Document:

STEALTHGAS INC.
	 

	 
		the Subsidiary Guarantors named
		herein
	 

	 
		and
	 

	 
		WELLS FARGO BANK, NATIONAL
		ASSOCIATION
	 

	 
		Trustee
	 

	 
		INDENTURE
	 

	 
		Dated as of _____________ __, 2007
	 

	 
		Subordinated Debt Securities
	 

	  

	  

	 
		 
	 

	 
	 

	 

	 
		StealthGas Inc.
	 

	 
		Certain Sections of this Indenture relating
		to
	 

	 
		Sections 3.10 through 3.18, inclusive, of
		the
	 

	 
		Trust Indenture Act of 1939:
	 

	 
		 
	 

	 
			
				
				  Trust Indenture
 Act Section
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 Indenture Section
				

			 
	
				
				  § 310
				

			 	
				
				   
				

			 	
				
				  (a)(1)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.10
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(2)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.10
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(3)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(4)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(5)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.10
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.08
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.10
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				  § 311
				

			 	
				
				   
				

			 	
				
				  (a)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.11
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.11
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				  § 312
				

			 	
				
				   
				

			 	
				
				  (a)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.01
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.02
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.02
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.02
				

			 
	
				
				  § 313
				

			 	
				
				   
				

			 	
				
				  (a)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.06
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.03
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.06
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.03
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.06
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.03
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (d)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.03
				

			 
	
				
				  § 314
				

			 	
				
				   
				

			 	
				
				  (a)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.04
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(4)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  1.01
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  10.05
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)(1)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  10.2
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)(2)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  10.2
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)(3)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (d)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (e)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  10.2
				

			 
	
				
				  § 315
				

			 	
				
				   
				

			 	
				
				  (a)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.01
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.05
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.01
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (d)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.01
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (e)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.14
				

			 
	
				
				  § 316
				

			 	
				
				   
				

			 	
				
				  (a)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  10.1
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(1)(A)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.02
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.12
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(1)(B)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.13
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(2)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Not Applicable
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.08
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (c)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  10.4
				

			 
	
				
				  § 317
				

			 	
				
				   
				

			 	
				
				  (a)(1)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.03
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (a)(2)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.04
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  (b)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  10.03
				

			 

 

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

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  ARTICLE I
				

			 	
				
				   
				

			 	
				
				  DEFINITIONS AND OTHER PROVISIONS OF
				  GENERAL APPLICATION
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  Section 1.01
				

			 	
				
				   
				

			 	
				
				  Definitions
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  Section 1.02
				

			 	
				
				   
				

			 	
				
				  Compliance Certificates and
				  Opinions
				

			 	
				
				   
				

			 	
				
				  9
				

			 
	
				
				  Section 1.03
				

			 	
				
				   
				

			 	
				
				  Form of Documents Delivered to
				  Trustee
				

			 	
				
				   
				

			 	
				
				  9
				

			 
	
				
				  Section 1.04
				

			 	
				
				   
				

			 	
				
				  No Adverse Interpretation of Other
				  Agreements; Use of English Language
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  Section 1.05
				

			 	
				
				   
				

			 	
				
				  Acts of Holders; Record Dates

				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  Section 1.06
				

			 	
				
				   
				

			 	
				
				  Notices, Etc., to Trustee, Company
				  and Subsidiary Guarantors
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  Section 1.07
				

			 	
				
				   
				

			 	
				
				  Notice to Holders; Waiver
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  Section 1.08
				

			 	
				
				   
				

			 	
				
				  Conflict with Trust Indenture
				  Act
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  Section 1.09
				

			 	
				
				   
				

			 	
				
				  Effect of Headings and Table of
				  Contents
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  Section 1.10
				

			 	
				
				   
				

			 	
				
				  Successors and Assigns
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  Section 1.11
				

			 	
				
				   
				

			 	
				
				  Separability Clause
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  Section 1.12
				

			 	
				
				   
				

			 	
				
				  Benefits of Indenture
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  Section 1.13
				

			 	
				
				   
				

			 	
				
				  Governing Law
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  Section 1.14
				

			 	
				
				   
				

			 	
				
				  Legal Holidays
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  Section 1.15
				

			 	
				
				   
				

			 	
				
				  Consent to Service;
				  Jurisdiction
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  ARTICLE II
				

			 	
				
				   
				

			 	
				
				  SECURITY AND SUBSIDIARY GUARANTEE
				  FORMS
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  Section 2.01
				

			 	
				
				   
				

			 	
				
				  Forms Generally
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  Section 2.02
				

			 	
				
				   
				

			 	
				
				  Form of Face of Security
				

			 	
				
				   
				

			 	
				
				  15
				

			 
	
				
				  Section 2.03
				

			 	
				
				   
				

			 	
				
				  Form of Reverse of Security
				

			 	
				
				   
				

			 	
				
				  16
				

			 
	
				
				  Section 2.04
				

			 	
				
				   
				

			 	
				
				  Form of Legend for Global
				  Securities
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  Section 2.05
				

			 	
				
				   
				

			 	
				
				  Form of Trustee’s Certificate
				  of Authentication
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  Section 2.06
				

			 	
				
				   
				

			 	
				
				  Form of Guarantee
				

			 	
				
				   
				

			 	
				
				  23
				

			 
	
				
				  ARTICLE III
				

			 	
				
				   
				

			 	
				
				  THE SECURITIES
				

			 	
				
				   
				

			 	
				
				  26
				

			 
	
				
				  Section 3.01
				

			 	
				
				   
				

			 	
				
				  Amount Unlimited; Issuable in
				  Series
				

			 	
				
				   
				

			 	
				
				  26
				

			 
	
				
				  Section 3.02
				

			 	
				
				   
				

			 	
				
				  Denominations
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				  Section 3.03
				

			 	
				
				   
				

			 	
				
				  Execution, Authentication, Delivery
				  and Dating
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				  Section 3.04
				

			 	
				
				   
				

			 	
				
				  Temporary Securities
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  Section 3.05
				

			 	
				
				   
				

			 	
				
				  Registration, Registration of
				  Transfer and Exchange
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  Section 3.06
				

			 	
				
				   
				

			 	
				
				  Mutilated, Destroyed, Lost and
				  Stolen Securities
				

			 	
				
				   
				

			 	
				
				  32
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  Section 3.07
				

			 	
				
				   
				

			 	
				
				  Payment of Interest; Interest Rights
				  Preserved
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  Section 3.08
				

			 	
				
				   
				

			 	
				
				  Persons Deemed Owners
				

			 	
				
				   
				

			 	
				
				  34
				

			 
	
				
				  Section 3.09
				

			 	
				
				   
				

			 	
				
				  Cancellation
				

			 	
				
				   
				

			 	
				
				  34
				

			 
	
				
				  Section 3.10
				

			 	
				
				   
				

			 	
				
				  Computation of Interest
				

			 	
				
				   
				

			 	
				
				  34
				

			 
	
				
				  Section 3.11
				

			 	
				
				   
				

			 	
				
				  CUSIP Numbers
				

			 	
				
				   
				

			 	
				
				  34
				

			 
	
				
				  ARTICLE IV
				

			 	
				
				   
				

			 	
				
				  SATISFACTION AND DISCHARGE
				

			 	
				
				   
				

			 	
				
				  35
				

			 
	
				
				  Section 4.01
				

			 	
				
				   
				

			 	
				
				  Satisfaction and Discharge of
				  Indenture
				

			 	
				
				   
				

			 	
				
				  35
				

			 
	
				
				  Section 4.02
				

			 	
				
				   
				

			 	
				
				  Application of Trust Money
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  ARTICLE V
				

			 	
				
				   
				

			 	
				
				  REMEDIES
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  Section 5.01
				

			 	
				
				   
				

			 	
				
				  Events of Default
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  Section 5.02
				

			 	
				
				   
				

			 	
				
				  Acceleration of Maturity; Rescission
				  and Annulment
				

			 	
				
				   
				

			 	
				
				  38
				

			 
	
				
				  Section 5.03
				

			 	
				
				   
				

			 	
				
				  Collection of Indebtedness and Suits
				  for Enforcement by Trustee
				

			 	
				
				   
				

			 	
				
				  39
				

			 
	
				
				  Section 5.04
				

			 	
				
				   
				

			 	
				
				  Trustee May File Proofs of
				  Claim
				

			 	
				
				   
				

			 	
				
				  39
				

			 
	
				
				  Section 5.05
				

			 	
				
				   
				

			 	
				
				  Trustee May Enforce Claims Without
				  Possession of Securities
				

			 	
				
				   
				

			 	
				
				  40
				

			 
	
				
				  Section 5.06
				

			 	
				
				   
				

			 	
				
				  Application of Money
				  Collected
				

			 	
				
				   
				

			 	
				
				  40
				

			 
	
				
				  Section 5.07
				

			 	
				
				   
				

			 	
				
				  Limitation on Suits
				

			 	
				
				   
				

			 	
				
				  40
				

			 
	
				
				  Section 5.08
				

			 	
				
				   
				

			 	
				
				  Unconditional Right of Holders to
				  Receive Principal, Premium and Interest and to Convert
				

			 	
				
				   
				

			 	
				
				  41
				

			 
	
				
				  Section 5.09
				

			 	
				
				   
				

			 	
				
				  Restoration of Rights and
				  Remedies
				

			 	
				
				   
				

			 	
				
				  41
				

			 
	
				
				  Section 5.10
				

			 	
				
				   
				

			 	
				
				  Rights and Remedies
				  Cumulative
				

			 	
				
				   
				

			 	
				
				  41
				

			 
	
				
				  Section 5.11
				

			 	
				
				   
				

			 	
				
				  Delay or Omission Not Waiver
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  Section 5.12
				

			 	
				
				   
				

			 	
				
				  Control by Holders
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  Section 5.13
				

			 	
				
				   
				

			 	
				
				  Waiver of Past Defaults
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  Section 5.14
				

			 	
				
				   
				

			 	
				
				  Undertaking for Costs
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  Section 5.15
				

			 	
				
				   
				

			 	
				
				  Waiver of Usury, Stay or Extension
				  Laws
				

			 	
				
				   
				

			 	
				
				  43
				

			 
	
				
				  ARTICLE VI
				

			 	
				
				   
				

			 	
				
				  THE TRUSTEE
				

			 	
				
				   
				

			 	
				
				  43
				

			 
	
				
				  Section 6.01
				

			 	
				
				   
				

			 	
				
				  Duties of Trustee
				

			 	
				
				   
				

			 	
				
				  43
				

			 
	
				
				  Section 6.02
				

			 	
				
				   
				

			 	
				
				  Rights of Trustee
				

			 	
				
				   
				

			 	
				
				  44
				

			 
	
				
				  Section 6.03
				

			 	
				
				   
				

			 	
				
				  Individual Rights of Trustee
				

			 	
				
				   
				

			 	
				
				  45
				

			 
	
				
				  Section 6.04
				

			 	
				
				   
				

			 	
				
				  Trustee’s Disclaimer
				

			 	
				
				   
				

			 	
				
				  45
				

			 
	
				
				  Section 6.05
				

			 	
				
				   
				

			 	
				
				  Notice of Default
				

			 	
				
				   
				

			 	
				
				  45
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  Section 6.06
				

			 	
				
				   
				

			 	
				
				  Reports by Trustee to Holders

				

			 	
				
				   
				

			 	
				
				  46
				

			 
	
				
				  Section 6.07
				

			 	
				
				   
				

			 	
				
				  Compensation and Indemnity
				

			 	
				
				   
				

			 	
				
				  46
				

			 
	
				
				  Section 6.08
				

			 	
				
				   
				

			 	
				
				  Replacement of Trustee
				

			 	
				
				   
				

			 	
				
				  47
				

			 
	
				
				  Section 6.09
				

			 	
				
				   
				

			 	
				
				  Successor Trustee by Merger,
				  Etc.
				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  Section 6.10
				

			 	
				
				   
				

			 	
				
				  Eligibility; Disqualification

				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  Section 6.11
				

			 	
				
				   
				

			 	
				
				  Preferential Collection of Claims
				  against Company
				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  ARTICLE VII
				

			 	
				
				   
				

			 	
				
				  HOLDERS’ LISTS AND REPORTS BY
				  TRUSTEE AND COMPANY
				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  Section 7.01
				

			 	
				
				   
				

			 	
				
				  Company to Furnish Trustee Names and
				  Addresses of Holders
				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  Section 7.02
				

			 	
				
				   
				

			 	
				
				  Preservation of Information;
				  Communications to Holders
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  Section 7.03
				

			 	
				
				   
				

			 	
				
				  Reports by Trustee
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  Section 7.04
				

			 	
				
				   
				

			 	
				
				  Reports by Company
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  ARTICLE VIII
				

			 	
				
				   
				

			 	
				
				  CONSOLIDATION, AMALGAMATION,
				  CONVEYANCE, TRANSFER OR LEASE
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  Section 8.01
				

			 	
				
				   
				

			 	
				
				  Company May Consolidate, Etc., Only
				  on Certain Terms
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  Section 8.02
				

			 	
				
				   
				

			 	
				
				  Amalgamations, Mergers,
				  Consolidations and Certain Sales of Assets by Subsidiary Guarantors
				

			 	
				
				   
				

			 	
				
				  50
				

			 
	
				
				  Section 8.03
				

			 	
				
				   
				

			 	
				
				  Successor Corporation
				  Substituted
				

			 	
				
				   
				

			 	
				
				  51
				

			 
	
				
				  ARTICLE IX
				

			 	
				
				   
				

			 	
				
				  SUPPLEMENTAL INDENTURES
				

			 	
				
				   
				

			 	
				
				  51
				

			 
	
				
				  Section 9.01
				

			 	
				
				   
				

			 	
				
				  Supplemental Indentures Without
				  Consent of Holders
				

			 	
				
				   
				

			 	
				
				  51
				

			 
	
				
				  Section 9.02
				

			 	
				
				   
				

			 	
				
				  Supplemental Indentures with Consent
				  of Holders
				

			 	
				
				   
				

			 	
				
				  53
				

			 
	
				
				  Section 9.03
				

			 	
				
				   
				

			 	
				
				  Execution of Supplemental
				  Indentures
				

			 	
				
				   
				

			 	
				
				  54
				

			 
	
				
				  Section 9.04
				

			 	
				
				   
				

			 	
				
				  Effect of Supplemental
				  Indentures
				

			 	
				
				   
				

			 	
				
				  54
				

			 
	
				
				  Section 9.05
				

			 	
				
				   
				

			 	
				
				  Conformity with Trust Indenture
				  Act
				

			 	
				
				   
				

			 	
				
				  54
				

			 
	
				
				  Section 9.06
				

			 	
				
				   
				

			 	
				
				  Reference in Securities to
				  Supplemental Indentures
				

			 	
				
				   
				

			 	
				
				  54
				

			 
	
				
				  ARTICLE X
				

			 	
				
				   
				

			 	
				
				  COVENANTS
				

			 	
				
				   
				

			 	
				
				  55
				

			 
	
				
				  Section 10.01
				

			 	
				
				   
				

			 	
				
				  Payment of Securities
				

			 	
				
				   
				

			 	
				
				  55
				

			 
	
				
				  Section 10.02
				

			 	
				
				   
				

			 	
				
				  Maintenance of Office or
				  Agency
				

			 	
				
				   
				

			 	
				
				  55
				

			 
	
				
				  Section 10.03
				

			 	
				
				   
				

			 	
				
				  Money for Securities Payments to Be
				  Held in Trust
				

			 	
				
				   
				

			 	
				
				  56
				

			 
	
				
				  Section 10.04
				

			 	
				
				   
				

			 	
				
				  Corporate Existence
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  Section 10.05
				

			 	
				
				   
				

			 	
				
				  Compliance Certificate; Notice of
				  Default
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  ARTICLE XI
				

			 	
				
				   
				

			 	
				
				  REDEMPTION OF SECURITIES
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  Section 11.01
				

			 	
				
				   
				

			 	
				
				  Applicability of Article
				

			 	
				
				   
				

			 	
				
				  57
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  Section 11.02
				

			 	
				
				   
				

			 	
				
				  Election to Redeem; Notice to
				  Trustee
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  Section 11.03
				

			 	
				
				   
				

			 	
				
				  Selection by Trustee of Securities
				  to Be Redeemed
				

			 	
				
				   
				

			 	
				
				  58
				

			 
	
				
				  Section 11.04
				

			 	
				
				   
				

			 	
				
				  Notice of Redemption
				

			 	
				
				   
				

			 	
				
				  58
				

			 
	
				
				  Section 11.05
				

			 	
				
				   
				

			 	
				
				  Deposit of Redemption Price
				

			 	
				
				   
				

			 	
				
				  59
				

			 
	
				
				  Section 11.06
				

			 	
				
				   
				

			 	
				
				  Securities Payable on Redemption
				  Date
				

			 	
				
				   
				

			 	
				
				  59
				

			 
	
				
				  ARTICLE XII
				

			 	
				
				   
				

			 	
				
				  SINKING FUNDS
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  Section 12.01
				

			 	
				
				   
				

			 	
				
				  Applicability of Article
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  Section 12.02
				

			 	
				
				   
				

			 	
				
				  Satisfaction of Sinking Fund
				  Payments with Securities
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  Section 12.03
				

			 	
				
				   
				

			 	
				
				  Redemption of Securities for Sinking
				  Fund
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  ARTICLE XIII
				

			 	
				
				   
				

			 	
				
				  DEFEASANCE AND COVENANT
				  DEFEASANCE
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  Section 13.01
				

			 	
				
				   
				

			 	
				
				  Company’s Option to Effect
				  Defeasance or Covenant Defeasance
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  Section 13.02
				

			 	
				
				   
				

			 	
				
				  Defeasance and Discharge
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  Section 13.03
				

			 	
				
				   
				

			 	
				
				  Covenant Defeasance
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  Section 13.04
				

			 	
				
				   
				

			 	
				
				  Conditions to Defeasance or Covenant
				  Defeasance
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 13.05
				

			 	
				
				   
				

			 	
				
				  Deposited Money and U.S. Government
				  Obligations to be Held in Trust; Other Miscellaneous Provisions
				

			 	
				
				   
				

			 	
				
				  63
				

			 
	
				
				  Section 13.06
				

			 	
				
				   
				

			 	
				
				  Reinstatement
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  ARTICLE XIV
				

			 	
				
				   
				

			 	
				
				  SUBSIDIARY GUARANTEE
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  Section 14.01
				

			 	
				
				   
				

			 	
				
				  Subsidiary Guarantee
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  Section 14.02
				

			 	
				
				   
				

			 	
				
				  Execution and Delivery of Subsidiary
				  Guarantees
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  Section 14.03
				

			 	
				
				   
				

			 	
				
				  Subsidiary Guarantors May
				  Consolidate, Etc., on Certain Terms
				

			 	
				
				   
				

			 	
				
				  67
				

			 
	
				
				  Section 14.04
				

			 	
				
				   
				

			 	
				
				  Release of Subsidiary
				  Guarantors
				

			 	
				
				   
				

			 	
				
				  67
				

			 
	
				
				  Section 14.05
				

			 	
				
				   
				

			 	
				
				  Additional Subsidiary
				  Guarantors
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  ARTICLE XV
				

			 	
				
				   
				

			 	
				
				  CONVERSION OF SECURITIES
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  Section 15.01
				

			 	
				
				   
				

			 	
				
				  Applicability; Conversion Privilege
				  and Conversion Price
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  Section 15.02
				

			 	
				
				   
				

			 	
				
				  Exercise of Conversion Price
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  Section 15.03
				

			 	
				
				   
				

			 	
				
				  Fractions of Shares
				

			 	
				
				   
				

			 	
				
				  69
				

			 
	
				
				  Section 15.04
				

			 	
				
				   
				

			 	
				
				  Adjustment of Conversion
				  Price
				

			 	
				
				   
				

			 	
				
				  70
				

			 
	
				
				  Section 15.05
				

			 	
				
				   
				

			 	
				
				  Notice of Adjustments of Conversion
				  Price
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  Section 15.06
				

			 	
				
				   
				

			 	
				
				  Notice of Certain Corporate
				  Action
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  Section 15.07
				

			 	
				
				   
				

			 	
				
				  Company to Reserve Common
				  Stock
				

			 	
				
				   
				

			 	
				
				  73
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  Section 15.08
				

			 	
				
				   
				

			 	
				
				  Taxes on Conversions
				

			 	
				
				   
				

			 	
				
				  73
				

			 
	
				
				  Section 15.09
				

			 	
				
				   
				

			 	
				
				  Covenant as to Common Stock
				

			 	
				
				   
				

			 	
				
				  73
				

			 
	
				
				  Section 15.10
				

			 	
				
				   
				

			 	
				
				  Cancellation of Converted
				  Securities
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  Section 15.11
				

			 	
				
				   
				

			 	
				
				  Provisions in Case of Consolidation,
				  Merger or Sale of Assets
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  Section 15.12
				

			 	
				
				   
				

			 	
				
				  Responsibility of Trustee
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  ARTICLE XVI
				

			 	
				
				   
				

			 	
				
				  SUBORDINATION OF SECURITIES
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 16.01
				

			 	
				
				   
				

			 	
				
				  Securities Subordinate to Senior
				  Indebtedness
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 16.02
				

			 	
				
				   
				

			 	
				
				  Payment Over of Proceeds Upon
				  Dissolution, Etc.
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 16.03
				

			 	
				
				   
				

			 	
				
				  Prior Payment to Senior Indebtedness
				  Upon Acceleration of Securities
				

			 	
				
				   
				

			 	
				
				  76
				

			 
	
				
				  Section 16.04
				

			 	
				
				   
				

			 	
				
				  No Payment When Senior Indebtedness
				  in Default
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  Section 16.05
				

			 	
				
				   
				

			 	
				
				  Payment Permitted If No
				  Default
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  Section 16.06
				

			 	
				
				   
				

			 	
				
				  Subrogation to Rights of Holders of
				  Senior Indebtedness
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  Section 16.07
				

			 	
				
				   
				

			 	
				
				  Provisions Solely to Define Relative
				  Rights
				

			 	
				
				   
				

			 	
				
				  78
				

			 
	
				
				  Section 16.08
				

			 	
				
				   
				

			 	
				
				  Trustee to Effectuate
				  Subordination
				

			 	
				
				   
				

			 	
				
				  78
				

			 
	
				
				  Section 16.09
				

			 	
				
				   
				

			 	
				
				  No Waiver of Subordination
				  Provisions
				

			 	
				
				   
				

			 	
				
				  78
				

			 
	
				
				  Section 16.10
				

			 	
				
				   
				

			 	
				
				  Notice to Trustee
				

			 	
				
				   
				

			 	
				
				  79
				

			 
	
				
				  Section 16.11
				

			 	
				
				   
				

			 	
				
				  Reliance on Judicial Order or
				  Certificate of Liquidating Agent
				

			 	
				
				   
				

			 	
				
				  79
				

			 
	
				
				  Section 16.12
				

			 	
				
				   
				

			 	
				
				  Trustee Not Fiduciary for Holders of
				  Senior Indebtedness
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  Section 16.13
				

			 	
				
				   
				

			 	
				
				  Rights of Trustee as Holder of
				  Senior Indebtedness; Preservation of Trustee’s Rights
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  Section 16.14
				

			 	
				
				   
				

			 	
				
				  Article Applicable to Paying
				  Agents
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  Section 16.15
				

			 	
				
				   
				

			 	
				
				  Certain Conversions Deemed
				  Payment
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  Section 16.16
				

			 	
				
				   
				

			 	
				
				  Trust Moneys Not Subordinated

				

			 	
				
				   
				

			 	
				
				  80
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
		INDENTURE, dated as of                  , 2007, among StealthGas Inc., a Marshall Islands
		company (herein called the “Company”), having its principal office at
		331 Kifissias Avenue, Erithrea 14561, Athens, Greece, each of the Subsidiary
		Guarantors named herein and Wells Fargo Bank, National Association, a national
		banking association, as trustee (herein called the “Trustee”).

	 

	 
		RECITALS OF THE COMPANY AND SUBSIDIARY
		GUARANTORS
	 

	 
		The Company has duly authorized the
		execution and delivery of this Indenture to provide for the issuance from time
		to time of its unsecured debentures, notes or other evidences of indebtedness
		(herein called the “Securities”), to be issued in one or more series
		as in this Indenture provided.
	 

	 
		The Company, directly or indirectly, owns
		beneficially all or substantially all of the Capital Stock of the entities set
		forth on the signature page attached hereto (the “Subsidiary
		Guarantors”); the Company and the Subsidiary Guarantors are members of the
		same consolidated group of companies and are engaged in related businesses; the
		Subsidiary Guarantors will derive direct and indirect economic benefits from
		the issuance of the Securities; accordingly, each of the Subsidiary Guarantors
		has duly authorized the execution and delivery of this Indenture to provide for
		the Subsidiary Guarantee (as hereinafter defined) by each of them with respect
		to the Securities as set forth in this Indenture.
	 

	 
		All things necessary to make this Indenture
		a valid and legally binding agreement of the Company and the Subsidiary
		Guarantors, in accordance with its terms, have been done.
	 

	 
		NOW, THEREFORE, THIS INDENTURE
		WITNESSETH:
	 

	 
		For and in consideration of the premises and
		the purchase of the Securities by the Holders thereof, it is mutually agreed,
		for the equal and proportionate benefit of all Holders of the Securities or of
		series thereof, as follows:
	 

	 
		ARTICLE
		I
	 

	 
		 
	 

	 
		DEFINITIONS AND OTHER
		PROVISIONS
	 

	 
		OF GENERAL APPLICATION
	 

	 
		Section 1.01
		Definitions.
	 

	 
		For all purposes of this Indenture, except
		as otherwise expressly provided or unless the context otherwise
		requires:
	 

	 
		(1) the terms defined in this Article have
		the meanings assigned to them in this Article and include the plural as well as
		the singular;
	 

	 
		(2) all other terms used herein which are
		defined in the Trust Indenture Act, either directly or by reference therein,
		have the meanings assigned to them therein;
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(3) all accounting terms not otherwise
		defined herein have the meanings assigned to them in accordance with United
		States generally accepted accounting principles, and, except as otherwise
		herein expressly provided, the term “generally accepted accounting
		principles” with respect to any computation required or permitted
		hereunder shall mean such accounting principles as are generally accepted at
		the date of such computation;
	 

	 
		(4) the words “Article” and
		“Section” refer to an Article and Section, respectively, of this
		Indenture;
	 

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

	 
		(6) certain terms used principally in
		Articles VI, X, XIII and XIV, are defined in those Articles.
	 

	 
		“Act”, when used with respect to
		any Holder, has the meaning specified in Section 1.05.
	 

	 
		“Affiliate” of any specified
		Person means any other Person directly or indirectly controlling or controlled
		by or under direct or indirect common control with such specified Person. For
		the purposes of this definition, “control” when used with respect to
		any specified Person means the power to direct the management and policies of
		such Person, directly or indirectly, whether through the ownership of voting
		securities, by contract or otherwise; and the terms “controlling” and
		“controlled” have meanings correlative to the foregoing.
	 

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

	 
		“Board of Directors” means, with
		respect to the Company or a Subsidiary Guarantor, either the board of directors
		of such Person or any duly authorized committee of that board.
	 

	 
		“Board Resolution” means, with
		respect to the Company or a Subsidiary Guarantor, a copy of a resolution
		certified by the Secretary or an Assistant Secretary of such Person to have
		been duly adopted by its Board of Directors and to be in full force and effect
		on the date of such certification, and delivered to the Trustee.
	 

	 
		“Business Day”, when used with
		respect to any Place of Payment, means each Monday, Tuesday, Wednesday,
		Thursday and Friday which is not a day on which banking institutions in that
		Place of Payment are authorized or obligated by law or executive order to
		close.
	 

	 
		“Capital Lease Obligation” means,
		at any time any determination thereof is made, the amount of the liability in
		respect of a capital lease that would at such time be so required to be
		capitalized on the balance sheet in accordance with generally accepted
		accounting principles.
	 

	 
		“Capital Stock”, as applied to the
		stock of any corporation, means the capital stock of every class whether now or
		hereafter authorized, regardless of whether such capital stock shall be limited
		to a fixed sum or percentage with respect to the rights of the holders thereof
		to 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		participate in dividends and in the
		distribution of assets upon the voluntary or involuntary liquidation,
		dissolution or winding up of such corporation.
	 

	 
		“Commission” means the Securities
		and Exchange Commission, from time to time constituted, created under the
		Exchange Act or, if at any time after the execution of this instrument such
		Commission is not existing and performing the duties now assigned to it under
		the Trust Indenture Act, then the body performing such duties at such
		time.
	 

	 
		“Common Stock” includes any stock
		of any class of the Company which has no preference in respect of dividends or
		of amounts payable in the event of any voluntary or involuntary liquidation,
		dissolution or winding-up of the Company and which is not subject to redemption
		by the Company. However, subject to the provisions of Section 3.01(19) and (21)
		and Section 15.11, shares issuable on conversion of Securities shall include
		only shares of the class designated as Common Stock of the Company at the date
		of this instrument or shares of any class or classes resulting from any
		reclassification or reclassifications thereof and which have no preference in
		respect of dividends or of amounts payable in the event of any voluntary or
		involuntary liquidation, dissolution or winding-up of the Company and which are
		not subject to redemption by the Company; provided that if
		at any time there shall be more than one such resulting class, the shares of
		each such class then so issuable shall be substantially in the proportion which
		the total number of shares of such class resulting from all such
		reclassifications bears to the total number of shares of all such classes
		resulting from all such reclassifications.
	 

	 
		“Company” means the Person named
		as the “Company” in the first paragraph of this instrument until a
		successor Person shall have become such pursuant to the applicable provisions
		of this Indenture, and thereafter “Company” shall mean such successor
		Person.
	 

	 
		“Company Request” or “Company
		Order” means a written request or order signed in the name of the Company
		by its Chairman of the Board, a Vice Chairman of the Board, its Chief Executive
		Officer, its President or a Vice President, and by its Chief Financial Officer,
		Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
		delivered to the Trustee.
	 

	 
		“Corporate Trust Office” means the
		principal office of the Trustee in at which at any particular time its
		corporate trust business shall be administered, which office as of the date
		hereof is located at 625 Marquette Avenue, N9311-110, Minneapolis, MN
		55479.
	 

	 
		“Corporation” means a corporation,
		association, company, joint-stock company or business trust.
	 

	 
		“Covenant Defeasance” has the
		meaning specified in Section 14.03.
	 

	 
		“Defaulted Interest” has the
		meaning specified in Section 3.07.
	 

	 
		“Defeasance” has the meaning
		specified in Section 14.02.
	 

	 
		“Defeasible Series” has the
		meaning specified in Section 14.01.
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		“Depositary” means, with respect
		to Securities of any series issuable in whole or in part in the form of one or
		more Global Securities, a clearing agency registered under the Exchange Act
		that is designated to act as Depositary for such Securities as contemplated by
		Section 3.01.
	 

	 
		“Event of Default” has the meaning
		specified in Section 5.01.
	 

	 
		“Exchange Act” means the
		Securities Exchange Act of 1934, as amended from time to time, and any statute
		successor thereto.
	 

	 
		“GAAP” means generally accepted
		accounting principles in the United States set forth in the opinions and
		pronouncements of the Accounting Principles Board of the American Standards
		Board or in such other statements by such other entity as have been approved by
		a significant segment of the accounting profession.
	 

	 
		“Global Security” means a Security
		that evidences all or part of the Securities of any series and is authenticated
		and delivered to, and registered in the name of, the Depositary for such
		Securities or a nominee thereof.
	 

	 
		“Guarantee” or
		“guarantee” by any Person means any obligation, contingent or
		otherwise, of such Person guaranteeing any Indebtedness of any other Person
		(the “primary obligor”) in any manner, whether directly or
		indirectly, and including, without limitation, any obligation of such Person,
		(i) to purchase or pay (or advance or supply funds for the purchase or payment
		of) such Indebtedness or to purchase (or to advance or supply funds for the
		purchase of) any security for the payment of such Indebtedness, (ii) to
		purchase property, securities or services for the purpose of assuring the
		holder of such Indebtedness of the payment of such Indebtedness, or (iii) to
		maintain working capital, equity capital or other financial statement condition
		or liquidity of the primary obligor so as to enable the primary obligor to pay
		such Indebtedness (and “Guaranteed”, “Guaranteeing” and
		“Guarantor” shall have meanings correlative to the foregoing);
		provided, however, that
		the Guarantee by any Person shall not include endorsements by such Person for
		collection or deposit, in either case, in the ordinary course of
		business.
	 

	 
		“Guarantor Senior Indebtedness”
		has the meaning specified in Section 16.09.
	 

	 
		“Hedging Obligations” means, with
		respect to any Person, the Obligations of such Person under interest rate swap
		agreements, interest rate cap agreements, and interest rate collar agreements,
		and other agreements or arrangements designed to protect such Person against
		fluctuations in interest rates.
	 

	 
		“Holder” means a Person in whose
		name a Security is registered in the Security Register.
	 

	 
		“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 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, and all deferrals, renewals, extensions and refundings of
		obligations of any of the foregoing, if and to the extent any of the
		foregoing
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		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, and also includes, to the extent
		not otherwise included, the Guarantee of any indebtedness of such Person or any
		other Person.
	 

	 
		“Indenture” means this instrument
		as originally executed or as it may from time to time be supplemented or
		amended by one or more indentures supplemental hereto entered into pursuant to
		the applicable provisions hereof, including, for all purposes of this
		instrument, and any such supplemental indenture, the provisions of the Trust
		Indenture Act that are deemed to be a part of and govern this instrument and
		any such supplemental indenture, respectively. The term “Indenture”
		shall also include the terms of particular series of Securities established as
		contemplated by Section 3.01.
	 

	 
		“Interest”, when used with respect
		to an Original Issue Discount Security which by its terms bears interest only
		after Maturity, means interest payable after Maturity.
	 

	 
		“Interest Payment Date”, when used
		with respect to any Security, means the Stated Maturity of an installment of
		interest on such Security.
	 

	 
		“Lien” means any mortgage, lien,
		pledge, charge, security interest, or other encumbrance of any kind, whether or
		not filed, recorded or otherwise perfected under applicable law.
	 

	 
		“Maturity”, when used with respect
		to any Security, means the date on which the principal of such Security or an
		installment of principal becomes due and payable as therein or herein provided,
		whether at the Stated Maturity or by declaration of acceleration, call for
		redemption or otherwise.
	 

	 
		“Notice of Default” means a
		written notice of the kind specified in Section 5.01(5).
	 

	 
		“Obligations” means any principal,
		premium, interest, penalties, fees, indemnifications, reimbursements, damages
		and other liabilities payable under the documentation governing any
		Indebtedness.
	 

	 
		“Officer’s Certificate” means
		a certificate signed by the Chairman of the Board, a Vice Chairman of the
		Board, the Chief Executive Officer, the President or a Vice President, the
		Chief Financial Officer, the Finance Director, the Treasurer or an Assistant
		Treasurer, of the Company or of a Subsidiary Guarantor, and delivered to the
		Trustee.
	 

	 
		“Opinion of Counsel” means, as to
		the Company or a Subsidiary Guarantor, a written opinion of counsel, who may be
		counsel for the Company or such Subsidiary Guarantor, and who shall be
		acceptable to the Trustee.
	 

	 
		“Original Issue Discount Security”
		means any Security which provides for an amount less than the principal amount
		thereof to be due and payable upon a declaration of acceleration of the
		Maturity thereof pursuant to Section 5.02.
	 

	 
		“Outstanding”, when used with
		respect to Securities, means, as of the date of determination, all Securities
		theretofore authenticated and delivered under this Indenture, except
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		(1) Securities theretofore cancelled by the
		Trustee or delivered to the Trustee for cancellation;
	 

	 
		(2) Securities for whose payment or
		redemption money in the necessary amount has been theretofore deposited with
		the Trustee or any Paying Agent (other than the Company or any Subsidiary
		Guarantor) in trust or set aside and segregated in trust by the Company or a
		Subsidiary Guarantor (if the Company or such Subsidiary Guarantor shall act as
		its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of
		such redemption has been duly given pursuant to this Indenture or provision
		therefor satisfactory to the Trustee has been made;
	 

	 
		(3) Securities as to which Defeasance has
		been effected pursuant to Section 14.02; and
	 

	 
		(4) Securities which have been paid pursuant
		to Section 3.06 or in exchange for or in lieu of which other Securities have
		been authenticated and delivered pursuant to this Indenture, other than any
		such Securities in respect of which there shall have been presented to the
		Trustee proof satisfactory to it that such Securities are held by a bona fide
		purchaser in whose hands such Securities are valid obligations of the
		Company;
	 

	 
		provided, however, that in
		determining whether the Holders of the requisite principal amount of the
		Outstanding Securities have given any request, demand, authorization,
		direction, notice, consent or waiver hereunder, (A) the principal amount of an
		Original Issue Discount Security that shall be deemed to be Outstanding shall
		be the amount of the principal thereof that would be due and payable as of the
		date of such determination upon acceleration of the Maturity thereof to such
		date pursuant to Section 5.02, (B) the principal amount of a Security
		denominated in one or more foreign currencies or currency units shall be the
		U.S. dollar equivalent, determined in the manner provided as contemplated by
		Section 3.01 on the date of original issuance of such Security, of the
		principal amount (or, in the case of an Original Issue Discount Security, the
		U.S. dollar equivalent on the date of original issuance of such Security of the
		amount determined as provided in Clause (A) above) of such Security, and (C)
		Securities owned by the Company or any other obligor upon the Securities or any
		Affiliate of the Company or of such other obligor shall be disregarded and
		deemed not to be Outstanding, except that, in determining whether the Trustee
		shall be protected in relying upon any such request, demand, authorization,
		direction, notice, consent or waiver, only Securities which a Responsible
		Officer of the Trustee actually knows to be so owned shall be so disregarded.
		Securities so owned which have been pledged in good faith may be regarded as
		Outstanding if the pledgee establishes to the satisfaction of the Trustee the
		pledgee’s right so to act with respect to such Securities and that the
		pledgee is not the Company or any other obligor upon the Securities or any
		Affiliate of the Company or of such other obligor.
	 

	 
		“Paying Agent” means any Person
		authorized by the Company to pay the principal of or any premium or interest on
		any Securities on behalf of the Company.
	 

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

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		“Place of Payment”, when used with
		respect to the Securities of any series, means the place or places where the
		principal of and any premium and interest on the Securities of that series are
		payable, as specified pursuant to Section 3.01.
	 

	 
		“Predecessor Security” of any
		particular Security means every previous Security evidencing all or a portion
		of the same debt as that evidenced by such particular Security; and, for the
		purposes of this definition, any Security authenticated and delivered under
		Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or
		stolen Security shall be deemed to evidence the same debt as the mutilated,
		destroyed, lost or stolen Security.
	 

	 
		“Prospectus” means the Prospectus
		of the Company dated June     , 2007 relating to the offering from time to time of the
		Securities.
	 

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

	 
		“Redemption Price”, when used with
		respect to any Security to be redeemed, means the price at which it is to be
		redeemed pursuant to this Indenture.
	 

	 
		“Regular Record Date” for the
		interest payable on any Interest Payment Date on the Securities of any series
		means the date specified for that purpose as contemplated by
		Section 3.01.
	 

	 
		“Responsible Officer”, when used
		with respect to the Trustee, means any vice president, any assistant treasurer,
		any trust officer or assistant trust officer or any other officer of the
		Trustee customarily performing functions similar to those performed by any of
		the above designated officers and also means, with respect to a particular
		corporate trust matter, any other officer to whom such matter is referred
		because of his knowledge of and familiarity with the particular subject and who
		shall have direct responsibility for the administration of this
		Indenture.
	 

	 
		“Securities” has the meaning
		stated in the first recital of this Indenture and more particularly means any
		Securities authenticated and delivered under this Indenture.
	 

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

	 
		“Security Register” and
		“Security Registrar” have the respective meanings specified in
		Section 3.05.
	 

	 
		“Senior Indebtedness” means the
		principal of (and premium, if any), accrued interest (including interest
		accruing on or after the filing in bankruptcy or reorganization relating to the
		Company or a Subsidiary Guarantor whether or not a claim for post-filing
		interest is allowed in such proceedings), fees, charges, expenses,
		reimbursement obligations, guarantees and other amounts owing with respect to
		all Indebtedness of the Company and the Subsidiary Guarantors (including
		Indebtedness of others guaranteed by the Company) other than the Securities and
		the Subsidiary Guarantees, in any such case whether outstanding on the date of
		this Indenture or the date Securities of any series are issued hereunder or
		thereafter created, incurred or assumed, 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		unless in any case in the instrument
		creating or evidencing any such Indebtedness or obligation or pursuant to which
		the same is outstanding it is provided that such Indebtedness or obligation is
		not superior in right of payment to the Securities and the Subsidiary
		Guarantees, or it is provided that such obligation is subordinated to senior
		indebtedness to substantially the same extent as the Securities and the
		Subsidiary Guarantees, are subordinated to Senior Indebtedness.
	 

	 
		“Significant Subsidiary” means any
		Subsidiary that would be a “significant subsidiary” of the Company
		within the meaning of Rule 1-02 under Regulation S-X promulgated by the
		Commission.
	 

	 
		“Special Record Date” for the
		payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
		Section 3.07.
	 

	 
		“Stated Maturity”, when used with
		respect to any Security or any installment of principal thereof or interest
		thereon, means the date specified in such Security as the fixed date on which
		the principal of such Security or such installment of principal or interest is
		due and payable.
	 

	 
		“Subsidiary” means a corporation
		more than 50% of the outstanding voting stock of which is owned, directly or
		indirectly, by the Company or by one or more other Subsidiaries, or by the
		Company and one or more other Subsidiaries. For the purposes of this
		definition, “voting stock” means stock which ordinarily has voting
		power for the election of directors, whether at all times or only so long as no
		senior class of stock has such voting power by reason of any
		contingency.
	 

	 
		“Subsidiary Guarantees” means,
		with respect to the Securities of any series, the guarantees with respect to
		the Securities of such Series by a Subsidiary Guarantor pursuant to Article XIV
		hereof or a supplemental indenture hereto.
	 

	 
		“Subsidiary Guarantor” means, with
		respect to the Securities of any series, any Subsidiary of the Company that
		provides a Subsidiary Guarantee with respect to the Securities of such series
		in this Indenture or pursuant to a supplemental indenture hereto.
	 

	 
		“Trust Indenture Act” means the
		Trust Indenture Act of 1939 as in force at the date as of which this instrument
		was executed; provided, however, that in
		the event the Trust Indenture Act of 1939 is amended after such date,
		“Trust Indenture Act” means, to the extent required by any such
		amendment, the Trust Indenture Act of 1939 as so amended.
	 

	 
		“Trustee” means the Person named
		as the “Trustee” in the first paragraph of this instrument until a
		successor Trustee shall have become such pursuant to the applicable provisions
		of this Indenture, and thereafter “Trustee” shall mean or include
		each Person who is then a Trustee hereunder, and if at any time there is more
		than one such Person, “Trustee” as used with respect to the
		Securities of any series shall mean each Trustee with respect to Securities of
		that series.
	 

	 
		“U.S. Government Obligations” has
		the meaning specified in Section 14.04.
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		“Vice President”, when used with
		respect to the Company, a Subsidiary Guarantor or the Trustee, means any vice
		president, whether or not designated by a number or a word or words added
		before or after the title “vice president”.
	 

	 
		Section 1.02
		Compliance Certificates and
		Opinions. Upon any application or
		request by the Company or by a Subsidiary Guarantor to the Trustee to take any
		action under any provision of this Indenture, the Company shall furnish to the
		Trustee such certificates and opinions as may be required under the Trust
		Indenture Act. Each such certificate or opinion shall be given in the form of
		an Officer’s Certificate, if to be given by an officer of the Company, or
		an Opinion of Counsel, if to be given by counsel, and shall comply with the
		requirements of the Trust Indenture Act and any other requirements set forth in
		this Indenture.
	 

	 
		Every certificate or opinion with respect to
		compliance with a condition or covenant provided for in this Indenture
		(including certificates provided for in Section 10.05) shall include
	 

	 
		(1) a statement that each individual signing
		such certificate or opinion has read such covenant or condition and the
		definitions herein relating thereto;
	 

	 
		(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 each
		such individual, 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, in the
		opinion of each such individual, such condition or covenant has been complied
		with.
	 

	 
		Section 1.03
		Form of Documents Delivered to
		Trustee. In any case where several
		matters are required to be certified by, or covered by an opinion of, any
		specified Person, it is not necessary that all such matters be certified by, or
		covered by the opinion of, only one such Person, or that they be so certified
		or covered by only one document, but one such Person may certify or give an
		opinion with respect to some matters and one or more other such Persons as to
		other matters, and any such Person may certify or give an opinion as to such
		matters in one or several documents.
	 

	 
		Any certificate or opinion of an officer of
		the Company may be based, insofar as it relates to legal matters, upon a
		certificate or opinion of, or representations by, counsel, unless such officer
		knows, or in the exercise of reasonable care should know, that the certificate
		or opinion or representations with respect to the matters upon which his
		certificate or opinion is based are erroneous. Any such certificate or opinion
		of counsel may be based, insofar as it relates to factual matters, upon a
		certificate or opinion of, or representations by, an officer or officers of the
		Company or any subsidiary of the Company stating that the information with
		respect to such factual matters is in the possession of the Company or any
		subsidiary of the Company, unless such counsel knows, or in the exercise of
		reasonable care should know, that the certificate or opinion or representations
		with respect to such matters are erroneous.
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		Where any Person is required to make, give
		or execute two or more applications, requests, consents, certificates,
		statements, opinions or other instruments under this Indenture, they may, but
		need not, be consolidated and form one instrument.
	 

	 
		Section 1.04
		No Adverse Interpretation of Other
		Agreements; Use of English Language.
		This Indenture may not be used to interpret another indenture, loan or debt
		agreement of the Company or any Subsidiary of the Company. Any such indenture,
		loan or debt agreement may not be used to interpret this Indenture.
	 

	 
		This Indenture has been executed in the
		English language. All certificates, reports, notices and other documents and
		communications given or delivered pursuant to this Agreement (including any
		modifications or supplements hereto) shall be in the English language, or
		accompanied by a certified English translation thereof. In connection with the
		registration of security documents outside of the United States of America, it
		may be necessary that this Indenture be translated into other languages;
		provided that it is understood and agreed that the sole official
		version of this Indenture is the English language version executed by the
		parties hereto.
	 

	 
		Section 1.05 Acts of Holders; Record Dates. Any request, demand, authorization, direction, notice,
		consent, waiver or other action provided or permitted by this Indenture to be
		given or taken by Holders may be embodied in and evidenced by one or more
		instruments of substantially similar tenor signed by such Holders in person or
		by agent duly appointed in writing; and, except as herein otherwise expressly
		provided, such action shall become effective when such instrument or
		instruments are delivered to the Trustee and, where it is hereby expressly
		required, to the Company. Such instrument or instruments (and the action
		embodied therein and evidenced thereby) are herein sometimes referred to as the
		“Act” of the Holders signing such instrument or instruments. Proof of
		execution of any such instrument or of a writing appointing any such agent
		shall be sufficient for any purpose of this Indenture and (subject to Section
		6.01) conclusive in favor of the Trustee and the Company, if made in the manner
		provided in this Section.
	 

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

	 
		The ownership of Securities shall be proved
		by the Security Register.
	 

	 
		Any request, demand, authorization,
		direction, notice, consent, waiver or other Act of the Holder of any Security
		shall bind every future Holder of the same Security and the Holder of every
		Security issued upon the registration of transfer thereof or in exchange
		therefor or in lieu thereof in respect of anything done, omitted or suffered to
		be done by the Trustee or the Company in reliance thereon, whether or not
		notation of such action is made upon such Security.
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		The Company may, in the circumstances
		permitted by the Trust Indenture Act, set any day as the record date for the
		purpose of determining the Holders of Outstanding Securities of any series
		entitled to give or take any request, demand, authorization, direction, notice,
		consent, waiver or other action provided or permitted by this Indenture to be
		given or taken by Holders of Securities of such series. With regard to any
		record date set pursuant to this paragraph, the Holders of Outstanding
		Securities of the relevant series on such record date (or their duly appointed
		agents), and only such Persons, shall be entitled to give or take the relevant
		action, whether or not such Holders remain Holders after such record date. With
		regard to any action that may be given or taken hereunder only by Holders of a
		requisite principal amount of Outstanding Securities of any series (or their
		duly appointed agents) and for which a record date is set pursuant to this
		paragraph, the Company may, at its option, set an expiration date after which
		no such action purported to be given or taken by any Holder shall be effective
		hereunder unless given or taken on or prior to such expiration date by Holders
		of the requisite principal amount of Outstanding Securities of such series on
		such record date (or their duly appointed agents). On or prior to any
		expiration date set pursuant to this paragraph, the Company may, on one or more
		occasions at its option, extend such date to any later date. Nothing in this
		paragraph shall prevent any Holder (or any duly appointed agent thereof) from
		giving or taking, after any such expiration date, any action identical to, or,
		at any time, contrary to or different from, the action or purported action to
		which such expiration date relates, in which event the Company may set a record
		date in respect thereof pursuant to this paragraph. Nothing in this paragraph
		shall be construed to render ineffective any action taken at any time by the
		Holders (or their duly appointed agents) of the requisite principal amount of
		Outstanding Securities of the relevant series on the date such action is so
		taken. Notwithstanding the foregoing or the Trust Indenture Act, the Company
		shall not set a record date for, and the provisions of this paragraph shall not
		apply with respect to, any notice, declaration or direction referred to in the
		next paragraph.
	 

	 
		The Trustee may set any day as a record date
		for the purpose of determining the Holders of Outstanding Securities of any
		series entitled to join in the giving or making of (i) any Notice of Default,
		(ii) any declaration of acceleration referred to in Section 5.02, if an Event
		of Default with respect to Securities of such series has occurred and is
		continuing and the Trustee shall not have given such a declaration to the
		Company, (iii) any request to institute proceedings referred to in Section
		5.07(2) or (iv) any direction referred to in Section 5.12, in each case with
		respect to Securities of such series. Promptly after any record date is set
		pursuant to this paragraph, the Trustee shall notify the Company and the
		Holders of Outstanding Series of such series of any such record date so fixed
		and the proposed action. The Holders of Outstanding Securities of such series
		on such record date (or their duly appointed agents), and only such Persons,
		shall be entitled to join in such notice, declaration or direction, whether or
		not such Holders remain Holders after such record date; provided that,
		unless such notice, declaration or direction shall have become effective by
		virtue of Holders of the requisite principal amount of Outstanding Securities
		of such series on such record date (or their duly appointed agents) having
		joined therein on or prior to the 90th day after such record date, such notice,
		declaration or direction shall automatically and without any action by any
		Person be cancelled and of no further effect. Nothing in this paragraph shall
		be construed to prevent a Holder (or a duly appointed agent thereof) from
		giving, before or after the expiration of such 90-day period, a notice,
		declaration or direction contrary to or different from, or, after the
		expiration of such period, identical to, the notice, declaration or direction
		to which such record date relates, in which event a new record date in respect
		thereof shall be set pursuant to this paragraph. Nothing in this paragraph
		shall be
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		 construed to render ineffective any notice,
		declaration or direction of the type referred to in this paragraph given at any
		time to the Trustee and the Company by Holders (or their duly appointed agents)
		of the requisite principal amount of Outstanding Securities of the relevant
		series on the date such notice, declaration or direction is so given.
	 

	 
		Without limiting the foregoing, a Holder
		entitled hereunder to give or take any action hereunder with regard to any
		particular Security may do so with regard to all or any part of the principal
		amount of such Security or by one or more duly appointed agents each of which
		may do so pursuant to such appointment with regard to all or any different part
		of such principal amount.
	 

	 
		Section 1.06
		Notices, Etc., to Trustee, Company and
		Subsidiary Guarantors. Any request,
		demand, authorization, direction, notice, consent, waiver or Act of Holders or
		other document provided or permitted by this Indenture to be made upon, given
		or furnished to, or filed with,
	 

	 
		(1) the Trustee by any Holder or by the
		Company or any Subsidiary Guarantor shall be sufficient for every purpose
		hereunder if made, given, furnished or filed in writing (which may be via
		facsimile) to or with the Trustee at its Corporate Trust Office, Attention:
		StealthGas Inc. Administrator, or
	 

	 
		(2) the Company or any Subsidiary Guarantor
		by the Trustee or by any Holder shall be sufficient for every purpose hereunder
		(unless otherwise herein expressly provided) if in writing and mailed,
		first-class postage prepaid, to the Company addressed to it at the address of
		its principal office specified in the first paragraph of this instrument or at
		any other address previously furnished in writing to the Trustee by the
		Company.
	 

	 
		Section 1.07
		Notice to Holders;
		Waiver. Where this Indenture provides
		for notice to Holders of any event, such notice shall be sufficiently given
		(unless otherwise herein expressly provided) if in writing and delivered
		electronically or mailed, first-class postage prepaid, to each Holder affected
		by such event, at his address as it appears in the Security Register, not later
		than the latest date (if any), and not earlier than the earliest date (if any),
		prescribed for the giving of such notice. In any case where notice to Holders
		is given by mail, neither the failure to mail such notice, nor any defect in
		any notice so mailed, to any particular Holder shall affect the sufficiency of
		such notice with respect to other Holders. Where this Indenture provides for
		notice in any manner, such notice may be waived in writing by the Person
		entitled to receive such notice, either before or after the event, and such
		waiver shall be the equivalent of such notice. Waivers of notice by Holders
		shall be filed with the Trustee, but such filing shall not be a condition
		precedent to the validity of any action taken in reliance upon such
		waiver.
	 

	 
		Section 1.08
		Conflict with Trust Indenture
		Act. If any provision hereof limits,
		qualifies or conflicts with a provision of the Trust Indenture Act that is
		required under such Act to be a part of and govern this Indenture, the latter
		provision shall control. If any provision of this Indenture modifies or
		excludes any provision of the Trust Indenture Act 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. Wherever this Indenture refers
		to a provision of the Trust Indenture Act, such provision is incorporated by
		reference in and made a part of this Indenture.
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

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

	 
		“commission” means the United
		States Securities and Exchange Commission;
	 

	 
		“indenture securities” means the
		Securities;
	 

	 
		“indenture security holder” means
		a Holder;
	 

	 
		“indenture to be qualified” means
		this Indenture;
	 

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

	 
		“obligor on the indenture
		securities” means the Company, the Subsidiary Guarantors and any other
		obligor on the Securities.
	 

	 
		All other Trust Indenture Act terms used in
		this Indenture that are defined by the Trust Indenture Act, defined by the
		Trust Indenture Act referenced to another statute or defined by any Commission
		Rule and not otherwise defined herein have the meanings defined to them
		thereby. 
	 

	 
		Section 1.09
		Effect of Headings and Table of
		Contents. The Article and Section
		headings herein and the Table of Contents are for convenience only and shall
		not affect the construction hereof.
	 

	 
		Section 1.10
		Successors and Assigns. All covenants and agreements in this Indenture by the
		Company or any Subsidiary Guarantor shall bind its respective successors and
		assigns, whether so expressed or not.
	 

	 
		Section 1.11
		Separability Clause. In case any provision in this Indenture or in the
		Securities 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 1.12
		Benefits of Indenture. Nothing in this Indenture or in the Securities,
		express or implied, shall give to any Person, other than the parties hereto and
		their successors hereunder, the holders of Senior Indebtedness and the Holders,
		any benefit or any legal or equitable right, remedy or claim under this
		Indenture.
	 

	 
		Section 1.13
		Governing Law. This Indenture, the Securities and the Subsidiary
		Guarantees shall be governed by and construed in accordance with the law of the
		State of New York, but without regard to principles of conflicts of
		laws.
	 

	 
		Section 1.14
		Legal Holidays. In any case where any Interest Payment Date,
		Redemption Date or Stated Maturity of any Security or the last date on which a
		Holder has the right to convert his Securities shall not be a Business Day at
		any Place of Payment, then (notwithstanding any other provision of this
		Indenture or of the Securities (other than a provision of the Securities of any
		series which specifically states that such provision shall apply in lieu of
		this Section)) payment of interest or principal (and premium, if any) or
		conversion of the Securities need not be made at such Place of Payment on such
		date, but may be made on the next 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		succeeding Business Day at such Place of
		Payment with the same force and effect as if made on the Interest Payment Date
		or Redemption Date, or at the Stated Maturity, or on such last day for
		conversion, provided that no interest shall accrue for the intervening
		period.
	 

	 
		Section 1.15
		Consent to Service;
		Jurisdiction. 
	 

	 
		(a) The Company, each Subsidiary Guarantor
		and the Trustee agree that any legal suit, action or proceeding arising out of
		or relating to this Indenture, and the Company and each Subsidiary Guarantor
		agree that any legal suit, action or proceeding arising out of or relating to
		the Securities, may be instituted in any federal or state court in the Borough
		of Manhattan, the City of New York. Each of the Company, each Subsidiary
		Guarantor and the Trustee waives any objection which it may now or hereafter
		have to the laying of the venue of any such legal suit, action or proceeding,
		waives any immunity from jurisdiction or to service of process in respect of
		any such suit, action or proceeding, and irrevocably submits to the exclusive
		jurisdiction of any such court in any such suit, action or proceeding.
	 

	 
		(b) Each of the Company and each Subsidiary
		Guarantor hereby designates and appoints Puglisi & Associates as its
		authorized agent upon which process may be served in any legal suit, action or
		proceeding arising out of or relating to this Indenture or the Securities which
		may be instituted in any federal or state court in the Borough of Manhattan,
		the City of New York, and agrees that service of process upon such agent, and
		written notice of said service to the Company and the Subsidiary Guarantors by
		the Person serving the same, shall be deemed in every respect effective service
		of process upon the Company and the Subsidiary Guarantors in any such suit,
		action or proceeding and further designates its domicile, the domicile of New
		York, New York specified above and any domicile it may have in the future as
		its domicile to receive any notice hereunder (including service of process).
		Service of process, to be effective upon the Trustee, must be served at the
		Trustee’s Corporate Trust Office. If for any reason Puglisi &
		Associates (or any successor agent for this purpose) shall cease to act as
		agent for service of process as provided above, the Company will promptly
		appoint a successor agent for this purpose reasonably acceptable to the
		Trustee. The Company and the Subsidiary Guarantors agree to take any and all
		actions necessary to maintain such designation and appointment of such agent in
		full force and effect.
	 

	 
		ARTICLE
		II
	 

	 
		 
	 

	 
		SECURITY AND SUBSIDIARY GUARANTEE
		FORMS
	 

	 
		Section 2.01
		Forms Generally. The Securities of each series and the Subsidiary
		Guarantees to be endorsed thereon shall be in substantially the form set forth
		in this Article, or in such other form as shall be established by or pursuant
		to a Board Resolution or in one or more indentures supplemental hereto, in each
		case with such appropriate insertions, omissions, substitutions and other
		variations as are required or permitted by this Indenture, and may have such
		letters, numbers or other marks of identification and such legends or
		endorsements placed thereon as may be required to comply with the rules of any
		securities exchange or as may, consistently herewith, be determined by the
		officers executing such Securities or Subsidiary Guarantees, as the case may
		be, as evidenced by their execution of the Securities. If the form of
		Securities of any series is established by action taken pursuant to a Board
		Resolution, a copy of 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		an appropriate record of such action shall
		be certified by the Secretary or an Assistant Secretary of the Company and
		delivered to the Trustee at or prior to the delivery of the Company Order
		contemplated by Section 3.03 for the authentication and delivery of such
		Securities.
	 

	 
		The definitive Securities and the Subsidiary
		Guarantees to be endorsed thereon shall be printed, lithographed or engraved on
		steel engraved borders or may be produced in any other manner, all as
		determined by the officers executing such Securities or Subsidiary Guarantees,
		as the case may be, as evidenced by their execution of such Securities.
	 

	 
		Section 2.02
		Form of Face of Security. [Insert any legend required by the Internal Revenue
		Code and the regulations thereunder.]
	 

	 
		STEALTHGAS INC.
	 

	 
		 
	 

	 
			
				
				  No.                     

				

			 	
				
				   
				

			 	
				
				  $                     

				

			 

 

	 
		 
	 

	 
		StealthGas Inc., a Marshall Islands company
		(herein called the “Company”, which term includes any successor
		Person under the Indenture hereinafter referred to), for value received, hereby
		promises to pay to                                         
		                                        
		    , or registered
		assigns, the principal sum of                                         
		                                        
		                                     Dollars on                                         
		                         [ if the
		Security is to bear interest prior to Maturity, insert —, and to pay interest thereon from
		                                        
		     or from the
		most recent Interest Payment Date to which interest has been paid or duly
		provided for, semi-annually on                      and                      in each year, commencing                             , at the rate of          per annum, until the principal hereof is paid or made
		available for payment [ if applicable,
		insert —, and at the rate of
		         % per annum on any overdue principal and premium and on
		any overdue installment of interest]. The interest so payable, and punctually
		paid or duly provided for, on any Interest Payment Date will, as provided in
		such Indenture, be paid to the Person in whose name this Security (or one or
		more Predecessor Securities) is registered at the close of business on the
		Regular Record Date for such interest, which shall be the                  or                  (whether or not a Business Day), as the case may be,
		next preceding such Interest Payment Date. Any such interest not so punctually
		paid or duly provided for will forthwith cease to be payable to the Holder on
		such Regular Record Date and may either be paid to the Person in whose name
		this Security (or one or more Predecessor Securities) is registered at the
		close of business on a Special Record Date for the payment of such Defaulted
		Interest to be fixed by the Trustee, notice whereof shall be given to Holders
		of Securities of this series not less than 10 days prior to such Special Record
		Date, or be paid at any time in any other lawful manner not inconsistent with
		the requirements of any securities exchange on which the Securities of this
		series may be listed, and upon such notice as may be required by such exchange,
		all as more fully provided in said Indenture].
	 

	 
		[If
		the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear
		interest except in the case of a default in payment of principal upon
		acceleration, upon redemption or at Stated Maturity, and in such case the
		overdue principal of this Security shall bear interest at the rate of
		         % per annum, which shall accrue from the date
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		of such default in payment to the date
		payment of such principal has been made or duly provided for. Interest on any
		overdue principal shall be payable on demand. Any such interest on any overdue
		principal that is not so paid on demand shall bear interest at the rate of
		         % per annum which shall accrue from the date of such
		demand for payment to the date payment of such interest has been made or duly
		provided for, and such interest shall also be payable on demand.]
	 

	 
		Payment of the principal of (and premium, if
		any) and [ if applicable,
		insert — any such] interest on
		this Security will be made at the office or agency of the Company maintained
		for that purpose at the Trustee’s Corporate Trust Office, 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 [ if applicable, insert — ; provided,
		however, that at the option of the Company payment of interest
		may be made by check mailed to the address of the Person entitled thereto as
		such address shall appear in the Security Register].
	 

	 
		Reference is hereby made to the further
		provisions of this Security set forth on the reverse hereof, which further
		provisions shall for all purposes have the same effect as if set forth at this
		place.
	 

	 
		Unless the certificate of authentication
		hereon has been executed by the Trustee referred to on the reverse hereof by
		manual signature, this Security shall not be entitled to any benefit under the
		Indenture or be valid or obligatory for any purpose.
	 

	 
		IN WITNESS WHEREOF, the Company has caused
		this instrument to be duly executed under its corporate seal.
	 

	 
		Dated:
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  STEALTHGAS INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Attest:
	 

	 
			
				
				   
				

			 	
				
				  ________________________________
				

			 

 

	 
		Section 2.03
		Form of Reverse of
		Security. This Security is one of a
		duly authorized issue of securities of the Company (herein called the
		“Securities”), issued and to be issued in one or more series under an
		Indenture, dated as of                     , 2007 (herein called the “Indenture”), among
		the Company, the Subsidiary Guarantors named therein and Wells Fargo Bank,
		National Association, as Trustee (herein called the “Trustee”, which
		term includes any successor trustee under the Indenture), to which Indenture
		and all indentures supplemental 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		thereto reference is hereby made for a
		statement of the respective rights, limitations of rights, duties and
		immunities thereunder of the Company, the Subsidiary Guarantors, the Trustee,
		the holders of Senior Indebtedness and the Holders of the Securities and of the
		terms upon which the Securities and the Subsidiary Guarantees endorsed thereon
		are, and are to be, authenticated and delivered. This Security is one of the
		series designated on the face hereof [if
		applicable, insert —, limited in
		aggregate principal amount to $                      ].
	 

	 
		[If
		applicable, insert — Subject to
		and upon compliance with the provisions of the Indenture, the Holder of this
		Security is entitled, at his option, at any time on or before the close of
		business on                     , or in case this Security or a portion hereof is called
		for redemption, then in respect of this Security or such portion hereof until
		and including, but (unless the Company defaults in making the payment due upon
		redemption) not after, the close of business on the 10th calendar day before
		the Redemption Date, to convert this Security (or any portion of the principal
		amount hereof which is $1,000 or an integral multiple thereof), at the
		principal amount hereof, or of such portion, into fully paid and non-assessable
		shares (calculated as to each conversion to the nearest 1/100 of a share) of
		Common Stock of the Company at a conversion price per share of Common Stock
		equal to $              per each share of Common Stock (or at the current
		adjusted conversion price if an adjustment has been made as provided in the
		Indenture) by surrender of this Security, duly endorsed or assigned to the
		Company or in blank, to the Company at its office or agency in                     , accompanied by written notice to the Company that the
		Holder hereof elects to convert this Security, or if less than the entire
		principal amount hereof is to be converted, the portion hereof to be converted,
		and, in case such surrender shall be made during the period from the close of
		business on any Regular Record Date next preceding any Interest Payment Date to
		the opening of business on such Interest Payment Date (unless this Security or
		the portion thereof being converted has been called for redemption on a
		Redemption Date within such period), also accompanied by payment in funds
		acceptable to the Company of an amount equal to the interest payable on such
		Interest Payment Date on the principal amount of this Security then being
		converted. Subject to the aforesaid requirement for payment and, in the case of
		a conversion after the Regular Record Date next preceding any Interest Payment
		Date and on or before such Interest Payment Date, to the right of the Holder of
		this Security (or any Predecessor Security) of record at such Regular Record
		Date to receive an installment of interest (with certain exceptions provided in
		the Indenture), no payment or adjustment is to be made on conversion for
		interest accrued hereon or for dividends on the Common Stock issued on
		conversion. No fractions of shares or scrip representing fractions of shares
		will be issued on conversion, but instead of any fractional interest the
		Company shall pay a cash adjustment as provided in the Indenture. The
		conversion price is subject to adjustment as provided in the Indenture. In
		addition, the Indenture provides that in case of certain consolidations or
		mergers to which the Company is a party or the transfer of substantially all of
		the assets of the Company, the Indenture shall be amended, without the consent
		of any Holders of Securities, so that this Security, if then outstanding, will
		be convertible thereafter, during the period this Security shall be convertible
		as specified above, only into the kind and amount of securities, cash and other
		property receivable upon the consolidation, merger or transfer by a holder of
		the number of shares of Common Stock into which this Security might have been
		converted immediately prior to such consolidation, merger or transfer (assuming
		such holder of Common Stock failed to exercise any rights of election and
		received per share the kind and amount received per share by a plurality of
		non-electing shares).]
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
	 

	 

	 
		[If
		applicable, insert The Securities of
		this series are subject to redemption upon not less than 30 days’ notice
		delivered, [ if applicable,
		insert — (1) on                      in any year commencing with the year 20      and ending with the year 20      through operation of the sinking fund for this series
		at a Redemption Price equal to 100% of the principal amount, and (2)] at any
		time [ if applicable,
		insert — on or after
		            , 20      ], as a whole or in part, at the election of the
		Company, at the following Redemption Prices (expressed as percentages of the
		principal amount): If redeemed [ if
		applicable, insert — on or before
		                    ,      %, and if redeemed] during the 12-month period
		beginning                      of the years indicated,
	 

	 
		 
	 

	 
			
				
				  Year
				

			 	
				
				   
				

			 	
				
				  Redemption
				

			 	
				
				   
				

			 	
				
				  Year
				

			 	
				
				   
				

			 	
				
				  Redemption 

				  Price
				

			 

 

	 
		 
	 

	 
		and thereafter at a Redemption Price equal
		to                      % of the principal amount, together in the case of any
		such redemption [ if applicable,
		insert — (whether through
		operation of the sinking fund or otherwise)] with accrued interest to the
		Redemption Date, but interest installments whose Stated Maturity is on or prior
		to such Redemption Date will be payable to the Holders of such Securities, or
		one or more Predecessor Securities, of record at the close of business on the
		relevant Record Dates referred to on the face hereof, all as provided in the
		Indenture.]
	 

	 
		[If
		applicable, insert — The
		Securities of this series are subject to redemption upon not less than 30
		days’ notice delivered, (1) on                          in any year commencing with the year                  and ending with the year                  through operation of the sinking fund for this series
		at the Redemption Prices for redemption through operation of the sinking fund
		(expressed as percentages of the principal amount) set forth in the table
		below, and (2) at any time [if applicable, insert — on or after
		                         ], as a whole or in part, at the election of the
		Company, at the Redemption Prices for redemption otherwise than through
		operation of the sinking fund (expressed as percentages of the principal
		amount) set forth in the table below: If redeemed during the 12-month period
		beginning                          of the years indicated,
	 

	 
		 
	 

	 
			
				
				  Year
				

			 	
				
				   
				

			 	
				
				  Redemption Price

				  for Redemption
 Through Operation
 of the Sinking Fund
				

			 	
				
				   
				

			 	
				
				  Redemption Price
				  for
 Redemption
				  Otherwise
 Than Through
				  Operation
 of the Sinking
				  Fund
				

			 

 

	 
		 
	 

	 
		and thereafter at a Redemption Price equal
		to              % of the principal amount, together in the case of any
		such redemption (whether through operation of the sinking fund or otherwise)
		with accrued interest to the Redemption Date, but interest installments whose
		Stated Maturity is on or prior to such Redemption Date will be payable to the
		Holders of such Securities, or one or more Predecessor Securities, of record at
		the close of business on the relevant Record Dates referred to on the face
		hereof, all as provided in the Indenture.]
	 

	 
		[If
		applicable, insert —
		Notwithstanding the foregoing, the Company may not, prior to                         , redeem any Securities of this series as contemplated
		by [ if applicable,
		insert — Clause (2) of] the
		preceding paragraph as a part of, or in anticipation of, any refunding
		operation by the application, directly or indirectly, of moneys borrowed having
		an interest cost to the 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				  Company (calculated in accordance
				  with generally accepted financial practice) of less than 
				

			 	
				
				  _______________________ % per
				  annum.]
				

			 

 

	 
		[If
		applicable, insert — The sinking
		fund for this series provides for the redemption on                      in each year beginning with the year                  and ending with the year                  of [ if
		applicable, insert — not less than
		$                          (“mandatory sinking fund”) and not more than]
		$                  aggregate principal amount of Securities of this
		series. Securities of this series acquired or redeemed by the Company otherwise
		than through [if applicable,
		insert — mandatory] sinking fund
		payments [if applicable,
		insert — and Securities
		surrendered for conversion] may be credited against subsequent
		[if applicable, insert — mandatory] sinking fund payments otherwise
		required to be made [if applicable,
		insert — in the inverse order in
		which they become due.]
	 

	 
		[If
		the Security is subject to redemption of any kind, insert
		— In the event of redemption or conversion of this Security in part only,
		a new Security or Securities of this series and of like tenor for the
		unredeemed or unconverted portion hereof will be issued in the name of the
		Holder hereof upon the cancellation hereof.]
	 

	 
		The indebtedness evidenced by this Security
		is, to the extent provided in the Indenture, subordinate and subject in right
		of payment to the prior payment in full of all Senior Indebtedness, and this
		Security is issued subject to the provisions of the Indenture with respect
		thereto. Each Holder of this Security, by accepting the same, (a) agrees to and
		shall be bound by such provisions, (b) authorizes and directs the Trustee on
		his behalf to take action as may be necessary or appropriate to effectuate the
		subordination so provided and (c) appoints the Trustee his attorney-in-fact for
		any and all such purposes.
	 

	 
		As provided in the Indenture and subject to
		certain limitations therein set forth, the obligations of the Company under the
		Indenture and this Security are Guaranteed on a subordinated basis pursuant to
		Subsidiary Guarantees endorsed hereon. The Indenture provides that a Subsidiary
		Guarantor shall be released from its Subsidiary Guarantee upon compliance with
		certain conditions.
	 

	 
		[If
		applicable, insert — The Indenture
		contains provisions for defeasance at any time of [(1) the entire indebtedness
		of this Security or (2)] certain restrictive covenants and Events of Default
		with respect to this Security, in each case upon compliance with certain
		conditions set forth in the Indenture.]
	 

	 
		[If
		the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to
		Securities of this series shall occur and be continuing, the principal of the
		Securities of this series may be declared due and payable in the manner and
		with the effect provided in the Indenture.]
	 

	 
		[If
		the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to
		Securities of this series shall occur and be continuing, an amount of principal
		of the Securities of this series may be declared due and payable in the manner
		and with the effect provided in the Indenture. Such amount shall be equal to
		insert — formula for determining
		the amount.] Upon payment (i) of the
		amount of principal so declared due and payable and (ii) of 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
	 

	 

	 
		interest on any overdue principal and
		overdue interest all of the Company’s obligations in respect of the
		payment of the principal of and interest, if any, on the Securities of this
		series shall terminate.]
	 

	 
		The Indenture permits, with certain
		exceptions as therein provided, the amendment thereof and the modification of
		the rights and obligations of the Company and the Subsidiary Guarantors and the
		rights of the Holders of the Securities of each series to be affected under the
		Indenture at any time by the Company, the Subsidiary Guarantors and the Trustee
		with the consent of the Holders of a majority in principal amount of the
		Securities at the time Outstanding of each series to be affected. The Indenture
		also contains provisions permitting the Holders of specified percentages in
		principal amount of the Securities of each series at the time Outstanding, on
		behalf of the Holders of all Securities of such series, to waive compliance by
		the Company or the Subsidiary Guarantors with certain provisions of the
		Indenture and certain past defaults under the Indenture and their consequences.
		Any such consent or waiver by the Holder of this Security shall be conclusive
		and binding upon such Holder and upon all future Holders of this Security and
		of any Security issued upon the registration of transfer hereof or in exchange
		herefor or in lieu hereof, whether or not notation of such consent or waiver is
		made upon this Security.
	 

	 
		As provided in and subject to the provisions
		of the Indenture, the Holder of this Security shall not have the right to
		institute any proceeding with respect to the Indenture or for the appointment
		of a receiver or trustee or for any other remedy thereunder, unless such Holder
		shall have previously given the Trustee written notice of a continuing Event of
		Default with respect to the Securities of this series, the Holders of not less
		than 25% in principal amount of the Securities of this series at the time
		Outstanding shall have made written request to the Trustee to institute
		proceedings in respect of such Event of Default as Trustee and offered the
		Trustee reasonable indemnity, and the Trustee shall not have received from the
		Holders of a majority in principal amount of Securities of this series at the
		time Outstanding a direction inconsistent with such request, and shall have
		failed to institute any such proceeding, for 60 days after receipt of such
		notice, request and offer of indemnity. The foregoing shall not apply to any
		suit instituted by the Holder of this Security for the enforcement of any
		payment of principal hereof or any premium or interest hereon on or after the
		respective due dates expressed herein.
	 

	 
		Subject to the rights of holders of Senior
		Indebtedness, as set forth in the Indenture, no other reference herein to the
		Indenture and no other provision of this Security or of the Indenture shall
		alter or impair the obligation of the Company, which is absolute and
		unconditional, to pay the principal of (and premium, if any) and interest on
		this Security at the times, place and rate, and in the coin or currency, herein
		prescribed or to convert this Security as provided in the Indenture.
	 

	 
		As provided in the Indenture and subject to
		certain limitations therein set forth, the transfer of this Security is
		registerable in the Security Register, upon surrender of this Security for
		registration of transfer at the office or agency of the Company in any place
		where the principal of and any premium and interest on this Security are
		payable, duly endorsed by, or accompanied by a written instrument of transfer
		in form satisfactory to the Company and the Security Registrar duly executed
		by, the Holder hereof or his attorney duly authorized in writing, and thereupon
		one or more new Securities of this series and of like tenor, of authorized
		
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
	 

	 

	 
		denominations and for the same aggregate
		principal amount, will be issued to the designated transferee or
		transferees.
	 

	 
		The Securities of this series are issuable
		only in registered form without coupons in denominations of $1,000 and any
		integral multiple thereof. As provided in the Indenture and subject to certain
		limitations therein set forth, Securities of this series are exchangeable for a
		like aggregate principal amount of Securities of this series and of like tenor
		of a different authorized denomination, as requested by the Holder surrendering
		the same.
	 

	 
		No service charge shall be made for any such
		registration of transfer or exchange, but the Company or the Security Registrar
		may require payment of a sum sufficient to cover any tax or other governmental
		charge payable in connection therewith.
	 

	 
		Prior to due presentment of this Security
		for registration of transfer, the Company, the Subsidiary Guarantors, the
		Trustee and any agent of the Company, the Subsidiary Guarantors or the Trustee
		may treat the Person in whose name this Security is registered as the owner
		hereof for all purposes, whether or not this Security be overdue, and neither
		the Company, the Subsidiary Guarantors, the Trustee nor any such agent shall be
		affected by notice to the contrary.
	 

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

	 
		[If applicable, insert —
	 

	 
		[FORM OF CONVERSION NOTICE]
	 

	 
		To: STEALTHGAS INC.
	 

	 
		The undersigned owner of this Security
		hereby irrevocably exercises the option to convert this Security, or portion
		hereof (which is $1,000 or an integral multiple thereof) below designated, into
		shares of Common Stock of StealthGas Inc., in accordance with the terms of the
		Indenture referred to in this Security, and directs that the shares issuable
		and deliverable upon the conversion, together with any check in payment for
		fractional shares and any Securities, representing any unconverted principal
		amount hereof, be issued and delivered to the registered holder hereof unless a
		different name has been indicated below. If shares are to be issued in the name
		of a person other than the undersigned, the undersigned will pay all transfer
		taxes payable with respect thereto. Any amount required to be paid by the
		undersigned on account of interest accompanies this Security.
	 

	 
		Dated:
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   Fill in for registration
				  of
 shares of Common Stock
				  and
 Securities if to be
				  issued
 otherwise than to the

				  registered holder.
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Principal Amount to be

				  converted (in an integral

				  multiple of $1,000, if

				  less than all):
				

			 
	
				
				   
				

				
				            __________________________________________

				

			 	
				
				   
				

			 	
				
				  $
				

			 
	
				
				  Name
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

				
				            __________________________________________

				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Address
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

				
				            __________________________________________

				

			 	
				
				   
				

			 	
				
				   

				            _____________________________________

				

			 

 

	 
		 
	 

	 
			
				
				  (Please print name and
				  address, including zip code
				  number)
				

			 	
				
				   
				

			 	
				
				  Signature
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SOCIAL SECURITY OR OTHER
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  TAXPAYER IDENTIFYING
				

				
				  NUMBER
				

			 	
				
				   
				

			 	
				
				  [SIGNATURE GUARANTEED
				  —  
				

				
				  required only if
				

				
				  Common Stock and Securities are to
				  be
				

				
				  issued and delivered to other than
				  registered
				

				
				  holder]
				

			 

 

	 
		 
	 

	 
		[ _________________________________ ]
	 

	 
		Section 2.04
		Form of Legend for Global
		Securities. Unless otherwise specified
		as contemplated by Section 3.01 for the Securities evidenced thereby, every
		Global Security authenticated and delivered hereunder shall bear a legend in
		substantially the following form:
	 

	 
		This Security is a Global Security within
		the meaning of the Indenture hereinafter referred to and is registered in the
		name of a Depositary or a nominee thereof. This Security may not be transferred
		to, or registered or exchanged for Securities registered in the name of, any
		Person other than the Depositary or a nominee thereof and no such transfer may
		be registered, except in the limited circumstances described in the Indenture.
		Every Security authenticated and delivered upon registration of transfer of, or
		in exchange for or in lieu of, this Security shall be a Global Security subject
		to the foregoing, except in such limited circumstances.
	 

	 
		Section 2.05
		Form of Trustee’s Certificate of
		Authentication. The Trustee’s
		certificates of authentication shall be in substantially the following
		form:
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 
	 

	 

	 
		This is one of the Securities of the series
		designated herein with the Subsidiary Guarantees endorsed hereon and referred
		to in the within-mentioned Indenture.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  WELLS FARGO BANK, NATIONAL
				  ASSOCIATION,
 as Trustee
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Authorized Signatory
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Dated: 
				

			 	
				
				   
				

			 

 

	 
		Section 2.06
		Form of Guarantee.
	 

	 
		GUARANTEE
	 

	 
		For value received, each of the Subsidiary
		Guarantors listed below hereby jointly and severally unconditionally guarantees
		to the Holder of the Security upon which this Guarantee is endorsed, and to the
		Trustee on behalf of such Holder, the due and punctual payment of the principal
		of (and premium, if any) and interest on such Security when and as the same
		shall become due and payable, whether at the Stated Maturity, by acceleration,
		call for redemption, purchase or otherwise, according to the terms thereof and
		of the Indenture referred to therein. In case of the failure of the Company
		punctually to make any such payment, each of the Subsidiary Guarantors hereby
		jointly and severally agrees to cause such payment to be made punctually when
		and as the same shall become due and payable, whether at the Stated Maturity or
		by acceleration, call for redemption, purchase or otherwise, and as if such
		payment were made by the Company.
	 

	 
		Each of the Subsidiary Guarantors hereby
		jointly and severally agrees that its obligations hereunder shall be
		unconditional, irrespective of the validity, regularity or enforceability of
		such Security or the Indenture, the absence of any action to enforce the same
		or any release or amendment or waiver of any term of any other Guarantee of, or
		any consent to departure from any requirement of any other Guarantee of all or
		of any of the Securities, the election by the Trustee or any of the Holders in
		any proceeding under Chapter 11 of the Bankruptcy Code of the application of
		Section 1111(b)(2) of the Bankruptcy Code, any borrowing or grant of a security
		interest by the Company, as debtor-in-possession, under Section 364 of the
		Bankruptcy Code, the disallowance, under Section 502 of the Bankruptcy Code, of
		all or any portion of the claims of the Trustee or any of the Holders for
		payment of any of the Securities, any waiver or consent by the Holder of such
		Security or by the Trustee or either of them with respect to any provisions
		thereof or of the Indenture, the obtaining of any judgment against the Company
		or any action to enforce the same or any other circumstances which might
		otherwise constitute a legal or equitable discharge or defense of a guarantor.
		Each of the Subsidiary Guarantors hereby waives the benefits of diligence,
		presentment, demand of payment, any requirement that the Trustee or any of the
		Holders exhaust any right or take any action against the Company or any other
		Person,
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 
	 

	 

	 
		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 or notice with respect to such Security or
		the Indebtedness evidenced thereby and all demands whatsoever, and covenants
		that this Subsidiary Guarantee will not be discharged except by complete
		performance of the obligations contained in such Security and in this
		Subsidiary Guarantee. Each of the Subsidiary Guarantors hereby agrees that, in
		the event of a default in payment of principal (or premium, if any) or interest
		on such Security, whether at the Stated Maturity, by acceleration, call for
		redemption, purchase or otherwise, legal proceedings may be instituted by the
		Trustee on behalf of, or by, the Holder of such Security, subject to the terms
		and conditions set forth in the Indenture, directly against each of the
		Subsidiary Guarantors to enforce this Subsidiary Guarantee without first
		proceeding against the Company. Each Subsidiary Guarantor agrees that if, after
		the occurrence and during the continuance of an Event of Default, the Trustee
		or any of the Holders are prevented by applicable law from exercising their
		respective rights to accelerate the maturity of the Securities, to collect
		interest on the Securities, or to enforce or exercise any other right or remedy
		with respect to the Securities, such Subsidiary Guarantor agrees to pay to the
		Trustee for the account of the Holders, upon demand therefor, the amount that
		would otherwise have been due and payable had such rights and remedies been
		permitted to be exercised by the Trustee or any of the Holders.
	 

	 
		The indebtedness of each Subsidiary
		Guarantor evidenced by this Subsidiary Guarantee is, to the extent provided in
		the Indenture, subordinate and subject in right of payment to the prior payment
		in full of all Senior Indebtedness of such Subsidiary Guarantor, and this
		Subsidiary Guarantee is issued subject to the provisions of the Indenture with
		respect thereto. Each Holder of this Security, by accepting the same, (a)
		agrees to and shall be bound by such provisions, (b) authorizes and directs the
		Trustee on his behalf to take such action as may be necessary or appropriate to
		effectuate the subordination so provided and (c) appoints the Trustee his
		attorney-in-fact for any and all such purposes.
	 

	 
		No reference herein to the Indenture and no
		provision of this Subsidiary Guarantee or of the Indenture shall alter or
		impair the Subsidiary Guarantee of any Subsidiary Guarantor, which is absolute
		and unconditional, of the due and punctual payment of the principal (and
		premium, if any) and interest on the Security upon which this Subsidiary
		Guarantee is endorsed.
	 

	 
		Each Subsidiary Guarantor shall be
		subrogated to all rights of the Holder of this Security against the Company in
		respect of any amounts paid by such Subsidiary Guarantor on account of this
		Security pursuant to the provisions of its Subsidiary Guarantee or the
		Indenture; provided, however, that
		such Subsidiary Guarantor shall not be entitled to enforce or to receive any
		payments arising out of, or based upon, such right of subrogation until the
		principal of (and premium, if any) and interest on this Security and all other
		Securities issued under the Indenture shall have been paid in full.
	 

	 
		This Subsidiary Guarantee shall remain in
		full force and effect and continue to be effective should any petition be filed
		by or against the Company for liquidation or reorganization, should the Company
		become insolvent or make an assignment for the benefit of creditors or should a
		receiver or trustee be appointed for all or any significant part of the
		Company’s assets, and shall, to the fullest extent permitted by law,
		continue to be effective or be reinstated, as the case may be, if at any time
		payment and performance of the Securities is,
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 
	 

	 

	 
		pursuant to applicable law, rescinded or
		reduced in amount, or must otherwise be restored or returned by any obligee on
		the Securities whether as a “voidable preference,” “fraudulent
		transfer,” or otherwise, all as though such payment or performance had not
		been made. In the event that any payment, or any part thereof, is rescinded,
		reduced, restored or returned, the Securities shall, to the fullest extent
		permitted by law, be reinstated and deemed reduced only by such amount paid and
		not so rescinded, reduced, restored or returned.
	 

	 
		The Subsidiary Guarantors shall have the
		right to seek contribution from any non-paying Subsidiary Guarantor so long as
		the exercise of such right does not impair the rights of the Holders under this
		Subsidiary Guarantee.
	 

	 
		The Subsidiary Guarantors or any particular
		Subsidiary Guarantor shall be released from this Subsidiary Guarantee upon the
		terms and subject to certain conditions provided in the Indenture.
	 

	 
		By delivery of a Supplemental Indenture to
		the Trustee in accordance with the terms of the Indenture, each Person that
		becomes a Subsidiary Guarantor after the date of the Indenture will be deemed
		to have executed and delivered this Guarantee for the benefit of the Holder of
		this Security with the same effect as if such Subsidiary Guarantor was named
		below.
	 

	 
		All terms used in this Subsidiary Guarantee
		which are defined in the Indenture referred to in the Security upon which this
		Subsidiary Guarantee is endorsed shall have the meanings assigned to them in
		such Indenture.
	 

	 
		This Subsidiary Guarantee shall not be valid
		or obligatory for any purpose until the certificate of authentication on the
		Security upon which this Subsidiary Guarantee is endorsed shall have been
		executed by the Trustee under the Indenture by manual signature.
	 

	 
		Reference is made to Article XIV and Article
		XVI of the Indenture for further provisions with respect to this Subsidiary
		Guarantee.
	 

	 
		THIS SUBSIDIARY GUARANTEE SHALL BE GOVERNED
		BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
	 

	 
		IN WITNESS WHEREOF, each of the Subsidiary
		Guarantors has caused this Subsidiary Guarantee to be duly executed.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  [Insert Subsidiary Guarantors, as
				  applicable]
 Each as Subsidiary
				  Guarantor
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Authorized Signatory
				

			 

 

	 
		 
	 

	 
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		ARTICLE III
	 

	 
		 
	 

	 
		THE SECURITIES
	 

	 
		Section 3.01
		Amount Unlimited; Issuable in Series. The aggregate principal amount of
		Securities which may be authenticated and delivered under this Indenture is
		unlimited.
	 

	 
		The Securities may be issued in one or more
		series. There shall be established in or pursuant to a Board Resolution and,
		subject to Section 3.03, set forth, or determined in the manner provided, in an
		Officer’s Certificate, or established in one or more indentures
		supplemental hereto, prior to the issuance of Securities of any series,
	 

	 
		(1) the title of the Securities of the
		series, including CUSIP Numbers (which shall distinguish the Securities of the
		series from Securities of any other series);
	 

	 
		(2) any limit upon the aggregate principal
		amount of the Securities of the series which may be authenticated and delivered
		under this Indenture (except for Securities authenticated and delivered upon
		registration of transfer of, or in exchange for, or in lieu of, other
		Securities of the series pursuant to Section 3.04, 3.05, 3.06, or 9.06 and
		except for any Securities which, pursuant to Section 3.03, are deemed never to
		have been authenticated and delivered hereunder);
	 

	 
		(3) the Person to whom any interest on a
		Security of the series shall be payable, if other than the Person in whose name
		that Security (or one or more Predecessor Securities) is registered at the
		close of business on the Regular Record Date for such interest;
	 

	 
		(4) the date or dates on which the principal
		of the Securities of the series is payable;
	 

	 
		(5) the rate or rates at which the
		Securities of the series shall bear interest, if any, the date or dates from
		which such interest shall accrue, the Interest Payment Dates on which any such
		interest shall be payable and the Regular Record Date for any interest payable
		on any Interest Payment Date;
	 

	 
		(6) the place or places where the principal
		of and any premium and interest on Securities of the series shall be
		payable;
	 

	 
		(7) the period or periods within which, the
		price or prices at which and the terms and conditions upon which Securities of
		the series may be redeemed, in whole or in part, at the option of the
		Company;
	 

	 
		(8) the obligation, if any, of the Company
		to redeem or purchase Securities of the series pursuant to any sinking fund or
		analogous provisions or at the option of a Holder thereof and the period or
		periods within which, the price or prices at which and the terms and conditions
		upon which Securities of the series shall be redeemed or purchased, in whole or
		in part, pursuant to such obligation;
	 

	 
		 
	 

	 
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		(9) if other than denominations of $1,000
		and any integral multiple thereof, the denominations in which Securities of the
		series shall be issuable;
	 

	 
		(10) the currency, currencies or currency
		units in which payment of the principal of and any premium and interest on any
		Securities of the series shall be payable if other than the currency of the
		United States of America and the manner of determining the equivalent thereof
		in the currency of the United States of America for purposes of the definition
		of “Outstanding” in Section 1.01;
	 

	 
		(11) if the amount of payments of principal
		of or any premium or interest on any Securities of the series may be determined
		with reference to an index, the manner in which such amounts shall be
		determined;
	 

	 
		(12) if the principal of or any premium or
		interest on any Securities of the series is to be payable, at the election of
		the Company or a Holder thereof, in one or more currencies or currency units
		other than that or those in which the Securities are stated to be payable, the
		currency, currencies or currency units in which payment of the principal of and
		any premium and interest on Securities of such series as to which such election
		is made shall be payable, and the periods within which and the terms and
		conditions upon which such election is to be made;
	 

	 
		(13) if other than the principal amount
		thereof, the portion of the principal amount of Securities of the series which
		shall be payable upon declaration of acceleration of the Maturity thereof
		pursuant to Section 5.02;
	 

	 
		(14) the applicability, nonapplicability, or
		variation, of Article XIV with respect to the Securities of such Series;

	 

	 
		(15) if applicable, that the Securities of
		the series shall be subject to either or both of Defeasance or Covenant
		Defeasance as provided in Article XIII; provided that no series of Securities
		that is convertible into Common Stock as provided in Article XV or convertible
		into or exchangeable for any other securities pursuant to Section 3.01(18)
		shall be subject to Defeasance pursuant to Section 13.02;
	 

	 
		(16) if and as applicable, that the
		Securities of the series shall be issuable in whole or in part in the form of
		one or more Global Securities and, in such case, the Depositary or Depositaries
		for such Global Security or Global Securities and any circumstances other than
		those set forth in Section 3.05 in which any such Global Security may be
		transferred to, and registered and exchanged for Securities registered in the
		name of, a Person other than the Depositary for such Global Security or a
		nominee thereof and in which any such transfer may be registered;
	 

	 
		(17) the terms and conditions, if any,
		pursuant to which the Securities are convertible into Common Stock of the
		Company pursuant to Article XV, and any variation thereof;
	 

	 
		(18) the terms and conditions, if any,
		pursuant to which the Securities are convertible into or exchangeable for any
		other securities;
	 

	 
		 
	 

	 
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		(19) any addition to or change in the Events
		of Default set forth in Section 5.01 and the covenants set forth in Article X
		which applies to Securities of the series;
	 

	 
		(20) any requirements for Subsidiary
		Guarantees by any Subsidiary Guarantors; and
	 

	 
		(21) any other terms of the series (which
		terms shall not be inconsistent with the provisions of this Indenture, except
		as permitted by Section 9.01(5)).
	 

	 
		All Securities of any one series shall be
		substantially identical except as to denomination and except as may otherwise
		be provided in or pursuant to the Board Resolution referred to above and
		(subject to Section 3.03) set forth, or determined in the manner provided, in
		the Officer’s Certificate referred to above or in any such indenture
		supplemental hereto.
	 

	 
		If any of the terms of the series are
		established by action taken pursuant to a Board Resolution, a copy of an
		appropriate record of such action shall be certified by the Secretary or an
		Assistant Secretary of the Company and delivered to the Trustee at or prior to
		the delivery of the Officer’s Certificate setting forth the terms of the
		series.
	 

	 
		The Company may, from time to time, by
		adoption of a Board Resolution and subject to compliance with any other
		applicable provisions of this Indenture, without the consent of the Holders,
		create and issue pursuant to this Indenture additional securities of any series
		of Securities (“Add On Securities”) having terms and conditions
		identical to those of such series of Outstanding Securities, except that such
		Add On Securities:
	 

	 
		(i) may have a different issue date from
		such series of Outstanding Securities;
	 

	 
		(ii) may have a different amount of interest
		payable on the first Interest Payment Date after issuance than is payable on
		such series of Outstanding Securities; and
	 

	 
		(iii) may have terms specified in such Board
		Resolution for such Add On Securities making appropriate adjustments to this
		Article III applicable to such Add On Securities in order to conform to and
		ensure compliance with the Securities Act (or applicable securities laws) which
		are not adverse in any material respect to the Holder of any Outstanding
		Securities (other than such Add On Securities) and which shall not affect the
		rights or duties of the Trustee.
	 

	 
		Section 3.02
		Denominations. The Securities of each series shall be issuable only
		in registered form without coupons in such denominations as shall be specified
		as contemplated by Section 3.01. In the absence of any such specified
		denomination with respect to the Securities of any series, the Securities of
		such series shall be issuable in denominations of $1,000 and any integral
		multiple thereof.
	 

	 
		Section 3.03
		Execution, Authentication, Delivery and
		Dating. The Securities shall be
		executed on behalf of the Company by its Chairman of the Board, its Vice
		Chairman of the Board, its President or one of its Vice Presidents attested by
		its Chief Financial Officer, Finance 
	 

	 
		 
	 

	 
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		Director, its Treasurer or an Assistant
		Treasurer, its Secretary or one of its Assistant Secretaries. The signature of
		any of these officers on the Securities may be manual or facsimile.
	 

	 
		Securities bearing the manual or facsimile
		signatures of individuals who were at any time the proper officers of the
		Company shall bind the Company, notwithstanding that such individuals or any of
		them have ceased to hold such offices prior to the authentication and delivery
		of such Securities or did not hold such offices at the date of such
		Securities.
	 

	 
		At any time and from time to time after the
		execution and delivery of this Indenture, the Company may deliver Securities of
		any Series executed by the Company and having endorsed thereon the Subsidiary
		Guarantees executed pursuant to Section 14.02 by the Subsidiary Guarantors to
		the Trustee for authentication, together with a Company Order for the
		authentication and delivery of such Securities with the Subsidiary Guarantees
		endorsed thereon, and the Trustee in accordance with the Company Order shall
		authenticate and deliver such Securities with the Subsidiary Guarantees
		endorsed thereon. If the form or terms of the Securities of the series have
		been established in or pursuant to one or more Board Resolutions as permitted
		by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the
		additional responsibilities under this Indenture in relation to such
		Securities, the Trustee shall be entitled to receive, and (subject to Section
		6.01) shall be fully protected in relying upon, an Opinion of Counsel
		stating,
	 

	 
		(1) if the form of such Securities has been
		established by or pursuant to Board Resolution as permitted by Section 2.01,
		that such form has been established in conformity with the provisions of this
		Indenture;
	 

	 
		(2) if the terms of such Securities have
		been established by or pursuant to Board Resolution as permitted by Section
		3.01, that such terms have been established in conformity with the provisions
		of this Indenture; and
	 

	 
		(3) that such Securities, when authenticated
		and delivered by the Trustee and issued by the Company in the manner and
		subject to any conditions specified in such Opinion of Counsel, will constitute
		valid and legally binding obligations of the Company enforceable in accordance
		with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
		reorganization, moratorium and similar laws of general applicability relating
		to or affecting creditors’ rights and to general equity principles.

	 

	 
		If such form or terms have been so
		established, the Trustee shall not be required to authenticate such Securities
		if the issue of such Securities pursuant to this Indenture will affect the
		Trustee’s own rights, duties or immunities under the Securities and this
		Indenture or otherwise in a manner which is not reasonably acceptable to the
		Trustee.
	 

	 
		Notwithstanding the provisions of Section
		3.01 and of the preceding paragraph, if all Securities of a series are not to
		be originally issued at one time, it shall not be necessary to deliver the
		Officer’s Certificate otherwise required pursuant to Section 3.01 or the
		Opinion of Counsel otherwise required pursuant to such preceding paragraph at
		or prior to the time of authentication of each Security of such series if such
		documents are delivered at or prior to the authentication upon original
		issuance of the first Security of such series to be issued.
	 

	 
		 
	 

	 
		29
	 

	 
		 
	 

	 
	 

	 

	 
		Each Security shall be dated the date of its
		authentication.
	 

	 
		No Security or Subsidiary Guarantee shall be
		entitled to any benefit under this Indenture or be valid or obligatory for any
		purpose unless there appears on such Security a certificate of authentication
		substantially in the form provided for herein executed by the Trustee by manual
		signature, and such certificate upon any Security shall be conclusive evidence,
		and the only evidence, that such Security and the Subsidiary Guarantee endorsed
		thereon have been duly authenticated and delivered hereunder. Notwithstanding
		the foregoing, if any Security shall have been authenticated and delivered
		hereunder but never issued and sold by the Company, and the Company shall
		deliver such Security to the Trustee for cancellation as provided in Section
		3.09, for all purposes of this Indenture such Security shall be deemed never to
		have been authenticated and delivered hereunder and shall never be entitled to
		the benefits of this Indenture.
	 

	 
		Section 3.04
		Temporary Securities. Pending the preparation of definitive Securities of
		any series, the Company may execute, and upon Company Order the Trustee shall
		authenticate and deliver, temporary Securities which are printed, lithographed,
		typewritten, mimeographed or otherwise produced, in any authorized
		denomination, substantially of the tenor of the definitive Securities in lieu
		of which they are issued and having endorsed thereon the Subsidiary Guarantees
		substantially of the tenor of the definitive Subsidiary Guarantees in lieu of
		which they are issued duly executed by the Subsidiary Guarantors and with such
		appropriate insertions, omissions, substitutions and other variations as the
		officers executing such Securities and Subsidiary Guarantees may determine, as
		evidenced by their execution of such Securities and Subsidiary
		Guarantees.
	 

	 
		If temporary Securities of any series are
		issued, the Company will cause definitive Securities of that series to be
		prepared without unreasonable delay. After the preparation of definitive
		Securities of such series, the temporary Securities of such series shall be
		exchangeable for definitive Securities of such series upon surrender of the
		temporary Securities of such series at the office or agency of the Company in a
		Place of Payment for that series, without charge to the Holder. Upon surrender
		for cancellation of any one or more temporary Securities of any series the
		Company shall execute and the Trustee shall authenticate and deliver in
		exchange therefor one or more definitive Securities of the same series, of any
		authorized denominations and of a like aggregate principal amount and having
		endorsed thereon Subsidiary Guarantees of the same tenor executed by the
		Subsidiary Guarantors. Until so exchanged, the temporary Securities of any
		series shall in all respects be entitled to the same benefits under this
		Indenture as definitive Securities of such series and tenor.
	 

	 
		Section 3.05
		Registration, Registration of Transfer
		and Exchange. The Company shall cause
		to be kept at the Corporate Trust Office of the Trustee a register (the
		register maintained in such office and in any other office or agency of the
		Company in a Place of Payment being herein sometimes collectively referred to
		as the “Security Register”) in which, subject to such reasonable
		regulations as it may prescribe, the Company shall provide for the registration
		of Securities and of transfers of Securities. The Trustee is hereby appointed
		“Security Registrar” for the purpose of registering Securities and
		transfers of Securities as herein provided.
	 

	 
		Upon surrender for registration of transfer
		of any Security of any series at the office or agency in a Place of Payment for
		that series, the Company shall execute, and the Trustee shall 
	 

	 
		 
	 

	 
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		authenticate and deliver, in the name of the
		designated transferee or transferees, one or more new Securities of the same
		series, of any authorized denominations and of a like tenor and aggregate
		principal amount, each such Security having endorsed thereon the Subsidiary
		Guarantees executed by the Subsidiary Guarantors.
	 

	 
		At the option of the Holder, Securities of
		any series may be exchanged for other Securities of the same series, of any
		authorized denominations and of a like tenor and aggregate principal amount,
		and having the Subsidiary Guarantee endorsed thereon executed by each
		Subsidiary Guarantor, upon surrender of the Securities to be exchanged at such
		office or agency. Whenever any Securities are so surrendered for exchange, the
		Company shall execute, the Subsidiary Guarantors shall execute the Subsidiary
		Guarantees endorsed on and the Trustee shall authenticate and deliver, the
		Securities which the Holder making the exchange is entitled to receive.
	 

	 
		All Securities and the Subsidiary Guarantees
		endorsed thereon issued upon any registration of transfer or exchange of
		Securities shall be the valid obligations of the Company and the respective
		Subsidiary Guarantors, evidencing the same debt and Subsidiary Guarantees, and
		entitled to the same benefits under this Indenture, as the Securities and
		Subsidiary Guarantees surrendered upon such registration of transfer or
		exchange.
	 

	 
		Every Security presented or surrendered for
		registration of transfer or for exchange shall (if so required by the Company
		or the Trustee) be duly endorsed, or be accompanied by a written instrument of
		transfer in form satisfactory to the Company and the Security Registrar duly
		executed, by the Holder thereof or his attorney duly authorized in
		writing.
	 

	 
		No service charge shall be made for any
		registration of transfer or exchange of Securities, but the Company or Security
		Registrar may require payment of a sum sufficient to cover any tax or other
		governmental charge that may be imposed in connection with any registration of
		transfer or exchange of Securities, other than exchanges pursuant to Section
		3.04 or 9.06 not involving any transfer.
	 

	 
		The Company shall not be required (1) to
		issue, register the transfer of or exchange Securities of any series during a
		period beginning at the opening of business 15 days before the day of the
		mailing of a notice of redemption of Securities of that series selected for
		redemption under Section 11.03 and ending at the close of business on the day
		of such mailing, or (2) to register the transfer of or exchange any Security so
		selected for redemption in whole or in part, except the unredeemed portion of
		any Security being redeemed in part.
	 

	 
		Notwithstanding any other provision in this
		Indenture, no Global Security may be transferred to, or registered or exchanged
		for Securities registered in the name of, any Person other than the Depositary
		for such Global Security or any nominee thereof, and no such transfer may be
		registered, unless (1) such Depositary (A) notifies the Company that it is
		unwilling or unable to continue as Depositary for such Global Security or (B)
		has ceased to be a clearing agency registered under the Exchange Act, (2) the
		Company executes and delivers to the Trustee a Company Order that such Global
		Security shall be so transferable, registrable and exchangeable, and such
		transfers shall be registrable, (3) there shall have occurred and be continuing
		an Event of Default with respect to the Securities evidenced by such Global
		Security 
	 

	 
		 
	 

	 
		31
	 

	 
		 
	 

	 
	 

	 

	 
		or (4) there shall exist such other
		circumstances, if any, as have been specified for this purpose as contemplated
		by Section 3.01. Notwithstanding any other provision in this Indenture, a
		Global Security to which the restriction set forth in the preceding sentence
		shall have ceased to apply may be transferred only to, and may be registered
		and exchanged for Securities registered only in the name or names of, such
		Person or Persons as the Depositary for such Global Security shall have
		directed and no transfer thereof other than such a transfer may be
		registered.
	 

	 
		Every Security authenticated and delivered
		upon registration of transfer of, or in exchange for or in lieu of, a Global
		Security to which the restriction set forth in the first sentence of the
		preceding paragraph shall apply, whether pursuant to this Section,
		Section 3.04, 3.06 or 9.06 or otherwise, shall be authenticated and
		delivered in the form of, and shall be, a Global Security.
	 

	 
		Section 3.06
		Mutilated, Destroyed, Lost and Stolen
		Securities. If any mutilated Security
		is surrendered to the Trustee, the Company shall execute, the Subsidiary
		Guarantors shall execute the Subsidiary Guarantees endorsed thereon, and the
		Trustee shall authenticate and deliver in exchange therefor a new Security of
		the same series and of like tenor and principal amount and bearing a number not
		contemporaneously outstanding.
	 

	 
		If there shall be delivered to the Company
		and the Trustee (i) evidence to their satisfaction of the destruction, loss or
		theft of any Security and (ii) such security or indemnity as may be required by
		them to save each of them, each Subsidiary Guarantor and any agent of either of
		them harmless, then, in the absence of notice to the Company or the Trustee
		that such Security has been acquired by a bona fide purchaser, the Company
		shall execute and the Trustee shall authenticate and deliver, in lieu of any
		such destroyed, lost or stolen Security, a new Security of the same series and
		of like tenor and principal amount and bearing a number not contemporaneously
		outstanding and having endorsed thereon the Subsidiary Guarantees executed by
		the Subsidiary Guarantors.
	 

	 
		In case any such mutilated, destroyed, lost
		or stolen Security has become or is about to become due and payable, the
		Company in its discretion may, instead of issuing a new Security, pay such
		Security.
	 

	 
		Upon the issuance of any new Security under
		this Section, the Company may require the payment of a sum sufficient to cover
		any tax or other governmental charge that may be imposed in relation thereto
		and any other expenses (including the fees and expenses of the Trustee) in
		connection therewith.
	 

	 
		Every new Security of any series issued
		pursuant to this Section in exchange for any mutilated Security or in lieu of
		any destroyed, lost or stolen Security shall constitute an original additional
		contractual obligation of the Company and the respective Subsidiary Guarantors,
		whether or not the mutilated, destroyed, lost or stolen Security shall be at
		any time enforceable by anyone, and shall be entitled to all the benefits of
		this Indenture equally and proportionately with any and all other Securities of
		that series duly issued hereunder.
	 

	 
		 
	 

	 
		32
	 

	 
		 
	 

	 
	 

	 

	 
		The provisions of this Section are exclusive
		and shall preclude (to the extent lawful) all other rights and remedies with
		respect to the replacement or payment of mutilated, destroyed, lost or stolen
		Securities.
	 

	 
		Section 3.07
		Payment of Interest; Interest Rights
		Preserved. Except as otherwise provided
		as contemplated by Section 3.01 with respect to any series of Securities,
		interest on any Security which is payable, and is punctually paid or duly
		provided for, on any Interest Payment Date shall be paid to the Person in whose
		name that Security (or one or more Predecessor Securities) is registered at the
		close of business on the Regular Record Date for such interest.
	 

	 
		Any interest on any Security of any series
		which is payable, but is not punctually paid or duly provided for, on any
		Interest Payment Date (herein called “Defaulted Interest”) shall
		forthwith cease to be payable to the Holder on the relevant Regular Record Date
		by virtue of having been such Holder, and such Defaulted Interest may be paid
		by the Company, at its election in each case, as provided in Clause (1) or (2)
		below:
	 

	 
		(1) The Company may elect to make payment of
		any Defaulted Interest to the Persons in whose names the Securities of such
		series (or their respective Predecessor Securities) are registered at the close
		of business on a Special Record Date for the payment of such Defaulted
		Interest, which shall be fixed in the following manner. The Company shall
		notify the Trustee in writing of the amount of Defaulted Interest proposed to
		be paid on each Security of such series and the date of the proposed payment,
		and at the same time the Company shall deposit with the Trustee an amount of
		money equal to the aggregate amount proposed to be paid in respect of such
		Defaulted Interest or shall make arrangements satisfactory to the Trustee for
		such deposit prior to the date of the proposed payment, such money when
		deposited to be held in trust for the benefit of the Persons entitled to such
		Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix
		a Special Record Date for the payment of such Defaulted Interest which shall be
		not more than 15 days and not less than 10 days prior to the date of the
		proposed payment and not less than 10 days after the receipt by the Trustee of
		the notice of the proposed payment. The Trustee shall promptly notify the
		Company of such Special Record Date and, in the name and at the expense of the
		Company, shall cause notice of the proposed payment of such Defaulted Interest
		and the Special Record Date therefor to be delivered electronically or mailed,
		first-class postage prepaid, to each Holder of Securities of such series at his
		address as it appears in the Security Register, not less than 10 days prior to
		such Special Record Date. Notice of the proposed payment of such Defaulted
		Interest and the Special Record Date therefor having been so mailed, such
		Defaulted Interest shall be paid to the Persons in whose names the Securities
		of such series (or their respective Predecessor Securities) are registered at
		the close of business on such Special Record Date and shall no longer be
		payable pursuant to the following Clause (2).
	 

	 
		(2) The Company may make payment of any
		Defaulted Interest on the Securities of any series in any other lawful manner
		not inconsistent with the requirements of any securities exchange on which such
		Securities may be listed, and upon such notice as may be required by such
		exchange, if, after notice given by the Company to the Trustee of the proposed
		payment pursuant to this Clause, such manner of payment shall be deemed
		practicable by the Trustee.
	 

	 
		 
	 

	 
		33
	 

	 
		 
	 

	 
	 

	 

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

	 
		Subject to the provisions of Section 15.02,
		in the case of any Security which is converted after any Regular Record Date
		and on or prior to the next succeeding Interest Payment Date, interest whose
		Stated Maturity is on such Interest Payment Date shall be payable on such
		Interest Payment Date notwithstanding such conversion, and such interest
		(whether or not punctually paid or duly provided for) shall be paid to the
		Person in whose name that Security (or one or more Predecessor Securities) is
		registered at the close of business on such Regular Record Date. Except as
		otherwise expressly provided in the immediately preceding sentence, in the case
		of any Security which is converted, interest whose Stated Maturity is after the
		date of conversion of such Security shall not be payable.
	 

	 
		Section 3.08
		Persons Deemed Owners. Prior to due presentment of a Security for
		registration of transfer, the Company, the Subsidiary Guarantors, the Trustee
		and any agent of the Company, the Subsidiary Guarantors or the Trustee may
		treat the Person in whose name such Security is registered as the owner of such
		Security for the purpose of receiving payment of principal of and any premium
		and (subject to Section 3.07) any interest on such Security and for all other
		purposes whatsoever, whether or not such Security be overdue, and neither the
		Company, the Subsidiary Guarantors, the Trustee nor any agent of the Company,
		the Subsidiary Guarantors or the Trustee shall be affected by notice to the
		contrary.
	 

	 
		Section 3.09
		Cancellation. All Securities surrendered for payment, redemption,
		registration of transfer or exchange or conversion or for credit against any
		sinking fund payment shall, if surrendered to any Person other than the
		Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The
		Company may at any time deliver to the Trustee for cancellation any Securities
		previously authenticated and delivered hereunder which the Company may have
		acquired in any manner whatsoever, and may deliver to the Trustee (or to any
		other Person for delivery to the Trustee) for cancellation any Securities
		previously authenticated hereunder which the Company has not issued and sold,
		and all Securities so delivered shall be promptly cancelled by the Trustee. No
		Securities shall be authenticated in lieu of or in exchange for any Securities
		cancelled as provided in this Section, except as expressly permitted by this
		Indenture. All cancelled Securities held by the Trustee shall be disposed of by
		the Trustee in its customary manner.
	 

	 
		Section 3.10
		Computation of Interest. Except as otherwise specified as contemplated by
		Section 3.01 for Securities of any series, interest on the Securities of each
		series shall be computed on the basis of a 360-day year of twelve 30-day
		months.
	 

	 
		Section 3.11
		CUSIP Numbers. The Company in issuing the Securities may use
		“CUSIP” numbers (if then generally in use), and, if so, the Trustee
		shall use “CUSIP” numbers in notices of redemption as a convenience
		to Holders; provided that any such notice may state that no representation
		is made as to the correctness of such numbers either as printed on the
		Securities or as contained in any notice of a redemption and that reliance may
		be placed only on the other identification numbers printed on the Securities,
		and any such redemption shall not be 
	 

	 
		 
	 

	 
		34
	 

	 
		 
	 

	 
	 

	 

	 
		affected by any defect in or omission of
		such numbers. The Company will promptly notify the Trustee of any changes in
		the “CUSIP” numbers.
	 

	 
		ARTICLE
		IV
	 

	 
		 
	 

	 
		SATISFACTION AND DISCHARGE
	 

	 
		Section 4.01
		Satisfaction and Discharge of
		Indenture. This Indenture shall upon
		Company Request cease to be of further effect (except as to any surviving
		rights of conversion, registration of transfer or exchange of Securities herein
		expressly provided for), and the Trustee, at the expense of the Company, shall
		execute proper instruments acknowledging satisfaction and discharge of this
		Indenture, when
	 

	 
		(1) either
	 

	 
		(A) all Securities theretofore authenticated
		and delivered (other than (i) Securities which have been destroyed, lost or
		stolen and which have been replaced or paid as provided in Section 3.06 and
		(ii) Securities 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) have been delivered to the Trustee for
		cancellation; or
	 

	 
		(B) all such Securities not theretofore
		delivered to the Trustee for cancellation
	 

	 
		(i) have become due and payable, or
	 

	 
		(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, and the Company and/or a Subsidiary Guarantor, in the case of (i),
		(ii) or (iii) above, has deposited or caused to be deposited with the Trustee
		as trust funds in trust for the purpose an amount sufficient to pay and
		discharge the entire indebtedness on such Securities not theretofore delivered
		to the Trustee for cancellation, for principal and any premium and interest to
		the date of such deposit (in the case of Securities which have become due and
		payable) or to the Stated Maturity or Redemption Date, as the case may
		be;
	 

	 
		(2) the Company and/or a Subsidiary
		Guarantor has paid or caused to be paid all other sums payable hereunder by the
		Company and the Subsidiary Guarantors; and
	 

	 
		(3) the Company has delivered to the Trustee
		an Officer’s Certificate and an Opinion of Counsel, each stating that all
		conditions precedent herein provided for relating to the satisfaction and
		discharge of this Indenture have been complied with.
	 

	 
		 
	 

	 
		35
	 

	 
		 
	 

	 
	 

	 

	 
		Notwithstanding the satisfaction and
		discharge of this Indenture, the obligations of the Company to the Trustee
		under Section 6.07, and, if money shall have been deposited with the Trustee
		pursuant to subclause (B) of Clause (1) of this Section, the obligations of the
		Trustee under Section 4.02, shall survive such satisfaction and
		discharge.
	 

	 
		Section 4.02
		Application of Trust
		Money. All money deposited with the
		Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in
		accordance with the provisions of the Securities and this Indenture, to the
		payment, either directly or through any Paying Agent (including the Company
		acting as its own Paying Agent) as the Trustee may determine, to the Persons
		entitled thereto, of the principal and any premium and interest for whose
		payment such money has been deposited with the Trustee.
	 

	 
		ARTICLE
		V
	 

	 
		 
	 

	 
		REMEDIES
	 

	 
		Section 5.01
		Events of Default.
	 

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

	 
		(1) default in the payment of any interest
		upon any Security of that series when it becomes due and payable, and
		continuance of such default for a period of 30 days; or
	 

	 
		(2) default in the payment of the principal
		of (or premium, if any, on) any Security of that series at its Maturity;
		or
	 

	 
		(3) default in the deposit of any sinking
		fund payment, when and as due by the terms of a Security of that series;
		or
	 

	 
		(4) default in the performance, or breach,
		of Section 8.01 or Section 8.02; or
	 

	 
		(5) default in the performance, or breach,
		of any covenant or warranty of the Company in this Indenture (other than a
		covenant or warranty a default in whose performance or whose breach is
		elsewhere in this Section specifically dealt with or which has expressly been
		included in this Indenture solely for the benefit of series of Securities other
		than that series), and continuance of such default or breach for a period of 60
		days after there has been given, by registered or certified mail, to the
		Company by the Trustee or to the Company and the Trustee by the Holders of at
		least 25% in principal amount of the Outstanding Securities of that series a
		written notice specifying such default or breach and requiring it to be
		remedied and stating that such notice is a “Notice of Default”
		hereunder; or
	 

	 
		 
	 

	 
		36
	 

	 
		 
	 

	 
	 

	 

	 
		(6) the Company shall fail to pay any
		Indebtedness in excess of $25,000,000 owing by the Company, or any interest or
		premium thereon, when due (whether by scheduled maturity, required prepayment,
		acceleration, demand or otherwise), and such failure shall continue after the
		applicable grace period, if any, specified in the agreement or instrument
		relating to such Indebtedness, or the Company shall fail to perform any term,
		covenant or agreement on its part to be performed under any agreement or
		instrument evidencing or securing or relating to any such Indebtedness, if the
		effect of such failure in either case is that the maturity of such Indebtedness
		is duly accelerated, without such Indebtedness having been discharged or such
		acceleration having been rescinded or annulled, in each such case, within a
		period of 10 days after there shall have been given, by registered or certified
		mail, to the Company by the Trustee or to the Company and the Trustee by
		Holders of at least 25% in principal amount of the Outstanding Securities of
		that series, a written notice specifying such default and requiring the Company
		to cause such Indebtedness to be discharged or cause such acceleration to be
		rescinded or annulled, as the case may be, and stating that such notice is a
		“Notice of Default” hereunder (the Trustee shall not be deemed to
		have knowledge of a default under this subsection (6) unless it shall have
		actual knowledge thereof); provided,
		however, that, subject to the provisions of Sections 6.01 and
		6.05, the Trustee shall not be deemed to have knowledge of such failure to pay
		unless either (A) a Responsible Officer of the Trustee shall have actual
		knowledge of such failure to pay or (B) the Trustee shall have received written
		notice thereof from the Company, from any Holder, from the holder of any such
		Indebtedness or from the trustee thereunder; or
	 

	 
		(7) the entry by a court having jurisdiction
		in the premises of (A) a decree or order for relief in respect of the Company
		or any Subsidiary Guarantor that is a Significant Subsidiary in an involuntary
		case or proceeding under any applicable Federal, State or foreign bankruptcy,
		insolvency, reorganization or other similar law or (B) a decree or order
		adjudging the Company or any Subsidiary Guarantor that is a Significant
		Subsidiary a bankrupt or insolvent, or approving as properly filed a petition
		seeking reorganization, arrangement, adjustment or composition of or in respect
		of the Company or any Subsidiary Guarantor that is a Significant Subsidiary
		under any applicable Federal, State or foreign law, or appointing a custodian,
		receiver, liquidator, assignee, trustee, sequestrator or other similar official
		of the Company or any Subsidiary Guarantor that is a Significant Subsidiary or
		of any substantial part of its property, or ordering the winding up or
		liquidation of its affairs, and the continuance of any such decree or order for
		relief or any such other decree or order unstayed and in effect for a period of
		60 consecutive days; or
	 

	 
		(8) the commencement by the Company or any
		Subsidiary Guarantor that is a Significant Subsidiary of a voluntary case or
		proceeding under any applicable Federal, State or foreign bankruptcy,
		insolvency, reorganization or other similar law or of any other case or
		proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to
		the entry of a decree or order for relief in respect of the Company or any
		Subsidiary Guarantor that is a Significant Subsidiary in an involuntary case or
		proceeding under any applicable Federal, State or foreign bankruptcy,
		insolvency, reorganization or other similar law or to the commencement of any
		bankruptcy or insolvency case or proceeding against it, or the filing by it of
		a petition or answer or consent seeking reorganization or relief under any
		applicable Federal, State or foreign law, or the consent by it to the filing of
		such petition or to the appointment of or taking possession by a custodian,
		receiver, liquidator, assignee, trustee, sequestrator or other similar official
		of the Company or any Subsidiary Guarantor that is a Significant Subsidiary or
		of any 
	 

	 
		 
	 

	 
		37
	 

	 
		 
	 

	 
	 

	 

	 
		substantial part of their respective
		property, or the making by it of an assignment for the benefit of creditors, or
		the admission by it in writing of its inability to pay its debts generally as
		they become due, or the taking of corporate action by the Company or any
		Subsidiary Guarantor that is a Significant Subsidiary in furtherance of any
		such action; or
	 

	 
		(9) except as permitted by the terms hereof
		and the Securities, the cessation of effectiveness of any Subsidiary Guarantee
		of a Significant Subsidiary or the finding by any judicial proceeding that any
		such Subsidiary Guarantee is unenforceable or invalid or the denial or
		disaffirmation by any Subsidiary Guarantor that is a Significant Subsidiary of
		its obligations under its Subsidiary Guarantee; or
	 

	 
		(10) any other Event of Default provided
		with respect to Securities of that series.
	 

	 
		Section 5.02
		Acceleration of Maturity; Rescission and
		Annulment. If an Event of Default
		(other than an Event of Default specified in Section 5.01(7) or 5.01(8)) with
		respect to Securities of any series at the time Outstanding occurs and is
		continuing, then in every such case the Trustee or the Holders of not less than
		25% in principal amount of the Outstanding Securities of that series may
		declare the principal amount (or, if any of the Securities of that series are
		Original Issue Discount Securities, such portion of the principal amount of
		such Securities as may be specified in the terms thereof) and unpaid interest
		of all of the Securities of that series to be due and payable immediately, by a
		notice in writing to the Company (and to the Trustee if given by Holders), and
		upon any such declaration such principal amount (or specified amount) shall
		become immediately due and payable. If an Event of Default specified in Section
		5.01(7) or 5.01(8) with respect to Securities of any series at the time
		Outstanding occurs, the principal amount of all the Securities of that series
		(or, in the case of any Security of that series which specifies an amount to be
		due and payable thereon upon acceleration of the Maturity thereof, such amount
		as may be specified by the terms thereof) and unpaid interest shall
		automatically, and without any declaration or other action on the part of the
		Trustee or any Holder, become immediately due and payable without any action by
		the indenture trustee of the holder of the debt securities of that
		series.
	 

	 
		At any time after such a declaration of
		acceleration with respect to Securities of any series has been made and before
		a judgment or decree for payment of the money due has been obtained by the
		Trustee as hereinafter in this Article provided, the Holders of a majority in
		outstanding principal amount of the Outstanding Securities of that series, by
		written notice to the Company and the Trustee, may rescind and annul such
		declaration and its consequences if
	 

	 
		(1) the Company and/or any Subsidiary
		Guarantor has paid or deposited with the Trustee a sum sufficient to pay

	 

	 
		(A) all overdue interest on all Securities
		of that series,
	 

	 
		(B) the principal of (and premium, if any,
		on) any Securities of that series which have become due otherwise than by such
		declaration of acceleration and any interest thereon at the rate or rates
		prescribed therefor in such Securities,
	 

	 
		 
	 

	 
		38
	 

	 
		 
	 

	 
	 

	 

	 
		(C) to the extent that payment of such
		interest is lawful, interest upon overdue interest at the rate or rates
		prescribed therefor in such Securities, and
	 

	 
		(D) all sums paid or advanced by the Trustee
		hereunder and the reasonable compensation, expenses, disbursements and advances
		of the Trustee, its agents and counsel;
	 

	 
		and
	 

	 
		(2) all Events of Default with respect to
		Securities of that series, other than the non-payment of the principal of
		Securities of that series which have become due solely by such declaration of
		acceleration, have been cured or waived as provided in Section 5.13.
	 

	 
		No such rescission shall affect any
		subsequent default or impair any right consequent thereon.
	 

	 
		Section 5.03
		Collection of Indebtedness and Suits for
		Enforcement by Trustee. The Company
		covenants that if:
	 

	 
		(1) default is made in the payment of any
		interest on any Security when such interest becomes due and payable and such
		default continues for a period of 30 days, or
	 

	 
		(2) default is made in the payment of the
		principal of (or premium, if any, on) any Security at the Maturity
		thereof,
	 

	 
		the Company will, upon demand of the
		Trustee, pay to it, for the benefit of the Holders of such Securities, the
		whole amount then due and payable on such Securities for principal and any
		premium and interest and, to the extent that payment of such interest shall be
		legally enforceable, interest on any overdue principal and premium and on any
		overdue interest, at the rate or rates prescribed therefor in such Securities,
		and, in addition thereto, 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.
	 

	 
		If an Event of Default with respect to
		Securities of any series occurs and is continuing, the Trustee may in its
		discretion proceed to protect and enforce its rights and the rights of the
		Holders of Securities of such series by such appropriate judicial proceedings
		as the Trustee shall deem necessary to protect and enforce any such rights,
		whether for the specific enforcement of any covenant or agreement in this
		Indenture or in aid of the exercise of any power granted herein, or to enforce
		any other proper remedy.
	 

	 
		Section 5.04
		Trustee May File Proofs of
		Claim. In case of any judicial
		proceeding relative to the Company or any Subsidiary Guarantor (or any other
		obligor upon the Securities), or any of the property or creditors of the
		Company or any Subsidiary Guarantor (or any other obligor upon the Securities),
		the Trustee shall be entitled and empowered, by intervention in such proceeding
		or otherwise, to take any and all actions authorized under the Trust Indenture
		Act in order to have claims of the Holders and the Trustee allowed in any such
		proceeding. In particular, the Trustee shall be authorized to collect and
		receive any moneys or other property payable or deliverable on any such claims
		and to distribute the same; and any custodian,
	 

	 
		 
	 

	 
		39
	 

	 
		 
	 

	 
	 

	 

	 
		receiver, assignee, trustee, liquidator,
		sequestrator or other similar official 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 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
		6.07.
	 

	 
		No provision of this Indenture 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 Securities or the rights of any Holder thereof or to
		authorize the Trustee to vote in respect of the claim of any Holder in any such
		proceeding; provided, however, that
		the Trustee may, on behalf of the Holders, vote for the election of a trustee
		in bankruptcy or similar official and be a member of a creditors’ or other
		similar committee.
	 

	 
		Section 5.05
		Trustee May Enforce Claims Without
		Possession of Securities. All rights of
		action and claims under this Indenture or the Securities may be prosecuted and
		enforced by the Trustee without the possession of any of the Securities or the
		production thereof in any proceeding relating thereto, and any such proceeding
		instituted by the Trustee shall be brought in its own name as trustee of an
		express trust, and any recovery of judgment shall, after provision for the
		payment of the reasonable compensation, expenses, disbursements and advances of
		the Trustee, its agents and counsel, be for the ratable benefit of the Holders
		of the Securities in respect of which such judgment has been recovered.
	 

	 
		Section 5.06
		Application of Money
		Collected. Any money collected by the
		Trustee pursuant to this Article shall be applied in the following order, at
		the date or dates fixed by the Trustee and, in case of the distribution of such
		money on account of principal or any premium or interest, upon presentation of
		the Securities and the notation thereon of the payment if only partially paid
		and upon surrender thereof if fully paid:
	 

	 
		FIRST: To the payment of all amounts due the
		Trustee under Section 6.07;
	 

	 
		SECOND: To the payment of the amounts then
		due and unpaid for principal of and any premium and interest on the Securities
		in respect of which or for the benefit of which such money has been collected,
		ratably, without preference or priority of any kind, according to the amounts
		due and payable on such Securities for principal and any premium and interest,
		respectively; and
	 

	 
		THIRD: To the Company, or to the extent the
		Trustee collects any amount from any Subsidiary Guarantor, to the Subsidiary
		Guarantor.
	 

	 
		Section 5.07
		Limitation on Suits. No Holder of any Security of any series shall have any
		right to institute any proceeding, judicial or otherwise, with respect to this
		Indenture, or for the appointment of a receiver or trustee, or for any other
		remedy hereunder, unless
	 

	 
		(1) such Holder has previously given written
		notice to the Trustee of a continuing Event of Default with respect to the
		Securities of that series;
	 

	 
		 
	 

	 
		40
	 

	 
		 
	 

	 
	 

	 

	 
		(2) the Holders of not less than 25% in
		principal amount of the Outstanding Securities of that series shall have made
		written request to the Trustee to institute proceedings in respect of such
		Event of Default in its own name as Trustee hereunder;
	 

	 
		(3) such Holder or Holders have offered to
		the Trustee reasonable indemnity satisfactory to it against the costs, expenses
		and liabilities to be incurred in compliance with such request;
	 

	 
		(4) the Trustee for 60 days after its
		receipt of such notice, request and offer of indemnity has failed to institute
		any such proceeding; and
	 

	 
		(5) no direction inconsistent with such
		written request has been given to the Trustee during such 60-day period by the
		Holders of a majority in principal amount of the Outstanding Securities of that
		series;
	 

	 
		it being understood and intended that no one
		or more of such Holders shall have any right in any manner whatever by virtue
		of, or by availing of, any provision of this Indenture to affect, disturb or
		prejudice the rights of any other of such Holders, or to obtain or to seek to
		obtain priority or preference over any other of such Holders or to enforce any
		right under this Indenture, except in the manner herein provided and for the
		equal and ratable benefit of all of such Holders.
	 

	 
		Section 5.08
		Unconditional Right of Holders to
		Receive Principal, Premium and Interest and to Convert. Notwithstanding any other provision in this Indenture,
		but subject to Article XVI, the Holder of any Security shall have the right,
		which is absolute and unconditional, to receive payment of the principal of and
		any premium and (subject to Section 3.07) interest on such Security on the
		respective Stated Maturities expressed in such Security (or, in the case of
		redemption, on the Redemption Date) and to convert such Security in accordance
		with Article XV and to institute suit for the enforcement of any such payment
		and right to convert, and such rights shall not be impaired without the consent
		of such Holder.
	 

	 
		Section 5.09
		Restoration of Rights and
		Remedies. If the Trustee or any Holder
		has instituted any proceeding to enforce any right or remedy under this
		Indenture and such proceeding has been discontinued or abandoned for any
		reason, or has been determined adversely to the Trustee or to such Holder, then
		and in every such case, subject to any determination in such proceeding, the
		Company, the Subsidiary Guarantors, the Trustee and the Holders shall be
		restored severally and respectively to their former positions hereunder and
		thereafter all rights and remedies of the Trustee and the Holders shall
		continue as though no such proceeding had been instituted.
	 

	 
		Section 5.10
		Rights and Remedies
		Cumulative. Except as otherwise
		provided with respect to the replacement or payment of mutilated, destroyed,
		lost or stolen Securities in the last paragraph of Section 3.06, 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.
	 

	 
		 
	 

	 
		41
	 

	 
		 
	 

	 
	 

	 

	 
		Section 5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder
		of any Securities to exercise any right or remedy accruing upon any Event of
		Default shall impair any such right or remedy or constitute a waiver of any
		such Event of Default or an acquiescence therein. Every right and remedy given
		by this Article or by law to the Trustee or to the Holders may be exercised
		from time to time, and as often as may be deemed expedient, by the Trustee or
		by the Holders, as the case may be.
	 

	 
		Section 5.12
		Control by Holders. The Holders of a majority in principal amount of the
		Outstanding Securities of any series shall have the right to direct the time,
		method and place of conducting any proceeding for any remedy available to the
		Trustee, or exercising any trust or power conferred on the Trustee, with
		respect to the Securities of such series, provided
		that
	 

	 
		(1) such direction shall not be in conflict
		with any rule of law or with this Indenture,
	 

	 
		(2) the Trustee may take any other action
		deemed proper by the Trustee which is not inconsistent with such direction,
		and
	 

	 
		(3) subject to the provisions of Section
		6.01, the Trustee shall have the right to decline to follow any such direction
		if the Trustee in good faith shall, by a Responsible Officer or Officers of the
		Trustee, determine, and the Trustee shall have received a legal opinion
		stating, that the proceedings so directed would involve the Trustee in personal
		liability.
	 

	 
		Section 5.13
		Waiver of Past Defaults. The Holders of not less than a majority in principal
		amount of the Outstanding Securities of any series may on behalf of the Holders
		of all the Securities of such series waive any past default hereunder with
		respect to such series and its consequences, except a default
	 

	 
		(1) in the payment of the principal of or
		any premium or interest on any Security of such series, or
	 

	 
		(2) in respect of a covenant or provision
		hereof which under Article IX cannot be modified or amended without the consent
		of the Holder of each Outstanding Security of such series affected.
	 

	 
		Upon any such waiver, such default shall
		cease to exist, and any Event of Default arising therefrom shall be deemed to
		have been cured, for every purpose of this Indenture; but no such waiver shall
		extend to any subsequent or other default or impair any right consequent
		thereon.
	 

	 
		Section 5.14
		Undertaking for Costs. In any suit for the enforcement of any right or remedy
		under this Indenture, or in any suit against the Trustee for any action taken,
		suffered or omitted by it as Trustee, a court may require any party litigant in
		such suit to file an undertaking to pay the costs of such suit, and may assess
		costs against any such party litigant, in the manner and to the extent provided
		in the Trust Indenture Act; provided that
		neither this Section nor the Trust Indenture Act shall apply to any suit
		instituted by the Trustee, to any suit instituted by any Holders of the
		Securities, or group of Holders of the Securities, holding in the aggregate
		more than 10% of principal amount of the Outstanding Securities of any series,
		or to any suit instituted by any Holder of the Outstanding Securities for the
		enforcement of the payment of principal of 
	 

	 
		 
	 

	 
		42
	 

	 
		 
	 

	 
	 

	 

	 
		or interest on any Outstanding Securities
		held by such Holder, on or after the respective due dates expressed in such
		Outstanding Securities, and provided,
		further, that neither this Section nor the Trust Indenture Act
		shall be deemed to authorize any court to require such an undertaking or to
		make such an assessment in any suit instituted by the Company or any Subsidiary
		Guarantor or the Trustee or, if applicable, in any suit for the enforcement of
		the right to convert any Security in accordance with Article XV.
	 

	 
		Section 5.15
		Waiver of Usury, Stay or Extension
		Laws. Each of the Company and each
		Subsidiary Guarantor covenants (to the extent that it may lawfully do so) that
		it will not at any time insist upon, or plead, or in any manner whatsoever
		claim or take the benefit or advantage of, any usury, stay or extension law
		wherever enacted, now or at any time hereafter in force, which may affect the
		covenants or the performance of this Indenture; and each of the Company and
		each Subsidiary 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
		will not hinder, delay or impede the execution of any power herein granted to
		the Trustee, but will suffer and permit the execution of every such power as
		though no such law had been enacted.
	 

	 
		ARTICLE
		VI
	 

	 
		 
	 

	 
		THE TRUSTEE
	 

	 
		The Trustee hereby accepts the trust imposed
		upon it by this Indenture and covenants and agrees to perform the same, as
		herein expressed.
	 

	 
		Section 6.01
		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 their
		exercise as a prudent person would exercise or use under the circumstances in
		the conduct of his own affairs.
	 

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

	 
		(1) The Trustee need perform only those
		duties as are specifically set forth in this Indenture and no others, and no
		covenants or obligations shall be implied in or read into this
		Indenture.
	 

	 
		(2) In the absence of bad faith on its part,
		the Trustee may conclusively rely, as to the truth of the statements and the
		correctness of the opinions expressed therein, upon certificates or opinions
		furnished to the Trustee and conforming to the requirements of this Indenture.
		However, in the case of any such certificates or opinions which by any
		provision hereof are specifically required to be furnished to the Trustee, the
		Trustee shall be under a duty to examine the same to determine whether or not
		they substantially conform to the requirements of this Indenture (but need not
		confirm or investigate the accuracy of mathematical calculations or other facts
		stated therein).
	 

	 
		 
	 

	 
		43
	 

	 
		 
	 

	 
	 

	 

	 
		(c) The Trustee may not be relieved from
		liability for its own grossly negligent action, its own grossly negligent
		failure to act, or its own willful misconduct, except that:
	 

	 
		(1) This paragraph does not limit the effect
		of paragraph (b) of this Section 6.01.
	 

	 
		(2) 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 grossly negligent in ascertaining the pertinent
		facts.
	 

	 
		(3) 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 5.12.
	 

	 
		(d) No provision of this Indenture shall
		require the Trustee to expend or risk its own funds or otherwise incur any
		financial liability in the performance of any of its duties hereunder or to
		take or omit to take any action under this Indenture.
	 

	 
		(e) Every provision of this Indenture that
		in any way relates to the Trustee is subject to paragraphs (a), (b), (c), (d)
		and (f) of this Section 6.01.
	 

	 
		(f) The Trustee shall not be liable for
		interest on any assets received by it except as the Trustee may agree in
		writing with the Company or any Subsidiary Guarantor. Assets held in trust by
		the Trustee need not be segregated from other assets except to the extent
		required by law.
	 

	 
		Section 6.02
		Rights of Trustee.
	 

	 
		Subject to Section 6.01:
	 

	 
		(a) The Trustee may rely conclusively on any
		document (whether in its original or facsimile form) 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 any document.
	 

	 
		(b) Before the Trustee acts or refrains from
		acting, it may require an Officer’s 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 such certificate or opinion. 
	 

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

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

	 
		(e) The Trustee shall not be bound to make
		any investigation into the facts or matters stated in any resolution,
		certificate, statement, instrument, opinion, notice, request, direction,
		consent, order, bond, debenture, or other paper or document, but the Trustee,
		
	 

	 
		 
	 

	 
		44
	 

	 
		 
	 

	 
	 

	 

	 
		in its discretion, may make such further
		inquiry or investigation into such facts or matters as it may see fit and, if
		the Trustee shall determine to make such further inquiry or investigation, it
		shall be entitled to examine the books, records and premises of the Company or
		any Subsidiary Guarantor, personally or by agent or attorney at the sole cost
		of the Company and shall incur no liability or additional liability of any kind
		by reason of such investigation. 
	 

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

	 
		(g) The Trustee may consult with counsel of
		its selection and the advice of such counsel or any Opinion of Counsel shall be
		full and complete authorization and protection of any action taken, suffered or
		omitted by the Trustee hereunder in good faith and in reliance thereon.
	 

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

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

	 
		Section 6.03
		Individual Rights of
		Trustee. The Trustee in its individual
		or any other capacity may become the owner or pledgee of Securities and may
		otherwise deal with the Company or any Subsidiary Guarantor, or their
		respective Affiliates, with the same rights it would have if it were not
		Trustee. Any Paying Agent or Security Registrar may do the same with like
		rights.
	 

	 
		Section 6.04
		Trustee’s
		Disclaimer. The Trustee makes no
		representation as to the validity or adequacy of this Indenture or the
		Securities or any Subsidiary Guarantee and it shall not be accountable for the
		Company’s or any Subsidiary Guarantor’s use of the proceeds from the
		Securities, and it shall not be responsible for any statement in the Securities
		or any Subsidiary Guarantee, other than the Trustee’s certificate of
		authentication, or the use or application of any funds received by a Paying
		Agent other than the Trustee.
	 

	 
		Section 6.05
		Notice of Default. If an Event of Default with respect to Securities of
		any series occurs and is continuing and if it is known to the Trustee, the
		Trustee shall deliver to each Holder of Securities of such series notice of the
		uncured Event of Default within 90 days after such Event of Default occurs.
		Except in the case of an Event of Default in payment of principal (or premium,
		if any) of, or interest on, any Security, the Trustee may withhold the notice
		if and 
	 

	 
		 
	 

	 
		45
	 

	 
		 
	 

	 
	 

	 

	 
		so long as a Responsible Officer in good
		faith determines that withholding the notice is in the interest of the Holders
		of Securities of such series.
	 

	 
		Section 6.06
		Reports by Trustee to
		Holders. Within 60 days after each May
		15 beginning with the May 15 following the date of this Indenture, the Trustee
		shall mail to each Holder a brief report dated as of such date that complies
		with Trust Indenture Act Section 313(a) if such report is required by such
		Trust Indenture Act Section 313(a). The Trustee also shall comply with Trust
		Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail all
		reports as required by Trust Indenture Act Sections 313(c) and 313(d).
	 

	 
		The Company shall promptly notify the
		Trustee in writing if the Securities of any series become listed on any stock
		exchange or automatic quotation system.
	 

	 
		A copy of each report at the time of its
		mailing to Holders shall be mailed to the Company and filed with the Commission
		and each stock exchange, if any, on which the Securities are listed.
	 

	 
		Section 6.07
		Compensation and
		Indemnity. The Company and the
		Subsidiary Guarantors shall pay to the Trustee from time to time such
		compensation for its services as the Company and the Trustee shall from time to
		time agree in writing. The Trustee’s compensation shall not be limited by
		any law on compensation of a trustee of an express trust. The Company and the
		Subsidiary Guarantors shall reimburse the Trustee upon request for all
		reasonable disbursements, expenses and advances incurred or made by it. Such
		expenses shall include the reasonable compensation, disbursements and expenses
		of the Trustee’s agents, accountants, experts and counsel.
	 

	 
		The Company and the Subsidiary Guarantors,
		jointly and severally, shall indemnify each of the Trustee and Paying Agent and
		any predecessor Trustee and each of their respective officers, directors,
		attorneys-in-fact and agents for, and hold it harmless against, any claim,
		demand, expense (including but not limited to reasonable compensation,
		disbursements and expenses of the Trustee’s agents and counsel), loss,
		charges (including taxes (other than taxes based upon the income of the
		Trustee)) or liability incurred by them without gross negligence or bad faith
		on its part, arising out of or in connection with the acceptance or
		administration of this trust and their rights or duties hereunder including the
		reasonable costs and expenses of defending themselves against any claim or
		liability in connection with the exercise or performance of any of its powers
		or duties hereunder. The Trustee shall notify the Company and the Subsidiary
		Guarantors promptly of any claim asserted against the Trustee for which it may
		seek indemnity. The Company and the Subsidiary Guarantors shall defend the
		claim and the Trustee shall provide reasonable cooperation at the
		Company’s expense in the defense. The Trustee may have separate counsel
		and the Company shall pay the reasonable fees and expenses of such counsel. The
		Company and the Subsidiary Guarantors need not pay for any settlement made
		without their written consent, which consent shall not be unreasonably
		withheld. The Company and the Subsidiary Guarantors need not reimburse any
		expense or indemnify against any loss or liability incurred by the Trustee to
		the extent determined by a court of competent jurisdiction to have been caused
		by its own gross negligence, bad faith or willful misconduct.
	 

	 
		 
	 

	 
		46
	 

	 
		 
	 

	 
	 

	 

	 
		To secure the Company’s and the
		Subsidiary Guarantors’ payment obligations in this Section 6.07, the
		Trustee shall have a lien prior to the Securities on all assets held or
		collected by the Trustee, in its capacity as Trustee, except assets held in
		trust to pay principal and premium, if any, of or interest on any series of
		Securities.
	 

	 
		When the Trustee incurs expenses or renders
		services after an Event of Default specified in Section 5.01(7) or (8) occurs,
		the expenses and the compensation for the services are intended to constitute
		expenses of administration under any Bankruptcy Law.
	 

	 
		The Company’s obligations under this
		Section 6.07 and any lien arising hereunder shall survive the resignation or
		removal of the Trustee, the discharge of the Company’s obligations
		pursuant to Article IV of this Indenture and any rejection or termination of
		this Indenture under any Bankruptcy Law.
	 

	 
		Section 6.08
		Replacement of Trustee. The Trustee may resign at any time with respect to the
		Securities of one or more series by so notifying the Company and the Subsidiary
		Guarantors in writing. The Holder or Holders of a majority in principal amount
		of the outstanding Securities of a series may remove the Trustee with respect
		to Securities of such series by so notifying the Company and the Trustee in
		writing and may appoint a successor trustee with respect to Securities of such
		series with the Company’s consent. The Company may remove the Trustee
		if:
	 

	 
		(1) the Trustee fails to comply with Section
		6.10;
	 

	 
		(2) the Trustee is adjudged bankrupt or
		insolvent;
	 

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

	 
		(4) the Trustee becomes incapable of
		acting.
	 

	 
		If the Trustee resigns or is removed or if a
		vacancy exists in the office of Trustee, with respect to the Securities of one
		or more series, for any reason, the Company shall promptly appoint a successor
		Trustee, with respect to Securities of that or those series. Within one year
		after the successor Trustee with respect to a series of Securities takes
		office, the Holder or Holders of a majority in principal amount of the
		Securities of such series may appoint a successor Trustee with respect to such
		series to replace the successor Trustee appointed by the Company.
	 

	 
		A successor Trustee shall deliver a written
		acceptance of its appointment to the retiring Trustee and to the Company.
		Immediately after that and provided that all sums owing to the Trustee provided
		for in Section 6.07 have been paid, the retiring Trustee shall transfer all
		property held by it as Trustee with respect to such series of Securities to the
		successor Trustee, subject to the lien provided in Section 6.07, the
		resignation or removal of the retiring Trustee shall become effective, and the
		successor Trustee shall have all the rights, powers and duties of the Trustee
		under this Indenture. A successor Trustee with respect to one or more series of
		Securities shall mail notice of its succession to each Holder of Securities of
		that or those series.
	 

	 
		 
	 

	 
		47
	 

	 
		 
	 

	 
	 

	 

	 
		If a successor Trustee with respect to a
		series of Securities does not take office within 60 days after the retiring
		Trustee resigns or is removed, the retiring Trustee, the Company, the
		Subsidiary Guarantors or the Holder or Holders of at least 10% in principal
		amount of the outstanding Securities of that series may petition at the expense
		of the Company any court of competent jurisdiction for the appointment of a
		successor Trustee with respect to such series.
	 

	 
		If the Trustee fails to comply with Section
		6.10, any Holder of Securities of a series may petition any court of competent
		jurisdiction for the removal of the Trustee with respect to such series and the
		appointment of a successor Trustee with respect to such series.
	 

	 
		Notwithstanding replacement of the Trustee
		pursuant to this Section 6.08, the Company’s obligations under Section
		6.07 shall continue for the benefit of the retiring Trustee.
	 

	 
		Section 6.09
		Successor Trustee by Merger,
		Etc. If the Trustee consolidates with,
		merges or converts into, or transfers all or substantially all of its corporate
		trust business to, another corporation, the resulting, surviving or transferee
		corporation without any further act shall, if such resulting, surviving or
		transferee corporation is otherwise eligible hereunder, be the successor
		Trustee.
	 

	 
		Section 6.10
		Eligibility;
		Disqualification. The Trustee shall at
		all times satisfy the requirements of Trust Indenture Act Section 310(a)(1) and
		Trust Indenture Act Section 310(a)(5). The Trustee shall have a combined
		capital and surplus of at least $50,000,000 as set forth in its most recent
		published annual report of condition. The Trustee shall comply with Trust
		Indenture Act Section 310(b).
	 

	 
		Section 6.11
		Preferential Collection of Claims
		against Company. The Trustee shall
		comply with Trust Indenture Act Section 311(a), excluding any creditor
		relationship listed in Trust Indenture Act Section 311(b). A Trustee who has
		resigned or been removed shall be subject to Trust Indenture Act Section 311(a)
		to the extent indicated.
	 

	 
		ARTICLE
		VII
	 

	 
		 
	 

	 
		HOLDERS' LISTS AND REPORTS BY TRUSTEE AND
		COMPANY
	 

	 
		Section 7.01
		Company to Furnish Trustee Names and
		Addresses of Holders. The Company will
		furnish or cause to be furnished to the Trustee:
	 

	 
		(1) semi-annually, not more than 15 days
		after each Regular Record Date, a list for each series of Securities, in such
		form as the Trustee may reasonably require, of the names and addresses of the
		Holders of Securities of such series as of the Regular Record Date, as the case
		may be, and
	 

	 
		(2) at such other times as the Trustee may
		request in writing, within 30 days after the receipt by the Company of any such
		request, a list of similar form and content as of a date not more than 15 days
		prior to the time such list is furnished;
	 

	 
		excluding from any such list names and addresses received by the
		Trustee in its capacity as Security Registrar.
	 

	 
		 
	 

	 
		48
	 

	 
		 
	 

	 
	 

	 

	 
		Section 7.02 Preservation of Information; Communications to
		Holders. The Trustee shall preserve, in
		as current a form as is reasonably practicable, the names and addresses of
		Holders contained in the most recent list furnished to the Trustee as provided
		in Section 7.01 and the names and addresses of Holders received by the Trustee
		in its capacity as Security Registrar. The Trustee may destroy any list
		furnished to it as provided in Section 7.01 upon receipt of a new list so
		furnished.
	 

	 
		The rights of the Holders to communicate
		with other Holders with respect to their rights under this Indenture or under
		the Securities, and the corresponding rights and privileges of the Trustee,
		shall be as provided by the Trust Indenture Act.
	 

	 
		Every Holder of Securities, by receiving and
		holding the same, agrees with the Company, the Subsidiary Guarantors and the
		Trustee that neither the Company, the Subsidiary Guarantors nor the Trustee nor
		any agent of either of them shall be held accountable by reason of any
		disclosure of information as to names and addresses of Holders made pursuant to
		the Trust Indenture Act.
	 

	 
		Section 7.03
		Reports by Trustee. The Trustee shall transmit to Holders such reports
		concerning the Trustee and its actions under this Indenture as may be required
		pursuant to the Trust Indenture Act at the times and in the manner provided
		pursuant thereto.
	 

	 
		A copy of each such report shall, at the
		time of such transmission to Holders, be filed by the Trustee with each stock
		exchange upon which any Securities are listed, with the Commission and with the
		Company. The Company will notify the Trustee, in writing, when any Securities
		are listed on any stock exchange or delisted therefrom.
	 

	 
		Section 7.04
		Reports by Company. The Company and each of the Subsidiary Guarantors
		shall file with the Trustee and the Commission, and transmit to Holders, such
		information, documents and other reports, and such summaries thereof, as may be
		required pursuant to the Trust Indenture Act at the times and in the manner
		provided pursuant to the Trust Indenture Act; provided that
		any such information, documents or reports required to be filed with the
		Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of
		1934 shall be filed with the Trustee within 15 days after the same is filed
		with the Commission. Delivery of such reports, information and documents to the
		Trustee is for informational purposes only and the Trustee’s receipt of
		such shall not constitute constructive notice of any information contained
		therein or determinable from information contained therein, including the
		Company’s compliance with any of its covenants hereunder (as to which the
		Trustee is entitled to rely exclusively on Officer’s Certificates).

	 

	 
		ARTICLE
		VIII
	 

	 
		 
	 

	 
		CONSOLIDATION, AMALGAMATION, CONVEYANCE,
		TRANSFER OR LEASE
	 

	 
		Section 8.01
		Company May Consolidate, Etc., Only on
		Certain Terms. The Company may not, in
		a single transaction or a series of related transactions:
	 

	 
		(a) consolidate or amalgamate or merge with
		or into any other Person or permit any other Person to amalgamate, consolidate
		or merge with or into the Company, or
	 

	 
		 
	 

	 
		49
	 

	 
		 
	 

	 
	 

	 

	 
		(b) directly or indirectly transfer, sell,
		lease (other than a charter or lease of a vessel in the ordinary course of
		business) or otherwise dispose of all or substantially all of its assets,
		unless:
	 

	 
		(1) in a transaction in which the Company
		does not survive or in which the Company sells, leases or otherwise disposes of
		all or substantially all of its assets, the successor entity to the Company (A)
		is organized under the laws of (i) the United States or any State thereof or
		the District of Columbia, (ii) the Republic of the Marshall Islands, (iii) a
		member state of the European Union or (ix) any other country recognized by the
		United States and (B) shall expressly assume, by a supplemental indenture
		executed and delivered to the Trustee in a form reasonably satisfactory to the
		Trustee, all of the Company’s obligations under the Indenture;
	 

	 
		(2) immediately before and after giving
		effect to such transaction, no Default or Event of Default shall have occurred
		and be continuing; and
	 

	 
		(3) the Company and the successor Person
		have delivered to the Trustee an Officer’s Certificate and an Opinion of
		Counsel each stating that such consolidation, amalgamation, merger, conveyance,
		lease, sale, disposition or transfer and such supplemental indenture comply
		with this Article and that all conditions precedent herein provided for
		relating to such transaction have been complied with.
	 

	 
		Section 8.02
		Amalgamations, Mergers, Consolidations
		and Certain Sales of Assets by Subsidiary Guarantors.
	 

	 
		(a) Except with respect to the Securities of
		any series whose terms permit such transactions as an asset sale, no Subsidiary
		Guarantor shall, and the Company shall not permit any Subsidiary Guarantor to,
		(i) amalgamate, consolidate or merge with or into, or (ii) directly or
		indirectly transfer, sell, lease or otherwise dispose of (other than pursuant
		to a charter or lease of a vessel in the ordinary course of business) its
		properties and assets substantially as an entirety to, any other Person (other
		than the Company or another Subsidiary Guarantor) unless, in any such
		transaction:
	 

	 
		(1) in the case such Subsidiary Guarantor
		shall amalgamate, consolidate or merge with or into another Person or shall
		directly or indirectly convey, transfer or lease (other than a charter or lease
		of a vessel in the ordinary course of business) its properties and assets
		substantially as an entirety, the Person formed by such consolidation with or
		into which such Subsidiary Guarantor is amalgamated or merged, or the Person
		which acquires by transfer, sale or lease (other than a charter or lease of a
		vessel in the ordinary course of business) the properties and assets of such
		Subsidiary Guarantor substantially as an entirety (for purposes of this Article
		VIII, a “Successor Subsidiary Guarantor”), shall be organized under
		the laws of (i) the United States or any State thereof or the District of
		Columbia, (ii) the Republic of the Marshall Islands, (iii) a member state of
		the European Union or (iv) any other country recognized by the United
		States;
	 

	 
		(2) the Successor Subsidiary Guarantor shall
		expressly assume by an indenture supplemental hereto executed and delivered to
		the Trustee, in form satisfactory to the 
	 

	 
		 
	 

	 
		50
	 

	 
		 
	 

	 
	 

	 

	 
		Trustee, the due and punctual payment of all
		obligations of such Subsidiary Guarantor under its Subsidiary Guarantee and the
		Indenture and the performance of every covenant of this Indenture on the part
		of such Subsidiary Guarantor to be performed or observed;
	 

	 
		(3) immediately before and after giving
		effect to such transaction, no Default or Event of Default shall have occurred
		and be continuing; and
	 

	 
		(4) the Company has delivered to the Trustee
		an Officer’s Certificate and an Opinion of Counsel, each stating that such
		consolidation, amalgamation, merger, conveyance, transfer or lease and, if a
		supplemental indenture is required in connection with such transaction, such
		supplemental indenture, complies with this Article and that all conditions
		precedent herein provided for relating to such transaction have been complied
		with.
	 

	 
		The provisions of this Section 8.02 shall
		not be applicable to any series of Securities unless, and only to the extent
		that, the terms of a particular series of Securities so provide.
	 

	 
		Section 8.03
		Successor Corporation
		Substituted. Upon any consolidation or
		merger or any transfer of assets in accordance with Section 8.01, the surviving
		Person formed by such consolidation or into which the Company is merged or to
		which such transfer is made shall succeed to, and be substituted for, and may
		exercise every right and power of, the Company under this Indenture with the
		same effect as if such surviving Person had been named as the Company herein.
		When a surviving Person duly assumes all of the obligations of the Company
		pursuant hereto and pursuant to the Securities, the predecessor shall be
		relieved of the performance and observance of all obligations and covenants of
		this Indenture and the Securities, including but not limited to the obligation
		to make payment of the principal of (and premium, if any) and interest on all
		the Securities then outstanding, and the Company may thereupon or any time
		thereafter be liquidated and dissolved.
	 

	 
		Except with respect to the Securities of any
		series whose terms permit such transactions as an asset sale, upon any
		consolidation, amalgamation or merger of a Subsidiary Guarantor with or into,
		or any conveyance, transfer or lease (other than a charter or lease of a vessel
		in the ordinary course of business) of the properties and assets of such
		Subsidiary Guarantor substantially as an entirety in accordance with Section
		8.02 to, a Person other than the Company or another Subsidiary Guarantor, the
		Successor Subsidiary Guarantor shall succeed to, and be substituted for, and
		may exercise every right and power of, such Subsidiary Guarantor under this
		Indenture with the same effect as if such Successor Subsidiary Guarantor had
		been named as a Subsidiary Guarantor herein, and thereafter, except in the case
		of a lease, the predecessor Subsidiary Guarantor shall be relieved of all
		obligations and covenants under this Indenture and the Securities.
	 

	 
		ARTICLE
		IX
	 

	 
		 
	 

	 
		SUPPLEMENTAL INDENTURES
	 

	 
		Section 9.01
		Supplemental Indentures Without Consent
		of Holders. Without the consent of any
		Holders, the Company, when authorized by a Board Resolution of the Company, the
		Subsidiary Guarantors, when authorized by respective Board Resolutions of the
		Subsidiary 
	 

	 
		 
	 

	 
		51
	 

	 
		 
	 

	 
	 

	 

	 
		Guarantors, and the Trustee, at any time and
		from time to time, may enter into one or more indentures supplemental hereto,
		in form satisfactory to the Trustee, for any of the following purposes:
	 

	 
		(1) to evidence the succession of another
		Person to the Company and the assumption by any such successor of the covenants
		of the Company herein and in the Securities;
	 

	 
		(2) to add to the covenants of the Company
		for the benefit of the Holders of all or any series of Securities (and if such
		covenants are to be for the benefit of less than all series of Securities,
		stating that such covenants are expressly being included solely for the benefit
		of such series) or to surrender any right or power herein conferred upon the
		Company;
	 

	 
		(3) to add any additional Events of
		Default;
	 

	 
		(4) to add to or change any of the
		provisions of this Indenture to such extent as shall be necessary to permit or
		facilitate the issuance of Securities in bearer form, registrable or not
		registrable as to principal, and with or without interest coupons, or to permit
		or facilitate the issuance of Securities in uncertificated form;
	 

	 
		(5) to add to, change or eliminate any of
		the provisions of this Indenture in respect of one or more series of
		Securities, provided that any such addition, change or elimination (A) shall
		neither (i) apply to any Security of any series created prior to the execution
		of such supplemental indenture and entitled to the benefit of such provision
		nor (ii) modify the rights of the Holder of any such Security with respect to
		such provision or (B) shall become effective only when there is no such
		Security Outstanding;
	 

	 
		(6) to secure the Securities;
	 

	 
		(7) to establish the form or terms of
		Securities of any series as permitted by Sections 2.01 and 3.01;
	 

	 
		(8) to comply with Section 8.01 and
		8.02;
	 

	 
		(9) to provide for uncertificated Securities
		in addition to or in place of certificated Securities;
	 

	 
		(10) to evidence and provide for the
		acceptance of appointment hereunder by a successor Trustee with respect to the
		Securities of one or more series and to add to or change any of the provisions
		of this Indenture as shall be necessary to provide for or facilitate the
		administration of the trusts hereunder by more than one Trustee, pursuant to
		the requirements of Section 6.11;
	 

	 
		(11) to make provisions with respect to the
		conversion rights of Holders pursuant to the requirements of Article XV;

	 

	 
		 
	 

	 
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		(12) to cure any ambiguity, to correct or
		supplement any provision herein which may be defective or inconsistent with any
		other provision herein, or to make any other provisions with respect to matters
		or questions arising under this Indenture, provided that
		such action pursuant to this clause (9) shall not adversely affect the
		interests of the Holders of Securities of any series in any material
		respect;
	 

	 
		(13) to add new Subsidiary Guarantors
		pursuant to Section 14.05; or
	 

	 
		(14) to conform any provision of this
		Indenture to the “Description of Debt Securities” contained in the
		Prospectus or any similar provision contained in any supplement to the
		Prospectus relating to an offering of debt securities under this
		Indenture.
	 

	 
		Section 9.02
		Supplemental Indentures with Consent of
		Holders. With the consent of the
		Holders of a majority in principal amount of the Outstanding Securities of each
		series affected by such supplemental indenture, by Act of said Holders
		delivered to the Company, the Subsidiary Guarantors and the Trustee, the
		Company, when authorized by a Board Resolution of the Company, the Subsidiary
		Guarantors, when authorized by respective Board Resolutions of the Subsidiary
		Guarantors, and the Trustee may enter into an indenture or indentures
		supplemental hereto for the purpose of adding any provisions to or changing in
		any manner or eliminating any of the provisions of this Indenture or of
		modifying in any manner the rights of the Holders of Securities of such series
		under this Indenture; provided,
		however, that no such supplemental indenture shall, without the
		consent of the Holder of each Outstanding Security,
	 

	 
		(1) change the Stated Maturity of the
		principal of, or any installment of principal of or interest on, any Security,
		or reduce the principal amount thereof or the rate of interest or the time of
		payment of interest thereon or any premium payable upon the redemption thereof,
		or reduce the amount of the principal of an Original Issue Discount Security
		that would be due and payable upon a declaration of acceleration of the
		Maturity thereof pursuant to Section 5.02, or change any Place of Payment
		where, or the coin or currency in which, any Security or any premium or
		interest thereon is payable or the right of selection thereof, or impair the
		right to institute suit for the enforcement of any such payment on or after the
		Stated Maturity thereof (or, in the case of redemption, on or after the
		Redemption Date), or adversely affect the right to convert any Security as
		provided in Article XV, or modify the provisions of this Indenture with respect
		to the ranking of the Securities in a manner adverse to the Holders;
	 

	 
		(2) reduce the percentage in principal
		amount of the Outstanding Securities of any series, the consent of whose
		Holders is required for any such supplemental indenture, or the consent of
		whose Holders is required for any waiver (of compliance with certain provisions
		of this Indenture or certain defaults hereunder and their consequences)
		provided for in this Indenture;
	 

	 
		(3) modify any of the provisions of this
		Section or Section 5.13, except to increase any such percentage or to provide
		that certain other provisions of this Indenture cannot be modified or waived
		without the consent of the Holder of each Outstanding Security affected
		thereby, provided, however, that
		this clause shall not be deemed to require the consent of any Holder with
		respect to changes in the references to “the Trustee” and concomitant
		
	 

	 
		 
	 

	 
		53
	 

	 
		 
	 

	 
	 

	 

	 
		changes in this Section, or the deletion of
		this proviso, in accordance with the requirements of Sections 6.08 and
		9.01(10);
	 

	 
		(4) change any obligations of ours to
		maintain an office or agency, or modify or waive the provisions of Article
		XI;
	 

	 
		(5) modify or change any provision of this
		Indenture or the related definitions affecting the subordination or ranking of
		the Securities or any Subsidiary Guarantee in a manner which adversely affects
		the Holders;
	 

	 
		(6) change any obligation of ours to pay
		additional amounts;
	 

	 
		(7) adversely affect the right of repayment
		or repurchase at the option of the Holder; or
	 

	 
		(8) reduce or postpone any sinking fund or
		similar provision.
	 

	 
		A supplemental indenture which changes or
		eliminates any covenant or other provision of this Indenture which has
		expressly been included solely for the benefit of one or more particular series
		of Securities, or which modifies the rights of the Holders of Securities of
		such series with respect to such covenant or other provision, shall be deemed
		not to affect the rights under this Indenture of the Holders of Securities of
		any other series.
	 

	 
		It shall not be necessary for any Act of
		Holders under this Section to approve the particular form of any proposed
		supplemental indenture, but it shall be sufficient if such Act shall approve
		the substance thereof.
	 

	 
		Section 9.03
		Execution of Supplemental
		Indentures. In executing, or accepting
		the additional trusts created by, any supplemental indenture permitted by this
		Article or the modifications thereby of the trusts created by this Indenture,
		the Trustee shall be entitled to receive, and (subject to Section 6.01) shall
		be fully protected in relying upon, an Opinion of Counsel stating that the
		execution of such supplemental indenture is authorized or permitted by this
		Indenture. The Trustee may, but shall not be obligated to, enter into any such
		supplemental indenture which affects the Trustee’s own rights, duties or
		immunities under this Indenture or otherwise.
	 

	 
		Section 9.04
		Effect of Supplemental
		Indentures. Upon the execution of any
		supplemental indenture under this Article, 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 Securities theretofore or
		thereafter authenticated and delivered hereunder shall be bound thereby.

	 

	 
		Section 9.05
		Conformity with Trust Indenture
		Act. Every supplemental indenture
		executed pursuant to this Article shall conform to the requirements of the
		Trust Indenture Act.
	 

	 
		Section 9.06
		Reference in Securities to Supplemental
		Indentures. Securities of any series
		authenticated and delivered after the execution of any supplemental indenture
		pursuant to this Article may, and shall if required by the Trustee, bear a
		notation in form approved by the 
	 

	 
		 
	 

	 
		54
	 

	 
		 
	 

	 
	 

	 

	 
		Trustee as to any matter provided for in
		such supplemental indenture. If the Company and the Subsidiary Guarantors shall
		so determine, new Securities of any series so modified as to conform, in the
		opinion of the Trustee, the Company and the Subsidiary Guarantors, to any such
		supplemental indenture may be prepared and executed by the Company, and the
		Subsidiary Guarantees endorsed thereon may be executed by the Subsidiary
		Guarantors and authenticated and delivered by the Trustee in exchange for
		Outstanding Securities of such series.
	 

	 
		ARTICLE
		X
	 

	 
		 
	 

	 
		COVENANTS
	 

	 
		Section 10.01
		Payment of Securities. The Company covenants and agrees for the benefit of
		each series of Securities that it will pay the principal of and interest on the
		Securities of that series on the dates and in the manner provided in the
		Securities of that series and this Indenture. An installment of principal,
		premium, if any, or interest on the Securities shall be considered paid on the
		date it is due if the Trustee or Paying Agent (other than the Company or an
		Affiliate of the Company) holds for the benefit of the Holders, on that date,
		immediately available funds deposited and designated for and sufficient to pay
		the installment.
	 

	 
		The Company shall pay interest on overdue
		principal and on overdue installments of interest at the rate specified in the
		Securities compounded semi-annually, to the extent lawful.
	 

	 
		Section 10.02
		Maintenance of Office or
		Agency. The Company shall maintain in
		the Place of Payment for any series of Securities, an office or agency where
		Securities of that series may be presented or surrendered for payment, where
		Securities of that series may be surrendered for registration of transfer or
		exchange, where Securities of any series that is convertible may be surrendered
		for conversion, and where notices and demands to or upon the Company or any
		Subsidiary Guarantor in respect of the Securities of that series, any
		Subsidiary Guarantees endorsed thereon and this Indenture may be served. The
		Company and the Subsidiary Guarantors will give prompt written notice to the
		Trustee of the location, and any change in the location, of such office or
		agency. If at any time the Company or any Subsidiary Guarantor 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, and
		each of the Company and each Subsidiary Guarantor hereby appoints the Trustee
		as its agent to receive all such presentations, surrenders, notices and
		demands.
	 

	 
		The Company may also from time to time
		designate one or more other offices or agencies where the Securities of one or
		more series may be presented or surrendered for any or all such purposes and
		may from time to time rescind such designations; provided,
		however, that no such designation or rescission shall in any
		manner relieve the Company of its obligation to maintain an office or agency in
		each Place of Payment for Securities of any series 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. The Company hereby initially designates the principal corporate trust
		office of the Trustee as such office of the Company.
	 

	 
		 
	 

	 
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		Section 10.03 Money for Securities Payments to Be Held in
		Trust. If the Company shall at any time
		act as its own Paying Agent with respect to any series of Securities, it will,
		on or before each due date of the principal of or any premium or interest on
		any of the Securities of that series, segregate and hold in trust for the
		benefit of the Persons entitled thereto a sum sufficient to pay the principal
		and any premium and interest so becoming due until such sums shall be paid to
		such Persons or otherwise disposed of as herein provided and will promptly
		notify the Trustee of its action or failure so to act.
	 

	 
		Whenever the Company shall have one or more
		Paying Agents for any series of Securities, it will, on or prior to each due
		date of the principal of or any premium or interest on any Securities of that
		series, deposit with a Paying Agent a sum sufficient to pay such amount, such
		sum to be held as provided by the Trust Indenture Act, and (unless such Paying
		Agent is the Trustee) the Company will promptly notify the Trustee of its
		action or failure so to act.
	 

	 
		The Company will cause each Paying Agent for
		any series of Securities other than the Trustee to execute and deliver to the
		Trustee an instrument in which such Paying Agent shall agree with the Trustee,
		subject to the provisions of this Section, that such Paying Agent will (1)
		comply with the provisions of the Trust Indenture Act applicable to it as a
		Paying Agent and (2) during the continuance of any default by the Company (or
		any other obligor upon the Securities of that series) in the making of any
		payment in respect of the Securities of that series, upon the written request
		of the Trustee, forthwith pay to the Trustee all sums held in trust by such
		Paying Agent for payment in respect of the Securities of that series.
	 

	 
		The Company may at any time, for the purpose
		of obtaining the satisfaction and discharge of this Indenture or for any other
		purpose, pay, or by Company Order direct any Paying Agent to pay, to the
		Trustee all sums held in trust by the Company or such Paying Agent, such sums
		to be held by the Trustee upon the same trusts as those upon which such sums
		were held by the Company or such Paying Agent; and, upon such payment by any
		Paying Agent to the Trustee, such Paying Agent shall be released from all
		further liability with respect to such money.
	 

	 
		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 or any premium or interest on any Security of any series and
		remaining unclaimed for two years after such principal, premium or interest has
		become due and payable shall be paid to the Company on Company Request, or (if
		then held by the Company) shall be discharged from such trust; and the Holder
		of such Security shall thereafter, as an unsecured general creditor, look only
		to the Company for payment thereof, and all liability of the Trustee or such
		Paying Agent with respect to such trust money, and all liability of the Company
		as trustee thereof, shall thereupon cease; provided, however, that
		the Trustee or such Paying Agent, before being required to make any such
		repayment, may at the expense of the Company cause to be published once, in a
		newspaper published in the English language, customarily published on each
		Business Day and of general circulation in New York City, 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 publication, any unclaimed
		balance of such money then remaining will be repaid to the Company.
	 

	 
		 
	 

	 
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		Section 10.04 Corporate Existence. Subject to Article VIII, the Company shall do or cause
		to be done all things necessary to preserve and keep in full force and effect
		its corporate existence in accordance with the respective organizational
		documents of each of them and the rights (charter and statutory) and corporate
		franchises of the Company and each of its Subsidiaries; provided,
		however, that the Company shall not be required to preserve,
		with respect to itself, any right or franchise, and with respect to any of its
		Subsidiaries, any such existence, right or franchise, if (a) 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 (b) the loss
		thereof is not disadvantageous in any material respect to the Holders.
	 

	 
		Section 10.05
		Compliance Certificate; Notice of
		Default.
	 

	 
		(a) The Company shall deliver to the Trustee
		annually an Officer’s Certificate complying with Section 314(a)(4) of the
		Trust Indenture Act and stating that a review of its activities and the
		activities of 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 (all without regard to periods of grace, which shall be
		deemed fulfilled unless and until the expiration of such periods, or notice
		requirements) and further stating, as to each such officer signing such
		certificate, whether or not the signer knows of any failure by the Company or
		any Subsidiary of the Company to comply with any conditions or covenants in
		this Indenture and, if such signer does know of such a failure to comply, the
		certificate shall describe such failure with particularity. The Officer’s
		Certificate shall also notify the Trustee should the relevant fiscal year end
		on any date other than the current fiscal year end date.
	 

	 
		(b) The Company shall, so long as any of the
		Securities of any series are outstanding, deliver to the Trustee, immediately
		upon becoming aware of any Event of Default with respect to such series under
		this Indenture, an Officer’s Certificate specifying such Event of Default
		and what action the Company is taking or proposes to take with respect thereto.
		The Trustee shall not be deemed to have knowledge of an Event of Default unless
		one of its Responsible Officers receives notice of the Event of Default from
		the Company or any of the Holders.
	 

	 
		ARTICLE
		XI
	 

	 
		 
	 

	 
		REDEMPTION OF SECURITIES
	 

	 
		Section 11.01
		Applicability of Article. Securities of any series which are redeemable before
		their Stated Maturity shall be redeemable in accordance with their terms and
		(except as otherwise specified as contemplated by Section 3.01 for Securities
		of any series) in accordance with this Article.
	 

	 
		Section 11.02
		Election to Redeem; Notice to
		Trustee. The election of the Company to
		redeem any Securities shall be evidenced by a Board Resolution. In case of any
		redemption at the election of the Company of less than all the Securities of
		any series, the Company shall, at least 60 days prior to the Redemption Date
		fixed by the Company (unless a shorter notice shall be satisfactory to the
		Trustee), notify the Trustee of such Redemption Date, of the principal 
	 

	 
		 
	 

	 
		57
	 

	 
		 
	 

	 
	 

	 

	 
		amount of Securities of such series to be
		redeemed and, if applicable, of the tenor of the Securities to be redeemed. In
		the case of any redemption of Securities prior to the expiration of any
		restriction on such redemption provided in the terms of such Securities or
		elsewhere in this Indenture, the Company shall furnish the Trustee with an
		Officer’s Certificate evidencing compliance with such restriction.
	 

	 
		Section 11.03
		Selection by Trustee of Securities to Be
		Redeemed. If less than all the
		Securities of any series are to be redeemed (unless all of the Securities of
		such series and of a specified tenor are to be redeemed), the particular
		Securities to be redeemed shall be selected not more than 60 days prior to the
		Redemption Date by the Trustee from the Outstanding Securities of such series
		not previously called for redemption, by such method as the Trustee shall deem
		fair and appropriate and which may provide for the selection for redemption of
		portions (equal to the minimum authorized denomination for Securities of that
		series or any integral multiple thereof) of the principal amount of Securities
		of such series of a denomination larger than the minimum authorized
		denomination for Securities of that series. If less than all of the Securities
		of such series and of a specified tenor are to be redeemed, the particular
		Securities to be redeemed shall be selected not more than 60 days prior to the
		Redemption Date by the Trustee from the Outstanding Securities of such series
		and specified tenor not previously called for redemption in accordance with the
		preceding sentence.
	 

	 
		If any Security selected for partial
		redemption is converted in part before termination of the conversion right with
		respect to the portion of the Security so selected, the converted portion of
		such Security shall be deemed (so far as may be) to be the portion selected for
		redemption. Securities which have been converted during a selection of
		Securities to be redeemed shall be treated by the Trustee as Outstanding for
		the purpose of such selection.
	 

	 
		The Trustee shall promptly notify the
		Company in writing of the Securities selected for redemption and, in the case
		of any Securities selected for partial redemption, the principal amount thereof
		to be redeemed.
	 

	 
		For all purposes of this Indenture, unless
		the context otherwise requires, all provisions relating to the redemption of
		Securities shall relate, in the case of any Securities redeemed or to be
		redeemed only in part, to the portion of the principal amount of such
		Securities which has been or is to be redeemed.
	 

	 
		Section 11.04
		Notice of Redemption. Notice of redemption shall be delivered electronically
		or by first-class mail, postage prepaid, mailed not less than 30 nor more than
		60 days prior to the Redemption Date, to each Holder of Securities to be
		redeemed, at his address appearing in the Security Register.
	 

	 
		All notices of redemption shall
		state:
	 

	 
		(1) the Redemption Date,
	 

	 
		(2) the Redemption Price,
	 

	 
		 
	 

	 
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		(3) if less than all the Outstanding
		Securities of any series are to be redeemed, the identification (and, in the
		case of partial redemption of any Securities, the principal amounts) of the
		particular Securities to be redeemed,
	 

	 
		(4) that on the Redemption Date the
		Redemption Price will become due and payable upon each such Security to be
		redeemed and, if applicable, that interest thereon will cease to accrue on and
		after said date,
	 

	 
		(5) in the case of any Securities that are
		convertible pursuant to Article XV, the conversion price or rate, the date on
		which the right to convert the principal of the Securities to be redeemed will
		terminate and the place or places where such Securities may be surrendered for
		conversion,
	 

	 
		(6) the place or places where such
		Securities are to be surrendered for payment of the Redemption Price,
	 

	 
		(7) that the redemption is for a sinking
		fund, if such is the case, and
	 

	 
		(8) applicable CUSIP Numbers.
	 

	 
		Notice of redemption of Securities to be
		redeemed at the election of the Company shall be given by the Company or, at
		the Company’s request, by the Trustee in the name and at the expense of
		the Company and shall be irrevocable.
	 

	 
		Section 11.05
		Deposit of Redemption
		Price. Prior to any Redemption Date,
		the Company shall deposit with the Trustee or with a Paying Agent an amount of
		money sufficient to pay the Redemption Price of, and (except if the Redemption
		Date shall be an Interest Payment Date) accrued interest on, all the Securities
		which are to be redeemed on that date other than any Securities called for
		redemption on that date which have been converted prior to the date of such
		deposit.
	 

	 
		If any Security called for redemption is
		converted, any money deposited with the Trustee or with any Paying Agent or so
		segregated and held in trust for the redemption of such Security shall (subject
		to any right of the Holder of such Security or any Predecessor Security to
		receive interest as provided in the last paragraph of Section 3.07) be paid to
		the Company upon Company Request or, if then held by the Company, shall be
		discharged from such trust.
	 

	 
		Section 11.06
		Securities Payable on Redemption
		Date. Notice of redemption having been
		given as aforesaid, the Securities so to be redeemed shall, on the Redemption
		Date, become due and payable at the Redemption Price therein specified, and
		from and after such date (unless the Company shall default in the payment of
		the Redemption Price and accrued interest) such Securities shall cease to bear
		interest. Upon surrender of any such Security for redemption in accordance with
		said notice, such Security shall be paid by the Company at the Redemption
		Price, together with accrued interest to the Redemption Date; provided,
		however, that, unless otherwise specified as contemplated by
		Section 3.01, installments of interest whose Stated Maturity is on or prior to
		the Redemption Date shall be payable to the Holders of such Securities, or one
		or more Predecessor Securities, registered as such at the close of business on
		the relevant Record Dates according to their terms and the provisions of
		Section 3.07.
	 

	 
		 
	 

	 
		59
	 

	 
		 
	 

	 
	 

	 

	 
		If any Security called for redemption shall
		not be so paid upon surrender thereof for redemption, the principal and any
		premium shall, until paid, bear interest from the Redemption Date at the rate
		prescribed therefor in the Security.
	 

	 
		ARTICLE
		XII
	 

	 
		 
	 

	 
		SINKING FUNDS
	 

	 
		Section 12.01
		Applicability of Article. The provisions of this Article shall be applicable to
		any sinking fund for the retirement of Securities of a series except as
		otherwise specified as contemplated by Section 3.01 for Securities of such
		series.
	 

	 
		The minimum amount of any sinking fund
		payment provided for by the terms of Securities of any series is herein
		referred to as a “mandatory sinking fund payment”, and any payment in
		excess of such minimum amount provided for by the terms of Securities of any
		series is herein referred to as an “optional sinking fund payment”.
		If provided for by the terms of Securities of any series, the cash amount of
		any sinking fund payment may be subject to reduction as provided in Section
		12.02. Each sinking fund payment shall be applied to the redemption of
		Securities of any series as provided for by the terms of Securities of such
		series.
	 

	 
		Section 12.02
		Satisfaction of Sinking Fund Payments
		with Securities. The Company
		(1) may deliver Outstanding Securities of a series (other than any
		Securities previously called for redemption) and (2) may apply as a credit
		Securities of a series which have been converted pursuant to Article XV or
		which have been redeemed either at the election of the Company pursuant to the
		terms of such Securities or through the application of permitted optional
		sinking fund payments pursuant to the terms of such Securities, in each case in
		satisfaction of all or any part of any sinking fund payment with respect to the
		Securities of such series required to be made pursuant to the terms of such
		Securities as provided for by the terms of such series; provided that
		such Securities have not been previously so credited. Such Securities shall be
		received and credited for such purpose by the Trustee at the Redemption Price
		specified in such Securities for redemption through operation of the sinking
		fund and the amount of such sinking fund payment shall be reduced
		accordingly.
	 

	 
		Section 12.03
		Redemption of Securities for Sinking
		Fund. Not less than 60 days prior to
		each sinking fund payment date for any series of Securities, the Company will
		deliver to the Trustee an Officer’s Certificate specifying the amount of
		the next ensuing sinking fund payment for that series pursuant to the terms of
		that series, the portion thereof, if any, which is to be satisfied by payment
		of cash and the portion thereof, if any, which is to be satisfied by delivering
		and crediting Securities of that series pursuant to Section 12.02, and will
		also deliver to the Trustee any Securities to be so delivered. Not less than 30
		days before each such sinking fund payment date the Trustee shall select the
		Securities to be redeemed upon such sinking fund payment date in the manner
		specified in Section 11.03 and cause notice of the redemption thereof to be
		given in the name of and at the expense of the Company in the manner provided
		in Section 11.04. Such notice having been duly given, the redemption of such
		Securities shall be made upon the terms and in the manner stated in Section
		11.06.
	 

	 
		 
	 

	 
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		ARTICLE XIII
	 

	 
		 
	 

	 
		DEFEASANCE AND COVENANT
		DEFEASANCE
	 

	 
		Section 13.01
		Company’s Option to Effect
		Defeasance or Covenant Defeasance. The
		Company may elect, at its option by Board Resolution at any time, to have
		either Section 13.02 or Section 13.03 applied to the Outstanding Securities of
		any series designated pursuant to Section 3.01 as being defeasible pursuant to
		this Article XIII (hereinafter called a “Defeasible Series”), upon
		compliance with the conditions set forth below in this Article XIII; provided
		that Section 13.02 shall not apply to any series of Securities that is
		convertible into Common Stock as provided in Article XV or convertible into or
		exchangeable for any other securities pursuant to Section 3.01(18).
	 

	 
		Section 13.02
		Defeasance and Discharge. Upon the Company’s exercise of the option
		provided in Section 13.01 to have this Section 13.02 applied to the Outstanding
		Securities of any Defeasible Series, the Company shall be deemed to have been
		discharged from its obligations, and the provisions of Article XIV shall cease
		to be effective, with respect to the Outstanding Securities of such series and
		the Subsidiary Guarantors shall be deemed to have been discharged from their
		obligations with respect to their Subsidiary Guarantees for such Outstanding
		Securities, as provided in this Section on and after the date the conditions
		set forth in Section 13.04 are satisfied (hereinafter called
		“Defeasance”) and the Trustee shall deliver to the Company and the
		Subsidiary Guarantors appropriate instruments of satisfaction, discharge and
		release. For this purpose, such Defeasance means that the Company shall be
		deemed to have paid and discharged the entire indebtedness represented by the
		Outstanding Securities of such series and to have satisfied all its other
		obligations under the Securities of such series and this Indenture, and the
		Subsidiary Guarantors shall be deemed to have satisfied all of their
		obligations under their Subsidiary Guarantees and this Indenture insofar as the
		Securities of such series are concerned (and the Trustee, at the expense of the
		Company, shall execute proper instruments acknowledging the same), subject to
		the following which shall survive until otherwise terminated or discharged
		hereunder: (1) the rights of Holders of Securities of such series to receive,
		solely from the trust fund described in Section 13.04 and as more fully set
		forth in such Section, payments in respect of the principal of and any premium
		and interest on such Securities of such series when payments are due, (2) the
		Company’s obligations with respect to the Securities of such series under
		Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (3) the rights, powers, trusts,
		duties and immunities of the Trustee hereunder and (4) this Article XIII.
		Subject to compliance with this Article XIII, the Company may exercise its
		option provided in Section 13.01 to have this Section 13.02 applied to the
		Outstanding Securities of any Defeasible Series notwithstanding the prior
		exercise of its option provided in Section 13.01 to have Section 13.03 applied
		to the Outstanding Securities of such series.
	 

	 
		Section 13.03
		Covenant Defeasance. Upon the Company’s exercise of the option
		provided in Section 13.01 to have this Section 13.03 applied to the Outstanding
		Securities of any Defeasible Series, (1) the Company shall be released from its
		obligations under Section 8.01 and Section 10.04 and the Subsidiary Guarantors
		shall be released from their obligations under Section 8.02 and Article XIV,
		and (2) the occurrence of any event specified in Sections 5.01(3), 5.01(5)
		(with respect to any of Sections 8.01, 8.02 and 10.04), 5.01(6) and 5.01(9)
		shall be deemed not to be or result in an Event of Default and (3) the
		provisions of Article XIV shall 
	 

	 
		 
	 

	 
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		cease to be effective, in each case with
		respect to the Outstanding Securities of such series as provided in this
		Section on and after the date the conditions set forth in Section 13.04 are
		satisfied (hereinafter called “Covenant Defeasance”). For this
		purpose, such Covenant Defeasance means that 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 specified Section (to the extent so specified
		in the case of Section 5.01(5)), whether directly or indirectly by reason of
		any reference elsewhere herein to any such Section or by reason of any
		reference in any such Section to any other provision herein or in any other
		document, but the remainder of this Indenture and the Securities of such series
		shall be unaffected thereby. In addition, Covenant Defeasance means that each
		Subsidiary Guarantor, if any, shall be released from its obligations under its
		Subsidiary Guarantee to the extent that the Company is released from its
		obligations under this Indenture.
	 

	 
		Section 13.04
		Conditions to Defeasance or Covenant
		Defeasance. The following shall be the
		conditions to application of either Section 13.02 or Section 13.03 to the
		Outstanding Securities of any Defeasible Series:
	 

	 
		(1) The Company shall irrevocably have
		deposited or caused to be deposited with the Trustee (or another trustee that
		satisfies the requirements contemplated by Section 6.09 and agrees to comply
		with the provisions of this Article XIV applicable to it) as trust funds in
		trust for the purpose of making the following payments, specifically pledged as
		security for, and dedicated solely to, the benefit of the Holders of
		Outstanding Securities of such series, (A) money in an amount, or (B) U.S.
		Government Obligations that through the scheduled payment of principal and
		interest in respect thereof in accordance with their terms will provide, not
		later than one day before the due date of any payment, money in an amount, or
		(C) a combination thereof, in each case sufficient, in the opinion of a
		nationally recognized firm of independent public accountants expressed in a
		written certification thereof delivered to the Trustee, to pay and discharge,
		and which shall be applied by the Trustee (or any such other qualifying
		trustee) to pay and discharge, the principal of and any premium and interest on
		the Securities of such series on the respective Stated Maturities, in
		accordance with the terms of this Indenture and the Securities of such series.
		As used herein, “U.S. Government Obligation” means (x) any security
		that is (i) a direct obligation of the United States of America for the payment
		of which full faith and credit of the United States of America is pledged or
		(ii) an obligation 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 (i) or (ii), is not callable or
		redeemable at the option of the issuer thereof, and (y) any depositary receipt
		issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933,
		as amended) as custodian with respect to any U.S. Government Obligation
		specified in Clause (x) and held by such custodian for the account of the
		holder of such depositary receipt, or with respect to any specific payment of
		principal of or interest on any such U.S. Government Obligation, 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 U.S. Government
		Obligation or the specific payment of principal or interest evidenced by such
		depositary receipt.
	 

	 
		 
	 

	 
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		(2) In the case of an election under Section
		13.02, the Company shall have delivered to the Trustee an Opinion of Counsel
		stating that (A) the Company has received from, or there has been published by,
		the Internal Revenue Service a ruling or (B) since the date first set forth
		hereinabove, there has been a change in the applicable Federal income tax law,
		in either case (A) or (B) to the effect that, and based thereon such opinion
		shall confirm that, the Holders of the Outstanding Securities of such series
		will not recognize gain or loss for Federal income tax purposes as a result of
		the deposit, Defeasance and discharge to be effected with respect to the
		Securities of such series and will be subject to Federal income tax on the same
		amount, in the same manner and at the same times as would be the case if such
		deposit, Defeasance and discharge were not to occur.
	 

	 
		(3) In the case of an election under Section
		13.03, the Company shall have delivered to the Trustee an Opinion of Counsel to
		the effect that the Holders of the Outstanding Securities of such series will
		not recognize gain or loss for Federal income tax purposes as a result of the
		deposit and Covenant Defeasance to be effected with respect to the Securities
		of such series and will be subject to Federal income tax on the same amount, in
		the same manner and at the same times as would be the case if such deposit and
		Covenant Defeasance were not to occur.
	 

	 
		(4) No Event of Default or event that (after
		notice or lapse of time or both) would become an Event of Default shall have
		occurred and be continuing at the time of such deposit or, with regard to any
		Event of Default or any such event specified in Sections 5.01(7) and (8), at
		any time on or prior to the 90th day after the date of such deposit (it being
		understood that this condition shall not be deemed satisfied until after such
		90th day).
	 

	 
		(5) Such Defeasance or Covenant Defeasance
		shall not result in a breach or violation of, or constitute a default under,
		any other agreement or instrument to which the Company is a party or by which
		it is bound.
	 

	 
		(6) No event or condition shall exist that,
		pursuant to the provisions of Article XIV, would prevent the Company from
		making payments of the principal of (and any premium) or interest on the
		Securities of such series on the date of such deposit or at any time on or
		prior to the 90th day after the date of such deposit (it being understood that
		this condition shall not be deemed satisfied until such 90th day shall have
		ended).
	 

	 
		(7) The Company shall have delivered to the
		Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
		that all conditions precedent with respect to such Defeasance or Covenant
		Defeasance have been complied with.
	 

	 
		Section 13.05
		Deposited Money and U.S. Government
		Obligations to be Held in Trust; Other Miscellaneous Provisions. All money and U.S. Government Obligations (including
		the proceeds thereof) deposited with the Trustee or other qualifying trustee
		(solely for purposes of this Section and Section 13.06, the Trustee and any
		such other trustee are referred to collectively as the “Trustee”)
		pursuant to Section 13.04 in respect of the Securities of any Defeasible Series
		shall be held in trust and applied by the Trustee, in accordance with the
		provisions of the Securities of such series and this Indenture, to the payment,
		either directly or through any such Paying Agent (including the Company acting
		as its own Paying Agent) as the Trustee may 
	 

	 
		 
	 

	 
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		determine, to the Holders of Securities of
		such series, of all sums due and to become due thereon in respect of principal
		and any premium and interest, but money so held in trust need not be segregated
		from other funds except to the extent required by law.
	 

	 
		The Company and the Subsidiary Guarantors
		(on a joint and several basis) shall pay and indemnify the Trustee against any
		tax, fee or other charge imposed on or assessed against the U.S. Government
		Obligations deposited pursuant to Section 13.04 or the principal and interest
		received in respect thereof other than any such tax, fee or other charge that
		by law is for the account of the Holders of Outstanding Securities.
	 

	 
		Anything in this Article XIII to the
		contrary notwithstanding, the Trustee shall deliver or pay to the Company from
		time to time upon Company Request any money or U.S. Government Obligations held
		by it as provided in Section 13.04 with respect to Securities of any Defeasible
		Series that, in the opinion of a nationally recognized firm of independent
		public accountants expressed in a written certification thereof delivered to
		the Trustee, are in excess of the amount thereof that would then be required to
		be deposited to effect an equivalent Defeasance or Covenant Defeasance with
		respect to the Securities of such series.
	 

	 
		Section 13.06
		Reinstatement. If the Trustee or the Paying Agent is unable to apply
		any money in accordance with this Article XIII with respect to the Securities
		of any series 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 Securities of
		such series and such Subsidiary Guarantor’s obligation under its
		Subsidiary Guarantee and this Indenture shall be revived and reinstated as
		though no deposit had occurred pursuant to this Article XIII with respect to
		Securities of such series until such time as the Trustee or Paying Agent is
		permitted to apply all money held in trust pursuant to Section 13.05 with
		respect to Securities of such series in accordance with this Article XIII;
		provided, however, that if
		the Company or a Subsidiary Guarantor makes any payment of principal of or any
		premium or interest on any Security of such series following the reinstatement
		of its obligations, the Company or the Subsidiary Guarantor, as the case may
		be, shall be subrogated to the rights of the Holders of Securities of such
		series to receive such payment from the money so held in trust.
	 

	 
		ARTICLE
		XIV
	 

	 
		 
	 

	 
		SUBSIDIARY GUARANTEE
	 

	 
		Section 14.01
		Subsidiary Guarantee. Each of the Subsidiary Guarantors hereby jointly and
		severally unconditionally Guarantees to each Holder of a Security of a series
		as to which it is a Subsidiary Guarantor authenticated and delivered by the
		Trustee, and to the Trustee on behalf of such Holder, the due and punctual
		payment of the principal of (and premium, if any) and interest on such Security
		when and as the same shall become due and payable, whether at the Stated
		Maturity, by acceleration, call for redemption, purchase or otherwise, in
		accordance with the terms of such Security and of this Indenture. In case of
		the failure of the Company punctually to make any such payment, each of the
		Subsidiary Guarantors hereby jointly and severally agrees to cause such payment
		to be made punctually when and as the same shall become due and 
	 

	 
		 
	 

	 
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		payable, whether at the Stated Maturity or
		by acceleration, call for redemption, purchase or otherwise, and as if such
		payment were made by the Company.
	 

	 
		Each of the Subsidiary Guarantors hereby
		jointly and severally agrees that its obligations hereunder shall be
		unconditional, irrespective of the validity, regularity or enforceability of
		such Security or this Indenture, the absence of any action to enforce the same,
		any exchange, release or non-perfection of any Lien on any collateral for, or
		any release or amendment or waiver of any term of any other Guarantee of, or
		any consent to departure from any requirement of any other Guarantee of all or
		any of the Securities, the election by the Trustee or any of the Holders in any
		proceeding under Chapter 11 of Title 11 of the United States Code (the
		“Bankruptcy Code”) of the application of Section 1111(b)(2) of the
		Bankruptcy Code, any borrowing or grant of a security interest by the Company,
		as debtor-in-possession, under Section 364 of the Bankruptcy Code, the
		disallowance, under Section 502 of the Bankruptcy Code, of all or any portion
		of the claims of the Trustee or any of the Holders for payment of any of the
		Securities, any waiver or consent by the Holder of such Security or by the
		Trustee with respect to any provisions thereof or of this Indenture, the
		obtaining of any judgment against the Company or any action to enforce the same
		or any other circumstances which might otherwise constitute a legal or
		equitable discharge or defense of a guarantor. Each of the Subsidiary
		Guarantors hereby waives the benefits of diligence, presentment, demand for
		payment, any requirement that the Trustee or any of the Holders protect,
		secure, perfect or insure any security interest in or other Lien on any
		property subject thereto or exhaust any right or take any action against the
		Company or any other Person or any collateral, 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 or notice with respect to such
		Security or the Indebtedness evidenced thereby and all demands whatsoever, and
		covenants that this Subsidiary Guarantee will not be discharged in respect of
		such Security except by complete performance of the obligations contained in
		such Security and in this Subsidiary Guarantee. Each of the Subsidiary
		Guarantors hereby agrees that, in the event of a default in payment of
		principal (or premium, if any) or interest on such Security, whether at their
		Stated Maturity, by acceleration, call for redemption, purchase or otherwise,
		legal proceedings may be instituted by the Trustee on behalf of, or by, the
		Holder of such Security, subject to the terms and conditions set forth in this
		Indenture, directly against each of the Subsidiary Guarantors to enforce this
		Subsidiary Guarantee without first proceeding against the Company. Each
		Subsidiary Guarantor agrees that if, after the occurrence and during the
		continuance of an Event of Default with respect to the Securities of the series
		as to which it is a Subsidiary Guarantor, the Trustee or any of the Holders are
		prevented by applicable law from exercising their respective rights to
		accelerate the maturity of the Securities of such series, to collect interest
		on the Securities of such series, or to enforce or exercise any other right or
		remedy with respect to the Securities of such series, or the Trustee or the
		Holders are prevented from taking any action to realize on any collateral, such
		Subsidiary Guarantor agrees to pay to the Trustee for the account of the
		Holders, upon demand therefor, the amount that would otherwise have been due
		and payable had such rights and remedies been permitted to be exercised by the
		Trustee or any of the Holders.
	 

	 
		The indebtedness evidenced by each
		Subsidiary Guarantee of a Subsidiary Guarantor is, to the extent provided in
		this Indenture, subordinate and subject in right of payment to the prior
		payment in full of all Senior Indebtedness of such Subsidiary Guarantor, and
		the Subsidiary Guarantees are issued subject to the provisions of this
		Indenture with respect thereto. Each 
	 

	 
		 
	 

	 
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		Holder of such Security, by accepting the
		same, (a) agrees to and shall be bound by such provisions, (b) authorizes and
		directs the Trustee on his behalf to take such action as may be necessary or
		appropriate to effectuate the subordination so provided and (c) appoints the
		Trustee his attorney-in-fact for any and all such purposes.
	 

	 
		Each Subsidiary Guarantor shall be
		subrogated to all rights of the Holders of the Securities upon which its
		Subsidiary Guarantee is endorsed against the Company in respect of any amounts
		paid by such Subsidiary Guarantor on account of such Security pursuant to the
		provisions of its Subsidiary Guarantee or this Indenture; provided, however, that no
		Subsidiary Guarantor shall be entitled to enforce or to receive any payments
		arising out of, or based upon, such right of subrogation until the principal of
		(and premium, if any) and interest on all Securities issued hereunder as to
		which such Subsidiary Guarantor is a Subsidiary Guarantor shall have been paid
		in full.
	 

	 
		Each Subsidiary Guarantee shall remain in
		full force and effect and continue to be effective should any petition be filed
		by or against the Company for liquidation or reorganization, should the Company
		become insolvent or make an assignment for the benefit of creditors or should a
		receiver or trustee be appointed for all or any significant part of the
		Company’s assets, and shall, to the fullest extent permitted by law,
		continue to be effective or be reinstated, as the case may be, if at any time
		payment and performance of the Securities is, pursuant to applicable law,
		rescinded or reduced in amount, or must otherwise be restored or returned by
		any obligee on the Securities, whether as a “voidable preference,”
		“fraudulent transfer,” or otherwise, all as though such payment or
		performance had not been made. In the event that any payment, or any part
		thereof, is rescinded, reduced, restored or returned, the Securities shall, to
		the fullest extent permitted by law, be reinstated and deemed reduced only by
		such amount paid and not so rescinded, reduced, restored or returned.
	 

	 
		The Subsidiary Guarantors shall have the
		right to seek contribution from any non-paying Subsidiary Guarantor so long as
		the exercise of such right does not impair the rights of the Holders under this
		Subsidiary Guarantee.
	 

	 
		Section 14.02
		Execution and Delivery of Subsidiary
		Guarantees. The Subsidiary Guarantees
		to be endorsed on the Securities of any series shall include the terms of the
		Subsidiary Guarantee set forth in Section 14.01 and any other terms that may be
		set forth in the form established pursuant to Section 2.06. Each of the
		Subsidiary Guarantors hereby agrees to execute its Subsidiary Guarantee, in a
		form established pursuant to Section 2.06, to be endorsed on each Security as
		to which it is a Subsidiary Guarantor authenticated and delivered by the
		Trustee.
	 

	 
		The Subsidiary Guarantee shall be executed
		on behalf of each respective Subsidiary Guarantor by any one of such Subsidiary
		Guarantor’s Chairman of the Board, Vice Chairman of the Board, President,
		Vice President or other person duly authorized by the Board of Directors of
		such Subsidiary Guarantor, attested by its Secretary or Assistant Secretary.
		The signature of any or all of these persons on the Subsidiary Guarantee may be
		manual or facsimile.
	 

	 
		A Subsidiary Guarantee bearing the manual or
		facsimile signature of individuals who were at any time the proper officers of
		a Subsidiary Guarantor shall bind such Subsidiary 
	 

	 
		 
	 

	 
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		Guarantor, notwithstanding that such
		individuals or any of them have ceased to hold such offices prior to the
		authentication and delivery of the Security on which such Subsidiary Guarantee
		is endorsed or did not hold such offices at the date of such Subsidiary
		Guarantee.
	 

	 
		The delivery of any Security by the Trustee,
		after the authentication thereof hereunder, shall constitute due delivery of
		the Subsidiary Guarantee endorsed thereon on behalf of the Subsidiary
		Guarantors. Each of the Subsidiary Guarantors hereby jointly and severally
		agrees that its Subsidiary Guarantee set forth in Section 14.01 shall remain in
		full force and effect notwithstanding any failure to endorse a Subsidiary
		Guarantee on any Security.
	 

	 
		Section 14.03
		Subsidiary Guarantors May Consolidate,
		Etc., on Certain Terms. Except as set
		forth in Section 14.04 and in Article VIII and the terms of the Securities,
		nothing contained in this Indenture or in any of the Securities shall prevent
		any consolidation, amalgamation or merger of a Subsidiary Guarantor with or
		into the Company or another Subsidiary Guarantor or shall prevent any
		conveyance, transfer or lease of the property and assets of a Subsidiary
		Guarantor substantially as an entirety to the Company or another Subsidiary
		Guarantor.
	 

	 
		Section 14.04
		Release of Subsidiary
		Guarantors.
	 

	 
		(a) Concurrently with any consolidation,
		amalgamation or merger of a Subsidiary Guarantor or any conveyance, transfer or
		lease of the property of a Subsidiary Guarantor as an entirety or substantially
		as an entirety, in each case as permitted by Section 14.03 hereof, and upon
		delivery by the Company to the Trustee of an Officer’s Certificate and an
		Opinion of Counsel to the effect that such consolidation, amalgamation, merger,
		conveyance, transfer or lease was made in accordance with Section 14.03 hereof,
		the Trustee shall execute any documents reasonably required in order to
		acknowledge the release of such Subsidiary Guarantor from its obligations under
		its Subsidiary Guarantee endorsed on the Securities and under this Article XIV.
		Any Subsidiary Guarantor not released from its obligations under its Subsidiary
		Guarantee endorsed on the Securities and under this Article XIV shall remain
		liable for the full amount of principal of (and premium, if any) and interest
		on the Securities of a series as to which it is a Subsidiary Guarantor and for
		the other obligations of a Subsidiary Guarantor under its Subsidiary Guarantee
		endorsed on such Securities and under this Article XIV.
	 

	 
		(b) Concurrently with the defeasance of the
		Securities under Section 13.02 hereof, the Subsidiary Guarantors shall be
		released from all of their obligations under their Subsidiary Guarantees
		endorsed on the Securities and under this Article XIV, without any action on
		the part of the Trustee or any Holder of Securities.
	 

	 
		(c) Upon the sale or disposition (by merger
		or otherwise) of any Subsidiary Guarantor by the Company or any Restricted
		Subsidiary of the Company constituting an asset sale permitted under the terms
		of the Securities of any series to a Person other than the Company or a
		Subsidiary Guarantor of the Company and which is otherwise in compliance with
		the terms of this Indenture and the terms of the Securities of such series,
		such Subsidiary Guarantor shall automatically be released from all obligations
		under its Subsidiary Guarantees endorsed on the Securities of such series and
		under this Article XIV, provided, that
		all obligations of such Subsidiary Guarantor with respect to any Indebtedness
		of the Company or 
	 

	 
		 
	 

	 
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		any Subsidiary of the Company shall also
		terminate upon such transaction. Notice of such release pursuant to this
		paragraph (c) shall be provided to the Trustee.
	 

	 
		Section 14.05
		Additional Subsidiary
		Guarantors.
	 

	 
		(a) The Company may cause any of its
		Subsidiaries to become a Subsidiary Guarantor with respect to the Securities by
		executing and delivering to the Trustee (a) a supplemental indenture, in form
		and substance satisfactory to the Trustee, which subjects such Person to the
		provisions (including the representations and warranties) of this Indenture as
		a Subsidiary Guarantor 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 creditors’ rights and
		equitable principles as may be acceptable to the Trustee in its
		discretion).
	 

	 
		(b) The Company will cause any Subsidiary of
		the Company that is required under the terms of the Securities of any series to
		become a Subsidiary Guarantor to execute a supplemental indenture pursuant to
		which it shall become a Subsidiary Guarantor.
	 

	 
		ARTICLE
		XV
	 

	 
		 
	 

	 
		CONVERSION OF SECURITIES
	 

	 
		Section 15.01
		Applicability; Conversion Privilege and
		Conversion Price. Securities of any
		series which are convertible into Common Stock of the Company shall be
		convertible in accordance with their terms and (except as otherwise specified
		as contemplated by Section 3.01 for Securities of any series) in accordance
		with this Article.
	 

	 
		Subject to and upon compliance with the
		provisions of this Article, at the option of the Holder thereof, any Security
		or any portion of the outstanding principal amount thereof which is $1,000 or
		an integral multiple of $1,000 may be converted at the principal amount
		thereof, or of such portion thereof, into fully paid and nonassessable shares
		(calculated as to each conversion to the nearest 1/100 of a share) of Common
		Stock of the Company at the conversion price, determined as hereinafter
		provided, in effect at the time of conversion. Such conversion right shall
		expire at the close of business on the date specified for Securities of such
		series. In case a Security or portion thereof is called for redemption at the
		election of the Company, such conversion right in respect of the Security or
		portion so called shall expire at the close of business on the 10th calendar
		day before the Redemption Date, unless the Company defaults in making the
		payment due upon redemption.
	 

	 
		The price at which shares of Common Stock
		shall be delivered upon conversion (herein called the “conversion
		price”) shall be the price specified in relation to Securities of such
		series pursuant to Section 3.01, as it shall be adjusted in certain instances
		as provided in this Article.
	 

	 
		Section 15.02
		Exercise of Conversion
		Price. In order to exercise the
		conversion privilege, the Holder of any Security to be converted shall
		surrender such Security, duly endorsed or assigned to the Company or in blank,
		at any office or agency of the Company maintained for that purpose pursuant to
		Section 10.02, accompanied by written notice to the 
	 

	 
		 
	 

	 
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		Company (which shall be substantially in the
		form set forth in Section 2.03) at such office or agency that the Holder elects
		to convert such Security or, if less than the entire principal amount thereof
		is to be converted, the portion thereof to be converted. Securities surrendered
		for conversion during the period from the close of business on any Regular
		Record Date next preceding any Interest Payment Date to the opening of business
		on such Interest Payment Date shall (except in the case of Securities or
		portions thereof which have been called for redemption on a Redemption Date
		within such period) be accompanied by payment in funds acceptable to the
		Company of an amount equal to the interest payable on such Interest Payment
		Date on the principal amount of Securities being surrendered for conversion.
		Subject to the provisions of Section 3.07 relating to the payment of Defaulted
		Interest by the Company, the interest payment with respect to a Security called
		for redemption on a Redemption Date during the period from the close of
		business on any Regular Record Date next preceding any Interest Payment Date to
		the opening of business on such Interest Payment Date shall be payable on such
		Interest Payment Date to the Holder of such Security at the close of business
		on such Regular Record Date notwithstanding the conversion of such Security
		after such Regular Record Date and prior to such Interest Payment Date, and the
		Holder converting such Security need not include a payment of such interest
		payment amount upon surrender of such Security for conversion. Except as
		provided in the preceding sentence and subject to the final paragraph of
		Section 3.07, no payment or adjustment shall be made upon any conversion on
		account of any interest accrued on the Securities surrendered for conversion or
		on account of any dividends on the Common Stock issued upon conversion.
	 

	 
		Securities shall be deemed to have been
		converted immediately prior to the close of business on the day of surrender of
		such Securities for conversion in accordance with the foregoing provisions, and
		at such time the rights of the Holders of such Securities as Holders shall
		cease, and the Person or Persons entitled to receive the Common Stock issuable
		upon conversion shall be treated for all purposes as the record holder or
		holders of such Common Stock at such time. As promptly as practicable on or
		after the conversion date, the Company shall issue and shall deliver at such
		office or agency a certificate or certificates for the number of full shares of
		Common Stock issuable upon conversion, together with payment in lieu of any
		fraction of a share, as provided in Section 15.03.
	 

	 
		Section 15.03
		Fractions of Shares. No fractional shares of Common Stock shall be issued
		upon conversion of Securities. If more than one Security shall be surrendered
		for conversion at one time by the same Holder, the number of full shares which
		shall be issuable upon conversion thereof shall be computed on the basis of the
		aggregate principal amount of the Securities (or specified portions thereof) so
		surrendered. Instead of any fractional share of Common Stock which would
		otherwise be issuable upon conversion of any Security or Securities (or
		specified portions thereof), the Company shall pay a cash adjustment in respect
		of such fraction in an amount equal to the same fraction of the daily closing
		price per share of Common Stock (consistent with Section 15.04(6) below) at the
		close of business on the day of conversion.
	 

	 
		 
	 

	 
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		Section 15.04 Adjustment of Conversion Price.
	 

	 
		(1) In case the Company shall pay or make a
		dividend or other distribution on any class of capital stock of the Company in
		Common Stock, the conversion price in effect at the opening of business on the
		day following the date fixed for determination of stockholders entitled to
		receive such dividend or other distribution shall be reduced by multiplying
		such conversion price by a fraction of which the numerator shall be the number
		of shares of Common Stock outstanding at the close of business on the date
		fixed for such determination and the denominator shall be the sum of such
		number of shares and the total number of shares constituting such dividend or
		other distribution, such reduction to become effective immediately after the
		opening of business on the day following the date fixed for such determination.
		For the purposes of this paragraph (1), the number of shares of Common Stock at
		any time outstanding shall not include shares held in the treasury of the
		Company but shall include shares issuable in respect of scrip certificates
		issued in lieu of fractions of shares of Common Stock. The Company will not pay
		any dividend or make any distribution on shares of Common Stock held in the
		treasury of the Company.
	 

	 
		(2) In case the Company shall issue rights
		or warrants to all holders of its Common Stock entitling them to subscribe for
		or purchase shares of Common Stock at a price per share less than the current
		market price per share (determined as provided in paragraph (6) of this
		Section) of the Common Stock on the date fixed for the determination of
		stockholders entitled to receive such rights or warrants (other than pursuant
		to a dividend reinvestment plan), the conversion price in effect at the opening
		of business on the day following the date fixed for such determination shall be
		reduced by multiplying such conversion price by a fraction of which the
		numerator shall be the number of shares of Common Stock outstanding at the
		close of business on the date fixed for such determination plus the number of
		shares of Common Stock which the aggregate of the offering price of the total
		number of shares of Common Stock so offered for subscription or purchase would
		purchase at such current market price and the denominator shall be the number
		of shares of Common Stock outstanding at the close of business on the date
		fixed for such determination plus the number of shares of Common Stock so
		offered for subscription or purchase, such reduction to become effective
		immediately after the opening of business on the day following the date fixed
		for such determination. For the purposes of this paragraph (2), the number of
		shares of Common Stock at any time outstanding shall not include shares held in
		the treasury of the Company but shall include shares issuable in respect of
		scrip certificates issued in lieu of fractions of shares of Common Stock. The
		Company will not issue any rights or warrants in respect of shares of Common
		Stock held in the treasury of the Company.
	 

	 
		(3) In case outstanding shares of Common
		Stock shall be subdivided into a greater number of shares of Common Stock, the
		conversion price in effect at the opening of business on the day following the
		day upon which such subdivision becomes effective shall be proportionately
		reduced, and, conversely, in case outstanding shares of Common Stock shall each
		be combined into a smaller number of shares of Common Stock, the conversion
		price in effect at the opening of business on the day following the day upon
		which such combination becomes effective shall be proportionately increased,
		such reduction or increase, as the case may be, to become effective immediately
		after the opening of business on the day following the day upon which such
		subdivision or combination becomes effective.
	 

	 
		 
	 

	 
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		(4) In case the Company shall, by dividend
		or otherwise, distribute to all holders of its Common Stock evidences of its
		indebtedness or assets (including securities, but excluding any rights or
		warrants referred to in paragraph (2) of this Section, any dividend or
		distribution paid in cash out of the earned surplus of the Company and any
		dividend or distribution referred to in paragraph (1) of this Section), the
		conversion price shall be adjusted so that the same shall equal the price
		determined by multiplying the conversion price in effect immediately prior to
		the close of business on the date fixed for the determination of stockholders
		entitled to receive such distribution by a fraction of which the numerator
		shall be the current market price per share (determined as provided in
		paragraph (6) of this Section) of the Common Stock on the date fixed for such
		determination less the then fair market value (as determined by the Board of
		Directors, whose determination shall be conclusive and described in a Board
		Resolution filed with the Trustee) of the portion of the assets or evidences of
		indebtedness so distributed applicable to one share of Common Stock and the
		denominator shall be such current market price per share of the Common Stock,
		such adjustment to become effective immediately prior to the opening of
		business on the day following the date fixed for the determination of
		stockholders entitled to receive such distribution.
	 

	 
		(5) The reclassification of Common Stock
		into securities other than Common Stock (other than any reclassification upon a
		consolidation or merger to which Section 15.11 applies) shall be deemed to
		involve (a) a distribution of such securities other than Common Stock to all
		holders of Common Stock (and the effective date of such reclassification shall
		be deemed to be “the date fixed for the determination of stockholders
		entitled to receive such distribution” and “the date fixed for such
		determination” within the meaning of paragraph (4) of this Section), and
		(b) a subdivision or combination, as the case may be, of the number of shares
		of Common Stock outstanding immediately prior to such reclassification into the
		number of shares of Common Stock outstanding immediately thereafter (and the
		effective date of such reclassification shall be deemed to be “the day
		upon which such subdivision becomes effective” or “the day upon which
		such combination becomes effective”, as the case may be, and “the day
		upon which such subdivision or combination becomes effective” within the
		meaning of paragraph (3) of this Section).
	 

	 
		(6) For the purpose of any computation under
		paragraphs (2) and (4) of this Section, the current market price per share of
		Common Stock on any day shall be deemed to be the average of the daily closing
		prices for the five consecutive trading days ( i.e ., Business
		Days on which the Common Stock is traded) selected by the Board of Directors
		commencing not more than 20 trading days before, and ending not later than, the
		earlier of the day in question and the day before the “ex” date with
		respect to the issuance or distribution requiring such computation. For this
		purpose, the term “‘ex’ date”, when used with respect to
		any issuance or distribution, shall mean the first date on which the Common
		Stock trades regular way on the applicable exchange or in the applicable market
		without the right to receive such issuance or distribution. The closing price
		for each day shall be the reported last sale price regular way or, in case no
		such reported sale takes place on such day, the average of the reported closing
		bid and asked prices regular way, in either case on the Nasdaq Stock Market or,
		if the Common Stock is not listed or admitted to trading on such Exchange, on
		the principal national securities exchange on which the Common Stock is listed
		or admitted to trading or, if not listed or admitted to trading on any national
		securities exchange, on the New York Stock Exchange or, if the Common Stock is
		not listed or admitted to trading on any national securities exchange or quoted
		
	 

	 
		 
	 

	 
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		on the New York Stock Exchange, the average
		of the closing bid and asked prices in the over-the-counter market as furnished
		by any Nasdaq Stock Market member firm selected from time to time by the Board
		of Directors for that purpose.
	 

	 
		(7) The Company may make such reductions in
		the conversion price, in addition to those required by paragraphs (1), (2), (3)
		and (4) of this Section, as it considers to be advisable in order to avoid or
		diminish any income tax to any holders of shares of Common Stock resulting from
		any dividend or distribution of stock or issuance of rights or warrants to
		purchase or subscribe for stock or from any event treated as such for income
		tax purposes or for any other reasons. The Company shall have the power to
		resolve any ambiguity or correct any error in this paragraph (7) and its
		actions in so doing shall be final and conclusive.
	 

	 
		(8) No adjustment in the conversion price
		shall be required unless such adjustment would require an increase or decrease
		of at least one percent in such conversion price; provided,
		however, that any adjustment which by reason of this paragraph
		(8) is not required to be made shall be carried forward and taken into account
		in any subsequent adjustment. All calculations under this Article shall be made
		to the nearest cent or to the nearest 1/100 of a share, as the case may
		be.
	 

	 
		Section 15.05
		Notice of Adjustments of Conversion
		Price. Whenever the conversion price is
		adjusted as herein provided:
	 

	 
		(a) the Company shall compute the adjusted
		conversion price in accordance with Section 15.04 and shall prepare a
		certificate signed by the Treasurer or other appropriate officer of the Company
		setting forth the adjusted conversion price and showing in reasonable detail
		the facts upon which such adjustment is based, and such certificate shall
		forthwith be filed at each office or agency maintained for the purpose of
		conversion of Securities pursuant to Section 10.02; and
	 

	 
		(b) a notice stating that the conversion
		price has been adjusted and setting forth the adjusted conversion price shall
		forthwith be required, and as soon as practicable after it is required, such
		notice shall be delivered electronically or mailed by the Company to all
		Holders at their last addresses as they shall appear in the Security
		Register.
	 

	 
		Section 15.06
		Notice of Certain Corporate Action.
	 

	 
		In case:
	 

	 
		(a) the Company shall declare a dividend (or
		any other distribution) on its Common Stock payable otherwise than in cash out
		of its earned surplus; or
	 

	 
		(b) the Company shall authorize the granting
		to the holders of its Common Stock of rights or warrants to subscribe for or
		purchase any shares of capital stock of any class or of any other rights;
		or
	 

	 
		(c) of any reclassification of the Common
		Stock of the Company (other than a subdivision or combination of its
		outstanding shares of Common Stock), or of any consolidation, merger or share
		exchange to which the Company is a party and for which approval 
	 

	 
		 
	 

	 
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		of any stockholders of the Company is
		required, or of the sale or transfer of all or substantially all of the assets
		of the Company; or
	 

	 
		(d) of the voluntary or involuntary
		dissolution, liquidation or winding up of the Company;
	 

	 
		then the Company shall cause to be filed at
		each office or agency maintained for the purpose of conversion of Securities
		pursuant to Section 10.02, and shall cause to be mailed to all Holders at their
		last addresses as they shall appear in the Security Register, at least 20 days
		(or 10 days in any case specified in clause (a) or (b) above) prior to the
		applicable record or effective date hereinafter specified, a notice stating (x)
		the date on which a record is to be taken for the purpose of such dividend,
		distribution, rights or warrants, or, if a record is not to be taken, the date
		as of which the holders of Common Stock of record to be entitled to such
		dividend, distribution, rights or warrants are to be determined, or (y) the
		date on which such reclassification, consolidation, merger, share exchange,
		sale, transfer, dissolution, liquidation or winding up is expected to become
		effective, and the date as of which it is expected that holders of Common Stock
		of record shall be entitled to exchange their shares of Common Stock for
		securities, cash or other property deliverable upon such reclassification,
		consolidation, merger, share exchange, sale, transfer, dissolution, liquidation
		or winding up. Neither the failure to give such notice nor any defect therein
		shall affect the legality or validity of the proceedings described in clauses
		(a) through (d) of this Section 15.06. If at the time the Trustee shall not be
		the conversion agent, a copy of such notice shall also forthwith be filed by
		the Company with the Trustee.
	 

	 
		Not less than seven days prior to any date
		fixed for the determination of stockholders entitled to receive such
		distribution, the Company shall cause to be filed at each office or agency
		maintained for the purpose of conversion of Securities pursuant to Section
		10.02, and shall cause to be mailed to all Holders at their last addresses as
		they shall appear in the Security Register, a notice stating the date on which
		such determination is to be made, and briefly describing the import thereof. If
		at the time the Trustee shall not be the conversion agent, a copy of such
		notice shall also forthwith be filed by the Company with the Trustee.
	 

	 
		Section 15.07
		Company to Reserve Common
		Stock. The Company shall at all times
		reserve and keep available out of its authorized but unissued Common Stock, for
		the purpose of effecting the conversion of Securities, the full number of
		shares of Common Stock then issuable upon the conversion of all Outstanding
		Securities.
	 

	 
		Section 15.08
		Taxes on Conversions. The Company will pay any and all taxes that may be
		payable in respect of the issue or delivery of shares of Common Stock on
		conversion of Securities pursuant hereto. The Company shall not, however, be
		required to pay any tax which may be payable in respect of any transfer
		involved in the issue and delivery of shares of Common Stock in a name other
		than that of the Holder of the Security or Securities to be converted, and no
		such issue or delivery shall be made unless and until the Person requesting
		such issue has paid to the Company the amount of any such tax, or has
		established to the satisfaction of the Company that such tax has been
		paid.
	 

	 
		Section 15.09
		Covenant as to Common
		Stock. The Company covenants that all
		shares of Common Stock which may be issued upon conversion of Securities will
		upon issue be fully paid 
	 

	 
		 
	 

	 
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		and nonassessable and, except as provided in
		Section 15.08, the Company will pay all taxes, liens and charges with respect
		to the issue thereof.
	 

	 
		Section 15.10
		Cancellation of Converted
		Securities. All Securities delivered
		for conversion shall be delivered to the Trustee to be cancelled by or at the
		direction of the Trustee, which shall dispose of the same as provided in
		Section 3.09.
	 

	 
		Section 15.11
		Provisions in Case of Consolidation,
		Merger or Sale of Assets. In case of
		any consolidation of the Company with, or merger of the Company into, any other
		Person, any merger of another Person into the Company (other than a merger
		which does not result in any reclassification, conversion, exchange or
		cancellation of outstanding shares of Common Stock of the Company) or any sale
		or transfer of all or substantially all of the assets of the Company, the
		Person formed by such consolidation or resulting from such merger or which
		acquires such assets, as the case may be, shall execute and deliver to the
		Trustee a supplemental indenture providing that the Holder of each convertible
		Security then outstanding shall have the right thereafter, during the period
		such Security shall be convertible as specified in Section 15.01, to convert
		such Security only into the kind and amount of securities, cash and other
		property receivable upon such consolidation, merger, sale or transfer by a
		holder of the number of shares of Common Stock of the Company into which such
		Security might have been converted immediately prior to such consolidation,
		merger, sale or transfer, assuming such holder of Common Stock of the Company
		failed to exercise his rights of election, if any, as to the kind or amount of
		securities, cash and other property receivable upon such consolidation, merger,
		sale or transfer (provided that if the kind or amount of securities, cash and
		other property receivable upon such consolidation, merger, sale or transfer is
		not the same for each share of Common Stock of the Company in respect of which
		such rights of election shall not have been exercised (“non-electing
		share”), then for the purpose of this Section the kind and amount of
		securities, cash and other property receivable upon such consolidation, merger,
		sale or transfer by each non-electing share shall be deemed to be the kind and
		amount so receivable per share by a plurality of the non-electing shares). Such
		supplemental indenture shall provide for adjustments which, for events
		subsequent to the effective date of such supplemental indenture, shall be as
		nearly equivalent as may be practicable to the adjustments provided for in this
		Article. The above provisions of this Section shall similarly apply to
		successive consolidations, mergers, sales or transfers.
	 

	 
		Section 15.12
		Responsibility of
		Trustee. Neither the Trustee nor any
		conversion agent shall at any time be under any duty or responsibility to any
		Holder of Securities to determine whether any fact exists which may require any
		adjustment of the conversion price, or with respect to the nature or extent of
		any such adjustment when made, or with respect to the method employed, or
		herein or in any supplemental indenture provided to be employed, in making the
		same. Neither the Trustee nor any conversion agent shall be accountable with
		respect to the registration, validity or value (or the kind or amount) of any
		shares of Common Stock, or of any securities or property, which may at any time
		be issued or delivered upon the conversion of any Security; and neither the
		Trustee nor any conversion agent makes any representation with respect thereto.
		Neither the Trustee nor any conversion agent shall be responsible for any
		failure of the Company to issue or transfer or deliver any Common Stock or
		stock certificates or other securities or property or to make any cash payment
		upon the surrender of any Security for the 
	 

	 
		 
	 

	 
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		purpose of conversion or to comply with any
		of the covenants of the Company contained in this Article XV.
	 

	 
		The Trustee makes no representations as to
		the validity or sufficiency of this Indenture; the recitals and statements
		herein are deemed to be those of the Company and not of the Trustee.
	 

	 
		ARTICLE
		XVI
	 

	 
		 
	 

	 
		SUBORDINATION OF SECURITIES
	 

	 
		Section 16.01
		Securities Subordinate to Senior
		Indebtedness. Each of the Company and
		each Subsidiary Guarantor covenants and agrees, and each Holder of a Security,
		by his acceptance thereof, likewise covenants and agrees, that, to the extent
		and in the manner hereinafter set forth in this Article, the indebtedness
		represented by the Securities and the payment of the principal of (and premium,
		if any) and interest on each and all of the Securities are hereby expressly
		made subordinate and subject in right of payment to the prior payment in full
		of all Senior Indebtedness of the Company and the Subsidiary Guarantors. The
		terms of the subordination provisions described in this Article XVI with
		respect to the Company’s Obligations under the Securities apply equally to
		each Subsidiary Guarantor and the Obligations of such Subsidiary Guarantor
		under its respective Subsidiary Guarantee.
	 

	 
		Section 16.02
		Payment Over of Proceeds Upon
		Dissolution, Etc. In the event of (a)
		any insolvency or bankruptcy case or proceeding, or any receivership,
		liquidation, reorganization or other similar case or proceeding in connection
		therewith, relative to the Company, a Subsidiary Guarantor or to their
		respective creditors, as such, or to their respective assets, or (b) any
		liquidation, dissolution or other winding up of the Company or any Subsidiary
		Guarantor, whether voluntary or involuntary and whether or not involving
		insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or
		any other marshalling of assets and liabilities of the Company or any
		Subsidiary Guarantor, then and in any such event the holders of Senior
		Indebtedness shall be entitled to receive payment in full of all amounts due or
		to become due on or in respect of all Senior Indebtedness, or provision shall
		be made for such payment in money or money’s worth, before the Holders of
		the Securities are entitled to receive any payment on account of principal of
		(or premium, if any) or interest on the Securities, and to that end the holders
		of Senior Indebtedness shall be entitled to receive, for application to the
		payment thereof, any payment or distribution of any kind or character, whether
		in cash, property or securities, which may be payable or deliverable in respect
		of the Securities in any such case, proceeding, dissolution, liquidation or
		other winding up or event.
	 

	 
		In the event that, notwithstanding the
		foregoing provisions of this Section, the Trustee or the Holder of any Security
		shall have received any payment or distribution of assets of the Company or any
		Subsidiary Guarantor of any kind or character, whether in cash, property or
		securities, before all Senior Indebtedness is paid in full or payment thereof
		provided for, and if such fact shall, at or prior to the time of such payment
		or distribution, have been made known to the Trustee or, as the case may be,
		such Holder, then and in such event such payment or distribution shall be paid
		over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating
		trustee, custodian, assignee, agent or other Person making payment or
		distribution of assets of the Company or any Subsidiary Guarantor for
		application to the payment of all Senior 
	 

	 
		 
	 

	 
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		Indebtedness remaining unpaid, to the extent
		necessary to pay all Senior Indebtedness in full, after giving effect to any
		concurrent payment or distribution to or for the holders of Senior
		Indebtedness.
	 

	 
		For purposes of this Article only, the words
		“cash, property or securities” shall not be deemed to include shares
		of stock of the Company or a Subsidiary Guarantor as reorganized or readjusted,
		or securities of the Company or a Subsidiary Guarantor or any other corporation
		provided for by a plan of reorganization or readjustment which are subordinated
		in right of payment to all Senior Indebtedness which may at the time be
		outstanding to substantially the same extent as, or to a greater extent than,
		the Securities are so subordinated as provided in this Article. The
		consolidation of the Company or a Subsidiary Guarantor with, or the merger of
		the Company or a Subsidiary Guarantor into, another Person or the liquidation
		or dissolution of the Company or a Subsidiary Guarantor following the
		conveyance or transfer of its properties and assets substantially as an
		entirety to another Person upon the terms and conditions set forth in Article
		VIII shall not be deemed a dissolution, winding up, liquidation,
		reorganization, assignment for the benefit of creditors or marshalling of
		assets and liabilities of the Company or a Subsidiary Guarantor for the
		purposes of this Section if the Person formed by such consolidation or into
		which the Company or a Subsidiary Guarantor is merged or which acquires by
		conveyance or transfer such properties and assets substantially as an entirety,
		as the case may be, shall, as a part of such consolidation, merger, conveyance
		or transfer, comply with the conditions set forth in Article VIII.
	 

	 
		Section 16.03
		Prior Payment to Senior Indebtedness
		Upon Acceleration of Securities. In the
		event that any Securities are declared due and payable before their Stated
		Maturity, then and in such event the holders of Senior Indebtedness outstanding
		at the time such Securities so become due and payable shall be entitled to
		receive payment in full of all amounts due or to become due on or in respect of
		such Senior Indebtedness, or provision shall be made for such payment in money
		or money’s worth, before the Holders of the Securities are entitled to
		receive any payment by the Company or a Subsidiary Guarantor on account of the
		principal of (or premium, if any) or interest on the Securities or on account
		of the purchase or other acquisition of Securities; provided,
		however, that nothing in this Section shall prevent the
		satisfaction of any sinking fund payment in accordance with Article XII by
		delivering and crediting pursuant to Section 12.02 Securities which have been
		acquired (upon redemption or otherwise) prior to such default or which have
		been converted pursuant to Article XV.
	 

	 
		In the event that, notwithstanding the
		foregoing, the Company or a Subsidiary Guarantor shall make any payment to the
		Trustee or the Holder of any Security prohibited by the foregoing provisions of
		this Section, and if such fact shall, at or prior to the time of such payment,
		have been made known to the Trustee or, as the case may be, such Holder, then
		and in such event such payment shall be paid over and delivered forthwith to
		the Company or to a Subsidiary Guarantor.
	 

	 
		The provisions of this Section shall not
		apply to any payment with respect to which Section 16.02 would be
		applicable.
	 

	 
		 
	 

	 
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		Section 16.04 No Payment When Senior Indebtedness in
		Default.
	 

	 
		(a) In the event and during the continuation
		of any default in the payment of principal of (or premium, if any) or interest
		on any Senior Indebtedness beyond any applicable grace period with respect
		thereto, or in the event that any event of default with respect to any Senior
		Indebtedness shall have occurred and be continuing and shall have resulted in
		such Senior Indebtedness becoming or being declared due and payable prior to
		the date on which it would otherwise have become due and payable, unless and
		until such event of default shall have been cured or waived or shall have
		ceased to exist and such acceleration shall have been rescinded or annulled, or
		(b) in the event any judicial proceeding shall be pending with respect to any
		such default in payment or event of default, then no payment shall be made by
		the Company nor by any Subsidiary Guarantor on account of principal of (or
		premium, if any) or interest on the Securities or on account of the purchase or
		other acquisition of Securities; provided,
		however, that nothing in this Section shall prevent the
		satisfaction of any sinking fund payment in accordance with Article XII by
		delivering and crediting pursuant to Section 12.02 Securities which have been
		acquired (upon redemption or otherwise) prior to such default or which have
		been converted pursuant to Article XV.
	 

	 
		In the event that, notwithstanding the
		foregoing, the Company or a Subsidiary Guarantor shall make any payment to the
		Trustee or the Holder of any Security prohibited by the foregoing provisions of
		this Section, and if such fact shall, at or prior to the time of such payment,
		have been made known to the Trustee or, as the case may be, such Holder, then
		and in such event such payment shall be paid over and delivered forthwith to
		the Company or to a Subsidiary Guarantor.
	 

	 
		The provisions of this Section shall not
		apply to any payment with respect to which Section 16.02 would be
		applicable.
	 

	 
		Section 16.05
		Payment Permitted If No
		Default. Nothing contained in this
		Article or elsewhere in this Indenture or in any of the Securities shall
		prevent the Company or any Subsidiary Guarantor, at any time except during the
		pendency of any case, proceeding, dissolution, liquidation or other winding up,
		assignment for the benefit of creditors or other marshaling of assets and
		liabilities of the Company or any Subsidiary Guarantor referred to in Section
		16.02 or under the conditions described in Section 16.03 or 16.04, from making
		payments at any time of principal of (and premium, if any) or interest on the
		Securities.
	 

	 
		Section 16.06
		Subrogation to Rights of Holders of
		Senior Indebtedness. Subject to the
		payment in full of all Senior Indebtedness, the Holders of the Securities shall
		be subrogated (equally and ratably with the holders of all indebtedness of the
		Company and each Subsidiary Guarantor which by its express terms is
		subordinated to indebtedness of the Company and each Subsidiary Guarantor to
		substantially the same extent as the Securities are subordinated and is
		entitled to like rights of subrogation) to the rights of the holders of such
		Senior Indebtedness to receive payments and distributions of cash, property and
		securities applicable to the Senior Indebtedness until the principal of (and
		premium, if any) and interest on the Securities shall be paid in full. For
		purposes of such subrogation, no payments or distributions to the holders of
		the Senior Indebtedness of any cash, property or securities to which the
		Holders of the Securities or the Trustee would be entitled except for the
		provisions of this Article, and no payments over pursuant to the provisions of
		this Article to the holders of Senior Indebtedness by Holders of the
	 

	 
		 
	 

	 
		77
	 

	 
		 
	 

	 
	 

	 

	 
		 Securities or the Trustee, shall, as among
		the Company and any Subsidiary Guarantor, its respective creditors other than
		holders of Senior Indebtedness and the Holders of the Securities, be deemed to
		be a payment or distribution by the Company or any Subsidiary Guarantor to or
		on account of the Senior Indebtedness.
	 

	 
		Section 16.07
		Provisions Solely to Define Relative
		Rights. The provisions of this Article
		are and are intended solely for the purpose of defining the relative rights of
		the Holders of the Securities on the one hand and the holders of Senior
		Indebtedness on the other hand. Nothing contained in this Article or elsewhere
		in this Indenture or in the Securities is intended to or shall (a) impair, as
		among the Company or any Subsidiary Guarantor, their respective creditors other
		than holders of Senior Indebtedness and the Holders of the Securities, the
		obligations of the Company and the Subsidiary Guarantors, which are absolute
		and unconditional (and which, subject to the rights under this Article of the
		holders of Senior Indebtedness, are intended to rank equally with all other
		general obligations of the Company and the Subsidiary Guarantors), to pay to
		the Holders of the Securities the principal of (and premium, if any) and
		interest on the Securities as and when the same shall become due and payable in
		accordance with their terms; or (b) affect the relative rights against the
		Company and the Subsidiary Guarantors of the Holders of the Securities and
		creditors of the Company and the Subsidiary Guarantors other than the holders
		of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any
		Security from exercising all remedies otherwise permitted by applicable law
		upon default under this Indenture, subject to the rights, if any, under this
		Article of the holders of Senior Indebtedness to receive cash, property and
		securities otherwise payable or deliverable to the Trustee or such
		Holder.
	 

	 
		Section 16.08
		Trustee to Effectuate
		Subordination. Each holder of a
		Security by his acceptance thereof authorizes and directs the Trustee on his
		behalf to take such action as may be necessary or appropriate to effectuate the
		subordination provided in this Article and appoints the Trustee his
		attorney-in-fact for any and all such purposes.
	 

	 
		Section 16.09
		No Waiver of Subordination
		Provisions. No right of any present or
		future holder of any Senior Indebtedness to enforce subordination as herein
		provided shall at any time in any way be prejudiced or impaired by any act or
		failure to act on the part of the Company or any Subsidiary Guarantor or by any
		act or failure to act, in good faith, by any such holder, or by any
		non-compliance by the Company or any Subsidiary Guarantor with the terms,
		provisions and covenants of this Indenture, regardless of any knowledge thereof
		any such holder may have or be otherwise charged with.
	 

	 
		Without in any way limiting the generality
		of the foregoing paragraph, the holders of Senior Indebtedness or Senior
		Indebtedness of any Subsidiary Guarantor (“Guarantor Senior
		Indebtedness”) may, at any time and from time to time, without the consent
		of or notice to the Trustee or the Holders of the Securities, without incurring
		responsibility to the Holders of the Securities and without impairing or
		releasing the subordination provided in this Article or the obligations
		hereunder of the Holders of the Securities to the holders of Senior
		Indebtedness or Guarantor Senior Indebtedness, do any one or more of the
		following: (a) change the manner, place or terms of payment or extend the time
		of payment of, or renew or alter, Senior Indebtedness or Guarantor Senior
		Indebtedness, or otherwise amend or supplement in any manner Senior
		Indebtedness or Guarantor Senior Indebtedness or any instrument evidencing the
		same or any agreement under which Senior Indebtedness or Guarantor Senior
		Indebtedness is 
	 

	 
		 
	 

	 
		 
	 

	 
		78
	 

	 
		 
	 

	 
	 

	 

	 
		outstanding; (c) sell, exchange, release or
		otherwise deal with any property pledged, mortgaged or otherwise securing
		Senior Indebtedness or Guarantor Senior Indebtedness; (c) release any Person
		liable in any manner for the collection of Senior Indebtedness or Guarantor
		Senior Indebtedness; and (d) exercise or refrain from exercising any rights
		against the Company and any other Person.
	 

	 
		Section 16.10
		Notice to Trustee. The Company and the Subsidiary Guarantors shall give
		prompt written notice to the Trustee of any fact known to the Company which
		would prohibit the making of any payment to or by the Trustee in respect of the
		Securities or under any Subsidiary Guarantee. Notwithstanding the provisions of
		this Article or any other provision of this Indenture, the Trustee shall not be
		charged with knowledge of the existence of any facts which would prohibit the
		making of any payment to or by the Trustee in respect of the Securities, unless
		and until the Trustee shall have received written notice thereof from the
		Company, a Subsidiary Guarantor, a holder of Senior Indebtedness or from any
		trustee therefor; and, prior to the receipt of any such written notice, the
		Trustee, subject to the provisions of Section 6.01, shall be entitled in all
		respects to assume that no such facts exist; provided,
		however, that if the Trustee shall not have received the notice
		provided for in this Section at least three Business Days prior to the date
		upon which by the terms hereof any money may become payable for any purpose
		(including, without limitation, the payment of the principal of (and premium,
		if any) or interest on any Security), then, anything herein contained to the
		contrary notwithstanding, the Trustee shall have full power and authority to
		receive such money and to apply the same to the purpose for which such money
		was received and shall not be affected by any notice to the contrary which may
		be received by it within three Business Days prior to such date.
	 

	 
		Subject to the provisions of Section 6.01,
		the Trustee shall be entitled to rely on the delivery to it of a written notice
		by a Person representing himself to be a holder of Senior Indebtedness (or a
		trustee therefor) to establish that such notice has been given by a holder of
		Senior Indebtedness (or a trustee therefor). In the event that the Trustee
		determines in good faith that further evidence is required with respect to the
		right of any Person as a holder of Senior Indebtedness to participate in any
		payment or distribution pursuant to this Article, the Trustee may request such
		Person to furnish evidence to the reasonable satisfaction of the Trustee as to
		the amount of Senior Indebtedness held by such Person, the extent to which such
		Person is entitled to participate in such payment or distribution and any other
		facts pertinent to the rights of such Person under this Article, and if such
		evidence is not furnished, the Trustee may defer any payment to such Person
		pending judicial determination as to the right of such Person to receive such
		payment.
	 

	 
		Section 16.11
		Reliance on Judicial Order or
		Certificate of Liquidating Agent. Upon
		any payment or distribution of assets of either the Company or a Subsidiary
		Guarantor referred to in this Article, the Trustee, subject to the provisions
		of Section 6.01, and the Holders of the Securities shall be entitled to rely
		upon any order or decree entered by any court of competent jurisdiction in
		which such insolvency, bankruptcy, receivership, liquidation, reorganization,
		dissolution, winding up or similar case or proceeding is pending, or a
		certificate of the trustee in bankruptcy, receiver, liquidating trustee,
		custodian, assignee for the benefit of creditors, agent or other Person making
		such payment or distribution, delivered to the Trustee or to the Holders of
		Securities, for the purpose of ascertaining the Persons entitled to participate
		in such payment or distribution, the holders of the Senior Indebtedness, the
		amount thereof or payable thereon, the 
	 

	 
		 
	 

	 
		79
	 

	 
		 
	 

	 
	 

	 

	 
		amount or amounts paid or distributed
		thereon and all other facts pertinent thereto or to this Article.
	 

	 
		Section 16.12
		Trustee Not Fiduciary for Holders of
		Senior Indebtedness. 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 it shall in good faith
		mistakenly pay over or distribute to Holders of Securities or to the Company or
		to a Subsidiary Guarantor or to any other Person cash, property or securities
		to which any holders of Senior Indebtedness shall be entitled by virtue of this
		Article or otherwise.
	 

	 
		Section 16.13
		Rights of Trustee as Holder of Senior
		Indebtedness; Preservation of Trustee’s Rights. The Trustee in its individual capacity shall be
		entitled to all the rights set forth in this Article with respect to any Senior
		Indebtedness which may at any time be held by it, to the same extent as any
		other holder of Senior Indebtedness, and nothing in this Indenture shall
		deprive the Trustee of any of its rights as such holder.
	 

	 
		Nothing in this Article shall apply to
		claims of, or payments to, the Trustee under or pursuant to Section
		6.07.
	 

	 
		Section 16.14
		Article Applicable to Paying
		Agents. 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
		shall in such case (unless the context otherwise requires) be construed as
		extending to and including such Paying Agent within its meaning as fully for
		all intents and purposes as if such Paying Agent were named in this Article in
		addition to or in place of the Trustee.
	 

	 
		Section 16.15
		Certain Conversions Deemed
		Payment. For the purposes of this
		Article only, (1) the issuance and delivery of junior securities upon
		conversion of Securities in accordance with Article XV shall not be deemed to
		constitute a payment or distribution on account of the principal of or premium
		or interest on Securities or on account of the purchase or other acquisition of
		Securities, and (2) the payment, issuance or delivery of cash, property or
		securities (other than junior securities) upon conversion of a Security shall
		be deemed to constitute payment on account of the principal of such Security.
		For the purposes of this Section, the term “junior securities” means
		(a) shares of any stock of any class of the Company and (b) securities of the
		Company which are subordinated in right of payment to all Senior Indebtedness
		which may be outstanding at the time of issuance or delivery of such securities
		to substantially the same extent as, or to a greater extent than, the
		Securities are so subordinated as provided in this Article. Nothing contained
		in this Article or elsewhere in this Indenture or in the Securities is intended
		to or shall impair, as among the Company, its creditors other than holders of
		Senior Indebtedness and the Holders of the Securities, the right, which is
		absolute and unconditional, of the Holder of any Security to convert such
		Security in accordance with Article XV.
	 

	 
		Section 16.16
		Trust Moneys Not
		Subordinated. Notwithstanding anything
		contained herein to the contrary, payments from moneys or the proceeds of U.S.
		Government Obligations held in trust under Article XIV by the Trustee for the
		payment of principal of, premium, if any, and interest on the Securities from
		the date of deposit (if made in compliance with this Indenture) shall not be
		subordinated to the prior payment of any Senior Indebtedness or subject to the
		
	 

	 
		 
	 

	 
		80
	 

	 
		 
	 

	 
	 

	 

	 
		restraints set forth in this Article, and
		none of the Holders of Securities shall be obligated to pay over any such
		amount to the Company or any holder of Senior Indebtedness of the Company or
		any other creditor of the Company.
	 

	 
		This instrument may be executed in any
		number of counterparts, each of which so executed shall be deemed to be an
		original, but all such counterparts shall together constitute but one and the
		same instrument.
	 

	 
		(Signature Pages to Follow)
	 

	 
		 
	 

	 
		81
	 

	 
		 
	 

	 
	 

	 

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  STEALTHGAS INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Guarantors:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ACCESS CONSULTANTS CO.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
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				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ALEXIS SHIPHOLDING S.A.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ARACRUZ TRADING LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ATLAS INVESTMENTS S.A.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  AUBINE SERVICES LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BALCAN PROFIT LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BALKAN HOLDING INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BARONESS HOLDINGS INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CEDRIC FINANCE INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CELIDON INVESTMENTS INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CONTINENT GAS INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DELORA TRADING COMPANY
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DREW INTERNATIONAL INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  EAST PROPANE INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  EMPIRE SPIRIT LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ENERGETIC PENINSULA LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  EVOLUTION CRUDE INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FAIRDEAL ENTERPRISES CORP.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FLOYD PROPERTIES CO.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GAZ DE BRAZIL INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GENEVE BUTANE INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GRAZIA MARITIME LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  HEATHER TRADING S.A.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ICELAND LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  INDEPENDENT TRADER LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  INTERNATIONAL GASES INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  INDUSTRIAL MATERIALS INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  JUNGLE INVESTMENT LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  KALINDA SHIPMANAGEMENT LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  LEADER INVESTMENTS INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  LPGONE LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  LYONET HOLDINGS CORP.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  MATRIX GAS TRADING LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  MELVYN SERVICES COMPANY
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  NEUTRON MARINE CORP.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  NORTHERN YIELD SHIPPING
				  LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  OCEAN BLUE LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  OSWALD TRADING LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  OXFORD GAS LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  PACIFIC GASES LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  PETCHEM TRADING INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  QUINTA TRADING CO.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  REINA PROPERTIES CORP.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  SABRINA ENTERPRISES S.A.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  SCOPE INTERNATIONAL INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  SEMICHLAUS EXPORTS LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  SOLEIL TRUST INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  SOMER SHIPMANAGEMENT S.A.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  TRANSGALAXY INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  TRIATHLON INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  VCM TRADING LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  VENTSPILS GASES LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Trustee:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  WELLS FARGO BANK, NATIONAL
				  ASSOCIATION, as trustee
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-i-EX-10.1 AMENDMENT NO.1 TO CREDIT AGREEMENT

 

EXHIBIT 10.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT

     This Amendment No. 1 to Credit Agreement (this “Agreement” or this “Amendment”) dated as of
June 11, 2007 (the “Agreement Date”) is made by and among CUMULUS MEDIA, INC., a Delaware
corporation (the “Borrower”), BANK OF AMERICA, N.A., a national banking association organized and
existing under the laws of the United States (“Bank of America”), in its capacity as administrative
agent for the Lenders (as defined in the Credit Agreement (as defined below)) (in such capacity,
the “Administrative Agent”), each of the Lenders signatory hereto, and each of the Subsidiary Loan
Parties (as defined in the Credit Agreement) signatory hereto.

W I T N E S S E T H:

     WHEREAS, the Borrower, Bank of America, as Administrative Agent, and the Lenders have entered
into that certain Credit Agreement dated as of June 7, 2006 (as hereby amended and as from time to
time further amended, modified, supplemented, restated, or amended and restated, the “Credit
Agreement”; capitalized terms used in this Agreement not otherwise defined herein shall have the
respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have made
available to the Borrower a term loan facility and a revolving credit facility, including a letter
of credit facility; and

     WHEREAS, the Borrower and each of the Subsidiary Loan Parties have entered into the Collateral
Agreement (i) pursuant to which each Subsidiary Loan Party has guaranteed the payment and
performance of the obligations of the Borrower under the Credit Agreement and the other Loan
Documents, and (ii) which secures the Obligations of the Loan Parties under the Credit Agreement
and other Loan Documents; and

     WHEREAS, the Borrower has advised the Administrative Agent and the Lenders that the Borrower
desires to replace the existing term loan facility (the “Existing Term Loan”), which has an
outstanding balance of approximately $713,850,000 prior to the effectiveness hereof, with a
replacement term loan facility (the “Replacement Term Loan”) to be advanced on the Amendment
Effective Date (defined below) in the original aggregate principal amount of $750,000,000, and to
amend certain provisions of the Credit Agreement, all as set forth herein, and the Administrative
Agent and the Lenders signatory hereto are willing to effect such increase of the Term Loan and
amendments on the terms and conditions contained in this Agreement;

     NOW, THEREFORE, in consideration of the premises and further valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

     1. Term Loan Replacement. Simultaneously with the Amendment Effective Date, and
notwithstanding anything to the contrary in the Credit Agreement after giving effect to this
Amendment (including any provisions of Section 2.01 of the Credit Agreement relating to the
advance of the Term Loan), the Existing Term Loan shall be replaced with the Replacement Term Loan,
and Bank of America will provide the entire principal amount of the Replacement Term Loan in a
single Alternate Base Rate advance to the Borrower on the Amendment

 

 

Effective Date. Simultaneously with the Amendment Effective Date, and subject to the terms
and conditions set forth herein, the parties hereto hereby consent to such replacement of the
Existing Term Loan with the Replacement Term Loan, as described in the preceding sentence, and
agree that all references in the Credit Agreement to the “Term Loan” shall mean the Replacement
Term Loan, provided that nothing in the Credit Agreement shall require the advancement of
any amount under the Replacement Term Loan other than on the Amendment Effective Date in accordance
with this Agreement.

     2. Amendments to Credit Agreement. Subject to the terms and conditions set forth
herein, the Credit Agreement is hereby amended such that, after giving effect to all such
amendments, it shall read in its entirety as attached hereto as Exhibit A.

     3. Waivers Regarding Revolving Loan Prepayment. Each of the Revolving Lenders party
hereto agrees to waive, solely with respect to any repayment of the Revolving Loans by the Borrower
on the Amendment No. 1 Closing Date, (a) any notice requirements set forth in Section 2.10
of the Credit Agreement with respect to such repayment and (b) all break funding fees and costs
relating to such repayment which might otherwise be payable pursuant to Section 2.15 of the
Credit Agreement.

     4. Effectiveness; Conditions Precedent. This Agreement and the amendments to the
Credit Agreement herein provided shall become effective upon satisfaction of the following
conditions precedent (the date of satisfaction thereof, the “Amendment Effective Date”):

     (a) the Administrative Agent shall have received each of the following, each in form and
substance satisfactory to the Administrative Agent:

     (i) counterparts of this Agreement, duly executed by the Borrower, the Administrative
Agent, each Subsidiary Loan Party, Bank of America (as the sole Term Loan Lender with
respect to the Replacement Term Loan as of the Amendment Effective Date), and the Required
Revolving Lenders;

     (ii) such documents and certificates as the Administrative Agent or its counsel may
reasonably request relating to the organization, existence and good standing of each Loan
Party, the authorization of the Amendment and the transactions contemplated herein
(including the increase of the Term Loan) and any other legal matters relating to the Loan
Parties, the Loan Documents or the Transactions;

     (iii) a favorable written opinion (addressed to the Administrative Agent and the
Lenders and dated the Amendment Effective Date) of Jones Day, counsel for the Borrower and
the Subsidiary Loan Parties;

     (iv) a certificate, dated the Amendment Effective Date and signed by the President, a
Vice President or a Financial Officer of the Borrower, confirming compliance with the
conditions set forth in paragraphs Sections 4.02(a) and (b) of the Credit
Agreement;

2

 

     (v) UCC searches with respect to the Borrower and each Subsidiary Loan Party showing
only those Liens effectuated after the Effective Date of the Credit Agreement as are
permitted to exist under Section 6.02 of the Credit Agreement;

     (b) the Borrower and each Subsidiary Loan Party will have taken such action as is reasonably
deemed necessary by the Administrative Agent, if any, so that the Collateral and Guarantee
Requirement shall continue to be satisfied as of the Amendment Effective Date;

     (c) a fee shall have been paid to each Revolving Lender executing this Agreement equal to
0.05% times such Lender’s Revolving Commitment;

     (d) all other fees and expenses payable to the Administrative Agent and the Lenders (including
the fees and expenses of counsel to the Administrative Agent) to the extent invoiced on or prior to
the Agreement Date shall have been paid in full (without prejudice to final settling of accounts
for such fees and expenses).

     5. Consent of the Subsidiary Loan Parties. Each Subsidiary Loan Party hereby
consents, acknowledges and agrees to the increase in the Term Loan and the amendments set forth
herein and hereby confirms and ratifies in all respects the Collateral Agreement to which such
Subsidiary Loan Party is a party (including without limitation the continuation of such Subsidiary
Loan Party’s payment and performance obligations thereunder upon and after the effectiveness of
this Agreement and the increase in the Term Loan and the amendments contemplated hereby) and the
enforceability of such Collateral Agreement against such Subsidiary Loan Party in accordance with
its terms.

     6. Representations and Warranties. In order to induce the Administrative Agent and
the Lenders to enter into this Agreement, each Loan Party represents and warrants to the
Administrative Agent and the Lenders as follows:

     (a) The representations and warranties made by each Loan Party in Article III of the
Credit Agreement and in each of the other Loan Documents to which such Loan Party is a party are
true and correct on and as of the date hereof, except to the extent that such representations and
warranties expressly relate to an earlier date;

     (b) The Persons appearing as Subsidiary Loan Parties on the signature pages to this Agreement
constitute all Persons who are required to be Subsidiary Loan Parties and Guarantors (such term as
used herein as defined in the Collateral Agreement) pursuant to the terms of the Credit Agreement
and the other Loan Documents, including without limitation all Persons who became Subsidiaries or
were otherwise required to become Guarantors after the Effective Date, and each of such Persons has
become and remains a party to a Collateral Agreement as a “Guarantor”;

     (c) This Agreement has been duly authorized, executed and delivered by the Borrower and the
Subsidiary Loan Parties party hereto and constitutes a legal, valid and binding obligation of such
parties, except as may be limited by general principles of equity or by the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’
rights generally; and

3

 

     (d) No Default or Event of Default has occurred and is continuing.

     7. Entire Agreement. This Agreement, together with all the Loan Documents
(collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the
parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and
agreements among the parties relating to such subject matter. No promise, condition,
representation or warranty, express or implied, not set forth in the Relevant Documents shall bind
any party hereto, and no such party has relied on any such promise, condition, representation or
warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in
the Relevant Documents, no representations, warranties or commitments, express or implied, have
been made by any party to the other in relation to the subject matter hereof or thereof. None of
the terms or conditions of this Agreement may be changed, modified, waived or canceled orally or
otherwise, except in writing and in accordance with Section 9.02 of the Credit Agreement.

     8. Full Force and Effect of Agreement. Except as hereby specifically amended,
modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed
and ratified in all respects and shall be and remain in full force and effect according to their
respective terms.

     9. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original as against any party whose signature appears thereon, and all
of which shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy or electronic delivery (including by
        .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

     10. Governing Law. This Agreement shall in all respects be governed by, and construed
in accordance with, the laws of the State of New York applicable to contracts executed and to be
performed entirely within such State, and shall be further subject to the provisions of Section
9.09 of the Credit Agreement.

     11. Enforceability. Should any one or more of the provisions of this Agreement be
determined to be illegal or unenforceable as to one or more of the parties hereto, all other
provisions nevertheless shall remain effective and binding on the parties hereto.

     12. References. All references in any of the Loan Documents to the “Credit Agreement”
shall mean the Credit Agreement, as amended hereby and as further amended, supplemented or
otherwise modified from time to time.

     13. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the Borrower, the Administrative Agent, each of the Subsidiary Loan Parties and Lenders,
and their respective successors, legal representatives, and assignees to the extent such assignees
are permitted assignees as provided in Section 9.04 of the Credit Agreement.

[Signature pages follow.]

4

 

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and
delivered by their duly authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	CUMULUS MEDIA, INC., as Borrower	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Martin R. Gausvik
 

Martin R. Gausvik
	 	 
	 

	 	Title:
	 	Executive Vice President, Treasurer and 

Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SUBSIDIARY LOAN PARTIES:	 	 
	 
	 	 	 	 	 	 
	 	 	CUMULUS BROADCASTING LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Martin R. Gausvik
 

Martin R. Gausvik
	 	 
	 

	 	Title:
	 	Executive Vice President, Treasurer and 

Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CUMULUS LICENSING LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Martin R. Gausvik
 

Martin R. Gausvik
	 	 
	 

	 	Title:
	 	Executive Vice President, Treasurer and 

Chief Financial Officer	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Christopher T. Ray
 

Christopher T. Ray
	 	 
	 

	 	Title:
	 	Vice President	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as a Lender and Issuing
Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Christopher T. Ray
 

Christopher T. Ray
	 	 
	 

	 	Title:
	 	Vice President	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Jeffrey R. Gignac
 

Jeffrey R. Gignac
	 	 
	 

	 	Title:
	 	Vice President	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	SUMITOMO MITSUI BANKING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Yoshihiro Hyakutome
 

Yoshihiro Hyakutome
	 	 
	 

	 	Title:
	 	General Manager	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	ING Capital LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ William C. James
 

William C. James
	 	 
	 

	 	Title:
	 	Managing Director	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	COOPERATIEVE CENTRALE RAIFFEISEN-

BOERENLEENBANK B.A., “RABOBANK

NEDERLAND”, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kevin Mullin
 

Kevin Mullin
	 	 
	 

	 	Title:
	 	Executive Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Brett Delfino
 

Brett Delfino
	 	 
	 

	 	Title:
	 	Executive Director	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Gail F. Scannell
 

Gail F. Scannell
	 	 
	 

	 	Title:
	 	Vice President	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	CALYON, New York Branch	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Douglas Roper
 

Douglas Roper
	 	 
	 

	 	Title:
	 	Managing Director and Group Head	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael George
 

Michael George
	 	 
	 

	 	Title:
	 	Managing Director	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	The Royal Bank of Scotland plc	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Vicent Fitzgerald
 

Vicent Fitzgerald
	 	 
	 

	 	Title:
	 	Managing Director, TMT	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	Royal Bank of Canada	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark S. Gronich
 

Mark S. Gronich
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	CIT Lending Services Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Scott Ploshay
 

Scott Ploshay
	 	 
	 

	 	Title:
	 	Vice President	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	The Bank of New York

by: BNY CML, Inc. as agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ William Lemberg
 

William Lemberg
	 	 
	 

	 	Title:
	 	Managing Director	 	 

Cumulus Media Inc.

Amendment No. 1 To Credit Agreement

Signature Page

 

 

EXHIBIT
A

 

EXECUTION COPY

Published Deal CUSIP Number: 23108DAK0

 

CREDIT AGREEMENT

dated as of

June 7, 2006,

among

CUMULUS MEDIA INC.,

The Lenders Party Hereto

and

BANK OF AMERICA, N.A.,

as Administrative Agent

BANC OF AMERICA SECURITIES LLC,

as Joint Lead Arranger and Joint Bookrunner

WACHOVIA CAPITAL MARKETS, LLC,

as Joint Lead Arranger and Joint Bookrunner

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Syndication Agent

CALYON NEW YORK BRANCH,

THE ROYAL BANK OF SCOTLAND PLC,

GENERAL ELECTRIC CAPITAL CORPORATION,

ROYAL BANK OF CANADA,

U.S. BANK, NATIONAL ASSOCIATION,

THE BANK OF NEW YORK,

SUMITOMO MITSUI BANKING CORPORATION, and

ING CAPITAL LLC,

as Co-Documentation Agents

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Classification of Loans and Borrowings
	 	 	25	 
	SECTION 1.03. Terms Generally
	 	 	25	 
	SECTION 1.04. Accounting Terms; GAAP
	 	 	25	 
	 
	 	 	 	 
	ARTICLE II THE CREDITS
	 	 	26	 
	 
	 	 	 	 
	SECTION 2.01. Commitments; Term Loans
	 	 	26	 
	SECTION 2.02. Loans and Borrowings
	 	 	26	 
	SECTION 2.03. Requests for Borrowings
	 	 	27	 
	SECTION 2.04. Letters of Credit
	 	 	28	 
	SECTION 2.05. Funding of Borrowings
	 	 	33	 
	SECTION 2.06. Interest Elections
	 	 	33	 
	SECTION 2.07. Termination and Reduction of Commitments
	 	 	35	 
	SECTION 2.08. Repayment of Loans; Evidence of Debt
	 	 	35	 
	SECTION 2.09. Amortization of Term Loans
	 	 	36	 
	SECTION 2.10. Prepayment of Loans
	 	 	37	 
	SECTION 2.11. Fees
	 	 	38	 
	SECTION 2.12. Interest
	 	 	40	 
	SECTION 2.13. Alternate Rate of Interest
	 	 	40	 
	SECTION 2.14. Increased Costs
	 	 	41	 
	SECTION 2.15. Break Funding Payments
	 	 	42	 
	SECTION 2.16. Taxes
	 	 	43	 
	SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	 	 	44	 
	SECTION 2.18. Mitigation Obligations; Replacement of Lenders
	 	 	45	 
	SECTION 2.19. Incremental Facilities
	 	 	46	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	47	 
	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	47	 
	SECTION 3.02. Authorization; Enforceability
	 	 	47	 
	SECTION 3.03. Governmental Approvals; No Conflicts
	 	 	48	 
	SECTION 3.04. Financial Condition; No Material Adverse Change
	 	 	48	 
	SECTION 3.05. Properties and Licenses
	 	 	48	 
	SECTION 3.06. Litigation and Environmental Matters
	 	 	49	 
	SECTION 3.07. Compliance with Laws and Agreements
	 	 	49	 
	SECTION 3.08. Investment and Holding Company Status
	 	 	49	 
	SECTION 3.09. Tax Matters
	 	 	50	 
	SECTION 3.10. ERISA
	 	 	50	 

i 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	SECTION 3.11. Disclosure
	 	 	50	 
	SECTION 3.12. Subsidiaries
	 	 	50	 
	SECTION 3.13. Insurance
	 	 	50	 
	SECTION 3.14. Labor Matters
	 	 	51	 
	SECTION 3.15. Solvency
	 	 	51	 
	SECTION 3.16. Security Interests
	 	 	51	 
	SECTION 3.17. Specially Designated Nationals or Blocked Persons
	 	 	51	 
	 
	 	 	 	 
	ARTICLE IV CONDITIONS
	 	 	51	 
	 
	 	 	 	 
	SECTION 4.01. Effective Date
	 	 	51	 
	SECTION 4.02. Each Credit Event
	 	 	53	 
	 
	 	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS
	 	 	54	 
	 
	 	 	 	 
	SECTION 5.01. Financial Statements and Other Information
	 	 	54	 
	SECTION 5.02. Notices of Material Events
	 	 	56	 
	SECTION 5.03. Information Regarding Collateral
	 	 	57	 
	SECTION 5.04. Existence; Conduct of Business
	 	 	57	 
	SECTION 5.05. Payment of Obligations
	 	 	58	 
	SECTION 5.06. Maintenance of Properties
	 	 	58	 
	SECTION 5.07. Insurance
	 	 	58	 
	SECTION 5.08. Casualty and Condemnation
	 	 	58	 
	SECTION 5.09. Books and Records; Inspection Rights
	 	 	58	 
	SECTION 5.10. Compliance with Laws
	 	 	58	 
	SECTION 5.11. Use of Proceeds and Letters of Credit
	 	 	59	 
	SECTION 5.12. Additional Subsidiaries
	 	 	59	 
	SECTION 5.13. Further Assurances
	 	 	59	 
	SECTION 5.14. Hedging Agreements
	 	 	60	 
	SECTION 5.15. Additional Collateral
	 	 	60	 
	SECTION 5.16. Alabama Certificates
	 	 	60	 
	 
	 	 	 	 
	ARTICLE VI NEGATIVE COVENANTS
	 	 	60	 
	 
	 	 	 	 
	SECTION 6.01. Indebtedness; Certain Equity Securities
	 	 	60	 
	SECTION 6.02. Liens
	 	 	62	 
	SECTION 6.03. Fundamental Changes
	 	 	63	 
	SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
	 	 	64	 
	SECTION 6.05. Asset Sales
	 	 	65	 
	SECTION 6.06. Sale and Leaseback Transactions
	 	 	66	 
	SECTION 6.07. Hedging Agreements
	 	 	66	 
	SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness
	 	 	66	 

ii 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.09. Transactions with Affiliates
	 	 	67	 
	SECTION 6.10. Restrictive Agreements
	 	 	68	 
	SECTION 6.11. FCC Licenses and License Subsidiaries
	 	 	68	 
	SECTION 6.12. Amendment of Material Documents
	 	 	68	 
	SECTION 6.13. Consolidated Fixed Charge Coverage Ratio
	 	 	68	 
	SECTION 6.14. Total Leverage Ratio
	 	 	69	 
	SECTION 6.15. [Intentionally omitted.]
	 	 	70	 
	SECTION 6.16. Capital Expenditures
	 	 	70	 
	SECTION 6.17. Excluded Subsidiaries
	 	 	70	 
	 
	 	 	 	 
	ARTICLE VII EVENTS OF DEFAULT
	 	 	71	 
	 
	 	 	 	 
	ARTICLE VIII THE ADMINISTRATIVE AGENT
	 	 	73	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS
	 	 	78	 
	 
	 	 	 	 
	SECTION 9.01. Notices
	 	 	78	 
	SECTION 9.02. Waivers; Amendments
	 	 	79	 
	SECTION 9.03. Expenses; Indemnity; Damage Waiver
	 	 	81	 
	SECTION 9.04. Successors and Assigns
	 	 	83	 
	SECTION 9.05. Survival
	 	 	87	 
	SECTION 9.06. Counterparts; Integration; Effectiveness
	 	 	87	 
	SECTION 9.07. Severability
	 	 	87	 
	SECTION 9.08. Right of Setoff
	 	 	87	 
	SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	 	 	88	 
	SECTION 9.10. WAIVER OF JURY TRIAL
	 	 	88	 
	SECTION 9.11. Headings
	 	 	89	 
	SECTION 9.12. Confidentiality
	 	 	89	 
	SECTION 9.13. Interest Rate Limitation
	 	 	89	 
	SECTION 9.14. USA Patriot Act
	 	 	90	 
	SECTION 9.15. No Advisory or Fiduciary Responsibility
	 	 	90	 

iii 

 

SCHEDULES:

	 	 	 
	Schedule 2.01

	 	Commitments
	Schedule 3.05(c)

	 	Real Property
	Schedule 3.05(d)

	 	FCC Licenses
	Schedule 3.06

	 	Disclosed Matters
	Schedule 3.12

	 	Subsidiaries
	Schedule 3.13

	 	Insurance
	Schedule 6.01

	 	Existing Indebtedness
	Schedule 6.02

	 	Existing Liens
	Schedule 6.04

	 	Existing Investments
	Schedule 6.10

	 	Existing Restrictions
	Schedule 9.01

	 	Administrative Agent’s Office; Certain Addresses for Notices
	Schedule 9.04

	 	Processing and Recordation Fees
	 
	 	 
	EXHIBITS:
	 
	 	 
	Exhibit A

	 	Form of Assignment and Assumption
	Exhibit B

	 	Form of Opinion of Borrower’s Counsel
	Exhibit C

	 	Form of Guarantee and Collateral Agreement

iv 

 

CREDIT AGREEMENT dated as of June 7, 2006, among

CUMULUS MEDIA INC., the LENDERS party hereto, and

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

The parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

     “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Alternate Base Rate.

     “Acquired Business” means any Person, property, business or asset acquired (or, as
applicable, proposed to be acquired) by the Borrower or a Subsidiary Loan Party pursuant to a
Permitted Acquisition.

     “Additional Lender” has the meaning assigned to such term in Section 2.19.

     “Adjusted EBITDA” means, for any period, the Consolidated EBITDA of the Borrower for
such period, adjusted (a) to include the Consolidated EBITDA of any Acquired Business acquired
during such period (and, solely for purposes of determining whether a proposed acquisition is a
Permitted Acquisition pursuant to clauses (d) and (e) of the definition of the term Permitted
Acquisition, any Acquired Business that, at the time of calculation of Adjusted EBITDA for such
purpose, has been acquired subsequent to the end of such period and prior to such time as well as
that proposed to be acquired) pursuant to a Permitted Acquisition and not subsequently sold,
transferred or otherwise disposed of during such period (or, solely for purposes of determining
whether a proposed acquisition is a Permitted Acquisition, subsequent to the end of such period and
prior to such time), based on (i) the actual Consolidated EBITDA of such Acquired Business for such
period (including the portion thereof attributable to such period prior to the date of acquisition
of such Acquired Business), (ii) for purposes of determining whether a proposed acquisition is a
Permitted Acquisition pursuant to clauses (d) and (e) of the definition of the term Permitted
Acquisition, giving pro forma effect to identified cost savings from any such Permitted Acquisition
(or proposed acquisition) to the extent that the Borrower shall demonstrate, in a certificate of
its chief financial officer, in detail and to the reasonable satisfaction of the Administrative
Agent, that such cost savings are achievable during such period and (iii) for purposes of
determining the Total Leverage Ratio, giving pro forma effect, in the portion of such period
occurring prior to the date of consummation of any such Permitted Acquisition, to identified cost
savings from any such Permitted Acquisition to the extent that the Borrower shall demonstrate, in a
certificate of its chief financial officer, in detail and to the reasonable satisfaction of the
Administrative Agent, that such cost savings are

 

 

achievable during such period, and (b) to exclude the Consolidated EBITDA of any Sold Business
sold, transferred or otherwise disposed of during such period (and, solely for purposes of
determining whether a proposed acquisition is a Permitted Acquisition pursuant to clauses (d) and
(e) of the definition of the term Permitted Acquisition, any Sold Business that, at the time of
calculation of Adjusted EBITDA for such purpose, has been sold, transferred or otherwise disposed
of subsequent to the end of such period and prior to such time), based on the actual Consolidated
EBITDA of such Sold Business for such period (including the portion thereof attributable to such
period prior to the date of sale, transfer or disposition of such Sold Business).

     “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum determined by the Administrative Agent pursuant to the following
formula: the product of (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.

     “Administrative Agent” means Bank of America, N.A., in its capacity as administrative
agent for the Lenders hereunder.

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

     “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

     “Agreement” means this Credit Agreement.

     “Agreement Date” means the date on which this Agreement is executed by all the parties
hereto, which date may occur prior to the Effective Date.

     “Alternate Base Rate” means for any day a fluctuating rate per annum equal to the
higher of (a) the Federal Funds Effective Rate plus 1/2 of 1% and (b) the rate of interest in
effect for such day as publicly announced from time to time by Bank of America as its “prime rate.”
The “prime rate” is a rate set by Bank of America based upon various factors including Bank of
America’s costs and desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of America shall take effect at the opening of
business on the day specified in the public announcement of such change.

     “Amendment No. 1” means that certain Amendment No. 1 to Credit Agreement dated as of
June 11, 2007 by and among the Borrower, the Subsidiary Loan Parties party thereto, the
Administrative Agent and the Lenders party thereto.

     “Amendment No. 1 Closing Date” means the date the conditions precedent to
effectiveness of Amendment No. 1 were satisfied, which occurred on June 11, 2007.

     “Applicable Percentage” means, with respect to any Revolving Lender, the percentage of
the total Revolving Commitments represented by such Lender’s Revolving Commitment. If the
Revolving Commitments have terminated or expired, the Applicable Percentages shall be

2

 

determined based upon the Revolving Commitments most recently in effect, giving effect to any
assignments.

     “Applicable Rate” means, (a) for any day with respect to any ABR Loan that is a Term
Loan, 0.75% per annum, (b) for any day with respect to any Eurodollar Loan that is a Term Loan,
1.75% per annum, and (c) for any day with respect to any ABR Loan or Eurodollar Loan that is a
Revolving Loan, or with respect to the commitment fees payable hereunder, the applicable rate per
annum set forth below under the caption “ABR Spread”, “Eurodollar Spread” or “Commitment Fee”, as
the case may be, based upon the Total Leverage Ratio as of the most recent determination date,
provided that notwithstanding the Total Leverage Ratio, until delivery of the Borrower’s
audited financial statements for the fiscal year ended December 31, 2006, Category 1 below shall
apply with respect to any Revolving Loan or commitment fee:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ABR	 	Eurodollar	 	Commitment
	Total Leverage Ratio:	 	Spread	 	Spread	 	Fee
	Category 1
	 	 	1.00	%	 	 	2.00	%	 	 	0.375	%
	3 6.50 to 1.00
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Category 2
	 	 	0.50	%	 	 	1.50	%	 	 	0.375	%
	< 6.50 to 1.00 and

3 6.00 to 1.00
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Category 3
	 	 	0.25	%	 	 	1.25	%	 	 	0.375	%
	< 6.00 to 1.00 and

3 5.00 to 1.00
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Category 4
	 	 	0.00	%	 	 	1.00	%	 	 	0.375	%
	< 5.00 to 1.00 and

3 4.50 to 1.00
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Category 5
	 	 	0.00	%	 	 	0.75	%	 	 	0.300	%
	< 4.50 to 1.00 and

3 4.00 to 1.00
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Category 6
	 	 	0.00	%	 	 	0.675	%	 	 	0.250	%
	< 4.00 to 1.00
	 	 	 	 	 	 	 	 	 	 	 	 

     For purposes of the foregoing, (i) the Total Leverage Ratio shall be determined as of the end
of each fiscal quarter of the Borrower’s fiscal year based upon the Borrower’s consolidated
financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each
change in the Applicable Rate resulting from a change in the Total Leverage Ratio shall be
effective during the period commencing on and including the date of delivery to the Administrative
Agent of such consolidated financial statements indicating such change and ending on the date
immediately preceding the effective date of the next such change; provided that the
Applicable Rate shall be deemed to be as provided in Category 1 of the table set forth above if the
Borrower fails to deliver the consolidated financial statements required to be delivered by it
pursuant to Section 5.01(a) or (b) and the certificate of a Financial Officer delivered in
connection therewith, as of the first Business Day after the date on which such financial
statements and certificate of a

3

 

Financial Officer were required to have been delivered until the Business Day after delivery
thereof.

     “Approved Fund” has the meaning set forth in Section 9.04(b).

     “Asset Swap Transaction” means a substantially concurrent purchase and sale, or
exchange, of a Broadcasting Asset of the Borrower, or all the Equity Interests in a Subsidiary
owning a Broadcasting Asset, for a Broadcasting Asset of another Person or group of affiliated
Persons, or all the Equity Interests in a Person or group of affiliated Persons owning a
Broadcasting Asset, provided that (a) the portion of Broadcast Cash Flow (for the period of
four consecutive fiscal quarters most recently ended prior to the date of such transaction for
which financial statements are available) attributable to the Broadcasting Asset being sold or
exchanged and all other Broadcasting Assets so sold or exchanged pursuant to such transactions
during such period or subsequent to the end of such period and on or prior to the date of
determination shall not exceed (i) 10% of the Broadcast Cash Flow of the Borrower for such period
if either the Total Leverage Ratio, measured prior to giving effect to such transaction, or the Pro
Forma Total Leverage Ratio, measured after giving effect to such transaction, is greater than or
equal to 6.50 to 1.00, and (ii) 20% of the Broadcast Cash Flow of the Borrower for such period if
both the Total Leverage Ratio, measured prior to giving effect to such transaction, and the Pro
Forma Total Leverage Ratio, measured after giving effect to such transaction, is less than 6.50 to
1.00, (b) the portion of Broadcast Cash Flow (for the period from the Effective Date to and
including the last day of the period of four consecutive fiscal quarters most recently ended prior
to the date of such transaction for which financial statements are available) attributable to the
Broadcasting Asset being sold or exchanged and all other Broadcasting Assets so sold or exchanged
pursuant to such transactions during such period or subsequent to the end of such period and on or
prior to the date of determination shall not exceed (i) 10% of the Broadcast Cash Flow of the
Borrower for such period if either the Total Leverage Ratio, measured prior to giving effect to
such transaction, or the Pro Forma Total Leverage Ratio, measured after giving effect to such
transaction, is greater than or equal to 6.50 to 1.00, and (ii) 45% of the Broadcast Cash Flow of
the Borrower for such period if both the Total Leverage Ratio, measured prior to giving effect to
such transaction, and the Pro Forma Total Leverage Ratio, measured after giving effect to such
transaction, is less than 6.50 to 1.00 and (c) the Borrower provides the Administrative Agent with
appropriate supporting documentation if reasonably requested by the Administrative Agent, including
any asset purchase and sale or exchange agreement in connection with such transaction, opinions of
counsel in connection therewith and copies of an FCC consent on Form 732 (or any comparable form
issued by the FCC) relating to the transfer of control or assignment of the FCC Licenses of the
acquired Broadcasting Asset to the Borrower or its Subsidiaries and, unless the Administrative
Agent shall otherwise agree, such consent shall have become a Final Order. For purposes of
determining the portion of Broadcast Cash Flow attributable to a Broadcasting Asset pursuant to
clause (a) or (b) above, if such Broadcasting Asset was acquired by a Loan Party subsequent to the
first day of the relevant period for which the determination is being made, then the portion of
Broadcast Cash Flow attributable to such Broadcasting Asset for such period shall be deemed to
include the pro forma Broadcast Cash Flow that would have been attributable to such Broadcasting
Asset for the portion of such period prior to the date of acquisition (as though such Broadcasting
Asset had been acquired on the first day of the relevant period).

4

 

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section
9.04), and accepted by the Administrative Agent, in substantially the form of Exhibit A
or any other form approved by the Administrative Agent.

     “Auto-Extension Letter of Credit” has the meaning set forth in Section
2.04(b)(ii).

     “Bank of America” means Bank of America, N.A. and its successors.

     “BAS” means Banc of America Securities LLC and its successors.

     “BOA Fee Letter” means that certain Fee Letter dated as of May 18, 2006 among Bank of
America, BAS and the Borrower.

     “Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

     “Borrower” means Cumulus Media Inc., a Delaware corporation.

     “Borrowing” means Loans of the same Class and Type, made, converted or continued on
the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in
effect.

     “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03.

     “Broadcasting Asset” means all or substantially all the assets used and useful for
operating a commercial radio broadcast station pursuant to a FCC License, including the rights to
use such FCC License.

     “Broadcast Cash Flow” means, for any period, Consolidated EBITDA for such period plus,
to the extent deducted in calculating such Consolidated EBITDA, corporate level general and
administrative expenses of the Borrower and the Subsidiary Loan Parties for such period (calculated
in a manner consistent with the calculation of such expenses in the consolidated financial
statements of the Borrower for such period).

     “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed;
provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in the
London interbank market.

     “Capital Expenditures” means, for any period, (a) the additions to property, plant and
equipment and other capital expenditures of the Borrower and its consolidated Subsidiary Loan
Parties that are (or would be) set forth in a consolidated statement of cash flows of the Borrower

5

 

for such period prepared in accordance with GAAP and (b) Capital Lease Obligations incurred by
the Borrower and its consolidated Subsidiary Loan Parties during such period.

     “Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

     “Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the
Effective Date), of Equity Interests representing more than 35% of the aggregate ordinary voting
power represented by the issued and outstanding Equity Interests in the Borrower (other than such
an acquisition by a Permitted Owner); (b) occupation of a majority of the seats (other than vacant
seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the
board of directors of the Borrower nor (ii) appointed by directors so nominated; or (c) the
acquisition of direct or indirect Control of the Borrower by any Person or group (other than such
an acquisition by a Permitted Owner).

     “Change in Law” means (a) the adoption of any law, rule or regulation after the
Effective Date, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the Effective Date or (c) compliance by any
Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any lending office of
such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request,
guideline or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the Effective Date.

     “Charges” has the meaning assigned to such term in Section 9.13.

     “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are Revolving Loans or Term Loans and, when used in
reference to any Commitment, refers to whether such Commitment is a Revolving Commitment, Term
Commitment or Incremental Term Commitment.

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

     “Collateral” means any and all “Collateral”, as defined in any applicable Security
Document.

     “Collateral Agreement” means the Guarantee and Collateral Agreement among the Loan
Parties and the Administrative Agent, substantially in the form of Exhibit C.

     “Collateral and Guarantee Requirement” means the requirement that:

     (a) the Administrative Agent shall have received from each Loan Party either (i) a
counterpart of the Collateral Agreement duly executed and delivered on behalf of

6

 

such Loan Party or (ii) in the case of any Person that becomes a Loan Party after the
Effective Date, a supplement to the Collateral Agreement, in the form specified therein,
duly executed and delivered on behalf of such Loan Party;

     (b) all outstanding Equity Interests of each Subsidiary owned by or on behalf of any
Loan Party shall have been pledged pursuant to the Collateral Agreement (except that such
Loan Parties shall not be required to pledge more than 65% of the outstanding voting Equity
Interests of any Foreign Subsidiary that is not a Loan Party) and the Administrative Agent
shall have received, to the extent required by the Collateral Agreement, certificates or
other instruments representing all such Equity Interests, together with stock powers or
other instruments of transfer with respect thereto endorsed in blank;

     (c) all Indebtedness of the Borrower and each Subsidiary that is owing to any Loan
Party shall be pledged to the Administrative Agent pursuant to the Collateral Agreement via
book entry as an account owing to the Administrative Agent;

     (d) all documents and instruments, including Uniform Commercial Code financing
statements, required by law or reasonably requested by the Administrative Agent to be filed,
registered or recorded to create the Liens intended to be created by the Collateral
Agreement and perfect such Liens to the extent required by, and with the priority required
by, the Collateral Agreement, shall have been filed, registered or recorded or delivered to
the Administrative Agent for filing, registration or recording;

     (e) without limiting the foregoing, all FCC Licenses of the Borrower and its
Subsidiaries shall have been contributed to a License Subsidiary and all outstanding Equity
Interests of each License Subsidiary shall have been pledged pursuant to the Collateral
Agreement and the Administrative Agent shall have received, to the extent required by the
Collateral Agreement, certificates or other instruments representing all such Equity
Interests, together with stock powers or other instruments of transfer with respect thereto
endorsed in blank; and

     (f) each Loan Party shall have obtained all consents and approvals required to be
obtained by it in connection with the execution and delivery of all Security Documents to
which it is a party, the performance of its obligations thereunder and the granting by it of
the Liens thereunder.

     “Commitment” means a Revolving Commitment, Term Commitment or Incremental Term
Commitment, if any, or any combination thereof (as the context requires).

     “Consolidated Current Assets” means all assets of the Borrower and the Subsidiary Loan
Parties (other than cash and cash equivalents) which would be classified as a current asset, all
determined on a consolidated basis.

     “Consolidated Current Liabilities” means all liabilities of the Borrower and the
Subsidiary Loan Parties which by their terms are payable within one year (but excluding all
Indebtedness payable on demand or maturing not more than one year from the date of

7

 

computation and the current portion of Indebtedness having a maturity date in excess of one
year), all determined on a consolidated basis.

     “Consolidated EBITDA” means, for any period, Consolidated Net Income for such period
plus (a) without duplication and to the extent deducted in determining such Consolidated
Net Income, the sum of (i) consolidated interest expense for such period plus (ii)
consolidated income tax expense for such period plus (iii) all amounts attributable to
depreciation and amortization for such period plus (iv) any extraordinary, unusual or
non-recurring expenses or losses, whether or not otherwise includable as a separate item in the
statement of such Consolidated Net Income for such period plus (v) each of (A) losses on
sales of assets outside of the ordinary course of business, (B) impairment of assets (other than
current assets), (C) restructuring charges, (D) transaction costs required to be expenses in
connection with Permitted Acquisitions, (E) employee stock compensation charges, (F) non-cash
contractual obligations, and (G) write-offs of deferred costs for such period plus (vi) up
to $4,000,000 of cash charges incurred in the fiscal year of the Borrower ending December 31, 2006
in connection with the forgiveness of an outstanding loan previously made by the Borrower to Lewis
W. Dickey, Jr., in accordance with the terms of the employment agreement between Mr. Dickey and the
Borrower plus (vii) any other non-cash charges (other than write-offs or write-downs during
such period of inventory, accounts receivable or any other current assets in the ordinary course of
business), provided that in the event that the Borrower or any Subsidiary makes any cash
payment in respect of any such non-cash charge, such cash payment shall be deducted from
Consolidated EBITDA in the period in which such payment is made, minus (b) without
duplication and to the extent included in determining such Consolidated Net Income, the sum of (i)
any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise
includable as a separate item in the statement of such Consolidated Net Income for such period,
gains on the sales of assets outside of the ordinary course of business) for such period
plus (ii) any other non-cash income, all determined on a consolidated basis in accordance
with GAAP, plus (c) without duplication and to the extent not included in determining such
Consolidated Net Income, cash actually received by the Borrower or any Subsidiary from Cumulus
Media Partners, LLC or any of its subsidiaries, including without limitation, cash distributions
and cash payments of management fees, less (d) without duplication and to the extent not
included in determining such Consolidated Net Income, cash expenses paid in connection with cash
distributions and cash payments received from Cumulus Media Partners, LLC or any of its
subsidiaries.

     “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated
Interest Expense paid in cash during such period, plus (b) Federal, state, local and
foreign income taxes paid in cash by the Borrower and its Subsidiaries on a consolidated basis
during such period, plus (c) dividends paid in cash by the Borrower during such period
plus (d) Capital Expenditures during such period, plus (e) Consolidated Scheduled
Principal Payments for such period.

     “Consolidated Funded Indebtedness” means, as of any date of determination, for the
Borrower and its Subsidiaries on a consolidated basis, the outstanding principal amount of all
obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and
all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments.

8

 

     “Consolidated Interest Expense” means, for any period, the excess of (a) the sum of
(i) the interest expense (including imputed interest expense in respect of Capital Lease
Obligations) of the Borrower and its Subsidiaries for such period, determined on a consolidated
basis in accordance with GAAP plus (ii) any interest accrued during such period in respect
of Indebtedness of the Borrower or any Subsidiary that is required to be capitalized rather than
included in consolidated interest expense for such period in accordance with GAAP plus
(iii) any cash payments made during such period in respect of obligations referred to in clause
(b)(iii) below that were amortized or accrued in a previous period minus (b) the sum of (i)
interest income of the Borrower and its Subsidiaries for such period, determined on a consolidated
basis in accordance with GAAP plus (ii) to the extent included in such consolidated
interest expense for such period, non-cash amounts attributable to amortization of financing costs
paid in a previous period plus (iii) to the extent included in such consolidated interest
expense for such period, non-cash amounts attributable to amortization of debt discounts for such
period.

     “Consolidated Net Income” means, for any period, the net income or loss of the
Borrower and its Subsidiaries for such period determined on a consolidated basis in accordance with
GAAP; provided that there shall be excluded from such net income or loss (a) the income of
any Person (other than the Borrower) in which any other Person (other than the Borrower or any
Subsidiary or any director holding qualifying shares in compliance with applicable law) owns an
Equity Interest, except to the extent of the amount of dividends or other distributions actually
paid to the Borrower or any of its Subsidiaries during such period, and (b) the income or loss of
any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with
the Borrower or any Subsidiary or the date that such Person’s assets are acquired by the Borrower
or any Subsidiary.

     “Consolidated Scheduled Principal Payments” means, for any period, for the Borrower
and its Subsidiaries on a consolidated basis, all scheduled payments of principal of the Borrower
and its Subsidiaries in connection with Indebtedness for money borrowed or in connection with the
deferred purchase price of assets which payments are scheduled to be made during such period, in
each case to the extent treated as principal in accordance with GAAP.

     “Consolidated Working Capital” means, as of any date on which the amount thereof is to
be determined, the excess of Consolidated Current Assets over Consolidated Current Liabilities on
such date.

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

     “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

     “Disclosed Matters” means the actions, suits and proceedings and the environmental
matters disclosed in Schedule 3.06.

9

 

     “Disqualified Equity Interest” means, with respect to any Person, any Equity Interest
that by its terms or otherwise (a) matures or is subject to mandatory redemption or repurchase
pursuant to a sinking fund obligation or otherwise; or (b) is convertible into or exchangeable or
exercisable for Indebtedness or any Disqualified Equity Interest at the option of the holder
thereof; or (c) may be required to be redeemed or repurchased at the option of the holder thereof,
in whole or in part, in each case on or prior to the date that is 180 days after the Term Loan
Maturity Date.

     “dollars” or “$” refers to lawful money of the United States of America.

     “Effective Date” means the date on which the conditions specified in Section
4.01 are satisfied (or waived in accordance with Section 9.02).

     “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Sections 9.04(b) (subject to such consents, if any, as may be required under
Section 9.04(b).

     “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

     “Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interests.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

     “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated

10

 

funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether
or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of
an application for a waiver of the minimum funding standard with respect to any Plan; (d) the
incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA
with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan
or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any
of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from
any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any
notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any
notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer
Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of
ERISA.

     “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

     “Event of Default” has the meaning assigned to such term in Article VII.

     “Excess Cash Flow” means, with respect to the Borrower and its Subsidiaries on a
consolidated basis for any fiscal year, the difference of (i) Consolidated EBITDA for such period
(including therein any net cash gain or loss, as applicable, of an extraordinary nature otherwise
excluded from the calculation thereof in the definition of “Consolidated Net Income”, but excluding
any tax refunds received by the Borrower or its Subsidiaries), minus (ii) the sum of (without
duplication) (A) the change in Consolidated Working Capital as at the end of such fiscal year,
plus (B) Capital Expenditures paid in cash by the Borrower and its Subsidiaries during such
period not prohibited hereunder, plus (C) Consolidated Interest Expenses for such period,
plus (D) taxes paid in cash during such period, plus (E) the aggregate amount of
any prepayments of the Term Loans made by the Borrower pursuant to Section 2.10(a) during
such period, the aggregate amount of prepayments made during such period in connection with
optional reductions of the Revolving Commitments during such period, the aggregate amount of
required repayments of principal of the Term Loans during such period, and the aggregate amount of
scheduled payments made during such period in respect of Indebtedness of the Borrower and the
Subsidiary Loan Parties described in Section 6.01(a)(ii), (v), (vi),
(vii) and (viii).

     “Excess Cash Flow Prepayment Percentage” means, as of any date on which mandatory
prepayments arising from Excess Cash Flow are required to be made pursuant to Section
2.10(d), if the Total Leverage Ratio of the Borrower and its Subsidiaries as of the last day of
the fiscal year of the Borrower for which Excess Cash Flow is being measured is (a) greater than or
equal to 6.50 to 1.00, an amount equal to 50%, (b) greater than or equal to 5.00 to 1.00 but less
than 6.50 to 1.00, an amount equal to 25%, and (c) less than 5.00 to 1.00, an amount equal to 0%.

     “Excluded Borrower Stock” means any shares of common stock of the Borrower that (a)
constitute “margin stock” within the meaning of Regulation U of the Board and (b) are purchased or
redeemed by the Borrower with the proceeds of any Loans and remain as treasury stock instead of
being cancelled.

11

 

     “Excluded Subsidiary” means, subject to Section 6.17, Foreign Subsidiaries,
Broadcast Software International Inc. and their respective Subsidiaries.

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of
the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by
the United States of America, or by the jurisdiction under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any Lender, in which its
applicable lending office is located, (b) any branch profits taxes imposed by the United States of
America or any similar tax imposed by any other jurisdiction described in clause (a) above and (c)
in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under
Section 2.18(b)), any withholding tax that (i) is in effect and would apply to amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office), except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending office (or assignment),
to receive additional amounts from the Borrower with respect to any withholding tax pursuant to
Section 2.16(a), or (ii) is attributable to such Foreign Lender’s failure to comply with
Section 2.16(e).

     “Existing Credit Agreement” means the Credit Agreement, dated as of July 14, 2005,
among the Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative
Agent.

     “FCC” means the United States Federal Communications Commission or any successor
agency thereof.

     “FCC License” means any license granted by the FCC to the Borrower or any Subsidiary
or that is used by the Borrower or any Subsidiary in the conduct of its business.

     “Federal Funds Effective Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve
Bank of New York on the Business Day next succeeding such day; provided that (a) if such
day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal
Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a
whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as
determined by the Administrative Agent.

     “Final Order” means, with respect to the assignment or transfer of any FCC License, an
order of the FCC approving such assignment or transfer that is final (i.e., no longer subject to
further judicial or administrative review), as to which no requests for judicial or administrative
review are pending and that has not been reversed, stayed, enjoined, set aside, annulled or
suspended.

12

 

     “Financial Officer” means the chief financial officer, vice president of finance,
principal accounting officer, treasurer or controller of the Borrower.

     “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is located. For purposes of this definition, the United
States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

     “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a
jurisdiction other than the United States of America or any State thereof or the District of
Columbia.

     “GAAP” means generally accepted accounting principles in the United States of America.

     “Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

     “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation;
provided that the term “Guarantee” shall not include endorsements for collection or deposit
in the ordinary course of business.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Hedging Agreement” means any interest rate protection agreement, foreign currency
exchange agreement, commodity price protection agreement or other interest or currency exchange
rate or commodity price hedging arrangement.

     “Incremental Facilities” has the meaning assigned to such term in Section
2.19.

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     “Incremental Facility Amendment” has the meaning assigned to such term in Section
2.19.

     “Incremental Revolving Commitment” means, with respect to each Lender, the commitment,
if any, of such Lender to make Incremental Revolving Loans pursuant to the terms of an Incremental
Facility Amendment.

     “Incremental Revolving Exposure” means, with respect to any Incremental Revolving
Lender at any time, the aggregate principal amount of such Incremental Revolving Lender’s
Incremental Revolving Loans at such time.

     “Incremental Revolving Facility” has the meaning assigned to such term in Section
2.19.

     “Incremental Revolving Lender” means a Lender with an Incremental Revolving Commitment
or, if the Incremental Revolving Commitments have terminated or expired, a Lender with Incremental
Revolving Exposure.

     “Incremental Revolving Loan” means a Loan made pursuant to an Incremental Revolving
Facility.

     “Incremental Term Commitment” means, with respect to each Lender, the commitment, if
any, of such Lender to make an Incremental Term Loan pursuant to the terms of an Incremental
Facility Amendment.

     “Incremental Term Facility” has the meaning assigned to such term in Section
2.19.

     “Incremental Term Lender” means a Lender with an Incremental Term Commitment or an
outstanding Incremental Term Loan.

     “Incremental Term Loan” means a Loan made pursuant to an Incremental Term Facility.

     “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such Person under conditional sale or other title retention agreements relating to property
acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase
price of property or services (excluding current accounts payable incurred in the ordinary course
of business), (e) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property
owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed,
(f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of
such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in
respect of letters of credit and letters of guaranty and (i) all obligations, contingent or
otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a
general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of
such Indebtedness provide that such Person is not liable therefor.

14

 

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Information Memorandum” means the Confidential Offering Memorandum dated May, 2006
relating to the Borrower and the Transactions.

     “Interest Election Request” means a request by the Borrower to convert or continue a
Borrowing in accordance with Section 2.06.

     “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each
March, June, September and December and (b) with respect to any Eurodollar Loan, the last day of
the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a
Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to
the last day of such Interest Period that occurs at intervals of three months’ duration after the
first day of such Interest Period.

     “Interest Period” means, with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three or six months thereafter, as the Borrower may elect;
provided, that (a) if any Interest Period would end on a day other than a Business Day,
such Interest Period shall be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day, (b) any Interest Period that commences on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day
in the last calendar month of such Interest Period) shall end on the last Business Day of the last
calendar month of such Interest Period and (c) no Interest Period shall extend beyond (i) in the
case of a Revolving Loan, the Revolving Maturity Date and (ii) in the case of a Term Loan, the Term
Loan Maturity Date. For purposes hereof, the date of a Borrowing initially shall be the date on
which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

     “Issuing Bank” means Bank of America, N.A., in its capacity as the issuer of Letters
of Credit hereunder, and its successors in such capacity as provided in Section 2.04(i).
The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by
Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such
Affiliate with respect to Letters of Credit issued by such Affiliate.

     “Joint Lead Arrangers” means BAS and WCM, in their capacity as joint lead arrangers
and joint book managers.

     “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of
Credit.

     “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC
Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The
LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time.

15

 

     “Lenders” means the Persons listed on Schedule 2.01 and any other Person that
shall have become a party hereto pursuant to an Assignment and Assumption or an Incremental
Facility Amendment, other than any such Person that ceases to be a party hereto pursuant to an
Assignment and Assumption.

     “Letter of Credit” means any letter of credit issued pursuant to this Agreement.

     “LIBO Rate” means, for any Interest Period with respect to a Eurodollar Borrowing, the
rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or other commercially available source providing quotations of BBA LIBOR as
designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period, for dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.
If such rate is not available at such time for any reason, then the “LIBO Rate” for such Interest
Period shall be the rate per annum determined by the Administrative Agent to be the rate at which
deposits in dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Eurodollar Loan being made, continued or converted by Bank of America and
with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch
to major banks in the London interbank eurodollar market at their request at approximately 11:00
a.m. (London time) two Business Days prior to the commencement of such Interest Period.

     “License Subsidiary” has the meaning assigned to such term in Section 6.11.

     “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

     “Loan Documents” means this Agreement, each promissory note executed in connection
herewith, the Collateral Agreement and the other Security Documents.

     “Loan Parties” means the Borrower and the Subsidiary Loan Parties.

     “Loans” means the loans made by the Lenders to the Borrower pursuant to this
Agreement.

     “LOC Required Expiration Date” has the meaning assigned to such term in Section
2.04(c).

     “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations or condition, financial or otherwise, of the Borrower and the Subsidiary Loan Parties
taken as a whole, (b) the ability of the Borrower to perform any of its obligations under any Loan
Document, (c) the ability of the Loan Parties (taken as a whole) to perform their obligations under
any Loan Document or (d) the rights of or benefits available to the Lenders under any Loan
Document.

16

 

     “Material Indebtedness” means Indebtedness (other than the Loans and Letters of
Credit), or obligations in respect of one or more Hedging Agreements, of any one or more of the
Borrower and the Subsidiary Loan Parties in an aggregate principal amount exceeding $10,000,000.
For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the
Borrower or any Subsidiary Loan Party in respect of any Hedging Agreement at any time shall be the
maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such
Subsidiary Loan Party would be required to pay if such Hedging Agreement were terminated at such
time.

     “Maximum Permitted Time” means (a) with respect to Section 5.01(a), the latest
date for the delivery of annual financial statements on Form 10-K (or other applicable form)
pursuant to the rules of the SEC in effect at such time, including any applicable grace period for
which no special application to the SEC is required, and (b) with respect to Section
5.01(b), the latest date for the delivery of quarterly financial statements on Form 10-Q (or
other applicable form) pursuant to the rules of the SEC in effect at such time, including any
applicable grace period for which no special application to the SEC is required.

     “Maximum Rate” has the meaning assigned to such term in Section 9.13.

     “Maximum Restricted Payment/Investment Amount” means the sum of (a) $200,000,000
plus (b) the aggregate amount of cash received by the Borrower after the Amendment No. 1
Closing Date as an unrestricted equity investment (whether made in connection with an issuance of
Equity Interests, an additional paid in capital contribution, or otherwise), but excluding any
preferred stock or other equity investment that includes any mandatory repayment, prepayment,
redemption or return provisions.

     “Moody’s” means Moody’s Investors Service, Inc.

     “Mortgage” means a mortgage, deed of trust, assignment of leases and rents, leasehold
mortgage or other security document granting a Lien on any Mortgaged Property to secure the
Obligations. Each Mortgage shall be satisfactory in form and substance to the Administrative
Agent.

     “Mortgaged Property” means each parcel of real property and the improvements thereto
with respect to which a Mortgage is granted pursuant to Section 5.12, 5.13 or
5.15.

     “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

     “Net Proceeds” means, with respect to any event, (a) the cash proceeds received in
respect of such event including (i) any cash received in respect of any non-cash proceeds, but only
as and when received, (ii) in the case of a casualty, insurance proceeds (excluding proceeds of
business interruption insurance), and (iii) in the case of a condemnation or similar event,
condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and
out-of-pocket expenses paid by the Borrower and the Subsidiary Loan Parties to third parties (other
than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other
disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a
condemnation or similar proceeding), the amount of all payments required to be made by the

17

 

Borrower and the Subsidiary Loan Parties as a result of such event to repay Indebtedness
(other than Loans) secured by such asset and (iii) the amount of all taxes paid (or reasonably
estimated to be payable) by the Borrower or any of the Subsidiary Loan Parties, and the amount of
any reserves established by the Borrower and the Subsidiary Loan Parties to fund contingent
liabilities reasonably estimated to be payable, in each case during the year that such event
occurred or the next succeeding year and that are directly attributable to such event (as
determined reasonably and in good faith by the chief financial officer of the Borrower).

     “Non-Extension Notice Date” has the meaning set forth in Section 2.04(b)(ii).

     “Non-Recourse Debt” means Indebtedness (a) as to which neither the Borrower nor any
Subsidiary Loan Party (i) provides any Guarantee or credit support of any kind (including any
undertaking, guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or
(ii) is directly or indirectly liable for (as a guarantor or otherwise), in each case, except to
the extent permitted by Section 6.04, (b) no default with respect to which would permit any
holder of any Indebtedness (other than the Loans) of the Borrower or any Subsidiary Loan Party to
declare a default on such other Indebtedness or cause the payment thereof to be accelerated or
payable prior to its stated maturity and (c) the explicit terms of which provide that there is no
recourse against the Equity Interests in or any assets of the Borrower or any Subsidiary Loan
Party.

     “Obligations” has the meaning assigned to such term in the Collateral Agreement.

     “Other Taxes” means any and all present or future recording, stamp, documentary,
excise, transfer, sales, property or similar taxes, charges or levies arising from any payment made
under any Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, any Loan Document.

     “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

     “PCAOB” means the Public Company Accounting Oversight Board.

     “Perfection Certificate” means a certificate in the form of Exhibit II to the
Collateral Agreement or any other form approved by the Administrative Agent.

     “Permitted Acquisition” means any Asset Swap Transaction or any other acquisition of
all or substantially all the assets of, or Equity Interests in, a Person or division or line of
business of a Person that is engaged in a line or lines of business reasonably related (ancillary
or complementary) to the line of business or lines of business of the Borrower or any Subsidiary
Loan Party if, immediately after giving effect thereto, (a) no Default has occurred and is
continuing or would result therefrom, (b) all transactions related thereto are consummated in
accordance with applicable laws, (c) in the case of an acquisition of Equity Interests in a Person,
100% of the Equity Interests in such Person, and any other Subsidiary resulting from such
acquisition, shall be owned directly or indirectly by the Borrower or a Subsidiary Loan Party and
all actions required to be taken, if any, with respect to each Subsidiary resulting from such
acquisition under Sections 5.12 and 5.13 have been taken, (d) the Borrower and the
Subsidiary Loan Parties are in compliance, on a pro forma basis after giving effect to such
acquisition, with the covenants contained in Sections 6.13, 6.14 and 6.16
recomputed as of the last day of the most

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recently ended fiscal quarter of the Borrower for which financial statements are available as
if such acquisition had occurred on the first day of each relevant period for testing such
compliance (using Adjusted EBITDA in lieu of Consolidated EBITDA for the relevant period), (e) if
either the Total Leverage Ratio, measured prior to giving effect to such acquisition (or series or
group of related acquisitions), or the Pro Forma Total Leverage Ratio, measured after giving effect
to such acquisition (or series or group of related acquisitions), is greater than or equal to 6.50
to 1.00, then (i) the aggregate fair market value of all consideration paid for such acquisition
(or series or group of related acquisitions) together with all previous acquisitions permitted
hereunder and consummated after the Effective Date, excluding consideration in the form of Equity
Interests of the Borrower, shall not exceed $50,000,000 and (ii) the Person, division or line of
business acquired shall have Consolidated EBITDA (measured for such Person, division or line of
business in substantially the same manner as calculated herein for the Borrower and its
Subsidiaries) for the four-quarter period most recently ended greater than $0, and (f) in the case
of any such acquisition (or series or group of related acquisitions) in which the aggregate fair
market value of the assets acquired exceeds $7,500,000, the Borrower has delivered to the
Administrative Agent an officers’ certificate to the effect set forth in clauses (a), (b) and (d)
above, together with all relevant financial information for the business or entity being acquired.
Notwithstanding clause (c) above, in the case of an acquisition of 100% of the Equity Interests in
a Person that satisfies the other conditions applicable to a Permitted Acquisition, such
acquisition shall not fail to qualify as a Permitted Acquisition solely by reason of such Person
having subsidiaries that are not wholly owned by such Person immediately prior to such acquisition,
provided that, at the time of such acquisition, the Adjusted EBITDA attributable to all
such non-wholly owned subsidiaries for the period of four consecutive fiscal quarters most recently
ended prior to the date of such acquisition for which financial information is available does not
exceed 10% of Adjusted EBITDA of such acquired Person for the same period.

     “Permitted Encumbrances” means:

     (a) Liens imposed by law for taxes that are not yet due or are being contested in
compliance with Section 5.05;

     (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations
that are not overdue by more than 30 days or are being contested in compliance with
Section 5.05;

     (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

     (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business;

     (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (k) of Article VII; and

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     (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of business that do not secure any
monetary obligations and do not materially detract from the value of the affected property
or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;
provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

     “Permitted Investments” means:

     (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the
extent such obligations are backed by the full faith and credit of the United States of
America), in each case maturing within one year from the date of acquisition thereof;

     (b) investments in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating
obtainable from S&P or from Moody’s;

     (c) investments in certificates of deposit, banker’s acceptances and time deposits
maturing within 180 days from the date of acquisition thereof issued or guaranteed by or
placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State
thereof which has a combined capital and surplus and undivided profits of not less than
$500,000,000;

     (d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution
satisfying the criteria described in clause (c) above; and

     (e) to the extent not covered by clauses (a) through (d) above, (i) any
letter-of-credit-backed seven-day put bonds, (ii) 7-, 28- and 35-day auction rate or
re-marked taxable or tax-free paper, (iii) 49-day money market preferred stock and (iv) any
Dutch auction municipal preferred stock, in each case having, at the date of acquisition
thereof, a credit rating of (A) A or better from S&P and (B) A3 or better from Moody’s.

     “Permitted Owner” means (a) the Principal, (b) with respect to the Principal, (i) any
spouse or immediate family member of the Principal or (ii) any trust, corporation, partnership or
other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially holding an
80% or more controlling interest of which consist of the Principal and/or such other Persons
referred to in the immediately preceding clause (b)(i), or (c) any Person Controlled by the
Principal.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of

20

 

ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section
3(5) of ERISA.

     “Prepayment Event” means:

     (a) any sale, transfer or other disposition (including pursuant to a sale and leaseback
transaction) of any property or asset of the Borrower or any Subsidiary Loan Party
(including any sale or issuance of Equity Interests of any Subsidiary Loan Party other than
to the Borrower or another Subsidiary Loan Party, but excluding any sale or issuance of
Equity Interests of the Borrower), other than (i) dispositions described in clauses (a), (b)
and (d) of Section 6.05 and (ii) other dispositions resulting in aggregate Net
Proceeds not exceeding $250,000 during any fiscal year of the Borrower; or

     (b) any casualty or other insured damage to, or any taking under power of eminent
domain or by condemnation or similar proceeding of, any property or asset of the Borrower or
any Subsidiary Loan Party, but only to the extent that (i) the Net Proceeds therefrom have
not been applied or committed by contract to be applied to repair, restore or replace such
property or asset within 180 days after such event or (ii) in the case of any such Net
Proceeds committed to be so applied (but not yet applied) as of the date that is 180 days
after such event, such Net Proceeds have not been so applied within 360 days after such
event; or

     (c) the incurrence by the Borrower or any Subsidiary Loan Party of any Indebtedness,
but excluding any Indebtedness permitted by Section 6.01.

     “Principal” means Lewis W. Dickey, Jr.

     “Private Repurchase” means the purchase of up to 5,000,000 shares of the Borrower’s
Class B Common Stock from Banc of America Capital Investors SBIC, L.P. and B.A. Capital, L.P., or
one of their Affiliates pursuant to that certain Stock Purchase Agreement dated as of May 9, 2006
by and among the Borrower, Banc of America Capital Investors SBIC, L.P., and BA Capital Company,
L.P.

     “Pro Forma Total Leverage Ratio” means, with respect to any particular usage thereof,
the Total Leverage Ratio of the Borrower and its Subsidiaries measured as of the last day of the
period of four consecutive fiscal quarters most recently ended prior to the date of measurement
thereof, and calculated pro forma for the occurrence of the particular matter to which such term
relates.

     “Public Tender Offer” means the tender offer for up to 11,500,000 shares of the
Borrower’s Class A Common Stock as described in the Offer to Purchase dated May 17, 2006.

     “Register” has the meaning assigned to such term in Section 9.04.

     “Registered Public Accounting Firm” has the meaning specified in the Securities Laws
and shall be independent of the Borrower as prescribed in the Securities Laws.

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     “Reinvestment Amount” has the meaning assigned to such term in Section
2.10(c).

     “Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents, trustees and advisors of such
Person and such Person’s Affiliates.

     “Required Lenders” means, at any time, Lenders having Revolving Exposures, Incremental
Revolving Exposures, Term Loans, Incremental Term Loans and unused Commitments representing more
than 50% of the sum of the total Revolving Exposures, Incremental Revolving Exposures, outstanding
Term Loans, outstanding Incremental Term Loans and unused Commitments at such time.

     “Required Revolving Lenders” means, at any time, Lenders having Revolving Exposures,
Incremental Revolving Exposures, and unused Revolving Commitments representing more than 50% of the
sum of the total Revolving Exposures, Incremental Revolving Exposures and unused Revolving
Commitments at such time.

     “Required Term Loan Lenders” means, at any time, Lenders having Term Loans,
Incremental Term Loans and unused Term Loan Commitments representing more than 50% of the sum of
the total outstanding Term Loans and outstanding Incremental Term Loans at such time.

     “Restricted Payment” means (a) any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Borrower or any
Subsidiary, or (b) any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of (i) any such Equity Interests in the Borrower or any Subsidiary or
(ii) any option, warrant or other right to acquire any such Equity Interests in the Borrower or any
Subsidiary.

     “Revolving Availability Period” means the period from and including the Effective Date
to but excluding the earlier of the Revolving Maturity Date and the date of termination of the
Revolving Commitments.

     “Revolving Commitment” means, with respect to each Revolving Lender, the commitment,
if any, of such Lender to make Revolving Loans and to acquire participations in Letters of Credit
hereunder, expressed as an amount representing the maximum aggregate amount of such Revolving
Lender’s Revolving Exposure hereunder, as such commitment may be (a) reduced from time to time
pursuant to Section 2.07, and (c) reduced or increased from time to time pursuant to
assignments by or to such Revolving Lender pursuant to Section 9.04. The amount of each
Revolving Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment
and Assumption pursuant to which such Revolving Lender shall have assumed its Revolving Commitment,
as applicable. The initial aggregate amount of the Revolving Commitments is $100,000,000.

     “Revolving Exposure” means, with respect to any Revolving Lender at any time, the sum
of the outstanding principal amount of such Revolving Lender’s Revolving Loans and its LC Exposure
at such time.

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     “Revolving Lender” means a Lender with a Revolving Commitment or, if the Revolving
Commitments have terminated or expired, a Lender with Revolving Exposure.

     “Revolving Loan” means a Loan made pursuant to clause (b) of Section 2.01.

     “Revolving Maturity Date” means June 7, 2012.

     “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices promulgated, approved or incorporated by the SEC or the PCAOB.

     “Security Documents” means the Collateral Agreement, the Mortgages and each other
security agreement or other instrument or document executed and delivered pursuant to Section
4.01, 5.12, 5.13 or 5.15 to secure any of the Obligations.

     “Sold Business” means any Person, property, business or asset sold, transferred or
otherwise disposed of by the Borrower or any Subsidiary Loan Party, other than in the ordinary
course of business.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc, and any successor thereto.

     “Statutory Reserve Rate” means, for any day during an Interest Period, a fraction
(expressed as a decimal), the numerator of which is the number one and the denominator of which is
the number one minus the reserve percentage (expressed as a decimal, carried out to five
decimal places) in effect on such day, whether or not applicable to any Lender, under regulations
issued from time to time by the Board for determining the maximum reserve requirement (including
any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency
funding (currently referred to as “Eurocurrency liabilities”). The Adjusted LIBO Rate for
each outstanding Eurodollar Loans shall be adjusted automatically as of the effective date of any
change in the Statutory Reserve Rate.

     “subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by
the parent and one or more subsidiaries of the parent.

23

 

     “Subsidiary” means any subsidiary of the Borrower; provided that, so long as
the Borrower owns no more than 50% of the equity interest in and has no more than 50% of the
ordinary voting power of Cumulus Media Partners, LLC, Cumulus Media Partners, LLC shall not be
considered a Subsidiary of the Borrower.

     “Subsidiary Loan Party” means any Subsidiary that is not an Excluded Subsidiary.

     “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

     “Term Loan Commitment” means, with respect to each Term Loan Lender, the commitment,
if any, of such Term Loan Lender to make a Term Loan pursuant to clause (a) of Section
2.01. The amount of each Term Loan Lender’s Term Loan Commitment is set forth on Schedule
2.01, or in the Assignment and Assumption pursuant to which such Term Loan Lender shall have
assumed its Term Loan Commitment, as applicable. The initial aggregate amount of the Term Loan
Lenders’ Term Loan Commitments is $750,000,000.

     “Term Loan Lender” means a Lender with a Term Loan Commitment or an outstanding Term
Loan.

     “Term Loan Maturity Date” means June 11, 2014.

     “Term Loan” means a Loan made pursuant to clause (a) of Section 2.01.

     “Total Indebtedness” means, as of any date, the sum of (a) the aggregate principal
amount of Indebtedness of the Borrower and its Subsidiaries outstanding as of such date, in the
amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis
in accordance with GAAP, plus (b) the aggregate principal amount of Indebtedness of the Borrower
and its Subsidiaries outstanding as of such date that is not required to be reflected on a balance
sheet in accordance with GAAP, determined on a consolidated basis; provided that, for
purposes of clause (b) above, the term “Indebtedness” shall not include contingent obligations of
the Borrower or any Subsidiary as an account party in respect of any letter of credit or letter of
guaranty unless such letter of credit or letter of guaranty supports an obligation that constitutes
Indebtedness.

     “Total Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness as of
such date to (b) Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower
ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day
of the fiscal quarter of the Borrower most recently ended prior to such date).

     “Total Leverage Trigger Date” means the first date occurring after the Amendment No. 1
Closing Date on which the Borrower has both, which such events need not occur simultaneously, (a)
incurred Indebtedness under this Agreement after the Amendment No. 1 Closing Date (including
Revolving Loans, Incremental Facilities, or both, but excluding any increase in the Term Loans
occurring on the Amendment No. 1 Closing Date) in an aggregate amount outstanding at any one time
of $75,000,000 or more, and (b) either, in an aggregate amount of $75,000,000 or more between
the following, (i) consummated Restricted Payments in the form of repurchases or redemptions of
shares of the Borrower’s common stock permitted by Section 

24

 

6.08 or (ii) made investments after the Amendment No. 1 Closing Date permitted
by Section 6.04. Once the Total Leverage Trigger Date has occurred, it shall continue to
be in force thereafter until the termination of this Agreement.

     “Transactions” means the execution, delivery and performance by each Loan Party of
each Loan Document to which it is a party, the borrowing of Loans hereunder, the use of the
proceeds thereof, the Private Repurchase, the Public Tender Offer and the issuance of Letters of
Credit.

     “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate or the Alternate Base Rate.

     “WCM” means Wachovia Capital Markets, LLC and its successors.

     “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

     SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type
(e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving
Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g.,
a “Eurodollar Revolving Borrowing”).

     SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

     SECTION 1.04. Accounting Terms; GAAP. (a) Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP,
as in effect from time to time; provided that, if the Borrower notifies the

25

 

Administrative Agent that the Borrower requests an amendment to any provision hereof to
eliminate the effect of any change occurring after the Effective Date in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower
that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith.

     (b) Any accounting or financial determination to be made in respect of the Borrower and the
Subsidiary Loan Parties on a consolidated basis shall be made excluding the accounts of the
Excluded Subsidiaries that would otherwise be consolidated therewith in accordance with GAAP.

ARTICLE II

THE CREDITS

     SECTION 2.01. Commitments; Term Loans. Subject to the terms and conditions set forth
herein, (a) each Term Loan Lender agrees to make Term Loans to the Borrower up to three times from
and including the Effective Date to and including July 10, 2006, in an aggregate principal amount
not exceeding its Term Loan Commitment, and (b) each Revolving Lender agrees to make Revolving
Loans to the Borrower from time to time during the Revolving Availability Period in an aggregate
principal amount that will not result in such Lender’s Revolving Exposure exceeding such Lender’s
Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or
prepaid in respect of Term Loans may not be reborrowed. Any portion of the Term Loan Commitment of
any Term Loan Lender that has not been drawn as a Term Loan by 5:00 p.m., New York City time, on
July 10, 2006 shall be terminated and shall no longer be available as a Borrowing hereunder.

     SECTION 2.02. Loans and Borrowings. (a) Each Loan shall be made as part of a
Borrowing consisting of Loans of the same Class and Type made by the applicable Lenders ratably in
accordance with their respective Commitments of the applicable Class. The failure of any Lender to
make any Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lender’s failure to make Loans as required.

     (b) Subject to Section 2.13, each Revolving Borrowing and Term Borrowing shall be
comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance
herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of
such option shall not affect the obligation of the Borrower to repay such Loan in accordance with
the terms of this Agreement.

     (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing
shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less

26

 

than $5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall
be in an aggregate amount that is an integral multiple of $250,000 and not less than $500,000;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the
entire unused balance of the total Revolving Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.04(e). Borrowings of more
than one Type and Class may be outstanding at the same time; provided that there shall not
at any time be more than a total of fifteen Eurodollar Borrowings outstanding.

     (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end (i) in the case of any Revolving Borrowing, after the Revolving Maturity
Date and (ii) in the case of any Term Borrowing, after the Term Loan Maturity Date.

     SECTION 2.03. Requests for Borrowings. To request a Revolving Borrowing or a Term
Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in
the case of a Eurodollar Borrowing, not later than 12:00 a.m., New York City time, three Business
Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later
than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy
to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify
the following information in compliance with Section 2.02:

     (i) the Class and aggregate amount of such Borrowing;

     (ii) the date of such Borrowing, which shall be a Business Day;

     (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

     (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term
“Interest Period”; and

     (v) the location and number of the Borrower’s account (or in the case of a Term
Borrowing on the Effective Date to pay off and terminate the Existing Credit Agreement, the
account of the administrative agent of the Existing Credit Agreement) to which funds are to
be disbursed, which shall comply with the requirements of Section 2.05.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an
ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar
Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Revolving Lender of the details thereof and

27

 

of the amount of such Revolving Lender’s Revolving Loan to be made as part of the requested
Borrowing.

     SECTION 2.04. Letters of Credit. (a) General. Subject to the terms and
conditions set forth herein, the Borrower may request the issuance of Letters of Credit for its own
account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any
time and from time to time during the Revolving Availability Period. In the event of any
inconsistency between the terms and conditions of this Agreement and the terms and conditions of
any form of letter of credit application or other agreement submitted by the Borrower to, or
entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and
conditions of this Agreement shall control.

     (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.

     (i) To request the issuance of a Letter of Credit (or the amendment, renewal or
extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy
(or transmit by electronic communication, if arrangements for doing so have been approved by
the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of
the requested date of issuance, amendment, renewal or extension) a notice requesting the
issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed
or extended, and specifying the date of issuance, amendment, renewal or extension (which
shall be a Business Day), the date on which such Letter of Credit is to expire (which shall
comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name
and address of the beneficiary thereof and such other information as shall be necessary to
prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank,
the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard
form in connection with any request for a Letter of Credit. A Letter of Credit shall be
issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or
extension of each Letter of Credit the Borrower shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension, (x) the LC
Exposure shall not exceed $10,000,000 and (y) the total Revolving Exposures shall not exceed
the total Revolving Commitments.

     (ii) If the Borrower so requests in any applicable letter of credit application, the
Issuing Bank may, in its sole and absolute discretion, agree to issue a Letter of Credit
that has automatic extension provisions (each, an “Auto-Extension Letter of
Credit”); provided that any such Auto-Extension Letter of Credit must permit the Issuing
Bank to prevent any such extension at least once in each twelve-month period (commencing
with the date of issuance of such Letter of Credit) by giving prior notice to the
beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such twelve-month period to be agreed upon at the time such Letter of Credit is issued.
Unless otherwise directed by the Issuing Bank, the Borrower shall not be required to make a
specific request to the Issuing Bank for any such extension. Once an Auto-Extension Letter
of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may
not require) the Issuing Bank to permit the extension of such Letter of Credit at any time
to an expiry date not later than the LOC Required Expiration Date;

28

 

provided, however, that the Issuing Bank shall not permit any such extension if
(A) the Issuing Bank has determined that it would not be permitted, or would have no
obligation, at such time to issue such Letter of Credit in its revised form (as extended)
under the terms hereof, or (B) it has received notice (which may be by telephone or in
writing) on or before the day that is five Business Days before the Non-Extension Notice
Date (1) from the Administrative Agent that the Required Revolving Lenders have elected not
to permit such extension or (2) from the Administrative Agent, any Revolving Lender or the
Borrower that one or more of the applicable conditions specified in Section 4.02 is
not then satisfied, and in each such case directing the Issuing Bank not to permit such
extension.

     (iii) The Issuing Bank shall not be under any obligation to issue any Letter of Credit
if:

     (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such
Letter of Credit, or any law applicable to the Issuing Bank or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing
Bank refrain from, the issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon the Issuing Bank with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which the
Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective
Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense
which was not applicable on the Effective Date and which the Issuing Bank in good
faith deems material to it;

     (B) the issuance of such Letter of Credit would violate one or more policies of
the Issuing Bank applicable to letters of credit generally;

     (C) except as otherwise agreed by the Administrative Agent and the Issuing
Bank, such Letter of Credit is in an initial stated amount less than $250,000;

     (D) such Letter of Credit is to be denominated in a currency other than
dollars;

     (E) such Letter of Credit contains any provisions for automatic reinstatement
of the stated amount after any drawing thereunder; or

     (F) a default of any Revolving Lender’s obligations to fund under Section
2.04(d) exists or any Revolving Lender has defaulted in its obligation to fund
Loans hereunder, unless the Issuing Bank has entered into satisfactory arrangements
with the Borrower or such Lender to eliminate the Issuing Bank’s risk with respect
to such Lender.

     (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (i) the date one year after the date of the issuance of such Letter of

29

 

Credit (or, in the case of any renewal or extension thereof, one year after such renewal or
extension) and (ii) the date that is five Business Days prior to the Revolving Maturity Date (the
“LOC Required Expiration Date”).

     (d) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the
Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each
Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit
equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under
such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender
hereby absolutely, irrevocably and unconditionally agrees to pay to the Administrative Agent, for
the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made
by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e)
of this Section, or of any reimbursement payment required to be refunded to the Borrower for any
reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance whatsoever, including any amendment,
renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or
reduction or termination of the Commitments, and that each such payment shall be made without any
offset, abatement, withholding or reduction whatsoever.

     (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative
Agent an amount equal to such LC Disbursement not later than 11:00 a.m., New York City time, on the
date that such LC Disbursement is made, if the Borrower shall have received notice of such LC
Disbursement prior to 9:00 a.m., New York City time, on such date, or, if such notice has not been
received by the Borrower prior to such time on such date, then not later than 11:00 a.m., New York
City time, on the Business Day immediately following the day that the Borrower receives such
notice; provided that, if such LC Disbursement is not less than $500,000, the Borrower may,
subject to the conditions to borrowing set forth herein, request in accordance with Section
2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount and,
to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and
replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment when
due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement,
the payment then due from the Borrower in respect thereof and such Revolving Lender’s Applicable
Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to
the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in
the same manner as provided in Section 2.05 with respect to Loans made by such Revolving
Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment
obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the
Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt
by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that
Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then
to such Revolving Lenders and the Issuing Bank as their interests may appear. Any payment made by
a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement
(other than

30

 

the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and
shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

     (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other
document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the
Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
not comply with the terms of such Letter of Credit or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the
Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or
failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of the Issuing Bank;
provided that the foregoing shall not be construed to excuse the Issuing Bank from
liability to the Borrower to the extent of any direct damages (as opposed to consequential damages,
claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable
law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when
determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent
jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination.
In furtherance of the foregoing and without limiting the generality thereof, the parties agree
that, with respect to documents presented which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and
make payment upon such documents if such documents are not in strict compliance with the terms of
such Letter of Credit.

     (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of
Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made
or will make an LC Disbursement thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank
and the Revolving Lenders with respect to any such LC Disbursement.

31

 

     (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then,
unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement
is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that,
if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section, then Section 2.12(c) shall apply. Interest accrued pursuant to this paragraph shall be
for the account of the Issuing Bank, except that interest accrued on and after the date of payment
by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank
shall be for the account of such Lender to the extent of such payment.

     (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by
written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the
successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such
replacement of the Issuing Bank. At the time any such replacement shall become effective, the
Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to
Section 2.11(b). From and after the effective date of any such replacement, (i) the
successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this
Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to
the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank,
or to such successor and all previous Issuing Banks, as the context shall require. After the
replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and
shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with
respect to Letters of Credit issued by it prior to such replacement, but shall not be required to
issue additional Letters of Credit.

     (j) Cash Collateralization. If any Event of Default shall occur and be continuing, on
the Business Day that the Borrower receives notice from the Administrative Agent or the Required
Revolving Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC
Exposure representing a majority of the total LC Exposure) demanding the deposit of cash collateral
pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent,
in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an amount in
cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon;
provided that the obligation to deposit such cash collateral shall become effective
immediately, and such deposit shall become immediately due and payable, without demand or other
notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower
described in clause (h) or (i) of Article VII. The Borrower also shall deposit cash collateral
pursuant to this paragraph as and to the extent required by Section 2.10(b). Each such
deposit shall be held by the Administrative Agent as collateral for the payment and performance of
the Obligations. The Administrative Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.
Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such
account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC
Disbursements for which it has not

32

 

been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of
the Loans has been accelerated (but subject to the consent of the Required Revolving Lenders), be
applied to satisfy other Obligations. If the Borrower is required to provide an amount of cash
collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the
extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after
all Events of Default have been cured or waived. If the Borrower is required to provide an amount
of cash collateral hereunder pursuant to Section 2.10(b), such amount (to the extent not
applied as aforesaid) shall be returned to the Borrower as and to the extent that, after giving
effect to such return, the Borrower would remain in compliance with Section 2.10(b) and no
Default shall have occurred and be continuing.

     SECTION 2.05. Funding of Borrowings. (a) Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately available funds by
12:00 noon, New York City time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received, in like funds, to an
account of the Borrower maintained with the Administrative Agent in New York City and designated by
the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to
finance the reimbursement of an LC Disbursement as provided in Section 2.04(e) shall be
remitted by the Administrative Agent to the Issuing Bank; and provided further that Term
Loans made to pay off and terminate the Existing Credit Agreement may be made, at the Borrower’s
direction, directly to an account of the administrative agent of the Existing Credit Agreement.

     (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with paragraph (a) of this Section and may, in
reliance upon such assumption, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the
date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the
Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest
rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then
such amount shall constitute such Lender’s Loan included in such Borrowing.

     SECTION 2.06. Interest Elections. (a) Each Revolving Borrowing and Term Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.
Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all
as provided in this Section. The Borrower may elect different

33

 

options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing,
and the Loans comprising each such portion shall be considered a separate Borrowing.

     (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under
Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting
from such election to be made on the effective date of such election. Each such telephonic
Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Interest Election Request in a form approved by
the Administrative Agent and signed by the Borrower.

     (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

     (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

     (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

     (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and

     (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an
Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration.

     (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting
Borrowing.

     (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be
continued as a Eurodollar Borrowing with an Interest Period of one month. Notwithstanding any
contrary provision hereof, if an Event of Default has occurred and is continuing and the
Administrative Agent, at the request of the Required Revolving Lenders (in the case of any
Revolving Borrowing) or at the request of the Required Term Loan Lenders (in the case of any Term
Borrowing), so notifies the Borrower, then, so long as an Event of Default is continuing (x)

34

 

no outstanding Revolving Borrowing or Term Borrowing, as applicable, may be converted to or
continued as a Eurodollar Borrowing and (y) unless repaid, each Revolving Eurodollar Borrowing or
Term Eurodollar Borrowing, as applicable, shall be converted to an ABR Borrowing at the end of the
Interest Period applicable thereto.

     SECTION 2.07. Termination and Reduction of Commitments. (a) Unless previously
terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., New York City time, on July
10, 2006 and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date.

     (b) The Borrower may at any time terminate, or from time to time reduce, the Revolving
Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an
amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the
Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any
concurrent prepayment of the Revolving Loans in accordance with Section 2. 10, the sum of
the Revolving Exposures would exceed the total Revolving Commitments.

     (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce
the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to
the effective date of such termination or reduction, specifying such election and the effective
date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this
Section shall be irrevocable; provided that a notice of termination of the Revolving
Commitments delivered by the Borrower may state that such notice is conditioned upon the
effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such
condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be
permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving
Lenders in accordance with their respective Revolving Commitments.

     SECTION 2.08. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving
Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Revolving
Maturity Date and (ii) to the Administrative Agent for the account of each Term Lender the then
unpaid principal amount of each Term Loan of such Lender as provided in Section 2.09.

     (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

     (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each
Lender’s share thereof.

35

 

     (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be, absent manifest error, prima facie evidence of the existence and
amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

     (e) Any Lender may request that Loans of any Class made by it be evidenced by a promissory
note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory
note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans
evidenced by such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 9.04) be represented by one or more promissory notes in such
form payable to the order of the payee named therein (or, if such promissory note is a registered
note, to such payee and its registered assigns).

     SECTION 2.09. Amortization of Term Loans. (a) Subject to adjustment pursuant to
paragraph (c) of this Section, the Borrower shall repay Term Borrowings on each date set forth
below in the aggregate principal amount equal to the product of (i) $750,000,000 multiplied
by (ii) the percentage set forth opposite such date:

	 	 	 	 	 
	 	 	Percentage
	Date	 	of original
	September 30, 2007 
	 	 	0.25	%
	December 31, 2007 
	 	 	0.25	%
	March 31, 2008 
	 	 	0.25	%
	June 30, 2008 
	 	 	0.25	%
	September 30, 2008 
	 	 	0.25	%
	December 31, 2008 
	 	 	0.25	%
	March 31, 2009 
	 	 	0.25	%
	June 30, 2009 
	 	 	0.25	%
	September 30, 2009 
	 	 	0.25	%
	December 31, 2009 
	 	 	0.25	%
	March 31, 2010 
	 	 	0.25	%
	June 30, 2010 
	 	 	0.25	%
	September 30, 2010 
	 	 	0.25	%
	December 31, 2010 
	 	 	0.25	%
	March 31, 2011 
	 	 	0.25	%
	June 30, 2011 
	 	 	0.25	%
	September 30, 2011 
	 	 	0.25	%
	December 31, 2011 
	 	 	0.25	%
	March 31, 2012 
	 	 	0.25	%
	June 30, 2012 
	 	 	0.25	%
	September 30, 2012 
	 	 	0.25	%

36

 

	 	 	 	 	 
	 	 	Percentage
	Date	 	of original
	December 31, 2012 
	 	 	0.25	%
	March 31, 2013 
	 	 	0.25	%
	June 30, 2013 
	 	 	0.25	%
	September 30, 2013 
	 	 	23.50	%
	December 31, 2013 
	 	 	23.50	%
	March 31, 2014 
	 	 	23.50	%
	Term Loan Maturity Date 
	 	 	23.50	%

     (b) To the extent not previously paid, all Term Loans shall be due and payable on the Term
Loan Maturity Date.

     (c) Any prepayment of a Term Borrowing shall be applied to reduce the subsequent scheduled
repayments of the Term Borrowings to be made pursuant to this Section ratably.

     (d) Prior to any repayment of any Term Borrowings hereunder, the Borrower shall select the
Borrowing or Borrowings to be repaid and shall notify the Administrative Agent by telephone
(confirmed by telecopy) of such selection not later than 12:00 a.m., New York City time, three
Business Days before the scheduled date of such repayment. Each repayment of a Borrowing shall be
applied ratably to the Loans included in the repaid Borrowing. Repayments of Term Borrowings shall
be accompanied by accrued interest on the amount repaid.

     SECTION 2.10. Prepayment of Loans. (a) The Borrower shall have the right at any time
and from time to time to prepay any Borrowing in whole or in part, subject to the requirements of
this Section.

     (b) In the event and on each occasion that the sum of the Revolving Exposures exceeds the
total Revolving Commitments, the Borrower shall prepay Revolving Borrowings (or, if no such
Borrowings are outstanding, deposit cash collateral in an account with the Administrative Agent
pursuant to Section 2.04(j)) in an aggregate amount equal to such excess.

     (c) In the event and on each occasion that any Net Proceeds are received by or on behalf of
the Borrower or any Subsidiary Loan Party in respect of any Prepayment Event, the Borrower shall,
immediately after such Net Proceeds are received, prepay Borrowings in accordance with paragraph
(f) below in an aggregate amount equal to such Net Proceeds; provided that, in the case of
any event described in clause (a) of the definition of the term Prepayment Event, if the Borrower
shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that
the Borrower and the Subsidiary Loan Parties intend to apply the Net Proceeds from such event (or a
portion thereof specified in such certificate) (such Net Proceeds or portion thereof, the
“Reinvestment Amount”), within 360 days after receipt of such Net Proceeds, to acquire real
property, equipment or other tangible assets to be used in the business of the Borrower and the
Subsidiary Loan Parties, and certifying that no Default has occurred and is continuing, then no
prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds in respect
of such event (or the portion of such Net Proceeds specified in such certificate, if applicable)
except to the extent of any such Net Proceeds therefrom that have not been so applied by the end of
such 360-day period, at which time a prepayment shall be required in an amount equal to such Net
Proceeds that have not been so applied.

37

 

     (d) In the event there exists any Excess Cash Flow at the end of any fiscal year of the
Borrower (with such prepayment for the fiscal year ending December 31, 2007 only including the pro
rated portion of Excess Cash Flow from the Amendment No. 1 Closing Date through the last day of
such fiscal year), the Borrower shall prepay Borrowings in accordance with paragraph (f) below in
an amount equal to the product of such Excess Cash Flow for such fiscal year multiplied by the
applicable Excess Cash Flow Prepayment Percentage, which amount shall be computed as of the end of
each such fiscal year of the Borrower and set forth in a certificate of Financial Officer delivered
on or prior to the date the audited financial statements are required to be delivered pursuant to
Section 5.01 (which date may be after the actual date of delivery of such audited financial
statements, if such audited financial statements are delivered prior to their required delivery
date), and paid not later than the date of the delivery of such certificate.

     (e) Prior to any optional prepayment of Borrowings under paragraph (a) above, the Borrower
shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the
notice of such prepayment pursuant to paragraph (f) of this Section.

     (f) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of
any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than
12:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the
case of prepayment of an ABR Borrowing, not later than 12:00 a.m., New York City time, one Business
Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in
the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such
prepayment; provided that, if a notice of optional prepayment is given in connection with a
conditional notice of termination of the Revolving Commitments as contemplated by Section
2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.07. Promptly following receipt of any such notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of
any Borrowing shall be in an amount that would be permitted in the case of an advance of a
Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully
the required amount of a mandatory prepayment. The amount of Net Proceeds or Excess Cash Flow
required to paid pursuant to Sections 2.10(c) and (d) shall be applied (i) first, to repay
Term Loans, until the outstanding principal amount of the Term Loans is $0, (ii) second, to
the repayment of the outstanding amount of Revolving Loans until such outstanding principal amount
is $0 (which repayments shall also constitute the permanent reduction in like amount of the
Revolving Commitments by such amount), (iii) third, to cash collateralize the outstanding
amount of Letters of Credit (which repayments shall also constitute the permanent reduction in like
amount of the Revolving Commitments by such amount), and (iv) fourth, to the extent any
amount of such Net Proceeds or Excess Cash Flow then remain after all Loans have been repaid and
all Letters of Credit so cash collateralized, the Revolving Commitments shall be permanently
reduced by such amount. Each prepayment of a Borrowing shall be applied ratably to the Loans
included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the
extent required by Section 2.12.

     SECTION 2.11. Fees. (a) The Borrower agrees to pay to the Administrative Agent for
the account of each Revolving Lender a commitment fee, which shall accrue at the Applicable Rate on
the average daily unused amount of each Revolving Commitment of such

38

 

Lender during the period from and including the Effective Date to but excluding the date on
which such Revolving Commitment terminates. Commitment fees accrued through and including the last
day of March, June, September and December of each year shall be payable on the third Business Day
following such last day, commencing on the third Business Day following June 30, 2006;
provided that all such fees shall be payable on the date on which the Revolving Commitments
terminate. All commitment fees shall be computed on the basis of a year of 360 days and shall be
payable for the actual number of days elapsed (including the first day but excluding the last day).
For purposes of computing commitment fees with respect to Revolving Commitments, a Revolving
Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving Loans
and LC Exposure of such Lender.

     (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each
Revolving Lender a participation fee with respect to its participations in Letters of Credit, which
shall accrue at the same Applicable Rate used to determine the interest rate applicable to
Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any
portion thereof attributable to unreimbursed LC Disbursements) during the period from and including
the Effective Date to but excluding the later of the date on which such Lender’s Revolving
Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure,
and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate set forth in the BOA
Fee Letter on the daily amount of the LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but
excluding the later of the date of termination of the Revolving Commitments and the date on which
there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the
issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the last day of
March, June, September and December of each year shall be payable on the third Business Day
following such last day, commencing on the third Business Day following June 30, 2006;
provided that all such fees shall be payable on the date on which the Revolving Commitments
terminate and any such fees accruing after the date on which the Revolving Commitments terminate
shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph
shall be payable within 10 days after demand. All participation fees and fronting fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day).

     (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon in writing between the Borrower and the
Administrative Agent.

     (d) The Borrower agrees to pay a fee to each Term Loan Lender equal to 1% of the outstanding
Term Loans made by such Term Loan Lender in the event that this Agreement is voluntarily amended to
reduce the Applicable Rate applicable to Term Loans prior to the first anniversary of the Agreement
Date, other than any such reduction occurring as a result of a refinancing of or increase in the
aggregate principal amount of the Term Loans.

     (e) All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to the Administrative Agent (or to the Issuing Bank, in the case of fees payable
to it) for distribution, in the case of commitment fees and participation fees, to the Lenders
entitled thereto. Fees due and owing hereunder and paid shall not be refundable under any
circumstances.

39

 

     SECTION 2.12. Interest. (a) The Loans comprising each ABR Borrowing shall bear
interest at the Alternate Base Rate plus the Applicable Rate.

     (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

     (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee
(including any fee payable in connection with a Letter of Credit) or other amount payable by the
Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or
otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per
annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise
applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case
of any other amount, the rate applicable to ABR Revolving Loans as provided in paragraph (a) of
this Section plus, at the request of the Required Lenders, 2%.

     (d) Upon the request of the Required Lenders, while any Event of Default (other than as in (a)
or (b) of Article VII) exists, the Borrower shall pay interest on the principal amount of
all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal
to the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section
plus 2%.

     (e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments;
provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be
payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a
prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued
interest on the principal amount repaid or prepaid shall be payable on the date of such repayment
or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of
the current Interest Period therefor, accrued interest on such Loan shall be payable on the
effective date of such conversion.

     (f) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is
based on Bank of America’s “prime rate” shall be computed on the basis of a year of 365 days (or
366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate or
Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error.

     SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurodollar Borrowing:

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     (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate for such Interest Period; or

     (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate
for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making
or maintaining their Loans included in such Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent
notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any
Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR
Borrowing.

     SECTION 2.14. Increased Costs. (a) If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the
Issuing Bank; or

     (ii) impose on any Lender or the Issuing Bank or the London interbank market any other
condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of
Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to
increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining
any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or
the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will
pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as
will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs
incurred or reduction suffered.

     (b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s or the
Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if
any, as a consequence of this Agreement or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below
that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or the
Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company
with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or
the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing
Bank’s holding company for any such reduction suffered.

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     (c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be,
as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall
be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as
the case may be, the amount shown as due on any such certificate within 10 days after receipt
thereof.

     (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right
to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions
incurred more than 90 days prior to the date that such Lender or the Issuing Bank, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the 90-day period referred to above shall be extended to include
the period of retroactive effect thereof.

     SECTION 2.15. Break Funding Payments. From and after the Agreement Date, in the event
of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of Default), (b) the
conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable
thereto, (c) the failure to borrow, convert, continue or prepay any Revolving Loan or Term Loan on
the date specified in any notice delivered (or deemed delivered) pursuant hereto (regardless of
whether such notice may be revoked under Section 2.10(f) and is revoked in accordance
therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by the Borrower pursuant to Section
2.18, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and
expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense
to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if
any, of (i) the amount of interest which would have accrued on the principal amount of such Loan
had such event not occurred, at the Adjusted LIBO Rate plus the Applicable Rate that would have
been applicable to such Loan, for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of
interest which would accrue on such principal amount for such period at the interest rate which
such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a
comparable amount and period from other banks in the eurodollar market. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof.

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     SECTION 2.16. Taxes. (a) Any and all payments by or on account of any obligation of
the Borrower hereunder or under any other Loan Document shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be
required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum
payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section) the Administrative Agent,
Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have
received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii)
the Borrower shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

     (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

     (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank,
within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or
with respect to any payment by or on account of any obligation of the Borrower hereunder or under
any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or
the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the
Issuing Bank, shall be conclusive absent manifest error.

     (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

     (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable law or reasonably
requested by the Borrower as will permit such payments to be made without withholding or at a
reduced rate, provided that such Foreign Lender has received written notice from the
Borrower advising it of the availability of such exemption or reduction and supplying all
applicable documentation.

     (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the
Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.16, it shall pay over such refund to the Borrower (but only to the extent of
indemnity

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payments made, or additional amounts paid, by the Borrower under this Section 2.16 with
respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable
out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund);
provided that the Borrower, upon the request of the Administrative Agent or such Lender,
agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the
event the Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. This Section shall not be construed to require the Administrative Agent or any Lender
to make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrower or any other Person.

     SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The
Borrower shall make each payment required to be made by it hereunder or under any other Loan
Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts
payable under Section 2.14, 2.15 or 2.16, or otherwise) prior to the time
expressly required hereunder or under such other Loan Document for such payment (or, if no such
time is expressly required, prior to 3:00 p.m., New York City time), on the date when due, in
immediately available funds, without set-off, defense, recoupment or counterclaim. Any amounts
received after such time on any date may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at its office set forth on
Schedule 9.01, New York, New York, except payments to be made directly to the Issuing Bank
as expressly provided herein and except that payments pursuant to Sections 2.14,
2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto
and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The
Administrative Agent shall distribute any such payments received by it for the account of any other
Person to the appropriate recipient promptly following receipt thereof. If any payment under any
Loan Document shall be due on a day that is not a Business Day, the date for payment shall be
extended to the next succeeding Business Day (but in no event later than the Revolving Maturity
Date or the Term Loan Maturity Date, as applicable), and, in the case of any payment accruing
interest, interest thereon shall be payable for the period of such extension. All payments under
each Loan Document shall be made in dollars.

     (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then
due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed
LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of principal and unreimbursed LC Disbursements then due to such parties.

     (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans, Term Loans
or participations in LC Disbursements resulting in such Lender receiving payment in excess of its
ratable amount in accordance with its proportion of the aggregate

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amount of Revolving Loans, Term Loans or participations in LC Disbursements, as applicable,
and accrued interest thereon, then such Lender receiving such excess payment shall purchase (for
cash at face value) participations in the Revolving Loans, Term Loans or participations in LC
Disbursements, as applicable, of other Lenders to the extent necessary so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Revolving Loans, Term Loans or participations
in LC Disbursements, as applicable; provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement
or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in LC Disbursements to any assignee or
participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the
provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to
the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower in the amount of such participation.

     (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders or the
Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the applicable Lenders or the Issuing Bank, as the
case may be, the amount due. In such event, if the Borrower has not in fact made such payment,
then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank
with interest thereon, for each day from and including the date such amount is distributed to it to
but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.

     (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.04(d) or (e), 2.05(b), 2.17(d) or 9.03(c), then
the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof),
apply any amounts thereafter received by the Administrative Agent for the account of such Lender to
satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are
fully paid.

     SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.14, or if the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of
such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not
subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender.

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     (b) If any Lender requests compensation under Section 2.14, or if the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.16, or if any Lender defaults in its obligation to fund
Loans hereunder, or if any Lender is subject to Section 9.02(c), then the Borrower may, at
its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in Section 9.04), all its interests, rights and obligations under this Agreement
to an assignee permissible under Section 9.04 that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the
Borrower shall have received the prior written consent of the Administrative Agent (and, if a
Revolving Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be
withheld and (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts). A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply.

     SECTION 2.19. Incremental Facilities. The Borrower may at any time and from time to
time prior to June 30, 2010, by notice to the Administrative Agent (whereupon the Administrative
Agent shall promptly deliver a copy to each of the Lenders), request the addition of (collectively,
the “Incremental Facilities”) a new tranche of term loans (an “Incremental Term
Facility”) or an increase in the Revolving Commitments (“Incremental Revolving
Commitments”) or a combination thereof; provided that (i) at the time of any such
request and upon the effectiveness of the Incremental Facility Amendment referred to below, no
Default or Event of Default shall exist, (ii) the Borrower shall be in compliance with Sections
6.13, 6.14 and 6.16 determined on a pro forma basis both before and after
giving effect to such Incremental Facility (as if such Incremental Facility had been outstanding on
the last day of the most recent fiscal quarter for testing compliance therewith), and (iii) all
fees and expenses owing to the Administrative Agent and the Lenders in respect of such Incremental
Facility shall have been paid (provided that the Administrative Agent will consult with the
Borrower before agreeing to any commitment or upfront fees with the banks or other financial
institutions providing such Incremental Facility). The Incremental Facilities shall be in an
aggregate principal amount not exceeding (in the aggregate) $400,000,000, each Incremental Term
Facility shall be in an aggregate principal amount not less than $50,000,000, and each of the
Incremental Revolving Commitments shall be in an aggregate principal amount not less than
$10,000,000. Each Incremental Facility (a) shall rank pari passu in right of
payment and of security with the Revolving Loans and the Term Loans, (b) in the case of an
Incremental Term Facility, shall not mature earlier than the Term Loan Maturity Date (but may,
subject to clause (c) below, have amortization and commitment reductions prior to such date), (c)
in the case of an Incremental Term Facility, shall have a weighted average life that is not less
than that of the Term Loans, and (d) in the case of an Incremental Term Facility, for purposes of
prepayments, shall be treated substantially the same as (and in any event no more favorably than)
the Term Loans; provided

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that (x) the terms and conditions applicable to any Incremental Facility maturing after the Term
Loan Maturity Date may provide for material additional or different financial or other covenants
applicable only during periods after the Term Loan Maturity Date, and (y) the Incremental Term
Facility may be priced differently than the Term Loans. Any such notice shall set forth the
requested amount and terms of the relevant Incremental Facility. The Borrower may arrange for one
or more banks or other financial institutions, each of which shall be reasonably satisfactory to
the Administrative Agent and the Borrower and, with respect only to Incremental Revolving
Commitments, the Issuing Bank (any such bank or other financial institution being called an
“Additional Lender”), to extend commitments under the Incremental Facility, and each
existing Lender shall be afforded an opportunity, but shall not be required, to provide a portion
of any such Incremental Facility. Commitments in respect of Incremental Facilities shall become
Commitments under this Agreement, and each Additional Lender shall become a Lender under this
Agreement, pursuant to an amendment (an “Incremental Facility Amendment”) to this Agreement
and, as appropriate, the other Loan Documents, executed by the Borrower, each existing Lender
agreeing to provide such Commitment, if any, each Additional Lender, if any, and the Administrative
Agent. An Incremental Facility Amendment may, without the consent of any other Lenders, effect
such amendments to this Agreement and the other Loan Documents to the extent (but only to the
extent) necessary to effect the provisions of this Section. The effectiveness of any Incremental
Facility Amendment shall be subject to the satisfaction on the date thereof of each of the
conditions set forth in Section 4.02 (it being understood that all references to “the date
of such Borrowing” in such Section 4.02 shall be deemed to refer to the effective date of
such Incremental Facility Amendment). The proceeds of the Incremental Facilities will be used for
working capital and other general corporate purposes, including consideration for Permitted
Acquisitions.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Lenders (it being understood that the
representations and warranties made herein will first be made on the Effective Date, and not on the
Agreement Date should that date precede the Effective Date) that:

     SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, has all requisite power and authority to carry on its business as now conducted and,
except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required.

     SECTION 3.02. Authorization; Enforceability. The Transactions to be entered into by
each Loan Party are within such Loan Party’s corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action. This Agreement has been duly executed
and delivered by the Borrower and constitutes, and each other Loan Document to which any Loan Party
is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid
and binding obligation of the Borrower or such Loan Party (as the case may be), enforceable in
accordance with its terms, subject to applicable bankruptcy,

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insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity
or at law.

     SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority (including the FCC), except (i) such as have been obtained or made and are
in full force and effect and (ii) filings necessary to perfect Liens created under the Loan
Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other
organizational documents of the Borrower or any of the Subsidiary Loan Parties or any order of any
Governmental Authority (including the FCC), (c) will not violate or result in a default under any
indenture, agreement or other material instrument binding upon the Borrower or any of its
Subsidiaries or any of their respective assets, or give rise to a right thereunder to require any
payment to be made by the Borrower or any of its Subsidiaries, and (d) will not result in the
creation or imposition of any Lien on any asset of the Borrower or any of the Subsidiary Loan
Parties, except Liens created under the Loan Documents.

     SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has
heretofore furnished to the Lenders its consolidated balance sheet and statements of income,
stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2005,
reported on by KPMG, independent public accountants and (ii) as of and for the portion of the
fiscal year ended March 31, 2006, certified by its chief financial officer. Such financial
statements present fairly, in all material respects, the financial position and results of
operations and cash flows of the Borrower and its consolidated Subsidiaries as of such date and for
such period in accordance with GAAP, subject to year-end audit adjustments and the absence of
footnotes in the case of statements referred to in clause (ii) above.

     (b) Except as disclosed in the financial statements referred to above or the notes thereto or
in the Information Memorandum and except for the Disclosed Matters, none of the Borrower or its
Subsidiaries has, as of the Effective Date, any material contingent liabilities, unusual long-term
commitments or material unrealized losses.

     (c) Since December 31, 2005, there has been no material adverse change in the business,
assets, operations or condition, financial or otherwise, of the Borrower and its Subsidiaries,
taken as a whole.

     SECTION 3.05. Properties and Licenses. (a) Each of the Borrower and the Subsidiary
Loan Parties has good title to, or valid leasehold interests in, all its real and personal property
material to its business (including its Mortgaged Properties), except for minor defects in title
that do not interfere with its ability to conduct, in all material respects, its business as
currently conducted or to utilize, in all material respects, such properties for their intended
purposes.

     (b) Each of the Borrower and the Subsidiary Loan Parties owns, or is licensed to use, all
trademarks, tradenames, copyrights, patents and other intellectual property material to its
business, and the use thereof by the Borrower and the Subsidiary Loan Parties does not infringe

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upon the rights of any other Person, except for any such infringements that, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

     (c) Schedule 3.05(c) sets forth the address of each real property that is owned or
leased by the Borrower or any of the Subsidiary Loan Parties as of the Effective Date.

     (d) Schedule 3.05(d) sets forth all FCC Licenses existing as of the Effective Date
(and the respective holders of such FCC Licenses) and all other licenses and permits in effect as
of the Effective Date that are material to the business of the Borrower and the Subsidiary Loan
Parties. Each of the FCC Licenses, and each other license or permit that is material to the
business of the Borrower and the Subsidiary Loan Parties, is valid and in full force and effect,
and the Borrower and the Subsidiary Loan Parties are in compliance in all material respects with
the terms and conditions thereof. The Borrower has the right to utilize all FCC Licenses held by
the License Subsidiaries.

     SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority (including the FCC) pending
against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any
of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination
and that, if adversely determined, could reasonably be expected, individually or in the aggregate,
to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve any
of the Loan Documents or the Transactions.

     (b) Except for the Disclosed Matters and except with respect to any other matters that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, neither the Borrower nor any of its Subsidiaries (or, in the case of clauses (iii) and (iv)
below, no director, executive, financial, legal or other officer (including Financial Officers) or
general counsel of the Borrower or any of its Subsidiaries) (i) has failed to comply with any
Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii)
has received notice of any claim with respect to any Environmental Liability or (iv) knows of any
basis for any Environmental Liability.

     (c) Since the Effective Date, there has been no change in the status of the Disclosed Matters
that, individually or in the aggregate, has resulted in, or materially increased the likelihood of,
a Material Adverse Effect.

     SECTION 3.07. Compliance with Laws and Agreements. Each of the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority
(including the FCC) applicable to it or its property and all indentures, agreements and other
instruments binding upon it or its property, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default
has occurred and is continuing.

     SECTION 3.08. Investment and Holding Company Status. Neither the Borrower nor any of
the Subsidiary Loan Parties is (a) an “investment company” as defined in, or subject

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to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined
in, or subject to regulation under, the Public Utility Holding Company Act of 1935.

     SECTION 3.09. Tax Matters. Each of the Borrower and its Subsidiaries has timely filed
or caused to be filed all Tax returns and reports required to have been filed and has paid or
caused to be paid all Taxes required to have been paid by it, except (i) any Taxes that are being
contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary,
as applicable, has set aside on its books adequate reserves or (ii) to the extent that the failure
to do so could not reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed the fair market value of the
assets of such Plan by a material amount, and the present value of all accumulated benefit
obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of
Financial Accounting Standards No. 87) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed the fair market value of the assets of all such
underfunded Plans by a material amount.

     SECTION 3.11. Disclosure. The Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. Neither the Information Memorandum nor any of the
other reports, financial statements, certificates or other information furnished by or on behalf of
any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of this
Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to
projected financial information, the Borrower represents only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time.

     SECTION 3.12. Subsidiaries. Schedule 3.12 sets forth the name of, and the
ownership interest of the Borrower in, each Subsidiary of the Borrower and identifies each
Subsidiary that is a Subsidiary Loan Party, in each case as of the Effective Date.

     SECTION 3.13. Insurance. Schedule 3.13 sets forth a description of all
insurance maintained by or on behalf of the Borrower and the Subsidiary Loan Parties as of the
Effective Date. As of the Effective Date, all premiums in respect of such insurance have been
paid. The Borrower believes that the insurance maintained by or on behalf of the Borrower and the
Subsidiary Loan Parties is adequate.

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     SECTION 3.14. Labor Matters. As of the Effective Date, there are no strikes, lockouts
or slowdowns against the Borrower or any Subsidiary pending or, to the knowledge of the Borrower,
threatened that could reasonably be expected to result in a Material Adverse Effect. The hours
worked by and payments made to employees of the Borrower and its Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign
law dealing with such matters. All payments due from the Borrower or any Subsidiary, or for which
any claim may be made against the Borrower or any Subsidiary, on account of wages and employee
health and welfare insurance and other benefits, have been paid or accrued as a liability on the
books of the Borrower or such Subsidiary. The consummation of the Transactions will not give rise
to any right of termination or right of renegotiation on the part of any union under any collective
bargaining agreement to which the Borrower or any Subsidiary is bound.

     SECTION 3.15. Solvency. Immediately following the making of each Loan made on the
Effective Date and after giving effect to the application of the proceeds of such Loans, including
without limitation, the effectiveness of the Private Repurchase and the purchase of shares pursuant
to the Public Tender Offer, (a) the fair value of the assets of the Loan Parties (taken as a
whole), at a fair valuation, will exceed the debts and liabilities of the Loan Parties (taken as a
whole), subordinated, contingent or otherwise; (b) the present fair saleable value of the property
of the Loan Parties (taken as a whole) will be greater than the amount that will be required to pay
the probable liability of the debts and other liabilities of the Loan Parties (taken as a whole),
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (c) the Loan Parties (taken as a whole) will be able to pay the debts and liabilities of
the Loan Parties (taken as a whole), subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (d) the Loan Parties (taken as a whole) will not have
unreasonably small capital with which to conduct the business in which the Loan Parties are engaged
as such business is now conducted and is proposed to be conducted following the Effective Date.

     SECTION 3.16. Security Interests. The representations and warranties in the Security
Documents are true and correct in all material respects.

     SECTION 3.17. Specially Designated Nationals or Blocked Persons. None of the
Borrower, Subsidiaries or Affiliates of the Borrower are named on the United States Department of
the Treasury’s Specially Designated Nationals or Blocked Persons list available through
http://www.treas.gov/offices/eotffc/ofac/sdn/index.html or as otherwise published from time to
time.

ARTICLE IV

CONDITIONS

     SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and to
participate in Letters of Credit and of the Issuing Bank to issue Letters of Credit hereunder shall
not become effective until the date on which each of the following conditions is satisfied (or
waived in accordance with Section 9.02):

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     (a) The Administrative Agent (or its counsel) shall have received from each party hereto
either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence
satisfactory to the Administrative Agent (which may include telecopy transmission of a signed
signature page of this Agreement) that such party has signed a counterpart of this Agreement.

     (b) The Administrative Agent shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of each of (i) Jones Day,
counsel for the Borrower, substantially in the form of Exhibit B-1 and (ii) Kolesar &
Leathem, Chtd., Nevada local counsel for the Borrower, substantially in the form of Exhibit
B-2, and, in the case of each such opinion required by this paragraph, covering such other
matters relating to the Loan Parties, the Loan Documents or the Transactions as the Required
Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such
opinions.

     (c) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization, existence
and good standing of each Loan Party, the authorization of the Transactions and any other legal
matters relating to the Loan Parties, the Loan Documents or the Transactions, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel.

     (d) The Administrative Agent shall have received a certificate, dated the Effective Date and
signed by the President, a Vice President or a Financial Officer of the Borrower, confirming
compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02.

     (e) The Administrative Agent shall have received all fees and other amounts due and payable on
or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all
reasonable out-of-pocket expenses (including fees, charges and disbursements of counsel) required
to be reimbursed or paid by any Loan Party hereunder or under any other Loan Document.

     (f) The Collateral and Guarantee Requirement shall have been satisfied and the Administrative
Agent shall have received a completed Perfection Certificate dated the Effective Date and signed by
an executive officer or Financial Officer of the Borrower, together with all attachments
contemplated thereby, including the results of a search of the Uniform Commercial Code (or
equivalent) filings made with respect to the Loan Parties in the jurisdictions contemplated by the
Perfection Certificate and copies of the financing statements (or similar documents) disclosed by
such search and evidence reasonably satisfactory to the Administrative Agent that the Liens
indicated by such financing statements (or similar documents) are permitted by Section 6.02
or have been released.

     (g) The Administrative Agent shall have received evidence that the insurance required by
Section 5.07 and the Security Documents is in effect.

     (h) All consents and approvals required to be obtained from any Governmental Authority or
other Person in connection with the Transactions shall have been obtained without the imposition of
any material burdensome conditions.

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     (i) After giving effect to the Transactions and the other transactions contemplated hereby,
the Borrower and the Subsidiary Loan Parties shall have outstanding no Indebtedness or preferred
Equity Interests other than (i) Indebtedness incurred under this Agreement and (ii) Indebtedness
set forth on Schedule 6.01.

     (j) Concurrently with the initial funding of the Loans on the Effective Date, (i) the Borrower
shall terminate all commitments under the Existing Credit Agreement and repay all loans and other
amounts accrued or owing thereunder and (ii) all security interests and other Liens securing
obligations thereunder (and any other obligations secured thereby) shall be terminated and
released.

     (k) The Lenders shall have received all documentation and other information required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including the Patriot Act.

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders to make Loans and to participate in Letters of Credit and of the Issuing Bank to issue
Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is
satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., New York City
time, on June 30, 2006 (and, in the event such conditions are not so satisfied or waived, the
Commitments shall terminate at such time).

Without limiting the generality of the provisions of the fifth paragraph of Article VIII, for
purposes of determining compliance with the conditions specified in this Section 4.01, each
Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or
to be satisfied with, each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender, unless the Administrative Agent shall have
received notice from such Lender prior to the proposed Effective Date specifying its objection
thereto.

     SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing (excluding any Borrowing consisting solely of a continuation or
conversion of an outstanding Borrowing), and of the Issuing Bank to issue, amend, renew or extend
any Letter of Credit, is subject to receipt of the request therefor in accordance herewith and to
the satisfaction of the following conditions:

     (a) The representations and warranties of each Loan Party set forth in the Loan Documents
shall be true and correct in all material respects on and as of the date of such Borrowing or the
date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable.

     (b) At the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of
Default shall have occurred and be continuing.

     Each Borrowing (excluding any Borrowing consisting solely of a continuation or conversion of
an outstanding Borrowing) and each issuance, amendment, renewal or extension of

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a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower
on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

ARTICLE V

AFFIRMATIVE COVENANTS

     From and after the Effective Date, until the Commitments have expired or been terminated and
the principal of and interest on each Loan and all fees payable hereunder shall have been paid in
full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have
been reimbursed, the Borrower covenants and agrees with the Lenders that:

     SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish
to the Administrative Agent and each Lender:

     (a) with respect to the end of each fiscal year of the Borrower, promptly when available, and
in any event within the Maximum Permitted Time, its audited consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of and for such year,
setting forth in each case in comparative form the figures for the previous fiscal year, and
accompanied by (i) a report and opinion of a Registered Public Accounting Firm, which report and
opinion shall be prepared in accordance with audit standards of the Public Company Accounting
Oversight Board and applicable Securities Laws and shall not be subject to any “going concern” or
like qualification or exception and shall be without any qualification or exception as to the scope
of such audit, and shall be to the effect that such consolidated financial statements present
fairly in all material respects the financial condition and results of operations of the Borrower
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, and (ii) (A) management’s assessment of the effectiveness of the Borrower’s internal
controls over financial reporting as of the end of such fiscal year of the Borrower as required in
accordance with Item 308 of SEC Regulation S-K expressing a conclusion which contains no statement
that there is a material weakness in such internal controls, except for such material weaknesses
which (1) do not occur as a result of fraud of any magnitude on the part of senior management and
(2) do not result in the report and opinion described in clause (i) above having any qualification
or exception as a consequence of such material weakness or the facts and circumstances giving rise
thereto, and (B) with respect to such fiscal year of the Borrower, an attestation report (or
reports) of a Registered Public Accounting Firm on management’s assessment of, and the opinion of
the Registered Public Accounting Firm independently assessing, the effectiveness of the Borrower’s
internal controls over financial reporting in accordance with Item 308 of SEC Regulation S-K, PCAOB
Auditing Standard No. 2, and Section 404 of Sarbanes-Oxley and expressing a conclusion which
contains no statement that there is a material weakness in such internal controls, except for such
material weaknesses which (1) do not occur as a result of fraud of any magnitude on the part of
senior management and (2) do not result in the report and opinion described in clause (i) above
having any qualification or exception as a consequence of such material weakness or the facts and
circumstances giving rise thereto (provided that so long as the common stock of the Borrower is
listed for trading on a public stock exchange, the foregoing requirement as to the Borrower’s
consolidated financial statements may be satisfied by the delivery of the Borrower’s annual

54

 

report to stockholders and its annual report on Form 10-K filled with the SEC containing such
information);

     (b) with respect to each of the first three fiscal quarters of each fiscal year of the
Borrower, promptly when available, and in any event within the Maximum Permitted Time, its
consolidated balance sheet and related statements of operations, stockholders’ equity and cash
flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year,
setting forth in each case in comparative form the figures for the corresponding period or periods
of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified
by one of its Financial Officers as presenting fairly in all material respects the financial
condition and results of operations of the Borrower and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit
adjustments and the absence of footnotes;

     (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a
certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has
occurred and, if a Default has occurred, specifying the details thereof and any action taken or
proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations of
the Total Leverage Ratio as of the last day of the fiscal period covered by such financial
statements and demonstrating compliance with Sections 6.13, 6.14 and 6.16
and (iii) stating whether any change in GAAP or in the application thereof has occurred since the
date of the Borrower’s audited financial statements referred to in Section 3.04 and, if any
such change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate;

     (d) within 45 days after the commencement of each fiscal year of the Borrower, a statement of
projected operations as of the end of such fiscal year and setting forth the assumptions used for
purposes of preparing such budget) and, promptly when available, any significant revisions of such
statement;

     (e) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC,
or any Governmental Authority succeeding to any or all of the functions of said Commission, or with
any national securities exchange, or distributed by the Borrower to its shareholders generally, as
the case may be; and

     (f) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the
terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request.

     Documents required to be delivered pursuant to Section 5.01 (a), (b) or
(e) (to the extent any such documents are included in materials otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on
the date (i) on which the Borrower posts such documents, or provides a link thereto on the
Borrower’s website on the Internet at the website address listed in Section 9.01; or (ii)
on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if
any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether

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sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper
copies of such documents to the Administrative Agent or any Lender that requests the Borrower to
deliver such paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and
each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to
the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. Notwithstanding anything contained herein, in every instance the Borrower shall be
required to provide paper copies of the certificates of Financial Officers of the Borrower required
by Section 5.01(c) to the Administrative Agent. Except for such certificates of Financial
Officers of the Borrower, the Administrative Agent shall have no obligation to request the delivery
or to maintain copies of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrower with any such request for delivery, and each
Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

     The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Lead
Arrangers will make available to the Lenders and the Issuing Bank materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b)
certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive
material non-public information with respect to the Borrower or its securities) (each, a “Public
Lender”). The Borrower hereby agrees that (w) all Borrower Materials that are to be made available
to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall
mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking
Borrower Materials “PUBLIC”, the Borrower shall be deemed to have authorized the Administrative
Agent, the Joint Lead Arrangers, the Issuing Bank and the Lenders to treat such Borrower Materials
as not containing any material non-public information with respect to the Borrower or its
securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 9.12); (y) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Investor”; and
(z) the Administrative Agent and the Joint Lead Arrangers shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the
Platform not designated “Public Investor”.

     SECTION 5.02. Notices of Material Events. The Borrower will furnish to the
Administrative Agent and each Lender prompt written notice of the following:

     (a) the occurrence of any Default;

     (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator
or Governmental Authority against or affecting the Borrower or any Affiliate thereof or any FCC
License that, if adversely determined, could reasonably be expected to result in a Material Adverse
Effect;

     (c) the occurrence of any ERISA Event; and

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     (d) any other development that results in, or could reasonably be expected to result in, a
Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer
or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

     SECTION 5.03. Information Regarding Collateral. (a) The Borrower will furnish to the
Administrative Agent prompt written notice of any change (i) in any Loan Party’s corporate name,
(ii) in the location of any Loan Party’s chief executive office and its principal place of
business, (iii) in any Loan Party’s identity or type of organization or corporate structure, (iv)
in any Loan Party’s Federal Taxpayer Identification Number or other organizational identification
number or (v) in any Loan Party’s jurisdiction of organization. The Borrower agrees not to effect
or permit any change referred to in the preceding sentence unless all filings have been made under
the Uniform Commercial Code or otherwise that are required in order for the Administrative Agent to
continue at all times following such change to have a valid, legal and perfected security interest
in all the Collateral. The Borrower also agrees promptly to notify the Administrative Agent if any
material portion of the Collateral is damaged or destroyed.

     (b) Each year, at the time of delivery of annual financial statements with respect to the
preceding fiscal year pursuant to clause (a) of Section 5.01, the Borrower shall deliver to
the Administrative Agent a certificate executed by a Financial Officer and the chief legal officer
of the Borrower (i) setting forth the information required pursuant to the Perfection Certificate
and (ii) certifying that the Borrower has delivered to the Administrative Agent all Uniform
Commercial Code financing statements (including fixture filings, as applicable) or other
appropriate filings, recordings or registrations, including all refilings, rerecordings and
reregistrations, containing a description of the Collateral for filing of record in each
governmental, municipal or other appropriate office in each jurisdiction identified pursuant to
clause (i) above to the extent necessary to protect and perfect the security interests under the
Collateral Agreement for a period of not less than 18 months after the date of such certificate
(except as noted therein with respect to any continuation statements to be filed within such
period); provided that if there has been no change in the information required pursuant to
the Perfection Certificate since the date of the Perfection Certificate delivered on the Effective
Date or the date of the most recent certificate delivered pursuant to this Section 5.03(b),
and the Borrower has delivered all documents required by subsection (ii) above, then in such case
no certificate need be delivered in compliance with this Section 5.03(b) and such
non-delivery will constitute a representation and warranty by the Borrower with respect to the
absence of any changes and the delivery of all required items in compliance with subsections (i)
and (ii) above.

     SECTION 5.04. Existence; Conduct of Business. The Borrower will, and will cause each
of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its legal existence and the rights, licenses, permits, privileges,
franchises, patents, copyrights, trademarks and trade names material to the conduct of its
business; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03.

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     SECTION 5.05. Payment of Obligations. The Borrower will, and will cause each of its
Subsidiaries to, pay its Indebtedness and other obligations, including Tax liabilities, before the
same shall become delinquent or in default, except where (a) the validity or amount thereof is
being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has
set aside on its books adequate reserves with respect thereto in accordance with GAAP, (c) such
contest effectively suspends collection of the contested obligation and the enforcement of any Lien
securing such obligation and (d) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect.

     SECTION 5.06. Maintenance of Properties. The Borrower will, and will cause each of
the Subsidiary Loan Parties to, keep and maintain all property material to the conduct of its
business in good working order and condition, ordinary wear and tear excepted.

     SECTION 5.07. Insurance. The Borrower will, and will cause each of the Subsidiary
Loan Parties to, maintain, with financially sound and reputable insurance companies, (a) insurance
in such amounts (with no greater risk retention) and against such risks as are customarily
maintained by companies of established repute engaged in the same or similar businesses operating
in the same or similar locations and (b) all insurance required to be maintained pursuant to the
Security Documents. The Borrower will furnish to the Lenders, upon request of the Administrative
Agent, information in reasonable detail as to the insurance so maintained.

     SECTION 5.08. Casualty and Condemnation. The Borrower (a) will furnish to the
Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage
to any material portion of any Collateral or the commencement of any action or proceeding for the
taking of any material portion of the Collateral or any part thereof or interest therein under
power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net
Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or
otherwise) are collected and applied in accordance with (i) in the case of Net Proceeds resulting
from a Prepayment Event, Section 2.10(c) and (f) and (ii) in all other cases, with
the applicable provisions of the Security Documents.

     SECTION 5.09. Books and Records; Inspection Rights. The Borrower will, and will cause
each of its Subsidiaries to, keep proper books of record and account in which full, true and
correct entries are made of all dealings and transactions in relation to its business and
activities. The Borrower will, and will cause each of its Subsidiaries to, permit any
representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice,
to visit and inspect its properties, to examine and make extracts from its books and records, and
to discuss its affairs, finances and condition with its officers and independent accountants, all
at such reasonable times and as often as reasonably requested (it being hereby understood and
agreed that, unless a Default has occurred and is continuing, any such visit, inspection or
examination shall be at the sole expense of the Administrative Agent or such Lender, as
applicable).

     SECTION 5.10. Compliance with Laws. The Borrower will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority
(including the FCC) applicable to it or its property, except where the failure to do so,

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individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

     SECTION 5.11. Use of Proceeds and Letters of Credit. The proceeds of the Term Loans
and Revolving Loans will be used (a) for payment of amounts owing under the Existing Credit
Agreement, including fees and expenses in connection therewith, (b) to finance Restricted Payments
permitted by Section 6.08 and the payment of fees and expenses in connection therewith, (c)
for the payment of amounts payable as consideration for Permitted Acquisitions, and the payment of
any fees or expenses incurred by the Borrower and the Subsidiary Loan Parties in connection with
such Permitted Acquisitions and (d) working capital and other general corporate purposes, including
Capital Expenditures and investments permitted by Section 6.04. No part of the proceeds of
any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of
any of the Regulations of the Board, including Regulations T, U and X. Letters of Credit will be
issued only to support obligations of the Borrower and the Subsidiary Loan Parties in the ordinary
course of business.

     SECTION 5.12. Additional Subsidiaries. If any additional Subsidiary is formed or
acquired after the Effective Date, the Borrower will, within 30 days after such Subsidiary is
formed or acquired, notify the Administrative Agent thereof and cause the Collateral and Guarantee
Requirement to be satisfied with respect to such Subsidiary (if it is a Subsidiary Loan Party) and
with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of
any Loan Party.

     SECTION 5.13. Further Assurances. (a) The Borrower will, and will cause each
Subsidiary Loan Party to, execute any and all further documents, financing statements, agreements
and instruments, and take all such further actions (including the filing and recording of financing
statements and other documents, and following the occurrence and during the continuance of any
Event of Default, fixture filings, mortgages, deeds of trust and other documents), which may be
required under any applicable law, or which the Administrative Agent or the Required Lenders may
reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied,
all at the expense of the Loan Parties. The Borrower also agrees to provide to the Administrative
Agent, from time to time upon request, evidence reasonably satisfactory to the Administrative Agent
as to the perfection and priority of the Liens created or intended to be created by the Security
Documents.

     (b) If any material assets (including any real property or improvements thereto or any
interest therein) are acquired by the Borrower or any Subsidiary Loan Party after the Effective
Date (other than (i) assets constituting Collateral under the Collateral Agreement that become
subject to the Lien of the Collateral Agreement upon acquisition thereof and (ii) Excluded Borrower
Stock), the Borrower will notify the Administrative Agent and the Lenders thereof, and, if
reasonably requested by the Administrative Agent or the Required Lenders (other than any real
property or improvements thereto or any interest therein which shall be subject to Section
5.15), the Borrower will cause such assets to be subjected to a Lien securing the Obligations
and will take, and cause the Subsidiary Loan Parties to take, such actions as shall be necessary or
reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions
described in paragraph (a) of this Section, all at the expense of the Loan Parties.

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     SECTION 5.14. Hedging Agreements. Within ninety (90) days of the Effective Date, the
Borrower will enter into or continue, and shall maintain for not less than two (2) fiscal years
after the Effective Date, Hedging Agreements hedging against interest rate fluctuations of
Consolidated Funded Indebtedness on customary terms and conditions and in an aggregate notional
amount equal to not less than 50% of the aggregate principal amount of Consolidated Funded
Indebtedness then in effect.

     SECTION 5.15. Additional Collateral. (a) Upon the occurrence and continuance of an
Event of Default, promptly after a request by the Administrative Agent or the Required Lenders
therefor, the Borrower will, and will cause each Subsidiary Loan Party to (i) execute and deliver
counterparts of a Mortgage with respect to each Mortgaged Property duly executed and delivered by
the record owner of such Mortgaged Property, (ii) deliver a policy or policies of title insurance
issued by a nationally recognized title insurance company insuring the Lien of each such Mortgage
as a valid first Lien on the Mortgaged Property described therein, free of any other Liens except
as expressly permitted by Section 6.02, together with such endorsements, coinsurance and
reinsurance as the Administrative Agent or the Required Lenders may reasonably request, and (iii)
deliver such surveys, abstracts, appraisals, legal opinions and other documents as the
Administrative Agent or the Required Lenders may reasonably request with respect to any such
Mortgage or Mortgaged Property.

     (b) Upon the occurrence and continuance of an Event of Default, promptly after a request by
the Administrative Agent or the Required Lenders therefor, the Borrower will, and will cause each
Subsidiary Loan Party to execute and deliver account control agreements or blocked account
agreements with respect to all deposit accounts, including time, savings, passbook, or other
similar accounts maintained with any bank for the benefit of the Borrower or any Subsidiary Loan
Party.

     SECTION 5.16. Alabama Certificates. On or before July 11, 2007 (or such later time
that the Administrative Agent agrees to in its reasonable discretion) the Borrower shall deliver to
the Administrative Agent good standing certificates for Cumulus Media Inc. and Cumulus Broadcasting
LLC for the State of Alabama.

ARTICLE VI

NEGATIVE COVENANTS

     From and after the Effective Date until the Commitments have expired or terminated and the
principal of and interest on each Loan and all fees payable hereunder have been paid in full and
all Letters of Credit have expired or terminated and all LC Disbursements shall have been
reimbursed, the Borrower covenants and agrees with the Lenders that:

     SECTION 6.01. Indebtedness; Certain Equity Securities. (a) The Borrower will not,
and will not permit any Subsidiary Loan Party to, create, incur, assume or permit to exist any
Indebtedness, except:

     (i) Indebtedness created under the Loan Documents (including Indebtedness under any
Incremental Facilities incurred in compliance with Section 2.19);

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     (ii) Indebtedness existing on the Effective Date and set forth in Schedule 6.01
and extensions, renewals, replacements or refinancings of any such Indebtedness that do not
increase the outstanding principal amount thereof or result in an earlier maturity date or
decreased weighted average life thereof; provided that the terms of any extension,
renewal, replacement or refinancing shall be satisfactory to the Administrative Agent;

     (iii) Indebtedness of the Borrower to any Subsidiary Loan Party and of any Subsidiary
Loan Party to the Borrower or any other Subsidiary Loan Party;

     (iv) Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary
Loan Party of Indebtedness of the Borrower or any other Subsidiary; provided that
Guarantees by the Borrower or any Subsidiary Loan Party of Indebtedness of any Excluded
Subsidiary shall be subject to Section 6.04;

     (v) Indebtedness of the Borrower or any Subsidiary Loan Party incurred to finance the
acquisition, construction or improvement by it of any fixed or capital assets, including
Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of
any such assets or secured by a Lien on any such assets prior to the acquisition thereof,
and extensions, renewals and replacements of any such Indebtedness that do not increase the
outstanding principal amount thereof or result in an earlier maturity date or decreased
weighted average life thereof; provided that (A) such Indebtedness is incurred prior
to or within 90 days after such acquisition or the completion of such construction or
improvement and (B) the aggregate principal amount of Indebtedness permitted by this clause
(v) shall not exceed (1) $10,000,000 at any time outstanding if either the Total Leverage
Ratio, measured prior to giving effect to such Indebtedness, or the Pro Forma Total Leverage
Ratio, measured after giving effect to such Indebtedness, is greater than or equal to 6.50
to 1.00, and (2) $25,000,000 at any time outstanding if both the Total Leverage Ratio,
measured prior to giving effect to such Indebtedness, and the Pro Forma Total Leverage
Ratio, measured after giving effect to such Indebtedness, is less than 6.50 to 1.00;

     (vi) Indebtedness of any Person that becomes a Subsidiary Loan Party after the
Effective Date; provided that (A) such Indebtedness exists at the time such Person
becomes a Subsidiary and is not created in contemplation of or in connection with such
Person becoming a Subsidiary and (B) the aggregate principal amount of Indebtedness
permitted by this clause (vi) shall not exceed $15,000,000 at any time outstanding;

     (vii) other unsecured Indebtedness of the Borrower and the Subsidiary Loan Parties in
an aggregate principal amount not exceeding $25,000,000 at any time outstanding; and

     (viii) other unsecured Indebtedness of the Borrower and the Subsidiary Loan Parties in
an aggregate principal amount not exceeding $75,000,000 at any time outstanding;
provided that (A) the Total Leverage Ratio, measured prior to giving effect to such
Indebtedness, and the Pro Forma Total Leverage Ratio, measured after giving effect to such
Indebtedness, is less than 6.50 to 1.00, (B) such Indebtedness does not

61

 

mature earlier than the Term Loan Maturity Date and (C) such Indebtedness does not
amortize prior to the Term Loan Maturity Date.

     (b) The Borrower will not, nor will it permit any Subsidiary Loan Party to, issue any
preferred Equity Interests, except that the Borrower may issue any preferred Equity Interest that
does not constitute a Disqualified Equity Interest.

     SECTION 6.02. Liens. The Borrower will not, and will not permit any Subsidiary Loan
Party to, create, incur, assume or permit to exist any Lien on any property or asset now owned or
hereafter acquired by it (other than Excluded Borrower Stock), or assign or sell any income or
revenues (including accounts receivable) or rights in respect of any thereof, except:

     (a) Liens created under the Loan Documents;

     (b) Permitted Encumbrances;

     (c) any Lien on any property or asset of the Borrower or any Subsidiary Loan Party existing on
the Effective Date and set forth in Schedule 6.02; provided that (i) such Lien
shall not apply to any other property or asset of the Borrower or any Subsidiary Loan Party and
(ii) such Lien shall secure only those obligations which it secures on the Effective Date and
extensions, renewals and replacements thereof that do not increase the outstanding principal amount
thereof;

     (d) any Lien existing on any property or asset acquired after the Effective Date prior to the
acquisition thereof by the Borrower or any Subsidiary Loan Party or existing on any property or
asset of any Person that becomes a Subsidiary after the Effective Date prior to the time such
Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of
or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be,
(ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary
Loan Party and (iii) such Lien shall secure only those obligations which it secures on the date of
such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof or
result in earlier maturity date or decreased weighted average life thereof; and

     (e) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any
Subsidiary; provided that (i) such security interests secure Indebtedness permitted by
clause (v) of Section 6.01(a), (ii) such security interests and the Indebtedness secured
thereby are incurred prior to or within 90 days after such acquisition or the completion of such
construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of
acquiring, constructing or improving such fixed or capital assets and (iv) such security interests
shall not apply to any other property or assets of the Borrower or any Subsidiary Loan Party;

provided that, notwithstanding the permitted Liens set forth in clauses (a) through (e)
above, the Borrower will not, and will not permit any Subsidiary Loan Party to, create, incur,
assume or permit to exist any Lien on any Equity Interests of Cumulus Media Partners, LLC or any of
its subsidiaries owned, directly or indirectly, by the Borrower or any Subsidiary Loan Party.

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     SECTION 6.03. Fundamental Changes. (a) The Borrower will not, and will not permit
any Subsidiary Loan Party to, merge into or consolidate with any other Person, or permit any other
Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time
thereof and immediately after giving effect thereto no Default shall have occurred and be
continuing, (i) any Subsidiary may merge into the Borrower in a transaction in which the Borrower
is the surviving corporation, (ii) the Borrower may merge into a wholly owned Subsidiary of the
Borrower for the sole purpose of effecting a change in the jurisdiction of organization of the
Borrower, provided that (A) such Subsidiary is not a Foreign Subsidiary, (B) such
Subsidiary is a corporation organized for the sole purpose of effecting a change in the
jurisdiction of organization of the Borrower and, prior to the consummation of such merger, owns no
Equity Interests in any entity, (C) after giving effect to such merger, such Subsidiary shall be
the surviving entity and, for purposes of this Agreement and the other Loan Documents, shall be
deemed to be the “Borrower” and shall succeed to the rights and obligations of the Borrower under
this Agreement and the other Loan Documents, and such Subsidiary shall enter into an instrument in
form and substance reasonably satisfactory to the Administrative Agent stating that it has become
the “Borrower” and has succeeded to the rights and obligations of the Borrower under this Agreement
and the other Loan Documents, (D) immediately after giving effect to such merger, each Person that
was a shareholder of the Borrower prior to the consummation of such merger shall become a
shareholder of such Subsidiary, and each such Person shall own Equity Interests in the reorganized
Borrower having an aggregate voting power equal to those Equity Interests in the Borrower held by
such Person prior to such merger, (E) the Administrative Agent shall have received notice of such
merger 30 days prior to the consummation of such merger, (F) prior to the consummation of such
merger, the Borrower shall have taken all actions necessary pursuant to Section 5.13 to
cause the Collateral and Guarantee Requirement to be and remain satisfied after giving effect to
the merger and (G) the Borrower and such Subsidiary shall deliver all legal opinions relating to
the matters set forth in the preceding clauses (A) through (F) as may be reasonably requested by
the Administrative Agent, (iii) any Subsidiary Loan Party may merge into any Subsidiary Loan Party
in a transaction in which the surviving entity is a Subsidiary Loan Party, (iv) the Borrower may
permit another Person to merge into it (A) in order to effect a Permitted Acquisition in which the
Borrower is the surviving entity or (B) in any case where no Change in Control occurs as a result
thereof, the Borrower is in compliance with the covenants set forth in Sections 6.13 and
6.14 both before and after (and giving pro forma effect to) such transaction, and the
Borrower is the surviving entity, (v) a Subsidiary Loan Party may merge into another Person, or may
permit another Person to merge into it, in order to effect a Permitted Acquisition in which the
surviving entity is a Subsidiary Loan Party and (vi) any Subsidiary Loan Party (other than a
License Subsidiary) may liquidate or dissolve if the Borrower determines in good faith that such
liquidation or dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lenders; provided that any such merger involving a Person that is
not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also
permitted by Section 6.04.

     (b) The Borrower will not, and will not permit any of the Subsidiary Loan Parties to, engage
to any material extent in any business other than businesses of the type conducted by the Borrower
and the Subsidiary Loan Parties on the Effective Date and businesses reasonably related thereto.

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     SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower
will not, and will not permit any of the Subsidiary Loan Parties to, purchase, hold or acquire
(including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to
such merger) any Equity Interests in or evidences of indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or
any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) any assets of any other Person constituting a business unit, except:

     (a) Permitted Investments;

     (b) investments existing on the Effective Date and set forth on Schedule 6.04;

     (c) investments by the Borrower and the Subsidiary Loan Parties in Equity Interests in their
respective Subsidiaries; provided that (i) any such Equity Interests held by a Loan Party
shall be pledged pursuant to the Collateral Agreement (subject to the limitations applicable to
common stock of a Foreign Subsidiary referred to in the definition of “Collateral and Guarantee
Requirement”) and (ii) the aggregate amount of investments by the Loan Parties in, and loans and
advances by Loan Parties to, and Guarantees by Loan Parties of Indebtedness of, Excluded
Subsidiaries (including all such investments, loans, advances and Guarantees existing or made on
the Effective Date) shall not exceed $15,000,000 at any time outstanding;

     (d) loans or advances made by the Borrower to any Subsidiary and made by any Subsidiary Loan
Party to the Borrower or any other Subsidiary; provided that (i) any such loans and
advances made by a Loan Party shall be evidenced by a promissory note and shall be pledged pursuant
to the Collateral Agreement and (ii) the amount of such loans and advances made by the Loan Parties
to Excluded Subsidiaries shall be subject to the limitation set forth in clause (c) above;

     (e) Guarantees constituting Indebtedness permitted by Section 6.01; provided that (i)
a Subsidiary shall not Guarantee any Indebtedness of the Borrower unless (A) such Subsidiary also
has Guaranteed the Obligations pursuant to the Collateral Agreement, (B) if such Indebtedness is
subordinated to the Obligations, then such Guarantee of such Indebtedness also shall be subordinate
to such Guarantee of the Obligations on terms no less favorable to the Lenders than the
subordination provisions of such Indebtedness and (C) such Guarantee of such Indebtedness provides
for the release and termination thereof, without action by any party, upon any release and
termination of such Guarantee of the Obligations, and (ii) the aggregate principal amount of
Indebtedness of Excluded Subsidiaries that is Guaranteed by any Loan Party shall be subject to the
limitation set forth in clause (c) above;

     (f) investments received in connection with the bankruptcy or reorganization of, or settlement
of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary
course of business;

     (g) Permitted Acquisitions; provided that the consideration for each Permitted
Acquisition shall consist solely of cash, Equity Interests of the Borrower, the assumption of

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Indebtedness of the acquired Person or encumbering the acquired assets or Indebtedness
referred to in clause (vi) of Section 6.01(a) or a combination thereof (and, if such
Permitted Acquisition is or includes an Asset Swap Transaction, a Broadcasting Asset or all the
Equity Interests in a Subsidiary owning a Broadcasting Asset);

     (h) Hedging Agreements permitted under Section 6.07;

     (i) loans and advances to employees of any Loan Party in the ordinary course of business
(including for travel, entertainment and relocation expenses) in an aggregate amount for all such
Loan Parties not to exceed $10,000,000 at any time outstanding;

     (j) shares of common stock of the Borrower held as treasury stock after the purchase thereof
by the Borrower in compliance with Section 6.08; and

     (k) other investments made on or after the Effective Date in an aggregate amount not exceeding
(i) $25,000,000 plus the amount of the Maximum Restricted Payment/Investment Amount not
utilized pursuant to Section 6.04(k)(ii) or Section 6.08(a)(iv), if either the
Total Leverage Ratio, measured prior to giving effect to such investment, or the Pro Forma Total
Leverage Ratio, measured after giving effect to such investment, is greater than or equal to 6.50
to 1.00 but less than 8.50 to 1.00, (ii) $200,000,000 plus the amount of the Maximum
Restricted Payment/Investment Amount not utilized pursuant to Section 6.04(k)(i) or
Section 6.08(a)(iv), if both the Total Leverage Ratio, measured prior to giving effect to
such investment, and the Pro Forma Total Leverage Ratio, measured after giving effect to such
investment, is less than 6.50 to 1.00 but greater than or equal to 6.00 to 1.00, and (iii)
$400,000,000 if both the Total Leverage Ratio, measured prior to giving effect to such investment,
and the Pro Forma Total Leverage Ratio, measured after giving effect to such investment, is less
than 6.00 to 1.00; provided that after giving effect to each such investment under this
Section 6.04(k) the aggregate undrawn amount of the Revolving Commitments must be greater
than or equal to $25,000,000.

     SECTION 6.05. Asset Sales. The Borrower will not, and will not permit any of the
Subsidiary Loan Parties to, sell, transfer, lease or otherwise dispose of any asset, including any
Equity Interest owned by it, nor will the Borrower permit any of the Subsidiary Loan Parties to
issue any additional Equity Interest in such Subsidiary, except:

     (a) sales of inventory, used, obsolete, worn-out or surplus equipment and Permitted
Investments in the ordinary course of business;

     (b) sales, transfers and dispositions to the Borrower or a Subsidiary; provided that
any such sales, transfers or dispositions to an Excluded Subsidiary shall be made in compliance
with Section 6.09;

     (c) sales, transfers and other dispositions of assets (other than Equity Interests in a
Subsidiary Loan Party) that are not permitted by any other clause of this Section; provided
that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in
reliance upon this clause (c) shall not exceed (i) $20,000,000 during the fiscal year of the
Borrower ending on December 31, 2006, (ii) $25,000,000 during any fiscal year of the Borrower
ending thereafter and (iii) $100,000,000 in the aggregate on a cumulative basis from the Effective
Date;

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     (d) sales of fixed or capital assets pursuant to sale and lease-back transactions, to the
extent expressly permitted by Section 6.06; and

     (e) any Asset Swap Transaction; provided that to the extent that any consideration
(other than a Broadcasting Asset or all the Equity Interests in a Person or group of affiliated
Persons owning a Broadcasting Asset) is received by any Loan Party in connection with such
transaction, such transaction shall be treated as a sale of the relevant assets that must comply
with clause (c) above;

provided that all sales, transfers, leases and other dispositions permitted hereby (other
than those permitted by clause (b) above) shall be made for fair value and (other than those
permitted by clause (b) and (e) above) solely for cash consideration.

     SECTION 6.06. Sale and Leaseback Transactions. The Borrower will not, and will not
permit any of the Subsidiary Loan Parties to, enter into any arrangement, directly or indirectly,
whereby it shall sell or transfer any property, real or personal, used or useful in its business,
whether now owned or hereinafter acquired, and thereafter rent or lease such property or other
property that it intends to use for substantially the same purpose or purposes as the property sold
or transferred, except for any such sale of any fixed or capital assets (other than assets acquired
pursuant to any Permitted Acquisition) that is made for cash consideration in an amount not less
than the cost of such fixed or capital asset and is consummated within 90 days after the Borrower
or such Subsidiary Loan Party acquires or completes the construction of such fixed or capital
asset.

     SECTION 6.07. Hedging Agreements. The Borrower will not, and will not permit any of
the Subsidiary Loan Parties to, enter into any Hedging Agreement, other than (a) Hedging Agreements
required pursuant to Section 5.14, (b) Hedging Agreements entered into in the ordinary course of
business to hedge or mitigate risks to which the Borrower or any Subsidiary Loan Party is exposed
in the conduct of its business or the management of its liabilities and (c) Hedging Agreements
entered into in order to effectively exchange interest rates (from fixed to floating rates or
otherwise) with respect to any interest-bearing liability or investment of the Borrower or any
Subsidiary Loan Party.

     SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness. (a) The
Borrower will not, and will not permit any of the Subsidiary Loan Parties to, declare or make, or
agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except, to the extent that no Default has occurred and is
continuing or would result therefrom (other than any Restricted Payment permitted under (iv) below
to consummate the Public Tender Offer, with respect to which the condition of the absence of a
Default shall not apply):

     (i) the Borrower may declare and pay dividends with respect to its Equity Interests
payable solely in additional Equity Interests of the same class;

     (ii) Subsidiary Loan Parties may declare and pay dividends ratably with respect to
their Equity Interests;

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     (iii) the Borrower may make Restricted Payments, not exceeding $500,000 during any
fiscal year, pursuant to and in accordance with stock option plans or other benefit plans
for management or employees of the Borrower and its Subsidiaries; and

     (iv) the Borrower may make Restricted Payments in cash consisting of repurchases or
redemptions of shares of the Borrower’s common stock in an aggregate amount on and after the
Amendment No. 1 Closing Date, determined at the time of each such Restricted Payment, not to
exceed: (a) the then-current Maximum Restricted Payment/Investment Amount (reduced for any
amounts utilized pursuant to Section 6.04(k)(i) or (ii)) if the Total
Leverage Ratio, measured prior to giving effect to such Restricted Payment and any
Indebtedness incurred to finance such Restricted Payment, or the Pro Forma Total Leverage
Ratio, measured after giving effect to such Restricted Payment and any Indebtedness incurred
to finance such Restricted Payment, is greater than or equal to 6.00 to 1.00 but less than
8.50 to 1.00, and (b) an unlimited amount, if the Total Leverage Ratio, measured prior to
giving effect to such Restricted Payment and any Indebtedness incurred to finance such
Restricted Payment, or the Pro Forma Total Leverage Ratio, measured after giving effect to
such Restricted Payment and any Indebtedness incurred to finance such Restricted Payment is
less than 6.00 to 1.00; provided that after giving effect to each such Restricted
Payment under this Section 6.08(a)(iv) the aggregate undrawn amount of the Revolving
Commitments must be greater than or equal to $25,000,000.

     (b) The Borrower will not, nor will it permit any Subsidiary Loan Party to, make or agree to
pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities
or other property) of or in respect of principal of or interest on any Indebtedness, or any payment
or other distribution (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any Indebtedness, except:

     (i) payment or prepayment of Indebtedness created under the Loan Documents;

     (ii) payment of regularly scheduled interest and principal payments as and when due in
respect of any Indebtedness permitted by Section 6.01;

     (iii) refinancings of Indebtedness to the extent permitted by Section 6.01; and

     (iv) payment of secured Indebtedness that becomes due as a result of the voluntary sale
or transfer of the property or assets securing such Indebtedness.

     SECTION 6.09. Transactions with Affiliates. The Borrower will not, and will not
permit any of the Subsidiary Loan Parties to, sell, lease or otherwise transfer any property or
assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage
in any other transactions with, any of its Affiliates, except (a) transactions in the ordinary
course of business at prices and on terms and conditions not less favorable to the Borrower or such
Subsidiary Loan Party than could be obtained on an arm’s-length basis from unrelated third

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parties, (b) transactions between or among the Borrower and Subsidiary Loan Parties not
involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.08(a).

     SECTION 6.10. Restrictive Agreements. The Borrower will not, and will not permit any
of the Subsidiary Loan Parties to, directly or indirectly, enter into, incur or permit to exist any
agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the
ability of the Borrower or any Subsidiary Loan Party to create, incur or permit to exist any Lien
upon any of its property or assets, or (b) the ability of any Subsidiary Loan Party to pay
dividends or other distributions with respect to any of its Equity Interests or to make or repay
loans or advances to the Borrower or any other Subsidiary Loan Party or to Guarantee Indebtedness
of the Borrower or any other Subsidiary Loan Party; provided that (i) the foregoing shall
not apply to restrictions and conditions imposed by law or by any Loan Document, (ii) the foregoing
shall not apply to restrictions and conditions existing on the Effective Date identified on
Schedule 6.10 (but shall apply to any extension or renewal of, or any amendment or
modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall
not apply to customary restrictions and conditions contained in agreements relating to the sale of
a Subsidiary pending such sale, provided such restrictions and conditions apply only to the
Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the
foregoing shall not apply to restrictions or conditions imposed by any agreement relating to
secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to
the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not
apply to customary provisions in leases and other contracts restricting the assignment thereof.

     SECTION 6.11. FCC Licenses and License Subsidiaries. The Borrower will not permit any
FCC License to be owned or acquired by any Person other than a corporation organized under the laws
of a jurisdiction in the United States that (a) is a Subsidiary Loan Party and is wholly owned
directly by a Loan Party, (b) does not engage in any business or activity other than the ownership
of one or more FCC Licenses and activities incidental thereto, (c) does not own or acquire any
assets other than one or more FCC Licenses, cash and Permitted Investments and (d) does not have or
incur any Indebtedness or other liabilities other than liabilities under the Loan Documents,
liabilities imposed by law, including tax liabilities, and other liabilities incidental to its
existence and permitted business and activities (any corporation satisfying the foregoing
requirements, a “License Subsidiary”).

     SECTION 6.12. Amendment of Material Documents. The Borrower will not, nor will it
permit any Subsidiary Loan Party to, amend, modify or waive any of its rights under (a) its
certificate of incorporation, by-laws or other organizational documents or (b) any indenture,
credit agreement or other document entered into to evidence or govern the terms of any Indebtedness
identified on Schedule 6.01 or permitted to be created, incurred or assumed pursuant to
Section 6.01 and, in each case, any indenture, credit agreement or other document entered
into with respect to any extension, renewal, replacement or refinancing thereof, in each case
except for any such amendment, modification or waiver that, (i) would not, in any material respect,
adversely affect the interests of the Lenders and (ii) would otherwise not be prohibited hereunder.

     SECTION 6.13. Consolidated Fixed Charge Coverage Ratio. The Borrower will not permit
as of the last day of any fiscal quarter the ratio of (a) Consolidated EBITDA to (b)

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Consolidated Fixed Charges, in each case for any period of four consecutive fiscal quarters,
to be less than 1.10 to 1.00.

     SECTION 6.14. Total Leverage Ratio.

     (a) From the Amendment No. 1 Closing Date up to but not including the Total Leverage Trigger
Date, the Borrower will not permit the Total Leverage Ratio, as of the last day of any fiscal
quarter ending during any period set forth below, to exceed the ratio set forth below opposite such
period:

	 	 	 
	Period	 	Ratio
	Amendment No. 1 Closing Date through
and including June 30, 2007

	 	8.50 to 1.00
	 
	 	 
	July 1, 2007 through and including
December 31, 2007

	 	8.25 to 1.00
	 
	 	 
	January 1, 2008 through and including
September 30, 2008

	 	7.75 to 1.00
	 
	 	 
	October 1, 2008 through and including
December 31, 2008

	 	7.50 to 1.00
	 
	 	 
	January 1, 2009 through and including
December 31, 2009

	 	7.00 to 1.00
	 
	 	 
	January 1, 2010 through and including
December 31, 2010

	 	6.50 to 1.00
	 
	 	 
	January 1, 2011 through and including
December 31, 2011

	 	6.25 to 1.00
	 
	 	 
	January 1, 2012 and thereafter

	 	6.00 to 1.00

     (b) On and after the Total Leverage Trigger Date, the Borrower will not permit the Total
Leverage Ratio, as of the last day of any fiscal quarter ending during any period set forth below,
to exceed the ratio set forth below opposite such period:

	 	 	 
	Period	 	Ratio
	Amendment No. 1 Closing Date through
and including December 31, 2007

	 	8.75 to 1.00
	 
	 	 
	January 1, 2008 through and including
June 30, 2009

	 	8.50 to 1.00

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	Period	 	Ratio
	July 1, 2009 through and including
December 31, 2009

	 	8.00 to 1.00
	 
	 	 
	January 1, 2010 through and including
June 30, 2010

	 	7.50 to 1.00
	 
	 	 
	July 1, 2010 through and including
December 31, 2010

	 	7.00 to 1.00
	 
	 	 
	January 1, 2011 and thereafter

	 	6.50 to 1.00

     SECTION 6.15. [Intentionally omitted.]

     SECTION 6.16. Capital Expenditures. The Borrower will not, nor will it permit any of
the Subsidiary Loan Parties to, make or commit to make any Capital Expenditures, except (a) Capital
Expenditures of the Borrower and the Subsidiary Loan Parties in the ordinary course of business not
exceeding $15,000,000 in any fiscal year of the Borrower and (b) Capital Expenditures made with the
proceeds of any Reinvestment Amount; provided that, to the extent that Capital Expenditures
made by the Borrower and the Subsidiary Loan Parties during any fiscal year are less than the
maximum amount permitted to be made for such fiscal year as set forth in clause (a) above, up to
100% of such unused amount (each such amount, a “carry-forward amount”) may be carried forward to
the immediately succeeding fiscal year and utilized to make Capital Expenditures in such succeeding
fiscal year in the event the amount set forth above for such succeeding fiscal year has been used
(it being understood and agreed that (i) no carry-forward amount may be carried forward beyond the
first fiscal year immediately succeeding the fiscal year in which it arose and (ii) no portion of
the carry-forward amount available for any fiscal year may be used until the entire amount of such
Capital Expenditures permitted to be made in such fiscal year (without giving effect to such
carry-forward amount) shall be made).

     SECTION 6.17. Excluded Subsidiaries. (a) The Borrower will not permit any Excluded
Subsidiary to (i) own or hold any Lien on any property of the Borrower or any Subsidiary Loan
Party, (ii) incur any Indebtedness that is not Non-Recourse Debt, (iii) enter into any agreement,
contract, arrangement or understanding with the Borrower or any Subsidiary Loan Party that is not
expressly permitted by Section 6.09 or (iv) directly or indirectly own any Indebtedness of
or Equity Interests in, or have any other investments in, the Borrower or any Subsidiary Loan
Party.

     (b) Each Excluded Subsidiary shall be a Person with respect to which neither the Borrower nor
any Subsidiary Loan Party has any direct or indirect obligation to (i) subscribe for additional
Equity Interests, (ii) maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results or (iii) except to the extent permitted
by Section 6.04, otherwise guarantee performance or payment of any obligations of such
Person.

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     (c) If, at any time, any Excluded Subsidiary fails to meet the requirements set forth in
paragraphs (a) and (b) of this Section, such Subsidiary shall thereafter cease to be an Excluded
Subsidiary for purposes of this Agreement and, as of such date, (i) any Indebtedness of such
Subsidiary shall be deemed to be incurred by a Subsidiary Loan Party, (ii) any Liens on the
property of such Subsidiary shall be deemed to be Liens on the property of a Subsidiary Loan Party,
(iii) any investments in such Subsidiary shall be deemed to be investments in a Subsidiary Loan
Party as of such date (and, if such Indebtedness, investments or Liens are not permitted to be
incurred or to exist pursuant to this Agreement, the Borrower shall be in default hereunder) and
(iv) the Borrower shall promptly comply with the requirements of Section 5.12 and
5.13 with respect to such Subsidiary.

ARTICLE VII

EVENTS OF DEFAULT

     If any of the following events (“Events of Default”) shall occur:

     (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation
in respect of any LC Disbursement when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise;

     (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount
(other than an amount referred to in clause (a) of this Article) payable under this Agreement or
any other Loan Document, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of five Business Days;

     (c) any representation or warranty made or deemed made by or on behalf of the Borrower or any
Subsidiary in or in connection with any Loan Document or any amendment or modification thereof or
waiver thereunder, or in any report, certificate, financial statement or other document furnished
pursuant to or in connection with any Loan Document or any amendment or modification thereof or
waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed
made;

     (d) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02, 5.04 (with respect to the Borrower’s existence) or
5.11 or in Article VI;

     (e) any Loan Party shall fail to observe or perform any covenant, condition or agreement
contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this
Article), and such failure shall continue unremedied for a period of 30 days after notice thereof
from the Administrative Agent to the Borrower (which notice will be given at the request of any
Lender);

     (f) the Borrower or any Subsidiary Loan Party shall fail to make any payment (whether of
principal or interest and regardless of amount) in respect of any Material Indebtedness, when and
as the same shall become due and payable;

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     (g) any event or condition occurs that results in any Material Indebtedness becoming due prior
to its scheduled maturity or that enables or permits (after the expiration of any applicable cure
or grace period) the holder or holders of any Material Indebtedness or any trustee or agent on its
or their behalf to cause any Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided
that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such Indebtedness;

     (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any
Subsidiary Loan Party or its debts, or of a substantial part of its assets, under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Borrower or any Subsidiary Loan Party or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an
order or decree approving or ordering any of the foregoing shall be entered;

     (i) the Borrower or any Subsidiary Loan Party shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii)
consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any Subsidiary Loan Party or for a substantial part of its assets, (iv) file an
answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose
of effecting any of the foregoing;

     (j) the Borrower or any Subsidiary Loan Party shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due;

     (k) (i) one or more judgments for the payment of money in an aggregate amount in excess of
$15,000,000 or (ii) one or more non-monetary judgments that have, or could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, shall be rendered against the
Borrower, any Subsidiary Loan Party or any combination thereof and the same shall remain
undischarged for a period of 60 consecutive days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any
assets of the Borrower or any Subsidiary Loan Party to enforce any such judgment;

     (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other ERISA Events that have occurred, could reasonably be expected to
result in a Material Adverse Effect;

     (m) any Lien purported to be created under any Security Document shall cease to be, or shall
be asserted by any Loan Party not to be, a valid and perfected Lien on (i) any material Collateral
or (ii) any nonmaterial Collateral to the extent that (within 30 days after the date on

72

 

which such Lien ceases to be, or is asserted by any Loan Party not to be, a valid and
perfected Lien) a valid and perfected Lien is not created on such Collateral, in each case with the
priority required by the applicable Security Document, except (A) as a result of the sale or other
disposition of the applicable Collateral in a transaction permitted under the Loan Documents or (B)
solely as a result of the Administrative Agent’s failure to maintain possession of any stock
certificates, promissory notes or other instruments delivered to it under any Security Document;

     (n) the loss, revocation or suspension of, or any material impairment in the ability to use,
any one or more FCC Licenses shall occur and be continuing with respect to any Broadcast Asset of
the Borrower or any Subsidiary generating collective Broadcast Cash Flow equal to or greater than
10% of the total Broadcast Cash Flow of the Borrower and the Subsidiary Loan Parties;

     (o) a Change in Control shall occur; or

     (p) any Loan Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations,
ceases to be in full force and effect; or the Borrower, any of its Subsidiaries or any of their
Affiliates contests in any manner the validity or enforceability of any Loan Document; or the
Borrower, any of its Subsidiaries or any of their Affiliates denies that it has any or further
liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any
Loan Document;

     then, and in every such event (other than an event with respect to the Borrower described in clause
(h) or (i) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i)
terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower
described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and all fees
and other obligations of the Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower.

ARTICLE VIII

THE ADMINISTRATIVE AGENT

     Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent
as its agent and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms of the Loan

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Documents, together with such actions and powers as are reasonably incidental thereto. Other
than the relevant provisions relating to a successor Administrative Agent, the provisions of this
Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank
and the Borrower shall not have rights as a third party beneficiary of any of such provisions.

     The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the
Administrative Agent hereunder in its individual capacity, and such Person and its Affiliates may
accept deposits from, lend money to, act as the financial adviser or in any other advisory capacity
for and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent hereunder and without any duty to
account therefore to the Lenders.

     The Administrative Agent shall not have any duties or obligations except those expressly set
forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the
Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any
duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary under the circumstances as provided in Section 9.02 or in the
other Loan Documents), provided that the Administrative Agent shall not be required to take
any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or applicable law; and (c) except as
expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not
be liable for any action taken or not taken by it with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as
the Administrative Agent shall believe in good faith to be necessary, under the circumstances as
provided in Section 9.02) or in the absence of its own gross negligence or willful
misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless
and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender,
and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with any Loan Document,
(ii) the contents of any certificate, report or other document delivered thereunder or in
connection therewith, (iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement,
instrument or document, or (v) the satisfaction of any condition set forth in Article IV or
elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

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     The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing (including any electronic message, Internet or intranet website posting or any other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally
or by telephone and believed by it to be made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the
making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or the Issuing Bank, the Administrative Agent may presume that such
condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall
have received notice to the contrary from such Lender or the Issuing Bank prior to the making of
such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

     The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

     Subject to the appointment and acceptance of a successor to the Administrative Agent as
provided in this paragraph, the Administrative Agent may resign at any time by notifying the
Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall
have the right, with the consent of the Borrower, to appoint a successor; provided that no
such consent of the Borrower shall be required if a Default has occurred and is continuing. If no
successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within 30 days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint
a successor Administrative Agent which shall be a bank with an office in New York, New York, or an
Affiliate of any such bank; provided that if the Administrative Agent shall notify the
Borrower and the Lenders that no qualifying Person has accepted such appointment, then such
resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents (except that in the case of any collateral security held by the Administrative
Agent on behalf of the Lenders or the Issuing Bank under any of the Loan Documents, the retiring
Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (2) all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender
and the Issuing Bank directly, until such time as the Required Lenders appoint a successor
Administrative Agent as provided for above in this Section. Upon the acceptance of its appointment
as Administrative Agent

75

 

hereunder by a successor, such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations under the Loan Documents
(if not already discharged therefrom as provided above in this Section). The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 9.03 shall continue in
effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while it was
acting as Administrative Agent.

     Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as Issuing Bank. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring Issuing Bank, (b) the retiring Issuing
Bank shall be discharged from all of their respective duties and obligations hereunder or under the
other Loan Documents, and (c) the successor Issuing Bank shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to the retiring Issuing Bank to effectively assume the obligations
of the retiring Issuing Bank with respect to such Letters of Credit.

     Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or
thereunder.

     Anything herein to the contrary notwithstanding, the Joint Lead Arrangers, Joint Bookrunners,
Syndication Agent and Co-Documentation Agents shall, in their capacities as such, have no duties or
responsibilities under this Agreement or any other Loan Document. None of the Joint Lead
Arrangers, Joint Bookrunners, Syndication Agent or Co-Documentation Agents shall have or be deemed
to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not
relied, and will not rely, on the Joint Lead Arrangers, Joint Bookrunners, Syndication Agent or
Co-Documentation Agents in deciding to enter into this Agreement or any other Loan Document or in
taking or not taking any action hereunder or thereunder.

     In case of the pendency of any proceeding under any Federal, State or foreign bankruptcy,
insolvency, receivership or similar law or any other judicial proceeding relative to any Loan
Party, the Administrative Agent (irrespective of whether the principal of any Loan or LC
Disbursement shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall
be entitled and empowered, by intervention in such proceeding or otherwise:

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     (i) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, LC Disbursements and all other Obligations that are owing and
unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the Issuing Bank and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Bank and
the Administrative Agent and their respective agents and counsel and all other amounts due the
Lenders, the Issuing Bank and the Administrative Agent under Sections 2.11 and
9.03) allowed in such judicial proceeding; and

     (ii) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the Issuing Bank to make
such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.11 and 9.03.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of
any Lender or the Issuing Bank to authorize the Administrative Agent to vote in respect of the
claim of any Lender or the Issuing Bank in any such proceeding.

     The Lenders and the Issuing Bank irrevocably authorize the Administrative Agent, at its option
and in its discretion:

     (i) to release any Lien on any property granted to or held by the Administrative Agent under
any Loan Document (i) upon termination of the Commitments and payment in full of all Obligations
(other than contingent indemnification obligations) and the expiration or termination of all
Letters of Credit, (ii) that is sold or to be sold as part of or in connection with any sale
permitted hereunder or under any other Loan Document, or (iii) subject to Section 9.02, if
approved, authorized or ratified in writing by the Required Lenders;

     (ii) to subordinate any Lien on any property granted to or held by the Administrative Agent
under any Loan Document to the holder of any Lien on such property that is permitted by Section
6.02(e); and

     (iii) to release any Subsidiary Loan Party from its obligations under the Collateral Agreement
if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder.

     Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Subsidiary Loan Party from its obligations under the
Collateral Agreement pursuant to this Article VIII.

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ARTICLE IX

MISCELLANEOUS

     SECTION 9.01. Notices. Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows:

     (i) if to the Borrower, the Administrative Agent or the Issuing Bank, to its address
(or telecopy number) set forth on Schedule 9.01.

     (ii) if to any other Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire.

Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any
party hereto in accordance with the provisions of this Agreement shall be deemed to have been given
on the date of receipt.

     Notices and other communications to the Lenders and the Issuing Bank hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet
websites) pursuant to procedures approved by the Administrative Agent, provided that the
foregoing shall not apply to any notice of service of process under Section 9.09 or to
notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the
Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic. The Administrative Agent or the Borrower may,
in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

     Notwithstanding the foregoing, any notice from the Administrative Agent, the Required Lenders
or any Lender to any Loan Party stating that (a) any Obligations are being accelerated, or (b) the
intention of any of them to exercise remedies under any Loan Document after the occurrence of an
Event of Default, shall be made in accordance with the first paragraph of this Section
9.01.

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     THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM,
AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR
OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE
PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively,
the “Agent Parties”) have any liability to the Borrower, any Lender, the Issuing Bank or any other
Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract
or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower
Materials through the Internet, except to the extent that such losses, claims, damages, liabilities
or expenses are determined by a court of competent jurisdiction by a final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to the
Borrower, any Lender, the Issuing Bank or any other Person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages).

     SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative
Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other
Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and
under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of any Loan Document or consent to any
departure by any Loan Party therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. Without limiting the generality of
the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a
waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing
Bank may have had notice or knowledge of such Default at the time.

     (b) Except as provided in Section 2.19 with respect to an Incremental Facility
Amendment, neither this Agreement nor any other Loan Document nor any provision hereof or thereof
may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement
or agreements in writing entered into by the Borrower and the Required Lenders or, in the case of
any other Loan Document, pursuant to an agreement or agreements in writing entered into by the
Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with
the consent of the Required Lenders; provided that no such agreement shall (i) waive any
condition set forth in Section 4.01 or permit any Interest Period in excess of six months
without the written consent of each Lender; (ii) extend or increase the Commitment of any Lender
(or reinstate any Commitment terminated pursuant to Article VII) without the

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written consent of such Lender, (iii) reduce the principal amount of any Loan or LC
Disbursement or reduce the rate of interest thereon, or reduce any fees (subject to (C) below)
payable hereunder, without the written consent of each Lender directly affected thereby;
provided, however, that (1) only the consent of the Required Term Lenders shall be
necessary to amend the amount of the default rate set forth in Section 2.12(c) due to the
Term Lenders, (2) only the consent of the Required Revolving Lenders shall be necessary to amend
the amount of the default rate set forth in Section 2.12(c) due to the Revolving Lenders
(including waiving any obligation of the Borrower to pay interest or fees in respect of Letters of
Credit at the default rate then in effect) and (3) only the consent of the Required Lenders shall
be necessary to amend any financial covenant hereunder or any defined term used therein (provided
that if the effect of such amendment would be to reduce the rate of interest on any Revolving Loan
or LC Disbursement or to reduce any fee payable to the Revolving Lenders hereunder, the consent,
and only the consent, of the Required Revolving Lenders shall be necessary); (iv) postpone the
maturity of any Loan, or any scheduled date of payment of the principal amount of any Term Loan
under Section 2.09, or the required date of reimbursement of any LC Disbursement, or any
date for the payment of any interest or fees payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without
the written consent of each Lender directly affected thereby, (v)(i) change Section 2.17(b)
or (c) in a manner that would alter the pro rata sharing of payments required thereby,
without the written consent of each Lender or (ii) change the last sentence of Section
2.07(c) in a manner that would alter the pro rata sharing of commitment reductions required
thereby, without the written consent of each Revolving Lender, (vi) change any of the provisions of
this Section or the percentage set forth in the definition of “Required Lenders”, “Required
Revolving Lenders”, “Required Term Loan Lenders”, or any other provision of any Loan Document
specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend
or modify any rights thereunder or make any determination or grant any consent thereunder, without
the written consent of each Lender (or each Revolving Lender, Term Loan Lender or such other Lender
of such Class, as the case may be), (vii) release any Subsidiary Loan Party from its Guarantee
under the Collateral Agreement (except as expressly provided in the Collateral Agreement), or limit
its liability in respect of such Guarantee, without the written consent of each Lender, (viii)
release all or substantially all of the Collateral from the Liens of the Security Documents,
without the written consent of each Lender or (ix) change any provisions of any Loan Document in a
manner that by its terms adversely affects the rights in respect of payments due to Lenders, or the
assignment rights of such Lenders, holding Loans of any Class differently than those holding Loans
of any other Class, without the written consent of Lenders holding a majority in interest of the
outstanding Loans and unused Commitments of each affected Class (in addition to any consent
required under any other clause of this Section); provided further that (A) no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent
or the Issuing Bank without the prior written consent of the Administrative Agent or the Issuing
Bank, as the case may be, (B) any waiver, amendment or modification of this Agreement that by its
terms affects the rights or duties under this Agreement of one Class of Lenders (but not any other
Class of Lenders) may be effected by an agreement or agreements in writing entered into by the
Borrower and requisite percentage in interest of the affected Class of Lenders that would be
required to consent thereto under this Section if such Class of Lenders were the only Class of
Lenders hereunder at the time, (C) no amendment, waiver or consent which has the effect of enabling
the Borrower to satisfy any condition to a Borrowing contained in Section 4.02

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hereof which, but for such amendment, waiver or consent would not be satisfied, shall be
effective to require the Revolving Lenders or the Issuing Bank to make any additional Revolving
Loan or to issue any additional or renew any existing Letter of Credit, unless and until the
Required Revolving Lenders (or, if applicable, all Revolving Lenders) shall have approved such
amendment, waiver or consent, and (D) only the consent of the Required Revolving Lenders shall be
necessary to amend, modify or waive any provision of this Agreement or any other Loan Document
concerning the issuance and repayments of Letters of Credit (including, without limitation, the
maximum amount of LC Exposure set forth in Section 2.04(b)).

     (c) If any Lender does not consent to a proposed amendment, waiver, consent or release with
respect to any Loan Document that requires the consent of such Lender and that has been approved by
the Required Lenders, the Borrower may replace such non-consenting Lender in accordance with
Section 2.18(b); provided that (i) such amendment, waiver, consent or release can
be effected as a result of the assignment contemplated by such Section 2.18(b) (together
with all other such assignments required by the Borrower to be made pursuant to this paragraph),
(ii) such replacement Lender approves such proposed amendment, waiver, consent or release and (iii)
the Borrower or such replacement Lender shall pay all processing and recordation fees in connection
with such replacement.

     SECTION 9.03. Expenses; Indemnity; Damage Waiver. From and at all times after the
Agreement Date:

     (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses actually incurred by the
Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements
of counsel for the Administrative Agent, in connection with the syndication of the credit
facilities provided for herein, the preparation, negotiation, execution, delivery and
administration of the Loan Documents or any amendments, modifications or waivers of the provisions
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii)
all reasonable out-of-pocket expenses actually incurred by the Issuing Bank in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all reasonable out-of-pocket expenses actually incurred by the Administrative
Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel
for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or
protection of its rights in connection with the Loan Documents, including its rights under this
Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all
such reasonable out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans or Letters of Credit.

     (b) The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the
Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such
Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any
and all losses, claims, damages, liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee by
any third party or by the Borrower or any other Loan Party arising out of, in connection with, or
as a result of (i) the execution or delivery of any Loan Document or any other agreement or
instrument contemplated hereby, the performance by the parties to the Loan Documents of their
respective obligations thereunder or the consummation of the

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Transactions or any other transactions contemplated hereby or, in the case of the
Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration
of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or
proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence
or release of Hazardous Materials on or from any Mortgaged Property or any other property currently
or formerly owned or operated by the Borrower or any of its Subsidiaries, or any Environmental
Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory whether brought by a third party or by the
Borrower or any other Loan Party and regardless of whether any Indemnitee is a party thereto, in
all cases, whether or not caused by or arising, in whole or in part, out of the comparative,
contributory or sole negligence of the Indemnitee; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.

     (c) To the extent that the Borrower fails to indefeasibly pay any amount required to be paid
by it to the Administrative Agent (or any sub-agent thereof), the Issuing Bank or any Related Party
under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the
Administrative Agent (or any such sub-agent), the Issuing Bank or the Related Party, as the case
may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount; provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the
Issuing Bank in its capacity as such or against any Related Party of any of the foregoing acting
for the Administrative Agent (or any such sub-agent) or Issuing Bank in connection with such
capacity. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its
share of the sum of the total Revolving Exposures, outstanding Term Loans and unused Commitments at
the time; provided that, for purposes of indemnifying the Issuing Bank or its Related Party
hereunder, a Lender’s “pro rata share” shall be determined based upon its share of the sum of total
Revolving Exposures and unused Revolving Commitments.

     (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. No
Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use
by unintended recipients of any information or other materials distributed to such unintended
recipients by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby other than for direct or actual damages resulting

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from the gross negligence of willful misconduct of such Indemnitee as determined by a final
and nonappealable judgment of a court of competent jurisdiction.

     (e) All amounts due under this Section shall be payable not later than ten Business Days after
demand therefor.

     (f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent and the Issuing Bank, the replacement of any Lender, the termination of the
Commitments and the repayment, satisfaction or discharge of all the other Obligations.

     SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of
Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder (other than as expressly provided in clause (ii) of Section 6.03(a))
without the prior written consent of the Administrative Agent and each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no
Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section (and any other attempted assignment or transfer by any Lender shall be null and
void). Nothing in this Agreement, express or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assignees permitted hereby
(including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to
the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders)
any legal or equitable right, remedy or claim under or by reason of this Agreement.

     (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld or delayed) of:

     (A) the Borrower; provided that no consent of the Borrower shall be
required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund
(as defined below) or, if an Event of Default has occurred and is continuing, any
other assignee;

     (B) the Administrative Agent; provided that no consent of the
Administrative Agent shall be required for an assignment of (1) any Revolving
Commitment to an assignee that is a Lender with a Revolving Commitment immediately
prior to giving effect to such assignment or (2) a Term Loan to a Lender, an
Affiliate of a Lender or an Approved Fund; and

     (C) in the case of an assignment that increases the obligation of the assignee
to participate in exposure under one or more Letters of Credit (whether or not then
outstanding), the Issuing Bank.

     (ii) Assignments shall be subject to the following additional conditions:

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     (A) except in the case of an assignment to a Lender, an Affiliate of a Lender
or an Approved Fund or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of any Class (in either of which case no minimum amount
need be assigned), the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding hereunder) or, if the Commitment is not then in effect,
the principal outstanding balance of the Loans of the assigning Lender subject to
each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as the Trade Date), unless each
of the Borrower and the Administrative Agent otherwise consents (each such consent
not to be unreasonably withheld or delayed), shall not be less than $1,000,000;
provided that no such consent of the Borrower shall be required if an Event
of Default has occurred and is continuing; provided, however, that
concurrent assignments to members of an Assignee Group and concurrent assignments
from members of an Assignee Group to a single assignee (or to an assignee and
members of its Assignee Group) will be treated as a single assignment for purposes
of determining whether such minimum amount has been met.

     (B) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Agreement;
provided that this clause shall not be construed to prohibit the assignment
of a proportionate part of all the assigning Lender’s rights and obligations in
respect of one Class of Commitments or Loans;

     (C) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and
recordation fee in the amount of $3,500; provided, however, that the
Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment;

     (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire;

     (E) no such assignment shall be made to the Borrower or any of the Borrower’s
Affiliates or Subsidiaries; and

     (F) no such assignment shall be made to a natural person.

     For purposes of this Section 9.04(b), the term “Approved Fund” has the
following meaning:

     “Approved Fund” means any Person (other than a natural person) that is
(or will be) engaged in making, purchasing, holding or investing in commercial loans
and similar extensions of credit in the ordinary course and that is administered or
managed by (a) a Lender, (b) an Affiliate of that Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender.

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     (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Assumption the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto
but shall continue to be entitled to the benefits of Sections 2.14, 2.15,
2.16 and 9.03 with respect to facts and circumstances occurring prior to the
effective date of such assignment). Upon request, the Borrower (at its expense) shall
execute and deliver a promissory note to the assignee Lender. Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply with this
Section 9.04 shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with paragraph (c) of
this Section 9.04.

     (iv) The Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent,
the Issuing Bank and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from
time to time upon reasonable prior notice.

     (c) (i) Any Lender may, without the consent of or notice to the Borrower, the Administrative
Agent or the Issuing Bank, sell participations to one or more banks or other entities (other than a
natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans (including such Lender’s
participations in LC Disbursements) owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a
Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of
the Loan Documents; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver
described in clause (ii), (iii), (iv) or (v) of the first proviso to Section 9.02(b) that
affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that
each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and
2.16 to the

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same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.08 as though it were a Lender, provided such
Participant agrees to be subject to Section 2.17(c) as though it were a Lender.

     (ii) A Participant shall not be entitled to receive any greater payment under
Section 2.14 or 2.16 than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. A
Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 2.16 unless the Borrower is notified of the participation sold
to such Participant and such Participant agrees, for the benefit of the Borrower, to comply
with Section 2.16(e) as though it were a Lender.

     (d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement or any Note issued hereunder to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
In the case of any Lender that is a fund that invests in bank loans, such Lender may, without the
consent of the Borrower or the Administrative Agent, assign or pledge all or any portion of its
rights (but not obligations) under this Agreement, including the Loans and any notes or any other
instrument evidencing its rights as a Lender under this Agreement, to any holder of, trustee for,
or any other representative of holders of, obligations owed or securities issued by such fund, as
security for such obligations or securities; provided that any foreclosure or similar
action by such trustee or representative shall be subject to the provisions of this Section
9.04 concerning assignments.

     (e) The words “execution,” “signed,” “signature,” and words of like import in any Assignment
and Assumption shall be deemed to include electronic signatures or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be,
to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

     (f) Notwithstanding anything to the contrary contained herein, if at any time Bank of America
assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, upon
30 days’ notice to the Borrower and the Lenders, resign as Issuing Bank. In the event of any such
resignation as Issuing Bank, the Borrower shall be entitled to appoint from among the Lenders a
successor Issuing Bank hereunder; provided, however, that no failure by the Borrower to appoint any
such successor shall affect the resignation of Bank of America as Issuing Bank. If Bank of America
resigns as Issuing Bank, it shall retain all the rights, powers, privileges and duties of the
Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date
of its resignation as Issuing Bank and all LC Disbursements

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with respect thereto (including the right to require the Lenders to make Alternate Base Rate
Loans or fund risk participations in Letters of Credit pursuant to Section 2.04(d)). Upon the
appointment of a successor Issuing Bank, (a) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring Issuing Bank, and (b) the
successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if
any, outstanding at the time of such successor or make other arrangements satisfactory to Bank of
America to effectively assume the obligations of Bank of America with respect to such Letters of
Credit.

     SECTION 9.05. Survival. All covenants, agreements, representations and warranties
made by the Loan Parties in the Loan Documents and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be
considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of
any Default or incorrect representation or warranty at the time any credit is extended hereunder,
and shall continue in full force and effect as long as the principal of or any accrued interest on
any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or
any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.
The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and
Article VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby (including as a result of the Agreement Date
occurring without the occurrence of the Effective Date, to the extent applicable to such
provisions), the repayment of the Loans, the expiration or termination of the Letters of Credit and
the Commitments or the termination of this Agreement or any provision hereof.

     SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement, the other Loan Documents and any separate letter agreements with respect
to fees payable to the Administrative Agent constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof.

     SECTION 9.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against
any of and all the obligations of the Borrower now or hereafter existing under this Agreement

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held by such Lender, irrespective of whether or not such Lender shall have made any demand
under this Agreement and although such obligations may be unmatured. The rights of each Lender
under this Section are in addition to other rights and remedies (including other rights of setoff)
which such Lender may have.

     SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the laws of the State of New York.

     (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to any
Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law,
in such Federal court. Each of the parties hereto agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan
Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may
otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against the Borrower or its properties in the courts of any jurisdiction.

     (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement or any other
Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

     (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for written notices in Section 9.01. Nothing in this Agreement or any other Loan
Document will affect the right of any party to this Agreement to serve process in any other manner
permitted by law.

     SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,

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AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     SECTION 9.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

     SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Bank and
the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees,
trustees and agents, including accountants, legal counsel and other advisors (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority or rating agency, (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to any pledgee referred to in Section 9.04(d) or any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement, (g) with the consent of the Borrower, (h) to any direct or indirect
contractual counterparty in any swap, hedge or similar agreement or such contractual counterparty’s
professional advisor to such contractual counterparty, so long as such contractual counterparty or
such professional advisor agrees to be bound by the provisions of this Section, or (i) to the
extent such Information (i) becomes publicly available other than as a result of a breach of this
Section or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis from a source other than the Borrower. For the purposes of this Section,
“Information” means all information received from the Borrower relating to the Borrower or
its business, other than any such information that is available to the Administrative Agent, the
Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower;
provided that, in the case of information received from the Borrower after the Effective
Date, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

     SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts which are treated as interest on such Loan under applicable law (collectively,
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may
be contracted for, charged, taken, received or reserved by the Lender holding such Loan in
accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to
the extent lawful, the interest and Charges that would have been payable in respect of such Loan
but were not payable as a result of the operation of this Section shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or periods shall be

89

 

increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been
received by such Lender.

     SECTION 9.14. USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant
to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)), (the “Act”), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender to identify the Borrower in accordance with the Act.

     SECTION 9.15. No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction contemplated hereby, the Borrower acknowledges and agrees that: (i) the credit
facilities provided for hereunder and any related arranging or other services in connection
therewith (including in connection with any amendment, waiver or other modification hereof or of
any other Loan Document) are an arm’s-length commercial transaction between the Borrower and its
Affiliates, on the one hand, and the Administrative Agent and the Joint Lead Arrangers, on the
other hand, the Borrower is capable of evaluating and understanding and understands and accepts the
terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents
(including any amendment, waiver or other modification thereof or thereof); (ii) in connection with
the process leading to such transaction, the Administrative Agent and each Joint Lead Arranger each
is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary
for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other
Person; (iii) neither the Administrative Agent nor any Joint Lead Arranger has assumed or will
assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any
of the transactions contemplated hereby or the process leading thereto, including with respect to
any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of
whether the Administrative Agent or any Joint Lead Arranger has advised or is currently advising
the Borrower or any of its Affiliates on other matters) and neither the Administrative Agent nor
any Joint Lead Arranger has any obligation to the Borrower or any of its Affiliates with respect to
the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; (iv) the Administrative Agent and the Joint Lead Arrangers and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor any
Joint Lead Arranger has any obligation to disclose any of such interests by virtue of any advisory,
agency or fiduciary relationship; and (v) the Administrative Agent and the Joint Lead Arrangers
have not provided and will not provide any legal, accounting, regulatory or tax advice with respect
to any of the transactions contemplated hereby (including any amendment, waiver or other
modification hereof or of any other Loan Document) and the Borrower has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Borrower
hereby waives and releases, to the fullest extent permitted by law, any claims that it may have
against the Administrative Agent and the Joint Lead Arrangers with respect to any breach or alleged
breach of agency or fiduciary duty.

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

	 	 	 	 	 	 	 
	 	 	CUMULUS MEDIA INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

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

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

	 	 	 	 	 	 	 
	 	 	[LENDERS]
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:

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