgment is covered by insurance, an enforcement proceeding has been commenced
by any creditor upon such judgment or decree which is not promptly stayed;

 

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

 

(i)            commences proceedings to be adjudicated
bankrupt or insolvent;

 

(ii)           consents to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy law;

 

(iii)          consents to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator or other similar official of it or for all or
substantially all of its property;

 

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

 

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

 

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

 

(i)            is for relief against Holdings or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, in a proceeding in which Holdings or any such Restricted
Subsidiaries, that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary,
is to be adjudicated bankrupt or insolvent;

 

(ii)           appoints a receiver, liquidator, assignee, trustee, sequestrator or
other similar official of Holdings or any of its Restricted Subsidiaries that
is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, or for all or
substantially all of the property of Holdings or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary;
or

 

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

 

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

 

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

 

 

84

 

(b)           In the event of any Event of Default
specified in clause (4) of Section 6.01(a) hereof, such Event of Default and
all consequences thereof (excluding any resulting payment default, other than
as a result of acceleration of the Notes) shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders,
if within 20 days after such Event of Default arose:

 

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

 

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

 

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

 

Section
6.02           Acceleration.

 

If any Event of Default
(other than an Event of Default specified in clause (6) or (7) of
Section 6.01(a) hereof) occurs and is continuing under this Indenture, the
Trustee or the Holders of at least 25% in principal amount of the then total
outstanding Notes may declare the principal, premium, if any, interest and any
other monetary obligations on all the then outstanding Notes to be due and
payable immediately. Upon the effectiveness of such declaration, such principal
and interest shall be due and payable immediately; provided, however,
that so long as any Indebtedness permitted to be incurred under this Indenture
as part of the Senior Credit Facilities shall be outstanding, no such
acceleration shall be effective until the earlier of:

 

(1) acceleration of any
such Indebtedness under the Senior Credit Facilities; or

 

(2) five
Business Days after the giving of written notice of such acceleration to the
Issuer and the administrative agent under the Senior Credit Facilities.

 

Notwithstanding
the foregoing, in the case of an Event of Default arising under clause (6) or
(7) of Section 6.01(a) hereof, all outstanding Notes shall be due and payable
immediately without further action or notice.

 

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

 

Section
6.03           Other Remedies.

 

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

 

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

 

 

85

 

Section
6.04           Waiver of Past Defaults.

 

Holders
of not less than a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may on behalf of the Holders of all of the Notes
waive any existing Default and its consequences hereunder, except a continuing
Default in the payment of the principal of, premium, if any, Additional
Interest, if any, or interest on, any Note held by a non-consenting Holder
(including in connection with an Asset Sale Offer or a Change of Control
Offer); provided, subject to Section 6.02 hereof, that the Holders of a
majority in aggregate principal amount of the then outstanding Notes may
rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.

 

Section
6.05           Control by Majority.

 

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

 

Section
6.06           Limitation on Suits.

 

Subject
to Section 6.07 hereof, no
Holder of a Note may pursue any remedy with respect to this Indenture or the
Notes unless:

 

(1)           such Holder has previously given the Trustee
notice that an Event of Default is continuing;

 

(2)           Holders of at least 25% in principal amount
of the total outstanding Notes have requested the Trustee to pursue the remedy;

 

(3)           Holders of the Notes have offered the Trustee
reasonable security or indemnity against any loss, liability or expense;

 

(4)           the Trustee has not complied with such
request within 60 days after the receipt thereof and the offer of security or
indemnity; and

 

(5)           Holders of a majority in principal amount of
the total outstanding Notes have not given the Trustee a direction inconsistent
with such request within such 60-day period.

 

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

 

Section
6.07           Rights of Holders of Notes to Receive Payment.

 

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

 

 

86

 

Section
6.08           Collection Suit by Trustee.

 

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

 

Section
6.09           Restoration of Rights and Remedies.

 

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

 

Section
6.10           Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

Section
6.11           Delay or Omission Not Waiver.

 

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

 

Section
6.12           Trustee May File Proofs of Claim.

 

The
Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Notes allowed in any judicial proceedings relative to the Issuer
(or any other obligor upon the Notes including the Guarantors), its creditors
or its property and shall be entitled and empowered to participate as a member
in any official committee of creditors appointed in such matter and to collect,
receive and distribute any money or other property payable or deliverable on
any such claims and any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses,

 

 

87

 

disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof. To the extent that the payment of any
such compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.07
hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid
out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding.

 

Section
6.13           Priorities.

 

If the
Trustee or any Agent collects any money pursuant to this Article 6, it shall
pay out the money in the following order:

 

(i)            to the Trustee, such Agent, their agents and
attorneys for amounts due under Section 7.07 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the
Trustee or such Agent and the costs and expenses of collection;

 

(ii)           to holders of Senior Indebtedness of the
Issuer and, if such money or property has been collected from a Guarantor, to
holders of Senior Indebtedness of such Guarantor, in each case to the extent
required by Article 10 and/or Article 12 hereof, as applicable;

 

(iii)          to Holders of Notes for amounts due and
unpaid on the Notes for principal, premium, if any, and Additional Interest, if
any, and interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for principal, premium,
if any, and Additional Interest, if any, and interest, respectively; and

 

(iv)          to the Issuer or to such party as a court of
competent jurisdiction shall direct including a Guarantor, if applicable.

 

The
Trustee may fix a record date and payment date for any payment to Holders of
Notes pursuant to this Section 6.13.

 

Section
6.14           Undertaking for Costs.

 

In any
suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as a Trustee, a
court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section
6.14 does not apply to a suit by the Trustee, a suit by a Holder of a Note
pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal
amount of the then outstanding Notes.

 

 

88

 

ARTICLE 7

TRUSTEE

 

Section
7.01           Duties of Trustee.

 

(a)           If an Event of 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 its
exercise, as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs.

 

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

 

(i)            the duties of the Trustee shall be determined
solely by the express provisions of this Indenture and the Trustee need perform
only those duties that are specifically set forth in this Indenture and no
others, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

 

(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 or opinions
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.

 

(c)           The Trustee may not be relieved from
liabilities for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that:

 

(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 Responsible Officer, unless it is proved in
a court of competent jurisdiction that the Trustee was negligent in ascertaining
the pertinent facts; and

 

(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 6.02, 6.04 or 6.05 hereof.

 

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

 

(e)           The Trustee shall be under no obligation to
exercise any of its rights or powers under this Indenture at the request or
direction of any of the Holders of the Notes unless the Holders have offered to
the Trustee reasonable indemnity or security against any loss, liability or expense.

 

(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
Issuer. Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

 

 

89

 

Section
7.02           Rights of Trustee.

 

(a)           The Trustee may conclusively rely upon any
document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated
in the document, 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 to examine the books, records and premises of the Issuer,
personally or by agent or attorney at the sole cost of the Issuer and shall
incur no liability or additional liability of any kind by reason of such
inquiry or investigation.

 

(b)           Before the Trustee acts or refrains from
acting, it may require an Officer’s Certificate or an Opinion of Counsel or
both. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The
Trustee may consult with counsel of its selection and the written advice of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.

 

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

 

(d)           The Trustee shall not be liable for any
action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture.

 

(e)           Unless otherwise specifically provided in
this Indenture, any demand, request, direction or notice from the Issuer shall
be sufficient if signed by an Officer of the Issuer.

 

(f)            None of the provisions of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise to incur
any liability, financial or otherwise, in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or indemnity
satisfactory to it against such risk or liability is not assured to it.

 

(g)           The Trustee shall not be deemed to have
notice of any Default or Event of Default unless a Responsible 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

 

(h)           In no event shall the Trustee be responsible
or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of
whether the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.

 

(i)            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 each agent, custodian and
other Person employed to act hereunder.

 

(j)            In the event the Issuer is required to pay
Additional Interest, the Issuer will provide written notice to the Trustee of
the Issuer’s obligation to pay Additional Interest no later than 15 days prior
to the next Interest Payment Date, which notice shall set forth the amount of
the Additional Interest 

 

 

90

 

to
be paid by the Issuer. The Trustee shall not at any time be under any duty or
responsibility to any Holders to determine whether the Additional Interest is
payable and the amount thereof.

 

Section
7.03           Individual Rights of Trustee.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer
with the same rights it would have if it were not Trustee. However, in the
event that the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the SEC for permission to continue as trustee
or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Sections 7.10 and 7.11 hereof.

 

Section
7.04           Trustee’s Disclaimer.

 

The
Trustee 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 Issuer’s use of the proceeds from the Notes or any money paid
to the Issuer or upon the Issuer’s direction under any provision of this
Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be responsible
for any statement or recital herein or any statement in the Notes or any other
document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication.

 

Section
7.05           Notice of Defaults.

 

If a
Default occurs and is continuing and if it is known to the Trustee, the Trustee
shall mail to Holders of Notes a notice of the Default within 90 days after it
occurs. Except in the case of a Default relating to the payment of principal,
premium, if any, or interest on any Note, the Trustee may withhold from the
Holders notice of any continuing Default if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders of the Notes. The Trustee shall not be deemed to
know of any Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is such a Default
is received by the Trustee in accordance with Section 14.02 hereof at the
Corporate Trust Office of the Trustee and such notice references the Notes.

 

Section
7.06           Reports by Trustee to Holders of the Notes.

 

Within
60 days after each May 15, beginning with the May 15 following the
date of this Indenture, and for so long as Notes remain outstanding, the
Trustee shall mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with Trust Indenture Act Section 313(a) (but if no
event described in Trust Indenture Act Section 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The
Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The
Trustee shall also transmit by mail all reports as required by Trust Indenture
Act Section 313(c).

 

A copy
of each report at the time of its mailing to the Holders of Notes shall be
mailed to the Issuer and filed with the SEC and each stock exchange on which
the Notes are listed in accordance with Trust Indenture Act Section 313(d). The
Issuer shall promptly notify the Trustee when the Notes are listed on any stock
exchange.

 

 

91

 

Section
7.07           Compensation and Indemnity.

 

The
Issuer shall pay to the Trustee from time to time such compensation for its
acceptance of this Indenture and services hereunder as the parties shall agree
in writing from time to time. The Trustee’s compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Issuer shall
reimburse the Trustee promptly upon request for all reasonable disbursements, advances
and expenses incurred or made by it in addition to the compensation for its
services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

 

The
Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee
and its officers, directors, employees, agents and any predecessor trustee and
its officers, directors, employees and agents for, and hold the Trustee
harmless against, any and all loss, damage, claims, liability or expense
(including attorneys’ fees) incurred by it in connection with the acceptance or
administration of this trust and the performance of its duties hereunder
(including the costs and expenses of enforcing this Indenture against the
Issuer or any of the Guarantors (including this Section 7.07) or defending
itself against any claim whether asserted by any Holder, the Issuer or any
Guarantor, or liability in connective with the acceptance, exercise or
performance of any of its powers or duties hereunder). The Trustee shall notify
the Issuer promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Issuer shall not relieve the Issuer of its
obligations hereunder. The Issuer shall defend the claim and the Trustee may
have separate counsel and the Issuer shall pay the fees and expenses of such
counsel. The Issuer need not reimburse any expense or indemnify against any
loss, liability or expense incurred by the Trustee through the Trustee’s own
willful misconduct, negligence or bad faith.

 

The
obligations of the Issuer under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture or the earlier resignation or
removal of the Trustee.

 

To
secure the payment obligations of the Issuer and the Guarantors in this Section
7.07, the Trustee shall have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except that held in trust to pay principal
and interest on particular Notes. Such Lien shall survive the satisfaction and
discharge of this Indenture.

 

When
the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(a)(6) or (7) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents
and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

 

The
Trustee shall comply with the provisions of Trust Indenture Act Section
313(b)(2) to the extent applicable.

 

Section
7.08           Replacement of Trustee.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section 7.08. The Trustee may resign in writing
at any time and be discharged from the trust hereby created by so notifying the
Issuer. The Holders of a majority in principal amount of the then outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer in
writing. The Issuer may remove the Trustee if:

 

(a)           the Trustee fails to comply with Section 7.10
hereof;

 

 

92

 

(b)           the Trustee is adjudged a bankrupt or an
insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law;

 

(c)           a custodian or public officer takes charge of
the Trustee or its property; or

 

(d)           the Trustee becomes incapable of acting.

 

If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Issuer 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 then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuer.

 

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

 

If the
Trustee, after written request by any Holder who has been a Holder for at least
six months, fails to comply with Section 7.10 hereof, such Holder may petition
any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Issuer. Thereupon, 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. The
successor Trustee shall mail a notice of its succession to Holders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to
the successor Trustee; provided all sums owing to the Trustee hereunder
have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Issuer’s
obligations under Section 7.07 hereof shall continue for the benefit of the
retiring Trustee.

 

Section
7.09           Successor Trustee by Merger, etc.

 

If the
Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee.

 

Section
7.10           Eligibility; Disqualification.

 

There
shall at all times be a Trustee hereunder that is a corporation organized and
doing business under the laws of the United States of America or of any state
thereof that is authorized under such laws to exercise corporate trustee power,
that is subject to supervision or examination by federal or state authorities
and that has, together with its parent, a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of
condition.

 

This
Indenture shall always have a Trustee who satisfies the requirements of Trust
Indenture Act Sections 310(a)(1), (2) and (5). The Trustee is subject to Trust
Indenture Act Section 310(b).

 

 

93

 

Section
7.11           Preferential Collection of Claims Against
Issuer.

 

The
Trustee is subject to Trust Indenture Act Section 311(a), excluding any
creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee
who has resigned or been removed shall be subject to Trust Indenture Act
Section 311(a) to the extent indicated therein.

 

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section
8.01           Option to Effect Legal Defeasance or Covenant
Defeasance.

 

The
Issuer may, at its option and at any time, elect to have either Section 8.02 or
8.03 hereof applied to all outstanding Notes upon compliance with the
conditions set forth below in this Article 8.

 

Section
8.02           Legal Defeasance and Discharge.

 

Upon
the Issuer’s exercise under Section 8.01 hereof of the option applicable to
this Section 8.02, the Issuer and the Guarantors shall, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to
have been discharged from their obligations with respect to all outstanding
Notes and Guarantees on the date the conditions set forth below are satisfied (“Legal
Defeasance”). For this purpose, Legal Defeasance means that the Issuer
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 8.05 hereof and the other Sections of this
Indenture referred to in (a) and (b) below, and to have satisfied all its other
obligations under such Notes and this Indenture including that of the
Guarantors (and the Trustee, on demand of and at the expense of the Issuer,
shall execute proper instruments acknowledging the same), except for the
following provisions which shall survive until otherwise terminated or
discharged hereunder:

 

(a)           the rights of Holders of Notes to receive payments
in respect of the principal of, premium, if any, and interest on the Notes when
such payments are due solely out of the trust created pursuant to this
Indenture referred to in Section 8.04 hereof;

 

(b)           the Issuer’s obligations with respect to
Notes concerning issuing temporary Notes, registration of such Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or
agency for payment and money for security payments held in trust;

 

(c)           the rights, powers, trusts, duties and immunities
of the Trustee, and the Issuer’s obligations in connection therewith; and

 

(d)           this Section 8.02.

 

Subject
to compliance with this Article 8, the Issuer may exercise its option under
this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof.

 

Section
8.03           Covenant Defeasance.

 

Upon
the Issuer’s exercise under Section 8.01 hereof of the option applicable to
this Section 8.03, the Issuer and the Guarantors shall, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be released
from their obligations under the covenants contained in Sections 4.03, 4.04,

 

 

94

 

4.05,
4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.17 hereof and
clauses (4) and (5) of Section 5.01(a), Sections 5.01(c) and 5.01(d) hereof
with respect to the outstanding Notes on and after the date the conditions set
forth in Section 8.04 hereof are satisfied (“Covenant 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 Issuer may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document and such omission to
comply shall not constitute a Default or an Event of Default under Section 6.01
hereof, but, except as specified above, the remainder of this Indenture and
such Notes shall be unaffected thereby. In addition, upon the Issuer’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03 hereof,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with respect to
Restricted Subsidiaries that are Significant Subsidiaries), 6.01(a)(7) (solely
with respect to Restricted Subsidiaries that are Significant Subsidiaries) and
6.01(a)(8) hereof shall not constitute Events of Default.

 

Section
8.04           Conditions to Legal or Covenant Defeasance.

 

The
following shall be the conditions to the application of either Section 8.02 or
8.03 hereof to the outstanding Notes:

 

In
order to exercise either Legal Defeasance or Covenant Defeasance with respect
to the Notes:

 

(1)           the Issuer must irrevocably deposit with the
Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, U.S. dollar-denominated Government Securities, or a combination
thereof, in the case of Dollar Notes and cash in euro, euro-denominated Government
Securities, or a combination thereof, in the case of Euro Notes, in such
amounts as will be sufficient, in the opinion of a nationally recognized firm
of independent public accountants, to pay the principal of, premium, if any,
and interest due on the Notes on the stated maturity date or on the Redemption
Date, as the case may be, of such principal, premium, if any, or interest on
such Notes and the Issuer must specify whether such Notes are being defeased to
maturity or to a particular Redemption Date;

 

(2)           in the case of Legal Defeasance, the Issuer
shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that, subject to customary assumptions and
exclusions,

 

(a)           the Issuer has received from, or there has been published by, the
United States Internal Revenue Service a ruling, or

 

(b)           since the issuance of the Notes, there has been a change in the
applicable U.S. federal income tax law,

 

in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, subject to
customary assumptions and exclusions, the Holders of the Notes will not
recognize income, gain or loss for U.S. federal income tax purposes, as
applicable, as a result of such Legal Defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same 

 

 

95

 

manner and at the same times
as would have been the case if such Legal Defeasance had not occurred;

 

(3)           in the case of Covenant Defeasance, the
Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and
exclusions, the Holders of the Notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Covenant Defeasance
and will be subject to such tax on the same amounts, in the same manner and at
the same times as would have been the case if such Covenant Defeasance had not
occurred;

 

(4)           no Default (other than that resulting from
borrowing funds to be applied to make such deposit and any similar and
simultaneous deposit relating to other Indebtedness and, in each case, the
granting of Liens in connection therewith) shall have occurred and be
continuing on the date of such deposit;

 

(5)           such Legal Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under the
Senior Credit Facilities, the Senior Notes or this Indenture pursuant to which
the Senior Notes were issued or any other material agreement or instrument
(other than this Indenture) to which, the Issuer or any Guarantor is a party or
by which the Issuer or any Guarantor is bound (other than that resulting from
any borrowing of funds to be applied to make the deposit required to effect
such Legal Defeasance or Covenant Defeasance and any similar and simultaneous
deposit relating to other Indebtedness, and the granting of Liens in connection
therewith);

 

(6)           the Issuer shall have delivered to the
Trustee an Opinion of Counsel to the effect that, as of the date of such
opinion and subject to customary assumptions and exclusions following the
deposit, the trust funds will not be subject to the effect of Section 547 of
Title 11 of the United States Code;

 

(7)           the Issuer shall have delivered to the
Trustee an Officer’s Certificate stating that the deposit was not made by the
Issuer with the intent of defeating, hindering, delaying or defrauding any
creditors of the Issuer or any Guarantor or others; and

 

(8)           the Issuer shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions) each stating
that all conditions precedent provided for or relating to the Legal Defeasance
or the Covenant Defeasance, as the case may be, have been complied with.

 

Section
8.05           Deposited Money and Government Securities to
Be Held in Trust; Other Miscellaneous Provisions.

 

Subject
to Section 8.06 hereof, all money and Government Securities (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.05, the “Trustee”) pursuant to Section
8.04 hereof in respect of the outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer or a Guarantor acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium and Additional Interest, if any, and
interest, but such money need not be segregated from other funds except to the
extent required by law. Money and Government Securities so held in trust are
not subject to Article 10 or Article 12 hereof.

 

96

 

 

The
Issuer shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or Government Securities deposited
pursuant to Section 8.04 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of the outstanding Notes.

 

Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or
pay to the Issuer from time to time upon the request of the Issuer any money or
Government Securities held by it as provided in Section 8.04 hereof which, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which
may be the opinion delivered under Section 8.04(a) hereof), are in excess
of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

 

Section
8.06           Repayment to Issuer.

 

Subject
to any applicable abandoned property law, any money deposited with the Trustee
or any Paying Agent, or then held by the Issuer, in trust for the payment of
the principal of, premium and Additional Interest, if any, or interest on any
Note and remaining unclaimed for two years after such principal, and premium
and Additional Interest, if any, or interest has become due and payable shall
be paid to the Issuer on its request or (if then held by the Issuer) shall be
discharged from such trust; and the Holder of such Note shall thereafter look
only to the Issuer for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the
Issuer as trustee thereof, shall thereupon cease.

 

Section
8.07           Reinstatement.

 

If the
Trustee or Paying Agent is unable to apply any United States dollars or Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be,
by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Issuer’s
obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money
in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided
that, if the Issuer makes any payment of principal of, premium and Additional
Interest, if any, or interest on any Note following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying
Agent.

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section
9.01           Without Consent of Holders of Notes.

 

Notwithstanding
Section 9.02 hereof, the Issuer, any Guarantor (with respect to a Guarantee or
this Indenture) and the Trustee may amend or supplement this Indenture and any
Guarantee or Notes without the consent of any Holder:

 

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

 

(2)           to provide for uncertificated Notes of such
series in addition to or in place of certificated Notes;

 

 

97

 

(3)           to comply with Section 5.01 hereof;

 

(4)           to provide the assumption of the Issuer’s or
any Guarantor’s obligations to the Holders;

 

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

 

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

 

(7)           to comply with requirements of the SEC in
order to effect or maintain the qualification of this Indenture under the Trust
Indenture Act;

 

(8)           to evidence and provide for the acceptance
and appointment under this Indenture of a successor Trustee thereunder pursuant
to the requirements thereof;

 

(9)           to provide for the issuance of exchange notes
or private exchange notes, which are identical to exchange notes except that
they are not freely transferable;

 

(10)         to add a Guarantor under this Indenture;

 

(11)         to conform the text of this Indenture,
Guarantees or the Notes to any provision of the “Description of Senior
Subordinated Notes” section of the Offering Memorandum to the extent that such
provision in such “Description of Senior Subordinated Notes” section was
intended to be a verbatim recitation of a provision of this Indenture, Guarantee
or Notes; or

 

(12)         making any amendment to the provisions of
this Indenture relating to the transfer and legending of Notes as permitted by
this Indenture, including, without limitation to facilitate the issuance and
administration of the Notes; provided,
however, that (i)
compliance with this Indenture as so amended would not result in Notes being
transferred in violation of the Securities Act or any applicable securities law
and (ii) such amendment does not materially and adversely affect the rights of
Holders to transfer Notes.

 

Upon
the request of the Issuer accompanied by a resolution of its board of directors
authorizing the execution of any such amended or supplemental indenture, and
upon receipt by the Trustee of the documents described in Section 7.02 hereof,
the Trustee shall join with the Issuer and the Guarantors in the execution of
any amended or supplemental indenture authorized or permitted by the terms of
this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter
into such amended or supplemental indenture that affects its own rights, duties
or immunities under this Indenture or otherwise. Notwithstanding the foregoing,
no Opinion of Counsel shall be required in connection with the addition of a
Guarantor under this Indenture upon execution and delivery by such Guarantor
and the Trustee of a supplemental indenture to this Indenture, the form of
which is attached as Exhibit D hereto, and delivery of an Officer’s
Certificate.

 

Section
9.02           With Consent of Holders of Notes.

 

Except
as provided below in this Section 9.02, the Issuer and the Trustee may amend or
supplement this Indenture, the Notes and the Guarantees with the consent of the
Holders of at least a majority in principal amount of the Notes (including Additional
Notes, if any) then outstanding voting as a single class (including, without
limitation, consents obtained in connection with a tender offer or 

 

 

98

 

exchange
offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07
hereof, any existing Default or Event of Default (other than a Default or Event
of Default in the payment of the principal of, premium and Additional Interest,
if any, or interest on the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this
Indenture, the Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes
(including Additional Notes, if any) voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes). Section 2.08 hereof and Section 2.09 hereof shall
determine which Notes are considered to be “outstanding” for the purposes of
this Section 9.02; provided, however that that if any amendment,
waiver or other modification will only affect the Dollar Notes or Euro Notes
only the consent of the holders of at least a majority in principal amount of
the then outstanding Dollar Notes or Euro Notes (and not the consent of at
least a majority of all Notes), as the case may be, shall be required.

 

Upon
the request of the Issuer accompanied by a resolution of its board of directors
authorizing the execution of any such amended or supplemental indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee shall join
with the Issuer in the execution of such amended or supplemental indenture
unless such amended or supplemental indenture directly affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such amended or supplemental indenture.

 

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

 

After
an amendment, supplement or waiver under this Section 9.02 becomes effective,
the Issuer shall mail to the Holders of Notes affected thereby a notice briefly
describing the amendment, supplement or waiver. Any failure of the Issuer to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such amended or supplemental indenture or waiver.

 

Without
the consent of each affected Holder of Notes, an amendment or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting
Holder):

 

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

 

(2)           reduce the principal of or change the fixed
final maturity of any such Note or alter or waive the provisions with respect
to the redemption of such Notes (other than provisions relating to Section
3.09, Section 4.10 and Section 4.14 hereof to the extent that any such
amendment or waiver does not have the effect of reducing the principal of or
changing the fixed final maturity of any such Note or altering or waiving the
provisions with respect to the redemption of such Notes);

 

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

 

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

 

 

99

 

(5)           make any Note payable in money other than
that stated therein;

 

(6)           make any change in the provisions of this
Indenture relating to waivers of past Defaults or the rights of Holders to
receive payments of principal of or premium, if any, or interest on the Notes;

 

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

 

(8)           impair the right of any Holder to receive
payment of principal of, or interest on such Holder’s 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;

 

(9)           make any change in the subordination
provisions hereof that would adversely affect the Holders; or

 

(10)         except as expressly permitted by this
Indenture, modify the Guarantees of any Significant Subsidiary in any manner
adverse to the Holders of the Notes.

 

Section
9.03           Compliance with Trust Indenture Act.

 

Every
amendment or supplement to this Indenture or the Notes shall be set forth in an
amended or supplemental indenture that complies with the Trust Indenture Act as
then in effect.

 

Section
9.04           Revocation and Effect of Consents.

 

Until
an amendment, supplement or waiver becomes effective, a consent to it by a
Holder of a Note is a continuing consent by the Holder of a Note and every
subsequent Holder of a Note or portion of a Note that evidences the same debt
as the consenting Holder’s Note, even if notation of the consent is not made on
any Note. However, any such Holder of a Note or subsequent Holder of a Note may
revoke the consent as to its Note if the Trustee receives written notice of
revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

 

The
Issuer 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. If a record date is fixed, then, notwithstanding the preceding
paragraph, those Persons who were Holders at such record date (or their duly
designated proxies), and only such Persons, shall be entitled to consent to
such amendment, supplement, or waiver or 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 120 days after
such record date unless the consent of the requisite number of Holders has been
obtained.

 

Section
9.05           Notation on or Exchange of Notes.

 

The
Trustee may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated. The Issuer in exchange for all
Notes may issue and the Trustee shall, upon receipt of an Authentication Order,
authenticate new Notes that reflect the amendment, supplement or waiver.

 

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

 

 

100

 

Section
9.06           Trustee to Sign Amendments, etc.

 

The
Trustee shall sign any amendment, supplement or waiver authorized pursuant to
this Article 9 if the amendment or supplement does not adversely affect the
rights, duties, liabilities or immunities of the Trustee. The Issuer may not
sign an amendment, supplement or waiver until the board of directors approves
it. In executing any amendment, supplement or waiver, the Trustee shall be
entitled to receive and (subject to Section 7.01 hereof) shall be fully
protected in relying upon, in addition to the documents required by Section 14.04
hereof, an Officer’s Certificate and an Opinion of Counsel stating that the
execution of such amended or supplemental indenture is authorized or permitted
by this Indenture and that such amendment, supplement or waiver is the legal,
valid and binding obligation of the Issuer and any Guarantors party thereto,
enforceable against them in accordance with its terms, subject to customary
exceptions, and complies with the provisions hereof (including Section 9.03). Notwithstanding
the foregoing, no Opinion of Counsel will be required for the Trustee to execute
any amendment or supplement adding a new Guarantor under this Indenture.

 

Section
9.07           Payment for Consent.

 

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

 

Section
9.08           Additional Voting Terms; Calculation of
Principal Amount.

 

Except
as provided in the proviso to the first sentence of Section 9.02, all Notes
issued under this Indenture shall vote and consent together on all matters (as
to which any of such Notes may vote) as one class and no series of Notes will
have the right to vote or consent as a separate series on any matter. Determinations
as to whether Holders of the requisite aggregate principal amount of Notes have
concurred in any direction, waiver or consent shall be made in accordance with
this Article Nine and Section 2.14.

 

ARTICLE 10

SUBORDINATION OF NOTES

 

Section
10.01         Agreement To Subordinate.

 

The
Issuer agrees, and each Holder by accepting a Note agrees, that the payment of
all Obligations owing in respect of the Notes is subordinated in right of
payment, to the extent and in the manner provided in this Article 10, to the
prior payment in full of all existing and future Senior Indebtedness of the
Issuer and that the subordination is for the benefit of and enforceable by the
holders of such Senior Indebtedness. The Notes shall in all respects rank pari passu in right of payment with all existing and future
Senior Subordinated Indebtedness of the Issuer, and will be senior in right of
payment to all existing and future Subordinated Indebtedness of the Issuer; and
only Indebtedness of the Issuer that is Senior Indebtedness shall rank senior
to the Notes in accordance with the provisions set forth herein. All provisions
of this Article 10 shall be subject to Section 10.12.

 

 

101

 

Section
10.02         Liquidation, Dissolution, Bankruptcy.

 

Upon
any payment or distribution of the assets of the Issuer to creditors upon a
total or partial liquidation or a total or partial dissolution of the Issuer or
in a reorganization of or similar proceeding relating to the Issuer or its
property:

 

(i)            the holders of Senior Indebtedness of the
Issuer shall be entitled to receive payment in full in cash of such Senior
Indebtedness before Holders shall be entitled to receive any payment; and

 

(ii)           until the Senior Indebtedness of the
Issuer is paid in full in cash, any payment or distribution to which Holders
would be entitled but for the subordination provisions of this Indenture shall
be made to holders of such Senior Indebtedness as their interests may appear,
except that Holders may receive Permitted Junior Securities.

 

Section
10.03         Default on Senior Indebtedness of the Issuer.

 

The
Issuer shall not pay principal of, premium, if any, or interest on the Notes
(or pay any other Obligations relating to the Notes, including Additional
Interest, fees, costs, expenses, indemnities and rescission or damage claims)
or make any deposit pursuant to Article 8 or Article 13 hereof and may not
purchase, redeem or otherwise retire any Notes (collectively, “pay the Notes”)
(except in the form of Permitted Junior Securities) if either of the following
occurs (a “Payment Default”):

 

(i)            any Obligation on any Designated Senior
Indebtedness of the Issuer is not paid in full in cash when due (after giving
effect to any applicable grace period); or

 

(ii)           any other default on Designated Senior
Indebtedness of the Issuer occurs and the maturity of such Designated Senior
Indebtedness is accelerated in accordance with its terms;

 

unless,
in either case, the Payment Default has been cured or waived and any such
acceleration has been rescinded or such Designated Senior Indebtedness has been
paid in full in cash; provided, however, that the Issuer shall be
entitled to pay the Notes without regard to the foregoing if the Issuer and the
Trustee receive written notice approving such payment from the Representatives
of all Designated Senior Indebtedness with respect to which the Payment Default
has occurred and is continuing.

 

During
the continuance of any default (other than a Payment Default) (a “Non-Payment
Default”) with respect to any Designated Senior Indebtedness of the Issuer
pursuant to which the maturity thereof may be accelerated without further
notice (except such notice as may be required to effect such acceleration) or
the expiration of any applicable grace periods, the Issuer shall not pay the
Notes (except in the form of Permitted Junior Securities) for a period (a “Payment
Blockage Period”) commencing upon the receipt by the Trustee (with a copy
to the Issuer) of written notice (a “Blockage Notice”) of such Non-Payment
Default from the Representative of such Designated Senior Indebtedness
specifying an election to effect a Payment Blockage Period and ending
179 days thereafter. So long as there shall remain outstanding any Senior
Indebtedness under the Senior Credit Facilities, a Blockage Notice may be given
only by the administrative agent thereunder unless otherwise agreed to in
writing by the requisite lenders named therein. The Payment Blockage Period
shall end earlier if such Payment Blockage Period is terminated (i) by
written notice to the Trustee and the Issuer from the Person or Persons who
gave such Blockage Notice; (ii) because the default giving rise to such
Blockage Notice is cured, waived or otherwise no longer continuing; or (iii) because
such Designated Senior Indebtedness has been discharged or repaid in full in
cash.

 

Notwithstanding
the provisions described in the immediately preceding two sentences (but subject
to the provisions contained in the first sentence of this Section 10.03 and
Section 10.02 

 

 

102

 

hereof),
unless the holders of such Designated Senior Indebtedness or the Representative
of such Designated Senior Indebtedness shall have accelerated the maturity of
such Designated Senior Indebtedness or a Payment Default has occurred and is
continuing, the Issuer shall be entitled to resume paying the Notes after the
end of such Payment Blockage Period. The Notes shall not be subject to more
than one Payment Blockage Period in any consecutive 360-day period irrespective
of the number of defaults with respect to Designated Senior Indebtedness of the
Issuer during such period; provided
that if any Blockage Notice is delivered to the Trustee by or on behalf of the
holders of Designated Senior Indebtedness of the Issuer (other than the holders
of Indebtedness under the Senior Credit Facilities), a Representative of
holders of Indebtedness under the Senior Credit Facilities may give another
Blockage Notice within such period. However, in no event shall the total number
of days during which any Payment Blockage Period or Periods on the Notes is in
effect exceed 179 days in the aggregate during any consecutive 360-day period,
and there must be at least 181 days during any consecutive 360-day period
during which no Payment Blockage Period is in effect. Notwithstanding the
foregoing, however, no default that existed or was continuing on the date of delivery
of any Blockage Notice to the Trustee shall be, or be made, the basis for a
subsequent Blockage Notice unless such default shall have been waived for a period
of not less than 90 days (it being acknowledged that any subsequent action, or
any breach of any financial covenants during the period after the date of
delivery of a Blockage Notice, that, in either case, would give rise to a Non-Payment
Default pursuant to any provisions under which a Non-Payment Default previously
existed or was continuing shall constitute a new Non-Payment Default for this
purpose).

 

Section
10.04         Acceleration of Payment of Notes.

 

If
payment of the Notes is accelerated because of an Event of Default, the Issuer
shall promptly notify the holders of the Designated Senior Indebtedness of the
Issuer or the Representative of such Designated Senior Indebtedness of the
acceleration; provided that any failure to give such notice shall have
no effect whatsoever on the provisions of this Article 10. If any Designated
Senior Indebtedness of the Issuer is outstanding, the Issuer may not pay the
Notes until five Business Days after the Representatives of all the issuers of
such Designated Senior Indebtedness receive notice of such acceleration and,
thereafter, may pay the Notes only if this Indenture otherwise permits payment
at that time.

 

Section
10.05         When Distribution Must Be Paid Over.

 

If a distribution
is made to Holders that, due to the subordination provisions, should not have
been made to them, such Holders are required to hold it in trust for the
holders of Senior Indebtedness of the Issuer and pay it over to them as their
interests may appear.

 

Section
10.06         Subrogation.

 

After
all Senior Indebtedness of the Issuer is paid in full and until the Notes are
paid in full, Holders shall be subrogated to the rights of holders of such
Senior Indebtedness to receive distributions applicable to such Senior
Indebtedness. A distribution made under this Article 10 to holders of such
Senior Indebtedness which otherwise would have been made to Holders is not, as
between the Issuer and Holders, a payment by the Issuer on such Senior Indebtedness.

 

Section
10.07         Relative Rights.

 

This
Article 10 defines the relative rights of Holders and holders of Senior
Indebtedness of the Issuer. Nothing in this Indenture shall:

 

 

103

 

(i)            impair, as between the Issuer and
Holders, the obligation of the Issuer, which is absolute and unconditional, to
pay principal of and interest on the Notes in accordance with their terms;

 

(ii)           prevent the Trustee or any Holder from
exercising its available remedies upon a Default, subject to the rights of
holders of Senior Indebtedness of the Issuer to receive payments or
distributions otherwise payable to Holders and such other rights of such
holders of Senior Indebtedness as set forth herein; or

 

(iii)          affect the relative rights of Holders and
creditors of the Issuer other than their rights in relation to holders of Senior
Indebtedness.

 

Section
10.08         Subordination May Not Be Impaired by Issuer.

 

No
right of any holder of Senior Indebtedness of the Issuer to enforce the
subordination of the Indebtedness evidenced by the Notes shall be impaired by
any act or failure to act by the Issuer or by its failure to comply with this
Indenture.

 

Section
10.09         Rights of Trustee and Paying Agent.

 

Notwithstanding
Section 10.03 hereof, the Trustee or any Paying Agent may continue to make
payments on the Notes and shall not be charged with knowledge of the existence
of facts that would prohibit the making of any payments unless, not less than FIVE
Business Days prior to the date of such payment, a Responsible Officer of the
Trustee receives notice satisfactory to him that payments may not be made under
this Article 10. The Issuer, the Registrar, the Paying Agent, a Representative
or a holder of Senior Indebtedness of the Issuer shall be entitled to give the
notice; provided, however, that, if an issue of Senior
Indebtedness of the Issuer has a Representative, only the Representative shall
be entitled to give the notice.

 

The
Trustee in its individual or any other capacity shall be entitled to hold
Senior Indebtedness of the Issuer with the same rights it would have if it were
not Trustee. The Registrar and the Paying Agent shall be entitled to do the
same with like rights. The Trustee shall be entitled to all the rights set
forth in this Article 10 with respect to any Senior Indebtedness of the Issuer
which may at any time be held by it, to the same extent as any other holder of
such Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of
any of its rights as such holder. Nothing in this Article 10 shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 7.07 hereof
or any other Section of this Indenture.

 

Section
10.10         Distribution or Notice to Representative.

 

Whenever
a distribution is to be made or a notice given to holders of Senior
Indebtedness of the Issuer, the distribution may be made and the notice given
to their Representative (if any).

 

Section
10.11         Article 10 Not To Prevent Events of
Default or Limit Right To Accelerate.

 

The
failure to make a payment pursuant to the Notes by reason of any provision in
this Article 10 shall not be construed as preventing the occurrence of a
Default. Nothing in this Article 10 shall have any effect on the right of the
Holders or the Trustee to accelerate the maturity of the Notes.

 

 

104

 

Section
10.12         Trust Moneys Not Subordinated.

 

Notwithstanding
anything contained herein to the contrary, payments from money or the proceeds
of Government Securities held in trust by the Trustee for the payment of
principal of and interest on the Notes pursuant to Article 8 or Article 13
hereof shall not be subordinated to the prior payment of any Senior
Indebtedness of the Issuer or subject to the restrictions set forth in this
Article 10, and none of the Holders shall be obligated to pay over any such
amount to the Issuer or any holder of Senior Indebtedness of the Issuer or any
other creditor of the Issuer, provided that the subordination provisions
of this Article 10 were not violated at the time the applicable amounts were
deposited in trust pursuant to Article 8 or Article 13 hereof, as the case may
be.

 

Section
10.13         Trustee Entitled To Rely.

 

Upon
any payment or distribution pursuant to this Article 10, the Trustee and the
Holders shall be entitled to rely (a) upon any order or decree of a court
of competent jurisdiction in which any proceedings of the nature referred to in
Section 10.02 hereof are pending, (b) upon a certificate of the liquidating
trustee or agent or other Person making such payment or distribution to the
Trustee or to the Holders or (c) upon the Representatives of Senior
Indebtedness of the Issuer for the purpose of ascertaining the Persons entitled
to participate in such payment or distribution, the holders of such Senior
Indebtedness and other Indebtedness of the Issuer, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article 10. In the event that the Trustee
determines, in good faith, that evidence is required with respect to the right
of any Person as a holder of Senior Indebtedness of the Issuer to participate
in any payment or distribution pursuant to this Article 10, the Trustee shall
be entitled to request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and other facts pertinent to the rights of such
Person under this Article 10, and, if such evidence is not furnished, the
Trustee shall be entitled to defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment. The
provisions of Sections 7.01 and 7.02 hereof shall be applicable to all actions
or omissions of actions by the Trustee pursuant to this Article 10.

 

Section
10.14         Trustee To Effectuate Subordination.

 

A
Holder by its acceptance of a Note agrees to be bound by this Article 10 and
authorizes and expressly directs the Trustee, on his behalf, to take such
action as may be necessary or appropriate to effectuate the subordination
between the Holders and the holders of Senior Indebtedness of the Issuer as
provided in this Article 10 and appoints the Trustee as attorney-in-fact for
any and all such purposes.

 

Section
10.15         Trustee Not Fiduciary for Holders of
Senior Indebtedness of the Issuer.

 

The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness of the Issuer and shall not be liable to any such holders if it
shall mistakenly pay over or distribute to Holders or the Issuer or any other
Person, money or assets to which any holders of Senior Indebtedness of the
Issuer shall be entitled by virtue of this Article 10 or otherwise.

 

Section
10.16         Reliance by Holders of Senior Indebtedness of
the Issuer on Subordination Provisions.

 

Each
Holder by accepting a Note acknowledges and agrees that the foregoing
subordination provisions are, and are intended to be, an inducement and a
consideration to each holder of any Senior Indebtedness of the Issuer, whether
such Senior Indebtedness was created or acquired before or after the issuance
of the Notes, to acquire and continue to hold, or to continue to hold, such
Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed
conclusively to have relied on such 

 

 

105

 

subordination
provisions in acquiring and continuing to hold, or in continuing to hold, such
Senior Indebtedness.

 

Without
in any way limiting the generality of the foregoing paragraph, the holders of
Senior Indebtedness of the Issuer may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders, without
incurring responsibility to the Trustee or the Holders and without impairing or
releasing the subordination provided in this Article 10 or the obligations
hereunder of the Holders to the holders of the Senior Indebtedness of the
Issuer, do any one or more of the following:  (i) change the
manner, place or terms of payment or extend the time of payment of, or renew or
alter, Senior Indebtedness of the Issuer, or otherwise amend or supplement in
any manner Senior Indebtedness of the Issuer, or any instrument evidencing the
same or any agreement under which Senior Indebtedness of the Issuer is
outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness of the
Issuer; (iii) release any Person liable in any manner for the payment or
collection of Senior Indebtedness of the Issuer; and (iv) exercise or
refrain from exercising any rights against the Issuer and any other Person.

 

ARTICLE 11

GUARANTEES

 

Section
11.01         Guarantee.

 

Subject
to this Article 11, from and after the consummation of the Acquisition, each of
the Guarantors hereby, jointly and severally, unconditionally guarantees to
each Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder,
that: (a) the principal of, interest, premium and Additional Interest, if any,
on the Notes shall be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of
and interest on the Notes, if any, if lawful, and all other obligations of the
Issuer to the Holders or the Trustee hereunder or thereunder shall be promptly
paid in full or performed, all in accordance with the terms hereof and thereof;
and (b) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same shall be promptly paid in full when
due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise. Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not
a guarantee of collection.

 

The
Guarantors hereby agree that their 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,
the recovery of any judgment against the Issuer, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first
against the Issuer, protest, notice and all demands whatsoever and covenants
that this Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture.

 

Each
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing
any rights under this Section 11.01.

 

 

106

 

If any
Holder or the Trustee is required by any court or otherwise to return to the
Issuer, the Guarantors or any custodian, trustee, liquidator or other similar
official acting in relation to either the Issuer or the Guarantors, any amount
paid either to the Trustee or such Holder, this Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect.

 

Each
Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby. Each Guarantor further
agrees that, as between the Guarantors, on the one hand, and the Holders and
the Trustee, on the other hand, (x) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article 6 hereof for the purposes of
this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby,
and (y) in the event of any declaration of acceleration of such obligations as
provided in Article 6 hereof, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purpose of
this Guarantee. The Guarantors shall have the right to seek contribution from
any non-paying Guarantor so long as the exercise of such right does not impair
the rights of the Holders under the Guarantees.

 

Each
Guarantee shall remain in full force and effect and continue to be effective
should any petition be filed by or against the Issuer for liquidation,
reorganization, should the Issuer become insolvent or make an assignment for
the benefit of creditors or should a receiver or trustee be appointed for all
or any significant part of the Issuer’s assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case
may be, if at any time payment and performance of the Notes are, pursuant to
applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes or Guarantees, whether as a “voidable
preference,” “fraudulent transfer” or otherwise, all as though such payment or
performance had not been made. In the event that any payment or any part
thereof, is rescinded, reduced, restored or returned, the Notes shall, to the
fullest extent permitted by law, be reinstated and deemed reduced only by such
amount paid and not so rescinded, reduced, restored or returned.

 

In
case any provision of any Guarantee shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby.

 

The
Guarantee issued by any Guarantor shall be a general unsecured senior subordinated
obligation of such Guarantor and shall be subordinated in
right of payment to all existing and future Senior Indebtedness of such
Guarantor, if any.

 

Each
payment to be made by a Guarantor in respect of its Guarantee shall be made
without set-off, counterclaim, reduction or diminution of any kind or nature.

 

Section
11.02         Limitation on Guarantor Liability.

 

Each
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it
is the intention of all such parties that the Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal or state law to the extent applicable to any Guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of each Guarantor shall be
limited to the maximum amount as will, after giving effect to such maximum
amount and all other contingent and fixed liabilities of such Guarantor that
are relevant under such laws and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor

 

 

107

 

under
this Article 11, result in the obligations of such Guarantor under its
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under
applicable law. Each Guarantor that makes a payment under its Guarantee shall
be entitled upon payment in full of all guaranteed obligations under this Indenture
to a contribution from each other Guarantor in an amount equal to such other
Guarantor’s pro rata portion of such payment based
on the respective net assets of all the Guarantors at the time of such payment
determined in accordance with GAAP.

 

Section
11.03         Execution and Delivery.

 

To
evidence its Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that this Indenture shall
be executed on behalf of such Guarantor by its President, one of its Vice Presidents
or one of its Assistant Vice Presidents.

 

Each
Guarantor hereby agrees that its Guarantee set forth in Section 11.01 hereof shall remain in full force and
effect notwithstanding the absence of the endorsement of any notation of such
Guarantee on the Notes.

 

If an
Officer whose signature is on this Indenture no longer holds that office at the
time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless.

 

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

 

If
required by Section 4.15 hereof, the Issuer shall cause any newly created or
acquired Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 11, to the
extent applicable.

 

Section
11.04         Subrogation.

 

Each
Guarantor shall be subrogated to all rights of Holders of Notes against the
Issuer in respect of any amounts paid by any Guarantor pursuant to the
provisions of Section 11.01 hereof;
provided that, if an Event of Default has occurred and is continuing, no
Guarantor shall be entitled to enforce or receive any payments arising out of,
or based upon, such right of subrogation until all amounts then due and payable
by the Issuer under this Indenture or the Notes shall have been paid in full.

 

Section
11.05         Benefits Acknowledged.

 

Each
Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and that the
guarantee and waivers made by it pursuant to its Guarantee are knowingly made
in contemplation of such benefits.

 

Section
11.06         Release of Guarantees.

 

A
Guarantee by a Guarantor shall be automatically and unconditionally released
and discharged, and no further action by such Guarantor, the Issuer or the
Trustee is required for the release of such Guarantor’s Guarantee, upon:

 

(1)           (A) 
any sale, exchange or transfer (by merger or otherwise) of the Capital
Stock of such Guarantor (including any sale, exchange or transfer), after which
the applicable Guarantor is no longer a Restricted Subsidiary or all or substantially
all the assets of such Guarantor which sale, exchange or transfer is made in
compliance with the applicable provisions of this Indenture;

 

 

108

 

(B)           the release or discharge of the guarantee by
such Guarantor of the Senior Credit Facilities or such other guarantee that
resulted in the creation of such Guarantee, except a discharge or release by or
as a result of payment under such guarantee;

 

(C)           the designation of any Restricted Subsidiary
that is a Guarantor as an Unrestricted Subsidiary in compliance with the
applicable provisions of this Indenture; or

 

(D)          the exercise by the Issuer of its Legal
Defeasance option or Covenant Defeasance option in accordance with Article 8
hereof or the discharge of the Issuer’s obligations under this Indenture in
accordance with the terms of this Indenture; and

 

(2)           such Guarantor delivering to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in this Indenture relating to such
transaction have been complied with.

 

ARTICLE 12

SUBORDINATION OF GUARANTEES

 

Section
12.01         Agreement To Subordinate.

 

Each
Guarantor agrees, and each Holder by accepting a Note agrees, that the
obligations of such Guarantor under its Guarantee are subordinated in right of
payment, to the extent and in the manner provided in this Article 12, to the
prior payment in full of all existing and future Senior Indebtedness of such
Guarantor and that the subordination is for the benefit of and enforceable by
the holders of such Senior Indebtedness. A Guarantor’s obligations under its
Guarantee shall in all respects rank pari passu in
right of payment with all existing and future Senior Subordinated Indebtedness
of such Guarantor, and will be senior in right of payment to all existing and
future Subordinated Indebtedness of such Guarantor; and only Indebtedness of
such Guarantor that is Senior Indebtedness shall rank senior to the obligations
of such Guarantor under its Guarantee in accordance with the provisions set
forth herein. All provisions of this Article 12 shall be subject to Section 12.12.

 

Section
12.02         Liquidation, Dissolution, Bankruptcy.

 

Upon
any payment or distribution of the assets of a Guarantor to creditors upon a
total or partial liquidation or a total or partial dissolution of such
Guarantor or in a reorganization of or similar proceeding relating to such
Guarantor or its property:

 

(i)            the holders of Senior Indebtedness of such
Guarantor shall be entitled to receive payment in full in cash of such Senior
Indebtedness before Holders shall be entitled to receive any payment; and

 

(ii)           until the Senior Indebtedness of such
Guarantor is paid in full in cash, any payment or distribution to which Holders
would be entitled but for the subordination provisions of this Indenture shall
be made to holders of such Senior Indebtedness as their interests may appear,
except that Holders may receive Permitted Junior Securities.

 

Section
12.03         Default on Senior Indebtedness of a Guarantor.

 

A
Guarantor shall not make any payment pursuant to its Guarantee (or pay any
other Obligations relating to its Guarantee, including Additional Interest,
fees, costs, expenses, indemnities and 

 

 

109

 

rescission
or damage claims) and may not purchase, redeem or otherwise retire any Notes
(collectively, “pay its Guarantee”) (except in the form of Permitted
Junior Securities) if either of the following occurs (a “Guarantor Payment
Default”):

 

(i)            any Obligation on any Designated Senior
Indebtedness of such Guarantor is not paid in full in cash when due (after
giving effect to any applicable grace period); or

 

(ii)           any other default on Designated Senior
Indebtedness of such Guarantor occurs and the maturity of such Designated
Senior Indebtedness is accelerated in accordance with its terms;

 

unless,
in either case, the Guarantor Payment Default has been cured or waived and any
such acceleration has been rescinded or such Designated Senior Indebtedness has
been paid in full in cash; provided, however, that such Guarantor
shall be entitled to pay its Guarantee without regard to the foregoing if such
Guarantor and the Trustee receive written notice approving such payment from
the Representatives of all Designated Senior Indebtedness with respect to which
the Guarantor Payment Default has occurred and is continuing.

 

During
the continuance of any default (other than a Guarantor Payment Default) (a “Non-Guarantor
Payment Default”) with respect to any Designated Senior Indebtedness of a
Guarantor pursuant to which the maturity thereof may be accelerated without further
notice (except such notice as may be required to effect such acceleration) or
the expiration of any applicable grace periods, such Guarantor shall not pay
its Guarantee (except in the form of Permitted Junior Securities) for a period
(a “Guarantee Payment Blockage Period”) commencing upon the receipt by
the Trustee (with a copy to such Guarantor and the Issuer) of written notice (a
“Guarantee Blockage Notice”) of such Non-Guarantor Payment Default from
the Representative of such Designated Senior Indebtedness specifying an
election to effect a Guarantee Payment Blockage Period and ending 179 days
thereafter. So long as there shall remain outstanding any Senior Indebtedness under
the Senior Credit Facilities, a Guarantee Blockage Notice may be given only by
the administrative agent thereunder unless otherwise agreed to in writing by
the requisite lenders named therein. The Guarantee Payment Blockage Period
shall end earlier if such Guarantee Payment Blockage Period is terminated
(i) by written notice to the Trustee, the relevant Guarantor and the
Issuer from the Person or Persons who gave such Guarantee Blockage Notice;
(ii) because the default giving rise to such Guarantee Blockage Notice is
cured, waived or otherwise no longer continuing; or (iii) because such Designated
Senior Indebtedness has been discharged or repaid in full in cash.

 

Notwithstanding
the provisions described in the immediately preceding two sentences (but subject
to the provisions contained in the first sentence of this Section 12.03 and
Section 12.02 hereof), unless the holders of such Designated Senior Indebtedness
or the Representative of such Designated Senior Indebtedness shall have
accelerated the maturity of such Designated Senior Indebtedness or a Guarantor
Payment Default has occurred and is continuing, the relevant Guarantor shall be
entitled to resume paying its Guarantee after the end of such Guarantee Payment
Blockage Period. Each Guarantee shall not be subject to more than one Guarantee
Payment Blockage Period in any consecutive 360-day period irrespective of the
number of defaults with respect to Designated Senior Indebtedness of the relevant
Guarantor during such period; provided
that if any Guarantee Blockage Notice is delivered to the Trustee by or on
behalf of the holders of Designated Senior Indebtedness of such Guarantor
(other than the holders of Indebtedness under the Senior Credit Facilities), a
Representative of holders of Indebtedness under the Senior Credit Facilities
may give another Guarantee Blockage Notice within such period. However, in no
event shall the total number of days during which any Guarantee Payment
Blockage Period or Periods on a Guarantee is in effect exceed 179 days in the
aggregate during any consecutive 360-day period, and there must be at least 181
days during any consecutive 360-day period during which 

 

 

110

 

no
Guarantee Payment Blockage Period is in effect. Notwithstanding the foregoing,
however, no default that existed or was continuing on the date of delivery of
any Guarantee Blockage Notice to the Trustee shall be, or be made, the basis
for a subsequent Guarantee Blockage Notice unless such default shall have been
waived for a period of not less than 90 days (it being acknowledged that any subsequent
action, or any breach of any financial covenants during the period after the
date of delivery of a Guarantee Blockage Notice, that, in either case, would
give rise to a Non-Guarantor Payment Default pursuant to any provisions under
which a Non-Guarantor Payment Default previously existed or was continuing
shall constitute a new Non-Guarantor Payment Default for this purpose).

 

Section
12.04         Demand for Payment.

 

If
payment of the Notes is accelerated because of an Event of Default and a demand
for payment is made on a Guarantor pursuant to Article 11 hereof, the Issuer or
such Guarantor shall promptly notify the holders of the Designated Senior
Indebtedness of such Guarantor or the Representative of such Designated Senior
Indebtedness of such demand; provided that any failure to give such
notice shall have no effect whatsoever on the provisions of this Article 12. If
any Designated Senior Indebtedness of a Guarantor is outstanding, such
Guarantor may not pay its Guarantee until five Business Days after the
Representatives of all the issuers of such Designated Senior Indebtedness
receive notice of such acceleration and, thereafter, may pay its Guarantee only
if this Indenture otherwise permits payment at that time.

 

Section
12.05         When Distribution Must Be Paid Over.

 

If a
distribution is made to Holders that, due to the subordination provisions,
should not have been made to them, such Holders are required to hold it in
trust for the holders of Senior Indebtedness of the relevant Guarantor and pay
it over to them as their interests may appear.

 

Section
12.06         Subrogation.

 

After
all Senior Indebtedness of a Guarantor is paid in full and until the Notes are
paid in full, Holders shall be subrogated to the rights of holders of such
Senior Indebtedness to receive distributions applicable to such Senior
Indebtedness. A distribution made under this Article 12 to holders of such
Senior Indebtedness which otherwise would have been made to Holders is not, as
between the relevant Guarantor and Holders, a payment by such Guarantor on such
Senior Indebtedness.

 

Section
12.07         Relative Rights.

 

This
Article 12 defines the relative rights of Holders and holders of Senior
Indebtedness of a Guarantor. Nothing in this Indenture shall:

 

(i)            impair, as between such Guarantor and
Holders, the obligation of such Guarantor, which is absolute and unconditional,
to make payments under its Guarantee in accordance with its terms;

 

(ii)           prevent the Trustee or any Holder from
exercising its available remedies upon a default by such Guarantor under its
obligations with respect to its Guarantee, subject to the rights of holders of
Senior Indebtedness of such Guarantor to receive payments or distributions
otherwise payable to Holders and such other rights of such holders of Senior
Indebtedness as set forth herein; or

 

 

111

 

(iii)          affect the relative rights of Holders and
creditors of such Guarantor other than their rights in relation to holders of
Senior Indebtedness.

 

Section
12.08         Subordination May Not Be Impaired by a
Guarantor.

 

No
right of any holder of Senior Indebtedness of a Guarantor to enforce the
subordination of the obligations of such Guarantor under its Guarantee shall be
impaired by any act or failure to act by such Guarantor or by its failure to
comply with this Indenture.

 

Section
12.09         Rights of Trustee and Paying Agent.

 

Notwithstanding
Section 12.03 hereof, the Trustee or any Paying Agent may continue to make
payments on the Notes and shall not be charged with knowledge of the existence
of facts that would prohibit the making of any payments unless, not less than five
Business Days prior to the date of such payment, a Responsible Officer of the
Trustee receives notice satisfactory to him that payments may not be made under
this Article 12. A Guarantor, the Registrar, the Paying Agent, a Representative
or a holder of Senior Indebtedness of such Guarantor shall be entitled to give
the notice; provided, however, that, if an issue of Senior
Indebtedness of such Guarantor has a Representative, only the Representative
shall be entitled to give the notice.

 

The
Trustee in its individual or any other capacity shall be entitled to hold
Senior Indebtedness of a Guarantor with the same rights it would have if it
were not Trustee. The Registrar and the Paying Agent shall be entitled to do
the same with like rights. The Trustee shall be entitled to all the rights set
forth in this Article 12 with respect to any Senior Indebtedness of a Guarantor
which may at any time be held by it, to the same extent as any other holder of
such Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of
any of its rights as such holder. Nothing in this Article 12 shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 7.07 hereof
or any other Section of this Indenture.

 

Section
12.10         Distribution or Notice to Representative.

 

Whenever
a distribution is to be made or a notice given to holders of Senior
Indebtedness of a Guarantor, the distribution may be made and the notice given
to their Representative (if any).

 

Section
12.11         Article 12 Not To Prevent Events of
Default or Limit Right To Demand Payment.

 

The
failure of a Guarantor to make a payment pursuant its Guarantee by reason of
any provision in this Article 12 shall not be construed as preventing the
occurrence of a default by such Guarantor under its Guarantee. Nothing in this
Article 12 shall have any effect on the right of the Holders or the Trustee to
make a demand for payment on a Guarantor pursuant to Article 11 hereof.

 

Section
12.12         Trust Moneys Not Subordinated.

 

Notwithstanding
anything contained herein to the contrary, payments from money or the proceeds
of Government Securities held in trust by the Trustee for the payment of
principal of and interest on the Notes pursuant to Article 8 or Article 13
hereof shall not be subordinated to the prior payment of any Senior Indebtedness
of any Guarantor or subject to the restrictions set forth in this Article 12,
and none of the Holders shall be obligated to pay over any such amount to such
Guarantor or any holder of Senior Indebtedness of such Guarantor or any other
creditor of such Guarantor, provided that the subordination 

 

 

112

 

provisions
of this Article 12 were not violated at the time the applicable amounts were
deposited in trust pursuant to Article 8 or Article 13 hereof, as the case may
be

 

Section
12.13         Trustee Entitled To Rely.

 

Upon
any payment or distribution pursuant to this Article 12, the Trustee and the
Holders shall be entitled to rely (a) upon any order or decree of a court
of competent jurisdiction in which any proceedings of the nature referred to in
Section 12.02 hereof are pending, (b) upon a certificate of the liquidating
trustee or agent or other Person making such payment or distribution to the
Trustee or to the Holders or (c) upon the Representatives of Senior
Indebtedness of a Guarantor for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of such
Senior Indebtedness and other Indebtedness of such Guarantor, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article 12. In the event that
the Trustee determines, in good faith, that evidence is required with respect
to the right of any Person as a holder of Senior Indebtedness of a Guarantor to
participate in any payment or distribution pursuant to this Article 12, the
Trustee shall be entitled to request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and other facts pertinent to the rights of such
Person under this Article 12, and, if such evidence is not furnished, the
Trustee shall be entitled to defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment. The
provisions of Sections 7.01 and 7.02 hereof shall be applicable to all actions
or omissions of actions by the Trustee pursuant to this Article 12.

 

Section
12.14         Trustee To Effectuate Subordination.

 

A
Holder by its acceptance of a Note agrees to be bound by this Article 12 and
authorizes and expressly directs the Trustee, on his behalf, to take such
action as may be necessary or appropriate to effectuate the subordination
between the Holders and the holders of Senior Indebtedness of a Guarantor as
provided in this Article 12 and appoints the Trustee as attorney-in-fact for
any and all such purposes.

 

Section
12.15         Trustee Not Fiduciary for Holders of
Senior Indebtedness of Guarantors.

 

The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness of a Guarantor and shall not be liable to any such holders if it
shall mistakenly pay over or distribute to Holders or such Guarantor or any
other Person, money or assets to which any holders of Senior Indebtedness of
such Guarantor shall be entitled by virtue of this Article 12 or otherwise.

 

Section
12.16         Reliance by Holders of Senior Indebtedness of
a Guarantor on Subordination Provisions.

 

Each
Holder by accepting a Note acknowledges and agrees that the foregoing
subordination provisions are, and are intended to be, an inducement and a
consideration to each holder of any Senior Indebtedness of a Guarantor, whether
such Senior Indebtedness was created or acquired before or after the issuance
of the Notes, to acquire and continue to hold, or to continue to hold, such
Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed
conclusively to have relied on such subordination provisions in acquiring and
continuing to hold, or in continuing to hold, such Senior Indebtedness.

 

Without
in any way limiting the generality of the foregoing paragraph, the holders of
Senior Indebtedness of a Guarantor may, at any time and from time to time,
without the consent of or notice 

 

 

113

 

to the
Trustee or the Holders, without incurring responsibility to the Trustee or the
Holders and without impairing or releasing the subordination provided in this
Article 12 or the obligations hereunder of the Holders to the holders of
the Senior Indebtedness of such Guarantor, do any one or more of the following:  (i) change
the manner, place or terms of payment or extend the time of payment of, or
renew or alter, Senior Indebtedness of such Guarantor, or otherwise amend or
supplement in any manner Senior Indebtedness of such Guarantor, or any
instrument evidencing the same or any agreement under which Senior Indebtedness
of such Guarantor is outstanding; (ii) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing
Senior Indebtedness of such Guarantor; (iii) release any Person liable in
any manner for the payment or collection of Senior Indebtedness of such
Guarantor; and (iv) exercise or refrain from exercising any rights against
such Guarantor and any other Person.

 

ARTICLE 13

SATISFACTION AND DISCHARGE

 

Section
13.01         Satisfaction and Discharge.

 

This
Indenture shall be discharged and shall cease to be of further effect as to all
Notes, when either:

 

(1)           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

 

(2)           (A) 
all Notes not theretofore delivered to the Trustee for cancellation have
become due and payable by reason of the making of a notice of redemption or
otherwise, 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 Issuer and the Issuer or any Guarantor have irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders of the Notes, cash in U.S. dollars, U.S.
dollar-denominated Government Securities, or a combination thereof, in the case
of Dollar Notes and euro, euro-denominated Government Securities or a
combination thereof, in the case of Euro Notes, in such amounts as will be sufficient
without consideration of any reinvestment of interest to pay and discharge the
entire indebtedness on the Notes not theretofore delivered to the Trustee for
cancellation for principal, premium, if any, and accrued interest to the date
of maturity or redemption;

 

(B)           no Default (other than that resulting from
borrowing funds to be applied to make such deposit or any similar and
simultaneous deposit relating to other Indebtedness) 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
Senior Credit Facilities, Senior Notes (or this Indenture governing the Senior
Notes) or any other material agreement or instrument (other than this
Indenture) to which the Issuer or any Guarantor is a party or by which the
Issuer or any Guarantor is bound (other than resulting from any borrowing of
funds to be applied to make such deposit and any similar and simultaneous
deposit relating to other Indebtedness);

 

(C)           the Issuer has paid or caused to be paid all
sums payable by it under this Indenture; and

 

 

114

 

(D)          the Issuer has delivered irrevocable
instructions to the Trustee to apply the deposited money toward the payment of
the Notes at maturity or the Redemption Date, as the case may be.

 

In
addition, the Issuer must deliver an Officer’s Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied.

 

Notwithstanding
the satisfaction and discharge of this Indenture, if money shall have been
deposited with the Trustee pursuant to subclause (A) of clause (2) of this
Section 13.01, the provisions of Section 13.02 and Section 8.06 hereof shall survive.

 

Section
13.02         Application of Trust Money.

 

Subject
to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 13.01 hereof shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Issuer acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal (and premium and Additional Interest, if any) and
interest for whose payment such money has been deposited with the Trustee; but
such money need not be segregated from other funds except to the extent
required by law.

 

If the
Trustee or Paying Agent is unable to apply any money or Government Securities
in accordance with Section 13.01 hereof by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Issuer’s and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 13.01 hereof; provided
that if the Issuer has made any payment of principal of, premium and Additional
Interest, if any, or interest on any Notes because of the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money or Government Securities held
by the Trustee or Paying Agent.

 

ARTICLE 14

MISCELLANEOUS

 

Section
14.01         Trust Indenture Act Controls.

 

If any
provision of this Indenture limits, qualifies or conflicts with the duties
imposed by Trust Indenture Act Section 318(c), the imposed duties shall
control.

 

Section
14.02         Notices.

 

Any
notice or communication by the Issuer, any Guarantor or the Trustee to the others
is duly given if in writing and delivered in person or mailed by first-class
mail (registered or certified, return receipt requested), fax or overnight air
courier guaranteeing next day delivery, to the others’ address:

 

 

115

 

If to
the Issuer and/or any Guarantor:

 

TDS Investor Corporation

c/o The Blackstone Group

345 Park Avenue

New York, New York 10154

Fax No.: (212) 583-5712

Attention:  Paul C. Schorr, IV

 

If to the Trustee:

 

The
Bank of Nova Scotia Trust Company of New York

One Liberty Plaza, 23rd Floor

New York, New York10006

 

Fax No.: (212) 225-5436

Attn: Warren Goshine

 

The
Issuer, any Guarantor or the Trustee, by notice to the others, may designate
additional or different addresses for subsequent notices or communications.

 

All
notices and communications (other than those sent to Holders) shall be deemed
to have been duly given: at the time delivered by hand, if personally
delivered; five calendar days after being deposited in the mail, postage
prepaid, if mailed by first-class mail; when receipt acknowledged, if faxed;
and the next Business Day after timely delivery to the courier, if sent by
overnight air courier guaranteeing next day delivery; provided that any
notice or communication delivered to the Trustee shall be deemed effective upon
actual receipt thereof.

 

Any
notice or communication to a Holder shall be mailed by first-class mail,
certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the
Registrar. Any notice or communication shall also be so mailed to any Person
described in Trust Indenture Act Section 313(c), to the extent required by the
Trust Indenture Act. Failure to mail a notice or communication to a Holder or
any defect in it shall not affect its sufficiency with respect to other
Holders.

 

If a
notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it.

 

If the
Issuer mails a notice or communication to Holders, it shall mail a copy to the
Trustee and each Agent at the same time.

 

Section
14.03         Communication by Holders of Notes with Other
Holders of Notes.

 

Holders
may communicate pursuant to Trust Indenture Act Section 312(b) with other
Holders with respect to their rights under this Indenture or the Notes. The
Issuer, the Trustee, the Registrar and anyone else shall have the protection of
Trust Indenture Act Section 312(c).

 

Section
14.04         Certificate and Opinion as to Conditions
Precedent.

 

Upon
any request or application by the Issuer or any of the Guarantors to the
Trustee to take any action under this Indenture, the Issuer or such Guarantor,
as the case may be, shall furnish to the Trustee:

 

 

116

 

(a)           An Officer’s Certificate in form and
substance reasonably satisfactory to the Trustee (which shall include the
statements set forth in Section 14.05 hereof) stating that, in the opinion of
the signers, all conditions precedent and covenants, if any, provided for in
this Indenture relating to the proposed action have been satisfied; and

 

(b)           An Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 14.05 hereof)
stating that, in the opinion of such counsel, all such conditions precedent and
covenants have been satisfied.

 

Section
14.05         Statements Required in Certificate or Opinion.

 

Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
Section 4.04 hereof or Trust Indenture Act Section 314(a)(4)) shall comply with
the provisions of Trust Indenture Act Section 314(e) and 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 or she has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with (and, in the case of an Opinion of Counsel,
may be limited to reliance on an Officer’s Certificate as to matters of fact);
and

 

(d)           a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with.

 

Section
14.06         Rules by Trustee and Agents.

 

The
Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section
14.07         No Personal Liability of Directors, Officers,
Employees and Stockholders.

 

No
director, officer, employee, incorporator or stockholder of the Issuer or any
Guarantor or any of their parent companies shall have any liability for any
obligations of the Issuer or the Guarantors under the Notes, the Guarantees or
this Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each Holder by accepting Notes waives and
releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

 

Section
14.08         Governing Law.

 

THIS
INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

 

117

 

Section
14.09         Waiver of Jury Trial.

 

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

 

Section
14.10         Force Majeure.

 

In no
event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations under this Indenture arising out of or
caused by, directly or indirectly, forces beyond its reasonable control,
including without limitation strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software or hardware) services.

 

Section
14.11         No Adverse Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret any other indenture, loan or debt
agreement of the Issuer or its Restricted Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
14.12         Successors.

 

All
agreements of the Issuer in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its
successors. All agreements of each Guarantor in this Indenture shall bind its
successors, except as otherwise provided in Section 11.05 hereof.

 

Section
14.13         Severability.

 

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

 

Section
14.14         Counterpart Originals.

 

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

 

Section
14.15         Table of Contents, Headings, etc.

 

The
Table of Contents, Cross-Reference Table and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and shall in no way
modify or restrict any of the terms or provisions hereof.

 

Section
14.16         Qualification of Indenture.

 

The
Issuer and the Guarantors shall qualify this Indenture under the Trust
Indenture Act in accordance with the terms and conditions of the Registration
Rights Agreement and shall pay all reasonable costs and expenses (including
attorneys’ fees and expenses for the Issuer, the Guarantors and the Trustee)
incurred in connection therewith, including, but not limited to, costs and
expenses of qualification 

 

 

118

 

of this
Indenture and the Notes and printing this Indenture and the Notes. The Trustee
shall be entitled to receive from the Issuer and the Guarantors any such
Officer’s Certificates, Opinions of Counsel or other documentation as it may
reasonably request in connection with any such qualification of this Indenture
under the Trust Indenture Act.

 

Section
14.17         Currency of Account; Conversion of Currency;
Foreign Exchange Restrictions.

 

(a)           U.S. dollars are the sole currency of account and payment for all sums
payable by the Issuer and the Guarantors under or in connection with the Dollar
Notes, the Guarantees of the Dollar Notes or this Indenture to the extent it
relates to the Dollar Notes, including damages related thereto, and euros are
the sole currency of account and payment for all sums payable by the Issuer and
the Guarantors under or in connection with the Euro Notes, the Guarantees of
the Euro Notes or this Indenture to the extent it relates to the Euro Notes,
including damages related thereto. Any amount received or recovered in a
currency other than U.S. dollars by a Holder of Dollar Notes or euros by a
Holder of Euro Notes (whether as a result of, or of the enforcement of, a
judgment or order of a court of any jurisdiction, in the winding-up or
dissolution of the Issuer or otherwise) in respect of any sum expressed to be
due to it from the Issuer shall only constitute a discharge to the Issuer to
the extent of the U.S. dollar or euro amount, as the case may be, which the
recipient is able to purchase with the amount so received or recovered in that
other currency on the date of that receipt or recovery (or, if it is not
practicable to make that purchase on that date, on the first date on which it
is practicable to do so). If that U.S. dollar or euro amount is less than the
U.S. dollar or euro amount expressed to be due to the recipient under the
applicable Notes, the Issuer shall indemnify it against any loss sustained by
it as a result as set forth in Section 14.17(b). In any event, the Issuer
and the Guarantors shall indemnify the recipient against the cost of making any
such purchase. For the purposes of this Section 14.17, it will be
sufficient for the Holder of a Note to certify in a satisfactory manner (indicating
sources of information used) that it would have suffered a loss had an actual
purchase of U.S. dollars or euros, as the case may be, been made with the
amount so received in that other currency on the date of receipt or recovery
(or, if a purchase of U.S. dollars or euros, as applicable, on such date had
not been practicable, on the first date on which it would have been practicable,
it being required that the need for a change of date be certified in the manner
mentioned above). The indemnities set forth in this Section 14.17
constitute separate and independent obligations from other obligations of the
Issuer and the Guarantors, shall give rise to a separate and independent cause
of action, shall apply irrespective of any indulgence granted by any Holder of
the Notes and shall continue in full force and effect despite any other
judgment, order, claim or proof for a liquidated amount in respect of any sum
due under the Notes.

 

(b)           The Issuer and the Guarantors, jointly and
severally, covenant and agree that the following provisions shall apply to
conversion of currency in the case of the Notes, the Guarantees and this Indenture:

 

(A)          (A)          If for the purpose of obtaining judgment in,
or enforcing the judgment of, any court in any country, it becomes necessary to
convert into a currency (the “Judgment Currency”) an amount due in any
other currency (the “Base Currency”), then the conversion shall be made
at the rate of exchange prevailing on the Business Day before the day on which
the judgment is given or the order of enforcement is made, as the case may be
(unless a court shall otherwise determine).

 

(B)         If there is a change in the rate of
exchange prevailing between the Business Day before the day on which the
judgment is given or an order of enforcement is made, as the case may be (or
such other date as a court shall determine), and the date of receipt of the 

 

 

119

 

amount due, the
Issuer and the Guarantors will pay such additional (or, as the case may be,
such lesser) amount, if any, as may be necessary so that the amount paid in the
Judgment Currency when converted at the rate of exchange prevailing on the date
of receipt will produce the amount in the Base Currency originally due.

 

(B)           In the event of the winding-up of the Issuer
or any Guarantor at any time while any amount or damages owing under the Notes,
the Guarantees and this Indenture, or any judgment or order rendered in respect
thereof, shall remain outstanding, the Issuer and the Guarantors shall
indemnify and hold the Holders and the Trustee harmless against any deficiency
arising or resulting from any variation in rates of exchange between
(i) the date as of which the Applicable Currency Equivalent of the amount
due or contingently due under the Notes, the Guarantees and this Indenture
(other than under this subsection (b)(2)) is calculated for the purposes of
such winding-up and (ii) the final date for the filing of proofs of claim
in such winding-up. For the purpose of this subsection (b)(2), the final date
for the filing of proofs of claim in the winding-up of the Issuer or any
Guarantor shall be the date fixed by the liquidator or otherwise in accordance
with the relevant provisions of applicable law as being the latest practicable
date as at which liabilities of the Issuer or such Guarantor may be ascertained
for such winding-up prior to payment by the liquidator or otherwise in respect
thereto.

 

(c)           The obligations contained in subsections (a),
(b)(1)(B) and (b)(2) of this Section 14.17 shall constitute separate and
independent obligations from the other obligations of the Issuer and the
Guarantors under this Indenture, shall give rise to separate and independent
causes of action against the Issuer and the Guarantors, shall apply
irrespective of any waiver or extension granted by any Holder or the Trustee or
either of them from time to time and shall continue in full force and effect
notwithstanding any judgment or order or the filing of any proof of claim in
the winding-up of the Issuer or any Guarantor for a liquidated sum in respect
of amounts due hereunder (other than under subsection (b)(2) above) or under
any such judgment or order. Any such deficiency as aforesaid shall be deemed to
constitute a loss suffered by the Holders or the Trustee, as the case may be,
and no proof or evidence of any actual loss shall be required by the Issuer or
any Guarantor or the liquidator or otherwise or any of them. In the case of
subsection (b)(2) above, the amount of such deficiency shall not be deemed to
be reduced by any variation in rates of exchange occurring between the said
final date and the date of any liquidating distribution.

 

(d)           The term “rate(s) of exchange” shall mean the
rate of exchange quoted by Reuters at 10:00 a.m. (New York time) for spot
purchases of the Base Currency with the Judgment Currency other than the Base
Currency referred to in subsections (b)(1) and (b)(2) above and includes any
premiums and costs of exchange payable.

 

120

 

	
   

  	
  TDS
  INVESTOR CORPORATION,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  TDS
  INVESTOR (BERMUDA) LTD.,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WALTONVILLE
  LIMITED,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EACH
  OF THE SUBSIDIARIES

  LISTED ON SCHEDULE I HERETO

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
					

 

 

 

	
   

  	
   

  	
   

  
	
   

  	
  APOLLO
  GALILEO USA PARTNERSHIP,

  
	
   

  	
  By:
  APOLLO GALILEO USA SUB I, INC.,

        its General Partner

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL INTERNET TRAVEL

  AGENCY,

  
	
   

  	
  By: INTERNETWORK
  PUBLISHING

  CORPORATION, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ORBITZ
  AWAY LLC

  
	
   

  	
  By:
  ORBITZ, LLC, as Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TDS
  DEVELOPMENT, LLC

  
	
   

  	
  By:
  TRAVELPORT INC., as Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
    Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NOVA SCOTIA
  TRUST

  COMPANY OF NEW YORK,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Warren A. Goshine

  	
   

  
	
   

  	
   

  	
    Name:

  	
  Warren
  A. Goshine

  
	
   

  	
   

  	
    Title:

  	
  Vice
  President

  
					

 

 

 

SCHEDULE 1

 

	
  Apollo Galileo USA Sub I, Inc.

  
	
   

  
	
  Apollo Galileo USA Sub II, Inc.

  
	
   

  
	
  Cendant Technology Holding, LLC

  
	
   

  
	
  Cendant Travel, Inc.

  
	
   

  
	
  Cendant UK Acquisition Corporation

  
	
   

  
	
  Distribution Systems, Inc.

  
	
   

  
	
  Galileo Ba, Inc.

  
	
   

  
	
  Galileo Brasil Limited

  
	
   

  
	
  Galileo International, Inc.

  
	
   

  
	
  Galileo International, L.L.C.

  
	
   

  
	
  Galileo International Services, Inc.

  
	
   

  
	
  Galileo Operations, LLC

  
	
   

  
	
  Galileo Technologies LLC

  
	
   

  
	
  Gta North America, Inc.

  
	
   

  
	
  HotelPORT, Inc.

  
	
   

  
	
  HotelPORT International, Inc.

  
	
   

  
	
  Internetwork Publishing Corporation

  
	
   

  
	
  Landmark Holding Company, Inc.

  
	
   

  
	
  Magellen Technologies, Inc.

  
	
   

  
	
  Neat Group Corporation

  
	
   

  
	
  O Holdings Inc.

  
	
   

  
	
  OctopusTravel.com (USA) Limited

  
	
   

  
	
  Orbitz, Inc.

  
	
   

  
	
  Orbitz, LLC

  
	
   

  
	
  Quantitude Services, Inc.

  
	
   

  
	
  Quantitude, Inc.

  
	
   

  
	
  Raccoon Acquisition I, LLC

  
	
   

  
	
  S.D. Shepherd Systems, Inc.

  

 

 

 

 

	
  Travel Industries, Inc.

  
	
   

  
	
  Travelport China Holdings, Inc.

  
	
   

  
	
  Travelport for Business, Inc.

  
	
   

  
	
  Travelport Inc.

  
	
   

  
	
  Travelport Operations, Inc.

  
	
   

  
	
  Trip Network, Inc.

  
	
   

  
	
  Trip.com, Inc.

  
	
   

  
	
  Trust International Hotel Reservation Services,
  Inc.

  
	
   

  
	
  Wizcom, Inc.Exhibit 4.3

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of August 23, 2006

 

Among

 

TDS INVESTOR CORPORATION

 

the Guarantors listed herein

 

and

 

LEHMAN BROTHERS INC., 

UBS SECURITIES LLC

 

and

 

CREDIT SUISSE SECURITIES (USA) LLC

 

Senior Dollar Floating Rate Notes due 2014

Senior Euro Floating Rate Notes due 2014

97/8% Senior Dollar Fixed Rate Notes due 2014

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Exchange
  Offer

  	
  5

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Shelf
  Registration

  	
  8

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Additional
  Interest

  	
  9

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Registration
  Procedures

  	
  10

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Registration
  Expenses

  	
  17

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Indemnification
  and Contribution.

  	
  18

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Rules 144
  and 144A

  	
  22

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Underwritten
  Registrations

  	
  22

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Miscellaneous

  	
  23

  

 

i

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”)
is dated as of August 23, 2006, among TDS INVESTOR CORPORATION, a Delaware
corporation (the “Issuer”), the guarantors listed on Schedule I
hereto (the “Guarantors”) and LEHMAN BROTHERS INC., UBS SECURITIES LLC
and CREDIT SUISSE SECURITIES (USA) LLC , as representatives (the “Representatives”)
of the several initial purchasers (the “Initial Purchasers”) named on Schedule I
to the Purchase Agreement (as defined below).

 

This Agreement is entered into in connection with
the Purchase Agreement, dated as of August 11, 2006 (the “Purchase
Agreement”), by and among the Issuer, TDS Investor (Bermuda) Ltd., a
Bermuda corporation, Waltonville Ltd., a Gibraltar corporation, and the Initial
Purchasers, which provides for, among other things, the sale by the Issuer to
the Initial Purchasers of $150,000,000 aggregate principal amount of the Issuer’s
Senior Dollar Floating Rate Notes due 2014 (the “Senior Dollar Floating Rate
Notes”), €235,000,000 aggregate principal amount of the Issuer’s Senior
Euro Floating Rate Notes due 2014 (the “Senior Euro Floating Rate Notes”
and, together with the Senior Dollar Floating Rate Notes, the “Floating Rate
Notes”), $450,000,000 aggregate principal amount of the Issuer’s 97/8%
Senior Dollar Fixed Rate Notes due 2014 (the “Fixed Rate Notes” and
together with the Floating Rate Notes, the “Notes”) and $300,000,000
aggregate principal amount of the Issuer’s 117/8% Dollar Senior
Subordinated Notes due 2016 (the “Dollar Senior Subordinated Notes”) and
€160,000,000 aggregate principal amount of the Issuer’s 107/8%
Euro Senior Subordinated Notes due 2016 (the “Euro Senior Subordinated Notes”
and, together with the Dollar Senior Subordinated Notes, the “Senior
Subordinated Notes”). The Notes are issued under an indenture, dated as of
the date hereof (as amended or supplemented from time to time, the “Indenture”),
among the Issuer, the Guarantors and The Bank of Nova Scotia Trust Company of New
York, as trustee (the “Trustee”). Pursuant to the Purchase Agreement and
the Indenture, the Guarantors are required to guarantee (collectively, the “Guarantees”)
the Issuer’s obligations under the Notes and the Indenture. References to the “Securities”
shall mean, collectively, the Notes and, when issued, the Guarantees. In order
to induce the Initial Purchasers to enter into the Purchase Agreement, the
Issuer has agreed to provide the registration rights set forth in this
Agreement for the benefit of the Initial Purchasers and any subsequent holder
or holders of the Securities. The execution and delivery of this Agreement is a
condition to the Initial Purchasers’ obligations under the Purchase Agreement.

 

The parties hereby agree as follows:

 

1.             Definitions

 

As used in this Agreement, the following terms shall
have the following meanings:

 

Additional Interest:  See Section 4(a) hereof.

 

Advice:  See the last paragraph of Section 5
hereof.

 

Agreement:  See the introductory
paragraphs hereto.

 

Applicable Period:  See Section 2(b) hereof.

 

 

Business Day: 
Shall have the meaning ascribed to such term in Rule 14d-1 under
the Exchange Act.

 

Dollar Senior Subordinated Notes:  See
the introductory paragraphs hereto.

 

Effectiveness Date:  With
respect to any Shelf Registration Statement, the 90th day after the Filing Date
with respect thereto; provided, however, that if the
Effectiveness Date would otherwise fall on a day that is not a Business Day,
then the Effectiveness Date shall be the next succeeding Business Day.

 

Effectiveness Period:  See Section 3(a) hereof.

 

Euro Senior Subordinated Notes:  See
the introductory paragraphs hereto.

 

Exchange Act:  The
Securities Exchange Act of 1934, as amended, and the rules and regulations
of the SEC promulgated thereunder.

 

Exchange Notes:  See Section 2(a) hereof.

 

Exchange Offer:  See Section 2(a) hereof.

 

Exchange Offer Registration Statement:  See Section 2(a) hereof.

 

Exchange Securities:  See Section 2(a) hereof.

 

Filing Date:  The 90th day after the
delivery of a Shelf Notice as required pursuant to Section 2(c) hereof;
provided, however, that if the Filing Date would otherwise fall
on a day that is not a Business Day, then the Filing Date shall be the next succeeding
Business Day.

 

Fixed Rate Notes:  See
the introductory paragraphs hereto.

 

Floating Rate Notes:  See
the introductory paragraphs hereto.

 

Guarantees:  See the introductory
paragraphs hereto.

 

Guarantors:  See the introductory
paragraphs hereto.

 

Holder:  Any holder of a Registrable
Security or Registrable Securities.

 

Indenture:  See the introductory
paragraphs hereto.

 

Information:  See Section 5(n) hereof.

 

Initial Purchasers:  See
the introductory paragraphs hereto.

 

Initial Shelf Registration:  See Section 3(a) hereof.

 

2

 

Inspectors:  See Section 5(n) hereof.

 

Issue Date:  August 23, 2006, the date
of original issuance of the Notes.

 

Issuer:  See the introductory
paragraphs hereto.

 

NASD:  See Section 5(r) hereof.

 

Notes:  See the introductory
paragraphs hereto.

 

Participant:  See Section 7(a) hereof.

 

Participating Broker-Dealer:  See Section 2(b) hereof.

 

Person:  An individual, trustee,
corporation, partnership, limited liability company, joint stock company,
trust, unincorporated association, union, business association, firm or other legal
entity.

 

Private Exchange:  See Section 2(b) hereof.

 

Private Exchange Notes:  See Section 2(b) hereof.

 

Prospectus:  The prospectus included in any
Registration Statement (including, without limitation, any prospectus subject
to completion and a prospectus that includes any information previously omitted
from a prospectus filed as part of an effective registration statement in
reliance upon Rule 430A under the Securities Act and any term sheet filed
pursuant to Rule 434 under the Securities Act), as amended or supplemented
by any prospectus supplement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

 

Purchase Agreement:  See
the introductory paragraphs hereof.

 

Records:  See Section 5(n) hereof.

 

Registrable Securities:  Each
Security upon its original issuance and at all times subsequent thereto, each
Exchange Security as to which Section 2(c)(iv) hereof is applicable
upon original issuance and at all times subsequent thereto and each Private
Exchange Note (and the related Guarantees) upon original issuance thereof and
at all times subsequent thereto, until, in each case, the earliest to occur of (i) a
Registration Statement (other than, with respect to any Exchange Securities as
to which Section 2(c)(iv) hereof is applicable, the Exchange Offer
Registration Statement) covering such Security, Exchange Security or Private
Exchange Note (and the related Guarantees) has been declared effective by the
SEC and such Security, Exchange Security or such Private Exchange Note (and the
related Guarantees), as the case may be, has been disposed of in
accordance with such effective Registration Statement, (ii) such Security
has been exchanged pursuant to the Exchange Offer for an Exchange Security or Exchange
Securities that may be resold without restriction under state and federal
securities laws, (iii) such Security, Exchange Security or Private
Exchange Note (and the related Guarantees), as the case may be, ceases to
be outstanding for purposes of the Indenture or (iv) such Security,
Exchange Security or Private 

 

3

 

Exchange Note (and the
related Guarantees), as the case may be, may be resold without
restriction pursuant to Rule 144(k) (as amended or replaced) under the
Securities Act.

 

Registration Statement:  Any
registration statement of the Issuer that covers any of the Securities, the
Exchange Securities or the Private Exchange Notes (and the related Guarantees)
filed with the SEC under the Securities Act, including, in each case, the
Prospectus, amendments and supplements to such registration statement,
including post-effective amendments, all exhibits, and all material incorporated
by reference or deemed to be incorporated by reference in such registration
statement.

 

Rule 144:  Rule 144
under the Securities Act.

 

Rule 144A:  Rule 144A
under the Securities Act.

 

Rule 405:  Rule 405
under the Securities Act.

 

Rule 415:  Rule 415
under the Securities Act.

 

Rule 424:  Rule 424
under the Securities Act.

 

SEC:  The U.S. Securities and
Exchange Commission.

 

Securities:  See the introductory
paragraphs hereto.

 

Securities Act:  The
Securities Act of 1933, as amended, and the rules and regulations of the
SEC promulgated thereunder.

 

Senior Dollar Floating Rate Notes:  See
the introductory paragraphs hereto.

 

Senior Dollar Fixed Rate Notes:  See
the introductory paragraphs hereto.

 

Senior Euro Floating Rate Notes:  See
the introductory paragraphs hereto.

 

Senior Subordinated Notes:  See
the introductory paragraphs hereto.

 

Shelf Notice:  See Section 2(c) hereof.

 

Shelf Registration:  See Section 3(b) hereof.

 

Shelf Registration Statement:  Any
Registration Statement relating to a Shelf Registration.

 

Shelf Suspension Period:  See Section 3(a) hereof.

 

Subsequent Shelf Registration:  See Section 3(b) hereof.

 

TIA:  The Trust Indenture Act of
1939, as amended.

 

4

 

Trustee:  The trustee under the
Indenture and the trustee under any indenture (if different) governing the
Exchange Securities and Private Exchange Notes (and the related Guarantees).

 

Underwritten registration or underwritten offering:  A
registration in which securities of the Issuer is sold to an underwriter for
reoffering to the public.

 

Except as otherwise specifically provided, all
references in this Agreement to acts, laws, statutes, rules, regulations, releases,
forms, no-action letters and other regulatory requirements (collectively, “Regulatory
Requirements”) shall be deemed to refer also to any amendments thereto and
all subsequent Regulatory Requirements adopted as a replacement thereto having
substantially the same effect therewith; provided that Rule 144
shall not be deemed to amend or replace Rule 144A.

 

2.             Exchange
Offer

 

(a)           Unless the Exchange Offer would violate
applicable law or any applicable interpretation of the staff of the SEC, the
Issuer shall use its reasonable best efforts to file with the SEC a Registration
Statement (the “Exchange Offer Registration Statement”) on an appropriate
registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the Registrable Securities for a like
aggregate principal amount of debt securities of the Issuer (the “Exchange
Notes”), guaranteed, to the extent applicable, on an unsecured senior basis
by the Guarantors (such guarantees, together with the Exchange Notes, the “Exchange
Securities”), that are identical in all material respects to the Fixed Rate
Notes or Floating Rate Notes, as applicable, except that (i) the Exchange
Notes shall contain no restrictive legend thereon, (ii) interest thereon
shall accrue from the last date on which interest was paid on such Notes or, if
no such interest has been paid, from the Issue Date and (iii) which are
entitled to the benefits of the Indenture or a trust indenture which is
identical in all material respects to the Indenture (other than such changes to
the Indenture or any such identical trust indenture as are necessary to comply
with the TIA) and which, in either case, has been qualified under the TIA. The
Exchange Offer shall comply with all applicable tender offer rules and
regulations under the Exchange Act and other applicable laws. The Issuer shall
use its reasonable best efforts to (x) prepare and file with the SEC the
Exchange Offer Registration Statement with respect to the Exchange Offer;
(y) keep the Exchange Offer open for at least 20 Business Days (or longer
if required by applicable law) after the date that notice of the Exchange Offer
is mailed to Holders; and (z) consummate the Exchange Offer on or prior to
the 360th day following the Issue Date.

 

Each Holder (including, without limitation, each
Participating Broker-Dealer) that participates in the Exchange Offer, as a
condition to participation in the Exchange Offer, will be required to represent
to the Issuer in writing (which may be contained in the applicable letter
of transmittal) that:  (i) any
Exchange Securities acquired in exchange for Registrable Securities tendered
are being acquired in the ordinary course of business of the Person receiving
such Exchange Securities, whether or not such recipient is such Holder itself; (ii) at
the time of the commencement or consummation of the Exchange Offer neither such
Holder nor, to the actual knowledge of such Holder, any other Person receiving
Exchange Securities from such Holder has an arrangement or understanding with
any Person to participate in the distribution (within the meaning of the
Securities Act) of the Exchange Securities in violation of the provisions of
the Securities Act; (iii) neither the Holder nor, to the actual knowledge
of such Holder, any other Person receiving Exchange Securities from such Holder
is an “affiliate” (as defined in Rule 405) of the Issuer or, if it is an
affiliate of the Issuer, it will comply with the registration and prospectus
delivery 

 

5

 

requirements of the
Securities Act to the extent applicable and will provide information to be
included in the Shelf Registration Statement in accordance with Section 5
hereof in order to have their Securities included in the Shelf Registration
Statement and benefit from the provisions regarding Additional Interest in Section 4
hereof; (iv) if such Holder is not a broker-dealer, neither such Holder
nor, to the actual knowledge of such Holder, any other Person receiving
Exchange Securities from such Holder is engaging in or intends to engage in a
distribution of the Exchange Securities; and (v) if such Holder is a
Participating Broker-Dealer, such Holder has acquired the Registrable
Securities for its own account in exchange for Securities that were acquired as
a result of market-making activities or other trading activities and that it
will comply with the applicable provisions of the Securities Act (including,
but not limited to, the prospectus delivery requirements thereunder).

 

Upon consummation of the Exchange Offer in
accordance with this Section 2, the provisions of this Agreement shall continue
to apply, mutatis  mutandis, solely with respect to Registrable Securities
that are Private Exchange Notes (and the related Guarantees), Exchange
Securities as to which Section 2(c)(iv) is applicable and Exchange
Securities held by Participating Broker-Dealers, and the Issuer shall have no
further obligation to register Registrable Securities (other than Private
Exchange Notes (and the related Guarantees) and Exchange Securities as to which
clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof.

 

No securities other than the Exchange Securities and
the Senior Subordinated Notes (and the related guarantees) shall be included in
the Exchange Offer Registration Statement.

 

(b)           The Issuer shall include within the Prospectus
contained in the Exchange Offer Registration Statement a section entitled “Plan
of Distribution,” which shall contain a summary statement of the positions
taken or policies made by the staff of the SEC with respect to the potential “underwriter”
status of any broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act) of Exchange Notes received by such broker-dealer in the
Exchange Offer (a “Participating Broker-Dealer”), whether such positions
or policies have been publicly disseminated by the staff of the SEC or such
positions or policies represent the prevailing views of the staff of the SEC. Such
“Plan of Distribution” section shall also expressly permit, to the extent
permitted by applicable policies and regulations of the SEC, the use of the
Prospectus by all Participating Broker-Dealers, and include a statement
describing the means by which Participating Broker-Dealers may resell the
Exchange Securities in compliance with the Securities Act.

 

The Issuer shall use its reasonable best efforts to
keep the Exchange Offer Registration Statement effective and to amend and
supplement the Prospectus contained therein in order to permit such Prospectus
to be lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as is necessary to
comply with applicable law in connection with any resale of the Exchange
Securities; provided, however, that such period shall not be
required to exceed 90 days, such longer period if extended pursuant to the last
paragraph of Section 5 hereof (the “Applicable Period”).

 

If, prior to consummation of the Exchange Offer, the
Initial Purchasers hold any Notes acquired by them that have the status of an
unsold allotment in the initial distribution, the Issuer, upon the request of
the Initial Purchasers, shall simultaneously with the delivery of the Exchange
Notes issue and deliver to the Initial Purchasers, in exchange (the “Private
Exchange”) for such Notes held by any such 

 

6

 

Holder, a like principal
amount of notes (the “Private Exchange Notes”) of the Issuer, guaranteed
by the Guarantors, that are identical in all material respects to the Exchange
Notes except for the placement of a restrictive legend on such Private Exchange
Notes. The Private Exchange Notes shall be issued pursuant to the same
indenture as the Exchange Notes and bear the same CUSIP number as the Exchange
Notes if permitted by the CUSIP Service Bureau.

 

In connection with the Exchange Offer, the Issuer
shall:

 

(1)           mail, or cause to be mailed, to each Holder
of record entitled to participate in the Exchange Offer a copy of the
Prospectus forming part of the Exchange Offer Registration Statement,
together with an appropriate letter of transmittal and related documents;

 

(2)           use their respective reasonable best efforts
to keep the Exchange Offer open for not less than 20 Business Days from the
date that notice of the Exchange Offer is mailed to Holders (or longer if
required by applicable law);

 

(3)           utilize the services of a depositary for the
Exchange Offer with an address in the Borough of Manhattan, The City of New
York or in Wilmington, Delaware;

 

(4)           permit Holders to withdraw tendered Notes at
any time prior to the close of business, New York time, on the last Business
Day on which the Exchange Offer remains open; and

 

(5)           otherwise comply in all material respects
with all laws, rules and regulations applicable to the Exchange Offer.

 

As soon as practicable after the close of the
Exchange Offer and any Private Exchange, the Issuer shall:

 

(1)           accept for exchange all Registrable
Securities validly tendered and not validly withdrawn pursuant to the Exchange
Offer and any Private Exchange;

 

(2)           deliver to the Trustee for cancellation all
Registrable Securities so accepted for exchange; and

 

(3)           cause the Trustee to authenticate and deliver
promptly to each Holder of Notes, Exchange Notes or Private Exchange Notes, as
the case may be, equal in principal amount to the Notes of such Holder so
accepted for exchange; provided that, in the case of any Notes held in
global form by a depositary, authentication and delivery to such
depositary of one or more replacement Notes in global form in an
equivalent principal amount thereto for the account of such Holders in accordance
with the Indenture shall satisfy such authentication and delivery requirement.

 

The Exchange Offer and the Private Exchange shall
not be subject to any conditions, other than that (i) the Exchange Offer or
Private Exchange, as the case may be, does not violate applicable law or
any applicable interpretation of the staff of the SEC; (ii) no action or
proceeding shall have been instituted or threatened in any court or by any
governmental agency which might materially impair the 

 

7

 

ability of the Issuer to
proceed with the Exchange Offer or the Private Exchange, and no material
adverse development shall have occurred in any existing action or proceeding
with respect to the Issuer; and (iii) all governmental approvals shall
have been obtained, which approvals the Issuer deem necessary for the
consummation of the Exchange Offer or Private Exchange.

 

The Exchange Securities and the Private Exchange
Notes (and related guarantees) shall be issued under (i) the Indenture or (ii) an
indenture identical in all material respects to the Indenture and which, in
either case, has been qualified under the TIA or is exempt from such
qualification and shall provide that the Exchange Securities shall not be
subject to the transfer restrictions set forth in the Indenture. The Indenture
or such indenture shall provide that the Exchange Notes, the Private Exchange
Notes and the Notes shall vote and consent together on all matters as one class and
that none of the Exchange Notes, the Private Exchange Notes or the Notes will
have the right to vote or consent as a separate class on any matter.

 

(c)           If, (i) because of any change in law or
in currently prevailing interpretations of the staff of the SEC, the Issuer is
not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not
consummated within 360 days of the Issue Date, (iii) any holder of
Private Exchange Notes so requests in writing to the Issuer at any time within
30 days after the consummation of the Exchange Offer, or (iv) in the case
of any Holder that participates in the Exchange Offer, such Holder does not
receive Exchange Securities on the date of the exchange that may be sold
without restriction under state and federal securities laws (other than due
solely to the status of such Holder as an affiliate of the Issuer within the
meaning of the Securities Act) and so notifies the Issuer within 30 days after
such Holder first becomes aware of such restrictions, in the case of each of
clauses (i) to and including (iv) of this sentence, then the Issuer
shall promptly deliver to the Trustee (to deliver to the Holders) written
notice thereof (the “Shelf Notice”) and shall file a Shelf Registration
pursuant to Section 3 hereof.

 

3.             Shelf
Registration

 

If at any time a Shelf Notice is delivered as
contemplated by Section 2(c) hereof, then:

 

(a)           Shelf Registration. The Issuer shall promptly file with the SEC
a Registration Statement for an offering to be made on a continuous basis
pursuant to Rule 415 covering all of the Registrable Securities (the “Initial
Shelf Registration”). The Issuer shall use their reasonable best efforts to
file with the SEC the Initial Shelf Registration on or prior to the Filing Date.
The Initial Shelf Registration shall be on Form S-1 or another appropriate
form permitting registration of such Registrable Securities for resale by
Holders in the manner or manners designated by them (including, without
limitation, one or more underwritten offerings). The Issuer shall not permit
any securities other than the Registrable Securities and the Guarantees and the
Senior Subordinated Notes and the related guarantees to be included in the
Initial Shelf Registration or any Subsequent Shelf Registration (as defined below).

 

The Issuer shall use its
respective reasonable best efforts to cause the Shelf Registration to be
declared effective under the Securities Act on or prior to the Effectiveness
Date and to keep the Initial Shelf Registration continuously effective under
the Securities Act until the earliest of (i) the date that is two years
from the Issue Date (ii) such shorter period ending when all Registrable
Securities covered by the Initial Shelf Registration have been sold in the
manner set forth and as contemplated in the Initial Shelf Registration or, if
applicable, a Subsequent Shelf Registration or (iii) the date upon which
all 

 

8

 

Registrable Securities
become eligible for resale without regard to volume, manner of sale or other
restrictions contained in Rule 144(k) (the “Effectiveness Period”);
provided, however, that the Effectiveness Period in respect of
the Initial Shelf Registration shall be extended to the extent required to
permit dealers to comply with the applicable prospectus delivery requirements
of Rule 174 under the Securities Act and as otherwise provided herein. Notwithstanding
anything to the contrary in this Agreement, at any time, the Issuer may delay
the filing of any Initial Shelf Registration Statement or delay or suspend the
effectiveness thereof, for a reasonable period of time, but not in excess of 60
consecutive days or more than three (3) times during any calendar year
(each, a “Shelf Suspension Period”), if the Board of Directors of the Issuer
determines reasonably and in good faith that the filing of any such Initial
Shelf Registration Statement or the continuing effectiveness thereof would
require the disclosure of non-public material information that, in the
reasonable judgment of the Board of Directors of the Issuer, would be
detrimental to the Issuer if so disclosed or would otherwise materially
adversely affect a financing, acquisition, disposition, merger or other
material transaction or such action is required by applicable law.

 

(b)           Withdrawal of Stop Orders; Subsequent Shelf
Registrations. If the
Initial Shelf Registration or any Subsequent Shelf Registration ceases to be
effective for any reason at any time during the Effectiveness Period (other
than because of the sale of all of the Securities registered thereunder), the
Issuer shall use its reasonable best efforts to obtain the prompt withdrawal of
any order suspending the effectiveness thereof, and in any event shall file an
additional Shelf Registration Statement pursuant to Rule 415 covering all
of the Registrable Securities covered by and not sold under the Initial Shelf
Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent
Shelf Registration”). If a Subsequent Shelf Registration is filed, the
Issuer shall use its reasonable best efforts to cause the Subsequent Shelf
Registration to be declared effective under the Securities Act as soon as practicable
after such filing and to keep such subsequent Shelf Registration continuously effective
for a period equal to the number of days in the Effectiveness Period less the
aggregate number of days during which the Initial Shelf Registration or any
Subsequent Shelf Registration was previously continuously effective. As used
herein the term “Shelf Registration” means the Initial Shelf
Registration and any Subsequent Shelf Registration.

 

(c)           Supplements and Amendments. The Issuer shall promptly supplement and
amend the Shelf Registration if required by the rules, regulations or
instructions applicable to the registration form used for such Shelf
Registration, if required by the Securities Act, or if reasonably requested by
the Holders of a majority in aggregate principal amount of the Registrable
Securities (or their counsel) covered by such Registration Statement with
respect to the information included therein with respect to one or more of such
Holders, or, if reasonably requested by any underwriter of such Registrable
Securities, with respect to the information included therein with respect to
such underwriter.

 

4.             Additional
Interest

 

(a)           The Issuer and the Initial Purchasers agree
that the Holders will suffer damages if the Issuer fails to fulfill its obligations
under Section 2 or Section 3 hereof and that it would not be feasible
to ascertain the extent of such damages with precision. Accordingly, the Issuer
agrees to pay, jointly and severally, as liquidated damages, additional
interest on the Notes (“Additional Interest”) if (A) the Issuer has
neither (i) exchanged Exchange Securities for all Securities validly
tendered in accordance with the terms of the Exchange Offer nor (ii) had a
Shelf Registration Statement declared effective, in either case on or prior to
the 360th day after the Issue Date, (B) notwithstanding clause (A), the
Issuer is required to file a Shelf Registration Statement and such Shelf Registration
Statement is not declared 

 

9

 

effective on or prior to the 360th day after the date such Shelf
Registration Statement filing was requested or required or (C), if applicable,
a Shelf Registration has been declared effective and such Shelf Registration
ceases to be effective at any time during the Effectiveness Period (other than
because of the sale of all of the Securities registered thereunder), then Additional
Interest shall accrue on the principal amount of the Notes at a rate of 0.25%
per annum (which rate will be increased by an additional 0.25% per annum for
each subsequent 90 day period that such Additional Interest continues to
accrue, provided that the rate at which such Additional Interest accrues may in
no event exceed 1.00% per annum) (such Additional Interest to be calculated by
the Issuer) commencing on the (x) 361st day after the Issue Date, in
the case of (A) above, (y) the 361st day after the date such Shelf Registration
Statement filing was requested or required in the case of (B) above or (z)
the day such Shelf Registration ceases to be effective in the case of (C) above;
provided, however, that upon the exchange of the Exchange
Securities for all Securities tendered (in the case of clause (A) of this Section 4),
upon the effectiveness of the applicable Shelf Registration Statement (in the
case of (B) of this Section 4), or upon the effectiveness of the
applicable Shelf Registration Statement which had ceased to remain effective
(in the case of (C) of this Section 4), Additional Interest on the
Notes in respect of which such events relate as a result of such clause (or the
relevant subclause thereof), as the case may be, shall cease to accrue. Notwithstanding
any other provisions of this Section 4, the Issuer shall not be obligated
to pay Additional Interest provided in Section 4(a)(B) during a Shelf
Suspension Period permitted by Section 3(a) hereof.

 

(b)           The Issuer shall notify the Trustee within
one business day after each and every date on which an event occurs in respect
of which Additional Interest is required to be paid. Any amounts of Additional
Interest due pursuant to (a) of this Section 4 will be payable in
cash (i) in the case of the Floating Rate Notes, quarterly on each March 1,
June 1, September 1 and December 1 (to the holders of record on
the February 15, May 15, August 15 and November 15
immediately preceding such dates) and (ii) in the case of the Fixed Rate
Notes, semiannually on each March 1 and September 1 (to the holders
of record on the February 15 and August 15 immediately preceding such
dates), in each case commencing with the first such date occurring after any
such Additional Interest commences to accrue. The amount of Additional Interest
will be determined by the Issuer by multiplying the applicable Additional
Interest rate by the principal amount of the Registrable Securities, multiplied
by a fraction, the numerator of which is the number of days such Additional Interest
rate was applicable during such period (determined on the basis of a
360 day year comprised of twelve 30 day months and, in the case of a
partial month, the actual number of days elapsed), and the denominator of which
is 360.

 

5.             Registration
Procedures

 

In connection with the filing of any Registration
Statement pursuant to Section 2 or 3 hereof, the Issuer shall effect such
registrations to permit the sale of the securities covered thereby in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with any Registration Statement filed by the
Issuer hereunder the Issuer shall:

 

(a)           Prepare and file with the SEC (prior to the
applicable Filing Date in the case of a Shelf Registration), a Registration
Statement or Registration Statements as prescribed by Section 2 or 3
hereof, and use its reasonable best efforts to cause each such Registration
Statement to become effective and remain effective as provided herein; provided,
however, that if (1) such filing is pursuant to Section 3
hereof or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered
under the Securities Act by any Participating Broker-Dealer who 

 

10

 

seeks
to sell Exchange Securities during the Applicable Period relating thereto from
whom the Issuer has received prior written notice that it will be a
Participating Broker-Dealer in the Exchange Offer, before filing any
Registration Statement or Prospectus or any amendments or supplements thereto,
the Issuer shall furnish to and afford counsel for the Holders of the
Registrable Securities covered by such Registration Statement (with respect to
a Registration Statement filed pursuant to Section 3 hereof) or counsel
for such Participating Broker-Dealer (with respect to any such Registration
Statement), as the case may be, and counsel to the managing underwriters,
if any, a reasonable opportunity to review copies of all such documents
(including copies of any documents to be incorporated by reference therein and
all exhibits thereto) proposed to be filed (in each case at least three
business days prior to such filing). The Issuer shall not file any Registration
Statement or Prospectus or any amendments or supplements thereto if the Holders
of a majority in aggregate principal amount of the Registrable Securities
covered by such Registration Statement, their counsel, or the managing
underwriters, if any, shall reasonably object.

 

(b)           Prepare and file with the SEC such amendments
and post-effective amendments to each Shelf Registration Statement or Exchange
Offer Registration Statement, as the case may be, as may be necessary
to keep such Registration Statement continuously effective for the
Effectiveness Period, the Applicable Period or until consummation of the
Exchange Offer, as the case may be; cause the related Prospectus to be
supplemented by any Prospectus supplement required by applicable law, and as so
supplemented to be filed pursuant to Rule 424; and comply with the
provisions of the Securities Act and the Exchange Act applicable to it with
respect to the disposition of all securities covered by such Registration
Statement as so amended or in such Prospectus as so supplemented and with
respect to the subsequent resale of any securities being sold by an
Participating Broker-Dealer covered by any such Prospectus in all material
respects. The Issuer shall be deemed not to have used its reasonable best
efforts to keep a Registration Statement effective if it voluntarily takes any
action that is reasonably expected to result in selling Holders of the
Registrable Securities covered thereby or Participating Broker-Dealers seeking
to sell Exchange Securities not being able to sell such Registrable Securities
or such Exchange Securities during that period unless such action is required
by applicable law or permitted by this Agreement.

 

(c)           If (1) a Shelf Registration is filed
pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange
Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period relating thereto from whom the Issuer has received written notice that
it will be a Participating Broker-Dealer in the Exchange Offer, notify the
selling Holders of Registrable Securities (with respect to a Registration
Statement filed pursuant to Section 3 hereof), or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case may be,
their counsel and the managing underwriters, if any, promptly (but in any event
within three Business Days), and confirm such notice in writing, (i) when
a Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to a Registration Statement or any post-effective amendment,
when the same has become effective under the Securities Act (including in such
notice a written statement that any Holder may, upon request, obtain, at the
sole expense of the Issuer, one conformed copy of such Registration Statement
or post-effective amendment including financial statements and schedules,
documents incorporated or deemed to be incorporated by reference and exhibits),
(ii) of the issuance by the SEC of any stop order suspending the effectiveness
of a Registration Statement or of any order preventing or suspending the use of
any preliminary prospectus or the initiation of any proceedings for that
purpose, (iii) if at any time when a prospectus is required by the
Securities Act to be delivered in connection with sales of the Registrable
Securities or resales of Exchange Securities by Participating 

 

11

 

Broker-Dealers
the representations and warranties of the Issuer contained in any agreement
(including any underwriting agreement) contemplated by Section 5(m) hereof
cease to be true and correct, (iv) of the receipt by the Issuer of any
notification with respect to the suspension of the qualification or exemption
from qualification of a Registration Statement or any of the Registrable
Securities or the Exchange Securities to be sold by any Participating
Broker-Dealer for offer or sale in any jurisdiction, or the initiation or
threatening of any proceeding for such purpose, (v) of the happening of
any event, the existence of any condition or any information becoming known
that makes any statement made in such Registration Statement or related
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires the making of any
changes in or amendments or supplements to such Registration Statement,
Prospectus or documents so that, in the case of the Registration Statement, it
will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading,
and (vi) of the Issuer’s determination that a post-effective amendment to
a Registration Statement would be appropriate.

 

(d)           Use its reasonable best efforts to prevent
the issuance of any order suspending the effectiveness of a Registration
Statement or of any order preventing or suspending the use of a Prospectus or
suspending the qualification (or exemption from qualification) of any of the
Registrable Securities or the Exchange Securities to be sold by any Participating
Broker-Dealer, for sale in any jurisdiction.

 

(e)           If a Shelf Registration is filed pursuant to Section 3
and if requested during the Effectiveness Period by the managing underwriter or
underwriters (if any) or the Holders of a majority in aggregate principal
amount of the Registrable Securities being sold in connection with an
underwritten offering, (i) as promptly as practicable incorporate in a
prospectus supplement or post-effective amendment such information as the
managing underwriter or underwriters (if any), such Holders or counsel for
either of them reasonably request to be included therein, (ii) make all
required filings of such prospectus supplement or such post-effective amendment
as soon as practicable after the Issuer has received notification of the
matters to be incorporated in such prospectus supplement or post-effective
amendment, and (iii) supplement or make amendments to such Registration
Statement.

 

(f)            If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange
Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period, furnish to each selling Holder of Registrable Securities (with respect
to a Registration Statement filed pursuant to Section 3 hereof) and to
each such Participating Broker-Dealer who so requests (with respect to any such
Registration Statement) and to their respective counsel and each managing underwriter,
if any, at the sole expense of the Issuer, one conformed copy of the
Registration Statement or Registration Statements and each post-effective
amendment thereto, including financial statements and schedules, and, if
requested, all documents incorporated or deemed to be incorporated therein by
reference and all exhibits.

 

(g)           If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange
Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange 

 

12

 

Securities
during the Applicable Period, deliver to each selling Holder of Registrable
Securities (with respect to a Registration Statement filed pursuant to Section 3
hereof), or each such Participating Broker-Dealer (with respect to any such
Registration Statement), as the case may be, their respective counsel, and
the underwriters, if any, at the sole expense of the Issuer, as many copies of
the Prospectus or Prospectuses (including each form of preliminary
prospectus) and each amendment or supplement thereto and any documents incorporated
by reference therein as such Persons may reasonably request; and, subject
to the last paragraph of this Section 5, the Issuer hereby consents to the
use of such Prospectus and each amendment or supplement thereto by each of the
selling Holders of Registrable Securities or each such Participating
Broker-Dealer, as the case may be, and the underwriters or agents, if any,
and dealers, if any, in connection with the offering and sale of the
Registrable Securities covered by, or the sale by Participating Broker-Dealers
of the Exchange Securities pursuant to, such Prospectus and any amendment or
supplement thereto.

 

(h)           Prior to any public offering of Registrable
Securities or any delivery of a Prospectus contained in the Exchange Offer
Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Securities during the Applicable Period, use its reasonable best
efforts to register or qualify, and to cooperate with the selling Holders of
Registrable Securities or each such Participating Broker-Dealer, as the case may be,
the managing underwriter or underwriters, if any, and their respective counsel
in connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities for offer and
sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any selling Holder, Participating Broker-Dealer, or the
managing underwriter or underwriters reasonably request in writing; provided,
however, that where Exchange Securities held by Participating
Broker-Dealers or Registrable Securities are offered other than through an
underwritten offering, the Issuer agrees to cause its counsel to perform Blue
Sky investigations and file registrations and qualifications required to be
filed pursuant to this Section 5(h), keep each such registration or
qualification (or exemption therefrom) effective during the period such
Registration Statement is required to be kept effective and do any and all
other acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Exchange Securities held by Participating Broker-Dealers
or the Registrable Securities covered by the applicable Registration Statement;
provided, however, that the Issuer shall not be required to (A) qualify
generally to do business in any jurisdiction where it is not then so qualified,
(B) take any action that would subject it to general service of process in
any such jurisdiction where it is not then so subject or (C) subject
itself to taxation in excess of a nominal dollar amount in any such jurisdiction
where it is not then so subject.

 

(i)            If a Shelf Registration is filed pursuant to Section 3
hereof, cooperate with the selling Holders of Registrable Securities and the
managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold, which certificates shall not bear any restrictive legends and shall be
in a form eligible for deposit with The Depository Trust Company; and enable
such Registrable Securities to be in such denominations (subject to applicable
requirements contained in the Indenture) and registered in such names as the
managing underwriter or underwriters, if any, or Holders may request.

 

(j)            Use its reasonable best efforts to cause the
Registrable Securities covered by the Registration Statement to be registered
with or approved by such other U.S. governmental agencies or authorities as may be
necessary to enable the seller or sellers thereof or the underwriter or
underwriters, if any, to consummate the disposition of such Registrable
Securities, except as may be required solely as a 

 

13

 

consequence
of the nature of such selling Holder’s business, in which case the Issuer will
cooperate in all respects with the filing of such Registration Statement and
the granting of such approvals.

 

(k)           If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange
Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period, upon the occurrence of any event contemplated by paragraph 6(c)(v) or
6(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof)
file with the SEC, at the sole expense of the Issuer, a supplement or
post-effective amendment to the Registration Statement or a supplement to the related
Prospectus or any document incorporated therein by reference, or file any other
required document so that, as thereafter delivered to the purchasers of the Registrable
Securities being sold thereunder (with respect to a Registration Statement
filed pursuant to Section 3 hereof) or to the purchasers of the Exchange
Securities to whom such Prospectus will be delivered by a Participating Broker-Dealer
(with respect to any such Registration Statement), any such Prospectus will not
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading.

 

(l)            Prior to the effective date of the first Registration
Statement relating to the Registrable Securities, (i) provide the Trustee
with certificates for the Registrable Securities in a form eligible for
deposit with The Depository Trust Company and (ii) provide a CUSIP number
for the Registrable Securities.

 

(m)          In connection with any underwritten offering
of Registrable Securities pursuant to a Shelf Registration, enter into an
underwriting agreement as is customary in underwritten offerings of debt
securities similar to the Securities (including, without limitation, a
customary condition to the obligations of the underwriters that the
underwriters shall have received “cold comfort” letters and updates thereof in
form, scope and substance reasonably satisfactory to the managing underwriter
or underwriters from the independent certified public accountants of the Issuer
(and, if necessary, any other independent certified public accountants of the
Issuer, or of any business acquired by the Issuer, for which financial
statements and financial data are, or are required to be, included or
incorporated by reference in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering
matters of the type customarily covered in “cold comfort” letters in connection
with underwritten offerings of debt securities similar to the Securities), and
take all such other actions as are reasonably requested by the managing
underwriter or underwriters in order to expedite or facilitate the registration
or the disposition of such Registrable Securities and, in such connection, (i) make
such representations and warranties to, and covenants with, the underwriters
with respect to the business of the Issuer (including any acquired business,
properties or entity, if applicable), and the Registration Statement,
Prospectus and documents, if any, incorporated or deemed to be incorporated by
reference therein, in each case, as are customarily made by Issuer to
underwriters in underwritten offerings of debt securities similar to the Securities,
and confirm the same in writing if and when requested; (ii) obtain the written
opinions of counsel to the Issuer, and written updates thereof in form, scope
and substance reasonably satisfactory to the managing underwriter or
underwriters, addressed to the underwriters covering the matters customarily
covered in opinions reasonably requested in underwritten offerings; and (iii) if
an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures no less favorable to the sellers and
underwriters, if any, than those set forth in Section 7 hereof (or such
other provisions and 

 

14

 

procedures
reasonably acceptable to Holders of a majority in aggregate principal amount of
Registrable Securities covered by such Registration Statement and the managing
underwriter or underwriters or agents, if any). The above shall be done at each
closing under such underwriting agreement, or as and to the extent required
thereunder.

 

(n)           If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange
Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Securities during the Applicable Period, make
available for inspection by any Initial Purchaser, any selling Holder of such
Registrable Securities being sold (with respect to a Registration Statement
filed pursuant to Section 3 hereof), or each such Participating
Broker-Dealer, as the case may be, any underwriter participating in any
such disposition of Registrable Securities, if any, and any attorney,
accountant or other agent retained by any such selling Holder or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case may be,
or underwriter (any such Initial Purchasers, Holders, Participating
Broker-Dealers, underwriters, attorneys, accountants or agents, collectively,
the “Inspectors”), upon written request, at the offices where normally
kept, during reasonable business hours, all pertinent financial and other
records, pertinent corporate documents and instruments of the Issuer and subsidiaries
of the Issuer (collectively, the “Records”), as shall be reasonably
necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the Issuer
and any of its subsidiaries to supply all information (“Information”)
reasonably requested by any such Inspector in connection with such due
diligence responsibilities. Each Inspector shall agree in writing that it will
keep the Records and Information confidential, to use the Information only for
due diligence purposes, to abstain from using the Information as the basis for
any market transactions in Securities of the Issuer and that it will not
disclose any of the Records or Information that the Issuer determines, in good
faith, to be confidential and notifies the Inspectors in writing are
confidential unless (i) the disclosure of such Records or Information is
necessary to avoid or correct a misstatement or omission in such Registration
Statement or Prospectus, (ii) the release of such Records or Information
is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, (iii) disclosure of such Records or Information is necessary
or advisable, in the opinion of counsel for any Inspector, in connection with
any action, claim, suit or proceeding, directly or indirectly, involving or
potentially involving such Inspector and arising out of, based upon, relating
to, or involving this Agreement or the Purchase Agreement, or any transactions
contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the
information in such Records or Information has been made generally available to
the public other than by an Inspector or an “affiliate” (as defined in Rule 405)
thereof; provided, however, that prior notice shall be provided
as soon as practicable to the Issuer of the potential disclosure of any
information by such Inspector pursuant to clauses (i) or (ii) of
this sentence to permit the Issuer to obtain a protective order (or waive the
provisions of this paragraph (o)) and that such Inspector shall take such
actions as are reasonably necessary to protect the confidentiality of such
information (if practicable) to the extent such action is otherwise not
inconsistent with, an impairment of or in derogation of the rights and
interests of the Holder or any Inspector.

 

(o)           Provide an indenture trustee for the
Registrable Securities or the Exchange Securities, as the case may be, and
cause the Indenture or the trust indenture provided for in Section 2(a) hereof,
as the case may be, to be qualified under the TIA not later than the
effective date of the first Registration Statement relating to the Registrable
Securities; and in connection therewith, cooperate with the trustee under any
such indenture and the Holders of the Registrable Securities, to effect such
changes (if 

 

15

 

any)
to such indenture as may be required for such indenture to be so qualified
in accordance with the terms of the TIA; and execute, and use its commercially
reasonable best efforts to cause such trustee to execute, all documents as may be
required to effect such changes, and all other forms and documents required to
be filed with the SEC to enable such indenture to be so qualified in a timely
manner.

 

(p)           Comply in all material respects with all
applicable rules and regulations of the SEC and make generally available
to its securityholders with regard to any applicable Registration Statement, a
consolidated earning statement satisfying the provisions of Section 10(a) of
the Securities Act and Rule 158 thereunder (or any similar rule promulgated
under the Securities Act) no later than 45 days after the end of any
fiscal quarter (or 90 days after the end of any 12-month period if such
period is a fiscal year) (i) commencing at the end of any fiscal quarter
in which Registrable Securities are sold to underwriters in a firm commitment
or best efforts underwritten offering and (ii) if not sold to underwriters
in such an offering, commencing on the first day of the first fiscal quarter of
the Issuer, after the effective date of a Registration Statement, which
statements shall cover said 12-month periods; provided that this requirement
shall be deemed satisfied by the Issuer complying with Section 4.03 of the
Indenture.

 

(q)           Upon consummation of the Exchange Offer or a
Private Exchange, obtain an opinion of counsel to the Issuer, in a form customary
for underwritten transactions, addressed to the Trustee for the benefit of all
Holders of Registrable Securities participating in the Exchange Offer or the Private
Exchange, as the case may be, that the Exchange Securities or Private
Exchange Notes (and the related Guarantees), as the case may be, the
related guarantee and the related indenture constitute legal, valid and binding
obligations of the Issuer, enforceable against the Issuer in accordance with
their respective terms, subject to customary exceptions and qualifications. If
the Exchange Offer or a Private Exchange is to be consummated, upon delivery of
the Registrable Securities by Holders to the Issuer (or to such other Person as
directed by the Issuer), in exchange for the Exchange Securities or the Private
Exchange Notes (and the related Guarantees), as the case may be, the
Issuer shall mark, or cause to be marked, on such Registrable Securities that
such Registrable Securities are being cancelled in exchange for the Exchange
Securities or the Private Exchange Notes (and the related Guarantees), as the
case may be; in no event shall such Registrable Securities be marked as
paid or otherwise satisfied.

 

(r)            Use reasonable efforts to cooperate with each
seller of Registrable Securities covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required
to be made with the National Association of Securities Dealers, Inc. (the “NASD”).

 

(s)           Use its respective reasonable best efforts to
take all other steps reasonably necessary to effect the registration of the
Exchange Securities and/or Registrable Securities covered by a Registration
Statement contemplated hereby.

 

The Issuer may require each seller of
Registrable Securities as to which any registration is being effected to
furnish to the Issuer such information regarding such seller and the
distribution of such Registrable Securities as the Issuer may, from time to
time, reasonably request. The Issuer may exclude from such registration
the Registrable Securities of any seller so long as such seller fails to
furnish such information within a reasonable time after receiving such request.
Each seller as to which any Shelf Registration is being effected agrees to
furnish promptly to the Issuer all information required to be disclosed 

 

16

 

in order to make the
information previously furnished to the Issuer by such seller not materially
misleading.

 

If any such Registration Statement refers to any
Holder by name or otherwise as the holder of any securities of the Issuer, then
such Holder shall have the right to require (i) the insertion therein of
language, in form and substance reasonably satisfactory to such Holder, to
the effect that the holding by such Holder of such securities is not to be
construed as a recommendation by such Holder of the investment quality of the
securities covered thereby and that such holding does not imply that such
Holder will assist in meeting any future financial requirements of the Issuer,
or (ii) in the event that such reference to such Holder by name or
otherwise is not required by the Securities Act or any similar federal statute
then in force, the deletion of the reference to such Holder in any amendment or
supplement to the Registration Statement filed or prepared subsequent to the
time that such reference ceases to be required.

 

Each Holder of Registrable Securities and each
Participating Broker-Dealer agrees by its acquisition of such Registrable
Securities or Exchange Securities to be sold by such Participating
Broker-Dealer, as the case may be, that, upon actual receipt of any notice
from the Issuer of the happening of any event of the kind described in Section 5(c)(ii),
5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder will forthwith
discontinue disposition of such Registrable Securities covered by such
Registration Statement or Prospectus or Exchange Securities to be sold by such
Holder or Participating Broker-Dealer, as the case may be, until such
Holder’s or Participating Broker-Dealer’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(k) hereof, or
until it is advised in writing (the “Advice”) by the Issuer that the use
of the applicable Prospectus may be resumed, and has received copies of
any amendments or supplements thereto. In the event that the Issuer shall give
any such notice, each of the Applicable Period and the Effectiveness Period
shall be extended by the number of days during such periods from and including
the date of the giving of such notice to and including the date when each seller
of Registrable Securities covered by such Registration Statement or Exchange
Securities to be sold by such Participating Broker-Dealer, as the case may be,
shall have received (x) the copies of the supplemented or amended
Prospectus contemplated by Section 5(k) hereof or (y) the Advice.

 

6.             Registration
Expenses

 

All fees and expenses incident to the performance of
or compliance with this Agreement by the Issuer of its obligations under
Sections 2, 3, 5 and 8 shall be borne by the Issuer, whether or not the
Exchange Offer Registration Statement or any Shelf Registration Statement is
filed or becomes effective or the Exchange Offer is consummated, including,
without limitation, (i) all registration and filing fees (including,
without limitation, (A) fees with respect to filings required to be made
with the NASD in connection with an underwritten offering and (B) fees and
expenses of compliance with state securities or Blue Sky laws (including,
without limitation, reasonable fees and disbursements of counsel in connection
with Blue Sky qualifications of the Registrable Securities or Exchange
Securities and determination of the eligibility of the Registrable Securities
or Exchange Securities for investment under the laws of such jurisdictions in
the United States (x) where the holders of Registrable Securities are
located, in the case of the Exchange Securities, or (y) as provided in Section 5(h) hereof,
in the case of Registrable Securities or Exchange Securities to be sold by a Participating
Broker-Dealer during the Applicable Period)), (ii) printing expenses,
including, without limitation, printing prospectuses if the printing of
prospectuses is requested by the managing underwriter or underwriters, if any,
by the Holders of a majority in aggregate principal amount of the Registrable
Securities included in any Registration Statement or in respect 

 

17

 

of Registrable Securities or
Exchange Securities to be sold by any Participating Broker-Dealer during the
Applicable Period, as the case may be, (iii) fees and expenses of the
Trustee, any exchange agent and their counsel, (iv) fees and disbursements
of counsel for the Issuer and, in the case of a Shelf Registration, reasonable
fees and disbursements of one special counsel for all of the sellers of
Registrable Securities selected by the Holder of a majority in aggregate
principal amount of Registrable Securities covered by such Shelf Registration
(which counsel shall be reasonably satisfactory to the Issuer) exclusive of any
counsel retained pursuant to Section 7 hereof), (v) fees and disbursements
of all independent certified public accountants referred to in Section 5(m)
hereof (including, without limitation, the expenses of any “cold comfort”
letters required by or incident to such performance), (vi) rating agency
fees, if any, and any fees associated with making the Registrable Securities or
Exchange Securities eligible for trading through The Depository Trust Company, (vii) Securities
Act liability insurance, if the Issuer desires such insurance, (viii) fees
and expenses of all other Persons retained by the Issuer, (ix) internal
expenses of the Issuer (including, without limitation, all salaries and
expenses of officers and employees of the Issuer performing legal or accounting
duties), (x) the expense of any annual audit, (xi) any fees and
expenses incurred in connection with the listing of the securities to be
registered on any securities exchange, and the obtaining of a rating of the
securities, in each case, if applicable and (xii) the expenses relating to
printing, word processing and distributing all Registration Statements,
underwriting agreements, indentures and any other documents necessary in order
to comply with this Agreement.

 

7.             Indemnification
and Contribution.

 

(a)           The Issuer and the Guarantors jointly and
severally agree, to indemnify and hold harmless each Holder of Registrable
Securities and each Participating Broker-Dealer selling Exchange Securities
during the Applicable Period, and each Person, if any, who controls such Person
or its affiliates within the meaning of Section 15 of the Act or Section 20
of the Exchange Act (each, a “Participant”)
against any losses, claims, damages or liabilities, joint or several, to which
any Participant may become subject under the Securities Act, the Exchange
Act or otherwise, insofar as any such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon:

 

(i)      any untrue statement or alleged untrue
statement of any material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if the Issuer
shall have furnished any amendments or supplements thereto) or any preliminary
prospectus; or

 

(ii)     the omission or alleged omission to state, in
any Registration Statement (or any amendment thereto) or Prospectus (as amended
or supplemented if the Issuer shall have furnished any amendments or
supplements thereto) or any preliminary prospectus or any other document or any
amendment or supplement thereto, a material fact required to be stated therein
or necessary to make the statements therein not misleading,

 

except, in each case,
insofar as such losses, claims, damages or liabilities are arising out of or
based upon any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating
to any Initial Purchaser or any Holder furnished to the Issuer in writing
through the Initial Purchasers or any selling Holder expressly for use therein;

 

18

 

and agree (subject to the
limitations set forth in the proviso to this sentence) to reimburse, as
incurred, the Participant for any reasonable legal or other expenses incurred
by the Participant in connection with investigating, defending against or
appearing as a third-party witness in connection with any such loss, claim,
damage, liability or action; provided, however, neither the
Issuer nor the Guarantors will be liable in any such case to the extent that
any such loss, claim, damage, or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in
any Registration Statement (or any amendment thereto) or Prospectus (as amended
or supplemented if the Issuer shall have furnished any amendments or
supplements thereto) or any preliminary prospectus or any amendment or
supplement thereto in reliance upon and in conformity with written information
relating to any Participant furnished to the Issuer by such Participant
specifically for use therein. The indemnity provided for in this Section 7
will be in addition to any liability that the Issuer may otherwise have to
the indemnified parties. The Issuer and the Guarantors shall not be liable
under this Section 7 to any indemnified party regarding any settlement or
compromise or consent to the entry of any judgment with respect to any pending
or threatened claim, action, suit or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such
settlement, compromise or consent is consented to by the Issuer and the Guarantors,
which consent shall not be unreasonably withheld.

 

(b)           Each Participant, severally and not jointly,
agrees to indemnify and hold harmless the Issuer, the Guarantors, their
respective directors (or equivalent), their respective officers who sign any
Registration Statement and each person, if any, who controls the Issuer within
the meaning of Section 15 of the Act or Section 20 of the Exchange
Act against any losses, claims, damages or liabilities to which the Issuer, the
Guarantors or any such director, officer or controlling person may become
subject under the Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon (i) any untrue statement or alleged untrue statement of any
material fact contained in any Registration Statement or Prospectus, any
amendment or supplement thereto, or any preliminary prospectus, or (ii) the
omission or the alleged omission to state therein a material fact necessary to
make the statements therein not misleading, in each case to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with
written information concerning such Participant, furnished to the Issuer by or
on behalf of such Participant, specifically for use therein; and subject to the
limitation set forth immediately preceding this clause, will reimburse, as
incurred, any reasonable legal or other expenses incurred by the Issuer, the Guarantors
or any such director, officer or controlling person in connection with
investigating or defending against or appearing as a third party witness in
connection with any such loss, claim, damage, liability or action in respect
thereof. The indemnity provided for in this Section 7 will be in addition
to any liability that the Participants may otherwise have to the
indemnified parties. The Participants shall not be liable under this Section 7
to any indemnified party regarding any settlement or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
is consented to by the Participants, which consent shall not be unreasonably
withheld. The Issuer and the Guarantors shall not, without the prior written consent
of such Participant, effect any settlement or compromise of any pending or
threatened proceeding in respect of which such Participant is or could have
been a party, or indemnity could have been sought hereunder by such
Participant, unless such settlement (A) includes an unconditional written
release of such Participant, in form and substance reasonably satisfactory
to such Participant, from all liability on 

 

19

 

claims that are the subject matter of such proceeding and (B) does
not include any statement as to an admission of fault, culpability or failure
to act by or on behalf of such Participant.

 

(c)           Promptly after receipt by an indemnified
party under this Section 7 of notice of the commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made
against the indemnifying party under this Section 7, notify the indemnifying
party of the commencement thereof in writing; but the omission to so notify the
indemnifying party (i) will not relieve it from any liability under
paragraph (a) or (b) above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by
the indemnifying party of substantial rights and defenses and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in
paragraphs (a) and (b) above. The indemnifying party shall be
entitled to appoint counsel (including local counsel) of the indemnifying party’s
choice at the indemnifying party’s expense to represent the indemnified party
in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel, other than local counsel if not appointed by
the indemnifying party, retained by the indemnified party or parties except as
set forth below); provided, however, that such counsel shall be
reasonably satisfactory to the indemnified party. Notwithstanding the
indemnifying party’s election to appoint counsel (including local counsel) to
represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate
counsel if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of
interest (based on the advice of counsel to the indemnified person); (ii) such
action includes both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded (based on the advice of
counsel to the indemnified person) that there may be legal defenses
available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after notice of the institution of such action; or (iv) the
indemnifying party shall authorize the indemnified party to employ separate
counsel at the expense of the indemnifying party. It is understood and agreed
that the indemnifying person shall not, in connection with any proceeding or
separate but related or substantially similar proceedings in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate firm (in
addition to any local counsel) representing the indemnified parties under paragraph
(a) or paragraph (b) of this Section 7, as the case may be,
who are parties to such action or actions. Any such separate firm for any
Participants shall be designated in writing by Participants who sold a majority
in interest of the Registrable Securities and Exchange Securities sold by all
such Participants in the case of paragraph (a) of this Section 7 or
the Issuer in the case of paragraph (b) of this Section 7. In the
event that any Participants are indemnified persons collectively entitled, in
connection with a proceeding or separate but related or substantially similar
proceedings in a single jurisdiction, to the payment of fees and expenses of a
single separate firm under this Section 7(c), and any such Participants
cannot agree to a mutually acceptable separate firm to act as counsel thereto,
then such separate firm for all such Indemnified Persons shall be designated in
writing by Participants who sold a majority in interest of the Registrable
Securities and Exchange Securities sold by all such Participants. An
indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or proceeding
in respect of which indemnification or contribution may be 

 

20

 

sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise
or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding and does not
include any statement as to, or any admission of, fault, culpability or failure
to act by or on behalf of any indemnified party. All fees and expenses
reimbursed pursuant to this paragraph (c) shall be reimbursed as they are
incurred.

 

(d)           After notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof and
approval by such indemnified party of counsel appointed to defend such action,
the indemnifying party will not be liable to such indemnified party under this Section 7
for any legal or other expenses, other than reasonable costs of investigation,
subsequently incurred by such indemnified party in connection with the defense
thereof, unless (i) the indemnified party shall have employed separate
counsel in accordance with the third sentence of paragraph (c) of this Section 7
or (ii) the indemnifying party has authorized in writing the employment of
counsel for the indemnified party at the expense of the indemnifying party. After
such notice from the indemnifying party to such indemnified party, the
indemnifying party will not be liable for the costs and expenses of any
settlement of such action effected by such indemnified party without the prior
written consent of the indemnifying party (which consent shall not be
unreasonably withheld), unless such indemnified party waived in writing its
rights under this Section 7, in which case the indemnified party may effect
such a settlement without such consent.

 

(e)           In circumstances in which the indemnity
agreement provided for in the preceding paragraphs of this Section 7 is
unavailable to, or insufficient to hold harmless, an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect
thereof) (other than by virtue of the failure of an indemnified party to notify
the indemnifying party of its right to indemnification pursuant to paragraph (a) or
(b) of this Section 7, where such failure materially prejudices the
indemnifying party (through the forfeiture of substantial rights or defenses)),
each indemnifying party, in order to provide for just and equitable contribution,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (or actions in respect
thereof) in such proportion as is appropriate to reflect (i) the relative
benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the offering of the Securities or (ii) if
the allocation provided by the foregoing clause (i) is not permitted by
applicable law, not only such relative benefits but also the relative fault of
the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions or alleged statements
or omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof). The relative benefits received by the Issuer and
the Guarantors on the one hand and such Participant on the other shall be
deemed to be in the same proportion that the total net proceeds from the
offering (before deducting expenses) of the Securities received by the Issuer
bear to the total discounts and commissions received by such Participant in
connection with the sale of the Securities (or if such Participant did not
receive discounts or commissions, the value or receiving the Securities). The
relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to
information supplied by the Issuer on the one hand, or the Participants on the
other, the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission or alleged statement
or omission, and any other equitable considerations appropriate in the
circumstances. The parties agree that it would not be equitable if the amount
of such contribution were determined by pro rata or per capita allocation or by
any 

 

21

 

other method of allocation that does not take into account the
equitable considerations referred to in the first sentence of this paragraph
(e). Notwithstanding any other provision of this paragraph (e), no Participant
shall be obligated to make contributions hereunder that in the aggregate exceed
the total discounts, commissions and other compensation or net proceeds on the
sale of Securities received by such Participant in connection with the sale of
the Securities, less the aggregate amount of any damages that such Participant
has otherwise been required to pay by reason of the untrue or alleged untrue
statements or the omissions or alleged omissions to state a material fact, and
no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this paragraph (d), each
person, if any, who controls a Participant within the meaning of Section 15
of the Act or Section 20 of the Exchange Act shall have the same rights to
contribution as the Participants, and each director of the Issuer and the
Guarantors, each officer of the Issuer and the Guarantors and each person, if
any, who controls the Issuer and the Guarantors within the meaning of Section 15
of the Act or Section 20 of the Exchange Act, shall have the same rights
to contribution as the Issuer.

 

8.             Rules 144
and 144A

 

The Issuer covenants and agrees that it will use
reasonable best efforts to file the reports required to be filed by it under
the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder in a timely manner in accordance with the
requirements of the Securities Act and the Exchange Act and, if at any time the
Issuer is not required to file such reports, the Issuer will, upon the request
of any Holder or beneficial owner of Registrable Securities, make available
such information necessary to permit sales pursuant to Rule 144A. The
Issuer further covenants and agrees, for so long as any Registrable Securities
remain outstanding that it will take such further action as any Holder of
Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rule 144(k) under the Securities Act and Rule 144A unless
the Issuer is then subject to Section 13 or 15(d) of the Exchange Act
and reports filed thereunder satisfy the information requirements of Rule 144A
then in effect.

 

9.             Underwritten
Registrations

 

The Issuer shall not be required to assist in an
underwritten offering unless requested by the Holders of a majority in aggregate
principal amount of the Registrable Securities. If any of the Registrable
Securities covered by any Shelf Registration are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers
that will manage the offering will be selected by the Holders of a majority in
aggregate principal amount of such Registrable Securities included in such
offering and shall be reasonably acceptable to the Issuer.

 

No Holder of Registrable Securities may participate
in any underwritten registration hereunder unless such Holder (a) agrees
to sell such Holder’s Registrable Securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

 

22

 

10.           Miscellaneous

 

(a)           No Inconsistent Agreements. The Issuer has not as of the date hereof,
and the Issuer shall not, after the date of this Agreement, enter into any
agreement with respect to any of its securities that is inconsistent with the
rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Issuer other issued and outstanding securities
under any such agreements. The Issuer will not enter into any agreement (other
than the Registration Rights Agreement dated as of the date hereof in respect
of the Senior Subordinated Notes) with respect to any of its securities which
will grant to any Person piggy-back registration rights with respect to any Registration
Statement.

 

(b)           Adjustments Affecting Registrable Securities. The Issuer shall not, directly or
indirectly, take any action with respect to the Registrable Securities as a class that
would adversely affect the ability of the Holders of Registrable Securities to
include such Registrable Securities in a registration undertaken pursuant to
this Agreement.

 

(c)           Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, otherwise than with the prior
written consent of (I) the Issuer, and (II) (A) the Holders of
not less than a majority in aggregate principal amount of the then outstanding
Registrable Securities and (B) in circumstances that would adversely
affect the Participating Broker-Dealers, the Participating Broker-Dealers
holding not less than a majority in aggregate principal amount of the Exchange
Notes held by all Participating Broker-Dealers; provided, however,
that Section 7 and this Section 10(c) may not be amended, modified
or supplemented without the prior written consent of each Holder and each
Participating Broker-Dealer (including any person who was a Holder or
Participating Broker-Dealer of Registrable Securities or Exchange Securities,
as the case may be, disposed of pursuant to any Registration Statement) affected
by any such amendment, modification or supplement. Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders of Registrable
Securities whose securities are being sold pursuant to a Registration Statement
and that does not directly or indirectly affect, impair, limit or compromise
the rights of other Holders of Registrable Securities may be given by Holders
of at least a majority in aggregate principal amount of the Registrable
Securities being sold pursuant to such Registration Statement.

 

(d)           Notices. All notices and other communications (including, without limitation,
any notices or other communications to the Trustee) provided for or permitted
hereunder shall be made in writing by hand-delivery, registered first-class mail,
next-day air courier or facsimile:

 

(i)            if to a Holder of the Registrable Securities
or any Participating Broker-Dealer, at the most current address of such Holder
or Participating Broker-Dealer, as the case may be, set forth on the
records of the registrar under the Indenture, with a copy in like manner to the
Initial Purchasers as follows:

 

23

 

	
   

  	
   

  	
  Lehman Brothers Inc.

  
	
   

  	
   

  	
  745 Seventh Avenue

  
	
   

  	
   

  	
  New York, New York 10005

  
	
   

  	
   

  	
  Facsimile No.:
  212-526-0943;

  
	
   

  	
   

  	
  Attention: Syndicate
  Department

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cahill Gordon &
  Reindel LLP

  
	
   

  	
   

  	
  80 Pine Street

  
	
   

  	
   

  	
  New York, New York 10005

  
	
   

  	
   

  	
  Facsimile No.: (212)
  269-5420

  
	
   

  	
   

  	
  Attention: William
  Hartnett, Esq.

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  if to the Initial Purchasers, at the address specified in Section 10(d)(i);

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  if to the Issuer, at the address as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TDS Investor Corporation

  
	
   

  	
   

  	
  c/o The Blackstone Group

  
	
   

  	
   

  	
  345 Park Avenue, Floor 31

  
	
   

  	
   

  	
  New York, NY 10154

  
	
   

  	
   

  	
  Attention: Paul V. Schorr

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Simpson Thacher &
  Bartlett LLP

  
	
   

  	
   

  	
  425 Lexington Ave.

  
	
   

  	
   

  	
  New York, New York 10017

  
	
   

  	
   

  	
  Facsimile No.: (212)
  455-2502

  
	
   

  	
   

  	
  Attention: Edward P.
  Tolley, III, Esq.

  

 

All such notices and communications shall be deemed
to have been duly given:  when delivered
by hand, if personally delivered; five Business Days after being deposited in
the mail, postage prepaid, if mailed; one Business Day after being timely
delivered to a next-day air courier; and upon written confirmation, if sent by
facsimile.

 

Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address and in the manner specified in such Indenture.

 

(e)           Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties
hereto, the Holders and the Participating Broker-Dealers; provided, however,
that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Securities in violation of the terms of the Purchase
Agreement or the Indenture.

 

24

 

(f)            Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

 

(g)           Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

 

(h)           Governing Law. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW
YORK. EACH OF THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

(i)            Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their best efforts to find and employ an
alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal,
void or unenforceable.

 

(j)            Notes Held by the Issuer or Its Affiliates. Whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Issuer or its affiliates (as such term is defined
in Rule 405 under the Securities Act) shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage.

 

(k)           Third-Party Beneficiaries. Holders of Registrable Securities and
Participating Broker-Dealers are intended third-party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons.

 

(l)            Entire Agreement. This Agreement, together with the Purchase
Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein and any and all
prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders
on the one hand and the Issuer on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or
successors in interest with respect to the subject matter hereof and thereof
are merged herein and replaced hereby.

 

25

 

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.

 

 

	
   

  	
  TDS INVESTOR CORPORATION,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
  General Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TDS INVESTOR (BERMUDA) LTD.,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
  General Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WALTONVILLE LIMITED,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Director, Executive Vice

  
	
   

  	
   

  	
   

  	
  President, General Counsel

  
	
   

  	
   

  	
   

  	
  and Corporate Secretary

  

 

 

 

	
   

  	
  EACH
  OF THE SUBSIDIARIES

  
	
   

  	
  LISTED
  ON SCHEDULE I HERETO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  APOLLO
  GALILEO USA PARTNERSHIP,

  
	
   

  	
  By:
  APOLLO GALILEO USA SUB I, INC., its 

  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL
  INTERNET TRAVEL AGENCY,

  
	
   

  	
  By:
  INTERNETWORK PUBLISHING CORPORATION, 

  its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ORBITZ
  AWAY LLC

  
	
   

  	
  By:
  ORBITZ, LLC, as Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  

 

 

 

	
   

  	
  TDS
  DEVELOPMENT, LLC

  
	
   

  	
  By:
  TRAVELPORT INC., as Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Eric J. Bock

  
	
   

  	
   

  	
  Name:

  	
  Eric
  J. Bock

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  

 

 

The foregoing Agreement is
hereby

confirmed and accepted as of the 

date first above written.

 

LEHMAN
BROTHERS INC., 

UBS SECURITIES LLC

CREDIT
SUISSE SECURITIES (USA) LLC

 

By:  Lehman Brothers Inc.

 

	
  By:

  	
  /s/ Peter J. Toal

  	
   

  
	
   

  	
  Name:

  	
  Peter J. Toal

  
	
   

  	
  Title:

  	
  Managing Director

  
				

 

For
itself, the other Representatives and the other several Initial Purchasers.

 

 

 

 

SCHEDULE 1

 

	
   

  	
  Apollo Galileo USA Sub I, Inc.

  
	
   

  	
   

  
	
   

  	
  Apollo Galileo USA Sub II, Inc.

  
	
   

  	
   

  
	
   

  	
  Cendant Technology Holding, LLC

  
	
   

  	
   

  
	
   

  	
  Cendant Travel, Inc.

  
	
   

  	
   

  
	
   

  	
  Cendant UK Acquisition Corporation

  
	
   

  	
   

  
	
   

  	
  Distribution Systems, Inc.

  
	
   

  	
   

  
	
   

  	
  Galileo Ba, Inc.

  
	
   

  	
   

  
	
   

  	
  Galileo Brasil Limited

  
	
   

  	
   

  
	
   

  	
  Galileo International, Inc.

  
	
   

  	
   

  
	
   

  	
  Galileo International, L.L.C.

  
	
   

  	
   

  
	
   

  	
  Galileo International Services, Inc.

  
	
   

  	
   

  
	
   

  	
  Galileo Operations, LLC

  
	
   

  	
   

  
	
   

  	
  Galileo Technologies LLC

  
	
   

  	
   

  
	
   

  	
  Gta North America, Inc.

  
	
   

  	
   

  
	
   

  	
  HotelPORT, Inc.

  
	
   

  	
   

  
	
   

  	
  HotelPORT International, Inc.

  
	
   

  	
   

  
	
   

  	
  Internetwork Publishing Corporation

  
	
   

  	
   

  
	
   

  	
  Landmark Holding Company, Inc.

  
	
   

  	
   

  
	
   

  	
  Magellen Technologies, Inc.

  
	
   

  	
   

  
	
   

  	
  Neat Group Corporation

  
	
   

  	
   

  
	
   

  	
  O Holdings Inc.

  
	
   

  	
   

  
	
   

  	
  OctopusTravel.com (USA) Limited

  
	
   

  	
   

  
	
   

  	
  Orbitz, Inc.

  
	
   

  	
   

  
	
   

  	
  Orbitz, LLC

  
	
   

  	
   

  
	
   

  	
  Quantitude Services, Inc.

  
	
   

  	
   

  
	
   

  	
  Quantitude, Inc.

  
	
   

  	
   

  
	
   

  	
  Raccoon Acquisition I, LLC

  
	
   

  	
   

  
	
   

  	
  S.D. Shepherd Systems, Inc.

  

 

 

 

 

	
   

  	
   

  
	
   

  	
  Travel Industries, Inc.

  
	
   

  	
   

  
	
   

  	
  Travelport China Holdings, Inc.

  
	
   

  	
   

  
	
   

  	
  Travelport for Business, Inc.

  
	
   

  	
   

  
	
   

  	
  Travelport Inc.

  
	
   

  	
   

  
	
   

  	
  Travelport Operations, Inc.

  
	
   

  	
   

  
	
   

  	
  Trip Network, Inc.

  
	
   

  	
   

  
	
   

  	
  Trip.com, Inc.

  
	
   

  	
   

  
	
   

  	
  Trust International Hotel Reservation Services, Inc.

  
	
   

  	
   

  
	
   

  	
  Wizcom, Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]