Document:

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                                                                     EXHIBIT 4

                               [Form of Indenture]

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                              WISCONSIN GAS COMPANY

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,

                                   as Trustee

                                   ----------

                                    INDENTURE

                       Dated as of ________________, 2003

                                   ----------

                                 DEBT SECURITIES

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                              WISCONSIN GAS COMPANY

                          PARTIAL CROSS-REFERENCE TABLE

                           Trust Indenture Act of 1939
                and Indenture dated as of ________________, 2003

Indenture Section                                      TIA Section

 2.05..................................................317(b)
 2.06..................................................312(a), 313(c)
 2.11..................................................316(a)(last sentence)
 4.04..................................................314(a)(4)
 4.05..................................................314(a)(1)
 6.03..................................................317(a)(1)
 6.04..................................................316(a)(1)(B)
 6.05..................................................316(a)(1)(A)\
 6.07..................................................317(a)(1)
 7.01..................................................315(a), 315(d)
 7.04..................................................315(b)
 7.05..................................................313(a), 313(d)
 7.07..................................................310(a), 310(b)
 7.09..................................................310(a)(2)
 8.02..................................................310(a),310(b)
 9.04..................................................316(c)
10.01............................... ..................318(a)
10.02..................................................313(c)
10.03..................................................314(c)(1), 314(c)(2)
10.04..................................................314(e)

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                              WISCONSIN GAS COMPANY
                            DEBT SECURITIES INDENTURE
                       Dated As Of ________________, 2003

                                TABLE OF CONTENTS
                                                                          Page
                                                                          ----

ARTICLE 1 -     DEFINITIONS..................................................1

    Section 1.01   Definitions...............................................1

    Section 1.02   Other Definitions.........................................3

    Section 1.03   Rules of Construction.....................................3

ARTICLE 2 -     THE SECURITIES...............................................3

    Section 2.01   Issuable in Series........................................3

    Section 2.02   Execution and Authentication..............................5

    Section 2.03   Securities Agents.........................................6

    Section 2.04   Bearer Securities.........................................6

    Section 2.05   Paying Agent to Hold Money in Trust.......................7

    Section 2.06   Securityholder Lists......................................7

    Section 2.07   Transfer and Exchange.....................................7

    Section 2.08   Replacement Securities....................................8

    Section 2.09   Outstanding Securities....................................8

    Section 2.10   Discounted Securities.....................................8

    Section 2.11   Treasury Securities.......................................9

    Section 2.12   Global Securities.........................................9

    Section 2.13   Temporary Securities......................................9

    Section 2.14   Cancellation..............................................9

    Section 2.15   Defaulted Interest.......................................10

ARTICLE 3 -     REDEMPTION..................................................10

    Section 3.01   Notices to Trustee.......................................10

    Section 3.02   Selection of Securities to Be Redeemed...................10

    Section 3.03   Notice of Redemption.....................................11

    Section 3.04   Effect of Notice of Redemption...........................11

    Section 3.05   Payment of Redemption Price..............................12

    Section 3.06   Securities Redeemed in Part..............................12

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ARTICLE 4 -     COVENANTS...................................................12

    Section 4.01   Payment of Securities....................................12

    Section 4.02   Overdue Interest.........................................13

    Section 4.03   No Lien Created, etc.....................................13

    Section 4.04   Compliance Certificate...................................13

    Section 4.05   SEC Reports..............................................13

    Section 4.06   Certain Definitions......................................13

    Section 4.07   Limitations on Liens.....................................16

ARTICLE 5 -     SUCCESSORS..................................................16

    Section 5.01   When Company May Merge, etc..............................16

ARTICLE 6 -     DEFAULTS AND REMEDIES.......................................17

    Section 6.01   Events of Default........................................17

    Section 6.02   Acceleration.............................................18

    Section 6.03   Other Remedies...........................................18

    Section 6.04   Waiver of Past Defaults..................................19

    Section 6.05   Control by Majority......................................19

    Section 6.06   Limitation on Suits......................................19

    Section 6.07   Collection Suit by Trustee...............................19

    Section 6.08   Priorities...............................................20

ARTICLE 7 -     TRUSTEE.....................................................20

    Section 7.01   Rights of Trustee........................................20

    Section 7.02   Individual Rights of Trustee.............................21

    Section 7.03   Trustee's Disclaimer.....................................21

    Section 7.04   Notice of Defaults.......................................21

    Section 7.05   Reports by Trustee to Holders............................21

    Section 7.06   Compensation and Indemnity...............................21

    Section 7.07   Replacement of Trustee...................................22

    Section 7.08   Successor Trustee by Merger, etc.........................23

    Section 7.09   Trustee's Capital and Surplus............................23

ARTICLE 8 -     DISCHARGE OF INDENTURE......................................23

    Section 8.01   Defeasance...............................................23

    Section 8.02   Conditions to Defeasance.................................24

    Section 8.03   Application of Trust Money...............................25

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    Section 8.04   Repayment to Company.....................................25

ARTICLE 9 -     AMENDMENTS AND WAIVERS......................................25

    Section 9.01   Without Consent of Holders...............................25

    Section 9.02   With Consent of Holders..................................26

    Section 9.03   Compliance with Trust Indenture Act......................26

    Section 9.04   Effect of Consents.......................................26

    Section 9.05   Notation on or Exchange of Securities....................27

    Section 9.06   Trustee Protected........................................27

ARTICLE 10 -    MISCELLANEOUS...............................................27

    Section 10.01  Trust Indenture Act......................................27

    Section 10.02  Notices..................................................27

    Section 10.03  Certificate and Opinion as to Conditions Precedent.......28

    Section 10.04  Statements Required in Certificate or Opinion............29

    Section 10.05  Rules by Company and Agents..............................29

    Section 10.06  Legal Holidays...........................................29

    Section 10.07  No Recourse Against Others...............................29

    Section 10.08  Duplicate Originals......................................29

    Section 10.09  Governing Law............................................29

SIGNATURES    ..............................................................30

EXHIBIT A     .............................................................A-1

EXHIBIT B     .............................................................B-1

NOTES TO EXHIBITS A AND B

EXHIBIT C     .............................................................C-1

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     INDENTURE dated as of ________________, 2003 between WISCONSIN GAS COMPANY,
a Wisconsin corporation (the "Company"), and U.S. BANK NATIONAL ASSOCIATION, a
national banking association (the "Trustee").

     Each party agrees as follows for the benefit of the Holders of the
Company's debt securities issued under this Indenture:

                             ARTICLE 1 - DEFINITIONS

SECTION 1.01  Definitions.

     "Affiliate" means any person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company.

     "Agent" means any Registrar, Transfer Agent or Paying Agent.

     "Authorized Newspaper" means a newspaper that is:

     (1)  printed in the English language or in an official language of the
          country of publication;

     (2)  customarily published on each business day in the place of
          publication; and

     (3)  of general circulation in the relevant place or in the financial
          community of such place.

Whenever successive  publications in an Authorized Newspaper are required,  they
may be made on the same or different  business days and in the same or different
Authorized Newspapers.

     "Bearer Security" means a Security payable to bearer.

     "Board" means the Board of Directors of the Company or any authorized
committee of the Board.

     "Company" means the party named as such above until a successor replaces it
and thereafter means the successor.

     "Coupon" means an interest coupon for a Bearer Security.

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

     "Discounted Security" means a Security where the amount of principal due
upon acceleration is less than the stated principal amount.

     "Holder" or "Securityholder" means the person in whose name a Registered
Security is registered and the bearer of a Bearer Security or coupon.

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     "Indenture" means this Indenture and any Securities Resolution as amended
from time to time.

     "Lien" means any mortgage, pledge, security interest or other lien.

     "Officer" means the Chairman of the Board, any Vice Chairman, the
President, any Executive Vice President, any Senior Vice President, any Vice
President, the Treasurer, the Secretary, the Controller, any Assistant
Treasurer, any Assistant Secretary or any Assistant Controller of the Company.

     "Officers' Certificate" means a certificate signed by any one or more
Officers.

     "Opinion of Counsel" means a written opinion, complying with Sections 10.03
and 10.04 hereof, from legal counsel who is acceptable to the Trustee. The
counsel may be an employee of or counsel to the Company or the Trustee.

     "Principal" of a debt security means the principal of the security plus the
premium, if and when applicable, on the security.

     "Registered Security" means a Security registered as to principal and
interest by the Registrar.

     "SEC" means the Securities and Exchange Commission.

     "Securities" means the debt securities issued under this Indenture.

     "Securities Resolution" means a resolution establishing a series of
Securities adopted by the Board or by an Officer or committee of Officers
pursuant to Board delegation or a supplemental indenture establishing such
series of Securities executed by an authorized Officer.

     "Series" means a series of Securities or the Securities of the series.

     "Subsidiary" means a corporation or other entity a majority of whose Voting
Stock (or comparable securities) is owned by the Company or a Subsidiary.

     "TIA" means the Trust Indenture Act of 1939 (15 U.S. Code Sections
77aaa-77bbbb), as amended by the Trust Indenture Reform Act of 1990, as in
effect on the date shown above.

     "Trustee" means the party named as such above until a successor replaces it
and thereafter means the successor.

     "Trust Officer" means the Chairman of the Board, the President or any other
officer or assistant officer of the Trustee assigned by the Trustee to
administer its corporate trust matters.

     "United States" means the United States of America, its territories and
possessions and other areas subject to its jurisdiction.

     "Voting Stock" means capital stock having voting power under ordinary
circumstances to elect directors.

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     "Yield to Maturity" means the yield to maturity on a Security at the time
of its issuance or at the most recent determination of interest on the Security.

SECTION 1.02  Other Definitions.

     Term                                                  Defined in Section

     "Bankruptcy Law"..............................................6.01
     "Conditional Redemption"......................................3.04
     "covenant defeasance option"..................................8.01
     "Custodian"...................................................6.01
     "Event of Default"............................................6.01
     "legal defeasance option".....................................8.01
     "Legal Holiday"..............................................10.06
     "Paying Agent"................................................2.03
     "Permitted Encumbrances"......................................4.06
     "Person"......................................................4.06
     "Registrar"...................................................2.03
     "Total Assets"................................................4.06
     "Transfer Agent"..............................................2.03
     "Treasury Regulations"........................................2.04
     "U.S. Government Obligations".................................8.02

SECTION 1.03  Rules of Construction.

Unless the context otherwise requires:

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

     (2)  an accounting term not otherwise defined has the meaning assigned to
          it in accordance with generally accepted accounting principles in the
          United States;

     (3)  generally accepted accounting principles are those applicable from
          time to time;

     (4)  all terms used in this Indenture that are defined by the TIA, defined
          by TIA reference to another statute or defined by SEC rule under the
          TIA have the meanings assigned to them by such definitions;

     (5)  "or" is not exclusive; and

     (6)  words in the singular include the plural, and in the plural include
          the singular.

                           ARTICLE 2 - THE SECURITIES

SECTION 2.01  Issuable in Series.

     The aggregate principal amount of Securities that may be issued under this
Indenture is unlimited. The Securities may be issued from time to time in one or
more series. Each series

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shall be created by a Securities Resolution that establishes the terms of the
series, which may include the following:

     (1)  the title of the series;

     (2)  the aggregate principal amount of the series;

     (3)  the interest rate, if any, or method of calculating the interest rate;

     (4)  the date from which interest will accrue;

     (5)  the record dates for interest payable on Registered Securities;

     (6)  the dates when principal and interest are payable;

     (7)  the manner of paying principal and interest;

     (8)  the places where principal and interest are payable;

     (9)  the Registrar, Transfer Agent and Paying Agent;

     (10) the terms of any mandatory or optional redemption by the Company,
          including any sinking fund;

     (11) the terms of any redemption at the option of Holders;

     (12) the denominations in which Securities are issuable;

     (13) whether Securities will be issuable as Registered Securities or Bearer
          Securities;

     (14) whether and upon what terms Registered Securities and Bearer
          Securities may be exchanged;

     (15) whether any Securities will be represented by a Security in global
          form and the terms of any global Security;

     (16) the terms of any tax indemnity;

     (17) the currencies (including any composite currency) in which principal
          or interest may be paid and if payments of principal or interest may
          be made in a currency other than that in which Securities are
          denominated, the manner for determining such payments;

     (18) if amounts of principal or interest may be determined by reference to
          an index, formula or other method, the manner for determining such
          amounts;

     (19) provisions for electronic issuance of Securities or for Securities in
          uncertificated form;

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     (20) the portion of principal payable upon acceleration of a Discounted
          Security;

     (21) whether Section 4.07 applies, and any Events of Default or covenants
          in addition to or in lieu of those set forth in this Indenture;

     (22) whether and upon what terms Securities may be defeased;

     (23) the forms of the Securities or any coupon, which may be in the form of
          Exhibit A or B;

     (24) any terms that may be required by or advisable under U.S. or other
          applicable laws;

     (25) the ranking of the Securities, including the relative degree, if any,
          to which the Securities of such series shall be subordinated to one or
          more other series of Securities in right of payment, whether
          outstanding or not;

     (26) any provisions relating to extending or shortening the date on which
          the principal and premium, if any, of the Securities of such series is
          payable;

     (27) any provisions relating to the deferral of payment of any interest;
          and

     (28) any other terms not inconsistent with this Indenture.

     All Securities of one series need not be issued at the same time and,
unless otherwise provided, a series may be reopened for issuances of additional
Securities of such series.

     The creation and issuance of a series and the authentication and delivery
thereof are not subject to any conditions precedent.

SECTION 2.02  Execution and Authentication.

     Two Officers shall sign the Securities by manual or facsimile signature.
The Company's seal shall be reproduced on the Securities, which seal may be
affixed or in facsimile form. An Officer shall sign any coupons by facsimile
signature.

     If an Officer whose signature is on a Security or its coupons no longer
holds that office at the time the Security is authenticated or delivered, the
Security and coupons shall nevertheless be valid.

     A Security and its coupons shall not be valid until the Security is
authenticated by the manual signature of the Registrar. The signature shall be
conclusive evidence that the Security has been authenticated under this
Indenture.

     Each Registered Security shall be dated the date of its authentication.
Each Bearer Security shall be dated the date of its authentication or as
provided in the Securities Resolution.

     Securities may have notations, legends or endorsements required by law,
stock exchange rule, agreement or usage, which shall be provided to the Trustee
in writing by the Company.

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     In the event Securities are issued in electronic or other uncertificated
form, such Securities may be validly issued without the signatures or seal
contemplated by this Section 2.02.

SECTION 2.03  Securities Agents.

     The Company shall maintain an office or agency where Securities may be
authenticated ("Registrar"), where Securities may be presented for registration
of transfer or for exchange ("Transfer Agent") and where Securities may be
presented for payment ("Paying Agent"). Whenever the Company must issue or
deliver Securities pursuant to this Indenture, the Registrar shall authenticate
the Securities at the Company's request. The Transfer Agent shall keep a
register of the Securities and of their transfer and exchange.

     The Trustee shall be, and is hereby appointed as, the Registrar. The
Company may appoint more than one Transfer Agent or Paying Agent for a series.
The Company shall notify the Trustee of the name and address of any Agent not a
party to this Indenture. If the Company fails to maintain a Transfer Agent or
Paying Agent for a series, the Trustee shall act as such.

SECTION 2.04  Bearer Securities.

     U.S. laws and Treasury Regulations restrict sales or exchanges of and
payments on Bearer Securities. Therefore, except as provided below:

     (1)  Bearer Securities will be offered, sold and delivered only outside the
          United States and will be delivered only upon presentation of a
          certificate in a form prescribed by the Company to comply with U.S.
          laws and regulations.

     (2)  Bearer Securities will not be issued in exchange for Registered
          Securities.

     (3)  All payments of principal and interest (including original issue
          discount) on Bearer Securities will be made outside the United States
          by a Paying Agent located outside the United States unless the Company
          determines that:

          (A)  such payments may not be made by such Paying Agent because the
               payments are illegal or prevented by exchange controls as
               described in Treasury Regulation section 1.163-5(c)(2)(v); and

          (B)  making the payments in the United States would not have an
               adverse tax effect on the Company.

     If there is a change in the relevant provisions of U.S. laws or Treasury
Regulations or the judicial or administrative interpretation thereof, a
restriction set forth in paragraph (1), (2) or (3) above will not apply to a
series if the Company determines that the relevant provisions no longer apply to
the series or that failure to comply with the relevant provisions would not have
an adverse tax effect on the Company or on Securityholders or cause the series
to be treated as "registration-required" obligations under U.S. law.

     The Company shall notify the Trustee in writing of any determinations by
the Company under this Section.

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     "Treasury Regulations" means regulations of the U.S. Treasury Department
under the Internal Revenue Code of 1986, as amended.

SECTION 2.05  Paying Agent to Hold Money in Trust.

     The Company shall require each Paying Agent for a series other than the
Trustee to agree in writing that the Paying Agent will hold in trust for the
benefit of the persons entitled thereto all money held by the Paying Agent for
the payment of principal of or interest on the series, and will notify the
Trustee in writing of any default by the Company in making any such payment.

     While any such default continues, the Trustee may require a Paying Agent to
pay all money so held by it to the Trustee. The Company at any time may require
a Paying Agent to pay all money held by it to the Trustee. Upon payment over to
the Trustee, the Paying Agent shall have no further liability for the money.

     If the Company or an Affiliate acts as Paying Agent for a series, it shall
segregate and hold as a separate trust fund all money held by it as Paying Agent
for the series.

SECTION 2.06  Securityholder 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
Securityholders. If the Trustee is not the Transfer Agent, the Company shall
furnish to the Trustee semiannually and at such other times as the Trustee may
request a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Holders of Registered Securities and
Holders of Bearer Securities whose names are on the list referred to below.

     The Transfer Agent shall keep a list of the names and addresses of Holders
of Bearer Securities who file a request to be included on such list. A request
will remain in effect for two years but successive requests may be made.

     Whenever the Company or the Trustee is required to mail a notice to all
Holders of Registered Securities of a series, it also shall mail the notice to
Holders of Bearer Securities of the series whose names are on the list, if any.

     Whenever the Company is required to publish a notice to all Holders of
Bearer Securities of a series, it also shall mail the notice to such of them
whose names are on the list, if any.

SECTION 2.07  Transfer and Exchange.

     Where Registered Securities of a series are presented to the Transfer Agent
with a request to register a transfer or to exchange them for an equal principal
amount of Registered Securities of other denominations of the series, the
Transfer Agent shall register the transfer or make the exchange if its
requirements for such transactions are met. Where Bearer Securities of a series
are presented to the Transfer Agent with a request to exchange them for an equal
principal amount of Bearer Securities of other denominations of the series, the
Transfer Agent shall make the exchange if its requirements for such transactions
are met.

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     The Transfer Agent may require a Holder to pay a sum sufficient to cover
any taxes imposed on a transfer or exchange.

     If a series provides for Registered and Bearer Securities and for their
exchange, Bearer Securities may be exchanged for Registered Securities and
Registered Securities may be exchanged for Bearer Securities as provided in the
Securities or the Securities Resolution establishing the series if the
requirements of the Transfer Agent for such transactions are met and if Section
2.04 permits the exchange.

SECTION 2.08  Replacement Securities.

     If the Holder of a Security or coupon claims that it has been lost,
destroyed or wrongfully taken, then, in the absence of notice to the Company or
the Trustee that the Security or coupon has been acquired by a bona fide
purchaser, the Company shall issue a replacement Security or coupon if the
Company and the Trustee receive:

     (1)  evidence satisfactory to them of the loss, destruction or taking;

     (2)  an indemnity bond satisfactory to them; and

     (3)  payment of a sum sufficient to cover their expenses and any taxes for
          replacing the Security or coupon.

     A replacement Security shall have coupons attached corresponding to those,
if any, on the replaced Security.

     Every replacement Security or coupon is an additional obligation of the
Company.

SECTION 2.09  Outstanding Securities.

     The Securities outstanding at any time are all the Securities authenticated
by the Registrar except for those canceled by it, those delivered to it for
cancellation, and those described in this Section as not outstanding.

     If a Security is replaced pursuant to Section 2.08, it ceases to be
outstanding unless the Trustee and the Company receive proof satisfactory to
them that the replaced Security is held by a bona fide purchaser.

     If Securities are considered paid under Section 4.01, they cease to be
outstanding and interest on them ceases to accrue.

     A Security does not cease to be outstanding because the Company or an
Affiliate holds the Security.

SECTION 2.10  Discounted Securities.

     In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, waiver or consent, the principal
amount of a Discounted Security

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shall be the amount of principal that would be due as of the date of such
determination if payment of the Security were accelerated on that date.

SECTION 2.11  Treasury Securities.

     In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, waiver or consent, Securities owned
by the Company or an Affiliate shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on any
such direction, waiver or consent, only Securities for which the Trustee has
received an Officers' Certificate stating that such Securities are so owned
shall be so disregarded.

SECTION 2.12  Global Securities.

     If the Securities Resolution establishing a series so provides, the Company
may issue some or all of the Securities of the series in temporary or permanent
global form. A global Security may be in registered form, in bearer form with or
without coupons or in uncertificated form. A global Security shall represent
that amount of Securities of a series as specified in the global Security or as
endorsed thereon from time to time. At the Company's request, the Registrar
shall endorse a global Security to reflect the amount of any increase or
decrease in the Securities represented thereby.

     The Company may issue a global Security only to a depositary designated by
the Company. A depositary may transfer a global Security only as a whole to its
nominee or to a successor depositary.

     The Securities Resolution may establish, among other things, the manner of
paying principal and interest on a global Security and whether and upon what
terms a beneficial owner of an interest in a global Security may exchange such
interest for definitive Securities.

     The Company, an Affiliate, the Trustee and any Agent shall not be
responsible for any acts or omissions of a depositary, for any depositary
records of beneficial ownership interests or for any transactions between the
depositary and beneficial owners.

SECTION 2.13  Temporary Securities.

     Until definitive Securities of a series are ready for delivery, the Company
may use temporary Securities. Temporary Securities shall be substantially in the
form of definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Temporary Securities may be in global
form. Temporary Bearer Securities may have one or more coupons or no coupons.
Without unreasonable delay, the Company shall deliver definitive Securities in
exchange for temporary Securities.

SECTION 2.14  Cancellation.

     The Company at any time may deliver Securities to the Registrar for
cancellation. The Transfer Agent and the Paying Agent shall forward to the
Registrar any Securities and coupons surrendered to them for payment, exchange
or registration of transfer. The Registrar shall cancel

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all Securities or coupons surrendered for payment, registration of transfer,
exchange or cancellation as follows: the Registrar will cancel all Registered
Securities and matured coupons. The Registrar also will cancel all Bearer
Securities and unmatured coupons unless the Company requests the Registrar to
hold the same for redelivery. Any Bearer Securities so held shall be considered
delivered for cancellation under Section 2.09. The Registrar shall destroy
canceled Securities and coupons and deliver a certificate of cancellation
thereof to the Company unless the Company otherwise directs.

     Unless the Securities Resolution establishing a series otherwise provides,
the Company may not issue new Securities to replace Securities that the Company
has paid or that the Company has delivered to the Registrar for cancellation.

SECTION 2.15  Defaulted Interest.

     If the Company defaults in a payment of interest on Registered Securities,
it need not pay the defaulted interest to Holders on the regular record date.
The Company may fix a special record date for determining Holders entitled to
receive defaulted interest or the Company may pay defaulted interest in any
other lawful manner.

                             ARTICLE 3 - REDEMPTION

SECTION 3.01  Notices to Trustee.

     Securities of a series that are redeemable before maturity shall be
redeemable in accordance with their terms and, unless the Securities Resolution
establishing the series otherwise provides, in accordance with this Article.

     In the case of a redemption by the Company, the Company shall notify the
Trustee of the redemption date and the principal amount of Securities to be
redeemed. The Company shall notify the Trustee at least 35 days before the
redemption date unless a shorter notice is satisfactory to the Trustee.

     If the Company is required to redeem Securities, it may reduce the
principal amount of Securities required to be redeemed to the extent it is
permitted a credit by the terms of the Securities and it notifies the Trustee of
the amount of the credit and the basis for it. If the reduction is based on a
credit for acquired or redeemed Securities that the Company has not previously
delivered to the Registrar for cancellation, the Company shall deliver the
Securities at the same time as the notice.

SECTION 3.02  Selection of Securities to Be Redeemed.

     If less than all the Securities of a series are to be redeemed, the Trustee
shall select the Securities to be redeemed pro rata or by any other method the
Trustee considers fair and appropriate, unless the Company otherwise directs in
writing. The Trustee shall make the selection from Securities of the series
outstanding not previously called for redemption. The Trustee may select for
redemption portions of the principal of Securities having denominations

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larger than the minimum denomination for the series. Securities and portions
thereof selected for redemption shall be in amounts equal to the minimum
denomination for the series or an integral multiple thereof. Provisions of this
Indenture that apply to Securities called for redemption also apply to portions
of Securities called for redemption.

SECTION 3.03  Notice of Redemption.

     At least 30 days but not more than 60 days before a redemption date, or
within such other period as may be specified in the Securities Resolution
creating the series of Securities to be redeemed, the Company shall mail a
notice of redemption by first-class mail to each Holder of Registered Securities
whose Securities are to be redeemed.

     If Bearer Securities are to be redeemed, the Company shall publish a notice
of redemption in an Authorized Newspaper as provided in the Securities.

     A notice shall identify the Securities of the series to be redeemed and
shall state:

     (1)  the redemption date;

     (2)  the redemption price;

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

     (4)  that Securities called for redemption, together with all coupons, if
          any, maturing after the redemption date, must be surrendered to the
          Paying Agent to collect the redemption price;

     (5)  that interest on Securities called for redemption ceases to accrue on
          and after the redemption date;

     (6)  whether the redemption by the Company is mandatory or optional; and

     (7)  whether the redemption is conditional as provided in Section 3.04, the
          terms of the condition, and that, if the condition is not satisfied or
          is not waived by the Company, the Securities will not be redeemed and
          such a failure to redeem will not constitute an Event of Default.

     A redemption notice given by publication need not identify Registered
Securities to be redeemed.

     At the Company's request, the Trustee shall give the notice of redemption
in the Company's name and at its expense.

SECTION 3.04  Effect of Notice of Redemption.

     Except as provided below, once notice of redemption is given, Securities
called for redemption become due and payable on the redemption date at the
redemption price stated in the notice.

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     A notice of redemption may provide that it is subject to the occurrence of
any event before the date fixed for such redemption as described in such notice
("Conditional Redemption") and such notice of Conditional Redemption shall be of
no effect unless all such conditions to the redemption have occurred on or
before such date or have been waived by the Company.

SECTION 3.05  Payment of Redemption Price.

     On or before the redemption date, the Company shall deposit with the Paying
Agent money sufficient to pay the redemption price of and accrued interest on
all Securities to be redeemed on that date.

     When the Holder of a Security surrenders it for redemption in accordance
with the redemption notice, the Company shall pay to the Holder on the
redemption date the redemption price and accrued interest to such date, except
that:

     (1)  the Company will pay any such interest (except defaulted interest) to
          Holders on the record date of Registered Securities if the redemption
          date occurs on an interest payment date; and

     (2)  the Company will pay any such interest to Holders of coupons that
          mature on or before the redemption date upon surrender of such coupons
          to the Paying Agent.

     Coupons maturing after the redemption date on a called Security are void
absent a payment default on that date. Nevertheless, if a Holder surrenders for
redemption a Bearer Security missing any such coupons, the Company may deduct
the face amount of such coupons from the redemption price. If thereafter the
Holder surrenders to the Paying Agent the missing coupons, the Company will
return the amount so deducted. The Company also may waive surrender of the
missing coupons if it receives an indemnity bond satisfactory to the Company.

SECTION 3.06  Securities Redeemed in Part.

     Upon surrender of a Security that is redeemed in part, the Company shall
deliver to the Holder a new Security of the same series equal in principal
amount to the unredeemed portion of the Security surrendered.

                              ARTICLE 4 - COVENANTS

SECTION 4.01  Payment of Securities.

     The Company shall pay the principal of and interest on a series in
accordance with the terms of the Securities for the series, any related coupons,
and this Indenture. On each payment date, the Company shall have deposited with
the Paying Agent in funds which are then immediately available money sufficient
to pay all principal and interest then due on the series. Principal and interest
on a series shall be considered paid on the date due if the Paying Agent for

                                       12

<PAGE>

the series holds on that date money sufficient to pay all principal and interest
then due on the series.

SECTION 4.02  Overdue Interest.

     Unless the Securities Resolution establishing a series otherwise provides,
the Company shall pay interest on overdue principal of a Security of a series at
the rate (or Yield to Maturity in the case of a Discounted Security) borne by
the series; it shall pay interest on overdue installments of interest at the
same rate or Yield to Maturity to the extent lawful.

SECTION 4.03  No Lien Created, etc.

     This Indenture and the Securities do not create a Lien, charge or
encumbrance on any property of the Company or any Subsidiary.

SECTION 4.04  Compliance Certificate.

     The Company shall deliver to the Trustee, within 120 days after the end of
each fiscal year of the Company, a brief certificate signed by the principal
executive officer, principal financial officer or principal accounting officer
of the Company, as to the signer's knowledge of the Company's compliance with
all conditions and covenants under this Indenture (determined without regard to
any period of grace or requirement of notice provided herein).

     Any other obligor on the Securities also shall deliver to the Trustee such
a certificate similarly signed as to its compliance with this Indenture within
120 days after the end of each of its fiscal years.

     The certificates need not comply with Section 10.04.

SECTION 4.05  SEC Reports.

     The Company shall provide to the Trustee, within 15 days after the Company
is required to file the same with the SEC, copies of the annual reports and of
the information, documents, and other reports (or such portions of the foregoing
as the SEC may prescribe) which the Company is required to file with the SEC
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

     Any other obligor on the Securities shall do likewise as to the above items
which it is required to file with the SEC pursuant to those Sections.

SECTION 4.06  Certain Definitions.

     "Permitted Encumbrances" means any of the following:

     (1)  Liens of taxes, assessments or governmental charges for the then
          current year and taxes, assessments or governmental charges not then
          delinquent; Liens for workers' compensation awards and similar
          obligations not then delinquent; mechanics', laborers', materialmen's
          and similar Liens not then delinquent; and

                                       13

<PAGE>

          any of such Liens, whether or not delinquent, whose validity is at the
          time being contested in good faith by the Company or any Subsidiary;

     (2)  Liens and charges incidental to construction or current operations
          which have not at the time been filed or asserted or the payment of
          which has been adequately secured or which, in the opinion of counsel,
          are not material in amount;

     (3)  Liens, securing obligations neither assumed by the Company or any
          Subsidiary nor on account of which any of them customarily pays
          interest directly or indirectly, existing, either at the date hereof,
          or, as to property hereafter acquired, at the time of acquisition by
          the Company or a Subsidiary;

     (4)  Any right which any municipal or governmental body or agency may have
          by virtue of any franchise, license, contract or statute to purchase,
          or designate a purchaser of or order the sale of, any property of the
          Company or any Subsidiary upon payment of reasonable compensation
          therefor, or to terminate any franchise, license or other rights or to
          regulate the property and business of the Company or any Subsidiary;

     (5)  The Lien of judgments covered by insurance, or upon appeal and
          covered, if necessary, by the filing of an appeal bond, or if not so
          covered not exceeding at any one time $10,000,000 in aggregate amount;

     (6)  Easements or reservations in respect of any property of the Company or
          any Subsidiary for the purpose of roads, pipelines, utility
          transmission and distribution lines or other rights-of-way and similar
          purposes, zoning ordinances, regulations, reservations, restrictions,
          covenants, party wall agreements, conditions of record and other
          encumbrances (other than to secure the payment of money), none of
          which, in the opinion of counsel, are such as to interfere with the
          proper operation and development of the property affected thereby in
          the business of the Company and its Subsidiaries for the use intended;

     (7)  Any Lien or encumbrance, moneys sufficient for the discharge of which
          have been deposited in trust with the Trustee hereunder or with the
          trustee or mortgagee under the instrument evidencing such Lien or
          encumbrance, with irrevocable authority to the Trustee hereunder or to
          such other trustee or mortgagee to apply such moneys to the discharge
          of such Lien or encumbrance to the extent required for such purpose;

     (8)  Any defects of title and any terms, conditions, agreements, covenants,
          exceptions and reservations expressed or provided in deeds or other
          instruments, respectively, under and by virtue of which the Company or
          any Subsidiary has acquired any property or shall hereafter acquire
          any property, none of which, in the opinion of counsel, materially
          adversely affects the operation of the properties of the Company and
          its Subsidiaries, taken as a whole;

     (9)  The pledge of cash or marketable securities for the purpose of
          obtaining any indemnity, performance or other similar bonds in the
          ordinary course of business,

                                       14

<PAGE>

          or as security for the payment of taxes or other assessments being
          contested in good faith, or for the purpose of obtaining a stay or
          discharge in the course of any legal proceedings;

     (10) The pledge or assignment in the ordinary course of business of
          electricity, gas (either natural or artificial), steam, water or other
          utility accounts receivable or customers' installment paper;

     (11) Rights reserved to or vested in others to take or receive any part of
          the electricity, gas (either natural or artificial), steam, water or
          other utility products or any by-products thereof generated or
          produced by or from any properties of the Company or with respect to
          any other rights concerning electricity, gas (either natural or
          artificial), steam, water or other utility product supply,
          transportation, or storage which are in use in the ordinary course of
          the electricity, gas (either natural or artificial), steam, water or
          other utility business;

     (12) Any landlord's Lien;

     (13) Liens created or assumed by the Company or a Subsidiary in connection
          with the issuance of debt securities, the interest on which is
          excludable from the gross income of the holders of such securities
          pursuant to Section 103 of the Internal Revenue Code of 1986, or any
          successor section, for purposes of financing, in whole or in part, the
          acquisition or construction of property to be used by the Company or a
          Subsidiary, but such Liens shall be limited to the property so
          financed (and the real estate on which such property is to be
          located);

     (14) Liens incurred pursuant to Section 7.06;

     (15) Liens affixing to property of the Company or a Subsidiary at the time
          a Person consolidates with or merges into, or transfers all or
          substantially all of its property to, the Company or a Subsidiary,
          provided that in the opinion of the Board or Company management
          (evidenced by a certified Board resolution or an Officers' Certificate
          delivered to the Trustee) the property acquired pursuant to the
          consolidation, merger or asset transfer is adequate security for the
          Lien; and

     (16) Liens or encumbrances not otherwise permitted if, at the time of
          incurrence and after giving effect thereto, the aggregate of all
          obligations of the Company and its Subsidiaries secured thereby does
          not exceed 15% of Total Assets.

     "Person" means any individual, partnership, joint venture, firm,
corporation, association, trust, limited liability company or other enterprise
(whether or not incorporated), or any government or political subdivision or any
agency, department or instrumentality thereof.

     "Total Assets" means all assets of the Company as shown on its most recent
quarterly or annual consolidated balance sheet, as determined in accordance with
generally accepted accounting principles in the United States applied on a
consistent basis.

                                       15

<PAGE>
SECTION 4.07  Limitations on Liens.

     So long as there remain outstanding any Securities of any series to which
this Section 4.07 applies under the terms of the series, the Company will not,
and will not permit any Subsidiary to, create or suffer to be created or to
exist any Lien on any of its properties or assets now owned or hereafter
acquired to secure any indebtedness, without making effective provision whereby
the Securities of such series shall be equally and ratably secured with any and
all such indebtedness and with any other indebtedness similarly entitled to be
equally and ratably secured. However, this restriction shall not apply to or
prevent the creation or existence of:

     (1)  Liens on property existing at the time of acquisition or construction
          of such property (or created within one year after completion of such
          acquisition or construction), whether by purchase, merger,
          construction or otherwise (or on the property of a Subsidiary at the
          date it became a Subsidiary), or to secure the payment of all or any
          part of the purchase price or construction cost thereof, including the
          extension of any such Liens to repairs, renewals, replacements,
          substitutions, betterments, additions, extensions and improvements
          then or thereafter made on the property subject thereto;

     (2)  any extensions, renewals or replacements (or successive extensions,
          renewals or replacements), in whole or in part of Liens permitted by
          the foregoing clause (1);

     (3)  the pledge of any bonds or other securities at any time issued under
          any of the Liens permitted by clauses (1) or (2); or

     (4)  Permitted Encumbrances.

     Further, this restriction shall not apply to or prevent the creation or
existence of leases made, or existing on property acquired, in the ordinary
course of business.

                             ARTICLE 5 - SUCCESSORS

SECTION 5.01  When Company May Merge, etc.

     Unless the Securities Resolution establishing a series otherwise provides,
the Company shall not consolidate with or merge into any Person in any
transaction in which the Company is not the survivor, or transfer all or
substantially all of its property to any Person, unless:

     (1)  the Person is organized under the laws of the United States or a State
          thereof;

     (2)  the Person assumes by supplemental indenture all the obligations of
          the Company under this Indenture, the Securities and any coupons;

     (3)  all required approvals of any regulatory body having jurisdiction over
          the transaction shall have been obtained;

                                       16

<PAGE>

     (4)  immediately after the transaction no Default exists; and

     (5)  the Company provides an Officers' Certificate and an Opinion of
          Counsel to the effect that all the provisions in this Section 5.01
          have been complied with.

     The successor shall be substituted for the Company, and thereafter all
obligations of the Company under this Indenture, the Securities and any coupons
shall terminate.

                        ARTICLE 6 - DEFAULTS AND REMEDIES

SECTION 6.01  Events of Default.

     Unless the Securities Resolution establishing a series otherwise provides,
an "Event of Default" on the series so established occurs if:

     (1)  the Company defaults in any payment of interest on any Securities of
          the series when the same becomes due and payable and the Default
          continues for a period of 60 days;

     (2)  the Company defaults in the payment of the principal of any Securities
          of the series when the same becomes due and payable at maturity or
          upon redemption, acceleration or otherwise;

     (3)  the Company defaults in the payment or satisfaction of any sinking
          fund obligation with respect to any Securities of the series as
          required by the Securities Resolution establishing such series and the
          Default continues for a period of 60 days;

     (4)  the Company defaults in the performance of any of its other agreements
          applicable to the series and the Default continues for 90 days after
          the notice specified below;

     (5)  the Company pursuant to or within the meaning of any Bankruptcy Law:

          (A)  commences a voluntary case,

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

          (C)  consents to the appointment of a Custodian for it or for all or
               substantially all of its property, or

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

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

          (A)  is for relief against the Company in an involuntary case,

                                       17

<PAGE>

          (B)  appoints a Custodian for the Company or for all or substantially
               all of its property, or

          (C)  orders the liquidation of the Company,

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

     (7)  there occurs any other Event of Default provided for in the series.

     The term "Bankruptcy Law" means Title 11, U.S. Code or any similar Federal
or State law for the relief of debtors. The term "Custodian" means any receiver,
trustee, assignee, liquidator or a similar official under any Bankruptcy Law.

     A Default under clause (4) is not an Event of Default until the Trustee or
the Holders of at least 25% in principal amount of the series notify the Company
of the Default and the Company does not cure the Default within the time
specified after receipt of the notice. The notice must specify the Default,
demand that it be remedied and state that the notice is a "Notice of Default."
If Holders notify the Company of a Default, they shall notify the Trustee at the
same time.

     Unless the Securities Resolution establishing a series provides otherwise,
a Default on a series of Securities issued under this Indenture does not
constitute a Default on any other series of Securities issued under this
Indenture.

     The failure to redeem any Security subject to a Conditional Redemption is
not an Event of Default if any event on which such redemption is so conditioned
does not occur and is not waived before the scheduled redemption date.

SECTION 6.02  Acceleration.

     If an Event of Default occurs and is continuing on a series, the Trustee by
notice to the Company, or the Holders of at least 25% in principal amount of the
series by notice to the Company and the Trustee, may declare the principal of
and accrued interest on all the Securities of the series to be due and payable
immediately. Discounted Securities may provide that the amount of principal due
upon acceleration is less than the stated principal amount.

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

SECTION 6.03  Other Remedies.

     If an Event of Default occurs and is continuing on a series, the Trustee
may pursue any available remedy to collect principal or interest then due on the
series, to enforce the performance of any provision applicable to the series, or
otherwise to protect the rights of the Trustee and Holders of the series.

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<PAGE>

     The Trustee may maintain a proceeding even if it does not possess any of
the Securities or coupons or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Securityholder 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.

SECTION 6.04  Waiver of Past Defaults.

     The Holders of a majority in principal amount of a series by notice to the
Trustee may waive an existing Default on the series and its consequences except:

     (1)  a Default in the payment of the principal of or interest on the
          series, or

     (2)  a Default in respect of a provision that under Section 9.02 cannot be
          amended without the consent of each Securityholder affected.

SECTION 6.05  Control by Majority.

     The Holders of a majority in principal amount of a series 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, with
respect to the series. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture.

SECTION 6.06  Limitation on Suits.

     A Securityholder of a series may pursue a remedy with respect to the series
only if:

     (1)  the Holder gives to the Trustee notice of a continuing Event of
          Default on the series;

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

     (3)  such Holder or Holders offer to the Trustee indemnity satisfactory to
          the Trustee against any loss, liability or expense;

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

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

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

SECTION 6.07  Collection Suit by Trustee.

     If an Event of Default in payment of interest, principal or sinking fund
obligation specified in Section 6.01(1), (2) or (3) occurs and is continuing on
a series, the Trustee may

                                       19

<PAGE>

recover judgment in its own name and as trustee of an express trust against the
Company for the whole amount of principal and interest remaining unpaid on the
series.

SECTION 6.08  Priorities.

     If the Trustee collects any money for a series pursuant to this Article, it
shall pay out the money in the following order:

     First: to the Trustee for amounts due under Section 7.06;

     Second: to Securityholders of the series for amounts due and unpaid for
principal and interest, ratably, without preference or priority of any kind,
according to the amounts due and payable for principal and interest,
respectively; and

     Third: to the Company.

     The Trustee may fix a payment date for any payment to Securityholders.

                             ARTICLE 7 - TRUSTEE

SECTION 7.01  Rights of Trustee.

     (1)  The Trustee may rely on any document believed by it to be genuine and
          to have been signed or presented by the proper person. The Trustee
          need not investigate any fact or matter stated in the document.

     (2)  Before the Trustee acts or refrains from acting, it may require an
          Officers' Certificate or an Opinion of Counsel. The Trustee shall not
          be liable for any action it takes or omits to take in good faith in
          reliance on the Certificate or Opinion.

     (3)  The Trustee may act through agents and shall not be responsible for
          the misconduct or negligence of any agent appointed with due care.

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

     (5)  The Trustee may refuse to perform any duty or exercise any right or
          power which it reasonably believes may expose it to any loss,
          liability or expense unless it receives indemnity satisfactory to it
          against such loss, liability or expense.

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

     (7)  The Trustee shall have no duty with respect to a Default unless a
          Trust Officer has received written notice of such Default.

                                       20

<PAGE>

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

     (9)  Any Agent shall have the same rights and be protected to the same
          extent as if it were Trustee.

SECTION 7.02  Individual Rights of Trustee.

     The Trustee in its individual or any other capacity may become the owner or
pledgee of Securities or coupons and may otherwise deal with the Company or an
Affiliate with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights.

SECTION 7.03  Trustee's Disclaimer.

     The Trustee makes no representation as to the validity or adequacy of this
Indenture or the Securities or any coupons; it shall not be accountable for the
Company's use of the proceeds from the Securities; it shall not be responsible
for any statement in the Securities or any coupons; it shall not be responsible
for any overissue; it shall not be responsible for determining whether the form
and terms of any Securities or coupons were established in conformity with this
Indenture; and it shall not be responsible for determining whether any
Securities were issued in accordance with this Indenture.

SECTION 7.04  Notice of Defaults.

     If a Default occurs and is continuing on a series and if it is known to the
Trustee, the Trustee shall mail a notice of the Default within 90 days after it
occurs to Holders of Registered Securities of the series. Except in the case of
a Default in payment on a series, the Trustee may withhold the notice if and so
long as a committee of its Trust Officers in good faith determines that
withholding the notice is in the interest of Holders of the series. The Trustee
shall withhold notice of a Default described in Section 6.01(4) until at least
90 days after it occurs.

SECTION 7.05  Reports by Trustee to Holders.

     Any report required by TIA Section 313(a) to be mailed to Securityholders
shall be mailed by the Trustee on or before July 15 of each year.

     A copy of each report at the time of its mailing to Securityholders
shall be filed with the SEC and each stock  exchange on which any Securities are
listed. The Company shall notify the Trustee when any Securities are listed on a
stock exchange.

SECTION 7.06  Compensation and Indemnity.

     The Company shall pay to the Trustee from time to time reasonable
compensation for its services. The Trustee's compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses
incurred by it. Such expenses shall include the reasonable compensation and
expenses of the Trustee's agents and counsel.

                                       21

<PAGE>

     The Company shall indemnify the Trustee (including its officers, directors
and employees) against any loss or liability incurred by it. The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity. The
Company shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent.

     The Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Trustee through negligence, bad faith or willful
misconduct.

     To secure the Company's payment obligations in this Section, the Trustee
shall have a Lien prior to the Securities and any coupons on all money or
property held or collected by the Trustee, except that held in trust to pay
principal or interest on particular Securities.

     When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(5) or (6) occurs, such expenses and the
compensation for such services are intended to constitute expenses of
administration under any Bankruptcy Law.

     The provisions of this Section shall survive any termination or discharge
of this Indenture (including without limitation any termination under any
Bankruptcy Law) and the resignation or removal of the Trustee.

SECTION 7.07  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.

     The Trustee may resign by so notifying the Company. The Holders of a
majority in principal amount of the Securities may remove the Trustee by so
notifying the Trustee and may appoint a successor Trustee with the Company's
consent.

     The Company may remove the Trustee if:

     (1)  the Trustee fails to comply with TIA Section 310(a) or TIA Section
          310(b) or with Section 7.09;

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

     (3)  a Custodian or other public officer takes charge of the Trustee or its
          property;

     (4)  the Trustee becomes incapable of acting; or

     (5)  an event of the kind described in Section 6.01(5) or (6) occurs with
          respect to the Trustee.

                                       22

<PAGE>

     The Company also may remove the Trustee with or without cause if the
Company so notifies the Trustee three months in advance and if no Default occurs
or is continuing during the three-month period.

     If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a successor
Trustee.

     If a successor Trustee does not take office within 30 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of a majority in principal amount of the Securities may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

     If the Trustee fails to comply with TIA Section 310(a) or TIA Section
310(b) or with Section 7.09, any Securityholder 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 Company. 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 of Registered
Securities. The retiring Trustee shall promptly transfer all property held by it
as Trustee to the successor Trustee, subject to the Lien provided for in Section
7.06.

SECTION 7.08  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 7.09  Trustee's Capital and Surplus.

     The Trustee at all times shall have a combined capital and surplus of at
least $10,000,000 as set forth in its most recent published report of condition.

                       ARTICLE 8 - DISCHARGE OF INDENTURE

SECTION 8.01  Defeasance.

     Securities of a series may be defeased in accordance with their terms and,
unless the Securities Resolution establishing the series otherwise provides, in
accordance with this Article.

     The Company at any time may terminate as to a series all of its obligations
under this Indenture, the Securities of a series and any related coupons ("legal
defeasance option"). The Company at any time may terminate as to a series its
obligations, if any, under Section 4.07 and any other restrictive covenants
which may be applicable to a particular series ("covenant defeasance option").
However, in the case of the legal defeasance option, the Company's

                                       23

<PAGE>

obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.06, 7.07 and 8.04
shall survive until the Securities of the series are no longer outstanding;
thereafter the Company's obligations in Section 7.06 shall survive.

     The Company may exercise its legal defeasance option notwithstanding its
prior exercise of its covenant defeasance option. If the Company exercises its
legal defeasance option, a series may not be accelerated because of an Event of
Default. If the Company exercises its covenant defeasance option, a series may
not be accelerated by reference to Section 4.07 or any other restrictive
covenants which may be applicable to a particular series so defeased under the
terms of the series.

     The Trustee upon request shall acknowledge in writing the discharge of
those obligations that the Company terminates.

SECTION 8.02  Conditions to Defeasance.

     The Company may exercise as to a series its legal defeasance option or its
covenant defeasance option if:

     (1)  the Company irrevocably deposits in trust with the Trustee or another
          trustee money or U.S. Government Obligations;

     (2)  the Company delivers to the Trustee a certificate from a nationally
          recognized firm of independent accountants expressing their opinion
          that the payments of principal and interest when due on the deposited
          U.S. Government Obligations without reinvestment plus any deposited
          money without investment will provide cash at such times and in such
          amounts as will be sufficient to pay principal and interest when due
          on all the Securities of the series to maturity or redemption, as the
          case may be;

     (3)  immediately after the deposit no Default exists;

     (4)  the deposit does not constitute a default under any other agreement
          binding on the Company;

     (5)  the deposit does not cause the Trustee to have a conflicting interest
          under TIA Section 310(a) or TIA Section 310(b) as to another series;

     (6)  the Company delivers to the Trustee an Opinion of Counsel to the
          effect that Holders of the series will not recognize income, gain or
          loss for Federal income tax purposes as a result of the defeasance;
          and

     (7)  91 days pass after the deposit is made and during the 91-day period no
          Default specified in Section 6.01(5) or (6) occurs that is continuing
          at the end of the period.

     Before or after a deposit the Company may make arrangements satisfactory to
the Trustee for the redemption of Securities at a future date in accordance with
Article 3.

                                       24

<PAGE>

     "U.S. Government Obligations" means securities which are direct obligations
of (i) the United States or (ii) an agency or instrumentality of the United
States, the payment of which is unconditionally guaranteed by the United States,
which, in either case, have the full faith and credit of the United States
pledged for payment and are not callable at the issuer's option, or certificates
representing an ownership interest in such obligations.

SECTION 8.03  Application of Trust Money.

     The Trustee shall hold in trust money or U.S. Government Obligations
deposited with it pursuant to Section 8.02. It shall apply the deposited money
and the money from U.S. Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal and interest on
Securities of the defeased series.

SECTION 8.04  Repayment to Company.

     The Trustee and the Paying Agent shall promptly turn over to the Company
upon request any excess money or securities held by them at any time.

     The Trustee and the Paying Agent shall pay to the Company upon request any
money held by them for the payment of principal or interest that remains
unclaimed for two years. After payment to the Company, Securityholders entitled
to the money must look to the Company for payment as unsecured general creditors
unless an abandoned property law designates another person.

                       ARTICLE 9 - AMENDMENTS AND WAIVERS

SECTION 9.01  Without Consent of Holders.

     The Company and the Trustee may amend this Indenture, the Securities or any
coupons without the consent of any Securityholder:

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

     (2)  to comply with Article 5;

     (3)  to provide that specific provisions of this Indenture shall not apply
          to a series not previously issued;

     (4)  to create a series and establish its terms;

     (5)  to provide for a separate Trustee for one or more series; or

     (6)  to make any change that does not materially adversely affect the
          rights of any Securityholder.

                                       25

<PAGE>

SECTION 9.02  With Consent of Holders.

     The Company and the Trustee may amend this Indenture, the Securities or any
coupons with the written consent of the Holders of a majority in principal
amount of the Securities of all series affected by the amendment voting as one
class. However, without the consent of each Securityholder affected, an
amendment under this Section may not:

     (1)  reduce the amount of Securities whose Holders must consent to an
          amendment;

     (2)  reduce the interest on or change the time for payment of interest on
          any Security;

     (3)  change the fixed maturity of any Security;

     (4)  reduce the principal of any non-Discounted Security or reduce the
          amount of principal of any Discounted Security that would be due upon
          an acceleration thereof;

     (5)  change the currency in which principal or interest on a Security is
          payable; or

     (6)  make any change in Section 6.04 or 9.02, except to increase the amount
          of Securities whose Holders must consent to an amendment or waiver or
          to provide that other provisions of this Indenture cannot be amended
          or waived without the consent of each Securityholder affected thereby.

     An amendment of a provision included solely for the benefit of one or more
series does not affect Securityholders of any other series.

     Securityholders need not consent to the exact text of a proposed amendment
or waiver; it is sufficient if they consent to the substance thereof.

SECTION 9.03  Compliance with Trust Indenture Act.

     Every amendment pursuant to Section 9.01 or 9.02 shall be set forth in a
supplemental indenture that complies with the TIA as then in effect.

     If a provision of the TIA requires or permits a provision of this Indenture
and the TIA provision is amended, then the Indenture provision shall be
automatically amended to like effect.

SECTION 9.04  Effect of Consents.

     An amendment or waiver becomes effective in accordance with its terms and
thereafter binds every Securityholder entitled to consent to it.

     A consent to an amendment or waiver by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security that
evidences the same debt as the consenting Holder's Security. Any Holder or
subsequent Holder may revoke the consent as to his Security if the Trustee
receives notice of the revocation before the amendment or waiver becomes
effective.

                                       26

<PAGE>

     The Company may fix a record date for the determination of Holders of
Registered Securities entitled to give a consent. The record date shall not be
less than 10 nor more than 60 days prior to the first written solicitation of
Securityholders.

SECTION 9.05  Notation on or Exchange of Securities.

     The Company or the Trustee may place an appropriate notation about an
amendment or waiver on any Security thereafter authenticated. The Company may
issue in exchange for affected Securities new Securities that reflect the
amendment or waiver.

SECTION 9.06  Trustee Protected.

     The Trustee need not sign any supplemental indenture that adversely affects
its rights. The Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel and an Officers' Certificate
each stating that the execution of any amendment or supplement or waiver
authorized pursuant to this Article is authorized or permitted by this
Indenture, and that such amendment or supplement or waiver constitutes the
legal, valid and binding obligation of the Company.

                           ARTICLE 10 - MISCELLANEOUS

SECTION 10.01 Trust Indenture Act.

     The provisions of TIA Sections 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not expressly set forth herein.

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

SECTION 10.02 Notices.

     Any notice by one party to another is duly given if in writing and
delivered in person, sent by facsimile transmission confirmed by mail or mailed
by first-class mail to the other's address shown below:

                                       27

<PAGE>

              Company:  Wisconsin Gas Company
                        231 West Michigan Street
                        P.O. Box 2046
                        Milwaukee, WI  53201
                        Attention:  Corporate Secretary

              Trustee:  U.S. Bank National Association
                        1555 N. RiverCenter Dr., Suite 301
                        Milwaukee, WI  53212
                        Attention:  Corporate Trust Department

     A party by notice to the other parties may designate additional or
different addresses for subsequent notices.

     Any notice mailed to a Securityholder shall be mailed to his address shown
on the register kept by the Transfer Agent or on the list referred to in Section
2.06. Failure to mail a notice to a Securityholder or any defect in a notice
mailed to a Securityholder shall not affect the sufficiency of the notice mailed
to other Securityholders or the sufficiency of any published notice.

     If a notice is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it.

     If the Company mails a notice to Securityholders, it shall mail a copy to
the Trustee and each Agent at the same time.

     If in the Company's opinion it is impractical to mail a notice required to
be mailed or to publish a notice required to be published, the Company may give
such substitute notice as the Trustee approves. Failure to publish a notice as
required or any defect in it shall not affect the sufficiency of any mailed
notice.

     All notices shall be in the English language, except that any published
notice may be in an official language of the country of publication.

     A "notice" includes any communication required by this Indenture.

SECTION 10.03 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any
action under this Indenture, the Company shall if so requested furnish to the
Trustee:

     (1)  an Officers' Certificate stating that, in the opinion of the signers,
          all conditions precedent, if any, provided for in this Indenture
          relating to the proposed action have been complied with; and

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

                                       28

<PAGE>

SECTION 10.04 Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

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

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

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

     (4)  a statement as to whether or not, in the opinion of such person, such
          condition or covenant has been complied with.

SECTION 10.05 Rules by Company and Agents.

     The Company may make reasonable rules for action by or a meeting of
Securityholders. An Agent may make reasonable rules and set reasonable
requirements for its functions.

SECTION 10.06 Legal Holidays.

     A "Legal Holiday" is a Saturday, a Sunday or a day on which banking
institutions are not required to be open. If a payment date is a Legal Holiday
at a place of payment, unless the Securities Resolution establishing a series
otherwise provides with respect to Securities of the series, payment may be made
at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period.

SECTION 10.07 No Recourse Against Others.

     All liability described in the Securities of any director, officer,
employee or stockholder, as such, of the Company is waived and released.

SECTION 10.08 Duplicate Originals.

     The parties may sign any number of copies of this Indenture. One signed
copy is enough to prove this Indenture.

SECTION 10.09 Governing Law.

     The laws of the State of Wisconsin shall govern this Indenture, the
Securities and any coupons, unless Federal law governs.

                                       29

<PAGE>

                                   SIGNATURES

Dated as of ______________, 2003         WISCONSIN GAS COMPANY

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

Dated as of ______________, 2003         U.S. BANK NATIONAL ASSOCIATION

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

                                       30

<PAGE>

                                    EXHIBIT A

                          A Form of Registered Security

No._____________                                                 $______________

                              WISCONSIN GAS COMPANY
                               [Title of Security]

WISCONSIN GAS COMPANY

promises to pay to ________________________________________

or registered assigns
the principal sum of _____________________________________ Dollars
on __________, 20___

Interest Payment Dates:
                       ---------------------------
Record Dates:
                       ---------------------------

                                         Dated:

U.S. BANK NATIONAL ASSOCIATION           WISCONSIN GAS COMPANY
Transfer Agent and Paying Agent

                                         By:
                                            ------------------------------------
                                               (Title of Authorized Officer)

Authenticated:                           (CORPORATE SEAL)

U.S. BANK NATIONAL ASSOCIATION
Registrar, by

--------------------------------         ---------------------------------------
Authorized Signature                     [Assistant] Secretary

                                       A-1

<PAGE>

                              WISCONSIN GAS COMPANY
                               [Title of Security]

1.   Interest.(1)

     Wisconsin Gas Company (the "Company"), a Wisconsin corporation, promises to
     pay interest on the principal amount of this Security at the rate per annum
     shown above. The Company will pay interest semiannually on
     _________________ and _________________ of each year commencing
     ________________, 20__. Interest on the Securities will accrue from the
     most recent date to which interest has been paid or, if no interest has
     been paid, from _________________, 20__. Interest will be computed on the
     basis of a 360-day year of twelve 30-day months.

2.   Method of Payment.(2)

     The Company will pay interest on the Securities to the persons who are
     registered holders of Securities at the close of business on the record
     date for the next interest payment date, except as otherwise provided in
     the Indenture. Holders must surrender Securities to a Paying Agent to
     collect principal payments. The Company will pay principal and interest in
     money of the United States that at the time of payment is legal tender for
     payment of public and private debts. The Company may pay principal and
     interest by check payable in such money. It may mail an interest check to a
     holder's registered address.

3.   Securities Agents.(2A)

     Initially, U.S. Bank National Association will act as Paying Agent,
     Transfer Agent and Registrar. The Company may change any Paying Agent or
     Transfer Agent without notice. The Company or any Affiliate may act in any
     such capacity. Subject to certain conditions, the Company may change the
     Trustee.

4.   Indenture.

     The Company issued the securities of this series (the "Securities") under
     an Indenture dated as of ________________, 2003 (the "Indenture") between
     the Company and U.S. Bank National Association (the "Trustee"). The terms
     of the Securities include those stated in the Indenture and in the
     Securities Resolution establishing the Securities and those made part of
     the Indenture by the Trust Indenture Act of 1939 (15 U.S. Code Sections
     77aaa-77bbbb). Securityholders are referred to the Indenture, the
     Securities Resolution and such Act for a statement of such terms.

5.   Optional Redemption.(3)

     On or after _____________, 20__, the Company may redeem all the Securities
     at any time or some of them from time to time at the following redemption
     prices (expressed in percentages of principal amount), plus accrued
     interest to the redemption date.

                                       A-2

<PAGE>

     If redeemed during the 12-month period beginning _______________,

     Year       Percentage      Year    Percentage

     and thereafter at 100%.

6.   Mandatory Redemption.(4)

     The Company will redeem $____________ principal amount of Securities on
     _________________________ and on each _______________ thereafter through
     ____________________ at a redemption price of 100% of principal amount,
     plus accrued interest to the redemption date.(5) The Company may reduce the
     principal amount of Securities to be redeemed pursuant to this paragraph by
     subtracting 100% of the principal amount (excluding premium) of any
     Securities (i) that the Company has acquired or that the Company has
     redeemed other than pursuant to this paragraph and (ii) that the Company
     has delivered to the Registrar for cancellation. The Company may so
     subtract the same Security only once.

7.   Additional Optional Redemption.(6)

     In addition to redemptions pursuant to the above paragraph(s), the Company
     may redeem not more than $____________ principal amount of Securities on
     ________________________ and on each __________________ thereafter through
     __________________ at a redemption price of 100% of principal amount, plus
     accrued interest to the redemption date.

8.   Notice of Redemption.(7)

     Notice of redemption will be mailed at least [30 days but not more than 60
     days] before the redemption date to each holder of Securities to be
     redeemed at such holder's registered address.

     A notice of redemption may provide that it is subject to the occurrence of
     any event before the date fixed for such redemption as described in such
     notice ("Conditional Redemption") and such notice of Conditional Redemption
     shall be of no effect unless all such conditions to the redemption have
     occurred before such date or have been waived by the Company.

9.   Denominations, Transfer, Exchange.

     The Securities are in registered form without coupons in denominations of
     $1,000(8) and whole multiples of $1,000. The transfer of Securities may be
     registered and Securities may be exchanged as provided in the Indenture.
     The Transfer Agent may require a

                                       A-3

<PAGE>

     holder, among other things, to furnish appropriate endorsements and
     transfer documents and to pay any taxes and fees required by law or the
     Indenture. The Transfer Agent need not exchange or register the transfer of
     any Security or portion of a Security selected for redemption. Also, it
     need not exchange or register the transfer of any Securities for a period
     of 15 days before a selection of Securities to be redeemed.

10.  Persons Deemed Owners.

     The registered holder of a Security may be treated as its owner for all
     purposes.

11.  Amendments and Waivers.

     Subject to certain exceptions, the Indenture or the Securities may be
     amended with the consent of the holders of a majority in principal amount
     of the securities of all series affected by the amendment.(9)

     Subject to certain exceptions, a default on a series may be waived with the
     consent of the holders of a majority in principal amount of the series.

     Without the consent of any Securityholder, the Indenture or the Securities
     may be amended, among other things, to cure any ambiguity, omission, defect
     or inconsistency; to provide for assumption of Company obligations to
     Securityholders; or to make any change that does not materially adversely
     affect the rights of any Securityholder.

12.  Restrictive Covenants.(10)

     The Securities are unsecured general obligations of the Company [initially]
     limited to $____________ principal amount. [The Company may from time to
     time without notice to, or the consent of, the holders of the Securities,
     create and issue further securities of the same series, equal in rank to
     the Securities in all respects (or in all respects except for the payment
     of interest accruing prior to the issue date of the new securities or
     except for the first payment of interest following the issue date of the
     new securities) so that the new securities may be consolidated and form a
     single series with the Securities and have the same terms as to status,
     redemption or otherwise as the Securities.] The Indenture does not limit
     other unsecured debt. Section 4.07 of the Indenture, which if applicable
     limits certain mortgages and other liens, [will] [will not] apply with
     respect to the Securities. [The limitations are subject to a number of
     important qualifications and exceptions.]

13.  Successors.

     When a successor assumes all the obligations of the Company under the
     Securities and the Indenture, the Company will be released from those
     obligations.

14.  Defeasance Prior to Redemption or Maturity.(11)

     Subject to certain conditions, the Company at any time may terminate some
     or all of its obligations under the Securities and the Indenture if the
     Company deposits with the Trustee money or U.S. Government Obligations for
     the payment of principal and interest

                                       A-4

<PAGE>

     on the Securities to redemption or maturity. U.S. Government Obligations
     are securities backed by the full faith and credit of the United States of
     America or certificates representing an ownership interest in such
     Obligations.

15.  Defaults and Remedies.

     An Event of Default(12) includes: default for 60 days in payment of
     interest on the Securities; default in payment of principal on the
     Securities; default for 60 days in the payment or satisfaction of any
     sinking fund obligation with respect to the Securities; default by the
     Company for a specified period after notice to it in the performance of any
     of its other agreements applicable to the Securities; certain events of
     bankruptcy or insolvency; and any other Event of Default provided for in
     the series. If an Event of Default occurs and is continuing, the Trustee or
     the holders of at least 25% in principal amount of the Securities may
     declare the principal(13) of all the Securities to be due and payable
     immediately.

     Securityholders may not enforce the Indenture or the Securities except as
     provided in the Indenture. The Trustee may require indemnity satisfactory
     to it before it enforces the Indenture or the Securities. Subject to
     certain limitations, holders of a majority in principal amount of the
     Securities may direct the Trustee in its exercise of any trust or power.
     The Trustee may withhold from Securityholders notice of any continuing
     default (except a default in payment of principal or interest) if it
     determines that withholding notice is in their interests. The Company must
     furnish an annual compliance certificate to the Trustee.

16.  Trustee Dealings with Company.

     U.S. Bank National Association, the Trustee under the Indenture, in its
     individual or any other capacity, may make loans to, accept deposits from,
     and perform services for the Company or its Affiliates, and may otherwise
     deal with those persons, as if it were not Trustee.

17.  No Recourse Against Others.

     A director, officer, employee or stockholder, as such, of the Company shall
     not have any liability for any obligations of the Company under the
     Securities or the Indenture or for any claim based on, in respect of or by
     reason of such obligations or their creation. Each Securityholder by
     accepting a Security waives and releases all such liability. The waiver and
     release are part of the consideration for the issue of the Securities.

18.  Authentication.

     This Security shall not be valid until authenticated by a manual signature
     of the Registrar.

19.  Abbreviations.

     Customary abbreviations may be used in the name of a Securityholder or an
     assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the
     entirety), JT TEN

                                       A-5

<PAGE>

     (=joint tenants with right of survivorship and not as tenants in common),
     CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A
     (=Uniform Transfers to Minors Act).

The Company will furnish to any Securityholder upon written request and without
charge a copy of the Indenture and the Securities Resolution[, which contains
the text of this Security in larger type]. Requests may be made to: Corporate
Secretary, Wisconsin Gas Company, 231 West Michigan Street, P.O. Box 2046,
Milwaukee, WI 53201.

                                       A-6

<PAGE>

                                    EXHIBIT B

                            A Form of Bearer Security

No._____________                                                 $______________

                              WISCONSIN GAS COMPANY
                               [Title of Security]

WISCONSIN GAS COMPANY

promises to pay to ________________________________________

or registered assigns
the principal sum of ______________________________________ Dollars
on __________, 20 ___

Interest Payment Dates:
                       ---------------------------
Record Dates:
                       ---------------------------

                                         Dated:

U.S. BANK NATIONAL ASSOCIATION           WISCONSIN GAS COMPANY
Transfer Agent and Paying Agent
                                         By:
                                            ------------------------------------
                                               (Title of Authorized Officer)

Authenticated:                           (CORPORATE SEAL)

U.S. BANK NATIONAL ASSOCIATION
Registrar, by

--------------------------------         ---------------------------------------
Authorized Signature                     [Assistant] Secretary

                                       B-1

<PAGE>

                              WISCONSIN GAS COMPANY
                               [Title of Security]

1.   Interest.(1)

     Wisconsin Gas Company (the "Company"), a Wisconsin corporation, promises to
     pay to bearer interest on the principal amount of this Security at the rate
     per annum shown above. The Company will pay interest semiannually on
     __________________________ and __________________________ of each year
     commencing _________________, 20__. Interest on the Securities will accrue
     from the most recent date to which interest has been paid or, if no
     interest has been paid, from ______________, 20__. Interest will be
     computed on the basis of a 360-day year of twelve 30-day months.

2.   Method of Payment.(2)

     Holders must surrender Securities and any coupons to a Paying Agent to
     collect principal and interest payments. The Company will pay principal and
     interest in money of the United States that at the time of payment is legal
     tender for payment of public and private debts. The Company may pay
     principal and interest by check payable in such money.

3.   Securities Agents.(2A)

     Initially, U.S. Bank National Association will act as Transfer Agent,
     Paying Agent and Registrar. The Company may change any Paying Agent or
     Transfer Agent without notice. The Company or any Affiliate may act in any
     such capacity. Subject to certain conditions, the Company may change the
     Trustee.

4.   Indenture.

     The Company issued the securities of this series (the "Securities") under
     an Indenture dated as of ________________, 2003 (the "Indenture") between
     the Company and U.S. Bank National Association (the "Trustee"). The terms
     of the Securities include those stated in the Indenture and the Securities
     Resolution establishing the series and those made part of the Indenture by
     the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb).
     Securityholders are referred to the Indenture, the Securities Resolution
     and such Act for a statement of such terms.

5.   Optional Redemption.(3)

     On or after ____________, 20__, the Company may redeem all the Securities
     at any time or some of them from time to time at the following redemption
     prices (expressed in percentages of principal amount), plus accrued
     interest to the redemption date.

                                       B-2

<PAGE>

     If redeemed during the 12-month period beginning ___________________,

     Year       Percentage       Year   Percentage

     and thereafter at 100%.

6.   Mandatory Redemption.(4)

     The Company will redeem $_________ principal amount of Securities on
     __________________ and on each __________________ thereafter through
     _________________ at a redemption price of 100% of principal amount, plus
     accrued interest to the redemption date(5). The Company may reduce the
     principal amount of Securities to be redeemed pursuant to this paragraph by
     subtracting 100% of the principal amount (excluding premium) of any
     Securities (i) that the Company has acquired or that the Company has
     redeemed other than pursuant to this paragraph and (ii) that the Company
     has delivered to the Registrar for cancellation. The Company may so
     subtract the same Security only once.

7.   Additional Optional Redemption.(6)

     In addition to redemptions pursuant to the above paragraph(s), the Company
     may redeem not more than $____________ principal amount of Securities on
     __________________ and on each __________________ thereafter through
     __________________ at a redemption price of 100% of principal amount, plus
     accrued interest to the redemption date.

8.   Notice of Redemption.(7)

     Notice of redemption will be published once in an Authorized Newspaper in
     the City of New York and if the Securities are listed on any stock exchange
     located outside the United States and such stock exchange so requires, in
     any other required city outside the United States at least [30 days but not
     more than 60 days] before the redemption date. Notice of redemption also
     will be mailed to holders who have filed their names and addresses with the
     Transfer Agent within the two preceding years. Holders of Securities may
     miss important notices if they fail to maintain their names and addresses
     with the Transfer Agent.

     A notice of redemption may provide that it is subject to the occurrence of
     any event before the date fixed for such redemption as described in such
     notice ("Conditional Redemption") and such notice of Conditional Redemption
     shall be of no effect unless all such conditions to the redemption have
     occurred before such date or have been waived by the Company.

                                       B-3

<PAGE>

9.   Denominations, Transfer, Exchange.

     The Securities are in bearer form with coupons in denominations of
     $5,000(8) and whole multiples of $5,000. The Securities may be transferred
     by delivery and exchanged as provided in the Indenture. Upon an exchange,
     the Transfer Agent may require a holder, among other things, to furnish
     appropriate documents and to pay any taxes and fees required by law or the
     Indenture. The Transfer Agent need not exchange any Security or portion of
     a Security selected for redemption. Also, it need not exchange any
     Securities for a period of 15 days before a selection of Securities to be
     redeemed.

10.  Persons Deemed Owners.

     The holder of a Security or coupon may be treated as its owner for all
     purposes.

11.  Amendments and Waivers.

     Subject to certain exceptions, the Indenture or the Securities may be
     amended with the consent of the holders of a majority in principal amount
     of the securities of all series affected by the amendment.(9)

     Subject to certain exceptions, a default on a series may be waived with the
     consent of the holders of a majority in principal amount of the series.

     Without the consent of any Securityholder, the Indenture or the Securities
     may be amended, among other things, to cure any ambiguity, omission, defect
     or inconsistency; to provide for assumption of Company obligations to
     Securityholders; or to make any change that does not materially adversely
     affect the rights of any Securityholder.

12.  Restrictive Covenants.(10)

     The Securities are unsecured general obligations of the Company [initially]
     limited to $____________ principal amount. [The Company may from time to
     time without notice to, or the consent of, the holders of the Securities,
     create and issue further securities of the same series, equal in rank to
     the Securities in all respects (or in all respects except for the payment
     of interest accruing prior to the issue date of the new securities or
     except for the first payment of interest following the issue date of the
     new securities) so that the new securities may be consolidated and form a
     single series with the Securities and have the same terms as to status,
     redemption or otherwise as the Securities.] The Indenture does not limit
     other unsecured debt. Section 4.07 of the Indenture, which if applicable
     limits certain mortgages and other liens, [will] [will not] apply with
     respect to the Securities. [The limitations are subject to a number of
     important qualifications and exceptions.]

13.  Successors.

     When a successor assumes all the obligations of the Company under the
     Securities, any coupons and the Indenture, the Company will be released
     from those obligations.

                                       B-4

<PAGE>

14.  Defeasance Prior to Redemption or Maturity.(11)

     Subject to certain conditions, the Company at any time may terminate some
     or all of its obligations under the Securities, any coupons and the
     Indenture if the Company deposits with the Trustee money or U.S. Government
     Obligations for the payment of principal and interest on the Securities to
     redemption or maturity. U.S. Government Obligations are securities backed
     by the full faith and credit of the United States of America or
     certificates representing an ownership interest in such Obligations.

15.  Defaults and Remedies.

     An Event of Default(12) includes: default for 60 days in payment of
     interest on the Securities; default in payment of principal on the
     Securities; default for 60 days in the payment or satisfaction of any
     sinking fund obligation with respect to the Securities; default by the
     Company for a specified period after notice to it in the performance of any
     of its other agreements applicable to the Securities; certain events of
     bankruptcy or insolvency; and any other Event of Default provided for in
     the series. If an Event of Default occurs and is continuing, the Trustee or
     the holders of at least 25% in principal amount of the Securities may
     declare the principal(13) of all the Securities to be due and payable
     immediately.

     Securityholders may not enforce the Indenture or the Securities except as
     provided in the Indenture. The Trustee may require indemnity satisfactory
     to it before it enforces the Indenture or the Securities. Subject to
     certain limitations, holders of a majority in principal amount of the
     Securities may direct the Trustee in its exercise of any trust or power.
     The Trustee may withhold from Securityholders notice of any continuing
     default (except a default in payment of principal or interest) if it
     determines that withholding notice is in their interests. The Company must
     furnish an annual compliance certificate to the Trustee.

16.  Trustee Dealings with Company.

     U.S. Bank National Association, the Trustee under the Indenture, in its
     individual or any other capacity, may make loans to, accept deposits from,
     and perform services for the Company or its Affiliates, and may otherwise
     deal with those persons, as if it were not Trustee.

17.  No Recourse Against Others.

     A director, officer, employee or stockholder, as such, of the Company shall
     not have any liability for any obligations of the Company under the
     Securities or the Indenture or for any claim based on, in respect of or by
     reason of such obligations or their creation. Each Securityholder by
     accepting a Security waives and releases all such liability. The waiver and
     release are part of the consideration for the issue of the Securities.

18.  Authentication.

     This Security shall not be valid until authenticated by a manual signature
     of the Registrar.

                                       B-5

<PAGE>

19.  Abbreviations.

     Customary abbreviations may be used in the name of a Securityholder or an
     assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the
     entirety), JT TEN (=joint tenants with right of survivorship and not as
     tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors
     Act), and U/T/M/A (=Uniform Transfers to Minors Act).

The Company will furnish to any Securityholder upon written request and without
charge a copy of the Indenture and the Securities Resolution[, which contains
the text of this Security in larger type]. Requests may be made to: Corporate
Secretary, Wisconsin Gas Company, 231 West Michigan Street, P.O. Box 2046,
Milwaukee, WI 53201.

                                       B-6

<PAGE>

                                [FACE OF COUPON]

                                                 ...............................

                                                 [$]............................

                                                 Due............................

                              WISCONSIN GAS COMPANY
                               [Title of Security]

     Unless the Security attached to this coupon has been called for redemption,
Wisconsin Gas Company (the "Company") will pay to bearer, upon surrender, the
amount shown hereon when due. This coupon may be surrendered for payment to any
Paying Agent listed on the back of this coupon unless the Company has replaced
such Agent. Payment may be made by check. This coupon represents six months'
interest.

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

                                         By:
                                            ------------------------------------

                               [REVERSE OF COUPON]

                                  PAYING AGENTS

                                       B-7

<PAGE>

                            NOTES TO EXHIBITS A AND B

(1)   If the Security is not to bear interest at a fixed rate per annum, insert
      a description of the manner in which the rate of interest is to be
      determined. If the Security is not to bear interest prior to maturity, so
      state.

(2)   If the method or currency of payment is different, insert a statement
      thereof.

(2A)  As is done in Section 2.03 of the Indenture, the Trustee must be appointed
      Registrar under Section 182.23, Wis. Stats., in order for Officers'
      signatures on Securities and the corporate seal to be facsimiles.

(3)   Revise and complete if and as applicable. If the Security is to be subject
      to a nonrefunding restriction, insert a brief summary thereof. If the
      redemption is to be subject to a condition, insert a brief summary
      thereof. If applicable, insert make-whole call provisions as provided in
      the Securities Resolution.

(4)   If applicable.

(5)   If the Security is a Discounted Security, insert amount to be redeemed or
      method of calculating such amount.

(6)   If applicable. Also insert, if applicable, provisions for repayment of
      Securities at the option of the Securityholder.

(7)   If applicable. Revise as appropriate if the Securities Resolution
      specifies a different notice requirement. If the Company may condition
      such redemption on the happening of a stated event, in which case the
      notice will so provide, insert a brief summary thereof.

(8)   If applicable. Insert additional or different denominations.

(9)   If different terms apply, insert a brief summary thereof.

(10)  If applicable. If the Security is to have the benefit of additional or
      different covenants, insert a brief summary thereof.

(11)  If applicable. If different defeasance terms apply, insert a brief summary
      thereof.

(12)  If additional or different Events of Default apply, insert a brief summary
      thereof.

(13)  If the Security is a Discounted Security, set forth the amount due and
      payable upon an Event of Default.

Note: U.S. tax law may require certain legends on Discounted and Bearer
      Securities.

<PAGE>

                                    EXHIBIT C

                                 ASSIGNMENT FORM

                To assign this Security, fill in the form below:

                  I or we assign and transfer this Security to

                _________________________________________________
                :                                               :
                :                                               :
                _________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ____________________________ agent to transfer this
Security on the books of the Company. The agent may substitute another to act
for him.

Date: ___________________                Your Signature:
                                                        ------------------------

                                                 -------------------------------
                                                 (Sign exactly as your name(s)
                                                 appear(s) on the other side of
                                                 this Security)

Signature(s) guaranteed by:
                           -----------------------------------------------------
                           (All signatures must be guaranteed by an "eligible
                           guarantor institution" as defined by Rule 17Ad-15 of
                           the Securities Exchange Act of 1934, as amended)

                                     C-1Indenture dated May 16, 2003

 EXHIBIT 4.1 
  

EXECUTION COPY 
  
 SPEEDWAY MOTORSPORTS, INC. 
  
 $230,000,000 
  
 63⁄4% SENIOR
SUBORDINATED NOTES DUE 2013 
  
 INDENTURE 
  
 DATED AS OF MAY 16, 2003 
  
 U.S. BANK NATIONAL ASSOCIATION, 
  
 AS TRUSTEE 

 Table of Contents 
  

	 	  	Page

	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 Section 1.01. Definitions
	  	1
	 Section 1.02. Incorporation by Reference of Trust Indenture Act
	  	21
	 Section 1.03. Rules of Construction
	  	22
		
	 ARTICLE II. THE NOTES
	  	22
	 Section 2.01. Form and Dating
	  	22
	 Section 2.02. Execution and Authentication
	  	23
	 Section 2.03. Registrar and Paying Agent
	  	24
	 Section 2.04. Paying Agent to Hold Money in Trust
	  	24
	 Section 2.05. Holder Lists
	  	24
	 Section 2.06. Transfer and Exchange
	  	25
	 Section 2.07. Replacement Notes
	  	39
	 Section 2.08. Outstanding Notes
	  	39
	 Section 2.09. Treasury Notes
	  	40
	 Section 2.10. Temporary Notes
	  	40
	 Section 2.11. Cancellation
	  	40
	 Section 2.12. Defaulted Interest
	  	41
		
	 ARTICLE III. REDEMPTION AND PREPAYMENT
	  	41
	 Section 3.01. Notices to Trustee
	  	41
	 Section 3.02. Selection of Notes to Be Redeemed
	  	41
	 Section 3.03. Notice of Redemption
	  	42
	 Section 3.04. Effect of Notice of Redemption
	  	43
	 Section 3.05. Deposit of Redemption Price
	  	43
	 Section 3.06. Notes Redeemed in Part
	  	43
	 Section 3.07. Optional Redemption
	  	43
	 Section 3.08. Mandatory Redemption
	  	44
		
	 ARTICLE IV. COVENANTS
	  	45
	 Section 4.01. Payment of Notes
	  	45
	 Section 4.02. Maintenance of Office or Agency
	  	45
	 Section 4.03. Reports
	  	46
	 Section 4.04. Compliance Certificate
	  	46
	 Section 4.05. Taxes
	  	47
	 Section 4.06. Stay, Extension and Usury Laws
	  	47
	 Section 4.07. Restricted Payments
	  	48
	 Section 4.08. Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	51
	 Section 4.09. Incurrence of Indebtedness and Issuance of Preferred Stock
	  	51
	 Section 4.10. Asset Sales
	  	55

  

 i 

	 Section 4.11. Transactions with Affiliates
	  	60
	 Section 4.12. Liens
	  	60
	 Section 4.13. Guarantees of Certain Indebtedness
	  	61
	 Section 4.14. Corporate Existence
	  	61
	 Section 4.15. Offer to Repurchase upon Change of Control
	  	61
	 Section 4.16. Limitation on Layering
	  	62
	 Section 4.17. Sale and Leaseback Transactions
	  	62
	 Section 4.18. Limitation on Issuances and Sales of Capital Stock of Wholly Owned Subsidiaries
	  	63
	 Section 4.19. Payments for Consent
	  	63
	 Section 4.20. Future Guarantors
	  	63
	 Section 4.21. Investment Company Act
	  	64
	 Section 4.22. Limitation on Unrestricted Subsidiaries
	  	64
		
	 ARTICLE V. SUCCESSORS
	  	66
	 Section 5.01. Merger, Consolidation or Sale of Assets
	  	66
	 Section 5.02. Successor Corporation Substituted
	  	66
		
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	67
	 Section 6.01. Events of Default
	  	67
	 Section 6.02. Acceleration
	  	69
	 Section 6.03. Other Remedies
	  	69
	 Section 6.04. Waiver of Past Defaults
	  	70
	 Section 6.05. Control by Majority
	  	70
	 Section 6.06. Limitation on Suits
	  	70
	 Section 6.07. Rights of Holders of Notes to Receive Payment
	  	71
	 Section 6.08. Collection Suit by Trustee
	  	71
	 Section 6.09. Trustee May File Proofs of Claim
	  	71
	 Section 6.10. Priorities
	  	72
	 Section 6.11. Undertaking for Costs
	  	72
	 Section 6.12. Restoration of Rights and Remedies
	  	73
	 Section 6.13. Rights and Remedies Cumulative
	  	73
	 Section 6.14. Delay or Omission Not Waiver
	  	73
		
	 ARTICLE VII. TRUSTEE
	  	73
	 Section 7.01. Duties of Trustee
	  	73
	 Section 7.02. Rights of Trustee
	  	75
	 Section 7.03. Individual Rights of Trustee
	  	76
	 Section 7.04. Trustee’s Disclaimer
	  	76
	 Section 7.05. Notice of Defaults
	  	76
	 Section 7.06. Reports by Trustee to Holders of the Notes
	  	76
	 Section 7.07. Compensation and Indemnity
	  	77
	 Section 7.08. Replacement of Trustee
	  	78
	 Section 7.09. Successor Trustee by Merger, Etc.
	  	79

  

 ii 

	 Section 7.10. Eligibility; Disqualification
	  	79
	 Section 7.11. Preferential Collection of Claims Against Company
	  	80
		
	 ARTICLE VIII. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	80
	 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance
	  	80
	 Section 8.02. Legal Defeasance and Discharge
	  	80
	 Section 8.03. Covenant Defeasance
	  	81
	 Section 8.04. Conditions to Legal or Covenant Defeasance
	  	81
	 Section 8.05. Deposited Money and Government Securities to Be Held in Trust: Other Miscellaneous Provisions
	  	83
	 Section 8.06. Repayment to Company
	  	83
	 Section 8.07. Reinstatement
	  	84
		
	 ARTICLE IX. AMENDMENT, SUPPLEMENT AND WAIVER
	  	84
	 Section 9.01. Without Consent of Holders of Notes
	  	84
	 Section 9.02. With Consent of Holders of Notes
	  	85
	 Section 9.03. Compliance with Trust Indenture Act
	  	87
	 Section 9.04. Revocation and Effect of Consents
	  	87
	 Section 9.05. Notation on or Exchange of Notes
	  	87
	 Section 9.06. Trustee to Sign Amendments, Etc.
	  	87
		
	 ARTICLE X. SUBORDINATION
	  	88
	 Section 10.01. Agreement to Subordinate
	  	88
	 Section 10.02. Liquidation; Dissolution; Bankruptcy
	  	88
	 Section 10.03. Default on Designated Senior Indebtedness
	  	89
	 Section 10.04. Acceleration of Notes
	  	89
	 Section 10.05. When Distribution Must Be Paid Over
	  	90
	 Section 10.06. Notice by Company
	  	90
	 Section 10.07. Subrogation
	  	90
	 Section 10.08. Relative Rights
	  	91
	 Section 10.09. Subordination May Not Be Impaired by Company
	  	91
	 Section 10.10. Distribution or Notice to Representative
	  	91
	 Section 10.11. Rights of Trustee and Paying Agent
	  	91
	 Section 10.12. Authorization to Effect Subordination
	  	92
	 Section 10.13. Amendments
	  	92
		
	 ARTICLE XI. SUBSIDIARY GUARANTEES
	  	92
	 Section 11.01. Subsidiary Guarantees
	  	92
	 Section 11.02. Execution and Delivery of Subsidiary Guarantee
	  	93
	 Section 11.03. Guarantors May Consolidate or Merger on Certain Terms
	  	94
	 Section 11.04. Releases of Subsidiary Guarantees
	  	95
	 Section 11.05. Trustee to Include Paying Agent
	  	96
	 Section 11.06. Subordination of Subsidiary Guarantees
	  	96
	 Section 11.07. Unrestricted Subsidiary
	  	96

  

 iii 

	 Section 11.08. Limits on Subsidiary Guarantees
	  	97
		
	 ARTICLE XII.
	  	97
	 Section 12.01. Satisfaction And Discharge Of Indenture
	  	97
	 Section 12.02. Application of Trust Money
	  	98
		
	 ARTICLE XIII. MISCELLANEOUS
	  	99
	 Section 13.01. Trust Indenture Act Controls
	  	99
	 Section 13.02. Notices
	  	99
	 Section 13.03. Communication by Holders of Notes with Other Holders of Notes
	  	100
	 Section 13.04. Certificate and Opinion As to Conditions Precedent
	  	100
	 Section 13.05. Statements Required in Certificate or Opinion
	  	100
	 Section 13.06. Rules by Trustee and Agents
	  	101
	 Section 13.07. No Personal Liability of Directors, Officers, Employees and Stockholders
	  	101
	 Section 13.08. Governing Law
	  	101
	 Section 13.09. No Adverse Interpretation of Other Agreements
	  	101
	 Section 13.10. Successors
	  	102
	 Section 13.11. Severability
	  	102
	 Section 13.12. Counterpart Originals
	  	102
	 Section 13.13. Table of Contents, Headings, Etc.
	  	102
	 Section 13.14. Further Instruments and Acts
	  	102

  

 iv 

 LIST OF EXHIBITS 
  

	 Exhibit A
	  	FORM OF NOTE
	 Exhibit B
	  	FORM OF CERTIFICATE OF TRANSFER
	 Exhibit C
	  	FORM OF CERTIFICATE OF EXCHANGE
	 Exhibit D
	  	FORM Of CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	 Exhibit E
	  	FORM OF NOTE GUARANTEE
	 Exhibit F
	  	FORM OF SUPPLEMENTAL INDENTURE

  

 v 

 CROSS-REFERENCE TABLE 
  
 Reconciliation and tie between the Trust Indenture Act of 1939, as amended, and the Indenture, dated as of May 16, 2003. 
  

	 TRUST
INDENTURE
 ACT SECTION

	 	 	  	INDENTURE
SECTION

			
	§310(a)(l)	 	 	  	7.10
			
	        (a)(2)	 	 	  	7.10
			
	        (a)(3)	 	 	  	N.A.
			
	        (a)(4)	 	 	  	N.A.
			
	        (a)(5)	 	 	  	7.10
			
	        (b)	 	 	  	7.08; 7.10
			
	        (c)	 	 	  	N.A.
			
	§311(a)	 	 	  	7.11
			
	        (b)	 	 	  	7.11
			
	        (c)	 	 	  	N.A.
			
	§312(a)	 	 	  	2.05
			
	        (b)	 	 	  	13.03
			
	        (c)	 	 	  	13.03
			
	§313(a)	 	 	  	7.06
			
	        (b)	 	 	  	7.06
			
	        (c)	 	 	  	7.06
			
	        (d)	 	 	  	7.06
			
	§314(a)	 	 	  	4.03
			
	        (b)	 	 	  	N.A.
			
	        (c)(1)	 	 	  	13.04
			
	        (c)(2)	 	 	  	13.04
			
	        (c)(3)	 	 	  	N.A.
			
	        (d)	 	 	  	N.A.
			
	        (e)	 	 	  	13.05
			
	        (f)	 	 	  	13.14
			
	§315(a)	 	 	  	7.01(b)
			
	        (b)	 	 	  	7.05
			
	        (c)	 	 	  	7.01(a)
			
	        (d)	 	 	  	7.01(c)
			
	        (e)	 	 	  	6.11
			
	§316(a)	 	 	  	2.08
			
	        (a)(1)(A)	 	 	  	6.05
			
	        (a)(1)(B)	 	 	  	6.04
			
	        (a)(2)	 	 	  	N.A.
			
	        (b)	 	 	  	6.07

  

 vi 

	         (c)
	 	 	  	N.A.
	 §317(a)(1)
	 	 	  	6.03; 6.08
	         (a)(2)
	 	 	  	6.09
	         (b)
	 	 	  	2.04
	 §318(a)
	 	 	  	13.01

  
 Note: This
reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 
  

 vii 

 INDENTURE 
  

THIS INDENTURE is dated as of May 16, 2003 (this “Indenture”), by and among SPEEDWAY MOTORSPORTS, INC., a Delaware corporation (the
“Company”), the corporations listed on the signature pages hereto (each, a “Guarantor” and collectively, the “Guarantors”) and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 
  
 RECITALS 
  
 The Company has duly authorized the creation and issue of its 63⁄4% Senior Subordinated Notes Due 2013 (the “Initial
Notes”) of substantially the tenor and amount hereinafter set forth, and to provide therefor and for, if and when issued in exchange for the Initial Notes pursuant to this Indenture and the Registration Rights Agreement (as defined herein), the
Company’s 63⁄4% Senior Subordinated Notes Due 2013 (the “Exchange Notes,” and together with the Initial Notes, the “Notes”), the Company has duly authorized the execution and delivery of this Indenture. 
  
 All things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee hereunder and duly issued by the Company, the valid obligations of the Company and this Indenture a valid instrument of the Company, in accordance with their respective terms, have been done. 
  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH, that, for and in consideration of
the premises and the purchase of the Initial Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.01. Definitions. 
  
 “144A Global Note” means a global note substantially in the form
of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold in reliance on Rule 144A. 
  
 “Acquired Indebtedness” means, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person that was not
incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering 

 
any asset acquired by such specified Person, and in either case for purposes of this Indenture, shall be deemed to be Incurred by such specified Person at
the time such other Person is merged with or into or becomes a Subsidiary of such specified Person, or at the time such asset is acquired by such specified Person, as the case may be. 
  
 “Additional Notes” means further notes (other than the Notes) issued under this Indenture in accordance with the
terms of this Indenture, including Sections 2.01 and 2.02 hereof, as part of the same or different series as the Notes ranking equally with the Notes in all respects (other than the issuance dates and at the option of the Company the date from which
interest will accrue), subject to compliance with Section 4.09 herein. The Notes and any Additional Notes subsequently issued under this Indenture shall be treated as a single class for all purposes under this Indenture, including, without
limitation, waivers, amendments, redemptions, and offers to purchase. 
  
 “Affiliate” of any specified Person means (i) any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person or (ii) any other Person who is a director or
executive officer of (a) such specified Person or (b) any Person described in the preceding clause (i). 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; provided, that beneficial ownership of 10% or more of the voting securities of a Person shall be deemed to be control. 
  
 “Affiliate Transaction” has the meaning set forth in Section 4.11
hereof. 
  
 “Agent” means any Registrar, Paying Agent or
co-registrar. 
  
 “Applicable Procedures” means, with
respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Asset Sale” means (i) the sale, lease, conveyance or other
disposition of any assets (including, without limitation, by way of (x) a sale and leaseback, (y) the sale or other transfer of Equity Interests in or assets of an Unrestricted Subsidiary or (z) a Like Kind Exchange) other than sales of inventory in
the ordinary course of business consistent with past practices; provided, that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company, its Subsidiaries and the Unrestricted Subsidiaries taken
as a whole will be governed by Section 4.15 and/or Sections 5.01 and 5.02 hereof and shall not be deemed to be an “Asset Sale,” and (ii) the issue or sale by the Company or any of its Subsidiaries of Equity Interests of any of the
Company’s Subsidiaries, in the case of either clause (i) or (ii), whether in a single 
  

 2 

 
transaction or a series of related transactions (a) that have a fair market value of $1,000,000 or greater or (b) for net proceeds of $1,000,000 or greater.
Notwithstanding the foregoing, the following will not be deemed to be an “Asset Sale”: (i) a transfer of assets by the Company to a Wholly Owned Subsidiary or by a Wholly Owned Subsidiary to the Company or to another Wholly Owned
Subsidiary, (ii) an issuance of Equity Interests by a Wholly Owned Subsidiary to the Company or to another Wholly Owned Subsidiary, (iii) a Restricted Payment that is permitted by Section 4.07 hereof, (iv) the sale of Cash Equivalents in the
ordinary course of business, (v) a disposition of inventory in the ordinary course of business, (vi) a disposition of obsolete or worn out equipment that is no longer useful in the conduct of the business of the Company and its Subsidiaries and that
is disposed of in each case in the ordinary course of business, (vii) the licensing or sublicensing of intellectual property in the ordinary course of business which do not materially interfere with the business of the Company and its Subsidiaries
taken as a whole, (viii) foreclosure on assets, and (ix) the disposition or distribution of any Capital Stock of an Unrestricted Subsidiary. 
  
 “Asset Sale Offer” has the meaning set forth in Section 4.10 hereof. 
  
 “Attributable Indebtedness” in respect of a sale and leaseback transaction means, at the time of determination,
the present value (discounted at the rate of interest implicit in such transaction, determined in accordance with GAAP) of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and
leaseback transaction (including any period for which such lease has been extended or may, at the option of the lessor, be extended). 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors as now or hereinafter constituted.

  
 “Board of Directors” means, with respect to any
Person, the Board of Directors of such Person, or any authorized committee of such Board of Directors. 
  
 “Broker Dealer” has the meaning set forth in the Registration Rights Agreement. 
  
 “Business Day” means any day other than a Legal Holiday. 
  
 “Capital Lease Obligation” means, at the time any determination
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 on a balance sheet in accordance with GAAP. 
  
 “Capital Stock” means (i) in the case of a corporation, corporate stock, (ii) in the case of an association or
business entity, any and all shares, interest, participations, rights or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership, partnership interests (whether general or limited) and (iv) any other interest

  

 3 

 
or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

  
 “Cash Equivalents” means (i) United States dollars,
(ii) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof having maturities of not more than six months from the date of acquisition, (iii) certificates of deposit and
Eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case with any lender party to a Credit Agreement or
with any domestic commercial bank having capital and surplus in excess of $500 million and a Keefe Bank Watch Rating of “B” or better, (iv) repurchase obligations with a term of not more than seven days for underlying securities of the
types described in clauses (ii) and (iii) above entered into with any financial institution meeting the qualifications specified in clause (iii) above and (v) commercial paper having the highest rating obtainable from Moody’s Investors Service,
Inc. or Standard & Poor’s Corporation and in each case maturing within six months after the date of acquisition. 
  
 “Change of Control” means the occurrence of any of the following: (i) the sale, lease, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of (A) the Company and its Subsidiaries taken as a whole to any “person” (as such term is used in Section 13(d)(3) of
the Exchange Act) other than O. Bruton Smith or his Related Parties or Sonic Financial Corporation or any of their respective Affiliates or (B) Sonic Financial Corporation to any “person” (as defined above) other than O. Bruton Smith or
his Related Parties or any of their respective Affiliates, (ii) the adoption of a plan relating to the liquidation or dissolution of the Company or Sonic Financial Corporation, (iii) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that (A) any “person” (as defined above), other than O. Bruton Smith or his Related Parties or Sonic Financial Corporation or any of their respective Affiliates, becomes the
“beneficial owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company or (B) any “person” (as defined above), other than O.
Bruton Smith or his Related Parties or any of their respective Affiliates, becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of Sonic Financial Corporation, (iv) the first day on which a majority of the
members of the Board of Directors of the Company or Sonic Financial Corporation are not Continuing Directors or (v) a repurchase event or change of control payment or put or any similar event occurs as a result of change of control provision or a
default occurs as a result of a change of control with respect to any other Indebtedness of the Company or any Subsidiary. 
  
 “Change of Control Offer” has the meaning set forth in Section 4.15 hereof. 
  

 4 

 “Change of Control Payment” has the meaning set forth in Section 4.15 hereof. 
  
 “Change of Control Payment Date” has the meaning set forth in
Section 4.15 hereof. 
  
 “Clearstream” means
Clearstream, société anonyme (or any successor securities clearing agency). 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
  
 “Common Stock” means with respect to any Person, any and all shares, interests or other participations in, and
other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common stock. 
  
 “Company” means Speedway Motorsports, Inc., a Delaware corporation.

  
 “Consolidated Cash Flow” means, with respect to any
Person for any period, the Consolidated Net Income of such Person for such period plus (i) an amount equal to any extraordinary loss plus any net loss realized in connection with an Asset Sale (to the extent such losses were deducted in computing
such Consolidated Net Income), plus (ii) provision for taxes based on income or profits of such Person and its Subsidiaries for such period, to the extent that such provision for taxes was included in computing such Consolidated Net Income, plus
(iii) consolidated interest expense of such Person and its Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of original issue discount, non-cash interest payments, the
interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Indebtedness, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations), to the extent that any such expense was deducted in computing such Consolidated Net Income, plus (iv)
depreciation, amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash charges (excluding any such non-cash charge to the extent
that it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash charges were deducted in computing such Consolidated Net Income minus (v) non-cash items of such Person and its Subsidiaries increasing Consolidated Net Income for such period, in each case, on a consolidated basis
and determined in accordance with 

  

 5 

 
GAAP. Notwithstanding the foregoing, the provision for taxes on the income or profits of, and the depreciation and amortization and other non-cash charges
of, a Subsidiary of the referent Person shall be added to Consolidated Net Income to compute Consolidated Cash Flow only to the extent (and in the same proportion) that the Net Income of such Subsidiary was included in calculating the Consolidated
Net Income of such Person and only if a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Subsidiary without prior governmental approval (that has not been obtained), and without direct or
indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary or its stockholders. 
  
 “Consolidated Net Income” means, with respect to any Person for any
period, the aggregate of the Net Income of such Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided, that (i) the Net Income (but not loss) of any Person that is not a Subsidiary
or that is accounted for by the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to the referent Person or a Wholly Owned Subsidiary thereof, (ii) the Net Income of any
Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has
not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary or its stockholders, (iii) the Net
Income of any Person acquired in a pooling of interests transaction for any period prior to the date of such acquisition shall be excluded, (iv) the cumulative effect of a change in accounting principles shall be excluded and (v) the Net Income of,
or any dividends or other distributions from, an Unrestricted Subsidiary, to the extent otherwise included, shall be excluded, until distributed in cash to the Company or one of its Subsidiaries. 
  
 “Consolidated Net Worth” means, with respect to any Person as of
any date, the sum of (i) the consolidated equity of the common stockholders of such Person and its consolidated Subsidiaries as of such date plus (ii) the respective amounts reported on such Person’s balance sheet as of such date with respect
to any series of preferred stock (other than Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year of such declaration and
payment, but only to the extent of any cash received by such Person upon issuance of such preferred stock, less (x) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of tangible assets of a going concern
business made within 12 months after the acquisition of such business) subsequent to the date of this Indenture in the book value of any asset owned by such Person or a consolidated Subsidiary of such Person, (y) all investments as of such date in
unconsolidated Subsidiaries and in Persons that are not Subsidiaries 
  

 6 

 
(except, in each case, Permitted Investments), and (z) all unamortized debt discount and expense and unamortized deferred charges as of such date, all of the
foregoing determined in accordance with GAAP. 
  
 “Continuing
Directors” means, with respect to any Person as of any date of determination, any member of the Board of Directors of such Person who (i) was a member of such Board of Directors on the date of this Indenture or (ii) was nominated for election
or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 
  
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 13.02 hereof
or such other address as to which the Trustee may give notice to the Company. 
  
 “Covenant Defeasance” has the meaning set forth in Section 8.03 hereof. 
  
 “Credit Agreement” means one or more debt facilities (including without limitation the Credit Agreement expected to be entered into in the
second fiscal quarter of 2003 by and among the Company and Speedway Funding, LLC, as borrowers, and the lenders named therein in aggregate principal amount of $300.0 million (the “2003 Credit Facility”)), commercial paper facilities or
other debt instruments, indentures or agreements providing for revolving credit loans, term loans, letter of credit or other debt obligations, in each case as amended, modified, renewed, refunded, restructured, supplemented, replaced or refinanced
in whole or in part from time to time, including without limitation any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated
thereby or deleting, adding or substituting one or more parties hereto (whether or not such added or substituted parties are banks or other institutional lenders). 
  
 “1999 Credit Agreement” means that certain Credit Agreement dated as of May 28, 1999, as amended, by and among the
Company, as borrower, and the lenders named therein, including NationsBank, N.A., as agent for the lenders and a lender, and First Union National Bank, as co-agent, including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, and in each case as amended, modified, renewed, refunded, extended or refinanced from time to time. 
  
 “Custodian” means any receiver, trustee, assignee, liquidator, sequester or similar official under any Bankruptcy Law. 
  
 “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. 
  

 7 

 “Definitive Note” means a Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06 hereof, substantially in the form of the Notes attached hereto as Exhibit A and that does not include the information called for by footnotes 1 and 3 thereof. 
  
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.03 hereof as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to the applicable provision of this Indenture, and, thereafter, “Depositary” shall mean or
include such successor. 
  
 “Designated Senior
Indebtedness” means (i) any Senior Indebtedness outstanding under the Credit Agreement and (ii) any other Senior Indebtedness permitted under this Indenture the principal amount of which is $25.0 million or more and that has been designated by
the Company as “Designated Senior Indebtedness.” 
  
 “Designation” has the meaning set forth in Section 4.22 hereof. 
  
 “Designation Amount” has the meaning set forth in Section 4.22 hereof. 
  
 “Disqualified Stock” means any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it
is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is
91 days after the date on which the Notes mature. 
  
 “DTC” has the meaning set forth in Section 2.03 hereof. 
  
 “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 a public or private sale for
cash of Capital Stock (other than Disqualified Stock) of the Company with gross proceeds to the Company of at least $25 million (other than public offerings with respect to a registration statement on Form S-4 (or any successor form covering
substantially the same transactions), Form S-8 (or any successor form covering substantially the same transaction) or otherwise relating to equity securities issuable under any employee benefit plan of the Company). 
  
 “Euroclear” means the Euroclear Clearance System (or any successor
securities clearing agency). 
  
 “Event of Default” has
the meaning set forth in Section 6.01 hereof. 
  

 8 

 “Excess Proceeds” has the meaning set forth in Section 4.10(b) hereof. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder. 
  
 “Exchange Notes” has the meaning set forth in the Recitals. 
  
 “Exchange Offer” means the offer that may be made by the Company pursuant to the Registration Rights Agreement to
exchange Exchange Notes for Initial Notes. 
  
 “Exchange
Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Existing Indebtedness” means Indebtedness of the Company and its Subsidiaries in existence on the date of this Indenture. 
  
 “Existing Notes” means the $250 million aggregate principal amount
of 8 1⁄2% of Senior Subordinated Notes due 2007. 
  
 “Fixed Charges” means, with respect to any Person for any period, the sum of (i) the consolidated interest expense of such Person and its Subsidiaries for such period, whether paid or accrued (including, without limitation,
amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to
Attributable Indebtedness, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations) and (ii) the consolidated
interest expense of such Person and its Subsidiaries that was capitalized during such period, and (iii) any interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Subsidiaries or secured by a Lien on
assets of such Person or one of its Subsidiaries (whether or not such guarantee or Lien is called upon) and (iv) the product of (a) all cash dividend payments (and non-cash dividend payments in the case of a Person that is a Subsidiary) on any
series of preferred stock of such Person, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in
each case, on a consolidated basis and in accordance with GAAP. 
  
 “Fixed Charge Coverage Ratio” means with respect to any Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the
Company or any of its Subsidiaries incurs, assumes, guarantees or redeems any Indebtedness (other than 
  

 9 

 
revolving credit borrowings) or issues preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being
calculated but prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to
such incurrence, assumption, guarantee or redemption of Indebtedness, or such issuance or redemption of preferred stock, as if the same had occurred at the beginning of the applicable four-quarter reference period. In addition, for purposes of
making the computation referred to above, (i) acquisitions that have been made by the Company or any of its Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the four-quarter reference
period or subsequent to such reference period and on or prior to the Calculation Date shall be deemed to have occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period shall be calculated
without giving effect to clause (iii) of the proviso set forth in the definition of Consolidated Net Income, and (ii) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses disposed of prior to the Calculation Date, shall be excluded, and (iii) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation
Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the referent Person or any of its Subsidiaries following the Calculation Date. 
  
 For purposes of this definition, whenever pro forma effect is to be
given to any calculation under this definition, the pro forma calculations will be determined in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculations may include operating expense
reductions for such period expecting to result from an acquisition which is being given pro forma effect that would be permitted pursuant to Article 11 of Regulation S-X under the Securities Act. If any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest expense on such Indebtedness will be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
interest rate agreement applicable to such Indebtedness if such interest rate agreement has a remaining term in excess of 12 months). If any Indebtedness that is being given pro forma effect bears an interest rate at the option of the
Company, the interest rate shall be calculated by applying such optional rate chosen by the Company. 
  
 “Foreign Subsidiary” means any Subsidiary of the Company that (x) is not organized under the laws of the United States of America or any State
thereof or the District of Columbia, or (y) was organized under the laws of the United States of America or any State thereof or the District of Columbia that has no material assets other than Capital Stock of one or more foreign entities of the
type described in clause (x) above and is not a guarantor of Indebtedness under the Credit Agreement. 
  

 10 

 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect on the date of this Indenture. 
  
 “Global Note” means a Note that contains the paragraph referred to in footnote 1 and the additional schedule referred to in footnote 3 to the
form of the Note attached hereto as Exhibit A. 
  
 “Global
Note Legend” means the legend set forth in Section 2.06(g)(ii), which is required to be placed on all Global Notes issued under this Indenture. 
  
 “Government Securities” means: (i) securities that are (a) direct obligations of the United States of America for the payment of which the full
faith and credit of the United States of America is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the 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 issuer thereof; and (ii) depositary receipts issued by a bank (as defined in Section 3(a)(2) of the
Securities Act) as custodian with respect to any Government Security which is specified in clause (i) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal or
interest on any Government Security which is so specified and held; 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 depositary receipt from any
amount received by the custodian in respect of the Government Security or the specific payment of principal or interest of the Government Security evidenced by such depositary receipt. 
  
 “Guarantee” or “guarantee” (unless the context requires otherwise) means a guarantee (other than by
endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any
Indebtedness. The term “guarantee” used as a verb shall have a correlative meaning. 
  
 “Guarantor” means (i) each of the Company’s Subsidiaries which becomes a guarantor of the Notes pursuant to Article XI and (ii) each of the Company’s Subsidiaries executing a supplemental indenture
in which such Subsidiary agrees to be bound by the terms of this Indenture; provided, that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective Subsidiary Guarantee is released in
accordance with the terms hereof. 
  

 11 

 “Guarantor Senior Indebtedness” means, with respect to any Guarantor, (i) the guarantee of such
Guarantor of the Company’s Obligations under a Credit Agreement and (ii) any other Indebtedness permitted to be incurred by such Guarantor 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 Guarantee of such Guarantor. Notwithstanding anything to the contrary in the foregoing, Guarantor Senior Indebtedness will not include (u) any Indebtedness of
such Guarantor representing a guarantee of Indebtedness of the Company or any other Guarantor which is subordinate or junior to, or pari passu with, the Notes or the Subsidiary Guarantee of such other Guarantor, as the case may be, (v) any
Indebtedness that is expressly subordinate or junior in right of payment to any other Indebtedness of such Guarantor, (w) any liability for federal, state, local or other taxes owed or owing by such Guarantor, (x) any Indebtedness of such Guarantor
to any of its Subsidiaries or other Affiliates, (y) any trade payables or (z) that portion of any Indebtedness that is incurred in violation of this Indenture. 
  

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under (i) interest rate swap agreements, interest
rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements designed to protect such Person against fluctuations in interest rates and the value of foreign currencies purchased by the Company or any of its
Subsidiaries in the ordinary course of business. 
  
 “Holder” means a Person in whose name one of the Notes is registered. 
  
 “IAI Global Note” mean the global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the
name of the Depository or its nominee that will be issued on the Issue Date or thereafter in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.” 
  
 “incur” has the meaning set forth in Section 4.09 hereof.

  
 “Indebtedness” means, with respect to any Person,
any indebtedness of such Person, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) or banker’s
acceptances or representing Capital Lease Obligations or the balance deferred and unpaid of the purchase price of any property or representing any Hedging Obligations, except any such balance that constitutes an accrued expense or trade payable, if
and to the extent any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, as well as all indebtedness of others
secured by a Lien on any asset of such Person (whether or not 
  

 12 

 
such indebtedness is assumed by such Person) and, to the extent not otherwise included, the guarantee by such Person of any indebtedness of any other Person.

  
 “Indenture” means this Indenture, as amended or
supplemented from time to time. 
  
 “Independent” means,
with respect to the Company and its Subsidiaries, any person who (i) is in fact independent, (ii) does not directly or indirectly have any material financial interest in the Company or any of its Subsidiaries, or in any Affiliate of the Company or
any of its Subsidiaries (other than as a result of holding securities of the Company) and (iii) is not an officer, employee, promoter, underwriter, trustee, partner or person performing similar functions for the Company or any of its Subsidiaries.

  
 “Indirect Participant” means a Person who holds a
beneficial interest in a Global Note through a Participant. 
  
 “Initial Notes” has the meaning set forth in the Recitals. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501 (a) (1), (2), (3), (7) under the Securities Act, who are not also QIBs. 

 
 “Investments” means, with respect to any Person, all investments
by such Person in other Persons (including Affiliates) in the forms of direct or indirect loans (including guarantees of Indebtedness or other obligations), advances or capital contributions (excluding commission, travel and similar advances to
officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a
balance sheet prepared in accordance with GAAP; provided, that an acquisition of assets, Equity Interests or other securities by the Company for consideration consisting of common equity securities of the Company shall not be deemed to be an
Investment. 
  
 “Issue Date” means the date on which the
Notes are originally issued. 
  
 “Legal Defeasance” has
the meaning set forth in Section 8.02 hereof. 
  
 “Legal
Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place
of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
  

 13 

 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent
to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under
applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement
under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 
  
 “Like Kind Exchange” means the exchange pursuant to Section 1031 of the Code of (i) any real property (other than any speedway that is owned on or acquired after the date of this Indenture by the Company or
any Subsidiary) used or to be used in connection with the business of the Company or (ii) any other real property to be used in connection with the business of the Company. 
  
 “Liquidated Damages” means all liquidated damages then owing pursuant to Section 5 of the Registration Rights
Agreement. 
  
 “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, excluding, however, (i) any gain (but not loss), together with any related provision for taxes on such
gain (but not loss), realized in connection with (a) any Asset Sale (including, without limitation, dispositions pursuant to sale and leaseback transactions) or (b) the disposition of any securities by such Person or any of its Subsidiaries or the
extinguishment of any Indebtedness of such Person or any of its Subsidiaries, (ii) any extraordinary or nonrecurring gain (but not loss), together with any related provision for taxes on such extraordinary or nonrecurring gain (but not loss), (iii)
any gain or loss, net of taxes, realized upon the termination of any employee pension benefit plan, (iv) any gain (but not loss), net of taxes (less all fees and expenses relating thereto), in respect of restructuring charges other than in the
ordinary course of business, (v) any restoration to net income of any contingency reserve, except to the extent provision for such reserve was made out of income accrued at any time following the Issue Date, (vi) all deferred financing costs written
off, and premiums paid and losses or gains incurred, in connection with any early extinguishment of Indebtedness including in connection with the redemption of the Existing Notes, and (vii) any noncash compensation charges or other noncash expenses
or charges arising from the grant of or issuance or repricing of stock, stock options or other equity-based awards or any amendment, modification, substitution or change of any such stock, stock options or other equity-based awards. 
  

 14 

 “Net Proceeds” means the aggregate cash proceeds (or in the case of any Asset Sale involving an
Unrestricted Subsidiary, the amount of such aggregate cash proceeds that equals the aggregate amount of all Restricted Investments in such Unrestricted Subsidiary that have not been repaid prior to the date of such Asset Sale) received by the
Company or any of its Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such
Asset Sale (including, without limitation, legal, accounting and investment banking fees and sales commissions), 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), and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. Notwithstanding the foregoing, in the event the Company or any of
its Subsidiaries engages in a Like Kind Exchange, Net Proceeds shall not include any cash proceeds with respect to such Like Kind Exchange that are reinvested in or used to purchase pursuant to Section 1031 of the Code like kind real property used
or to be used in the business of the Company. 
  
 “Non-Recourse Debt” means Indebtedness: (i) as to which neither the Company nor any of its Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute
Indebtedness), (b) is directly or indirectly liable (as a guarantor or otherwise), or (c) constitutes the lender; and (ii) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice or lapse of time or both) any holder of any other Indebtedness of the Company or any of its Subsidiaries to declare a default on such other Indebtedness or cause the payment thereof to be
accelerated or payable prior to its Stated Maturity. 
  
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
  
 “Note” or “Notes” have the meaning set forth in the Recitals. 
  
 “Note Amount” has the meaning set forth in Section 4.10 hereof. 
  
 “Note Custodian” means the Trustee, as custodian with respect to the Global Notes, or any successor entity
thereto. 
  
 “Obligations” means any principal,
interest, premium, penalties, fees, indemnifications, reimbursements, damages, costs, expenses and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Offer Amount” has the meaning set forth in Section 4.10(c) hereof. 
  
 “Offer Period” has the meaning set forth in Section 4.10(c) hereof.

  

 15 

 “Offered Price” has the meaning set forth in Section 4.10(b) hereof. 
  
 “Officer” means, with respect to any Person, the Chairman of the
Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf
of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 13.05
hereof. 
  
 “Opinion of Counsel” means an opinion from
legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 13.05 hereof. The counsel may be an employee of or counsel to the Company or the Trustee. 
  
 “Pari Passu Debt Amount” means has the meaning set forth in Section 4.10(b) hereof. 
  
 “Pari Passu Indebtedness” means Indebtedness that ranks equally in
right of payment to the Notes. 
  
 “Pari Passu Offer”
has the meaning set forth in Section 4.10(b) hereof. 
  
 “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). 
  
 “Paying Agent” has the meaning set
forth in Section 2.03 hereof. 
  
 “Payment Blockage
Notice” has the meaning set forth in Section 10.03 hereof. 
  
 “Permitted Indebtedness” has the meaning set forth in Section 4.09(c) hereof. 
  
 “Permitted Investments” means: (i) any Investment in the Company or in a Wholly Owned Subsidiary of the Company; (ii) any Investment in Cash
Equivalents; (iii) any Investment by the Company or any Subsidiary of the Company in a Person, if as a result of such Investment (y) such Person becomes a Wholly Owned Subsidiary of the Company or (z) such Person is merged, consolidated or
amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Wholly Owned Subsidiary of the Company; (iv) any Restricted Investment made as a result of the receipt of non-cash
consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof; and (v) investments in Unrestricted 
  

 16 

 
Subsidiaries or in non-Wholly-Owned Subsidiaries or in joint ventures engaged in a similar or complementary line of business as the Company on the date of
the Investment, which Investments do not exceed at any one time outstanding $15.0 million in the aggregate. 
  
 “Permitted Liens” means: (i) Liens on assets of the Company and its Subsidiaries securing Senior Indebtedness and Liens on assets of a Guarantor
securing Guarantor Senior Indebtedness of such Guarantor; provided, that such Senior Indebtedness or Guarantor Senior Indebtedness, as the case may be, was permitted by the terms of this Indenture to be incurred; (ii) Liens in favor of the
Company or a Wholly Owned Subsidiary; (iii) Liens on property of a Person existing at the time such Person is merged into or consolidated with the Company or any Subsidiary of the Company, provided that such Liens were in existence prior to
the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company; (iv) Liens on property existing at the time of acquisition thereof by the Company or any
Subsidiary of the Company, provided that such Liens were in existence prior to the contemplation of such acquisition; (v) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations
of a like nature incurred in the ordinary course of business; (vi) Liens relating to judgments to the extent permitted under this Indenture; (vii) Liens securing the Notes and the Subsidiary Guarantees; (viii) Liens on property of any Foreign
Subsidiary securing Indebtedness of such Foreign Subsidiary permitted to be incurred under Section 4.09(c)(xiii); and (ix) Liens existing on the date of this Indenture. 
  
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Subsidiaries issued in
exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Subsidiaries; provided, that: (i) the principal amount (or accreted value, if
applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of reasonable
expenses incurred in connection therewith); (ii) such Permitted Refinancing Indebtedness has a final maturity date no earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average
Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; (iii) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the
Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded; and (iv) such Indebtedness is incurred either by the Company or by the Subsidiary which is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded. 
  

 17 

 “Person” means any individual, corporation, limited or general partnership, joint venture,
association, joint stock company, trust, unincorporated organization or government or agency or any political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such
entity, subdivision or business). 
  
 “Private Placement
Legend” means the legend set forth in Section 2.06(g)(i) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
  
 “Purchase Date” has the meaning set forth in Section 4.10(c) hereof. 
  
 “QIB” means a “qualified institutional buyer” as defined
in Rule 144A. 
  
 “Registrar” has the meaning set forth
in Section 2.03 hereof. 
  
 “Registration Rights
Agreement” means the Registration Rights Agreement, dated as of May 16, 2003, by and among the Company and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time.

  
 “Regulations S” means Regulation S promulgated under
the Securities Act. 
  
 “Regulation S Global Note” means
a Global Note bearing the Private Placement Legend and deposited with or on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes
initially sold in reliance on Rule 903 of Regulation S. 
  
 “Related Parties” means, when used with respect to any individual: the spouse, lineal descendants, parents and siblings of any such individual; the estates, heirs, legatees and legal representatives of any such individual and any
of the foregoing; and all trusts established by any such individual and any of the foregoing for estate planning purposes of which any such individual and any of the foregoing are the sole beneficiaries or grantors. 
  
 “Representative” means the indenture trustee or other trustee,
agent or representative for any Senior Indebtedness. 
  
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer or employee to whom such matter is referred because of his knowledge of
and familiarity with the particular subject. 
  

 18 

 “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 Payments” has the meaning set forth in Section 4.07 hereof. 
  
 “Revocation” has the meaning set forth in Section 4.22 hereof. 
  
 “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. 
  
 “SEC” means the Securities and
Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any time after the execution of this Indenture the SEC is not existing and performing the duties now assigned to it under the Securities Act, Exchange
Act and TIA then the body performing such duties at such time. 
  
 “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by the SEC under that act. 
  
 “Senior Indebtedness” means (i) Indebtedness under the Credit Agreement (including interest in respect thereof
accruing after the commencement of any bankruptcy or similar proceeding to the extent that such interest is allowable as a bankruptcy claim in such proceeding) and (ii) any other Indebtedness permitted to be incurred by the Company under the terms
of this Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is on a parity with or subordinated in right of payment to the Notes. Notwithstanding anything to the contrary in the foregoing, Senior
Indebtedness will not include (v) any Indebtedness that is expressly subordinate or junior in right of payment to any other Indebtedness of the Company, (w) any liability for federal, state, local or other taxes owed or owing by the Company, (x) any
Indebtedness of the Company to any of its Subsidiaries, the Unrestricted Subsidiary or other Affiliates, (y) any trade payables or (z) that portion of Indebtedness that is incurred in violation of this Indenture. 
  

 19 

 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement. 
  
 “Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof.

  
 “Stated Maturity” means, with respect to any payment
of interest on or principal of any Indebtedness, the date on which such payment was scheduled to be made in the documentation governing such Indebtedness without regard to the occurrence of any subsequent event or contingency. 
  
 “Subsidiary” means, with respect to any Person, (i) any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof) and (ii) any partnership of which (a) the sole general partner or the managing
general partner is such Person or a Subsidiary of such Person or (b) the only general partners are such Person or of one or more Subsidiaries of such Person (or any combination thereof). Notwithstanding the foregoing, the Unrestricted Subsidiary
shall not, while designated as an unrestricted subsidiary under Section 11.07 hereof, be a Subsidiary of the Company for any purposes of this Indenture. 
  
 “Subsidiary Guarantee” means, individually and collectively, the guarantees given by the Guarantors pursuant to Article XI hereof, including a
notation in the Notes substantially in the form included in Exhibit E. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C.ss.ss.77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under the TIA. 
  
 “Transfer Restricted Securities” means securities that bear or are required to bear the legend set forth in
Section 2.06(g) hereof. 
  
 “Trustee” means the party
named as such above 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 attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is

  

 20 

 
deposited with or on behalf of and registered in the name of the Depositary, representing a series of Notes that do not bear the Private Placement Legend.

  
 “Unrestricted Subsidiary” as of the Issue Date means
Oil-Chem Research Corporation. Following the Issue Date, additional Unrestricted Subsidiaries can be designated pursuant to and in compliance with Section 4.22. 
  

“U.S. Person” means a U.S. person as defined in Rule 902(o) under the Securities Act. 
  
 “Voting Stock” means, with respect to any Person as of any date,
the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
  
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing (i) the sum of
the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment, by (ii) the then outstanding principal amount of such Indebtedness. 
  
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person all of the outstanding Capital Stock or
other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of
such Person. Notwithstanding the foregoing, an Unrestricted Subsidiary shall not, while designated as an Unrestricted Subsidiary under Section 11.07 and Section 4.22 hereof, be included in the definition of Wholly Owned Subsidiary for any purposes
of this Indenture. 
  
 Section 1.02.
Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes and the Subsidiary Guarantees; 
  
 “indenture security Holder” means a Holder of a Note; 

 
 “indenture to be Qualified” means this Indenture; 
  

 21 

 “indenture trustee” or “institutional trustee” means the Trustee; 
  
 “obligor” on the Notes means the Company and any successor obligor
upon the Notes or any Guarantor. 
  
 All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
  

	Section	 	1.03. 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; 
  
 (e) provisions apply to successive events and
transactions; and 
  
 (f) references to sections of or rules under
the Securities Act shall be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time. 
  
 ARTICLE II. 
  
 THE NOTES 
  
 Section 2.01. Form and Dating. 
  
 (a) General. The Notes and the certificate of authentication of the Trustee thereon shall be substantially in the form included in Exhibit A hereto, which is incorporated in and expressly made a part of this Indenture. The Subsidiary
Guarantees shall be substantially in the form of Exhibit E hereto, the terms of which are incorporated in and made part of this Indenture. 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 may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be in
denominations of $1,000 and integral multiples thereof. 
  

 22 

 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part
of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
  
 (b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto
(including the text referred to in footnotes 1 and 3 thereto). Notes issued in certificated form shall be substantially in the form of Exhibit A attached hereto (but without including the text referred to in footnotes 1 and 3 thereto). Each Global
Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding
Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  
 (c) Euroclear and Clearstream Procedures Applicable. The provisions of
Euroclear and Clearstream shall be applicable to transfers of beneficial interests in Global Notes that are held by Participants through Euroclear or Clearstream. 
  
 Section 2.02. Execution and Authentication. 
  
 Two Officers shall sign the Notes for the Company by manual or facsimile
signature. If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been
authenticated under this Indenture. 
  
 The Trustee shall, upon a
written order of the Company signed by two Officers (“Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount stated in paragraph 4 of the Notes. The aggregate principal amount of Notes
outstanding at any time may not exceed such amount except as provided in Sections 2.07 and 9.01(f) hereof. The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the
Company. 
  

 23 

 Section 2.03. Registrar and Paying Agent. 
  
 The Company shall maintain an office or agency where Notes may be presented
for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange.
The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change
any Paying Agent or Registrar without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar
or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
  
 The Company initially appoints the Trustee to act as the Registrar and Paying
Agent and to act as Note Custodian with respect to the Global Notes. 
  
 Section 2.04. Paying Agent to Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the
payment of principal, premium or Liquidated Damages, if any, or interest on the Notes, and will notify the Trustee of any default by the Company or any Guarantor in making any such payment. While any such default continues, the Trustee may require a
Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary)
shall have no further liability for the money received from the Company or a Subsidiary. If the Company 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 Company or a Guarantor, the Trustee shall serve as Paying Agent for the Notes. 
  

Section 2.05. Holder Lists. 
  
 (a) 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 TIA §312(a). If the Trustee is not the Registrar, the Company shall, or shall cause the Registrar to, furnish to the Trustee at least seven Business Days before each interest payment date, and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may 
  

 24 

 
reasonably require of the names and addresses of the Holders of Notes and the Company and the Guarantors shall otherwise comply with TIA §312(a).

  
 Section 2.06. Transfer and Exchange.

  
 (a) Transfer and Exchange of Global Notes. A Global
Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary or (ii) the Company
in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. Upon the occurrence of either of the preceding events in (i) or
(ii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and
delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof. 
  
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes.
The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, 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. 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. 
  

 25 

 
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) above, 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 Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an
amount equal to the beneficial interest to be transferred or exchanged and (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 Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above.
Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(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 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) above and the Registrar
receives the following: 
  
 (A) if the transferee
will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  

 26 

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

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications and certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  
 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests
in the 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) above 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 Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (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, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
  

 27 

 (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, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is
in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at
a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
  
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note. 
  
 (c)
Transfer or Exchange of Beneficial Interests for Definitive Notes. 
  
 (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 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 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 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in
accordance with Rule 903 

  

 28 

 
or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

  
 (D) if such beneficial interest is being
transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof; 
  
 (E) if such beneficial
interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect
set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
  
 (F) such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
  
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (3)(c) thereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in
such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall
deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  

 29 

 (ii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive
Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note only if: 
  
 (A)
such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies
in the applicable Letter of Transmittal that it is not (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 Company; 
  
 (B) such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

 
 (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 Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

  
 (iii) 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 
  

 30 

 
a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of
the conditions set forth in Section 2.06(b)(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 Company shall execute and the Trustee
shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) 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
Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest
in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
  
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  

 31 

 (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 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  
 (E) if such Restricted Definitive Note is being transferred
to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
  
 (F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; 
  
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, the Trustee 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 appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 
  
 (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 Company; 
  

 32 

 (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 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 in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if
the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(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 subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee 
  

 33 

 
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 Rule 144A under
the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (2) thereof; and 
  
 (C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  
 (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, 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 
  

 34 

 
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) any such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the Holder of such Restricted Definitive Notes proposes to exchange
such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
  
 (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 in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D), if the Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 (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 Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, 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 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 Company, and accepted for exchange in the Exchange Offer and (ii) Definitive Notes in an aggregate
principal amount equal to the principal amount of the Restricted Definitive 
  

 35 

 
Notes 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 Company shall execute and the Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Definitive Notes in the
appropriate principal amount. 
  
 (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 : 
  
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY
EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY BY THE INITIAL PURCHASERS TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE
SECURITIES ACT, OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
RULE 144 THEREUNDER (IF APPLICABLE) OR IN 
  

 36 

 
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS),
TO THE COMPANY OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN ADDITION, TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND BY SUBSEQUENT INVESTORS, AS SET FORTH IN
THROUGH ABOVE AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE
SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.” 
  
 (B) Notwithstanding the foregoing, any Global Note or
Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to 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. Each Global
Note shall bear a legend in substantially the following form: 
  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 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 DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.” 
  

 37 

 (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 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 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 Company shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 
  
 (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 Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.11, 3.07, 3.08, 4.10, 4.15, 9.03 and 9.05 hereof). 
  
 (iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part. 
  
 (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 Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (v) The Company 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 

  

 38 

	 	 
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 Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
  
 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.02 hereof. 
  
 (viii) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  
 Section 2.07. Replacement Notes. 
  
 If any mutilated Note is surrendered to the Trustee, or the Company and the
Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon the written order of the Company signed by two Officers of the Company, shall authenticate a replacement Note
if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent
and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
  
 Every replacement Note is an additional obligation of the Company and 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 cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by
the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set 
  

 39 

 
forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
  
 If a Note is replaced pursuant to Section 2.07 hereof, such Note 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, the Note ceases to be outstanding and interest on it ceases to accrue.

  
 If the Paying Agent (other than the Company, a Subsidiary or
an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes 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 Company, any Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, 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 Trustee knows are so owned shall be so disregarded.

  
 Section 2.10. Temporary Notes.

  
 Until definitive Notes are ready for delivery, the Company
may prepare and the Trustee shall authenticate temporary Notes upon a written order of the Company signed by two Officers of the Company. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company
considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this
Indenture. 
  
 Section 2.11. Cancellation.

  
 The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee (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 
  

 40 

 
record retention requirement of the Exchange Act). Certification of the destruction of all cancelled Notes shall be delivered to the Company. The Company may
not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  
 Section 2.12. Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, the Company 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, and such defaulted interest shall cease to be payable
to the Persons who were Holders on the relevant regular record date. The Company 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. The Company 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. At least 15 days before the special record
date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the
amount of such interest to be paid. 
  
 ARTICLE III.

  
 REDEMPTION AND PREPAYMENT 
 Section 3.01. Notices to Trustee. 
  
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, the Company shall furnish to the Trustee, at
least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of
Notes to be redeemed and (iv) the redemption price. 
  
 Section 3.02. Selection of Notes to Be Redeemed. 
  
 If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on
which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee considers fair and appropriate. In the event of partial redemption by lot, the particular Notes to
be redeemed shall be selected, unless otherwise 

  

 41 

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

	Section	 	3.03. Notice of Redemption. 

  
 At least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of
redemption to each Holder whose Notes are to be redeemed at its registered address. 
  
 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 being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon
surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued 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 Company defaults in making such redemption payment,
interest on Notes called for redemption ceases to accrue on and after the redemption date; 
  
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
  
 (h) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or
printed on the Notes. 
  

 42 

 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth
the information to be stated in such notice as provided in the preceding paragraph. 
  
 Section 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably
due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
  
 Section 3.05. Deposit of Redemption Price. 
  
 On or prior to the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to
pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
  
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or
the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was
registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  
 Section 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall issue
and, upon the Company’s written request, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
  
 Section 3.07. Optional Redemption. 
  
 (a) The Company shall not have the option to redeem the Notes pursuant to
this Section 3.07 prior to June 1, 2008. Thereafter, the Company shall have the option to redeem the Notes, in whole or in part, at the redemption prices (expressed as 
  

 43 

 
percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the applicable redemption date,
if redeemed during the 12-month period beginning on June 1 of the years indicated below: 
  

	 YEAR

	  	PERCENTAGE

	 
	 2008
	  	103.375	%
	 2009
	  	102.250	%
	 2010
	  	101.125	%
	 2011 and thereafter
	  	100.000	%

  
 (b) At any time prior
to June 1, 2006, the Company, at its option, may use the net proceeds of one or more Equity Offerings to redeem up to an aggregate of 35% of the aggregate principal amount of Notes originally issued under this Indenture at a redemption price equal
to 106.75% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date (subject to the rights of Holders of record on relevant record dates to receive interest due on an interest payment
date); provided that this redemption provision shall not be applicable with respect to any transaction that results in a Change of Control; provided, further, that at least 65% of the initial aggregate principal amount of Notes
must remain outstanding immediately after the occurrence of such redemption. Notwithstanding anything in this Article III to the contrary, in order to effect this redemption, the Company must mail a notice of redemption no later than 30 days after
the closing of the related Equity Offering and must complete such redemption within 60 days of the closing of the Equity Offering. 
  
 (c) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through 3.06 hereof. 
  
 Section 3.08. Mandatory Redemption. 
  
 Except as set forth under Sections 4.10 and 4.15 hereof, the Company shall
not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  

 44 

 ARTICLE IV. 
  
 COVENANTS 
  
 Section 4.01. Payment of Notes. 
  
 The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. The Company shall pay all Liquidated Damages, if any, in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement. 
  
 The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to any applicable grace period) at the same rate to the extent lawful. 
  
 Section 4.02. Maintenance of Office or Agency.

  
 The Company shall maintain in the Borough of Manhattan, the
City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The Company 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 Company 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 Company also from time to time may designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and from time to time may rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company 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. 
  

 45 

 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of
the Company in accordance with Section 2.03. 
  
 Section 4.03. Reports. 
  
 (a) Whether or not
required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company shall furnish to the Trustee and to all Holders reasonably promptly after it is or would have been required to file such with the SEC (i) all
quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants and (ii) all current reports that would be required to be filed with the
SEC on Form 8-K if the Company were required to file such reports. In addition, whether or not required by the rules and regulations of the SEC, at any time after the Company files a registration statement with respect to the Exchange Offer or a
Shelf Registration Statement, the Company shall file a copy of all such information and reports with the SEC for public availability (unless the SEC will not accept such filing) and shall promptly make such information available to all securities
analysts and prospective investors who request it in writing. The Company and the Guarantors shall at all times comply with TIA §314(a). Notwithstanding anything to the contrary set forth in this Section 4.03, the Trustee shall have no duty to
review the reports required to be provided by this Section 4.03 for purposes of determining compliance with any provisions of this Indenture. 
  
 (b) For so long as any Notes remain outstanding, the Company and the Guarantors shall furnish to all Holders and prospective purchasers of the Notes
designated by the Holders of Notes, promptly upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
  

Section 4.04. Compliance Certificate. 
  

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

  

 46 

 
event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if
such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
  
 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants or the Public Company Accounting
Oversight Board, the year-end financial statements delivered pursuant to Section 4.03(a) above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of established national reputation)
that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article IV or Article V hereof or, if any
such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation.

  
 (c) The Company shall, so long as any of the Notes are
outstanding, deliver to the Trustee, forthwith upon the Company or any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto. 
  
 Section 4.05. Taxes. 
  
 The Company shall pay,
and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies, except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is
not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.06. Stay, Extension and Usury Laws. 
  
 The Company and each Guarantor covenants (to the extent that it may lawfully do so) that it 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 Company and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it 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. 
  

 47 

 Section 4.07. Restricted Payments. 
  
 (a) The Company will not, and will not permit any of its Subsidiaries to,
directly or indirectly: (i) declare or pay any dividend or make any other payment or distribution on account of the Equity Interests of the Company or any of its Subsidiaries (including, without limitation, any payment in connection with any merger
or consolidation involving the Company or any of its Subsidiaries) or to the direct or indirect holders of the Equity Interests of the Company or any of its Subsidiaries in their capacity as such (other than dividends or distributions payable in
Equity Interests (other than Disqualified Stock) of the Company, dividends or distributions payable to the Company or any Subsidiary of the Company or dividends or distributions made by a Subsidiary of the Company to all holders of its Common Stock
on a pro rata basis); (ii) purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Company, any Subsidiary of the Company, any Unrestricted Subsidiary or any direct or indirect parent of the Company (other than
any such Equity Interests owned by the Company or any Subsidiary of the Company); (iii) make any principal payment on, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is subordinated to the Notes (other
than the Notes), except at Stated Maturity; 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 and after giving effect to such Restricted Payment: 
  
 (1) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; and 
  
 (2) the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made
at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(b) of this
Indenture; and 
  
 (3) such Restricted Payment, together with the
aggregate of all other Restricted Payments made by the Company and its Subsidiaries after the date of this Indenture (excluding Restricted Payments permitted by clauses (2), (3), (4), (7), (8) and (9) of the next succeeding paragraph), is less than
the sum of (i) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) commencing on the first day of the fiscal quarter beginning immediately prior to the Issue Date to the end of the Company’s most
recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus (ii) 100% of the aggregate
net cash proceeds and the fair market value, as determined in good faith by the Board of Directors of the Company, of marketable securities received by the Company from the issue or sale since the date of this Indenture of Equity Interests of the
Company or of debt securities of the Company that have been converted into such 
  

 48 

 
Equity Interests (other than Equity Interests (or convertible debt securities) sold to a Subsidiary of the Company or an Unrestricted Subsidiary and other
than Disqualified Stock or debt securities that have been converted into Disqualified Stock), plus (iii) to the extent that any Restricted Investment that was made after the date of this Indenture is sold for cash or otherwise liquidated or repaid
for cash, the lesser of (A) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (B) the initial amount of such Restricted Investment, plus (C) the amount resulting from designation of an
Unrestricted Subsidiary as a Subsidiary or an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary for purposes of this Indenture (such amount to be valued as provided in the second succeeding paragraph) not to exceed the amount of
Investments previously made by the Company or any Subsidiary in such Unrestricted Subsidiary and which was, while such Unrestricted Subsidiary was treated as an Unrestricted Subsidiary for purposes of this Indenture, treated as a Restricted Payment
under this Indenture. 
  
 (b) The foregoing provisions will not
prohibit: (1) the payment of any dividend within 60 days after the date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Indenture; (2) the redemption, repurchase, retirement or
other acquisition of any Equity Interests of the Company in exchange for, or out of the proceeds of, the substantially concurrent sale (other than to a Subsidiary of the Company or an Unrestricted Subsidiary) of other Equity Interests of the Company
(other than any Disqualified Stock); provided, that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement or other acquisition shall be excluded from clause (3)(ii) of the preceding
paragraph; (3) the defeasance, redemption or repurchase of pari passu or subordinated Indebtedness with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness or the substantially concurrent sale (other than to a
Subsidiary of the Company or an Unrestricted Subsidiary) of Equity Interests of the Company (other than Disqualified Stock); provided, that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase,
retirement or other acquisition shall be excluded from clause (3)(ii) of the preceding paragraph; (4) the making of any Restricted Investments after the date of this Indenture not exceeding in the aggregate $75.0 million provided, that no
Default or Event of Default shall have occurred and be continuing immediately after such transaction; (5) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Subsidiary of the Company
held by any member of the Company’s (or any of its Subsidiaries’) management pursuant to any management equity subscription agreement or stock option agreement; provided, that (A) the aggregate price paid for all such repurchased,
redeemed, acquired or retired Equity Interests shall not exceed $1.0 million in any 12-month period plus the aggregate cash proceeds received by the Company during such 12-month period from any reissuance of Equity Interests by the Company to
members of management of the Company and its Subsidiaries, and (B) no Default or Event of Default shall have occurred and be continuing immediately after such transaction; (6) the 
  

 49 

 
payment of cash dividends on the Company’s shares of Common Stock in the aggregate amount per fiscal year equal to $0.30 per share for each share of
Common Stock of the Company outstanding as of the one record date for dividends payable in respect of such fiscal year plus an additional amount per share equal to 33% of such permitted cash per share dividend payment to the extent the
Company’s Board of Directors approves any such increase in dividends per share (as such amount shall be adjusted for changes in the capitalization of the Company upon recapitalizations, reclassifications, stock splits, stock dividends, reverse
stock splits, stock consolidations and similar transactions), provided, however, in the event a Change of Control occurs, the aggregate amounts permitted to be paid in cash dividends per fiscal year shall not exceed the aggregate amounts of
cash dividends paid in the same fiscal year most recently occurring prior to such Change of Control, provided, further, that for purposes of this exception, shares of Common Stock issued for less than fair market value (other than
shares issued pursuant to options or otherwise in accordance with the Company’s employee stock option, purchase or option plans) shall not be deemed outstanding; provided, further that no Default or Event of Default shall have occurred
and be continuing immediately after such transaction; (7) the repurchase of Capital Stock deemed to occur upon exercise of stock options to the extent that shares of such Capital Stock represent a portion of the exercise price of such options; (8)
the payment of cash in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exercisable for Capital Stock of the Company; and (9) payments or distributions to
stockholders pursuant to appraisal rights required under applicable law in connection with any consolidation, merger or transfer of assets that complies with Section 5.01. 
  
 In connection with the designation of an Unrestricted Subsidiary as a Subsidiary or the Unrestricted Subsidiary ceasing to
be an Unrestricted Subsidiary for purposes of this Indenture, all outstanding Investments previously made by the Company or any Subsidiary in an Unrestricted Subsidiary will be deemed to constitute Investments in an amount equal to the greater of
(x) the net book value of such Investments at the time of such designation or such Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary for purposes of this Indenture and (y) the fair market value of such Investments at the time of such
designation or such Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary for purposes of this Indenture. 
  
 The amount of all Restricted Payments (other than cash) shall be the fair market value (evidenced by a resolution of the Board of Directors of the Company
set forth in an Officers’ Certificate delivered to the Trustee) on the date of the Restricted Payment of the asset(s) proposed to be transferred by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment. Not
later than the date of making any Restricted Payment, the Company shall deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this
Section 4.07 were computed, which calculations may be based upon the Company’s latest available financial statements. 
  

 50 

 Section 4.08. Dividend and Other Payment Restrictions Affecting Subsidiaries.

  
 The Company will not, and will not permit any of its
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary to (i)(a) pay dividends or make any other distributions to the
Company or any of its Subsidiaries (1) on its Capital Stock or (2) with respect to any other interest or participation in, or measured by, its profits, or (b) pay any indebtedness owed to the Company or any of its Subsidiaries, (ii) make loans or
advances to the Company or any of its Subsidiaries or (iii) transfer any of its properties or assets to the Company or any of its Subsidiaries, except for such encumbrances or restrictions existing under or by reason of (a) applicable law, (b) this
Indenture, (c) the Credit Agreement as in effect on the date of this Indenture (and thereafter only to the extent such encumbrances or restrictions are no more restrictive than those in effect under the Credit Agreement as in effect on the date of
this Indenture), (d) Existing Indebtedness, (e) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Subsidiaries as in effect at the time of such acquisition (except to the extent such
Indebtedness was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of
the Person, so acquired, (f) customary non-assignment provisions in leases entered into in the ordinary course of business and consistent with past practices, (g) Capital Lease Obligations or purchase money obligations for property acquired in the
ordinary course of business that impose restrictions of the nature described in Section 4.09(c)(iii) on the property so acquired, (h) restrictions contained in Indebtedness of Foreign Subsidiaries permitted to be incurred under this Indenture, so
long as such restrictions or encumbrances are customary for Indebtedness of the type issued and permitted by their terms at all times (other than during the occurrence and continuation of a payment default under such Indebtedness) distributions or
loans to the Company to permit payments on the Notes when due as required by the terms of this Indenture (in the view of an Officer of the Company as expressed in an Officers’ Certificate thereof); and (i) Permitted Refinancing Indebtedness;
provided, that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive than those contained in the agreements governing the Indebtedness being refinanced. 
  
 Section 4.09. Incurrence of Indebtedness and Issuance of
Preferred Stock. 
  
 (a) The Company will not, and will not
permit any of its Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness
(including Acquired Indebtedness) and that the Company will not issue any Disqualified Stock and will not permit any of its Subsidiaries to issue any shares of preferred stock. 
  

 51 

 (b) The Company and any Guarantor may incur Indebtedness (including Acquired Indebtedness) and the
Company may issue shares of Disqualified Stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which
such additional Indebtedness is incurred or such Disqualified Stock is issued would have been at least 2.25 to 1.0, 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 had been issued, as the case may be, at the beginning of such four-quarter period. 
  
 (c) The foregoing provisions will not apply to any of the following items of indebtedness (“Permitted Indebtedness”): 
  
 (i) the incurrence by the Company and the Guarantors of
Indebtedness under the Credit Agreement (including guarantees thereof) in an aggregate principal amount at any time outstanding (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company
and its Subsidiaries thereunder) not to exceed $350.0 million less the aggregate amount of all Net Proceeds of Asset Sales applied to permanently reduce the commitments with respect to such Indebtedness pursuant to Section 4.10 hereof; 

 
 (ii) the incurrence by the Company of Indebtedness
represented by the Notes, excluding any Additional Notes, and the incurrence by the Guarantors of Indebtedness represented by the Subsidiary Guarantees; 
  
 (iii) the incurrence by the Company or any of its Subsidiaries of Indebtedness represented by Capital Lease Obligations (whether or not
incurred pursuant to sale and leaseback transactions), mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property,
plant or equipment used in the business of the Company or such Subsidiary, in an aggregate principal amount not to exceed $20.0 million at any time outstanding; 
  
 (iv) the incurrence by the Company or any of its Subsidiaries of Permitted Refinancing Indebtedness in
exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund, (A) Existing Indebtedness (other than the Existing Notes and the 1999 Credit Agreement) or (B) Indebtedness that was permitted by this
Indenture to be incurred (other than any such Indebtedness incurred pursuant to clause (i), (iii), (v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii) or (xiv) of this Section); 
  

 52 

 (v) the incurrence by the Company or any of its Wholly Owned Subsidiaries or any
Guarantor of intercompany Indebtedness between or among the Company and any of its Wholly Owned Subsidiaries or any Guarantor; provided, however, that (i) if the Company is the obligor on such Indebtedness, such Indebtedness is
expressly subordinate to the payment in full of all Obligations with respect to the Notes and (ii)(A) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company, a
Wholly Owned Subsidiary or a Guarantor and (B) any sale or other transfer of any such Indebtedness to a Person that is not either the Company, a Wholly Owned Subsidiary or a Guarantor shall be deemed, in each case, to constitute an incurrence of
such Indebtedness by the Company or such Subsidiary, as the case may be; 
  
 (vi) the incurrence by the Company of Hedging Obligations that are incurred for the purpose of fixing or hedging interest rate risk with respect to Indebtedness that is permitted by the terms of this Indenture to be
incurred; 
  
 (vii) the incurrence by the Company
of Hedging Obligations under currency exchange agreements; provided, that such agreements were entered into in the ordinary course of business; 
  
 (viii) the incurrence of Indebtedness of a Guarantor represented by guarantees of Indebtedness of the Company that has been incurred in
accordance with the terms of this Indenture; 
  
 (ix) Indebtedness of the Company or any of its Subsidiaries in connection with surety, performance, appeal or similar bonds, completion guarantees or similar instruments entered into in the ordinary course of business or from letters of
credit or other obligations in respect of self-insurance and workers’ compensation obligations or similar arrangements; provided that, in each case contemplated by this clause (ix), upon the drawing of such instrument, such obligations
are reimbursed within 30 days following such drawing; provided, further, that such Indebtedness is not in connection with the borrowing of money or the obtaining of advances or credit; 
  
 (x) Indebtedness of the Company or any of its Subsidiaries
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided,
however, that such Indebtedness is extinguished within three business days of incurrence; 
  

 53 

 (xi) Indebtedness of the Company to the extent the net proceeds thereof are promptly
deposited to defease the Notes pursuant to Section 8.02 or Section 8.03; 
  
 (xii) Indebtedness of the Company or any Subsidiary arising from agreements for indemnification or purchase price adjustment obligations or similar obligations, earn-outs or other similar obligations or from
guarantees or letters of credit, surety bonds or performance bonds securing any obligation of the Company or a Subsidiary pursuant to such an agreement, in each case, incurred or assumed in connection with the acquisition or disposition of any
business, assets or Capital Stock of a Subsidiary; provided that the maximum assumable liability in respect of all such obligations shall at no time exceed the gross proceeds actually paid or received by the Company and any Subsidiary,
including the fair market value of non-cash proceeds; 
  
 (xiii) Indebtedness of Foreign Subsidiaries in the aggregate principal amount of $25 million outstanding at any one time in the aggregate; provided that on the date of incurrence of any such Indebtedness the Company could borrow
$1.00 of Indebtedness (other than Permitted Indebtedness) under paragraph (b) above; and 
  
 (xiv) the incurrence by the Company of Indebtedness (in addition to Indebtedness permitted by any other clause of this paragraph) in an
aggregate principal amount (or accreted value, as applicable) at any time outstanding not to exceed $25.0 million. 
  
 For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the types
of Indebtedness permitted by this Section, the Company in its sole discretion shall classify or reclassify such item of Indebtedness and only be required to include the amount of such Indebtedness as one of such types; provided that
Indebtedness under the Credit Agreement which is outstanding or available on the Issue Date or entered into in connection with the refinancing of the 1999 Credit Agreement, and any renewals, extensions, substitutions, refundings, refinancings or
replacements thereof, in an amount not in excess of the amount permitted to be incurred pursuant to clause (c)(i) above, shall be deemed to have been incurred pursuant to clause (c)(i) above rather than pursuant to paragraph (b) above. 

 
 Indebtedness permitted by this Section need not be permitted solely by
reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section permitting such Indebtedness. 
  

 54 

 Accrual of interest, accretion or amortization of original issue discount and the payment of interest on
any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on any Capital Stock (other than Disqualified Stock) in the form of additional shares of the same class of Capital Stock (other than
Disqualified Stock) will not be deemed to be an incurrence of Indebtedness for purposes of this Section; provided, in each such case, that the amount thereof as accrued is included in Fixed Charge Coverage Ratio of the Company. 
  
 For purposes of determining compliance with any dollar-denominated
restriction on the incurrence of Indebtedness denominated in a foreign currency, the dollar-equivalent principal amount of such Indebtedness incurred pursuant thereto shall be calculated based on the relevant currency exchange rate in effect on the
date that such Indebtedness was incurred. 
  
 If Indebtedness is
secured by a letter of credit that serves only to secure such Indebtedness, then the total amount deemed incurred shall be equal to the greater of (x) the principal of such Indebtedness and (y) the amount that may be drawn under such letter of
credit. 
  
 The amount of Indebtedness issued at a price less than
the amount of the liability thereof shall be determined in accordance with GAAP. 
  
 Section 4.10. Asset Sales. 
  
 (a) The Company will not, and will not permit any of its Subsidiaries to, consummate an Asset Sale unless (i) the Company (or the Subsidiary, as the case
may be) receives consideration at the time of such Asset Sale at least equal to the fair market value (evidenced by a resolution of the Board of Directors of the Company, set forth in an Officers’ Certificate delivered to the Trustee, or by an
independent appraisal by an accounting, appraisal or investment banking firm of national standing) of the assets or Equity Interests issued or sold or otherwise disposed of and (ii) at least 75% of the consideration therefor received by the Company
or such Subsidiary is in the form of cash or Cash Equivalents; provided, however, that (x) clause (ii) of this paragraph shall not apply to any Asset Sale involving an Unrestricted Subsidiary and (y) this paragraph shall not apply to
any Like Kind Exchange. 
  
 For purposes of requirement (a)(ii) of
this Section, the following will be deemed to be cash: (A) the amount of any Senior Indebtedness of the Company or any Subsidiary that is actually assumed by the transferee in such Asset Sale and from which the Company and the Subsidiaries are fully
and unconditionally released (excluding any liabilities that are incurred in connection with or in anticipation of such Asset Sale and contingent liabilities) and (B) the amount of any notes, securities or other similar obligations received by the
Company or any Subsidiary from such transferee that are immediately converted, sold or exchanged (or are converted, sold or exchanged within 30 
  

 55 

 
days of the related Asset Sale) by the Company or the Subsidiaries into cash in an amount equal to the net cash proceeds realized upon such conversion, sale
or exchange. 
  
 (b) Within 365 days after the receipt of any Net
Proceeds from an Asset Sale, the Company may apply such Net Proceeds, at its option, (i) to permanently reduce Senior Indebtedness of the Company or any Guarantor (and correspondingly reduce commitments with respect thereto in the case of any
reduction of borrowings under the Credit Agreement), provided, however, that any Indebtedness created in connection with any registered offering of securities under the Securities Act or a private placement of securities (including
under Rule 144A) pursuant to an exemption from the registration requirements of the Securities Act shall be excluded from this clause (i); (ii) to the acquisition of a controlling interest in another business, the making of a capital expenditure or
the acquisition of other long-term assets, in each case, in the same or a similar line of business as the Company was engaged in on the date of this Indenture or (iii) to reimburse the Company or its Subsidiaries for expenditures made, and costs
incurred, to repair, rebuild, replace or restore property subject to loss, damage or taking to the extent that the Net Proceeds consist of insurance proceeds received on account of such loss, damage or taking. Pending the final application of any
such Net Proceeds, the Company may temporarily reduce Senior Indebtedness or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture. Any Net Proceeds from Asset Sales that are not applied or invested as provided in
the first sentence of this clause (b) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $5.0 million, the Company will apply the Excess Proceeds to the repayment of the Notes and any other
Pari Passu Indebtedness outstanding with similar provisions requiring the Company to make an offer to purchase such Indebtedness with the proceeds from any Asset Sale as follows: 
  
 (A) the Company will make an offer to purchase (an “Asset Sale Offer”) from all Holders of the
Notes in accordance with the procedures set forth in the Indenture in the maximum principal amount (expressed as a multiple of $1,000) of Notes that may be purchased out of an amount (the “Note Amount”) equal to the product of such Excess
Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of which is the sum of the outstanding principal amount (or accreted value in the case of Indebtedness issued with
original issue discount) of the Notes and such Pari Passu Indebtedness (subject to proration in the event such amount is less than the aggregate Offered Price (as defined herein) of all Notes tendered) and 
  
 (B) to the extent required by such Pari Passu Indebtedness
to permanently reduce the principal amount of such Pari Passu Indebtedness (or accreted value in the case of Indebtedness issued with original issue discount), the Company will make an offer to purchase or otherwise 
  

 56 

 
repurchase or redeem Pari Passu Indebtedness (a “Pari Passu Offer”) in an amount (the “Pari Passu Debt Amount”) equal to the excess of
the Excess Proceeds over the Note Amount; provided that in no event will the Company be required to make a Pari Passu Offer in a Pari Passu Debt Amount exceeding the principal amount (or accreted value) of such Pari Passu Indebtedness plus
the amount of any premium required to be paid to repurchase such Pari Passu Indebtedness. 
  
 The Notes will be purchased at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the date of purchase such
Asset Sale Offer is consummated (the “Offered Price”), in accordance with the procedures set forth in this Indenture. To the extent that the aggregate Offered Price of the Notes tendered pursuant to an Asset Sale Offer is less than the
Note Amount relating thereto or the aggregate amount of Pari Passu Indebtedness that is purchased in a Pari Passu Offer is less than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for general corporate purposes,
subject to the other covenants contained in the Indenture. If the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by Holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be
purchased on a pro rata basis. Upon the completion of the purchase of all the Notes tendered pursuant to an Asset Sale Offer and the completion of a Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero. 

 
 Notwithstanding the foregoing, the Company and its Subsidiaries will be
permitted to consummate one or more Asset Sales with respect to assets or properties with an aggregate fair market value (evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee) not in
excess of $7.5 million with respect to all such Asset Sales made subsequent to the date of this Indenture without complying with the provisions of the preceding paragraphs. 
  
 In the event of the transfer of substantially all (but not all) of the property and assets of the Company as an entirety to
a Person in a transaction permitted under Section 5.01 hereof, the successor corporation shall be deemed to have sold the properties and assets of the Company not so transferred for purposes of this Section and shall comply with the provisions of
this Section with respect to such deemed sale as if it were an Asset Sale. In addition, the fair market value of such properties and assets of the Company or its Subsidiaries deemed to be sold shall be deemed to be Net Proceeds for purposes of this
Section. 
  
 If at any time any non-cash consideration received by
the Company in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash, then such conversion or disposition shall be deemed to constitute an Asset Sale hereunder and the Net Proceeds thereof shall be applied in
accordance with this Section. 
  

 57 

 (c) In the event that, pursuant to Section 4.10(b) hereof, the Company shall be required to commence an
Asset Sale Offer, the Company shall follow the procedures specified below. 
  
 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 Company shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.10(b) hereof (the “Offer
Amount”) or, if less than the Offer Amount has been tendered, all Notes 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. If the Purchase Date is on
or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest 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. 
  
 Upon the commencement of an Asset Sale Offer, the Company shall send, by first class mail, a notice to the Trustee and 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. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
  
 (i) that the Asset Sale Offer is being made pursuant to this
Section 4.10 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 Company 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 only elect to have all of such Note purchased and
may not elect to have only a portion of such Note purchased; 
  
 (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” on the reverse of the
Note completed, or transfer by book-entry transfer, to the Company, a 

  

 58 

 
depository, if appointed by the Company, 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 Company, the depository or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the 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 surrendered by Holders exceeds the Offer Amount, the Company shall select the
Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000, or integral multiples thereof, 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). 
  
 On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in accordance with the terms of this Section 4.10. The Company, the Depository or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase
Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written
request from the Company shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the
Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer on the Purchase Date. 
  
 Other than as specifically provided in this Section 4.10, any purchase pursuant to this Section 4.10 shall be made pursuant to the provisions of Sections
3.01 through 3.06 hereof. 
  
 (d) The Company will comply with the
requirements of Section 14(e) of, and Rule 14e-1, under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to an Asset
Sale Offer. 
  

 59 

 Section 4.11. Transactions with Affiliates. 
  
 The Company will not, and will not permit any of its 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 contract, agreement, understanding, loan, advance or guarantee with, or
for the benefit of, any Affiliate (each of the foregoing, an “Affiliate Transaction”), unless (i) such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Subsidiary than those that would have been
obtained in a comparable transaction by the Company or such Subsidiary with an unrelated Person, (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $4.0 million,
the Company delivers to the Trustee a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause (i) above and that such Affiliate Transaction has
been approved by a majority of the disinterested members of the Board of Directors of the Company or, if there are no such disinterested directors, by a majority of the members of the Board of Directors of the Company and (iii) with respect to any
Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $15.0 million, the Company delivers to the Trustee an opinion as to the fairness to the Holders of Notes of such Affiliate Transaction
from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing; provided, that (1) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant
to, or the funding of, employment arrangements, stock options and stock ownership plans approved by the Board of Directors of the Company or the payment of fees and indemnities of directors of the Company and its Subsidiaries in the ordinary course
of business and consistent with the past practices of the Company or such Subsidiary, (2) loans or advances to employees in the ordinary course of business, (3) transactions between or among the Company and/or its Wholly Owned Subsidiaries, (4)
Restricted Payments (other than Restricted Investments) that are permitted by the provisions of Section 4.07 hereof and (5) any transactions undertaken pursuant to any contracts in existence on the Issue Date (as in effect on the Issue Date) and any
renewals, replacements or modifications of such contracts (pursuant to new transactions or otherwise) on terms no less favorable to the Holders of the Notes, than those in effect on the Issue Date, in each case, shall not be deemed Affiliate
Transactions. 
  
 Section 4.12. Liens.

  
 The Company will not, and will not permit any of its
Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien securing Indebtedness on any asset now owned or hereafter acquired, or any income or profits therefrom or assign or convey any right to receive income
therefrom, except Permitted Liens, unless all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the Indebtedness so secured until such time as such Indebtedness is 

  

 60 

 
no longer secured by a Lien; provided, that if such Indebtedness is by its terms expressly subordinated to the Notes or any Subsidiary Guarantee, the
Lien securing such Indebtedness shall be subordinate and junior to the Lien securing the Notes and the Subsidiary Guarantees with the same relative priority as such subordinate or junior Indebtedness shall have with respect to the Notes and the
Subsidiary Guarantees. 
  
 Section 4.13.
Guarantees of Certain Indebtedness. 
  
 The Company will
not permit any of its Subsidiaries that is not a Guarantor to incur, guarantee or secure through the granting of Liens the payment of any Indebtedness, and the Company will not, and will not permit any of its Subsidiaries to, pledge any intercompany
notes representing obligations of any of its Subsidiaries, to secure the payment of any Indebtedness, in each case unless such Subsidiary, the Company and the Trustee execute and deliver a supplemental indenture to this Indenture evidencing such
Subsidiary’s Subsidiary Guarantee (providing for the unconditional guarantee by such Subsidiary, on a senior subordinated basis, of the Notes). 
  
 Section 4.14. Corporate Existence. 
  
 Subject to Article V hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (a) its corporate
existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and (b) the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or
other existence of any of its Subsidiaries, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that
the loss thereof is not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.15. Offer to Repurchase upon Change of Control. 
  
 (a) Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to
repurchase all or any part (equal to $1,000 or an integral multiple thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash equal to 101% of the aggregate
principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if any, thereon (the “Change of Control Payment”) to the date of purchase (the “Change of Control Payment Date”). Within 15 days following any
Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes pursuant to the procedures required by this Indenture and described in
such notice. The Change of 

  

 61 

 
Control Payment Date shall be a Business Day not less than 30 days nor more than 60 days after such notice is mailed. The Company will comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control.

  
 (b) On the Change of Control Payment Date, the Company will,
to the extent lawful, (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions thereof so tendered and deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company.
The Paying Agent will promptly mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any; provided, that each such new Note will be in a principal amount of $1,000 or an integral multiple thereof. Prior to complying with the provisions of this Section
4.15, but in any event within 90 days following a Change of Control, the Company will either repay all outstanding Senior Indebtedness or obtain the requisite consents, if any, under all agreements governing outstanding Senior Indebtedness to permit
the repurchase of Notes required by this Section 4.15. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
  
 (c) The Company will not be required to make a Change of Control Offer upon a
Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements of this Section 4.15 applicable to a Change of Control Offer made by the Company and purchases all
Notes validly tendered and not withdrawn under such Change of Control Offer. 
  
 Section 4.16. Limitation on Layering. 
  
 Notwithstanding the provisions of Section 4.09 hereof, (a) the Company shall not incur any Indebtedness that is subordinate or junior in right of payment to any Indebtedness of the Company and senior in any respect in
right of payment to the Notes, and (b) no Guarantor shall incur any Indebtedness that is subordinate or junior in right of payment to any Indebtedness of such Guarantor and senior in any respect in right of payment to the Subsidiary Guarantee of
such Guarantor. 
  
 Section 4.17. Sale and
Leaseback Transactions. 
  
 The Company will not, and will
not permit any of its Subsidiaries to, enter into any sale and leaseback transaction; provided, that the Company or one of its 

  

 62 

 
Subsidiaries may enter into a sale and leaseback transaction if (a) the Company or such Subsidiary could have (i) incurred Indebtedness in an amount equal to
the Attributable Indebtedness relating to such sale and leaseback transaction pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(b) hereof and (ii) incurred a Lien to secure such Indebtedness pursuant to Section 4.12, (b) the
gross cash proceeds of such sale and leaseback transaction are at least equal to the fair market value (as determined in good faith by the Board of Directors of the Company and set forth in an Officers’ Certificate delivered to the Trustee) of
the property that is the subject of such sale and leaseback transaction and (c) the transfer of assets in such sale and leaseback transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with, Section 4.10
hereof. 
  
 Section 4.18. Limitation on
Issuances and Sales of Capital Stock of Wholly Owned Subsidiaries. 
  
 The Company (a) will not, and will not permit any Wholly Owned Subsidiary of the Company to, transfer, convey, sell, lease or otherwise dispose of any Capital Stock of any Wholly Owned Subsidiary of the Company to any Person (other than the
Company or a Wholly Owned Subsidiary of the Company), unless (i) such transfer, conveyance, sale, lease or other disposition is of all the Capital Stock of such Wholly Owned Subsidiary and (ii) the cash Net Proceeds from such transfer, conveyance,
sale, lease or other disposition are applied in accordance with Section 4.10 and (b) will not permit any Wholly Owned Subsidiary of the Company to issue any of its Equity Interests (other than, if necessary, shares of its Capital Stock constituting
directors’ qualifying shares) to any Person other than to the Company or a Wholly Owned Subsidiary of the Company. 
  
 Section 4.19. Payments for Consent. 
  
 The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration, whether by way of
interest, fee or otherwise, to any Holder of any Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid or is paid to all
Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  
 Section 4.20. Future Guarantors. 
  
 The Company and each Guarantor shall cause each domestic Subsidiary of the Company or such Guarantor, as the case may be,
that, after the date of this Indenture, becomes a Subsidiary to execute and deliver (a) an indenture supplemental to this Indenture and thereby become a Guarantor that shall be bound by the Subsidiary Guarantee of the Notes in the form set forth in
this Indenture (without such Guarantor 

  

 63 

 
being required to execute and deliver the Subsidiary Guarantee endorsed on the Notes) and (b) an Opinion of Counsel to the effect that such supplemental
indenture has been duly authorized and executed by such Person and constitutes the legal, valid, binding and enforceable obligation of such Person (subject to such customary exceptions concerning fraudulent conveyance laws, creditors’ rights
and equitable principles as may be acceptable to the Trustee in its discretion). 
  
 Section 4.21. Investment Company Act. 
  
 The Company shall not, and shall not permit any of its Subsidiaries to, become an investment company subject to registration under the Investment Company
Act of 1940, as amended. 
  
 Section 4.22.
Limitation on Unrestricted Subsidiaries. 
  
 The Company
may designate after the Issue Date any Subsidiary (other than a Guarantor) as an “Unrestricted Subsidiary” under this Indenture (a “Designation”) only if: 
  
 (a) no Default shall have occurred and be continuing at the time of or after giving effect to such Designation; 

 
 (b) the Company would be permitted to make an Investment (other than a
Permitted Investment) at the time of Designation (assuming the effectiveness of such Designation) pursuant to Section 4.07(a) in an amount (the “Designation Amount”) equal to the greater of (1) the net book value of the Company’s
interest in such Subsidiary calculated in accordance with GAAP or (2) the fair market value of the Company’s interest in such Subsidiary as determined in good faith by the Company’s Board of Directors; 
  
 (c) the Company would be permitted under the Indenture to incur $1.00 of
additional Indebtedness (other than Permitted Indebtedness) pursuant to Fixed Charge Coverage Ratio (on a pro forma basis) in Section 4.09(b) at the time of such Designation (assuming the effectiveness of such Designation); 
  
 (d) such Unrestricted Subsidiary does not own any Capital Stock in any
Subsidiary of the Company which is not simultaneously being designated an Unrestricted Subsidiary; 
  
 (e) such Unrestricted Subsidiary is not liable, directly or indirectly, with respect to any Indebtedness other than Unrestricted Subsidiary Indebtedness,
provided that an Unrestricted Subsidiary may provide a Guarantee for the Notes; and 
  
 (f) such Unrestricted Subsidiary is not a party to any agreement, contract, arrangement or understanding at such time with the Company or any Subsidiary 

  

 64 

 
unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Subsidiary than those that might
be obtained at the time from Persons who are not Affiliates of the Company or, in the event such condition is not satisfied, the value of such agreement, contract, arrangement or understanding to such Unrestricted Subsidiary from and after the date
of Designation shall be deemed a Restricted Payment. 
  
 In the
event of any such Designation, the Company shall be deemed to have made an Investment constituting a Restricted Payment pursuant to Section 4.07 for all purposes of this Indenture in the Designation Amount. 
  
 The Company shall not and shall not cause or permit any Subsidiary to at any
time: 
  
 (a) provide credit support for, guarantee or subject
any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary) to the satisfaction of, any Indebtedness of any Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness)
(other than Permitted Investments in Unrestricted Subsidiaries), or 
  
 (b) be directly or indirectly liable for any Indebtedness of any Unrestricted Subsidiary. 
  
 For purposes of the foregoing, the Designation of a Subsidiary of the Company as an Unrestricted Subsidiary shall be deemed to be the Designation of all
of the subsidiaries of such Subsidiary as Unrestricted Subsidiaries. Unless so designated as an Unrestricted Subsidiary, any Person that becomes a subsidiary of the Company will be classified as a Subsidiary. 
  
 The Company may revoke any Designation of a Subsidiary as an Unrestricted
Subsidiary (a “Revocation”) if: 
  
 (a) no Default
shall have occurred and be continuing at the time of and after giving effect to such Revocation; 
  
 (b) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation would, if incurred at such time, have
been permitted to be incurred for all purposes of the Indenture; and 
  
 (c) unless such redesignated Subsidiary shall not have any Indebtedness outstanding (other than Indebtedness that would be Permitted Indebtedness), immediately after giving effect to such proposed Revocation, and after giving pro
forma effect to the incurrence of any such Indebtedness of such redesignated Subsidiary as if such Indebtedness was incurred on the date of the Revocation, the Company could incur $1.00 

  

 65 

 
of additional Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.09(b). 
  
 All Designations and Revocations must be evidenced by a resolution of the Board of Directors of the Company delivered to the
Trustee certifying compliance with the foregoing provisions. 
  
 ARTICLE V. 
  
 SUCCESSORS 
  
 Section 5.01. Merger, Consolidation or Sale of
Assets. 
  
 The Company may not consolidate or merge with or
into (whether or not the Company 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 another corporation, Person
or entity unless: (i) the Company is the surviving corporation or the entity or the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made is a corporation organized or existing under the laws of the United States, any state thereof or the District of Columbia; (ii) the entity or Person formed by or surviving any such consolidation or merger (if other
than the Company) or the entity or Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental
indenture in a form reasonably satisfactory to the Trustee; (iii) immediately after such transaction no Default or Event of Default exists; and (iv) except in the case of a merger of the Company with or into a Wholly Owned Subsidiary of the Company,
the Company or the entity or Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made (A) will have
Consolidated Net Worth immediately after the transaction equal to or greater than the Consolidated Net Worth of the Company immediately preceding the transaction and (B) will, at the time of such transaction and after giving pro forma effect
thereto as if such transaction had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to the Fixed Charge Coverage Ratio test
set forth in Section 4.09(b). 
  
 Section 5.02.
Successor Corporation Substituted. 
  
 Upon any
consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof, the successor corporation formed by such 

  

 66 

 
consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall
succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the
successor corporation and not to the Company, other than for purposes of calculating Consolidated Net Income in connection with Section 4.07), and may exercise every right and power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of
the Company’s assets that meets the requirements of Section 5.01 hereof. 
  
 ARTICLE VI. 
  
 DEFAULTS AND
REMEDIES 
  
 Section 6.01. Events of
Default. 
  
 Each of the following constitutes an “Event
of Default”: 
  
 (a) default for 30 days in the payment when
due of interest on, or Liquidated Damages, if any, with respect to, the Notes (whether or not prohibited by the subordination provisions of this Indenture); 
  
 (b) default in payment when due of the principal of or premium, if any, on the Notes (whether or not prohibited by Article X of this Indenture);

  
 (c) failure by the Company to comply with the provisions
described under Section 4.10 or 4.15; 
  
 (d) failure by the
Company to comply with Section 4.07 or 4.09 hereof and the continuance of such failure for a period of 30 days after notice is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding; 
  
 (e) failure by
the Company for 60 days after notice is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the Company’s other
covenants or other agreements in this Indenture or the Notes; 
  
 (f) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Subsidiaries) whether such Indebtedness or guarantee now exists, or is created after the date of this Indenture, which default (i) is 

  

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caused by a failure to pay principal of such Indebtedness at its Stated Maturity (after the expiration of any applicable grace period) or (ii) results in the
acceleration of such Indebtedness prior to its maturity and, in each case, the principal amount of which Indebtedness, together with the principal amount of any other such Indebtedness described in clauses (i) and (ii) above, aggregates $5.0 million
or more; 
  
 (g) a final judgment or final judgments for the
payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Subsidiaries and such judgment or judgments remain undischarged for a period (during which execution shall not be effectively stayed) of 60
days; provided, that the aggregate of all such undischarged judgments exceeds $5.0 million (net of amounts covered by insurance); 
  
 (h) the Company or any of its Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a “Significant Subsidiary”
pursuant to or within the meaning of Bankruptcy Law: 
  
 (i) commences a voluntary case, 
  
 (ii)
consents to the entry of an order for relief against it in an involuntary case, 
  
 (iii) consents to the appointment of a Custodian of it or for 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; 
  
 (i) a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (i) is for relief against the Company or any of its Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary in an involuntary case; 
  
 (ii) appoints a Custodian of the Company or any of its
Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Subsidiaries or any group of Subsidiaries that, taken as a
whole, would constitute a “Significant Subsidiary”; or 
  
 (iii) orders the liquidation of the Company or any of its Subsidiaries or any group of Subsidiaries that, taken as a whole, would 

  

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constitute a Significant Subsidiary; and the order or decree remains unstayed and in effect for 60 consecutive days; or 
  
 (j) the Subsidiary Guarantee of any Guarantor is held in judicial
proceedings to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of this Indenture) or any Guarantor or any Person acting on behalf of any Guarantor denies or disaffirms such
Guarantor’s obligations under its Subsidiary Guarantee (other than by reason of a release of such Guarantor from its Subsidiary Guarantee in accordance with the terms of this Indenture). 
  

	Section	 	6.02. Acceleration. 

  
 If any Event of Default (other than an Event of Default specified in clause (h) or (i) of Section 6.01 hereof with respect to the Company, any Significant
Subsidiary or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare
all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately; provided, however, that if any Senior Indebtedness is outstanding under the Credit Agreement, upon a
declaration of acceleration, the Notes shall be payable upon earlier of (a) the day which is five Business Days after the provision to the Company and the agent under the Credit Agreement of written notice of such declaration and (b) the date of
acceleration of any Indebtedness under the Credit Agreement. Notwithstanding the foregoing, if an Event of Default specified in clause (h) or (i) of Section 6.01 hereof occurs with respect to the Company, any Significant Subsidiary or any group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, all outstanding Notes shall be due and payable immediately without further action, notice or declaration on the part of the Trustee or any Holder. 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 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 
  

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acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  
 Section 6.04. Waiver of Past Defaults. 
  
 The Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of interest
on, or the principal of, the Notes (including in connection with an offer to purchase); provided, however, 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 Event of Default or impair any right consequent thereon. 
  
 Section 6.05. Control by Majority. 
  
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it; provided, however, the Trustee may refuse to follow any direction that conflicts with law or this Indenture which the Trustee determines
may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
  
 Section 6.06. Limitation on Suits. 
  
 A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
  
 (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 
  
 (b) the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
  
 (d) the Trustee does not comply with the request within 60 days after receipt
of the request and the offer and, if requested, the provision of indemnity; and 
  

 70 

 (e) during such 60-day period the Holders of a majority in aggregate principal amount of the then
outstanding Notes do not give the Trustee a direction inconsistent with the request. 
  
 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  
 Section 6.07. Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium and Liquidated Damages, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for
the enforcement of any such payment on or after such respective dates, shall be absolute and unconditional and shall not be impaired or affected without the consent of such Holder. 
  
 Section 6.08. Collection Suit by Trustee. 
  
 If an Event of Default specified in Section 6.01(a) or (b) occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company or any Guarantor for the whole amount of principal of, premium and Liquidated Damages, if any, and interest remaining
unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel. 
  
 Section 6.09. Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof
out of the estate in any such proceeding, shall be denied for 
  

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any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
  
 Section 6.10.
Priorities. 
  
 If the Trustee collects any money pursuant
to this Article VI, it shall pay out the money in the following order: 
  
 FIRST: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs
and expenses of collection; 
  
 SECOND: to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Liquidated Damages, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal,
premium and Liquidated Damages, if any and interest, respectively; and 
  
 THIRD: to the Company or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  
 Section 6.11. Undertaking for Costs. 
  
 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 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 aggregate principal amount of the then outstanding Notes. 
  

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 Section 6.12. Restoration of Rights and Remedies. 
  
 If the Trustee or any Holder of Notes 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 the Company, the Trustee and the
Holders shall, subject to any determination in such proceeding, 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 had been instituted. 
  
 Section 6.13.
Rights and Remedies Cumulative. 
  
 Except as otherwise
provided in Section 7.07 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 6.14. 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 VI 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. 
  
 ARTICLE VII. 
  
 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 man would exercise or use under the circumstances in the conduct of his 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 

  

 73 

 
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, 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; 
  
 (ii)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 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. No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at
the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
  
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 (f) The Trustee shall not be deemed to have knowledge of any Default or Event of Default unless (i) the Trustee or a Responsible Officer shall have actual
knowledge of a Default or an Event of Default, (ii) the Trustee or a Responsible Officer shall have received notice of a Default or an Event of Default in accordance with the provisions of this Indenture or (iii) a Default or an Event of Default
occurred or is occurring pursuant to Section 4.01 hereof. 
  

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	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. Except as
provided in Section 7.01(b), the Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, the Trustee may require an Officers’ 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 Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel 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 appointed with due care. 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; provided, that the
Trustee’s conduct does not constitute willful misconduct or negligence. 
  
 (d) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor.

  
 (e) The Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request, order, demand or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and
liabilities that might be incurred by it in compliance with such request, order, demand or direction. 
  
 (f) Except with respect to Section 4.01, the Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants
contained in Article 4. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to Sections 4.01, 6.01(a) or 6.01(b) or (ii) any Default or Event of Default
of which the Trustee shall have received written notification or obtained actual knowledge. 
  
 (g) Delivery of reports, information and documents to the Trustee under Section 4.03 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company’s compliance 
  

 75 

 
with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 Section 7.03. Individual Rights of Trustee.

  
 The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee; provided, however, in the event that the Trustee acquires any
conflicting interest, the Trustee must (a) eliminate such conflict within 90 days, (b) if a registration statement with respect to the Notes is effective, apply to the SEC for permission to continue as Trustee or (c) resign as Trustee. 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 Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it 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 or Event of 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 or Event of Default within 90 days after it occurs. Except in the case of a Default or Event
of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of the Holders of the Notes. 
  
 Section 7.06.
Reports by Trustee to Holders of the Notes. 
  
 Within 60
days after May 15 of each year commencing with the year 2004, 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 TIA §313(a) (but if
no event described in TIA §313(a) has occurred within the 12 months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA §313(b)(2). The Trustee shall also transmit by mail all reports as
required by TIA §313(c). 
  

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 A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company
and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA §313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange. 
  
 Section 7.07. Compensation and Indemnity. 

 
 The Company shall pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company 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 Company shall indemnify the Trustee against any
and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company
(including this Section 7.07) and defending itself against any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to
the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations hereunder (except to the extent such failure prejudices the Company). The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel, and the Company
shall pay the reasonable fees and expenses of one such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture.

  
 To secure the Company’s payment obligations in this
Section, 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(h) or (i) 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. 
  

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 The Trustee shall comply with the provisions of TIA §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 Company. The Holders of Notes of a
majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 7.10 hereof; 
  
 (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 Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the
then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
  
 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the
Holders of Notes of at least 10% in aggregate 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 of a Note who has been a Holder of a Note for at least six months, fails
to comply with Section 7.10, such Holder of a Note 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 Company.
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 

  

 78 

 
notice of its succession to Holders of the Notes. 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 Company’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; provided, that such corporation shall be otherwise qualified and eligible under this Article VII and under the TIA, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so
authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. In the event that any Notes shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver
such Notes, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the 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 a combined capital and surplus (with its affiliates) of at least $50 million as set forth in its most recent published annual report of condition. 
  

If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section 7.10, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. None of the Company
or any of its Affiliates shall serve as Trustee hereunder. If at any time the Trustee shall cease to be eligible to serve as Trustee hereunder pursuant to the provisions of this Section 7.10, it shall resign immediately in the manner and with the
effect specified in this Article VII. 
  
 This Indenture shall
always have a Trustee who satisfies the requirements of TIA §310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b). 
  

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 Section 7.11. Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA §311(a), excluding any creditor
relationship listed in TIA §311(b). A Trustee who has resigned or been removed shall be subject to TIA §311(a) to the extent indicated therein. 
  
 ARTICLE VIII. 
  
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 
  
 The Company may, at the option of its Board of Directors evidenced by a
resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 
  
 Section 8.02. Legal Defeasance and Discharge.

  
 Upon the Company’s exercise under Section 8.01 hereof of
the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date
the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company 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 (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged
hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, and interest and
Liquidated Damages, if any, on such Notes when such payments are due; (b) the Company’s obligations with respect to such Notes under Article II and Section 4.02 hereof; (c) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and the Company’s obligations in connection therewith; and (d) this Article VIII. Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03 hereof. 
  

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 Section 8.03. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13,
4.15, 4.16, 4.17, 4.18 and 4.20 hereof with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “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 Company 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 Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(c) through 6.01(g) 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: 
  
 (a) the Company must irrevocably deposit or cause to be deposited with the
Trustee, in trust, for the benefit of the Holders, cash in United States dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent
public accountants, to pay the principal of, premium and Liquidated Damages, if any, and interest on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the
Notes are being defeased to maturity or to a particular redemption date; 
  
 (b) in the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Company has
received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case 
  

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to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or
loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

  
 (c) in the case of an election under Section 8.03 hereof, the
Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes
as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
  
 (d) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes pursuant to this Article VIII concurrently with such
incurrence) or insofar as Sections 6.01(h) or 6.01(i) hereof is concerned, at any time in the period ending on the 91st day after the date of deposit; 
  
 (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or
instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  

(f) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit or on the day
after the last day of the applicable preference period under Bankruptcy Law following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally; 
  
 (g) the Company shall have delivered to the
Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or any Subsidiary Guarantor with the intent of defeating, hindering,
delaying or defrauding any creditors of the Company, any Guarantor of the Company or others; and 
  
 (h) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  

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 Section 8.05. Deposited Money and Government Securities to Be Held in Trust: Other
Miscellaneous Provisions. 
  
 Subject to Section 8.06 hereof,
all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in
respect of the outstanding Notes 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 Company acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent
required by law. 
  
 The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 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 VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or noncallable 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 Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as a secured creditor, look only to the Company for payments thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment to the Company, may at the expense of the Company
cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

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 Section 8.07. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any United States dollars
or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company’s 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, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  
 ARTICLE IX. 
  
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.01. Without Consent of Holders of Notes. 
  
 Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this
Indenture, the Subsidiary Guarantees or the Notes without the consent of any Holder of a Note: 
  
 (a) to cure any ambiguity, defect or inconsistency; 
  
 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
  
 (c) to provide for the assumption of the Company’s or Guarantor’s obligations to the Holders of the Notes in the
case of a merger or consolidation in accordance with this Indenture; 
  
 (d) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder of the Notes; 
  
 (e) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA; or 
  
 (f) to
provide for the issuance of Additional Notes pursuant to this Indenture to the extent permitted under the restrictions contained in the Credit Agreement, if then in effect, and described under Section 4.09 hereof. 
  

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 Upon the request of the Company and the Guarantors accompanied by a resolution of their respective Boards
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 Company and the Guarantors in the execution of
any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee 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. 
  
 Section 9.02. With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.02, this Indenture, the Notes and the Subsidiary Guarantees may be amended or
supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for 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, 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 or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including consents obtained in connection with a
tender offer or exchange offer for the Notes). 
  
 Upon the
request of the Company and the Guarantors accompanied by a resolution of their respective Boards 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 Company and the Guarantors in the execution of such amended or
supplemental Indenture unless such amended or supplemental Indenture 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 becomes effective, the Company shall mail to the Trustee and the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice or any
defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal 

  

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amount of the Notes then outstanding may waive compliance in a particular instance by the Company with any provision of this Indenture, the Notes or the
Subsidiary Guarantees. However, without the consent of each Holder affected, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): 
  
 (a) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
  
 (b) reduce the principal of or change the fixed maturity of any Note or alter
or waive any of the provisions with respect to the redemption or repurchase of the Notes (other than with respect to Sections 4.10 and 4.15 hereof); 
  
 (c) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 
  
 (d) waive a Default or Event of 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 then outstanding Notes and a waiver of the payment default that resulted from such
acceleration); 
  
 (e) make any Note payable in money other than
that stated in the Notes; 
  
 (f) make any change in the
provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, premium, if any, or interest on the Notes; 
  
 (g) waive a redemption payment with respect to any Note (other than a payment required by Section 4.10 or 4.15 hereof);

  
 (h) release any Guarantor from any of its obligations under
its Subsidiary Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
  
 (i) make any change in Section 6.04 or 6.07 hereof or in the foregoing amendment and waiver provisions; or 
  
 (j) make any amendment to the provisions of Article X of this Indenture or
the related definitions if such amendment would adversely affect the rights of Holders of Notes. 
  
 In addition, any amendment to the provisions of Section 4.10 and 4.15 of this Indenture or the related definitions will require the consent of the Holders
of at least 66 2/3% in aggregate principal amount of the Notes then outstanding if such amendment would adversely
affect the rights of Holders of Notes and any amendment to the 

  

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provisions of this Indenture relating to subordination or legal or covenant defeasance will require the consent of the lenders under the Credit Agreement, if
then in effect (or the agent therefor, acting on their behalf). 
  
 Upon the execution of any supplemental indenture under this Article IX, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of
Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
  
 Section 9.03. Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture, the Subsidiary Guarantees or the Notes shall be set forth in an amended or
supplemental Indenture that complies with the TIA 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. 
  
 Section 9.05. Notation on or Exchange of Notes.

  
 The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall 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. 
  
 Section 9.06. Trustee to Sign Amendments, Etc. 
  
 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. The Company and each Subsidiary Guarantor may not sign an amendment or supplemental Indenture until each of their respective Boards of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled
to receive and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating 
  

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that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  
 ARTICLE X. 
  
 SUBORDINATION 
  
 Section 10.01. Agreement to Subordinate. 
  
 The Company agrees, and each Holder by accepting a Note agrees, that the
Indebtedness and other payment obligations on, or with respect to or evidenced by the Note (including any obligation to repurchase the Notes) is subordinated in right of payment, to the extent and in the manner provided in this Article X, to the
prior payment in full of all Senior Indebtedness (whether outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed), and that the subordination is for the benefit of the holders of Senior Indebtedness. 
  
 Section 10.02. Liquidation; Dissolution; Bankruptcy.

  
 Upon any distribution to creditors of the Company in a
liquidation or dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property, in an assignment for the benefit of creditors or any marshaling of the
Company’s assets and liabilities: 
  
 (a) holders of Senior
Indebtedness shall be entitled to receive payment in full of all Obligations due in respect of such Senior Indebtedness (including, in the case of Senior Indebtedness under the Credit Agreement, interest after the commencement of any such proceeding
at the rate specified in the Credit Agreement) before Holders of Notes shall be entitled to receive any payment with respect to the Notes (except that Holders may receive (i) Equity Interests or debt securities that are subordinated to at least the
same extent as the Notes to (A) Senior Indebtedness and (B) any securities issued in exchange for Senior Indebtedness and (ii) payments and other distributions made from any defeasance trust created pursuant to Section 8.01 hereof); and 

 
 (b) until all Obligations with respect to Senior Indebtedness (as provided
in subsection (a) above) are paid in full, any distribution to which Holders would be entitled but for this Article X shall be made to holders of Senior Indebtedness (except that Holders may receive (i) Equity Interests or debt securities that are
subordinated to at least the same extent as the Notes to (A) Senior Indebtedness and (B) any securities issued in exchange for Senior Indebtedness and (ii) payments and other distributions made from any defeasance trust created pursuant to Section
8.01 hereof), as their interests may appear. 
  

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 Section 10.03. Default on Designated Senior Indebtedness. 
  
 The Company may not make any payment or distribution to the Trustee or any
Holder in respect of Obligations with respect to the Notes and may not acquire from the Trustee or any Holder any Notes for cash or property (other than (i) Equity Interests or debt securities that are subordinated to at least the same extent as the
Notes to (A) Senior Indebtedness and (B) any securities issued in exchange for Senior Indebtedness and (ii) payments and other distributions made from any defeasance trust created pursuant to Section 8.01 hereof) until all principal and other
Obligations with respect to the Senior Indebtedness have been paid in full if: 
  
 (a) a default in the payment of any principal of or other Obligations with respect to Designated Senior Indebtedness occurs; or 
  

(b) a default, other than a payment default under clause (a) above, on Designated Senior Indebtedness occurs and is continuing that then permits
holders of the Designated Senior Indebtedness as to which such default relates to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a Representative with respect to such Designated
Senior Indebtedness. If the Trustee receives any such Payment Blockage Notice, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless and until (i) at least 360 days shall have elapsed since the effectiveness of
the immediately prior Payment Blockage Notice and (ii) all scheduled payments of principal, premium, if any, and interest on the Notes that have come due have been paid in full in cash. No nonpayment default that existed or was continuing on the
date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice unless such default shall have been waived for a period of not less than 90 days. 
  
 The Company may and shall resume payments on and distributions in respect of
the Notes and may acquire them upon the earlier of: 
  
 (1) the
date upon which the default is cured or waived, or 
  
 (2) in the
case of a default referred to in clause (b) of the preceding paragraph, 179 days pass after notice is received if the maturity of such Designated Senior Indebtedness has not been accelerated, 
  
 if this Article X otherwise permits the payment, distribution or acquisition at the time of
such payment or acquisition. 
  
 Section 10.04.
Acceleration of Notes. 
  
 If payment of the Notes is
accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Indebtedness of the acceleration. 
  

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 Section 10.05. When Distribution Must Be Paid Over. 
  
 In the event that the Trustee or any Holder receives any payment of any
Obligations with respect to the Notes at a time when the Trustee or such Holder, as applicable, has actual knowledge that such payment is prohibited by Section 10.03 hereof, such payment shall be held by the Trustee or such Holder, in trust for the
benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior Indebtedness as their interests may appear or their Representative under the indenture or other agreement (if any) pursuant to which Senior
Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to Senior Indebtedness remaining unpaid to the extent necessary to pay such Obligations in full in accordance
with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. 
  
 With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically
set forth in this Article X, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders
of Senior Indebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of Holders or the Company or any other Person money or assets to which any holders of Senior Indebtedness shall be
entitled by virtue of this Article X, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee. 
  
 Section 10.06. Notice by Company. 
  
 The Company shall promptly notify the Trustee and the Paying Agent of any facts known to the Company that would cause a payment of any Obligations with
respect to the Notes to violate this Article X, but failure to give such notice shall not affect the subordination of the Notes to the Senior Indebtedness as provided in this Article X. 
  
 Section 10.07. Subrogation. 
  
 After all Senior Indebtedness is paid in full and until the Notes are paid in full, Holders shall be subrogated (equally and
ratably with all other Indebtedness pari passu with the Notes) to the rights of holders of Senior Indebtedness to receive distributions applicable to Senior Indebtedness to the extent that distributions otherwise payable to the Holders have
been applied to the payment of Senior Indebtedness. A distribution made under this Article X to holders of Senior Indebtedness that otherwise would have been made to Holders is not, as between the Company and Holders, a payment by the Company on the
Notes. 
  

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 Section 10.08. Relative Rights. 
  
 This Article X defines the relative rights of Holders and holders of Senior
Indebtedness. Nothing in this Indenture shall: 
  
 (a) impair, as
between the Company and Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of and interest on the Notes in accordance with their terms; 
  
 (b) affect the relative rights of Holders and creditors of the Company other than their rights in relation to holders of
Senior Indebtedness; or prevent the Trustee or any Holder from exercising its available remedies upon a Default or Event of Default, subject to the rights of holders and owners of Senior Indebtedness to receive distributions and payments otherwise
payable to Holders. 
  
 If the Company fails because of this
Article X to pay principal of or interest on a Note on the due date, the failure is still a Default or Event of Default. 
  
 Section 10.09. Subordination May Not Be Impaired by Company. 
  
 No right of any holder of Senior Indebtedness to enforce the subordination of the Indebtedness evidenced by the Notes shall
be impaired by any act or failure to act by the Company or any Holder or by the failure of the Company or any Holder to comply with this Indenture. 
  
 Section 10.10. Distribution or Notice to Representative. 
  
 Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness, the distribution may be made and
the notice given to their Representative. 
  
 Upon any payment or
distribution of assets of the Company referred to in this Article X, the Trustee and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction or upon any certificate of such Representative or of the
liquidating trustee or agent or other Person making any distribution to the Trustee or to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other
Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article X. 
  
 Section 10.11. Rights of Trustee and Paying Agent. 
  
 Notwithstanding the provisions of this Article X or any other provision of
this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment or distribution by the Trustee, and 

  

 91 

 
the Trustee and the Paying Agent may continue to make payments on the Notes, unless the Trustee shall have received at its Corporate Trust Office at least
five Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Notes to violate this Article X. Only the Company, the Representative of Designated Senior Indebtedness
or a Representative may give the notice. Nothing in this Article X shall impair the claims of, or payments to, the Trustee under or pursuant to Section 7.07 hereof. 
  
 The Trustee in its individual or any other capacity may hold Senior Indebtedness with the same rights it would have if it
were not Trustee. Any Agent may do the same with like rights. 
  
 Section 10.12. Authorization to Effect Subordination. 
  
 Each Holder of a Note by the Holder’s acceptance thereof authorizes and directs the Trustee on the Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as
provided in this Article X, and appoints the Trustee to act as the Holder’s attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form required in any proceeding referred to
in Section 6.09 hereof at least 30 days before the expiration of the time to file such claim, each of the Representative of Designated Senior Indebtedness and a Representative, if any, are hereby authorized to file an appropriate claim for and on
behalf of the Holders of the Notes. 
  
 Section
10.13. Amendments. 
  
 The provisions of this Article X
shall not be amended or modified without the written consent of the holders of all Senior Indebtedness. 
  
 ARTICLE XI. 
  
 SUBSIDIARY GUARANTEES 
  
 Section 11.01.
Subsidiary Guarantees. 
  
 Each of the Guarantors hereby,
jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or
the obligations of the Company hereunder or thereunder, that: (a) the principal of and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal
of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b)
in 

  

 92 

 
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors
will be jointly and severally obligated to pay the same immediately. 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 Company, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and
this Indenture. If any Holder or the Trustee is required by any court or otherwise to return to the Company or Guarantors, or any Custodian, Trustee, liquidator or other similar official acting in relation to either the Company or Guarantors, any
amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor agrees that they 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 VI for the purposes of this Subsidiary 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 VI, such obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantors for the purpose of this Subsidiary 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 Guarantee.

  
 Section 11.02. Execution and Delivery of
Subsidiary Guarantee. 
  
 To evidence its Subsidiary
Guarantee set forth in Section 11.01, each Guarantor hereby agrees that a notation of such Subsidiary Guarantee substantially in the form included in Exhibit E shall be endorsed by an officer of such Subsidiary Guarantor on each Note authenticated
and delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by its President or one of its Vice Presidents and attested to by an Officer. 
  

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 Each Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 11.01, shall remain in
full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. 
  
 If an officer or Officer whose signature is on this Indenture or on the Subsidiary Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee shall be valid nevertheless. 
  
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set forth
in this Indenture on behalf of the Guarantors. 
  
 Section 11.03. Guarantors May Consolidate or Merger on Certain Terms. 
  
 (a) Except as set forth in Articles IV and V, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or shall prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an entirety, to the Company. 
  
 (b) Except as set forth in Article IV, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor
with or into a corporation or corporations other than the Company (whether or not affiliated with the Guarantor), or successive consolidations or mergers in which a Guarantor or its successor or successors shall be a party or parties, or shall
prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety, to a corporation other than the Company (whether or not affiliated with the Guarantor) authorized to acquire and operate the same;
provided, however, that (i) each Guarantor hereby covenants and agrees that, upon any such consolidation, merger, sale or conveyance, the Subsidiary Guarantee endorsed on the Notes, and the due and punctual performance and observance
of all of the covenants and conditions of this Indenture to be performed by such Guarantor, shall be expressly assumed (in the event that the Guarantor is not the surviving corporation in the merger) by supplemental indenture reasonably satisfactory
in form to the Trustee, executed and delivered to the Trustee, by the corporation formed by such consolidation, or into which the Guarantor shall have been merged, or by the corporation which shall have acquired such property and (ii) immediately
after giving effect to such transaction, no Default or Event of Default would exist. In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor corporation, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor,
such successor corporation shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor corporation 

  

 94 

 
thereupon may cause to be signed any or all of the Subsidiary Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Subsidiary Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Subsidiary Guarantees theretofore and thereafter issued in
accordance with the terms of this Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 
  
 Section 11.04. Releases of Subsidiary Guarantees. 
  
 Concurrently with any sale of assets (including, if applicable, all of the capital stock of any Guarantor), any Liens in
favor of the Trustee in the assets sold thereby shall be released; provided, that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 hereof. If the
assets sold in such sale or other disposition include all or substantially all of the assets of any Guarantor or all of the capital stock of any Guarantor, then such Guarantor (in the event of a sale or other disposition of all of the capital stock
of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of a Guarantor) shall be released and relieved of its obligations under its Subsidiary Guarantee or
Section 11.03, hereof, as the case may be; provided, that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 hereof. Upon delivery by the Company
to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10
hereof, the Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. 
  
 Upon (a) the release by all holders of Senior Indebtedness and Guarantor Senior Indebtedness of all guarantees issued by a
Guarantor relating to such Senior Indebtedness and Guarantor Senior Indebtedness and all Liens on the property and assets of such Guarantor relating to Senior Indebtedness and Guarantor Senior Indebtedness, or (b) the designation of a Subsidiary as
an Unrestricted Subsidiary in compliance with the terms of this Indenture then such Guarantor shall be released and relieved of any obligations under its Subsidiary Guarantee. Upon delivery by the Company to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that either (a) all holders of Senior Indebtedness and Guarantor Senior Indebtedness have released all guarantees issued by a Guarantor and all Liens on the property and assets of such Guarantor
relating to such Senior Indebtedness and Guarantor Senior Indebtedness, or (b) that a Subsidiary has been designated as an Unrestricted Subsidiary in compliance with the terms of this Indenture, the Trustee shall execute any documents reasonably

  

 95 

 
required in order to evidence the release of such Guarantor from its obligations under its Subsidiary Guarantee. 
  
 Any Guarantor not released from its obligations under its Subsidiary
Guarantee pursuant to either of the preceding paragraphs of this Section 11.04 shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this
Article XI. 
  
 Section 11.05. Trustee to
Include Paying Agent. 
  
 In case at any time any Paying
Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article XI, shall in such case (unless the context shall otherwise require) be construed as extending to
and including such Paying Agent within its meaning as fully and for all intents and purposes as if such Paying Agent were named, in this Article XI, in place of the Trustee. 
  
 Section 11.06. Subordination of Subsidiary Guarantees. 
  
 The obligations of each Guarantor under its Subsidiary Guarantee pursuant to
this Article XI shall be junior and subordinated to the Guarantor Senior Indebtedness of such Guarantor on the same basis as the Notes are junior and subordinated to Senior Indebtedness. For the purposes of the foregoing sentence, the Trustee and
the Holders shall have the right to receive and/or retain payments by any of the Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Article X hereof. 
  
 Section 11.07. Unrestricted Subsidiary. 

 
 The Board of Directors of the Company may at any time designate an
Unrestricted Subsidiary to be a Subsidiary; provided, that such designation shall be deemed to be an incurrence of Indebtedness by a Subsidiary of the Company of any outstanding Indebtedness of each Unrestricted Subsidiary and such
designation shall only be permitted if (a) such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period, and (b) no Default
or Event of Default would be in existence following such designation. In addition, each Unrestricted Subsidiary shall continue to be an Unrestricted Subsidiary for purposes of this Indenture only if it: (i) has no Indebtedness other than
Non-Recourse Debt; (ii) is a Person with respect to which neither the Company nor any of its Subsidiaries has any direct or indirect obligation (A) to subscribe for additional Equity Interests or (B) to maintain or preserve such Person’s
financial condition or to cause such Person to achieve any specified levels of operating results; and (iii) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its
Subsidiaries. If, at any time, 

  

 96 

 
an Unrestricted Subsidiary fails to meet the requirements described in the preceding sentence, such Unrestricted Subsidiary shall thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Unrestricted Subsidiary shall be deemed to be incurred by a Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted to be incurred as
of such date under Section 4.09 hereof, the Company shall be in default of such covenant). In the event an Unrestricted Subsidiary is designated as a Subsidiary or ceases to be an Unrestricted Subsidiary for purposes of this Indenture, the Company
shall cause such Unrestricted Subsidiary to execute and deliver to the Trustee a supplemental indenture pursuant to which such Unrestricted Subsidiary will become a Guarantor. 
  
 Section 11.08. Limits on Subsidiary Guarantees. 
  
 Notwithstanding anything to the contrary in this Article XI, the aggregate
amount of the Obligations guaranteed under this Indenture by any Guarantor shall be reduced to the extent necessary to prevent the Subsidiary Guarantee of such Guarantor from violating or becoming voidable under any law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of creditors. 
  
 ARTICLE XII. 
  
 Section 12.01. Satisfaction And Discharge Of Indenture. 
  
 This Indenture will be discharged and will cease to be of further effect (except as to surviving rights of registration of transfer or exchange of Notes as expressly provided for herein) as to all outstanding Notes
hereunder, and the Trustee, upon Company Request and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
  
 (a) either 
  
 (1) all the Notes theretofore authenticated and delivered (other than (i) lost, stolen or destroyed Notes which have been replaced or paid as provided in
Section 2.07 or (ii) all Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust as provided in Section 8.05) have been
delivered to the Trustee for cancellation; or 
  
 (2) all such
Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable, (ii) will become due and payable at their Stated Maturity within one year or (iii) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; 
  

 97 

 (b) the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust an amount in United States dollars sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, including the principal of, premium, if any, and accrued interest
on, such Notes at such maturity, Stated Maturity or redemption date; 
  
 (c) after giving effect thereto, no Default or Event of Default shall have occurred and be continuing under any Indebtedness of the Company or any Subsidiary on the date of such deposit; 
  
 (d) such satisfaction and discharge will not result in a breach or violation
of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company, or any Subsidiary is a party or by which the Company or any Subsidiary is bound; 
  
 (e) the Company or any Guarantor has paid or caused to be paid all other sums
payable hereunder by the Company and any Guarantor; and 
  
 (f)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in form and substance satisfactory to the Trustee, each stating that (i) all conditions precedent herein relating to the satisfaction and discharge
hereof have been complied with. 
  
 Notwithstanding the
satisfaction and discharge hereof, the obligations of the Company to the Trustee under Section 7.07 and, if United States dollars shall have been deposited with the Trustee pursuant to subclause (2) of subsection (a) of this Section 12.01, the
obligations of the Trustee under Section 12.02 and Section 8.06 shall survive. 
  
 Section 12.02. Application of Trust Money. 
  
 Subject to the provisions of Section 8.06, all United States dollars deposited with the Trustee pursuant to Section 12.01
shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal of, premium, if any, and interest on, the Notes for whose payment such United States dollars have been deposited with the Trustee. 
  

 98 

 ARTICLE XIII. 
  
 MISCELLANEOUS 
  
 Section 13.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed
duties shall control. If any provision of this Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case
may be. 
  
 Section 13.02. Notices.

  
 Any notice or communication by the Company, a Guarantor or
the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the
others’ address: 
  
 If to the Company or a Guarantor:

  
 Speedway Motorsports, Inc. 
 Highway 29 North 
 Post Office Box 600 
 Concord, NC 28026-0600 
 Telecopier No.: (704) 532-3312 
 Attention: Mr. William R. Brooks 
  
 If to the Trustee: 
  
 U.S. Bank
National Association 
 180 East Fifth Street 
 Suite 200 
 St. Paul, MN 55101 
 Telecopier No.: (651) 244-0711 
 Attention: Corporate Trust Administration 
  

The Company, a 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 Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  

 99 

 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 TIA §313(c), to the
extent required by the TIA. 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 Company mails a notice
or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
  
 Section 13.03. Communication by Holders of Notes with Other Holders of Notes. 
  
 Holders may communicate pursuant to TIA §312(b) with other Holders with
respect to their rights under this Indenture or the Notes. The Company, the Guarantors, the Trustee, the Registrar and anyone else shall have the protection of TIA §312(c). 
  
 Section 13.04. Certificate and Opinion As to Conditions Precedent. 
  
 Upon any request or application by the Company and/or any Guarantor to the
Trustee to take any action or refrain from taking any action under this Indenture, the Company and/or such Guarantor, as the case may be, shall furnish to the Trustee: 
  
 (a) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the
statements set forth in Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee (which shall include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
  
 Section 13.05. Statements Required in Certificate or
Opinion. 
  
 Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA §314(a)(4)) shall comply with the provisions of TIA §314(e) and shall include: 
  
 (a) a statement that the Person making such certificate or opinion has read such covenant or
condition; 
  

 100 

 (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 satisfied; and 
  
 (d) a statement as to whether or not,
in the opinion of such Person, such condition or covenant has been satisfied. 
  
 Section 13.06. Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions; provided, that no such
rule shall conflict with the terms of this Indenture or the TIA. 
  
 Section 13.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, shall have any liability for any obligations of the
Company or any Guarantor under the Notes, the Subsidiary Guarantees, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public
policy. 
  
 Section 13.08. Governing Law.

  
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE
USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES. 
  
 Section 13.09. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture, the Notes or the Subsidiary Guarantees. 
  

 101 

 Section 13.10. Successors. 
  
 All agreements of the Company and the Guarantors in this Indenture, the
Subsidiary Guarantees and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  
 Section 13.11. Severability. 
  
 In case any provision in this Indenture, the Subsidiary Guarantees 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 13.12. 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 13.13. Table of Contents,
Headings, Etc. 
  
 The Table of Contents 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 13.14. Further Instruments and Acts.

  
 Upon request of the Trustee, the Company and the Guarantors
will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
  
 [Signatures on following page] 
  
  

 102 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

	 COMPANY:

	
	 SPEEDWAY MOTORSPORTS, INC., a
 Delaware corporation

		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Chief Financial Officer, Vice
President
         and Treasurer

  

	GUARANTORS:
	
	SPEEDWAY FUNDING, LLC., a Delaware limited liability corporation
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	      President

  
  

	600 RACING, INC., a North Carolina corporation
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  
  
  
  

	ATLANTA MOTOR SPEEDWAY, INC., a Georgia corporation
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	 BRISTOL MOTOR SPEEDWAY, INC., a
 Tennessee corporation

		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	CHARLOTTE MOTOR SPEEDWAY, LLC, a North Carolina limited liability company
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	INEX CORP. a North Carolina corporation
		
	 By:
	 	 /s/    William R. Brooks

		
	 By:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	 LAS VEGAS MOTOR SPEEDWAY, INC., a
 Delaware corporation

		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	 NEVADA SPEEDWAY LLC, a Delaware limited
 liability corporation

		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

	SPEEDWAY SYSTEMS, LLC, a North Carolina limited liability company
		
	 	 	 
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	SPR, INC., a Delaware corporation
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	TEXAS MOTOR SPEEDWAY, INC., a Texas corporation
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	SPEEDWAY PROPERTIES COMPANY, LLC, a Delaware limited liability corporation
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         President

  

	SPEEDWAY SONOMA, LLC, a Delaware limited liability company
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

	SPEEDWAY MEDIA, LLC, a North Carolina limited liability company
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	 TRACKSIDE HOLDING CORPORATION, a
 North Carolina corporation

		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	MOTORSPORTS BY MAIL, LLC, a North Carolina limited liability company
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         President

  

	SMI TRACKSIDE, LLC, a North Carolina limited liability company
		
	 By:
	 	 /s/    William R. Brooks

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

	 TRUSTEE:
  
 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/    Richard H. Prokosch

		
	 Name:
	 	         Richard H. Prokosch

	 Title:
	 	         Vice President

 EXHIBIT A 
 CUSIP NUMBER [8477888AJ5] 
 [8477888AK2] 
 [U84570AC1] 
  
 ISIN NUMBER [US847788AJ50] 
 [US847788AK24] 
 [US84570AC11] 
  
 (Face of Note)

  
 SPEEDWAY MOTORSPORTS, INC. 
  
 6 3/4% [INITIAL] [EXCHANGE] SENIOR SUBORDINATED NOTES DUE 2013 
  
 No.                         
  
 $                         
  
 SPEEDWAY MOTORSPORTS, INC., a Delaware corporation, for value received, hereby promises to pay to
                          or registered assigns, the principal sum of
             Dollars on June 1, 2013. 
  
 Interest Payment Dates June 1, and December 1 
  
 Record Dates: May 15, and November 15 
  

	SPEEDWAY MOTORSPORTS, INC.
		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  
 This is one of the [Global] Notes referred 
 to in the within mentioned Indenture: 
  
 Dated:
                ,          
  

U.S. BANK NATIONAL ASSOCIATION, 
     as Trustee 
  

 A-6 

		
	 By:
	 	  

	 	 	     Authorized Signatory

  

 A-7 

 (Back of Note) 
  
 SPEEDWAY MOTORSPORTS, INC. 
  
 63⁄4% [INITIAL] [EXCHANGE] SENIOR SUBORDINATED NOTES DUE 2013 
  

[Unless and until it is exchanged in whole or in part for Notes in certificated form, this Note may not be transferred except as a whole by the
Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 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.]1 
  
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”),
AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITY MAY BE RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY BY THE INITIAL PURCHASERS TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, 

	1	 	This paragraph should be included only if the Note is issued in Global Form. 

  

 A-8 

 
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), TO THE COMPANY OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN ADDITION, TO AN INSTITUTIONAL ACCREDITED INVESTOR
IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND BY SUBSEQUENT INVESTORS, AS SET FORTH IN THROUGH ABOVE AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY
OTHER APPLICABLE JURISDICTION AND THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH ABOVE. 
  
 NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144
FOR RESALE OF THE SECURITY EVIDENCED HEREBY.”2 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN
THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 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 DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.” 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. Speedway Motorsports, Inc., a Delaware corporation (such
corporation, and its successors and assigns under the Indenture, being herein called the (“Company”), promises to pay interest on the principal amount of this Note at 63⁄4% per annum from May 16, 2003 until maturity and shall pay the
Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages semi-annually on June 1 and December 1 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will 

	2	 	This paragraph should be included only if the Note is a Transfer Restricted Security. 

  

 A-9 

 
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, that if there
is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be December 1, 2003. The Company shall pay, to the extent lawful, interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

  
 2. Method of Payment. The Company shall pay interest on
the Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of Notes at the close of business on May 15 or November 15 next preceding the Interest Payment Date, even if such Notes are canceled
after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, interest and Liquidated Damages at the
office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Liquidated Damages may be made by check mailed to the Holders at their addresses
set forth in the register of Holders, and provided that payment by wire transfer of immediately available will be required with respect to principal of and interest, premium and Liquidated Damages, if any, on all Global Notes and all other Notes the
Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. 
  
 3. Paying Agent and Registrar.
Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in
any such capacity; provided that if the Company or such Subsidiary is acting as Paying Agent, the Company or such Affiliate shall segregate all funds held by it as Paying Agent and hold them in trust for the benefit of the Holders or the
Trustee. 
  
 4. Indenture. The Company issued the Notes
under an Indenture dated as of May 16, 2003 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 

  

 A-10 

 
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The Notes are
unsecured obligations of the Company limited to $230.0 million in aggregate principal amount. 
  
 The summary of the terms of this Note contained herein does not purport to be complete and is qualified by reference to the Indenture. To the extent permitted by applicable law, in the event of any inconsistency
between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 
  
 The Indenture restricts, among other things, the Company’s ability to incur additional indebtedness and issue preferred stock, pay dividends or make
certain other restricted payments, incur liens to secure pari passu or subordinated indebtedness, engage in any sale and leaseback transaction, sell stock of Subsidiaries, incur indebtedness that is subordinate in right of payment to any
Senior Indebtedness and senior in right of payment to the Notes, apply net proceeds from certain asset sales, merge or consolidate with any other person, sell, assign, transfer, lease, convey or otherwise dispose of substantially all of the assets
of the Company or enter into certain transactions with affiliates. 
  
 5. Optional Redemption. 
  
 The Company shall not
have the option to redeem the Notes prior to June 1, 2008. Thereafter, the Company shall have the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as
percentages of principal amount) set forth below plus accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the 12-month period beginning on June 1 of the years indicated below: 
  

	 YEAR

	  	PERCENTAGE

	 
	 2008
	  	103.375	%
	 2009
	  	102.250	%
	 2010
	  	101.125	%
	 2011 and thereafter
	  	100.000	%

  
 In addition, at any
time prior to June 1, 2006, the Company, at its option, may use the net proceeds of one or more Equity Offerings to redeem up to an aggregate of 35% of the aggregate principal amount of Notes originally issued under the Indenture at a redemption
price equal to 106.75% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date (subject to the rights of Holders of record on relevant record dates to receive interest due on an Interest
Payment Date); provided that this redemption provision shall not be applicable with respect to any transaction that results in a Change of Control; provided, further that at least 65% of the initial aggregate principal amount of
Notes remains outstanding immediately after the occurrence of such redemption. In order to effect the foregoing 

  

 A-11 

 
redemption, the Company must mail a notice of redemption no later than 30 days after the closing of the related Equity Offering and must complete such
redemption within 60 days of the closing of the Equity Offering. 
  
 6. Mandatory Redemption. 
  
 Except as set forth
in paragraph 7 below, the Company shall not be required to make mandatory redemption payments with respect to the Notes. 
  
 7. Repurchase at Option of Holder. 
  
 (a) Upon a Change of Control, each Holder of Notes will have the right to require the Company to make an offer (a “Change of Control Offer”) to
repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if any, to
the date of purchase (in either case, the “Change of Control Payment”). Within 15 days following any Change of Control, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of
Control and offering to repurchase Notes pursuant to the procedures governing the Change of Control Offer as required by the Indenture and described in such notice. 
  
 (b) Under certain circumstances described in the Indenture, the Company will be required to apply the proceeds of Asset
Sales to the repayment of the Notes and Pari Passu Indebtedness. 
  
 8. Notice of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger
than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date, interest ceases to accrue on Notes or portions thereof called for redemption.

  
 9. Denominations, Transfer, Exchange. The Notes are in
registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note
or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed
or during the period between a record date and the corresponding Interest Payment Date. 
  

 A-12 

 10. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all
purposes. 
  
 11. Amendment, Supplement and Waiver. Subject
to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, and any existing default or compliance with any
provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended
or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s, or any Guarantor’s obligations to Holders
of the Notes in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, to
comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act or to provide for the issuance of Additional Notes pursuant to the Indenture to the extent permitted under the
restrictions contained in the Credit Agreement and in the Indenture. 
  
 12. Defaults and Remedies. The Events of Default provided by the Indenture include, without limitation: 
  
 (a) default for 30 days in the payment when due of interest on, or Liquidated Damages, if any, with respect to, the Notes (whether or not prohibited by
the subordination provisions of the Indenture); 
  
 (b) default in
payment when due of the principal of or premium, if any, on the Notes (whether or not prohibited by the subordination provisions of the Indenture); 
  
 (c) failure by the Company to comply with Section 4.10 or 4.15 of the Indenture; 
  
 (d) failure by the Company to comply with Section 4.07 or 4.09 of the Indenture and the continuance of such failure for a
period of 30 days after notice is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amounts of the Notes then outstanding; 
  
 (e) failure by the Company for 60 days after notice is given to the Company
by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the Company’s other covenants or agreements in the Indenture or the Notes;

  

 A-13 

 (f) default under any mortgage, indenture or instrument under which there may be issued or by which there
may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Subsidiaries (or the payment of which is guaranteed by the Company or any of its Subsidiaries) whether such Indebtedness or guarantee now exists, or is
created after the date of the Indenture, which default (i) is caused by a failure to pay principal of such Indebtedness at its Stated Maturity (after the expiration of any applicable grace period) or (ii) results in the acceleration of such
Indebtedness prior to its maturity and, in each case, the principal amount of which Indebtedness, together with the principal amount of any other such Indebtedness described in clauses (i) and (ii) above, aggregates $5.0 million or more; 

 
 (g) failure by the Company or any of its Subsidiaries to pay final
judgments aggregating in excess of $5.0 million (net of amounts covered by insurance), which judgments are not paid, discharged or stayed for a period of 60 days; 
  
 (h) certain events of bankruptcy or insolvency with respect to the Company or any of its Subsidiaries; 
  
 (i) the Subsidiary Guarantee of any Guarantor is held in judicial proceedings
to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of the Indenture) or any Guarantor or any Person acting on behalf of any Guarantor denies or disaffirms such
Guarantor’s obligations under its Subsidiary Guarantee (other than by reason of a release of such Guarantor from its Subsidiary Guarantee in accordance with the terms of the Indenture). 
  
 If any Event of Default (other than an Event of Default specified in clause
(h) above occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately; provided, however, that if any
Senior Indebtedness is outstanding under the Credit Agreement, upon a declaration of acceleration, the Notes shall be payable upon earlier of (x) the day which is five Business Days after the provision to the Company and the agent under the Credit
Agreement of written notice of such declaration and (y) the date of acceleration of any Indebtedness under the Credit Agreement. Notwithstanding the foregoing, in the case of an Event of Default specified in clause (h) of this paragraph 12 occurs
with respect to the Company, any Significant Subsidiary or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. Holders may
not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in
their interest. The Holders of a majority in aggregate principal amount of the 

  

 A-14 

 
Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  
 13. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
  

14. No Recourse Against Others. A director, officer, employee, incorporator or stockholder of the Company, as such, shall not have any liability
for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder, by accepting a Note, waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of the Notes. 
  
 15. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JE TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 17. Additional Rights of Holders of Transfer Restricted Securities. In
addition to the rights provided to Holders of Notes under the Indenture, Holders of Transferred Restricted Securities shall have all the rights set forth in the Registration Rights Agreement dated as of May 16, 2003, among the Company and the
parties named on the signature pages thereof (the “Registration Rights Agreement”). 
  
 18. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may
use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon. 
  

 A-15 

 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture
and/or the Registration Rights Agreement. Requests may be made to: 
  
 Speedway Motorsports, Inc. 
 Highway 29 North 
 Post Office Box 600 
 Concord, NC 28026-0600 
 Attention: Secretary 
  
 19. Unclaimed Money. If money for the payment of principal, premium, if any, or interest, or Liquidated Damages, if
any, remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless any abandoned property law designates another Person. After any such payment, Holders entitled to the money must look
only to the Company and not to the Trustee for payment unless such abandoned property law designates another Person. 
  
 20. Discharge and Defeasance. Subject to certain conditions, the Company at any time may terminate some or all of the obligations of the Company
under the Notes and the Indenture if the Company irrevocably deposits in trust with the Trustee cash or U.S. Government Obligations for the payment of principal, premium, if any, interest and Liquidated Damages, if any, on the Notes to redemption or
maturity, as the case may be. 
  
 21. Reports. Whether or
not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company shall furnish to the Trustee and to the Holders of Notes reasonably promptly after it is or would have been required to file such with the SEC
(i) all quarterly and annual financial information that is or would be required to be contained in a filing with the SEC on Forms l0-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants and (ii) all current reports that would be required to be
filed with the SEC on Form 8-K if the Company were required to file such reports. In addition, whether or not required by the rules and regulations of the SEC, at any time after the Company files a registration statement with respect to the Exchange
Offer or a Shelf Registration Statement, the Company shall (i) file a copy of all such information and reports with the SEC for public availability (unless the SEC will not accept such a filing) and (ii) if the SEC will not accept such filing,
promptly upon written request and payment of the reasonable cost of duplication and delivery, supply copies of such documents to securities analysts and prospective inventors. In addition, for so long as any Notes remain outstanding, the Company
shall furnish to the Trustee, the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. The Company also shall comply with the
other provisions of TIA §314(a). 
  

 A-16 

 22. Governing Law. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SAID STATE. 
  

 A-17 

 ASSIGNMENT FORM 
  

To assign this Note, fill in the form below: 
  

		
	(I) or (we) assign and transfer this Note to:	  	 
		
	
	  	 
	(Insert Assignee’s legal name)
	
	

	
	

	(Insert assignee’s soc, sec, or tax I.D. no.)
	
	

	
	

	
	

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

  
 and irrevocably appoint 
  

 to transfer
this Note on the books of the Company. The agent may substitute another to act for him. 
  
 Date:                 
  
 Your
Signature:                                      
                       
 (Sign
exactly as your name appears on the face of this Note) 
  
 Signature
Guarantee:                                      
   
  
 Participant in a recognized Signature
Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 
  

 A-18 

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the
appropriate box below: 
  
  ̈ Section 4.10  ̈ Section 4.15. 
  
 If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 
  
 $                     
  
 Date:                                 
  
 Your
Signature:                                      
           
 (Sign exactly as your name appears on the face of this Note) 
  
 Tax Identification
No:                                      
  
 Signature
Guarantee*:                                      
   
  
 *Participant in a recognized Signature
Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 
  

 A-19 

 SECURITIES OF EXCHANGES OF THE GLOBAL NOTE3 
  
 The following exchanges of a part of this Global Note for an interest in another Global Note, or of other Restricted Global Notes for an interest in this Global Note, have been made: 
  

	 Date of
 Exchange
	 	 Amount of
 decrease
 in Principal
 Amount [at
 maturity] of
 this Global
 Note
	 	 Amount of
 increase in
 Principal
 Amount [at
 maturity] of
 this Global Note
	  	 Principal Amount
 [at maturity] of
 this Global Note
following such
decrease
 (or increase)
	  	 Signature of
authorized officer
 of Trustee or Note
 Custodian

  
  
  
  
  

	3	 	This should be included only if the Note is issued in Global Form. 

  

 A-20 

 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRANSFER 
  
 Speedway Motorsports, Inc. 
 Highway 29 North 
 Post Office Box 600 
 Concord, NC 28026-0600 
  
 U.S. Bank National Association 
 180 East Fifth Street 
 Suite 200 
 St. Paul, MN 55101 
  
 Re: 63⁄4% Senior Subordinated Notes due 2013 
  
 Reference is hereby made to the Indenture, dated as of May 16, 2003 (the “Indenture”), between Speedway Motorsports, Inc., as issuer (the
“Company”), and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
                                 , (the “Transferor”) owns and
proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $              in such Note[s] or interests (the
“Transfer”), to                                  (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY] 
  
 1.  ̈ Check if Transferee will take delivery of a
beneficial interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the
Securities Act. 
  

 B-21 

 2.  ̈ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act and (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and
the Securities Act. 
  
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Definitive Note pursuant to any provision of the Securities Act other than
Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  
 (a)  ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 
  
 or 
  
 (b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
  
 or 
  
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
  
 or 
  

 B-22 

 (d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the
Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a
Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer
is in respect of a principal amount of Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that
such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Definitive Notes and in the Indenture and the Securities Act. 
  
 4.  ̈ Check if Transferee will take delivery of a
beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
  
 (a)  ̈
Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
 (b)  ̈ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated 

  

 B-23 

 
in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
 (c)  ̈ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

  
 This certificate and the statements contained herein are made
for your benefit and the benefit of the Company. 
  

		
	 	 	  

	 	 	[Insert Name of Transferor]

  

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  
 Dated:                                 
  

 B-24 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  
 1. The Transferor owns and proposes to transfer the following: 
  
 [CHECK ONE OF (a) OR (b)] 
  

	                                        
                                        
         (a)
	 	 ̈	  	 a beneficial interest in the:

			
	                                        
                                        
                 (i)
	 	 ̈	  	 144A Global Note (CUSIP             ),
or

			
	                                        
                                        
                 (ii)
	 	 ̈	  	 Regulation S Global Note (CUSIP             ),
or

			
	                                        
                                        
                 (iii)
	 	 ̈	  	 IAI Global Note (CUSIP             );
or

			
	                                        
                                        
         (b)
	 	 ̈	  	 a Restricted Definitive Note.

  
 2. After the Transfer
the Transferee will hold: 
  
 [CHECK ONE] 
  

	                                        
                                        
         (a)
	 	 ̈	  	 a beneficial interest in the:

			
	                                        
                                        
                 (i)
	 	 ̈	  	 144A Global Note (CUSIP              ),
or

			
	                                        
                                        
                 (ii)
	 	 ̈	  	 Regulation S Global Note (CUSIP              ),
or,

			
	                                        
                                        
                 (iii)
	 	 ̈	  	 IAI Global Note (CUSIP              ),
or

			
	                                        
                                        
                 (iv)
	 	 ̈	  	 Unrestricted Global Note (CUSIP             );
or

			
	                                        
                                        
         (b)
	 	 ̈	  	 a Restricted Definitive Note; or

			
	                                        
                                        
         (c)
	 	 ̈	  	 an Unrestricted Definitive Note,

  
                                        
                                       in accordance
with the terms of the Indenture. 
  
  

 B-25 

 EXHIBIT C 
  
 FORM OF CERTIFICATE OF EXCHANGE 
  
 Speedway Motorsports, Inc. 
 Highway 29 North 
 Post Office Box 600 
 Concord, NC 28026-0600 
  
 Re: 63⁄4 Senior Subordinated Notes due 2013 
  
 (CUSIP             ) 
  
 Reference is hereby made to the Indenture, dated as of May 16, 2003 (the “Indenture”), between Speedway
Motorsports, Inc., as issuer (the “Company”), and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
              , (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $
             in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
  
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a
Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
  
 (a)  ̈ Check if Exchange is from beneficial
interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note
in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

  
 (b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for an Unrestricted Definitive 

  

 C-1 

 
Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 (c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial
interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 (d)  ̈ Check if
Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
  
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for
a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the
Securities Act. 
  

 C-2 

 (b) Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global
Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A
Global Note,  ̈ Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act. 
  
 This certificate and the
statements contained herein are made for your benefit and the benefit of the Company. 
  

	  

	[Insert Name of Transferor]

  

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

	Dated:	 	                                 

  

 C-3 

 EXHIBIT D 
  
 FORM OF CERTIFICATE FROM 
 ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR 
  
 Speedway
Motorsports, Inc. 
 Highway 29 North 
 Post Office Box 600 
 Concord, NC 28026-0600 
  
 U.S. Bank
National Association 
 180 East Fifth Street 
 Suite 200 
 St. Paul, MN 55101 
  
 Re: 63⁄4 Senior Subordinated
Notes due 2013 
  
 Reference is hereby made to the Indenture,
dated as of May 16, 2003 (the “Indenture”), between Speedway Motorsports, Inc., as issuer (the “Company”), and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture. 
  
 In connection with our
proposed purchase of $             aggregate principal amount of: 
  
 (a)  ̈ a beneficial interest in a Global Note, or

  
 (b)  ̈ a Definitive Note, 
  
 we confirm that: 
  
 1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the
Notes or any interest therein except in compliance with, such restrictions and conditions and the United States Securities Act of 1933, as amended (the “Securities Act”). 
  
 2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes
and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any
interest therein, we will do so only (A) to the Company or any 

  

 D-1 

 subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional
buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter
substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such
transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree to provide to any person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through
(E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
  
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such
certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to
the foregoing effect. 
  
 4. We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
  
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an
institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  

 D-2 

 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

	 
	 [Insert Name of Accredited Investor]

  

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 Dated: 
  

 D-3 

 EXHIBIT E 
  
 FORM OF NOTE GUARANTEE 
  
 For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture, (a) the due and punctual payment of the principal of, premium, if any, and interest on the Notes, whether at maturity, by acceleration or otherwise, the due and
punctual payment of interest on overdue principal and premium, and, to the extent permitted by law, interest, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms
of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth in Article XI of the
Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee. The Indebtedness evidenced by this Subsidiary Guarantee is, to the extent and in the manner provided in the Indenture, subordinate and subject
in right of payment to the prior payment in full of all Guarantor Senior Indebtedness (as defined in the Indenture), and this Subsidiary Guarantee is issued subject to such provisions. Each Holder of a Note, by accepting the same, (a) agrees to and
shall be bound by such provisions, (b) authorizes and directs the Trustee, on behalf of such Holder, to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints the Trustee
attorney-in-fact of such Holder for such purpose; provided, however, that the Indebtedness evidenced by this Subsidiary Guarantee shall cease to be so subordinated and subject in right of payment upon any defeasance of this Note in
accordance with the provisions of the Indenture. 
  

	 GUARANTORS:

	
	SPEEDWAY FUNDING, LLC., a Delaware limited liability corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	          President

  

	600 RACING, INC., a North Carolina corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

 D-1 

	 ATLANTA MOTOR SPEEDWAY, INC. ,
 a Georgia corporation

		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	 BRISTOL MOTOR SPEEDWAY, INC.,
 a Tennessee corporation

		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	CHARLOTTE MOTOR SPEEDWAY, LLC, a North Carolina limited liability company
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	INEX CORP. a North Carolina corporation
		
	 By:
	 	  

		
	 By:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	LAS VEGAS MOTOR SPEEDWAY, INC., a Delaware corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	NEVADA SPEEDWAY LLC, a Delaware limited liability corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

 D-2 

	 SPEEDWAY SYSTEMS, LLC, a North Carolina
 limited liability company

		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	SPR, INC., a Delaware corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	TEXAS MOTOR SPEEDWAY, INC., a Texas corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	SPEEDWAY PROPERTIES COMPANY, LLC, a Delaware limited liability corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         President

  

	SPEEDWAY SONOMA, LLC, a Delaware limited liability company
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	SPEEDWAY MEDIA, LLC, a North Carolina limited liability company
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

 D-3 

	TRACKSIDE HOLDING CORPORATION, a North Carolina corporation
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

	MOTORSPORTS BY MAIL, LLC, a North Carolina limited liability company
		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         President

  

	 SMI TRACKSIDE, LLC, a North Carolina
 limited liability company

		
	 By:
	 	  

		
	 Name:
	 	         William R. Brooks

	 Title:
	 	         Vice President

  

 D-4 

 EXHIBIT F 
  
 FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT 
 GUARANTORS 
  
 SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of             , among              (the
“Guaranteeing Subsidiary”), a subsidiary of              (or its permitted successor), a [Delaware] corporation (the “Company”), the Company, the other Guarantors
(as defined in the Indenture referred to herein) and             , as trustee under the indenture referred to below (the “Trustee”). 
  
 WITNESSETH 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as
of May 16, 2003 providing for the issuance of an aggregate principal amount of up to $230,000,000 of 6 3⁄4% Senior Subordinated Notes due 2013 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to
the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note
Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for
the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
  
 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees as follows: 
  
 (a) Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, the Notes or the obligations of the Company hereunder or thereunder, that: 
  

 F-1 

 (i) the principal of and interest on the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will
be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 
  
 (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. 
  
 (c) The following is hereby waived: diligence presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever. 
  
 (d) This Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the
Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 
  
 (e) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian,
Trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. 
  
 (f) The Guaranteeing
Subsidiary 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. 
  

 F-2 

 (g) 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 of the Indenture for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantors for the purpose of this Note Guarantee. 
  
 (h) The Guarantors shall have the right to seek contribution from any nonpaying Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the Guarantee. 
  
 (i) Pursuant to Section 10.02 of the Indenture, after giving effect to any maximum amount and any other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving
effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, this new Note Guarantee shall be
limited to the maximum amount permissible such that the obligations of such Guarantor under this Note Guarantee will not constitute a fraudulent transfer or conveyance. 
  
 3. EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees that the Note Guarantees shall remain in full force and
effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 4. GUARANTEEING SUBSIDIARY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS. 
  
 (a) The Guaranteeing Subsidiary may not consolidate with or merge with or into (whether or not such Guarantor is the surviving Person)
another corporation, Person or entity whether or not affiliated with such Guarantor unless: 
  
 (i) subject to Sections 11.03 and 11.04 of the Indenture, the Person formed by or surviving any such consolidation or merger (if other
than a Guarantor or the Company) unconditionally assumes all the obligations of such Guarantor, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes, the Indenture and the Note Guarantee
on the terms set forth herein or therein; and 
  

 F-3 

 (ii) immediately after giving effect to such transaction, no Default or Event of Default
exists. 
  
 (b) In case of any such
consolidation, merger, sale or conveyance and upon the assumption by the successor corporation, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes
and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Guarantor, such successor corporation shall succeed to and be substituted for the Guarantor with the same effect as if it had been
named herein as a Guarantor. Such successor corporation thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and
delivered to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as
though all of such Note Guarantees had been issued at the date of the execution hereof. 
  
 (c) Except as set forth in Articles 4 and 5 and Section 11.04 of Article 11 of the Indenture, and notwithstanding clauses (a) and (b)
above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an
entirety or substantially as an entirety to the Company or another Guarantor. 
  
 5. RELEASES. 
  
 (a) In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all to the capital stock of any Guarantor, in each case to a Person that
is not (either before or after giving effect to such transaction) a Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such
Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Note Guarantee; provided
that the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an
Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.10 of the Indenture, the
Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
  

 F-4 

 (b) Any Guarantor not released from its obligations under its Note Guarantee shall remain
liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 
  
 6. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of
the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be
effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
  
 7. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 8. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. 
  
 9. EFFECT OF HEADINGS. The
Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 10. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all
of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 
  

 F-5 

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

	[Guaranteeing Subsidiary]
		
	 By:
	 	  

		
	 	 	 Name:

	 	 	 Title:

  

	SPEEDWAY MOTORSPORTS, INC.
		
	 By:
	 	  

		
	 	 	 Name:

	 	 	 Title:

  

	[Existing Guarantors]
		
	 By:
	 	  

		
	 	 	 Name:

	 	 	 Title:

  

	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	 By:
	 	  

		
	 	 	 Authorized Signatory

  

 F-6 

 Schedule I 
  

SCHEDULE OF GUARANTORS 
  
 The following schedule lists each Guarantor under the Indenture as of the Issue Date: 
  
 SPEEDWAY FUNDING, LLC. 
 600 RACING, INC. 
 ATLANTA MOTOR SPEEDWAY, INC. 
 BRISTOL MOTOR SPEEDWAY, INC. 
 CHARLOTTE MOTOR SPEEDWAY, LLC 
 INEX CORP. 
 LAS VEGAS MOTOR SPEEDWAY, INC. 
 NEVADA SPEEDWAY LLC 
 SPEEDWAY SYSTEMS, LLC 
 SPR, INC. 
 TEXAS MOTOR SPEEDWAY, INC. 
 SPEEDWAY PROPERTIES COMPANY, LLC 
 SPEEDWAY SONOMA, LLC 
 SPEEDWAY MEDIA, LLC 
 TRACKSIDE HOLDING CORPORATION 
 MOTORSPORTS BY MAIL, LLC 
 SMI TRACKSIDE, LLC, 
  

 F-7

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