Document:

ex1012010bond_indenture.htm

    Exhibit
10.1

    Execution
Version

    DIRECTV HOLDINGS LLC

    

    DIRECTV
FINANCING CO., INC.

    

    3.550%
SENIOR NOTES DUE 2015

    5.200%
SENIOR NOTES DUE 2020

    6.350%
SENIOR NOTES DUE 2040

     

    INDENTURE

     

    

     

    Dated as
of March 11, 2010

     

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

    as

    Trustee

    

    
      
         

         

         

      

    

    

    CROSS-REFERENCE
TABLE

     

    
      	
                TIA

            	
              Indenture

            
	
              Section

            	
               Section 

            
	
              303                                                                                                             

            	
              1.03

            
	
              310(a)(1)                                                                                                             

            	
              7.10

            
	
              (a)(2)                                                                                                         

            	
              7.10

            
	
              (a)(3)                                                                                                         

            	
              N.A.

            
	
              (a)(4)                                                                                                         

            	
              N.A.

            
	
              (b)                                                                                                         

            	
              7.10

            
	
              (c)                                                                                                         

            	
              N.A.

            
	
              311(a)                                                                                                             

            	
              7.11

            
	
              (b)                                                                                                         

            	
              7.11

            
	
              (c)                                                                                                         

            	
              N.A.

            
	
              312(a)                                                                                                             

            	
              2.05

            
	
              (b)                                                                                                         

            	
              11.03

            
	
              (c)                                                                                                         

            	
              11.03

            
	
              313(a)                                                                                                             

            	
              7.06

            
	
              (b)(1)                                                                                                         

            	
              7.06

            
	
              (b)(2)                                                                                                         

            	
              7.07

            
	
              (c)                                                                                                         

            	
              7.06;
      11.02

            
	
              (d)                                                                                                         

            	
              7.06

            
	
              314(a)                                                                                                             

            	
              4.03(a);
      11.05

            
	
              (4)                                                                                                         

            	
              4.04;
      11.05

            
	
              (b)                                                                                                         

            	
              N.A.

            
	
              (c)(1)                                                                                                         

            	
              11.04

            
	
              (c)(2)                                                                                                         

            	
              11.04

            
	
              (c)(3)                                                                                                         

            	
              N.A.

            
	
              (d)                                                                                                         

            	
              N.A.

            
	
              (e)                                                                                                         

            	
              11.04;
      11.05

            
	
              (f)                                                                                                         

            	
              N.A.

            
	
              315(a)                                                                                                             

            	
              7.01(b);
      7.02

            
	
              (b)                                                                                                         

            	
              7.05;
      11.02

            
	
              (c)                                                                                                         

            	
              7.01(a)

            
	
              (d)                                                                                                         

            	
              7.01(c)

            
	
              (e)                                                                                                         

            	
              6.11

            
	
              316(a)
      (last
      sentence)                                                                                                             

            	
              2.09

            
	
              (a)(1)(A)                                                                                                         

            	
              6.05

            
	
              (a)(1)(B)                                                                                                         

            	
              6.04

            
	
              (a)(2)                                                                                                         

            	
              N.A.

            
	
              (b)                                                                                                         

            	
              6.07

            
	
              (c)                                                                                                         

            	
              2.13

            
	
              317(a)(1)                                                                                                             

            	
              6.08

            
	
              (a)(2)                                                                                                         

            	
              6.09

            
	
              (b)                                                                                                         

            	
              2.04

            
	
              318(a)                                                                                                             

            	
              11.01

            
	
              (c)                                                                                                         

            	
              11.01

            

    

    ______________________

    N.A.
means Not Applicable.

    
      	
              Note:

            	
              This
      Cross-Reference Table shall not, for any purposes, be deemed to be part
      hereof.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF
CONTENTS

     

    Page

     

    ARTICLE
1

     

     

    

     

     

    DEFINITIONS
AND INCORPORATION BY REFERENCE

     

    
      	
               
      

            	
              SECTION
      1.01.

            	
              Definitions.

            	 

    

    
      	
               
      

            	
              SECTION
      1.02.

            	
              Other
      Definitions.

            	 

    

    
      	
               
      

            	
              SECTION
      1.03.

            	
              Incorporation
      by Reference of Trust Indenture Act.

            	 

    

    
      	
               
      

            	
              SECTION
      1.04.

            	
              Rules
      of Construction.

            	 

    

    
      	
               
      

            	
              SECTION
      1.05.

            	
              Acts
      of Holders; Record Dates.

            	 

    

     

    ARTICLE
2

     

     

    

     

     

    THE
NOTES

     

    
      	
               
      

            	
              SECTION
      2.01.

            	
              Form
      and Dating.

            	 

    

    
      	
               
      

            	
              SECTION
      2.02.

            	
              Form
      of Execution and Authentication.

            	 

    

    
      	
               
      

            	
              SECTION
      2.03.

            	
              Registrar
      and Paying Agent.

            	 

    

    
      	
               
      

            	
              SECTION
      2.04.

            	
              Paying
      Agent To Hold Money in Trust.

            	 

    

    
      	
               
      

            	
              SECTION
      2.05.

            	
              Lists
      of Holders of the Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      2.06.

            	
              Transfer
      and Exchange.

            	 

    

    
      	
               
      

            	
              SECTION
      2.07.

            	
              Replacement
      Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      2.08.

            	
              Outstanding
      Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      2.09.

            	
              Treasury
      Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      2.10.

            	
              Temporary
      Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      2.11.

            	
              Cancellation.

            	 

    

    
      	
               
      

            	
              SECTION
      2.12.

            	
              Defaulted
      Interest.

            	 

    

    
      	
               
      

            	
              SECTION
      2.13.

            	
              Record
      Date.

            	 

    

    
      	
               
      

            	
              SECTION
      2.14.

            	
              CUSIP
      Number.

            	 

    

    
      	
               
      

            	
              SECTION
      2.15.

            	
              Joint
      and Several Liability.

            	 

    

     

    ARTICLE
3

     

     

    

     

     

    REDEMPTION

     

    
      	
               
      

            	
              SECTION
      3.01.

            	
              Notices
      to Trustee.

            	 

    

    
      	
               
      

            	
              SECTION
      3.02.

            	
              Selection
      of Notes To Be Redeemed.

            	 

    

    
      	
               
      

            	
              SECTION
      3.03.

            	
              Notice
      of Redemption.

            	 

    

    
      	
               
      

            	
              SECTION
      3.04.

            	
              Effect
      of Notice of Redemption.

            	 

    

    
      	
               
      

            	
              SECTION
      3.05.

            	
              Deposit
      of Redemption Price.

            	 

    

    
      	
               
      

            	
              SECTION
      3.06.

            	
              Notes
      Redeemed in Part.

            	 

    

    
      	
               
      

            	
              SECTION
      3.07.

            	
              Optional
      Redemption.

            	 

    

    

     

    ARTICLE
4

     

     

    

     

     

    COVENANTS

     

    
      	
               
      

            	
              SECTION
      4.01.

            	
              Payment
      of Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      4.02.

            	
              Maintenance
      of Office or Agency.

            	 

    

    
      	
               
      

            	
              SECTION
      4.03.

            	
              Reports.

            	 

    

    
      	
               
      

            	
              SECTION
      4.04.

            	
              Compliance
      Certificate.

            	 

    

    
      	
               
      

            	
              SECTION
      4.05.

            	
              Taxes.

            	 

    

    
      	
               
      

            	
              SECTION
      4.06.

            	
              Stay,
      Extension and Usury Laws.

            	 

    

    
      	
               
      

            	
              SECTION
      4.07.

            	
              Limitation
      on Liens.

            	 

    

    
      	
               
      

            	
              SECTION
      4.08.

            	
              Additional
      Subsidiary Guarantees.

            	 

    

    
      	
               
      

            	
              SECTION
      4.09.

            	
              Organizational
      Existence.

            	 

    

    
      	
               
      

            	
              SECTION
      4.10.

            	
              Change
      of Control and Ratings Decline.

            	 

    

    
      	
               
      

            	
              SECTION
      4.11.

            	
              Limitation
      on Sale and Leasebacks.

            	 

    

    
      	
               
      

            	
              SECTION
      4.12.

            	
              Limitation
      on Activities of DIRECTV Financing.

            	 

    

     

    ARTICLE
5

     

     

    

     

     

    SUCCESSORS

     

    
      	
               
      

            	
              SECTION
      5.01.

            	
              Merger,
      Consolidation or Sale of Assets.

            	 

    

    
      	
               
      

            	
              SECTION
      5.02.

            	
              Successor
      Corporation Substituted.

            	 

    

     

    ARTICLE
6

     

     

    

     

     

    DEFAULTS
AND REMEDIES

     

    
      	
               
      

            	
              SECTION
      6.01.

            	
              Events
      of Default.

            	 

    

    
      	
               
      

            	
              SECTION
      6.02.

            	
              Acceleration

            	 

    

    
      	
               
      

            	
              SECTION
      6.03.

            	
              Other
      Remedies.

            	 

    

    
      	
               
      

            	
              SECTION
      6.04.

            	
              Waiver
      of Past Defaults.

            	 

    

    
      	
               
      

            	
              SECTION
      6.05.

            	
              Control
      by Majority.

            	 

    

    
      	
               
      

            	
              SECTION
      6.06.

            	
              Limitation
      on Suits.

            	 

    

    
      	
               
      

            	
              SECTION
      6.07.

            	
              Rights
      of Holders of Notes To Receive Payment.

            	 

    

    
      	
               
      

            	
              SECTION
      6.08.

            	
              Collection
      Suit by Trustee.

            	 

    

    
      	
               
      

            	
              SECTION
      6.09.

            	
              Trustee
      May File Proofs of Claim.

            	 

    

    
      	
               
      

            	
              SECTION
      6.10.

            	
              Priorities.

            	 

    

    
      	
               
      

            	
              SECTION
      6.11.

            	
              Undertaking
      for Costs.

            	 

    

     

    ARTICLE
7

     

     

    

     

     

    TRUSTEE

     

    
      	
               
      

            	
              SECTION
      7.01.

            	
              Duties
      of Trustee.

            	 

    

    
      	
               
      

            	
              SECTION
      7.02.

            	
              Rights
      of Trustee.

            	 

    

    
      	
               
      

            	
              SECTION
      7.03.

            	
              Individual
      Rights of Trustee.

            	 

    

    
      	
               
      

            	
              SECTION
      7.04.

            	
              Trustee’s
      Disclaimer.

            	 

    

    
      	
               
      

            	
              SECTION
      7.05.

            	
              Notice
      of Defaults.

            	 

    

    
      	
               
      

            	
              SECTION
      7.06.

            	
              Reports
      by Trustee to Holders of the Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      7.07.

            	
              Compensation
      and Indemnity.

            	 

    

    
      	
               
      

            	
              SECTION
      7.08.

            	
              Replacement
      of Trustee.

            	 

    

    
      	
               
      

            	
              SECTION
      7.09.

            	
              Successor
      Trustee by Merger, Etc.

            	 

    

    
      	
               
      

            	
              SECTION
      7.10.

            	
              Eligibility;
      Disqualification.

            	 

    

    
      	
               
      

            	
              SECTION
      7.11.

            	
              Preferential
      Collection of Claims Against Issuers.

            	 

    

     

    ARTICLE
8

     

     

    

     

     

    DISCHARGE
OF INDENTURE; DEFEASANCE

     

    
      	
               
      

            	
              SECTION
      8.01.

            	
              Termination
      of the Issuers’ Obligations.

            	 

    

    
      	
               
      

            	
              SECTION
      8.02.

            	
              Option
      To Effect Legal Defeasance or Covenant Defeasance.

            	 

    

    
      	
               
      

            	
              SECTION
      8.03.

            	
              Legal
      Defeasance and Covenant Discharge.

            	 

    

    
      	
               
      

            	
              SECTION
      8.04.

            	
              Covenant
      Defeasance.

            	 

    

    
      	
               
      

            	
              SECTION
      8.05.

            	
              Conditions
      to Legal or Covenant Defeasance.

            	 

    

    
      	
               
      

            	
              SECTION
      8.06.

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

            

    

    
      	
               
      

            	
              SECTION
      8.07.

            	
              Repayment
      to Issuers.

            	 

    

    
      	
               
      

            	
              SECTION
      8.08.

            	
              Reinstatement.

            	 

    

     

    ARTICLE
9

     

     

    

     

     

    AMENDMENT,
SUPPLEMENT AND WAIVER

     

    
      	
               
      

            	
              SECTION
      9.01.

            	
              Without
      Consent of Holders of Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      9.02.

            	
              With
      Consent of Holders of Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      9.03.

            	
              Compliance
      with Trust Indenture Act.

            	 

    

    
      	
               
      

            	
              SECTION
      9.04.

            	
              Revocation
      and Effect of Consents.

            	 

    

    
      	
               
      

            	
              SECTION
      9.05.

            	
              Notation
      on or Exchange of Notes.

            	 

    

    
      	
               
      

            	
              SECTION
      9.06.

            	
              Trustee
      To Sign Amendments, Etc.

            	 

    

     

    ARTICLE
10

     

     

    

     

     

    GUARANTEES

     

    
      	
               
      

            	
              SECTION
      10.01.

            	
              Guarantee.

            	 

    

    
      	
               
      

            	
              SECTION
      10.02.

            	
              Execution
      and Delivery of Guarantees.

            	 

    

    
      	
               
      

            	
              SECTION
      10.03.

            	
              Merger,
      Consolidation or Sale of Assets of Guarantors.

            	 

    

    
      	
               
      

            	
              SECTION
      10.04.

            	
              Successor
      Corporation Substituted.

            	 

    

    
      	
               
      

            	
              SECTION
      10.05.

            	
              Releases
      from Guarantees.

            	 

    

     

    ARTICLE
11

     

     

    

     

     

    MISCELLANEOUS

     

    
      	
               
      

            	
              SECTION
      11.01.

            	
              Trust
      Indenture Act Controls.

            	 

    

    
      	
               
      

            	
              SECTION
      11.02.

            	
              Notices.

            	 

    

    
      	
               
      

            	
              SECTION
      11.03.

            	
              Communication
      by Holders of Notes with Other Holders of
Notes.

            

    

    
      	
               
      

            	
              SECTION
      11.04.

            	
              Certificate
      and Opinion as to Conditions Precedent.

            	 

    

    
      	
               
      

            	
              SECTION
      11.05.

            	
              Statements
      Required in Certificate or Opinion.

            	 

    

    
      	
               
      

            	
              SECTION
      11.06.

            	
              Rules
      by Trustee and Agents.

            	 

    

    
      	
               
      

            	
              SECTION
      11.07.

            	
              No
      Personal Liability of Directors, Owners, Employees, Incorporators and
      Stockholders.

            

    

    
      	
               
      

            	
              SECTION
      11.08.

            	
              Governing
      Law.

            	 

    

    
      	
               
      

            	
              SECTION
      11.09.

            	
              No
      Adverse Interpretation of Other Agreements.

            	 

    

    
      	
               
      

            	
              SECTION
      11.10.

            	
              Successors.

            	 

    

    
      	
               
      

            	
              SECTION
      11.11.

            	
              Severability.

            	 

    

    
      	
               
      

            	
              SECTION
      11.12.

            	
              Counterpart
      Originals.

            	 

    

    
      	
               
      

            	
              SECTION
      11.13.

            	
              Table
      of Contents, Headings, Etc.

            	 

    

    
      	
               
      

            	
              SECTION
      11.14.

            	
              Force
      Majeure.

            	 

    

    
      	
               
      

            	
              SECTION
      11.15.

            	
              Waiver
      of Jury Trial.

            	 

    

    

    EXHIBITS

     

    
      	
              EXHIBIT
      A-1

            	
              FORM
      OF 3.550% SENIOR NOTES DUE 2015

            

    

    
      	
              EXHIBIT
      A-2

            	
              FORM
      OF 5.200% SENIOR NOTES DUE 2020

            

    

    
      	
              EXHIBIT
      A-3

            	
              FORM
      OF 6.350% SENIOR NOTES DUE 2040

            

    

    
      	
              EXHIBIT
      B

            	
              FORM
      OF GUARANTEE

            

    

    
      	
              EXHIBIT
      C-1

            	
              FORM
      OF CERTIFICATE OF TRANSFER - 3.550% SENIOR NOTES DUE
  2015

            

    

    
      	
              EXHIBIT
      C-2

            	
              FORM
      OF CERTIFICATE OF TRANSFER - 5.200% SENIOR NOTES DUE
  2020

            

    

    
      	
              EXHIBIT
      C-3

            	
              FORM
      OF CERTIFICATE OF TRANSFER - 6.350% SENIOR NOTES DUE
  2040

            

    

    
      	
              EXHIBIT
      D-1

            	
              FORM
      OF CERTIFICATE OF EXCHANGE - 3.550% SENIOR NOTES DUE
  2015

            

    

    
      	
              EXHIBIT
      D-2

            	
              FORM
      OF CERTIFICATE OF EXCHANGE - 5.200% SENIOR NOTES DUE
  2020

            

    

    
      	
              EXHIBIT
      D-3

            	
              FORM
      OF CERTIFICATE OF EXCHANGE - 6.350% SENIOR NOTES DUE
  2040

            

    

    

    

    

    

    
      
         

         

         

      

    

    

    INDENTURE
dated as of March 11, 2010 by and among DIRECTV Holdings LLC (the “Company” or an “Issuer”), a Delaware limited
liability company, DIRECTV Financing Co., Inc. (“DIRECTV Financing” or an
“Issuer” and together
with the Company, the “Issuers”), a Delaware
corporation, the Guarantors (as hereinafter defined) and The Bank of New York
Mellon Trust Corporation, N.A., a national banking association, as trustee (the
“Trustee”).

     

    The
Issuers, the Guarantors and the Trustee agree as follows for the benefit of each
other and for the equal and ratable benefit of the Holders of the Issuers’
3.550% Senior Notes due 2015, the Issuers’ 5.200% Senior Notes due 2020 and the
Issuers’6.350% Senior Notes due 2040.

     

    RECITALS

     

    The
Issuers and the Guarantors have duly authorized the execution and delivery
hereof to provide for the issuance of the Notes and the Guarantees.

     

    All
things necessary (i) to make the Notes, when executed by the Issuers and
authenticated and delivered hereunder and duly issued by the Issuers and
delivered hereunder, the valid obligations of the Issuers, (ii) to make the
Guarantees when executed by the Guarantors and delivered hereunder the valid
obligations of the Guarantors, and (iii) to make this Indenture a valid and
legally binding agreement of the Issuers and the Guarantors, all in accordance
with their respective terms, have been done.

     

    For and
in consideration of the premises and the purchase of the Notes by the Holders
thereof, it is mutually agreed as follows for the equal and ratable benefit of
the Holders of the Notes.

     

     

    ARTICLE
1                          

     

     

    

     

     

    DEFINITIONS
AND INCORPORATION BY REFERENCE

     

    
      	
              SECTION
      1.01.  

            	
              Definitions.

            

    

     

    “144A Global Note” means a
global note substantially in the form of Exhibit A-1 (in
the case of the 3.550% 2015 Notes) hereto, Exhibit A-2 (in
the case of the 5.200% 2020 Notes) hereto or Exhibit A-3 (in the
case of the 6.350% 2040 Notes) hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in
the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A.

     

    “3.550% 2015 Notes” means the
Initial 2015 Notes, the Exchange Notes issued in exchange for the Initial 2015
Notes and any other Notes designated as the 3.550% 2015 Notes and issued after
the Issue Date in accordance with the fourth paragraph of Section 2.02 hereof,
treated as a single class of securities.

     

    “5.200% 2020 Notes” means the Initial
2020 Notes, the Exchange Notes issued in exchange for the Initial 2020 Notes and
any other Notes designated as the same 5.200% 2020 Notes and issued after the
Issue Date in accordance with the fourth paragraph of Section 2.02 hereof,
treated as a single class of securities.

     

    “6.350% 2040 Notes” means the
Initial 2040 Notes, the Exchange Notes issued in exchange for the Initial 2040
Notes and any other Notes designated as the same 6.350% 2040 Notes and issued
after the Issue Date in accordance with the fourth paragraph of Section 2.02
hereof, treated as a single class of securities.

     

     “2014 Notes” means $1,000
million of 43⁄4% Senior Notes due 2014 outstanding on the Issue Date issued by the
Company and DIRECTV Financing under an indenture dated as of September 22,
2009.

     

    “2015 Notes” means $1,000
million of 6 3⁄8% Senior Notes due
2015 outstanding on the Issue Date issued by the Company and DIRECTV Financing
under an indenture dated as of June 15, 2005.

     

    “2016 Notes” means $1,500
million of 7 5⁄8% Senior Notes due 2016 outstanding on the Issue Date issued
by the Company and DIRECTV Financing under an indenture dated as of May 14,
2008.

     

    “2019 Notes” means $1,000
million of 57⁄8% Senior Notes due 2019 outstanding on the Issue Date issued by the
Company and DIRECTV Financing under an indenture dated as of September 22,
2009.

     

     “Acquired Debt” means, with
respect to any specified Person, Indebtedness of any other Person existing at
the time such other Person merges with or into or becomes a Subsidiary of such
specified Person, or Indebtedness incurred by such Person in connection with the
acquisition of assets, in each case so long as such Indebtedness was not
incurred in connection with, or in contemplation of, such other Person merging
with or into or becoming a Subsidiary of such specified Person or the
acquisition of such assets, as the case may be.

     

    “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified
Person.  For purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; provided, however, that no individual,
other than a director of Parent or the Company or their respective Subsidiaries
or an officer of Parent or the Company or their respective Subsidiaries with a
policy making function, shall be deemed an Affiliate of the Company or any of
its Subsidiaries solely by reason of such individual’s employment, position or
responsibilities by or with respect to Parent, the Company or any of their
respective Subsidiaries.

     

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

     

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

     

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

     

    “Board of Directors” means (a)
with respect to any Person that is a corporation, the board of directors of such
Person or any duly authorized committee thereof and (b) as to any other Person,
the functionally comparable body of such Person or any duly authorized committee
thereof.

     

    “Broker-Dealer” means any
broker or dealer registered under the Exchange Act.

     

    “Business Day” means any day
other than a Legal Holiday.

     

    “Capital Lease Obligations”
means, as to any Person, the obligations of such Person under a lease that are
required to be classified and accounted for as capital lease obligations under
GAAP and, for purposes of this definition, the amount of such obligations at the
time any determination thereof is to be made shall be the amount of the
liability in respect of a capital lease that would at such time be so required
to be capitalized on a balance sheet in accordance with GAAP.

     

    “Capital Stock” means any and
all shares, interests, participations, rights or other equivalents, however
designated, of corporate stock or partnership or membership interests, whether
common or preferred.

     

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

     

    (1)            the
consummation of any transaction (including without limitation, any merger or
consolidation) the result of which is that any Person (including any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act)) other than a
Parent Company becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
Company’s outstanding Voting Stock, measured by voting power rather than number
of shares;

     

    (2)            the
first day on which the majority of the members of the Company’s Board of
Directors cease to be Continuing Directors; or

     

    (3)            the
adoption of a plan relating to the liquidation or dissolution of the
Company.

     

    “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Ratings
Decline.

     

    “Commission” means the
Securities and Exchange Commission.

     

    “Communications Act” means the
Communications Act of 1934, as amended.

     

    “Comparable Treasury Issue”
means, the United States Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term (“Remaining Life”) of a Note
being redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the Remaining Life of such
Note.

     

    “Comparable Treasury Price”
means, with respect to any redemption date for any Note:  (1) the
average of the Reference Treasury Dealer Quotations for that redemption date,
after excluding the highest and lowest of four such Reference Treasury Dealer
Quotations; or (2) if the Trustee obtains fewer than four Reference Treasury
Dealer Quotations, the average of all quotations obtained by the
Trustee.

     

    “Consolidated Net Tangible
Assets” of any Person means, for any period, the total amount of assets
(less applicable reserves and other properly deductible items) after deducting
(1) all current liabilities and (2) all goodwill, trade names, trademarks,
patents, unamortized debt discount and expense and other intangibles, all as set
forth on the Company’s most recent consolidated balance sheet and computed in
accordance with GAAP.

     

    “Continuing Director” means,
as of any date of determination, any member of the Company’s Board of Directors
who:

     

    (1)                      was
a member of such Board of Directors on the date hereof; or

     

    (2)                      was
nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination or election.

     

    “Corporate Trust Office of the
Trustee” means the principal office of the Trustee at which any time its
corporate trust business shall be administered, which office at the date hereof
is located at 700 South Flower Street, Suite 500, Los Angeles, CA 90017,
Attention:  Corporate Unit, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the
principal corporate trust office of any successor Trustee (or such other address
as such successor Trustee may designate from time to time by notice to the
Holders and the Company).

     

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

     

    “Definitive Note” means a
certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06 hereof, substantially in the form of Exhibit A-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit A-2 (in the
case of a 5.200% 2020 Note) or Exhibit A-3 (in the
case of a 6.350% 2040 Note) hereto except that such Note shall not bear the
Global Note Legend and shall not have the “Schedule of Exchanges of Interests in
the Global Note” attached thereto.

     

    “Depositary” means The
Depository Trust Company and any and all successors thereto appointed as
depositary hereunder and having become such pursuant to an applicable provision
hereof.

     

    “DIRECTV ” means DIRECTV, a
Delaware corporation, and its successors.

     

    “Domestic Subsidiaries” shall
mean all Subsidiaries incorporated, formed or organized under the laws of the
United States of America, any State thereof or the District of
Columbia.

     

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

     

    “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

     

    “Exchange Notes” means the
Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof or
pursuant to a registered exchange offer for Notes with a Private Placement
Legend issued after the Issue Date.

     

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

     

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

     

    “Existing Notes” means the
2015 Notes, 2016 Notes, 2014 Notes and 2019 Notes.

     

    “Existing Satellites” means
the following satellites:  DIRECTV 1R, DIRECTV 4S, DIRECTV 5, DIRECTV
7S, DIRECTV 8, DIRECTV 9S, DIRECTV 10, DIRECTV 11, DIRECTV 12, Spaceway 1 and
Spaceway 2.

     

    “FCC” means the Federal
Communications Commission.

     

    “Fitch” means Fitch Inc., a
subsidiary of Fimalac, S.A., and its successors.

     

    “Foreign Currency Obligations”
means, with respect to any Person, the obligations of such Person pursuant to
any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement designed to protect the Company or any Subsidiary of
the Company against fluctuations in currency values.

     

    “GAAP” means United States
generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
may be approved by a significant segment of the accounting profession of the
United States, which are applicable as of the date of determination; provided
that, except as otherwise specifically provided, all calculations made for
purposes of determining compliance with the terms of the provisions hereof shall
utilize GAAP as in effect on the Issue Date.

     

    “Global Note Legend” means the
legend set forth in Section 2.01 hereof, which is required to be placed on all
Global Notes issued under this Indenture.

     

    “Global Notes” means,
individually and collectively, each of the Restricted Global Notes and the
Unrestricted Global Notes, substantially in the form of Exhibit A-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit A-2 (in the
case of a 5.200% 2020 Note) or Exhibit A-3 (in the
case of a 6.350% 2040 Note) hereto issued in accordance with Section 2.01 or
2.06 hereof.

     

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

     

    “Guarantee” means a guarantee
by a Guarantor of the Notes.

     

    “Guarantor” means any
Subsidiary of the Company that guarantees the Notes and its successors and
assigns.

     

    “Hedging Obligations” means,
with respect to any Person, the obligations of such Person pursuant to any
arrangement with any other Person, whereby, directly or indirectly, such Person
is entitled to receive from time to time periodic payments calculated by
applying either floating or a fixed rate of interest on a stated notional amount
in exchange for periodic payments made by such other Person calculated by
applying a fixed or a floating rate of interest on the same notional amount and
shall include, without limitation, interest rate swaps, caps, floors, collars
and similar agreements designed to protect such Person against fluctuations in
interest rates.

     

    “Holder” means a Person in
whose name a Note is registered.

     

    “incur” means, collectively,
either directly or indirectly, create, incur, issue, assume, guarantee or
otherwise become directly or indirectly liable with respect to any Indebtedness
(including Acquired Debt).

     

    “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 the balance deferred and unpaid
of the purchase price of any property (including pursuant to capital leases) or
representing any Hedging Obligations or Foreign Currency Obligations, except any
such balance that constitutes an accrued expense or trade payable, if and to the
extent any of the foregoing (other than Hedging Obligations or Foreign Currency
Obligations) would appear as a liability upon a balance sheet of such Person
prepared in accordance with GAAP, and also includes the guarantee of items that
would be included within this definition.

     

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

     

    “Independent Investment
Banker” means one of the Reference Treasury Dealers, to be appointed by
the Company.

     

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

     

    “Initial 2015 Notes” means the
$1.2 billion in aggregate principal amount of the Issuers’ 3.550% Senior Notes
due 2015 issued under this Indenture on the Issue Date.

     

    “Initial 2020 Notes” means the
$1.3 billion in aggregate principal amount of the Issuers’ 5.200% Senior Notes
due 2020 issued under this Indenture on the Issue Date.

     

    “Initial 2040 Notes” means the
$500.0 million in aggregate principal amount of the Issuers’ 6.350% Senior Notes
due 2040 issued under this Indenture on the Issue Date.

     

     “Initial Notes” means,
collectively, the Initial 2015 Notes, the Initial 2020 Notes and the Initial
2040 Notes.

     

    “Initial Purchasers” means, with respect to
the Initial Notes, Citigroup Global Markets Inc., Credit Suisse Securities (USA)
LLC, J.P. Morgan Securities Inc., Barclays Capital Inc., UBS Securities LLC,
Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Morgan Stanley
& Co. Incorporated, Credit Agricole Securities (USA) Inc., Mitsubishi UFJ
Securities (USA), Inc., Mizuho Securities USA Inc., HSBC Securities (USA) Inc.,
ING Financial Markets LLC, Lloyds TSB Bank plc, RBS Securities Inc., and US
Bancorp Investments, Inc.

    

    “Investment Grade” means a
rating of Baa3 or better by Moody’s (or its equivalent under any successor
rating category of Moody’s); a rating of BBB- or better by S&P (or its
equivalent under any successor rating category of S&P); and a rating of BBB-
or better by Fitch (or its equivalent under any successor rating category of
Fitch).  In the event that the Company shall select any other Rating
Agency, the equivalent of such ratings by such Rating Agency shall be
used.

     

    “Issue Date” means March 11,
2010, the date of original issuance of the Initial Notes.

     

    “Legal Holiday” means a
Saturday, a Sunday or a day on which banking institutions in the City of New
York or at a place of payment are authorized by law, regulation or executive
order to remain closed.  If a payment date is a Legal Holiday at a
place of payment, payment may be made at that place on the next succeeding day
that is not a Legal Holiday, and no interest shall accrue for the intervening
period.

     

    “Liberty Transaction” means
the mergers completed in accordance with the Agreement and Plan of Merger dated
May 3, 2009, as amended, by and among The DIRECTV Group, Inc., DIRECTV, Liberty
Media Corporation, Liberty Entertainment, Inc.  and several
wholly-owned Subsidiaries of DIRECTV.

     

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

     

    “Lien” means, with respect to
any asset, any mortgage, lien, pledge, charge, security interest or encumbrance
of any kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law (including any conditional sale or
other title retention agreement, any lease in the nature thereof, any option or
other agreement to sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or
equivalent statute) of any jurisdiction).

     

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

     

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

     

    “Notes” means, collectively,
the 3.550% 2015 Notes, the 5.200% 2020 Notes and the 6.350% 2040
Notes.

     

    “Offering Memorandum” means
the Offering Memorandum, dated March 8, 2010, relating to and used in connection
with the initial offering of the Initial Notes.

     

    “Officer” means, with respect
to any Person, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, Controller, Secretary or any Vice President
of such Person, or any other officer designated by the Board of Directors
serving in a similar capacity.

     

    “Officers’ Certificate” means
a certificate signed on behalf of the Company or DIRECTV Financing, as the case
may be, by two Officers of such Person or of such Person’s partner or managing
member, one of whom must be the principal executive officer, principal financial
officer, treasurer or principal accounting officer of such Person or of such
Person’s partner or managing member.

     

    “Opinion of Counsel” means an
opinion from legal counsel, who may be an employee of or counsel to the Company
or any Subsidiary of the Company.

     

    “Parent” means DIRECTV, the
Company’s indirect parent and a Delaware corporation, and its respective
successors, in each case together with each direct or indirect Subsidiary of
Parent that beneficially owns any Equity Interests of the Company.

     

     “Parent Company” means each of
(a) DIRECTV and (b) any direct or indirect Subsidiary of Parent that owns any of
the Company’s Capital Stock.

     

    “Participant” means, with
respect to the Depositary, a Person who has an account with the
Depositary.

     

    “Permitted Liens”
means:

     

    (a)                      Liens
securing the Notes and Liens securing any Guarantee;

     

    (b)                      Liens
securing Purchase Money Indebtedness; provided that such Liens do
not extend to any assets of the Company or the Company’s Subsidiaries other than
the assets so acquired;

     

    (c)           Liens
to secure Indebtedness incurred for the purpose of financing all or any part of
the purchase price or cost of instruction or improvement of property, plant or
equipment or the purchase price or construction, improvement or launch of
satellites (other than Existing Satellites) for use in the business of the
Company or any Subsidiary of the Company; provided that such Liens do
not apply to any assets other than the property acquired, constructed or
improved or the satellite constructed, improved or launched (and in the case of
any such satellite, other than any Existing Satellite, the related orbital
slots, licenses and other related assets);

     

    (d)           Liens
on property of a Person existing at the time such Person is merged into or
consolidated with the Company or any Subsidiary of the Company; provided that such Liens were
not incurred in connection with, or in contemplation of, such merger or
consolidation, other than in the ordinary course of business;

     

    (e)           Liens
on property of a Subsidiary of the Company at the time that it becomes a
Subsidiary of the Company; provided that such Liens were
not incurred in connection with, or contemplation of, such Subsidiary becoming a
Subsidiary of the Company;

     

    (f)                      Liens
on property existing at the time of acquisition thereof by the Company or any
Subsidiary of the Company; provided that such Liens were
not incurred in connection with, or in contemplation of, such acquisition and do
not extend to any assets of the Company or Subsidiary of the Company other than
the property so acquired;

     

    (g)           Liens
to secure the performance of statutory obligations, surety or appeal bonds or
performance bonds, or landlords’, carriers’, warehousemen’s, mechanics’,
suppliers’, materialmen’s or other like Liens, in any case incurred in the
ordinary course of business and with respect to amounts not yet delinquent or
being contested in good faith by appropriate process of law, if a reserve or
other appropriate provision, if any, as is required by GAAP shall have been made
therefor;

     

    (h)           Liens
existing on the Issue Date securing Indebtedness existing on the Issue Date or
incurred pursuant to commitments outstanding on the Issue Date;

     

    (i)                      Liens
for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings
promptly instituted and diligently concluded; provided that any reserve or
other appropriate provision as shall be required in conformity with GAAP shall
have been made therefor;

     

    (j)                      any
interest or title of a lessor under any Capital Lease Obligations;

     

    (k)           Liens
(other than Liens created or imposed under ERISA) incurred or deposits made by
the Company or any of its Subsidiaries in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types of
social security, or to secure the performance of tenders, statutory obligations,
bids, leases, government contracts, performance and return-of-money bonds and
other similar obligations (exclusive of obligations for the payment of borrowed
money);

     

    (l)                      easements,
rights-of-way, covenants, restrictions (including zoning restrictions), minor
defects or irregularities in title and other similar charges or encumbrances
not, in any material respect, impairing the use of the encumbered property for
its intended purposes;

     

    (m)           normal
and customary rights of setoff upon deposits of cash in favor of banks or other
depository institutions;

     

    (n)           Liens
not provided for in clauses (a) through (m) above securing Indebtedness incurred
in compliance with the terms hereof so long as the Notes are secured by the
assets subject to such Liens on an equal and ratable basis or on a basis prior
to such Liens; provided
that to the extent that such Lien secured Indebtedness that is subordinated to
the Notes, such Lien shall be subordinated to and be later in priority than the
Notes on the same basis;

     

    (o)           extensions,
renewals or refundings of any Liens referred to in clauses (a) through (n)
above; provided that
any such extension, renewal or refunding does not extend to any assets or secure
any Indebtedness not securing or secured by the Liens being extended, renewed or
refinanced; and

     

    (p)           other
Liens arising in connection with the Company’s and its Subsidiaries’
Indebtedness, in an aggregate principal amount for the Company and its
Subsidiaries together with the amount of Attributable Indebtedness incurred in
connection with Sale and Leaseback Transactions, not exceeding at the time such
Lien is issued, created or assumed 15% of the Company’s Consolidated Net
Tangible Assets.

     

    “Person” means any individual,
corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust or unincorporated organization (including any
subdivision or ongoing business of any such entity or substantially all of the
assets of any such entity, subdivision or business).

     

     “Private Placement Legend”
means the legend set forth in Section 2.01 hereof to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions
hereof.

     

    “Purchase Money Indebtedness”
means (i) Indebtedness incurred (within 365 days of such purchase) to finance
the purchase of any assets (including the purchase of Equity Interests of
Persons that are not Affiliates of the Company or the
Guarantors):  (a) to the extent the amount of Indebtedness thereunder
does not exceed 100% of the purchase cost of such assets; and (b) so long as
such Indebtedness is without recourse to the Company or any of its Subsidiaries
or any of their respective assets, other than to the assets so purchased; or
(ii) Indebtedness which refinances Indebtedness referred to in clause (i)
of this definition; provided that such
refinancing satisfies subclauses (a) and (b) of such clause (i).

     

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

     

    “Rating Agency” means each of
Moody’s, S&P and Fitch;
provided, that if any of Moody’s, S&P and Fitch ceases to provide
rating services to issuers or investors, the Company may appoint a replacement
for such Rating Agency that is reasonably acceptable to the
Trustee.

     

    “Ratings Decline” means with
respect to a Series of Notes within 60 days after the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a
Change of Control or the intention by the Company or any Parent Company to
effect a Change of Control (which period shall be extended so long as the rating
of the Notes is under publicly announced consideration for a possible downgrade
by any of the Rating Agencies) (the “Trigger Period”), the rating
of such Series of Notes shall be reduced by at least two Rating Agencies and the
Notes of such Series shall be rated below Investment Grade by each of the Rating
Agencies.  Unless at least two of the three Rating Agencies are
providing a rating for the Notes of such series at the commencement of any
Trigger Period, the Notes will be deemed to have had a Ratings Decline to below
Investment Grade by at least two of the three Rating Agencies during that
Trigger Period.

     

    “Reference Treasury Dealer”
means four primary U.S. Government securities dealers to be selected by the
Company.

     

    “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date for any Note, the average, as determined by the Trustee, of the
bid and asked prices for the Comparable Treasury Issue, expressed in each case
as a percentage of its principal amount, quoted in writing to the Trustee by
such Reference Treasury Dealer at 3:00 p.m., New York City time, on the third
Business Day preceding such redemption date.

     

    “Registration Rights
Agreement” means the Registration Rights Agreement for the Initial Notes,
dated as of March 11, 2010, by and among the Issuers, the Guarantors and the
Initial Purchasers, as such agreement may be amended, modified or supplemented
from time to time.

     

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

     

    “Regulation S Global Note”
means a Global Note of a Series bearing the Private Placement Legend and
deposited with or on behalf of the Depositary and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes of such Series issued on a single date and
initially sold in reliance on Rule 903 of Regulation S.

     

    “Responsible Officer,” when
used with respect to the Trustee, means any officer within the Corporate Trust
Administration of the Trustee (or any successor group of the Trustee) or any
other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer 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.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “S&P” means Standard &
Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its
subsidiaries.

     

     “Securities Act” means the
Securities Act of 1933, as amended.

     

    “Senior Secured Credit
Facility” means any credit agreement to which the Company and/or one or
more of its Domestic Subsidiaries is party from time to time including without
limitation the credit agreement dated as of April 13, 2005 by and among the
Company, as borrower, the lenders party thereto from time to time, Bank of
America N.A., as administrative agent, and JPMorgan Chase Bank, N.A., as
syndication agent, together with the related documents thereto (including,
without limitation, any guarantee agreements and security documents), in each
case as such agreements may be amended (including any amendment and restatement
thereof), supplemented or otherwise modified from time to time, including any
agreement exchanging, extending the maturity of, refinancing, renewing,
replacing, substituting or otherwise restructuring, whether in the bank or debt
capital markets (or combination thereof) (including increasing the amount of
available borrowings thereunder or adding Subsidiaries as additional borrowers
or guarantors thereunder) all or any portion of the Indebtedness under such
agreement or any successor or replacement agreement and whether by the same or
any other agent, lender or group of lenders.

     

    “Series” refers to all 3.550%
2015 Notes, all 5.200% 2020 Notes or all 6.350% 2040 Notes, as
applicable.

     

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

     

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

     

    “Subsidiary” or “Subsidiaries” means, with
respect to any Person, any corporation, association or other business entity of
which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of such Person or a combination thereof.

     

    “TIA” means the Trust
Indenture Act of 1939 as in effect on the date hereof.

     

    “Treasury Rate” means, at the time of
computation, (1) the semi-annual equivalent yield to maturity of the United
States Treasury Securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15(519) which has
become publicly available at least two Business Days prior to the redemption
date or, if such Statistical Release is no longer published, any publicly
available source of similar market data) for the maturity corresponding to the
Comparable Treasury Issue; provided, however, that if no maturity
is within three months before or after the maturity date for the applicable
Notes, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the Treasury Rate will be
interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) if that release, or any successor release,
is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for that redemption date.  The
Treasury Rate will be calculated on the third Business Day preceding the
redemption date.

     

    “Trustee” means the party
named as such above until a successor replaces it in accordance with the
applicable provisions hereof and thereafter means the successor serving
hereunder.

     

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

     

    “Unrestricted Global Note”
means a permanent Global Note substantially in the form of Exhibit A-1 (in
the case of a 3.500% 2015 Note) hereto, Exhibit A-2 (in the
case of a 5.200% 2020 Note) and Exhibit A-3 (in the
case of a 6.350% 2040 Note) hereto that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached
thereto, and that is deposited with or on behalf of and registered in the name
of the Depositary, representing Notes that do not bear the Private Placement
Legend.

     

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

     

    “Voting Stock” with respect to
any Person, means securities of any class of Capital Stock of such Person
entitling the holders thereof (whether at all times or only so long as no senior
class of stock or other relevant equity interest has voting power by reason of
any contingency) to vote in the election of members of the Board of Directors of
such Person.

     

    “Wholly Owned Subsidiary”
means, with respect to any Person, any Subsidiary all of the outstanding voting
stock (other than directors’ qualifying shares) of which is owned by such
Person, directly or indirectly.

     

    
      	
              SECTION
      1.02.  

            	
              Other
      Definitions.

            

    

     

    
      	
              Term

            	
              Defined

              in
      Section

            
	
              “Attributable
      Debt”                                                                               

            	
              4.11

            
	
              “Change
      of Control
      Offer”                                                                               

            	
              4.10

            
	
              “Change
      of Control
      Payment”                                                                               

            	
              4.10

            
	
              “Change
      of Control Payment
      Date”                                                                               

            	
              4.10

            
	
              “Company”                                                                               

            	
              Preamble

            
	
              “Covenant
      Defeasance”                                                                               

            	
              8.04

            
	
              “DTC”                                                                               

            	
              2.01(b)

            
	
              “Event
      of
      Default”                                                                               

            	
              6.01

            
	
              “Global
      Note
      Legend                                                                               

            	
              2.01(b)

            
	
              “Issuers”                                                                               

            	
              Preamble

            
	
              “Legal
      Defeasance”                                                                               

            	
              8.03

            
	
              “Paying
      Agent”                                                                               

            	
              2.03

            
	
              “Payment
      Default”                                                                               

            	
              6.01(e)

            
	
              “Private
      Placement
      Legend”                                                                               

            	
              2.01(c)

            
	
              “Registrar”                                                                               

            	
              2.03

            
	
              “Sale
      and Leaseback
      Transaction”                                                                               

            	
              4.11

            

    

    

    
      	
              SECTION
      1.03.  

            	
              Incorporation
      by Reference of Trust Indenture
Act.

            

    

     

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

     

    The
following TIA terms used in this Indenture have the following
meanings:

     

    “indenture securities” means
the Notes;

     

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

     

    “indenture to be qualified”
means this Indenture;

     

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

     

    “obligor” on the Notes means
each of the Issuers and any successor obligor upon the Notes.

     

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

     

    
      	
              SECTION
      1.04.  

            	
              Rules
      of Construction.

            

    

     

    Unless
the context otherwise requires,

     

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

     

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

     

    (3) “or” is
not exclusive;

     

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

     

    (5) provisions
apply to successive events and transactions.

     

    
      	
              SECTION
      1.05.  

            	
              Acts
      of Holders; Record Dates.

            

    

     

    (a) Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders shall be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in Person or by an agent duly appointed in writing;
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 Issuers.  Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose hereof and conclusive in favor of the Trustee and
the Issuers, if made in the manner provided in this Section 1.05.

     

    (b) The fact
and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by 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 such Person the execution thereof.  Where such
execution is by a signer acting in a capacity other than such Person’s
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such Person’s 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.

     

    (c) The
Issuers may, in the circumstances permitted by the TIA, fix any date as the
record date for the purpose of determining the Holders entitled to give or take
any request, demand, authorization, direction, notice, consent, waiver or other
action, or to vote on any action, authorized or permitted to be given or take by
Holders.  If not set by the Issuers prior to the first solicitation of
a Holder made by any Person in respect of any such action, or, in the case of
any such vote, prior to such vote, the record date for any such action or vote
shall be the 30th day (or, if later, the date of the most recent list of Holders
required to be provided pursuant to Section 2.05 hereof) prior to such first
solicitation or vote, as the case may be.  With regard to any record
date, only the Holders on such date (or their duly designated proxies) shall be
entitled to give or take, or vote on, the relevant action.

     

     

    ARTICLE
2                          

     

     

    

     

     

    THE
NOTES

     

    
      	
              SECTION
      2.01.  

            	
              Form
      and Dating.

            

    

     

    (a) The Notes
and the Trustee’s certificate of authentication shall be substantially in the
form of Exhibit A-1 (in
the case of a 3.550% 2015 Note) hereto,  Exhibit A-2 (in the
case of a 5.200% 2020 Note) hereto and Exhibit A-3 (in the
case of a 6.350% 2040 Note) hereto, the terms of which are incorporated in and
made a part hereof.  The Notes may have notations, legends or
endorsements approved as to form by the Issuers, and required by law, stock
exchange rule, agreements to which the Issuers are subject or
usage.  Each Note shall be dated the date of its
authentication.  The Notes shall be issuable only in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.

     

    (b) The Notes
shall initially be issued in the form of one or more Global Notes and the
Depository Trust Company (“DTC”), its nominees, and
their respective successors, shall act as the Depositary with respect
thereto.  Each Global Note shall (i) be registered in the name of the
Depositary for such Global Note or the nominee of such Depositary, (ii) shall be
delivered by the Trustee to such Depositary or pursuant to such Depositary’s
instructions, and (iii) shall bear a legend (the “Global Note Legend”)
substantially to the following effect:

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR
THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THIS NOTE
IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A
SUCCESSOR DEPOSITARY.  THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

     

    (c) Except as
permitted by Section 2.06(g) hereof, any Note not registered under the
Securities Act shall bear the following legend (the “Private Placement Legend”) on
the face thereof:

     

    THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY,
BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS ONE YEAR, OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE
144(D) UNDER THE SECURITIES ACT, AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS
THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO AN
ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON
IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS
AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN
A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR
TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

     

    The
Trustee must refuse to register any transfer of a Note bearing the Private
Placement Legend that would violate the restrictions described in such
legend.

     

    
      	
              SECTION
      2.02.  

            	
              Form
      of Execution and Authentication.

            

    

     

    An
Officer shall sign the Notes for each Issuer by manual or facsimile
signature.

     

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

     

    A Note
shall not be valid until authenticated by the manual signature of the
Trustee.  The signature of the Trustee shall be conclusive evidence
that the Note has been authenticated under this Indenture.

     

    The
Trustee shall authenticate (i) Initial Notes for original issue on the
Issue Date consisting of (x) $1.2 billion aggregate principal amount of Initial
2015 Notes, (y) $1.3 billion aggregate principal amount of Initial 2020 Notes
and (z) $500.0 million aggregate principal amount of Initial 2040 Notes,
(ii) pursuant to the Exchange Offer, Exchange Notes from time to time for
issue only in exchange for a like principal amount of Initial Notes of the
applicable Series and (iii) additional Notes of either Series for original issue
after the Issue Date (such Notes to be substantially in the form of Exhibit A-1 (in
the case of 3.550% 2015 Notes) hereto, Exhibit A-2 (in the
case of 5.200% 2020 Notes) hereto or Exhibit A-3 (in the
case of 6.350% 2040 Notes) hereto) in an unlimited amount (and if issued with a
Private Placement Legend, the same principal amount of Exchange Notes of the
applicable Series in exchange therefor upon consummation of a registered
exchange offer), in each case upon written orders of the Issuers in the form of
an Officers’ Certificate.  Each such Officers’ Certificate shall
specify the amount and Series of Notes to be authenticated, the date on which
the Notes are to be authenticated, whether the Securities are to be Initial
Notes, Exchange Notes or Notes issued under clause (iii) of the preceding
sentence and the aggregate principal amount of Notes of such Series outstanding
on the date of authentication, and shall further specify the amount of such
Notes to be issued as a Global Note or Definitive Notes.  Such Notes
shall initially be in the form of one or more Global Notes, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate
principal amount of, the Notes to be issued, (ii) shall be registered in
the name of the Depositary for such Global Note or Notes or its nominee and
(iii) shall be delivered by the Trustee to the Depositary or pursuant to
the Depositary’s instruction.  All Notes of a Series issued under this
Indenture shall vote and consent together on all matters as one class and no
Notes of any Series will have the right to vote or consent as a separate class
from any other Notes of such Series on any matter.

     

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

     

    
      	
              SECTION
      2.03.  

            	
              Registrar
      and Paying Agent.

            

    

     

    The
Issuers shall maintain (i) an office or agency where Notes may be presented for
registration of transfer or for exchange (including any co-registrar, the “Registrar”) and (ii) an
office or agency where Notes may be presented for payment (“Paying
Agent”).  The Registrar shall keep a register of the Notes and
of their transfer and exchange.  The Issuers may appoint one or more
co-registrars and one or more additional paying agents.  The term
“Paying Agent” includes any additional paying agent.  The Issuers may
change any Paying Agent, Registrar or co-registrar without prior notice to any
Holder of a Note.  The Issuers shall notify the Trustee in writing and
the Trustee shall notify the Holders of the Notes of the name and address of any
Agent not a party to this Indenture.  The Issuers may act as Paying
Agent, Registrar or co-registrar.  The Issuers shall enter into an
appropriate agency agreement with any Agent not a party to this Indenture, which
shall incorporate the provisions of the TIA.  The agreement shall
implement the provisions hereof that relate to such Agent.  The
Issuers shall notify the Trustee in writing of the name and address of any such
Agent.  If the Issuers fail to maintain a Registrar or Paying Agent,
or fail to give the foregoing notice, the Trustee shall act, at the written
direction of the Issuers, as such, and shall be entitled to appropriate
compensation in accordance with Section 7.07 hereof.

     

    The
Issuers initially appoint the Trustee as Registrar, Paying Agent and agent for
service of notices and demands in connection with the Notes.

     

    
      	
              SECTION
      2.04.  

            	
              Paying
      Agent To Hold Money in Trust.

            

    

     

    The
Issuers shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent shall hold in trust for the benefit of the Holders
of the Notes of any Series or the Trustee all money held by the Paying Agent for
the payment of principal of, premium, if any, and interest on the Notes of such
Series, and shall notify the Trustee in writing of any Default by the Issuers in
making any such payment.  While any such Default continues, the
Trustee may require a Paying Agent to pay all money held by it to the
Trustee.  The Issuers at any time may require a Paying Agent to pay
all money held by it to the Trustee.  Upon payment over to the
Trustee, the Paying Agent (if other than an Issuer) shall have no further
liability for the money delivered to the Trustee.  If an Issuer acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders of the applicable Series all money held by them as Paying
Agent for such Series.

     

    
      	
              SECTION
      2.05.  

            	
              Lists
      of Holders of the Notes.

            

    

     

    The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Holders of the
Notes of each Series and shall otherwise comply with TIA § 312(a).  If
the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at
least seven Business Days before each interest payment date and at such other
times as the Trustee may request in writing a list in such form and as of such
date as the Trustee may reasonably require of the names and addresses of Holders
of the Notes of each Series, including the aggregate principal amount of the
Notes of such Series held by each thereof, and the Issuers shall otherwise
comply with TIA § 312(a).

     

    
      	
              SECTION
      2.06.  

            	
              Transfer
      and Exchange.

            

    

     

    (a) Transfer and Exchange of Global
Notes.  A Global Note may not be transferred as a whole except
by the Depositary to a nominee of the Depositary, by a nominee of the Depositary
to the Depositary or to another nominee of the Depositary, or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor
Depositary.  Beneficial interests in Global Notes will be exchanged by
the Issuers for Definitive Notes of the same Series, subject to any applicable
laws, if (i) requested by a Holder of a beneficial ownership in the Global Notes
or (ii) the Issuers deliver to the Trustee notice from the Depositary that
it is unwilling or unable to continue to act as Depositary and a successor
Depositary is not appointed by the Issuers within 90 days after the date of such
written notice from the Depositary.  In any such case, the Issuers
will notify the Trustee in writing that, upon surrender by the Direct
Participants and Indirect Participants of their interest in such Global Note,
Certificated Notes of the same Series will be issued to each Person that such
Direct Participants and Indirect Participants and DTC identify as being the
beneficial owner of the related Notes.  Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof.  Every Note authenticated and delivered in exchange for,
or in lieu of, a Global Note or any portion thereof, pursuant to this Section
2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Note of the same Series.  A Global
Note may not be exchanged for another Note other than as provided in this
Section 2.06.  However, beneficial interests in a Global Note may be
transferred and exchanged as provided in paragraph (b), (c) or (f)
below.

     

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

     

    (i) Transfer of Beneficial Interests in
the Same Global Note.  Beneficial interests in any Restricted
Global Note may be transferred to Persons who take delivery thereof in the form
of a beneficial interest in the same Restricted Global Note in accordance with
the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior
to the expiration of the Restricted Period, no transfer of beneficial interests
in a Regulation S Global Note may be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser) unless permitted by
applicable law and made in compliance with subparagraphs (ii) and (iii)
below.  Beneficial interests in any Unrestricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note of the same Series.  No
written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this subparagraph (i) unless
specifically stated above.

     

    (ii) All Other Transfers and Exchanges of
Beneficial Interests in Global Notes.  In connection with all
transfers and exchanges of beneficial interests that are not subject to
subparagraph (i) above, the transferor of such beneficial interest must deliver
to the Registrar either (A) (1) a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note of the same Series in an amount equal
to the beneficial interest to be transferred or exchanged and (2) instructions
given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase or, (B) (1)
if Definitive Notes are at such time permitted to be issued pursuant to this
Indenture, a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note of the same Series in an
amount equal to the beneficial interest to be transferred or exchanged and (2)
instructions given by the Depositary to the Registrar containing information
regarding the Person in whose name such Definitive Note shall be registered to
effect the transfer or exchange referred to in (1) above.  Upon
consummation of an Exchange Offer by the Issuers in accordance with paragraph
(f) below, the requirements of this subparagraph (ii) shall be deemed to have
been satisfied upon receipt by the Registrar of the instructions contained in
the Letter of Transmittal delivered by the Holder of such beneficial interests
in the Restricted Global Notes.  Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes
contained in this Indenture and the Notes or otherwise applicable under the
Securities Act, the Trustee shall adjust the principal amount of the relevant
Global Note(s) pursuant to paragraph (h) below.

     

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

     

    (A) if the
transferee will take delivery in the form of a beneficial interest in the 144A
Global Note, then the transferor must deliver a certificate in the form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in the
case of a 6.350% 2040 Note) hereto, including the certifications in item (1)
thereof; and

     

    (B) if the
transferee will take delivery in the form of a beneficial interest in the
Regulation S Global Note, then the transferor must deliver a certificate in the
form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in the
case of a 6.350% 2040 Note) hereto, including the certifications in item (2)
thereof.

     

    (iv) Transfer and Exchange of Beneficial
Interests in a Restricted Global Note for Beneficial Interests in an
Unrestricted Global Note.  A beneficial interest in any
Restricted Global Note may be exchanged by any Holder thereof for a beneficial
interest in an Unrestricted Global Note of the same Series or transferred to a
Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note of such Series if the exchange or transfer complies
with the requirements of subparagraph (ii) above and

     

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

     

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

     

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

     

    (D) the
Registrar receives the following:

     

    (y)           if
the Holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit D-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit D-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit D-3 (in the
case of a 6.350% 2040 Note) hereto, including the certifications in item (1)(a)
thereof, or

     

    (z)           if
the Holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in
the form of a beneficial interest in an Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in the
case of a 6.350% 2040 Note) hereto, including the certifications in item (4)
thereof;

     

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

     

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

     

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

     

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

     

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

     

    (A) if the
Holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note, a
certificate from such Holder in the form of Exhibit D-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit D-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit D-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (2)(a)
thereof;

     

    (B) if such
beneficial interest is being transferred to a QIB in accordance with Rule 144A
under the Securities Act, a certificate to the effect set forth in Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (1)
thereof;

     

    (C) if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore
transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a
certificate to the effect set forth in Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (2)
thereof;

     

    (D) if such
beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144
under the Securities Act, a certificate to the effect set forth in Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (3)(a)
thereof;

     

    (E) if such
beneficial interest is being transferred to the Issuers or any of their
Subsidiaries, a certificate to the effect set forth in Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (3)(b)
thereof; or

     

    (F) if such
beneficial interest is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate to the effect set forth in
Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (3)(c)
thereof,

     

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

     

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

     

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

     

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

     

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

     

    (D) the
Registrar receives the following:

     

    (y)           if
the Holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Definitive Note that does not bear the
Private Placement Legend, a certificate from such Holder in the form of Exhibit D-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit D-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit D-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (1)(b)
thereof; or

     

    (z)           if
the Holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in
the form of a Definitive Note that does not bear the Private Placement Legend, a
certificate from such Holder in the form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (4)
thereof,

     

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

     

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

     

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

     

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

     

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

     

    (A) if the
Holder of such Restricted Definitive Note proposes to exchange such Note for a
beneficial interest in a Restricted Global Note, a certificate from such Holder
in the form of Exhibit D-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit D-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit D-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (2)(b)
thereof;

     

    (B) if such
Restricted Definitive Note is being transferred to a QIB in accordance with Rule
144A under the Securities Act, a certificate to the effect set forth in Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (1)
thereof; or

     

    (C) if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904 under the
Securities Act, a certificate to the effect set forth in Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (2)
thereof,

     

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

     

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

     

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

     

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

     

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

     

    (D) the
Registrar receives the following:

     

    (y)           if
the Holder of such Definitive Notes proposes to exchange such Notes for a
beneficial interest in the Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit D-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit D-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit D-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (1)(c)
thereof; or

     

    (z)           if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person
who shall take delivery thereof in the form of a beneficial interest in the
Unrestricted Global Note of such Series, a certificate from such Holder in the
form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (4)
thereof;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (A) if the
transfer will be made pursuant to Rule 144A under the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (1)
thereof;

     

    (B) if the
transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must
deliver a certificate in the form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (2)
thereof; and

     

    (C) if the
transfer will be made pursuant to any other exemption from the registration
requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including, if the Registrar so requests, a
certification or Opinion of Counsel in form reasonably acceptable to the Issuers
to the effect that such transfer is in compliance with the Securities
Act.

     

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

     

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

     

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

     

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

     

    (D) the
Registrar receives the following:

     

    (y)           if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes
for an Unrestricted Definitive Note, a certificate from such Holder in the form
of Exhibit D-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit D-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit D-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (1)(d)
thereof; or

     

    (z)           if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes
to a Person who shall take delivery thereof in the form of an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit C-1 (in
the case of a 3.550% 2015 Note) hereto, Exhibit C-2 (in the
case of a 5.200% 2020 Note) hereto or Exhibit C-3 (in
the case of a 6.350% 2040 Note), including the certifications in item (4)
thereof;

     

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

     

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

     

    (f) Exchange
Offer.  Upon the occurrence of an Exchange Offer for any Series
of Notes in accordance with the Registration Rights Agreement, the Issuers shall
issue and, upon receipt of an Authentication Order in accordance with Section
2.02 hereof, the Trustee shall authenticate (i) one or more Unrestricted Global
Notes of such Series in an aggregate principal amount equal to the principal
amount of the beneficial interests in the Restricted Global Notes of such Series
tendered for acceptance by Persons that make the certifications in the
applicable Letters of Transmittal required by Section 2(a) of the
Registration Rights Agreement, and accepted for exchange in an Exchange Offer
and (ii) Definitive Notes of such Series in an aggregate principal amount equal
to the principal amount of the Restricted Definitive Notes of such Series
accepted for exchange in an Exchange Offer.  Concurrently with the
issuance of such Notes, the Trustee shall cause the aggregate principal amount
of the applicable Restricted Global Notes of such Series to be reduced
accordingly, and the Issuers shall execute and the Trustee shall authenticate
and deliver to the Persons designated by the Holders of Restricted Definitive
Notes so accepted Unrestricted Definitive Notes of such Series in the
appropriate principal amount.

     

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

     

    (i) Private Placement
Legend.

     

    (A) Except as
permitted by subparagraph (B) below, each Global Note (other than an
Unrestricted Global Note) and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the Private Placement
Legend.

     

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

     

    (ii) Global Note
Legend.  Each Global Note shall bear the Global Note
Legend.

     

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

     

    (i) General Provisions Relating to
Transfers and Exchanges.

     

    (i) To permit
registrations of transfers and exchanges, the Issuers shall execute and the
Trustee shall authenticate Global Notes and Definitive Notes upon the Issuers’
order or at the Registrar’s request.

     

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

     

    (iii) The
Registrar shall not be required to register the transfer of or exchange any Note
selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part.

     

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

     

    (v) The
Issuers shall not be required (A) to issue, to register the transfer of or to
exchange any Notes of a Series during a period beginning at the opening of
business on a Business Day 15 days before the day of any selection of Notes of
such Series for redemption under Section 3.02 hereof and ending at the close of
business on the day of selection or (B) to register the transfer of or to
exchange any Note so selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part.

     

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

     

    (vii) The
Trustee shall authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof.

     

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

     

    
      	
              SECTION
      2.07.  

            	
              Replacement
      Notes.

            

    

     

    If any
mutilated Note is surrendered to the Trustee, or the Issuers and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any
Note, the Issuers shall issue and the Trustee, upon the written order of the
Issuers signed by two Officers of each Issuer, shall authenticate a replacement
Note of such Series if the Trustee’s requirements for replacements of Notes are
met.  If required by the Trustee or the Issuers, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee
and the Issuers to protect the Issuers, the Trustee, any Agent or any
authenticating agent from any loss which any of them may suffer if a Note is
replaced.  The Issuers and the Trustee may charge for its expenses in
replacing a Note.

     

    Every
replacement Note is a joint and several obligation of the Issuers.

     

    
      	
              SECTION
      2.08.  

            	
              Outstanding
      Notes.

            

    

     

    The Notes
outstanding at any time of any Series are all the Notes of such Series
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation and those described in this Section 2.08 as not
outstanding.

     

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

     

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

     

    Subject
to Section 2.09 hereof, a Note does not cease to be outstanding because the
Issuers, a Subsidiary of the Issuers or an Affiliate of the Issuers holds the
Note.

     

    
      	
              SECTION
      2.09.  

            	
              Treasury
      Notes.

            

    

     

    In
determining whether the Holders of the required principal amount of Notes of any
Series have concurred in any direction, waiver or consent, Notes owned by the
Issuers, any Subsidiary of the Issuers or any Affiliate of the Issuers shall be
considered as though not outstanding, except that for purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver
or consent, only Notes which a Responsible Officer knows to be so owned shall be
so considered.  Notwithstanding the foregoing, Notes that are to be
acquired by the Issuers, any Subsidiary of the Issuers or an Affiliate of the
Issuers pursuant to an exchange offer, tender offer or other agreement shall not
be deemed to be owned by the Issuers, a Subsidiary of the Issuers or an
Affiliate of the Issuers until legal title to such Notes passes to the Issuers,
such Subsidiary or such Affiliate, as the case may be.

     

    
      	
              SECTION
      2.10.  

            	
              Temporary
      Notes.

            

    

     

    Until
definitive Notes are ready for delivery, the Issuers may prepare and the Trustee
shall authenticate temporary Notes.  Temporary Notes shall be
substantially in the form of definitive Notes but may have variations that the
Issuers and the Trustee consider appropriate for temporary
Notes.  Without unreasonable delay, the Issuers shall prepare and the
Trustee, upon receipt of the written order of the Issuers signed by two Officers
of the Issuers, shall authenticate definitive Notes of a Series in exchange for
temporary Notes of such Series.  Until such exchange, temporary Notes
of a Series shall be entitled to the same rights, benefits and privileges as
definitive Notes of such Series.

     

    
      	
              SECTION
      2.11.  

            	
              Cancellation.

            

    

     

    The
Issuers at any time may deliver Notes to the Trustee for
cancellation.  The Registrar and Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or
payment.  The Trustee shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and
shall dispose of all canceled Notes in its customary manner (subject to the
record retention requirement of the Exchange Act), unless the Issuers direct
canceled Notes to be returned to them.  The Issuers may not issue new
Notes to replace Notes that they have redeemed or paid or that have been
delivered to the Trustee for cancellation.  All canceled Notes held by
the Trustee shall be disposed of and certification of their disposal delivered
to the Issuers upon their request therefor, unless by a written order, signed by
two Officers of the Issuers, the Issuers shall direct that canceled Notes be
returned to them.

     

    
      	
              SECTION
      2.12.  

            	
              Defaulted
      Interest.

            

    

     

    If the
Issuers default in a payment of interest on the Notes of a Series, they shall
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders of
such Series of Notes on a subsequent special record date, which date shall be at
the earliest practicable date but in all events at least five Business Days
prior to the payment date, in each case at the rate provided in the Notes of
such Series.  The Issuers shall, with the consent of the Trustee, fix
or cause to be fixed each such special record date and payment
date.  At least 15 days before the special record date, the Issuers
(or the Trustee, in the name of and at the expense of the Issuers) shall mail to
Holders of the Notes of the applicable Series a notice that states the special
record date, the related payment date and the amount of such interest to be
paid.

     

    
      	
              SECTION
      2.13.  

            	
              Record
      Date.

            

    

     

    The
record date for purposes of determining the identity of Holders of the Notes
entitled to vote or consent to any action by vote or consent authorized or
permitted under this Indenture shall be determined as provided for in TIA §
316(c).

     

    
      	
              SECTION
      2.14.  

            	
              CUSIP
      Number.

            

    

     

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

     

    
      	
              SECTION
      2.15.  

            	
              Joint
      and Several Liability.

            

    

     

    Except as
otherwise expressly provided herein, the Issuers shall be jointly and severally
liable for the performance of all obligations and covenants under this Indenture
and the Notes.

     

     

    ARTICLE
3                          

     

     

    

     

     

    REDEMPTION

     

    
      	
              SECTION
      3.01.  

            	
              Notices
      to Trustee.

            

    

     

    If the
Issuers elect to redeem Notes of a Series pursuant to the optional redemption
provisions of Section 3.07 hereof, they shall furnish to the Trustee, at least
35 days (unless a shorter period is acceptable to the Trustee) but not more than
60 days before a redemption date, an Officers’ Certificate of the Issuers
identifying the Series of Notes to be redeemed and setting forth (i) the
redemption date, (ii) the principal amount of Notes to be redeemed and (iii) the
redemption price.

     

    
      	
              SECTION
      3.02.  

            	
              Selection
      of Notes To Be Redeemed.

            

    

     

    (a) If less
than all of the Notes of any Series are to be redeemed at any time in accordance
with Section 3.07 hereof, the selection of Notes of such Series for redemption
will be made by the Trustee in compliance with the requirements of the principal
national securities exchange, if any, on which the Notes of such Series are
listed, or if the Notes of such Series are not so listed on a pro rata basis, by lot or in
accordance with any other method the Trustee deems fair and appropriate; provided that no Notes with a
principal amount of $2,000 or less shall be redeemed in part.  In the
event of partial redemption by lot, the particular Notes to be redeemed shall be
selected, unless otherwise provided herein, not less than 30 nor more than 60
days prior to the redemption date by the Trustee from the outstanding Notes not
previously called for redemption.

     

    (b) The
Trustee shall promptly notify the Issuers in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed.  Notes and portions of them
selected shall be in amounts of $2,000 or whole multiples of $1,000; except that
if all of the Notes of a Series of a Holder are to be redeemed, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of
$1,000, shall be redeemed.  Except as provided in the preceding
sentence, provisions hereof that apply to Notes called for redemption also apply
to portions of Notes called for redemption.

     

    
      	
              SECTION
      3.03.  

            	
              Notice
      of Redemption.

            

    

     

    At least
30 days but not more than 60 days before a redemption date, the Company shall
mail or cause to be mailed, by first class mail, a notice of redemption to each
Holder whose Notes are to be redeemed at its registered address.

     

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

     

    (i) the
redemption date;

     

    (ii) the
redemption price;

     

    (iii) if any
Note is being redeemed in part only, the portion of the principal amount of such
Note to be redeemed and that, after the redemption date upon surrender of such
Note, a new Note or Notes of such Series in principal amount equal to the
unredeemed portion shall be issued in the name of the Holder thereof upon
cancellation of the original Note;

     

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

     

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

     

    (vi) that,
unless the Issuers default in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the redemption
date;

     

    (vii) the
paragraph of the Notes and/or Section hereof pursuant to which the Notes called
for redemption are being redeemed; and

     

    (viii) that no
representation is made as to the correctness or accuracy of the CUSIP number, if
any, listed in such notice or printed on such Notes.

     

    At the
Company’s written request, the Trustee shall give the notice of redemption in
the Company’s name and at its expense; provided that the Company
shall have delivered to the Trustee, at least 35 days (unless a shorter period
is acceptable to the Trustee) prior to the redemption date, an Officers’
Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the preceding
paragraph.

     

    
      	
              SECTION
      3.04.  

            	
              Effect
      of Notice of Redemption.

            

    

     

    Once
notice of redemption is mailed in accordance with Section 3.03 hereof, Notes
called for redemption become due and payable on the redemption date at the
redemption price.

     

    
      	
              SECTION
      3.05.  

            	
              Deposit
      of Redemption Price.

            

    

     

    On or
prior to any redemption date, the Company shall deposit with the Trustee or with
the Paying Agent money sufficient to pay the redemption price of and accrued
interest on all Notes to be redeemed on that date.  The Trustee or the
Paying Agent shall promptly return to the Company any money deposited with the
Trustee or the Paying Agent by the Company in excess of the amounts necessary to
pay the redemption price of, and accrued interest on, all Notes to be
redeemed.

     

    On and
after the redemption date, if the Company does not default in the payment of the
redemption price, interest shall cease to accrue on the Notes or the portions of
Notes called for redemption.  If a Note is redeemed on or after an
interest record date but on or prior to the related interest payment date, then
any accrued and unpaid interest shall be paid to the Person in whose name such
Note was registered at the close of business on such record date.  If
any Note called for redemption shall not be so paid upon surrender for
redemption because of the failure of the Company to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the redemption
date until such principal is paid, and to the extent lawful on any interest not
paid on such unpaid principal, in each case at the rate provided in such
Notes.

     

    
      	
              SECTION
      3.06.  

            	
              Notes
      Redeemed in Part.

            

    

     

    Upon
surrender and cancellation of a Note that is redeemed in part, the Issuers shall
issue and the Trustee shall authenticate for the Holder of such Note at the
expense of the Issuers a new Note of such Series equal in principal amount to
the unredeemed portion of the Note surrendered.

     

    
      	
              SECTION
      3.07.  

            	
              Optional
      Redemption.

            

    

     

               At
any time and from time to time the Company may redeem all or any portion of the
Notes of any Series outstanding at a redemption price equal to the greater
of:

     

    (a) 100% of
the aggregate principal amount of such Notes to be redeemed, and

     

    (b) an amount
equal to the sum of the present values of the remaining scheduled payments of
principal of and interest on such Notes to be redeemed (excluding accrued and
unpaid interest to the redemption date and subject to the right of Holders on
the relevant record date to receive interest due on the relevant interest
payment date) discounted from their scheduled date of payment to the redemption
date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using a discount rate equal to (i) the Treasury Rate plus 20 basis
points in the case of the 3.550% 2015 Notes, (ii) the Treasury Rate plus 25
basis points in the case of the 5.200% 2020 Notes and (iii) the Treasury Rate
plus 30 basis points in the case of the 6.350% 2040 Notes,

     

    plus, in
each of the above cases, accrued and unpaid interest, if any, to such redemption
date.

     

     

    ARTICLE
4                          

     

     

    

     

     

    COVENANTS

     

    
      	
              SECTION
      4.01.  

            	
              Payment
      of Notes.

            

    

     

    (a) The
Issuers shall pay or cause to be paid the principal of, premium, if any, and
interest on the Notes on the dates and in the manner provided in the
Notes.  Principal, premium, if any, and interest shall be considered
paid on the date due if the Paying Agent, if other than either Issuer, holds as
of 10:00 a.m. Eastern Time on the due date money deposited by or on behalf of
the Issuers in immediately available funds and designated for and sufficient to
pay all principal, premium, if any, and interest then due.

     

    (b) The
Issuers shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal at the rate equal to the then
applicable interest rate on the applicable Series of Notes to the extent lawful;
they shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to
any applicable grace period) at the same rate to the extent lawful.

     

    
      	
              SECTION
      4.02.  

            	
              Maintenance
      of Office or Agency.

            

    

     

    (a) The
Issuers shall maintain an office or agency (which may be an office of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Issuers in respect of the Notes and this Indenture
may be served.  The Issuers shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency.  If at any time the Issuers shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee.

     

    (b) The
Issuers may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Issuers of their
obligation to maintain an office or agency for such purposes.  The
Issuers 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.

     

    (c) The
Issuers hereby designate the Corporate Trust Office of the Trustee as one such
office or agency of the Issuers in accordance with Section 2.03
hereof.

     

    
      	
              SECTION
      4.03.  

            	
              Reports.

            

    

     

    (a) Whether
or not required by the rules and regulations of the Commission, so long as any
Notes of a Series are outstanding, the Issuers shall furnish to the Holders of
Notes of such Series all quarterly and annual financial information that would
be required to be contained in a filing with the Commission on Forms 10-Q and
10-K if the Issuers were required to file such forms, including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and,
with respect to the annual information only, a report thereon by the independent
registered public accounting firm of the Issuers; provided, however, that to the extent
such reports are filed with the Commission and publicly available, no additional
copies need be provided to Holders of the Notes or the Trustee.  The
Issuers shall also comply with the provisions of TIA §314(a).

     

    (b) The
Issuers shall provide the Trustee with a sufficient number of copies of all
reports and other documents and information that the Trustee may be required to
deliver to the Holders of the Notes under this Section 4.03.

     

    (c) The
Issuers will be deemed to have satisfied the requirements of paragraph (a) and
(b) above if (i) any Parent files and provides reports, documents and
information of the types otherwise so required, in each case within the
applicable time periods, (ii) such Parent does not have any material assets or
liabilities other than direct or indirect interests in the Issuers, and (iii)
the Issuers are not required to file such reports, documents and information
separately under the applicable rules and regulations of the Commission (after
giving effect to any exemptive relief) because of the filings by such
Parent.

     

    
      	
              SECTION
      4.04.  

            	
              Compliance
      Certificate.

            

    

     

    (a) The
Issuers shall deliver to the Trustee, within 120 days after the end of each
fiscal year, an Officers’ Certificate of the Issuers stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to
determining whether the Issuers and Guarantors have kept, observed, performed
and fulfilled their obligations under this Indenture and further stating, as to
each such Officer signing such certificate, that to the best of his or her
knowledge each such entity has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions hereof,
including, without limitation, a default in the performance or breach of Section
4.10 hereof (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he or she may have
knowledge and what action each is taking or proposes to take with respect
thereto) and that to the best of his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of
or interest, if any, on the Notes of any Series is prohibited or if such event
has occurred, a description of the event and what action each is taking or
proposes to take with respect thereto.

     

    (b) The
Issuers shall, so long as any of the Notes are outstanding, deliver to the
Trustee, forthwith upon any Officer becoming aware of (i) any Default or Event
of Default, or (ii) any default under any Indebtedness referred to in Section
6.01(f) or (g) hereof, an Officers’ Certificate of the Issuers specifying such
Default, Event of Default or default and what action the Issuers or any of their
Affiliates are taking or propose to take with respect thereto.

     

    
      	
              SECTION
      4.05.  

            	
              Taxes.

            

    

     

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

     

    
      	
              SECTION
      4.06.  

            	
              Stay,
      Extension and Usury Laws.

            

    

     

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

     

    
      	
              SECTION
      4.07.  

            	
              Limitation
      on Liens.

            

    

     

    The
Company shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly, create or assume any Indebtedness for borrowed money that is secured
by a Lien on any asset now owned or hereafter acquired, or on any income or
profits therefrom or assign or convey any right to receive income therefrom,
except Permitted Liens.

     

    
      	
              SECTION
      4.08.  

            	
              Additional
      Subsidiary Guarantees.

            

    

     

    If any of
the Company’s Domestic Subsidiaries, including any Domestic Subsidiary that the
Company or any of its Subsidiaries may organize, acquire or otherwise invest in
after the date of hereof, that is not a Guarantor guarantees or becomes
otherwise obligated under the Senior Secured Credit Facility or the Existing
Notes, then such Domestic Subsidiary shall (i) execute and deliver to the
Trustee a supplemental indenture in form reasonably satisfactory to the Trustee
pursuant to which such Domestic Subsidiary shall unconditionally guarantee all
of the Issuers’ obligations under the Notes and this Indenture on the terms set
forth in Article 10 and (ii) deliver to the Trustee an Opinion of Counsel that
such supplemental indenture has been duly authorized, executed and delivered by
such Domestic Subsidiary and constitutes a legal, valid, binding and enforceable
obligation of such Domestic Subsidiary.  Thereafter, such Domestic
Subsidiary shall be a Guarantor for all purposes hereof; provided, however, that to the extent
that a Domestic Subsidiary is subject to any instrument governing Acquired Debt,
as in effect at the time of acquisition thereof, that prohibits such Domestic
Subsidiary from issuing a Guarantee, such Domestic Subsidiary shall not be
required to execute such a supplemental indenture until it is permitted to issue
such Guarantee pursuant to the terms of such Acquired Debt; provided, further, however, that any such
Guarantee shall be released as provided under Section 10.03 hereof.

     

    
      	
              SECTION
      4.09.  

            	
              Organizational
      Existence.

            

    

     

    Subject
to Article 5 hereof and the proviso to this Section 4.09, the Company shall do
or cause to be done all things necessary to preserve and keep in full force and
effect (i) its existence as a limited liability company and, the corporate,
limited liability company, partnership or other existence of any Subsidiary, in
accordance with the respective organizational documents (as the same may be
amended from time to time) of the Company or any Subsidiary and (ii) the rights
(charter and statutory), licenses and franchises of the Company and its
Subsidiaries; provided,
however, that the
Company shall not be required to preserve any such right, license or franchise,
or the corporate, partnership or other existence of any Subsidiary (other than
the corporate existence of DIRECTV Financing) if the Board of Directors of the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and its Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the
Holders of the Notes.

     

    
      	
              SECTION
      4.10.  

            	
              Change
      of Control and Ratings Decline.

            

    

     

    Upon the
occurrence of a Change of Control Triggering Event with respect to a Series of
Notes, the Company shall make an offer (a “Change of Control Offer”) to
each Holder of Notes of such Series to repurchase all or any part (equal to
$1,000 or an integral multiple thereof) of such Holder’s Notes of such Series at
a purchase price equal to 101% of the aggregate principal amount thereof,
together with accrued and unpaid interest thereon to the date of repurchase (the
“Change of Control
Payment”).  Within 30 days following any Change of Control
Triggering Event, the Company shall mail a notice to each Holder of Notes of the
applicable Series stating:

     

    (1) that the
Change of Control Offer is being made pursuant to this Section
4.10;

     

    (2) the
purchase price and the purchase date, which shall be no earlier than 30 days nor
later than 45 days after the date such notice is mailed (the “Change of Control Payment
Date”);

     

    (3) that any
Notes not tendered will continue to accrue interest in accordance with the terms
hereof;

     

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

     

    (5) that
Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the close of business on the second Business Day
preceding the Change of Control Payment Date, a telegram, telex, facsimile
transmission or letter setting forth the name of the Holder, the principal
amount of Notes delivered for purchase, and a statement that such Holder is
unconditionally withdrawing its election to have such Notes
purchased;

     

    (6) that
Holders whose Notes are being purchased only in part will be issued new Notes of
such Series equal in principal amount to the unpurchased portion of the Notes
surrendered, which unpurchased portion must be equal to $2,000 in principal
amount or an integral multiple of $1,000 in excess thereof, and

     

    (7) any other
information material to such Holder’s decision to tender Notes.

     

    The
Company will not be required to make a Change of Control Offer following a
Change of Control Triggering Event if a third party makes a Change of Control
Offer in the manner, at the times and otherwise in compliance with the
requirements set forth above and purchases all Notes validly tendered and not
withdrawn under such Change of Control Offer.  Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in
advance of a Change of Control Triggering Event, conditional upon such Change of
Control, if a definitive agreement is in place for the Change of Control at the
time of making the Change of Control Offer.

     

    The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws
and regulations are applicable in connection with the repurchase of the Notes
required in the event of a Change of Control Triggering Event.

     

    SECTION
4.11.            Limitation on Sale and
Leasebacks.

     

                The
Company will not, and will not permit any of its Subsidiaries to, enter into any
arrangement with any Person pursuant to which the Company or any of its
Subsidiaries leases any property that has been or is to be sold or transferred
by the Company or its Subsidiaries to such Person (a “Sale and Leaseback
Transaction”), except that a Sale and Leaseback Transaction is permitted
if the Company or such Subsidiary would be entitled to secure the property to be
leased by a Lien (without equally and ratably securing the outstanding Notes) in
an amount equal to the present value of the lease payments with respect to the
term of the lease remaining on the date as of which the amount is being
determined, discounted at the rate of interest set forth or implicit in the
terms of the lease, compounded semi-annually (such amount is referred to as the
“Attributable
Debt”).

     

    In
addition, the following Sale and Leaseback Transactions shall not be subject to
the limitation above and shall not be included in calculating Attributable Debt
for purposes of Section 4.07:

     

    (1)                          temporary
leases for a term, including renewals at the option of the lessee, of not more
than three years;

     

    (2)                          leases
between only the Company and a Subsidiary of the Company or only between the
Company’s Subsidiaries; and

     

    (3)                          leases
of property executed by the time of, or within 18 months after the latest of,
the acquisition, the completion of construction or improvement, or the
commencement of commercial operation of the property.

     

    
      	
              SECTION
      4.12.  

            	
              Limitation
      on Activities of DIRECTV Financing.

            

    

     

    DIRECTV
Financing may not hold any material assets, become liable for any material
obligations, engage in any trade or business, or conduct any business activity,
other than the issuance of Equity Interests to the Company or any Wholly Owned
Subsidiary of the Company, the incurrence of Indebtedness as a co-obligor or
guarantor of the Notes, the Exchange Notes, if any, the Senior Secured Credit
Facility and any other Indebtedness incurred by the
Company.   Neither the Company nor any Subsidiary of the Issuer
shall engage in any transactions with DIRECTV Financing in violation of the
immediately preceding sentence.

     

     

    ARTICLE
5                          

     

     

    

     

     

    SUCCESSORS

     

    
      	
              SECTION
      5.01.  

            	
              Merger,
      Consolidation or Sale of Assets.

            

    

     

    The
Company shall not consolidate or merge with or into (whether or not the Company
is the surviving entity), or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of its properties or assets in one or more
related transactions to, another Person unless: 

     

    (a) the
Company is the surviving Person or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made is a corporation, limited partnership or limited liability company
organized or existing under the laws of the United States, any state thereof or
the District of Columbia;

     

    (b) the
Person formed by or surviving any such consolidation or merger (if other than
the Company) or the Person to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made assumes all the obligations
of the Company pursuant to a supplemental indenture in form reasonably
satisfactory to the Trustee, under the Notes and this Indenture;
and

     

    (c) immediately
after such transaction, no Default or Event of Default exists.

     

    
      	
              SECTION
      5.02.  

            	
              Successor
      Corporation Substituted.

            

    

     

    Upon any
consolidation or merger, or any sale, lease, conveyance or other disposition of
all or substantially all of the assets of the Company in accordance with Section
5.01 hereof, the successor corporation formed by such consolidation or into or
with which the Company is merged or to which such sale, lease, conveyance or
other disposition is made shall succeed to, and be substituted for (so that from
and after the date of such consolidation, merger, sale, lease, conveyance or
other disposition, the provisions hereof referring to the Company shall refer
instead to the successor corporation and not to the Company), and may exercise
every right and power of, the Company under this Indenture with the same effect
as if such successor Person has been named as the Company herein.

     

     

    ARTICLE
6                          

     

     

    

     

     

    DEFAULTS
AND REMEDIES

     

    
      	
              SECTION
      6.01.  

            	
              Events
      of Default.

            

    

     

    Each of
the following constitutes an “Event of Default” with
respect to each Series of Notes:

     

    (a) default
for 30 days in the payment when due of interest or additional interest, if any,
on the Notes of such Series;

     

    (b) default
in the payment when due of principal of or premium, if any, on the Notes of such
Series at maturity, upon repurchase, redemption or otherwise;

     

    (c) failure
to comply with the provisions of Section 4.10 or Section 5.01
hereof;

     

    (d) default
under any other provision of this Indenture or the Notes of such Series, which
default remains uncured for 60 days after notice from the Trustee or the Holders
of at least 25% of the aggregate principal amount then outstanding of the Notes
of such Series;

     

    (e) there
shall occur any (i) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company and any of its Subsidiaries (or
the payment of which is guaranteed by the Company and any of its Subsidiaries)
other than the Indebtedness evidenced by the Existing Notes, which default is
caused by a failure to pay the principal of such Indebtedness at the final
stated maturity thereof within the grace period provided in such Indebtedness (a
“Payment Default”), and
the principal amount of any such Indebtedness, together with the principal
amount of any other such Indebtedness under which there has been a Payment
Default, aggregates $100 million or more or (ii) “Event of Default” under and as
defined in any indenture governing any of the Existing Notes (but only for so
long as the Existing Notes issued thereunder remain outstanding and such “Event
of Default” has not been cured or waived, in accordance with such indenture)
whether or not any of the Existing Notes have been accelerated in accordance
with the terms of the indentures governing the Existing Notes;

     

    (f) default
under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company and any of its Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Subsidiaries) other than the
Indebtedness evidenced by the Existing Notes, which default results in the
acceleration of such Indebtedness prior to its express maturity not rescinded or
cured within 30 days after such acceleration, and the principal amount of any
such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $100 million or more;

     

    (g) failure
by the Company and any of its Subsidiaries to pay final judgments (other than
any judgment as to which a reputable insurance company has accepted full
liability) aggregating $100 million or more, which judgments are not stayed
within 60 days after their entry;

     

    (h) any
Guarantee of a Significant Subsidiary with respect to the Notes of such Series
shall be held in a judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect, or any Guarantor that
qualifies as a Significant Subsidiary, or any Person acting on behalf of any
Guarantor that qualifies as a Significant Subsidiary, shall deny or disaffirm
its obligations under its Guarantee of such Series of Notes;

     

    (i) the
Company, DIRECTV Financing or any Significant Subsidiary of the Company pursuant
to or within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii)
consents to the entry of an order for relief against it in an involuntary case;
(iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property; or (iv) makes a general assignment for the
benefit of its creditors; and

     

    (j) a court
of competent jurisdiction enters an order or decree under any Bankruptcy Law
that:  (i) is for relief against the Company, DIRECTV Financing or any
Significant Subsidiary of the Company in an involuntary case; (ii) appoints a
custodian of the Company, DIRECTV Financing or any Significant Subsidiary of the
Company or for all or substantially all of the property of the Company, DIRECTV
Financing or any Significant Subsidiary of the Company; or (iii) orders the
liquidation of the Company, DIRECTV Financing or any Significant Subsidiary of
the Company, and the order or decree remains unstayed and in effect for 60
consecutive days.

     

    
      	
              SECTION
      6.02.  

            	
              Acceleration

            

    

     

    (a) If an
Event of Default (other than an Event of Default relating to an Issuer specified
in paragraph (i) or (j) of Section 6.01 hereof) occurs and is continuing, the
Trustee by notice to the Issuers or the Holders of at least 25% of the aggregate
principal amount then outstanding of the Notes of any Series by written notice
to the Issuers and the Trustee, may declare all the Notes of such Series to be
due and payable immediately. Notwithstanding the foregoing, in the case of an
Event of Default specified in paragraph (i) or (j) of Section 6.01 hereof with
respect to an Issuer, all outstanding Notes shall become and be immediately due
and payable without further action or notice.  Holders of the Notes
may not enforce this Indenture or the Notes except as provided in this
Indenture. The Trustee may withhold from Holders of the Notes notice of any
continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest) if it determines that
withholding notice is in such Holders’ interest. 
The Holders of a majority in aggregate principal amount of the then outstanding
Notes of any Series by written notice to the Trustee may on behalf of all of the
Holders of Notes of such Series rescind an acceleration and its consequences if
the rescission would not conflict with any judgment or decree and if all
existing Events of Default (except nonpayment of principal, interest or premium
that has become due solely because of the acceleration) have been cured or
waived.

     

    (b) In the
event the Notes of any Series are accelerated as a result of an Event of Default
specified in clause 6.01(e)(ii) above, such Event of Default and all
consequences thereof (excluding any resulting payment default, other than as a
result of the acceleration of the Notes of such Series) shall be annulled,
waived and rescinded, automatically and without action by the Trustee or the
Holders, if (i) such rescission would not conflict with any judgment or decree
and (ii) within 60 days following the occurrence of such Event of
Default:

     

    (1) the
applicable Existing Notes have been redeemed, repaid or discharged in
full;

     

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

     

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

     

    (c) All
powers of the Trustee under this Indenture will be subject to applicable
provisions of the Communications Act, including without limitation, the
requirements of prior approval for de facto or de jure transfer of control
or assignment of Title III licenses.

     

    
      	
              SECTION
      6.03.  

            	
              Other
      Remedies.

            

    

     

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

     

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

     

    
      	
              SECTION
      6.04.  

            	
              Waiver
      of Past Defaults.

            

    

     

    Holders
of not less than a majority in aggregate principal amount of Notes of any Series
then outstanding, by written notice to the Trustee, may on behalf of the Holders
of all of the Notes of such Series waive an existing Default or Event of Default
and its consequences under this Indenture, except a continuing Default or Event
of Default in the payment of the principal of, premium, if any, or interest on,
the Notes of such Series.  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 hereof; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.

     

    
      	
              SECTION
      6.05.  

            	
              Control
      by Majority.

            

    

     

    Holders
of a majority in principal amount of the then outstanding Notes of any Series
may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power
conferred on it with respect to such Series of Notes.  However, the
Trustee may refuse to follow any direction that conflicts with the law or this
Indenture that the Trustee determines may be unduly prejudicial to the rights of
other Holders of Notes or that may involve the Trustee in personal
liability.

     

    
      	
              SECTION
      6.06.  

            	
              Limitation
      on Suits.

            

    

     

    A Holder
of a Note of such Series may pursue a remedy with respect to this Indenture or
the Notes of such Series only if

     

    (a) the
Holder of a Note of such Series gives to the Trustee written notice of a
continuing Event of Default;

     

    (b) the
Holders of at least 25% in principal amount of the then outstanding Notes of
such Series make a written request to the Trustee to pursue the
remedy;

     

    (c) such
Holder of a Note or Holders of Notes offer and, if requested, provide to the
Trustee indemnity satisfactory to the Trustee against any loss, liability or
expense;

     

    (d) the
Trustee does not comply with the request within 60 days after receipt of the
request and the offer and, if requested, the provision of indemnity;
and

     

    (e) during
such 60-day period the Holders of a majority in principal amount of the then
outstanding Notes of such Series do not give the Trustee a direction
inconsistent with the request.

     

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

     

    
      	
              SECTION
      6.07.  

            	
              Rights
      of Holders of Notes To Receive
Payment.

            

    

     

    Notwithstanding
any other provision hereof, the right of any Holder of a Note to receive payment
of principal, premium, if any, and interest on the Note, on or after the
respective due dates expressed in the Note, or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of the Holder of the Note.

     

    
      	
              SECTION
      6.08.  

            	
              Collection
      Suit by Trustee.

            

    

     

    If an
Event of Default specified in Section 6.01(a) or (b) hereof occurs and is
continuing with respect to a Series of Notes, the Trustee is authorized to
recover judgment in its own name and as trustee of an express trust against the
Issuers for the whole amount of principal of, premium, if any, and interest
remaining unpaid on such Notes and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and
counsel.

     

    
      	
              SECTION
      6.09.  

            	
              Trustee
      May File Proofs of Claim.

            

    

     

    The
Trustee is authorized to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders of the
Notes allowed in any judicial proceedings relative to the Issuers (or any other
obligor upon the Notes), the Issuers’ creditors or the Issuers’ property and
shall be entitled and empowered to collect, receive and distribute any money or
other property payable or deliverable on any such claims and any custodian in
any such judicial proceeding is hereby authorized by each Holder of a Note 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 of the Notes, to
pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 hereof.  To the
extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties which the Holders of the Notes may be entitled
to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise.  Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder of a Note any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder of a
Note thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder of a Note in any such proceeding.

     

    
      	
              SECTION
      6.10.  

            	
              Priorities.

            

    

     

    If the
Trustee collects any money pursuant to this Article 6, it shall pay out the
money in the following order:

     

    First:  to
the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof,
including payment of all compensation, expense and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of
collection;

     

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

     

    Third:  to
the Issuers or to such party as a court of competent jurisdiction shall direct
in writing.

     

    The
Trustee may fix a record date and payment date for any payment to Holders of
Notes.

     

    
      	
              SECTION
      6.11.  

            	
              Undertaking
      for Costs.

            

    

     

    In any
suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as a Trustee, a
court in its discretion may require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant.  This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in
principal amount of the then outstanding Notes pursuant to this
Article 6.

     

     

    ARTICLE
7                          

     

     

    

     

     

    TRUSTEE

     

    
      	
              SECTION
      7.01.  

            	
              Duties
      of Trustee.

            

    

     

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

     

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

     

    (i) the
duties of the Trustee shall be determined solely by the express provisions
hereof and the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

     

    (ii) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the
requirements hereof.  However, in the case of certificates or opinions
specifically required by any provision hereof to be furnished to it, the Trustee
shall examine the certificates and opinions to determine whether or not they
conform to the requirements hereof.

     

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

     

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

     

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

     

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

     

    (d) Whether
or not therein expressly so provided, every provision hereof that in any way
relates to the Trustee is subject to paragraphs (a), (b), and (c) of this
Section 7.01.

     

    (e) No
provision hereof shall require the Trustee to expend or risk its own funds or
incur any liability.  The Trustee shall be under no obligation to
exercise any of its rights or powers under this Indenture at the request of any
Holders of Notes, unless such Holder shall have offered to the Trustee security
and indemnity satisfactory to the Trustee against any loss, liability or
expense.

     

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

     

    
      	
              SECTION
      7.02.  

            	
              Rights
      of Trustee.

            

    

     

    (a) The
Trustee may conclusively rely upon any document (whether in 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 the document.

     

    (b) Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate of the Issuers or an Opinion of Counsel or both.  The
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officers’ Certificate or Opinion of
Counsel.  The Trustee may consult with counsel of its selection and
the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance
thereon.

     

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

     

    (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
conferred upon it by this Indenture.

     

    (e) Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from an Issuer shall be sufficient if signed by an Officer
of such Issuer.

     

    (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 or direction of any of the Holders
unless such Holders shall have offered to the Trustee security or indemnity
reasonably satisfactory to it against the costs, expenses and liabilities that
might be incurred by it in compliance with such request or
direction.

     

    (g) Except
with respect to Section 4.01 hereof, the Trustee shall have no duty to inquire
as to the performance of the Issuers’ covenants in Article 4.  In
addition, the Trustee shall not be deemed to have knowledge of any Default or
Event of Default except (i) any Event of Default occurring pursuant to Sections
4.01, 6.01(a) and 6.01(b) hereof or (ii) any Default or Event of Default of
which the Trustee shall have received written notification or obtained actual
knowledge.

     

    (h) Delivery
of reports, information and documents to the Trustee under Section 4.03 hereof
is for informational purposes only and the Trustee’s receipt of the foregoing
shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuers’
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

     

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

     

    (j) The
Trustee may request that the Company deliver a certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture; and

     

    (k) In no
event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of
action.

     

    
      	
              SECTION
      7.03.  

            	
              Individual
      Rights of Trustee.

            

    

     

    The
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers
with the same rights it would have if it were not Trustee.  However,
in the event that the Trustee acquires any conflicting interest it must
eliminate such conflict within 90 days, apply to the Commission for permission
to continue as Trustee (if any of the Notes are registered pursuant to the
Securities Act), or resign.  Any Agent may do the same with like
rights and duties.  The Trustee is also subject to Sections 7.10 and
7.11 hereof.

     

    
      	
              SECTION
      7.04.  

            	
              Trustee’s
      Disclaimer.

            

    

     

    (a) The
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy hereof or the Notes, it shall not be accountable for the
Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or
upon the Issuers’ direction under any provision hereof, it shall not be
responsible for the use or application of any money received by any Paying Agent
other than the Trustee, and it shall not be responsible for any statement or
recital herein or any statement in the Notes or any other document in connection
with the sale of the Notes or pursuant to this Indenture other than its
certificate of authentication.

     

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

     

    
      	
              SECTION
      7.05.  

            	
              Notice
      of Defaults.

            

    

     

    If a
Default or Event of Default occurs and is continuing with respect to a Series of
Notes and if it is known to a Responsible Officer of the Trustee, the Trustee
shall mail to Holders of Notes of such Series a notice of the Default or Event
of Default within 90 days after it occurs.  Except in the case of a
Default or Event of Default in payment of principal of, premium, if any, or
interest on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.

     

    
      	
              SECTION
      7.06.  

            	
              Reports
      by Trustee to Holders of the Notes.

            

    

     

    Within 60
days after each September 15 beginning with the September 15, 2010, the Trustee
shall mail to the Holders of the Notes a brief report dated as of such reporting
date that complies with TIA § 313(a) (but if no event described in TIA
§ 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted).  The Trustee also shall comply
with TIA § 313(b).  The Trustee shall also transmit by mail all
reports as required by TIA § 313(c).

     

    A copy of
each report at the time of its mailing to the Holders of Notes of any Series
shall be mailed to the Issuers and filed with the Commission and each stock
exchange on which any Notes of such Series are listed.  The Issuers
shall promptly notify the Trustee in writing when any Notes of such Series are
listed on any stock exchange or any delisting thereof.

     

    
      	
              SECTION
      7.07.  

            	
              Compensation
      and Indemnity.

            

    

     

    The
Issuers shall pay to the Trustee from time to time reasonable compensation for
its acceptance hereof and services hereunder.  The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust.  The Issuers shall reimburse the Trustee promptly upon
request for all reasonable disbursements, advances and expenses incurred or made
by it in addition to the compensation for its services.  Such expenses
shall include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel.

     

    The
Issuers, jointly and severally, shall indemnify the Trustee against any and all
losses, liabilities, claims, damages or expenses incurred by it arising out of
or in connection with the acceptance or administration of its duties under this
Indenture, except any such loss, liability or expense as shall be determined to
have been caused by the negligence, willful misconduct or bad faith of the
Trustee.  The Trustee shall notify the Issuers promptly of any claim
for which it may seek indemnity.  Failure by the Trustee to so notify
the Issuers shall not relieve the Issuers of their obligations
hereunder.  The Issuers shall defend the claim and the Trustee shall
cooperate in the defense.  The Trustee may have separate counsel and
the Issuers shall pay the reasonable fees and expenses of such
counsel.  The Issuers need not pay for any settlement made without
their consent, which consent shall not be unreasonably withheld.

     

    The
obligations of the Issuers under this Section 7.07 shall survive the
satisfaction and discharge hereof.

     

    To secure
the Issuers’ payment obligations in this Section 7.07, the Trustee shall have a
Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on particular
Notes.  Such Lien shall survive the satisfaction and discharge
hereof.

     

    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(i) or (j) hereof occurs, the expenses and the compensation for
the services (including the fees and expenses of its agents and counsel) are
intended to constitute expenses of administration under any Bankruptcy
Law.

     

    
      	
              SECTION
      7.08.  

            	
              Replacement
      of Trustee.

            

    

     

    A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section 7.08.

     

    The
Trustee may resign in writing at any time and be discharged from the trust
hereby created by so notifying the Issuers and obtaining the prior written
approval of the FCC, if so required by the Communications Act, including Section
310(d) and the rules and regulations promulgated thereunder.  The
Holders of at least a majority in principal amount of the then outstanding Notes
may remove the Trustee by so notifying the Trustee and the Issuers in
writing.  The Issuers may remove the Trustee (subject to the prior
written approval of the FCC, if required by the Communications Act, including
Section 310(d), and the rules and regulations promulgated thereunder)
if:

     

    (a) the
Trustee fails to comply with Section 7.10 hereof;

     

    (b) the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law;

     

    (c) the
Trustee is no longer in compliance with the foreign ownership provisions of
Section 310 of the Communications Act and the rules and regulations promulgated
thereunder.

     

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

     

    (e) the
Trustee becomes incapable of acting.

     

    If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Issuers shall promptly appoint a successor
Trustee.  Within one year after the successor Trustee takes office,
the Holders of a majority in principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the
Issuers.

     

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

     

    If the
Trustee after written request by any Holder of a Note who has been a Holder of a
Note for at least six months fails to comply with Section 7.10 hereof, such
Holder of a Note may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

     

    A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Issuers.  Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture.  The successor Trustee shall mail a notice of its
succession to Holders of the Notes.  The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee,
provided all sums owing to the Trustee hereunder have been paid and subject to
the Lien provided for in Section 7.07 hereof.  Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Issuers’
obligations under Section 7.07 hereof shall continue for the benefit of the
retiring Trustee.

     

    If a
Trustee is removed without cause, all fees and expenses of the Trustee incurred
in the administration of the trust or in the performance of the duties hereunder
shall be paid to the Trustee.

     

    
      	
              SECTION
      7.09.  

            	
              Successor
      Trustee by Merger, Etc.

            

    

     

    If the
Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor Trustee.

     

    
      	
              SECTION
      7.10.  

            	
              Eligibility;
      Disqualification.

            

    

     

    There
shall at all times be a Trustee hereunder which shall be a corporation organized
and doing business under the laws of the United States of America or of any
state thereof authorized under such laws to exercise corporate trustee power,
shall be subject to supervision or examination by federal or state authority and
shall have a combined capital and surplus of at least $25 million as set forth
in its most recent published annual report of condition.

     

    This
Indenture shall always have a Trustee who satisfies the requirements of TIA
§ 310(a)(1), (2) and (5).  The Trustee is subject to TIA §
310(b).

     

    
      	
              SECTION
      7.11.  

            	
              Preferential
      Collection of Claims Against
Issuers.

            

    

     

    The
Trustee is subject to TIA § 311(a), excluding any creditor relationship listed
in TIA § 311(b).  A Trustee who has resigned or been removed shall be
subject to TIA § 311(a) to the extent indicated therein.

     

     

    ARTICLE
8                          

     

     

    

     

     

    DISCHARGE
OF INDENTURE; DEFEASANCE

     

    
      	
              SECTION
      8.01.  

            	
              Termination
      of the Issuers’ Obligations.

            

    

     

    (a) The
Issuers may terminate their Obligations as to all outstanding Notes of any
Series, except those obligations referred to in paragraph (b) of this
Section 8.01, when

     

    (1) either

     

    (A)           all
the Notes of such Series theretofore authenticated and delivered (except lost,
stolen or destroyed Notes which have been replaced or paid and Notes for whose
payment money has theretofore been deposited in trust 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
Notes of such Series not theretofore delivered to the Trustee for cancellation
have become due and payable and the Company has irrevocably deposited or caused
to be deposited with the Trustee funds in an amount sufficient to pay and
discharge the entire Indebtedness on the Notes of such Series not theretofore
delivered to the Trustee for cancellation, for principal of, premium, if any,
and interest on the Notes of such Series to the date of deposit together with
irrevocable instructions from the Company directing the Trustee to apply such
funds to the payment thereof at maturity or redemption, as the case may
be;

     

    (2) the
Company has paid or caused to be paid all other sums payable under this
Indenture by the Company; and

     

    (3) the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel stating that all conditions precedent under this Indenture relating to
the satisfaction and discharge hereof with respect to such Series of Notes have
been complied with; provided, however, that such counsel may
rely, as to matters of fact, on a certificate or certificates of Officers of the
Company.

     

    (b) Notwithstanding
paragraph (a) of this Section 8.01, the Issuers’ obligations in
Sections 2.03, 2.04, 2.05, 2.06, 7.07, 7.08, 8.07 and 8.08 hereof shall
survive with respect to such Series of Notes until the Notes of such Series are
no longer outstanding pursuant to Section 2.08 hereof.  After the
Notes of such Series are no longer outstanding, the Issuers’ obligations in
Sections 7.07, 7.08, 8.07 and 8.08 hereof shall survive with respect to
such Series of Notes such satisfaction and discharge.

     

    
      	
              SECTION
      8.02.  

            	
              Option
      To Effect Legal Defeasance or Covenant
  Defeasance.

            

    

     

    The
Company may, at the option of its Board of Directors evidenced by a resolution
set forth in an Officers’ Certificate, at any time, with respect to the Notes of
any Series, elect to have either Section 8.03 or 8.04 hereof applied to all
outstanding Notes of such Series upon compliance with the conditions set forth
below in this Article 8.

     

    
      	
              SECTION
      8.03.  

            	
              Legal
      Defeasance and Covenant Discharge.

            

    

     

    Upon the
Company’s exercise under Section 8.02 hereof of the option applicable to
this Section 8.03 with respect to a Series of Notes, the Issuers shall be
deemed to have been discharged from their obligations with respect to all
outstanding Notes of such Series on the date the conditions set forth below are
satisfied (hereinafter, “Legal
Defeasance”).  For this purpose, such Legal Defeasance means
that the Issuers shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes of the applicable Series,
which shall thereafter be deemed to be “outstanding” only for the purposes of
Section 8.06 hereof and the other Sections hereof referred to in clauses (a) and
(b) below, and to have satisfied all its other obligations under such Series of
Notes and this Indenture (and the Trustee, on demand of and at the expense of
the Issuers, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged
hereunder:  (a) the rights of Holders of outstanding Notes of
such Series to receive, solely from the funds deposited with the Trustee in
accordance with Sections 8.05 and 8.06 hereof, payments in respect of the
principal of, premium, if any, and interest on such Notes when such payments are
due, or on the redemption date, as the case may be, (b) the Issuers’
obligations with respect to such Series of Notes under Sections 2.05, 2.07,
2.08, 2.10, 2.11 and 4.02 hereof, (c) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and the Issuers’ obligations in
connection therewith and (d) this Section 8.03.  Subject to compliance
with this Article 8, the Company may exercise its option under this
Section 8.03 with respect to a Series of Notes notwithstanding the prior
exercise of its option under Section 8.04 hereof with respect to the Notes
of such Series.

     

    
      	
              SECTION
      8.04.  

            	
              Covenant
      Defeasance.

            

    

     

    Upon the
Company’s exercise under Section 8.02 hereof of the option applicable to
this Section 8.04 with respect to a Series of Notes, the Company shall be
released from its obligations under the covenants contained in Sections 4.03,
4.04, 4.07, 4.08, 4.10, 4.12 and 5.01 hereof with respect to the outstanding
Notes of such Series on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant Defeasance”), and
the Notes of such Series shall thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders (and
the consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for
GAAP).  For this purpose, such Covenant Defeasance means that, with
respect to the outstanding Notes of the applicable Series, the Issuers may omit
to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event
of Default under Section 6.01(c) hereof with respect to such Series of Notes,
but, except as specified above, the remainder hereof and such Notes shall be
unaffected thereby.  In addition, upon the Company’s exercise under
Section 8.02 hereof of the option applicable to this Section 8.04 with
respect to a Series of Notes, Sections 6.01(c) through 6.01(h) shall not
constitute Events of Default with respect to such Series of Notes.

     

    
      	
              SECTION
      8.05.  

            	
              Conditions
      to Legal or Covenant Defeasance.

            

    

     

    The
following shall be the conditions to the application of either Section 8.03
or Section 8.04 hereof to the outstanding Notes of any Series:

     

    (a) the
Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 7.10 hereof
who shall agree to comply with the provisions of this Article 8 applicable to
it) 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
the Notes of such Series, (i) cash in U.S. Dollars, (ii) non-callable Government
Securities which 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, cash in U.S. Dollars, or (iii) a
combination thereof, in such amounts, as will be sufficient in each case, in the
opinion of a nationally recognized firm of independent public accountants
selected by the Trustee expressed in a written certification thereof delivered
to the Trustee, to pay and discharge and which shall be applied by the Trustee
(or other qualifying trustee) to pay and discharge the principal of, premium, if
any, and interest on the outstanding Notes of such Series on the stated maturity
or on the applicable optional redemption date, as the case may be;

     

    (b) in the
case of an election under Section 8.03 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States reasonably
satisfactory to the Trustee confirming that (i) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or
(ii) since the Issue Date, there has been a change in the applicable
federal income tax law, in each case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the outstanding Notes of
such Series will not recognize income, gain or loss for federal income tax
purposes as a result of such Legal Defeasance and will be subject to federal
income tax in the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred;

     

    (c) in the
case of an election under Section 8.04 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that the Holders of the outstanding Notes
of such Series will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Covenant Defeasance had not
occurred;

     

    (d) no
Default or Event of Default with respect to the Notes of such Series shall have
occurred and be continuing on the date of such deposit or, in so far as Section
6.01(i) or 6.01(j) hereof is concerned, at any time in the period ending on the
91st day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until the expiration of such period);

     

    (e) such
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other
material agreement or instrument to which the Company or any of its Subsidiaries
is a party or by which the Company or any of its Subsidiaries is
bound;

     

    (f) the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit made by the Company pursuant to its election under
Section 8.03 or 8.04 hereof was not made by the Company with the intent of
preferring the Holders of the Notes of the applicable Series over any other
creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company or others; and

     

    (g) the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that all conditions precedent provided for relating to either the Legal
Defeasance under Section 8.03 hereof or the Covenant Defeasance under
Section 8.04 hereof (as the case may be) with respect to such Series of Notes
have been complied with as contemplated by this Section 8.05.

     

    
      	
              SECTION
      8.06.  

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

            

    

     

    Subject
to Section 8.07 hereof, all money and Government Securities (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.06, the “Trustee”) pursuant to
Section 8.05 hereof in respect of the outstanding Notes of any Series shall
be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including an Issuer acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but such money
need not be segregated from other funds except to the extent required by
law.

     

    The
Issuers shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or Government Securities deposited
pursuant to Section 8.05 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the outstanding Notes of any Series.

     

    Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money
or Government Securities held by it as provided in Section 8.05 hereof with
respect to a Series of Notes which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.05(a) hereof), are in excess of the amount thereof which would
then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance with respect to such Series of Notes.

     

    
      	
              SECTION
      8.07.  

            	
              Repayment
      to Issuers.

            

    

     

    Any money
deposited with the Trustee or any Paying Agent, or then held by the Issuers, in
trust for the payment of the principal of, premium, if any, or interest on any
Note and remaining unclaimed for two years after such principal, and premium, if
any, or interest has become due and payable shall be paid to the Issuers on
their request or (if then held by the Issuers) shall be discharged from such
trust; and the Holder of such Note shall thereafter, as a general creditor, look
only to the Issuers for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the
Issuers as trustees 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 Issuers cause to be published once, in the New York Times and The
Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Issuers.

     

    
      	
              SECTION
      8.08.  

            	
              Reinstatement.

            

    

     

    If the
Trustee or Paying Agent is unable to apply any United States Dollars or
Government Notes in accordance with Section 8.03 or 8.04 hereof, as the
case may be, by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then
the Issuers’ obligations under this Indenture and the Notes of the applicable
Series shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.03 or 8.04 hereof until such time as the Trustee or
Paying Agent is permitted to apply all such money in accordance with
Section 8.03 or 8.04 hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium, if any, or interest on any Note
following the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holder of such Note to receive such payment from the money
held by the Trustee or Paying Agent.

     

     

    ARTICLE
9                          

     

     

    

     

     

    AMENDMENT,
SUPPLEMENT AND WAIVER

     

    
      	
              SECTION
      9.01.  

            	
              Without
      Consent of Holders of Notes.

            

    

     

    Notwithstanding
Section 9.02 hereof, the Issuers, the Guarantors and the Trustee may amend or
supplement this Indenture, the Notes of any Series and the Guarantees or any
amended or supplemental indenture without the consent of any Holder of a
Note:

     

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

     

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

     

    (c) to
provide for the assumption of the obligations of the Issuers or any Guarantor to
the Holders of the Notes in the case of a merger or consolidation pursuant to
Article 5 or Article 10 hereof;

     

    (d) to make
any change that would provide any additional rights or benefits to the Holders
of the Notes or that does not adversely affect the legal rights hereunder of any
Holder of the Notes; or

     

    (e) to comply
with requirements of the Commission in order to effect or maintain the
qualification hereof under the TIA.

     

    Upon the
request of the Issuers accompanied by a resolution of the Boards of Directors of
each Issuer and a resolution of the Board of Directors of each Guarantor and
upon receipt by the Trustee of the documents described in Section 11.04 hereof,
the Trustee shall join with the Issuers and the Guarantors in the execution of
any amended or supplemental Indenture authorized or permitted by the terms
hereof and shall make any further appropriate agreements and stipulations which
may be therein contained, but the Trustee shall not be obligated to enter into
such amended or supplemental Indenture which affects its own rights, duties or
immunities under this Indenture or otherwise.

     

    
      	
              SECTION
      9.02.  

            	
              With
      Consent of Holders of Notes.

            

    

     

    The
Issuers, the Guarantors and the Trustee may amend or supplement this Indenture
as it relates to any Series of Notes, the Notes of any Series or the Guarantees
or any amended or supplemental Indenture with the written consent of the Holders
of Notes of at least a majority of the aggregate principal amount of Notes of
such Series then outstanding (including consents obtained in connection with a
tender offer or exchange offer for such Notes), and any existing Default and its
consequences or compliance with any provision hereof or the Notes of such Series
may be waived with the consent of the Holders of a majority of the aggregate
principal amount of Notes of such Series then outstanding (including consents
obtained in connection with a tender offer or exchange offer for the
Notes).  Notwithstanding the foregoing, without the consent of each
Holder affected, an amendment or waiver may not (with respect to any Notes held
by a non-consenting Holder of Notes):

     

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

     

    (b) reduce
the principal of or change the fixed maturity of any Note or alter the
provisions with respect to the amount of redemption premium on the
Notes;

     

    (c) reduce
the rate of or change the time for payment of interest on any Note;

     

    (d) waive a
Default or Event of Default in the payment of principal of or premium, if any,
or interest on the Notes (except a rescission of acceleration of the Notes by
the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes of such Series and a waiver of the payment default that
resulted from such acceleration);

     

    (e) make any
Note payable in money other than that stated in the Notes;

     

    (f) make any
change in the provisions hereof relating to waivers of past Defaults or the
rights of Holders of Notes to receive payments of principal of or interest on
the Notes;

     

    (g) waive a
redemption payment or mandatory redemption with respect to any
Note;

     

    (h) amend,
change or modify in any material respect the obligation of the Company to make
and consummate a Change of Control Offer in the event of a Change of Control
Triggering Event after such Change of Control Triggering Event has occurred;
or

     

    (i) make any
change in the foregoing amendment and waiver provisions.

     

    Upon the
request of the Issuers accompanied by a resolution of the Boards of Directors of
the Issuers and a resolution of the Board of Directors of each Guarantor, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of
the documents described in Section 11.04 hereof, the Trustee shall join with the
Issuers and the Guarantors in the execution of such amended or supplemental
Indenture unless such amended or supplemental Indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such amended or supplemental Indenture.

     

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

     

    After an
amendment, supplement or waiver under this Section 9.02 becomes effective, the
Issuers shall mail to the Holders of Notes affected thereby a notice briefly
describing the amendment, supplement or waiver.  Any failure of the
Issuers to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such amended or supplemental Indenture
or waiver.  Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes of a Series then outstanding
may waive compliance with respect to such Series of Notes in a particular
instance by the Issuers with any provision hereof or the Notes.

     

    
      	
              SECTION
      9.03.  

            	
              Compliance
      with Trust Indenture Act.

            

    

     

    Every
amendment or supplement to this Indenture and the Notes shall be set forth in an
amended or supplemental Indenture that complies with the TIA as then in
effect.

     

    
      	
              SECTION
      9.04.  

            	
              Revocation
      and Effect of Consents.

            

    

     

    Until an
amendment, supplement or waiver becomes effective, a consent to it by a Holder
of a Note is a continuing consent by the Holder of a Note and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent is not made on any
Note.  However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes
effective.  An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder of a
Note.

     

    The
Issuers may fix a record date for determining which Holders of the Notes must
consent to such amendment, supplement or waiver.  If the Issuers fix a
record date, the record date shall be fixed at (i) the later of 30 days prior to
the first solicitation of such consent or the date of the most recent list of
Holders of Notes furnished to the Trustee prior to such solicitation pursuant to
Section 2.05 hereof or (ii) such other date as the Issuers shall
designate.

     

    
      	
              SECTION
      9.05.  

            	
              Notation
      on or Exchange of Notes.

            

    

     

    The
Trustee may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated.  The Issuers in exchange
for all Notes of a Series may issue and the Trustee shall authenticate new Notes
of such Series that reflect the amendment, supplement or waiver.

     

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

     

    
      	
              SECTION
      9.06.  

            	
              Trustee
      To Sign Amendments, Etc.

            

    

     

    In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall receive, and shall by fully
protected in relying upon, an Opinion of Counsel and an Officers’ Certificate
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.

     

     

    ARTICLE
10                          

     

     

    

     

     

    GUARANTEES

     

    
      	
              SECTION
      10.01.  

            	
              Guarantee.

            

    

     

    Each of
the Guarantors (together with any successor to such Guarantor pursuant to any
merger or consolidation, unless such Guarantor’s Guarantee is released in
accordance with Section 10.03 hereof), jointly and severally, hereby
unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Trustee and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Notes or the
Obligations of the Issuers hereunder or thereunder, that

     

    (a) the
principal of, premium, if any, and interest on the Notes will be promptly paid
in full when due, whether at maturity, by acceleration, redemption or otherwise,
and interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Issuers to the Holders or the Trustee
hereunder or thereunder will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and

     

    (b) in case
of any extension of time of payment or renewal of any Notes or any of such other
obligations, that the same will be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise.  Failing payment when due of
any amount so guaranteed or any performance so guaranteed for whatever reason,
each of the Guarantors, jointly and severally, will be obligated to pay the same
immediately.

     

    Each of
the Guarantors, jointly and severally, hereby agrees that its obligations
hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect
to any provisions hereof or thereof, the recovery of any judgment against the
Issuers, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a
guarantor.

     

    Each of
the Guarantors, jointly and severally, hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Issuers, any right to require a proceeding first against the
Issuers, protest, notice (except that the Trustee shall provide at least ten
days’ prior written notice to the Issuers on behalf of the Guarantors before
taking any action for which the Communications Act and/or the FCC rules require
such notice and which right to notice is not waivable by any Guarantor) and all
demands whatsoever and covenant that this Guarantee will not be discharged
except by complete performance of the Obligations guaranteed
hereby.  If any Holder or the Trustee is required by any court or
otherwise to return to the Issuers or any Guarantor, or any Custodian, Trustee,
liquidator or other similar official acting in relation to either the Issuers or
any Guarantor, any amount paid by either to the Trustee or such Holder, this
Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

     

    Each of
the Guarantors, jointly and severally, agrees that it shall not be entitled to
any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby.  Each of the Guarantors, jointly and severally,
further agrees that, as between such Guarantor, on the one hand, and the Holders
and the Trustee, on the other hand, (x) the maturity of the Obligations
guaranteed hereby may be accelerated as provided in Article 6 for the purposes
of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby,
and (y) in the event of any declaration of acceleration of such obligations as
provided in Article 6, such obligations (whether or not due and payable) shall
forthwith become due and payable by each Guarantor for the purpose of this
Guarantee.  Notwithstanding the foregoing, in the event that any
Guarantee would constitute or result in a violation of any applicable fraudulent
conveyance or similar law of any relevant jurisdiction, the liability of the
applicable Guarantor under its Guarantee shall be reduced to the maximum amount
permissible under such fraudulent conveyance or similar law.

     

    The
Guarantors hereby agree as among themselves that each Guarantor that makes a
payment or distribution under a Guarantee shall be entitled to a pro rata contribution from
each other Guarantor hereunder based on the net assets of each other
Guarantor.  The preceding sentence shall in no way affect the rights
of the Holders of Notes to the benefits hereof, the Notes or the
Guarantees.

     

    Nothing
in this Section 10.01 shall apply to claims of, or payments to, the Trustee
under or pursuant to the provisions of Section 7.07 hereof.  Nothing
contained in this Section 10.01 or elsewhere in this Indenture, the Notes or the
Guarantees shall impair, as between any Guarantor and the Holder of any Note,
the obligation of such Guarantor, which is unconditional and absolute, to pay to
the Holder thereof the principal of, premium, if any, and interest on the Notes
in accordance with their terms and the terms of the Guarantee and this
Indenture, nor shall anything herein or therein prevent the Trustee or the
Holder of any Note from exercising all remedies otherwise permitted by
applicable law or hereunder or thereunder upon the occurrence of an Event of
Default.

     

    
      	
              SECTION
      10.02.  

            	
              Execution
      and Delivery of Guarantees.

            

    

     

    To
evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby
agrees that a notation of such Guarantee substantially in the form of Exhibit B hereto
shall be endorsed by an officer of such Guarantor on each Note authenticated and
delivered by the Trustee and that this Indenture shall be executed on behalf of
such Guarantor by any of its Officers.  Each of the Guarantors,
jointly and severally, hereby agrees that its Guarantee set forth in Section
10.01 hereof shall remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Guarantee.  If an officer
or Officer whose signature is on this Indenture or on the Guarantee of a
Guarantor no longer holds that office at the time the Trustee authenticates the
Note on which the Guarantee of such Guarantor is endorsed, the Guarantee of such
Guarantor shall be valid nevertheless.  The delivery of any Note by
the Trustee, after the authentication thereof hereunder, shall constitute due
delivery of the Guarantees set forth in this Indenture on behalf of the
Guarantors.

     

    
      	
              SECTION
      10.03.  

            	
              Merger,
      Consolidation or Sale of Assets of
Guarantors.

            

    

     

    Subject
to Section 10.05 hereof, a Guarantor will not, and the Company will not cause or
permit any Guarantor to, consolidate or merge with or into (whether or not such
Guarantor is the surviving entity), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in one
or more related transactions to, any Person other than the Company or another
Guarantor unless:

     

    (a) such
Guarantor is the surviving Person or the Person formed by or surviving any such
consolidation or merger (if other than such Guarantor) or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made is a corporation, limited partnership or limited liability company
organized or existing under the laws of the United States, any state thereof or
the District of Columbia;

     

    (b) the
Person formed by or surviving any such consolidation or merger (if other than
such Guarantor) or the Person to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made assumes all the obligations
of such Guarantor, pursuant to a supplemental indenture in form reasonably
satisfactory to the Trustee, under the Notes and this Indenture;
and

     

    (c) immediately
after such transaction, no Default or Event of Default exists.

     

    Nothing
contained in this Indenture shall prevent any consolidation or merger of a
Guarantor with or into the Company or another Guarantor that is a Wholly Owned
Subsidiary of the Company or shall prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor that is a Wholly Owned Subsidiary of the
Company.  Except as set forth in Articles 4 and 5 hereof, nothing
contained in this Indenture shall prevent any consolidation or merger of a
Guarantor with or into the Company or another Guarantor that is a Subsidiary of
the Company or shall prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to the Company or
another Guarantor that is a Subsidiary of the Company.

     

    
      	
              SECTION
      10.04.  

            	
              Successor
      Corporation Substituted.

            

    

     

    Upon any
consolidation, merger, sale or conveyance described in paragraphs (a) through
(c) of Section 10.03 hereof, and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of any Guarantee previously signed by
the Guarantor and the due and punctual performance of all of the covenants and
conditions hereof to be performed by the Guarantor, such successor corporation
shall succeed to and be substituted for the Guarantor with the same effect as if
it had been named herein as a Guarantor.  Such successor corporation
thereupon may cause to be signed any or all of the Guarantees to be issuable
hereunder by such Guarantor and delivered to the Trustee.  All the
Guarantees so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Guarantees theretofore and thereafter issued in
accordance with the terms hereof as though all of such Guarantees had been
issued at the date of the execution of such Guarantee by such
Guarantor.

     

    

     

    
      	
              SECTION
      10.05.  

            	
              Releases
      from Guarantees.

            

    

     

    If
pursuant to any direct or indirect sale or conveyance of assets (including, if
applicable, all of the Capital Stock of any Guarantor) or other disposition by
way of merger, consolidation or otherwise, the assets sold include all or
substantially all of the assets of any Guarantor or all of the Capital Stock of
any such Guarantor, then such Guarantor or the Person acquiring the property (in
the event of a sale or other disposition of all or substantially all of the
assets of such a Guarantor) shall be released and relieved of its obligations
under its Guarantee.  In addition, a Guarantor shall be released and
relieved of its obligations under its Guarantee if (1) such Guarantor is
dissolved or liquidated in accordance with the provisions hereof; (2) such
Guarantor no longer guarantees or is otherwise obligated under the Senior
Secured Credit Facility or any of the Existing Notes; or (3) with respect to a
Series of Notes, the Issuers effectively discharge their obligations or defease
all Notes of such Series in compliance with the terms of Article 8
hereof.  Upon delivery by the Company to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made by the Company in accordance with the provisions hereof, if
applicable, the Trustee shall execute any documents pursuant to written
direction of the Company in order to evidence the release of any such Guarantor
from its obligations under its Guarantee.  Any such Guarantor not
released from its obligations under its Guarantee shall remain liable for the
full amount of principal of and interest on the Notes and for the other
obligations of such Guarantor under this Indenture as provided in this Article
10.

     

     

    ARTICLE
11                          

     

     

    

     

     

    MISCELLANEOUS

     

    
      	
              SECTION
      11.01.  

            	
              Trust
      Indenture Act Controls.

            

    

     

    If any
provision hereof limits, qualifies or conflicts with the duties imposed by TIA §
318(c), the imposed duties shall control.

     

    
      	
              SECTION
      11.02.  

            	
              Notices.

            

    

     

    Any
notice or communication by the Issuers, any Guarantor or the Trustee to the
other is duly given if in writing by hand-delivery, registered first-class mail,
next-day air courier or facsimile:

     

    
      	
               
      

            	
              If
      to the Issuers or any Guarantor, to it care
of:

            

    

     

    

     

    
      	
               
      

            	
              DIRECTV
      Holdings LLC

            

    

     

    
      	
               
      

            	
              2230
      East Imperial Highway

            

    

     

    
      	
               
      

            	
              El
      Segundo,
California  90245

            

    

     

    
      	
               
      

            	
              Facsimile
      No.:  (310) 964-0839

            

    

     

    
      	
               
      

            	
              Attention:  General
      Counsel

            

    

     

    
      	
               
      

            	
              with
      a copy to:

            

    

     

    
      	
               
      

            	
              Weil,
      Gotshal & Manges LLP

            

    

     

    
      	
               
      

            	
              767
      Fifth Avenue

            

    

     

    
      	
               
      

            	
              New
      York, New York 10153

            

    

     

    
      	
               
      

            	
              Attention:  Erika
      L. Weinberg, Esq.

            

    

     

    
      	
               
      

            	
              If
      to the Trustee:

            

    

    

    
      	
               
      

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

            

    

    
      	
               
      

            	
              700
      South Flower Street, Suite 500

            

    

    
      	
               
      

            	
              Los
      Angeles, CA 90017

            

    

    
      	
               
      

            	
              Facsimile
      No.:  (213) 630-6298

            

    

    
      	
               
      

            	
              Attention:  Corporate
      Unit

            

    

    

    The
Issuers, any Guarantor or the Trustee, by notice to the other, may designate
additional or different addresses for subsequent notices or
communications.

     

    All
notices and communications (other than those sent to Holders of Notes) shall be
deemed to have been duly given:  when delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; one Business Day after being timely delivered to a next-day
air courier; and when transmission is confirmed, if sent by
facsimile.

     

    Any
notice or communication to a Holder of a Note shall be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Registrar.  Any notice or communication shall also be so mailed
to any Person described in TIA § 313(c), to the extent required by the
TIA.  Failure to mail a notice or communication to a Holder of a Note
or any defect in it shall not affect its sufficiency with respect to other
Holders of Notes.

     

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

     

    If the
Issuers mail a notice or communication to Holders of Notes, they shall mail a
copy to the Trustee and each Agent at the same time.

     

    The
Trustee agrees to accept and act upon facsimile and electronic mail transmission
(including via pdf.) of written instructions and/or directions pursuant to this
Indenture given by the Issuers, provided, however that: (i) the
Issuers, subsequent to such facsimile or electronic mail transmission of written
instructions and/or directions, shall provide the originally executed
instructions and/or directions to the Trustee in a timely manner and (ii) such
originally executed instructions and/or directions shall be signed by an
authorized “Officer” of the Company (it being understood that follow-up delivery
of original instructions or directions is not necessary for effective notice to
be deemed given by such facsimile or electronic mail transmission).

     

    
      	
              SECTION
      11.03.  

            	
              Communication
      by Holders of Notes with Other Holders of
Notes.

            

    

     

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

     

    
      	
              SECTION
      11.04.  

            	
              Certificate
      and Opinion as to Conditions
Precedent.

            

    

     

    Upon any
request or application by the Issuers to the Trustee to take any action under
this Indenture (except in connection with the original issuance of the Notes),
the Issuers shall furnish to the Trustee:

     

    (a) an
Officers’ Certificate of each Issuer in form and substance reasonably
satisfactory to the Trustee stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and

     

    (b) an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent and
covenants have been satisfied.

     

    
      	
              SECTION
      11.05.  

            	
              Statements
      Required in Certificate or Opinion.

            

    

     

    Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
TIA § 314(a)(4)) shall include:

     

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

     

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

     

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

     

    (d) a
statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.

     

    
      	
              SECTION
      11.06.  

            	
              Rules
      by Trustee and Agents.

            

    

     

    The
Trustee may make reasonable rules for action by or at a meeting of Holders of
Notes.  The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

     

    
      	
              SECTION
      11.07.  

            	
              No
      Personal Liability of Directors, Owners, Employees, Incorporators and
      Stockholders.

            

    

     

    No
director, owner, officer, employee, incorporator or stockholder of the Issuers,
the Guarantors or any of their Affiliates, as such, shall have any liability for
any obligations of the Issuers, the Guarantors and any of their Affiliates under
the Notes, the Guarantees or this Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each
Holder of the Notes by accepting a Note waives and releases all such
liability.  The waiver and release are part of the consideration for
issuance of the Notes.  Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the
Commission that such waiver is against public policy.

     

    
      	
              SECTION
      11.08.  

            	
              Governing
      Law.

            

    

     

    The
internal law of the State of New York shall govern and be used to construe this
Indenture, the Notes and the Guarantees without giving effect to applicable
principles of conflicts of law to the extent that the application of the laws of
another jurisdiction would be required thereby.

     

    
      	
              SECTION
      11.09.  

            	
              No
      Adverse Interpretation of Other
Agreements.

            

    

     

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

     

    
      	
              SECTION
      11.10.  

            	
              Successors.

            

    

     

    All
agreements of the Issuers and the Guarantors in this Indenture and the Notes and
the Guarantees shall bind the successors of the Issuers and the Guarantors,
respectively.  All agreements of the Trustee in this Indenture shall
bind its successor.

     

    
      	
              SECTION
      11.11.  

            	
              Severability.

            

    

     

    In case
any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     

    
      	
              SECTION
      11.12.  

            	
              Counterpart
      Originals.

            

    

     

    The
parties may sign any number of copies hereof.  Each signed copy shall
be an original, but all of them together represent the same
agreement.

     

    
      	
              SECTION
      11.13.  

            	
              Table
      of Contents, Headings, Etc.

            

    

     

    The Table
of Contents and headings of the Articles and Sections hereof have been inserted
for convenience of reference only, are not to be considered a part hereof and
shall in no way modify or restrict any of the terms or provisions
hereof.

     

    
      	
              SECTION
      11.14.  

            	
              Force
      Majeure.

            

    

     

    In no
event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

     

    
      	
              SECTION
      11.15.  

            	
              Waiver
      of Jury Trial.

            

    

     

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

     

    [Signatures
on following page]

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

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

     

    DIRECTV
HOLDINGS LLC, as Issuer

     

    By:  /s/
J. William Little          

    
      	
               
      

            	
              Name:
      J. William Little

            

    

    
      	
               
      

            	
              Title:
      Senior Vice President and Treasurer

            

    

     

    DIRECTV
FINANCING CO., INC., as Issuer

     

    By:  /s/
J. William Little  

    
      	
               
      

            	
              Name:
      J. William Little

            

    

    
      	
               
      

            	
              Title:
      Senior Vice President and Treasurer

            

    

     

    DIRECTV,
INC., as Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:
      J. William Little

            

    

    
      	
               
      

            	
              Title:
      Senior Vice President and Treasurer

            

    

     

    DIRECTV
CUSTOMER SERVICES, INC.,

    as
Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:
      J. William Little

            

    

    
      	
               
      

            	
              Title:
      Senior Vice President and Treasurer

            

    

     

    DIRECTV
MERCHANDISING, INC.,

    as
Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:
      J. William Little

            

    

    
      	
               
      

            	
              Title:
      Senior Vice President and Treasurer

            

    

     

    DIRECTV
ENTERPRISES, LLC,

    as
Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:
      J. William Little

            

    

    
      	
               
      

            	
              Title:
      Senior Vice President and Treasurer

            

    

     

    DIRECTV
OPERATIONS, LLC,

    as
Guarantor

     

    By:         

    
      	
               
      

            	
              Name:

            	
              J.
      William Little

            

    

    
      	
               
      

            	
              Title:

            	
              Senior
      Vice President and Treasurer

            

    

    

    LABC
PRODUCTIONS, LLC,

    as
Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:

            	
              J.
      William Little

            

    

    
      	
               
      

            	
              Title:

            	
              Senior
      Vice President and Treasurer

            

    

    

    DIRECTV
HOME SERVICES, LLC,

    as
Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:

            	
              J.
      William Little

            

    

    
      	
               
      

            	
              Title:

            	
              Senior
      Vice President and Treasurer

            

    

    

    DIRECTV
PROGRAMMING HOLDINGS I, INC.,

    as
Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:

            	
              J.
      William Little

            

    

    
      	
               
      

            	
              Title:

            	
              Senior
      Vice President and Treasurer

            

    

    

    DIRECTV
PROGRAMMING HOLDINGS II, INC.,

    as
Guarantor

     

    By:  /s/
J. William Little       

    
      	
               
      

            	
              Name:

            	
              J.
      William Little

            

    

    
      	
               
      

            	
              Title:

            	
              Senior
      Vice President and Treasurer

            

    

    

    
      
        
          
            [Signature Page to
Indenture]

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

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

            

    

     

    
      	
               
      

            	
              as
      Trustee

            

    

     

    
      	
               
      

            	
              By:

            	 /s/ Alex Briffett	 

    

     

    
      	
               
      

            	
              Name:
      John A. (Alex) Briffett

            

    

     

    
      	
               
      

            	
              Title:
      Authorized Signatory

            

    

     

    

    

    
      
        
          
            [Signature Page to
Indenture]

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A-1

     

    
      [Face of
3.550% 2015 Note]

    

    3.550%
Senior Note due 2015

     

    Cert.
No.

     

    CUSIP No.
[             ]

     

    DIRECTV
Holdings LLC and

     

    DIRECTV
Financing Co., Inc.

     

    jointly
and severally promise to pay to

     

    or its
registered assigns

     

    the
principal sum of ____________________

     

    Dollars
on March 15, 2015

     

    Interest
Payment Dates:  March 15 and September 15, commencing September 15,
2010.

     

    Record
Dates:  March 1 and September 1 (whether or not a Business
Day).

     

    IN
WITNESS WHEREOF, the Issuers have caused this 3.550% 2015 Note to be duly
executed.

     

    Dated:

     

    
      	
               
      

            	
              DIRECTV
      HOLDINGS LLC

            

    

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    
      	
               
      

            	
              DIRECTV
      FINANCING CO., INC.

            

    

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    This is
one of the 3.550% 2015 Notes referred to in

     

    the
within-mentioned Indenture:

     

    THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A. , as Trustee

     

    By:         

     

    Authorized Signatory

     

    Dated:
_____________

    

    
      
        
          
            A-1-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    (Back of
3.550% 2015 Note)

     

    Capitalized
terms used herein have the meanings assigned to them in the Indenture (as
defined below) unless otherwise indicated.

     

    (1)           Interest.  DIRECTV
Holdings LLC, a Delaware limited liability company (the “Company”) and DIRECTV
Financing Co., Inc., a Delaware corporation (“DIRECTV Financing” and,
together with the Company, the “Issuers”) jointly and
severally promise to pay interest on the principal amount of this 3.550% 2015
Note at the rate and in the manner specified below.  Interest will
accrue at 3.550% per annum and will be payable semi-annually in cash on each
March 15 and September 15, commencing September 15, 2010, or if any such day is
not a Business Day on the next succeeding Business Day (each, an “Interest Payment Date”) to
Holders of record of the 3.550% 2015 Notes at the close of business on the
immediately preceding March 1 and September 1, whether or not a Business
Day.  Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months.  Interest shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the date of original issuance.  To the extent lawful, the
Issuers shall pay interest on overdue principal at the rate of the then
applicable interest rate on the 3.550% 2015 Notes; they shall pay interest on
overdue installments of interest (without regard to any applicable grace
periods) at the same rate to the extent lawful.  In addition, Holders
may be entitled to the benefits of certain provisions of the Registration Rights
Agreement.

     

    (2)           Method of
Payment.  The Issuers shall pay interest on the 3.550% 2015
Notes (except defaulted interest) to the Persons who are registered Holders of
3.550% 2015 Notes at the close of business on the record date next preceding the
Interest Payment Date, even if such 3.550% 2015 Notes are canceled after such
record date and on or before such Interest Payment Date.  The Holder
hereof must surrender this 3.550% 2015 Note to a Paying Agent to collect
principal payments.  The Issuers will pay principal and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts.  The 3.550% 2015 Notes will be
payable both as to principal and interest at the office or agency of the Issuers
maintained for such purpose or, at the option of the Issuers, payment of
interest may be made by check mailed to the Holders of 3.550% 2015 Notes at
their respective addresses set forth in the register of Holders of 3.550% 2015
Notes.  Unless otherwise designated by the Issuers, the Issuers’
office or agency will be the office of the Trustee maintained for such
purpose.

     

    (3)           Paying Agent and
Registrar.  Initially, the Trustee will act as Paying Agent and
Registrar.  The Issuers may change any Paying Agent, Registrar or
co-registrar without prior notice to any Holder of a 3.550% 2015
Note.  The Company may act in any such capacity.

     

    (4)           Indenture.  The
Issuers issued the 3.550% 2015 Notes under an Indenture, dated as of March 11,
2010 (the “Indenture”),
among the Issuers, the Guarantors and the Trustee.  This is one of an
issue of 3.550% 2015 Notes of the Issuers issued, or to be issued, under the
Indenture.  The Issuers shall be entitled to issue additional 3.550%
2015 Notes pursuant to Section 2.02 of the Indenture.  All 3.550%
2015 Notes issued under the Indenture shall be treated as a single Series of
Notes under the Indenture.  The terms of the 3.550% 2015 Notes include
those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb),
as in effect on the date of the Indenture.  The 3.550% 2015 Notes are
subject to all such terms, and Holders of 3.550% 2015 Notes are referred to the
Indenture and such act for a statement of such terms.  The terms of
the Indenture shall govern any inconsistencies between the Indenture and the
3.550% 2015 Notes.  The 3.550% 2015 Notes are senior unsecured
obligations of the Issuers.

     

    (5)           Optional
Redemption.  At any time and from time to time the Company may
redeem all or any portion of the 3.550% 2015 Notes outstanding at a redemption
price equal to the greater of:

     

    (a)                      100%
of the aggregate principal amount of the 3.550% 2015 Notes to be redeemed,
and

     

    (b)                      an
amount equal to sum of the present values of the remaining scheduled payments of
principal of and interest on the 3.550% 2015 Notes to be redeemed (excluding
accrued and unpaid interest to the redemption date and subject to the right of
Holders on the relevant record date to receive interest due on the relevant
interest payment date) discounted from their scheduled date of payment to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) using a discount rate equal to the Treasury Rate plus 20
basis points,

     

    plus, in
each of the above cases, accrued and unpaid interest, if any, to such redemption
date.

     

    “Treasury Rate” means, at the time of
computation, (1) the semi-annual equivalent yield to maturity of the United
States Treasury Securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15(519) which has
become publicly available at least two Business Days prior to the redemption
date or, if such Statistical Release is no longer published, any publicly
available source of similar market data) for the maturity corresponding to the
Comparable Treasury Issue; provided, however, that if no maturity
is within three months before or after the maturity date for the 3.550% 2015
Notes, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the Treasury Rate will be
interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) if that release, or any successor release,
is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for that redemption date.  The
Treasury Rate will be calculated on the third Business Day preceding the
redemption date.

     

    (6)           Repurchase at Option of
Holder.  Upon the occurrence of a Change of Control Triggering
Event with respect to the 3.550% 2015 Notes, the Company shall make an offer to
purchase on the Change of Control Payment Date all outstanding 3.550% 2015 Notes
at a purchase price equal to 101% of the aggregate principal amount thereof,
together with accrued and unpaid interest thereon to the date of
repurchase.  Holders of 3.550% 2015 Notes that are subject to an offer
to purchase will receive a Change of Control Offer from the Company prior to any
related Change of Control Payment Date and may elect to have such 3.550% 2015
Notes purchased by completing the form entitled “Option of Holder To Elect
Purchase” appearing below.

     

    (7)           Notice of
Redemption.  Notice of redemption shall be mailed at least 30
days but not more than 60 days before the redemption date to each Holder whose
3.550% 2015 Notes are to be redeemed at its registered address.  Notes
may be redeemed in part but only in whole multiples of $2,000, unless all of the
3.550% 2015 Notes held by a Holder of  3.550% 2015 Notes are to be
redeemed.  On and after the redemption date, interest ceases to accrue
on 3.550% 2015 Notes or portions of them called for redemption unless the
Company fails to redeem such 3.550% 2015 Notes or such portions
thereof.

     

    (8)           Denominations, Transfer,
Exchange.  The 3.550% 2015 Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of
$1,000.  The transfer of 3.550% 2015 Notes may be registered and
3.550% 2015 Notes may be exchanged as provided in the Indenture.  The
Registrar and the Trustee may require a Holder of a 3.550% 2015 Note, among
other things, to furnish appropriate endorsements and transfer documents and to
pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not exchange or register the transfer
of any 3.550% 2015 Note or portion of a 3.550% 2015 Note selected for
redemption.  Also, it need not exchange or register the transfer of
any 3.550% 2015 Notes for a period of 15 days before a selection of 3.550% 2015
Notes to be redeemed.

     

    (9)           Persons Deemed
Owners.  Prior to due presentment to the Trustee for
registration of the transfer of this 3.550% 2015 Note, the Trustee, any Agent
and the Issuers may deem and treat the Person in whose name this 3.550% 2015
Note is registered as their absolute owner for the purpose of receiving payment
of principal of, premium, if any, and interest on this 3.550% 2015 Note and for
all other purposes whatsoever, whether or not this 3.550% 2015 Note is overdue,
and neither the Trustee, any Agent nor the Issuers shall be affected by notice
to the contrary.  The registered Holder of a 3.550% 2015 Note shall be
treated as its owner for all purposes.

     

    (10)           Amendments, Supplement and
Waivers.  Subject to certain exceptions, the Indenture, the
3.550% 2015 Notes or the Guarantees or any amended or supplemental indenture
with respect to the 3.550% 2015 Notes may be amended or supplemented with the
written consent of the Holders of 3.550% 2015 Notes of at least a majority of
the aggregate principal amount of 3.550% 2015 Notes then outstanding (including
consents obtained in connection with a tender offer or exchange offer for the
3.550% 2015 Notes), and any existing Default and its consequences or compliance
with any provision of the Indenture or the 3.550% 2015 Notes may be waived with
the consent of the Holders of a majority of the aggregate principal amount of
3.550% 2015 Notes then outstanding (including consents obtained in connection
with a tender offer or exchange offer for the 3.550% 2015
Notes).  Notwithstanding the foregoing, without the consent of each
Holder affected, an amendment or waiver may not (with respect to any 3.550% 2015
Notes held by a non-consenting Holder of 3.550% 2015 Notes): reduce the
aggregate principal amount of 3.550% 2015 Notes whose Holders must consent to an
amendment, supplement or waiver; reduce the principal of or change the fixed
maturity of any 3.550% 2015 Note or alter the provisions with respect to the
amount of redemption premium on the 3.550% 2015 Notes; reduce the rate of or
change the time for payment of interest on any 3.550% 2015 Note; waive a Default
or Event of Default with respect to the 3.550% 2015 Notes in the payment of
principal of or premium, if any, or interest on the 3.550% 2015 Notes (except a
rescission of acceleration of the 3.550% 2015 Notes by the Holders of at least a
majority in aggregate principal amount of the then outstanding 3.550% 2015 Notes
and a waiver of the payment default that resulted from such acceleration); make
any 3.550% 2015 Note payable in money other than that stated in the 3.550% 2015
Notes; make any change in the provisions of the Indenture relating to waivers of
past Defaults or the rights of Holders of 3.550% 2015 Notes to receive payments
of principal of or interest on the 3.550% 2015 Notes; waive a redemption payment
or mandatory redemption with respect to any 3.550% 2015 Note; amend, change or
modify in any material respect the obligation of the Company to make and
consummate a Change of Control Offer in the event of a Change of Control
Triggering Event after such Change of Control Triggering Event has occurred; or
make any change in the foregoing amendment and waiver
provisions.  Notwithstanding the foregoing, without the consent of any
Holder of a 3.550% 2015 Note, the Indenture, the 3.550% 2015 Notes or the
Guarantees or any amended or supplemental indenture with respect to the 3.550%
2015 Notes may be amended or supplemented to cure any ambiguity, defect or
inconsistency; to provide for uncertificated 3.550% 2015 Notes or Guarantees in
addition to or in place of certificated 3.550% 2015 Notes or Guarantees; to
provide for the assumption of the obligations of the Issuers or any Guarantor to
the Holders of the 3.550% 2015 Notes in case of a merger or consolidation
pursuant to Article 5 or Article 10 of the Indenture; to make any change that
would provide any additional rights or benefits to the Holders of the 3.550%
2015 Notes or that does not adversely affect the legal rights under the
Indenture of any such Holder; or to comply with the requirements of the
Commission in order to effect or maintain the qualification of the Indenture
under the Trust Indenture Act.

     

    (11)           Defaults and
Remedies.  Each of the following constitutes an Event of
Default with respect to the 3.550% 2015 Notes:

     

    (a) default
for 30 days in the payment when due of interest or additional interest, if any,
on the 3.550% 2015 Notes;

     

    (b) default
in payment when due of principal of or premium, if any, on the 3.550% 2015 Notes
at maturity, upon repurchase, redemption or otherwise;

     

    (c) failure
to comply with Section 4.10 or 5.01 of the Indenture;

     

    (d) default
under any other provision of the Indenture or the 3.550% 2015 Notes, which
default remains uncured for 60 days after notice from the Trustee or the Holders
of at least 25% of the aggregate principal amount then outstanding of the 3.550%
2015 Notes;

     

    (e) there
shall occur any (i) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company and any of its Subsidiaries (or
the payment of which is guaranteed by the Company and any of its Subsidiaries),
other than the Indebtedness evidenced by the Existing Notes, which default is
caused by a failure to pay the principal of such Indebtedness at the final
stated maturity thereof within the grace period provided in such Indebtedness (a
“Payment Default”), and the principal
amount of any such Indebtedness, together with the principal amount of any other
such Indebtedness under which there has been a Payment Default, aggregates $100
million or more or (ii) “Event of Default” under and as defined in any indenture
governing any of the Existing Notes (but only for so long as the Existing Notes
issued thereunder remain outstanding and such “Event of Default” has not been
cured or waived, in accordance with such indenture) whether or not any of the
Existing Notes have been accelerated in accordance with the terms of the
indentures governing the Existing Notes;

     

    (f) default
under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company and any of its Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Subsidiaries), other than the
Indebtedness evidenced by the Existing Notes, which default results in the
acceleration of such Indebtedness prior to its express maturity not rescinded or
cured within 30 days after such acceleration, and the principal amount of any
such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $100 million or more;

     

    (g) failure
by the Company and any of its Subsidiaries to pay final judgments (other than
any judgment as to which a reputable insurance company has accepted full
liability) aggregating $100 million or more, which judgments are not stayed
within 60 days after their entry;

     

    (h) any
Guarantee of a Significant Subsidiary with respect to the 3.550% 2015 Notes
shall be held in a judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect, or any Guarantor that
qualifies as a Significant Subsidiary, or any Person acting on behalf of any
Guarantor that qualifies as a Significant Subsidiary, shall deny or disaffirm
its obligations under its Guarantee of the 3.550% 2015 Notes;

     

    (i) the
Company, DIRECTV Financing or any Significant Subsidiary of the Company pursuant
to or within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii)
consents to the entry of an order for relief against it in an involuntary case;
(iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property; or (iv) makes a general assignment for the
benefit of its creditors; and

     

    (j) a court
of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: (i) is for relief against the Company, DIRECTV Financing or any
Significant Subsidiary of the Company in an involuntary case; (ii) appoints a
custodian of the Company, DIRECTV Financing or any Significant Subsidiary of the
Company or for all or substantially all of the property of the Company, DIRECTV
Financing or any Significant Subsidiary of the Company; or (iii) orders the
liquidation of the Company, DIRECTV Financing or any Significant Subsidiary of
the Company, and the order or decree remains unstayed and in effect for 60
consecutive days.

     

    If an
Event of Default (other than an Event of Default relating to an Issuer specified
in clause (i) or (j) above) occurs and is continuing, the Trustee by notice to
the Issuers, or the Holders of at least 25% of the aggregate principal amount
then outstanding of the 3.550% 2015 Notes by written notice to the Issuers and
the Trustee, may declare all the 3.550% 2015 Notes to be due and payable
immediately.  Notwithstanding the foregoing, in the case of an Event
of Default specified in clause (i) or (j) above with respect to an Issuer, all
outstanding 3.550% 2015 Notes shall become and immediately be due and payable
without further action or notice.  Holders of the 3.550% 2015 Notes
may not enforce the Indenture or the 3.550% 2015 Notes except as provided in the
Indenture.  The Trustee may withhold from Holders of the 3.550% 2015
Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal or interest) if it
determines that withholding notice is in such Holders’ interest.

     

    In the
event the 3.550% 2015 Notes are accelerated as a result of an Event of Default
specified in clause (e)(ii) above, such Event of Default and all consequences
thereof (excluding any resulting payment default, other than as a result of the
acceleration of the 3.550% 2015 Notes) shall be annulled, waived and rescinded,
automatically and without action by the Trustee or the Holders, if (i) such
rescission would not conflict with any judgment or decree and (ii) within 60
days following the occurrence of such Event of Default:

     

    
      	
               
      

            	
              (1)

            	
              the
      applicable Existing Notes have been redeemed, repaid or discharged in
      full;

            

    

     

    
      	
               
      

            	
              (2)

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

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      default that is the basis for the Event of Default has been
      cured.

            

    

     

    The
Holders of a majority in aggregate principal amount of the then outstanding
3.550% 2015 Notes by written notice to the Trustee may on behalf of all the
Holders of 3.550% 2015 Notes rescind an acceleration and its consequences if the
rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, interest or premium that has
become due solely because of the acceleration) have been cured or
waived.  The Holders of a majority in aggregate principal amount of
the then outstanding 3.550% 2015 Notes, by written notice to the Trustee, may on
behalf of the Holders of all of the 3.550% 2015 Notes waive any existing Default
or Event of Default and its consequences under the Indenture, except a
continuing Default or Event of Default in the payment of interest or premium on,
or principal of, the 3.550% 2015 Notes.

     

    The
Issuers are required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Issuers are required upon becoming aware
of any Default or Event of Default to deliver to the Trustee a statement
specifying such Default or Event of Default.

     

    All
powers of the Trustee under the Indenture will be subject to applicable
provisions of the Communications Act, including, without limitation, the
requirements of prior approval for de facto or de jure transfer of control
or assignment of Title III licenses.

     

    (12)           Trustee Dealings with
Issuers.  The Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Issuers or their Subsidiaries, and may otherwise deal with the
Issuers or their Subsidiaries, as if it were not Trustee; however, if the
Trustee acquires any conflicting interest it must eliminate such conflict within
90 days, apply to the Commission for permission to continue as Trustee or
resign.

     

    (13)           No Personal Liabilities of
Directors, Owners, Employees, Incorporators and
Stockholders.  No director, owner, officer, employee,
incorporator or stockholder of the Issuers, the Guarantors or any of their
Affiliates, as such, shall have any liability for any obligations of the
Issuers, the Guarantors or any of their Affiliates under this Note, the
Guarantees or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation.  Each Holder of 3.550%
2015 Notes by accepting a 3.550% 2015 Note waives and releases all such
liability.  The waiver and release are part of the consideration for
issuance of the 3.550% 2015 Notes.

     

    (14)           Guarantees.  Payment
of principal and interest (including interest on overdue principal and overdue
interest, if lawful) is unconditionally guaranteed, jointly and severally, by
each of the Guarantors.

     

    (15)           Authentication.  This
3.550% 2015 Note shall not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent.

     

    (16)           Abbreviations.  Customary
abbreviations may be used in the name of a Holder of a 3.550% 2015 Note or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN ( = joint tenants with right of survivorship and not as
tenants in common), CUST (5 Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

     

    (17)           CUSIP
Numbers.  Pursuant to a recommendation promulgated by the
Committee on Uniform Note Identification Procedures, the Company has caused
CUSIP numbers to be printed on the 3.550% 2015 Notes and has directed the
Trustee to use CUSIP numbers in notices of redemption as a convenience to
Holders of 3.550% 2015 Notes.  No representation is made as to the
accuracy of such numbers either as printed on the 3.550% 2015 Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

     

    The
Company will furnish to any Holder of a 3.550% 2015 Note upon written request
and without charge a copy of the Indenture.  Request may be made
to:

     

    DIRECTV
Holdings LLC

    2230 East
Imperial Highway

    El
Segundo, California  90245

    Attention:  Corporate
Secretary

    

    
      
        
          
            A-1-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    ASSIGNMENT
FORM

     

    To assign
this Note, fill in the form below:  (I) or (we) assign and transfer
this 3.550% 2015 Note to

     

    
      

    

    (Insert
assignee’s Soc. Sec. or tax I.D. no.)

     

    
      

    

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

     

    and
irrevocably appoint ______________ agent to transfer this 3.550% 2015 Note on
the books of the Company.  The agent may substitute another to act for
him.

     

    Date:  _____________________

     

    Your
Signature:                                                                      

    (Sign exactly as your name appears on
the face of

    this Note)

    Signature
Guarantee.

    

    
      
        
          
            A-1-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    OPTION OF
HOLDER TO ELECT PURCHASE

     

    If you
want to elect to have all or any part of this 3.550% 2015 Note purchased by the
Issuers pursuant to Section 4.10 (Change of Control and Ratings Decline) of the
Indenture, check the box below:

     

               Section
4.10

     

    If you
want to have only part of the 3.550% 2015 Note purchased by the Issuers pursuant
to Section 4.10 of the Indenture, state the amount you elect to have
purchased:

     

    $

     

    Date:  ____________________

     

    Your
Signature:                                                                      

    (Sign exactly as your name appears on
the face of

    this Note)

    Signature
Guarantee.

    

    
      
        
          
            A-1-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    [ATTACHMENT
FOR GLOBAL NOTES]

     

    

     

    SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    The
following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been
made:

     

    
      	
              
                 

                 

                 

                Date
      of Exchange

                 

              

            	
              
                Amount
      of

                decrease
      in

                Principal
      Amount of this Global Note

                 

              

            	
              
                 

                Amount
      of Increase Principal Amount of the Global Note

                 

              

            	
              
                Principal
      Amount

                of
      this Global Note following such

                Decrease
      (or Increase)

                 

              

            	
              
                Signature
      of

                authorized
      officer

                of
      Trustee or

                Note
      Custodian

                 

              

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

    

    

    
      
        
          
            A-1-

          

        

         

         

      

    

    

    EXHIBIT
A-2

     

    
      [Face of
5.200% 2020 Note]

    

    5.200%
Senior Note due 2020

     

    Cert.
No.

     

    CUSIP No.
[             ]

     

    DIRECTV
Holdings LLC and

     

    DIRECTV
Financing Co., Inc.

     

    jointly
and severally promise to pay to

     

    or its
registered assigns

     

    the
principal sum of ____________________

     

    Dollars
on March 15, 2020

     

    Interest
Payment Dates:  March 15 and September 15, commencing September 15,
2010.

     

    Record
Dates:  March 1 and September 1 (whether or not a Business
Day).

     

    IN
WITNESS WHEREOF, the Issuers have caused this 5.200% 2020 Note to be duly
executed.

     

    Dated:

     

    
      	
               
      

            	
              DIRECTV
      HOLDINGS LLC

            

    

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    
      	
               
      

            	
              DIRECTV
      FINANCING CO., INC.

            

    

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    This is
one of the 5.200% 2020 Notes referred to in

     

    the
within-mentioned Indenture:

     

    THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A. , as Trustee

     

    By:         

     

    Authorized Signatory

     

    Dated:
_____________

    

    
      
        
          
            A-2-

          

        

         

         

      

    

    

    (Back of
5.200% 2020 Note)

     

    Capitalized
terms used herein have the meanings assigned to them in the Indenture (as
defined below) unless otherwise indicated.

     

    (1)           Interest.  DIRECTV
Holdings LLC, a Delaware limited liability company (the “Company”) and DIRECTV
Financing Co., Inc., a Delaware corporation (“DIRECTV Financing” and,
together with the Company, the “Issuers”) jointly and
severally promise to pay interest on the principal amount of this 5.200% 2020
Note at the rate and in the manner specified below.  Interest will
accrue at 5.200% per annum and will be payable semi-annually in cash on each
March 15 and September 15, commencing September 15, 2010, or if any such day is
not a Business Day on the next succeeding Business Day (each, an “Interest Payment Date”) to
Holders of record of the 5.200% 2020 Notes at the close of business on the
immediately preceding March 1 and September 1, whether or not a Business
Day.  Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months.  Interest shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the date of original issuance.  To the extent lawful, the
Issuers shall pay interest on overdue principal at the rate of the then
applicable interest rate on the 5.200% 2020 Notes; they shall pay interest on
overdue installments of interest (without regard to any applicable grace
periods) at the same rate to the extent lawful.  In addition, Holders
may be entitled to the benefits of certain provisions of the Registration Rights
Agreement.

     

    (2)           Method of
Payment.  The Issuers shall pay interest on the 5.200% 2020
Notes (except defaulted interest) to the Persons who are registered Holders of
5.200% 2020 Notes at the close of business on the record date next preceding the
Interest Payment Date, even if such 5.200% 2020 Notes are canceled after such
record date and on or before such Interest Payment Date.  The Holder
hereof must surrender this 5.200% 2020 Note to a Paying Agent to collect
principal payments.  The Issuers will pay principal and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts.  The 5.200% 2020 Notes will be
payable both as to principal and interest at the office or agency of the Issuers
maintained for such purpose or, at the option of the Issuers, payment of
interest may be made by check mailed to the Holders of 5.200% 2020 Notes at
their respective addresses set forth in the register of Holders of 5.200% 2020
Notes.  Unless otherwise designated by the Issuers, the Issuers’
office or agency will be the office of the Trustee maintained for such
purpose.

     

    (3)           Paying Agent and
Registrar.  Initially, the Trustee will act as Paying Agent and
Registrar.  The Issuers may change any Paying Agent, Registrar or
co-registrar without prior notice to any Holder of a 5.200% 2020
Note.  The Company may act in any such capacity.

     

    (4)           Indenture.  The
Issuers issued the 5.200% 2020 Notes under an Indenture, dated as of March 11,
2010 (the “Indenture”),
among the Issuers, the Guarantors and the Trustee.  This is one of an
issue of 5.200% 2020 Notes of the Issuers issued, or to be issued, under the
Indenture.  The Issuers shall be entitled to issue additional 5.200%
2020 Notes pursuant to Section 2.02 of the Indenture.  All 5.200%
2020 Notes issued under the Indenture shall be treated as a single Series of
Notes under the Indenture.  The terms of the 5.200% 2020 Notes include
those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb),
as in effect on the date of the Indenture.  The 5.200% 2020 Notes are
subject to all such terms, and Holders of 5.200% 2020 Notes are referred to the
Indenture and such act for a statement of such terms.  The terms of
the Indenture shall govern any inconsistencies between the Indenture and the
5.200% 2020 Notes.  The 5.200% 2020 Notes are senior unsecured
obligations of the Issuers.

     

    (5)           Optional
Redemption.  At any time and from time to time the Company may
redeem all or any portion of the 5.200% 2020 Notes outstanding at a redemption
price equal to the greater of:

     

    (a)                      100%
of the aggregate principal amount of the 5.200% 2020 Notes to be redeemed,
and

     

    (b)                      an
amount equal to sum of the present values of the remaining scheduled payments of
principal of and interest on the 5.200% 2020 Notes to be redeemed (excluding
accrued and unpaid interest to the redemption date and subject to the right of
holders on the relevant record date to receive interest due on the relevant
interest payment date) discounted from their scheduled date of payment to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) using a discount rate equal to the Treasury Rate plus 25
basis points,

     

    plus, in
each of the above cases, accrued and unpaid interest, if any, to such redemption
date.

     

    “Treasury Rate” means, at the time of
computation, (1) the semi-annual equivalent yield to maturity of the United
States Treasury Securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15(519) which has
become publicly available at least two Business Days prior to the redemption
date or, if such Statistical Release is no longer published, any publicly
available source of similar market data) for the maturity corresponding to the
Comparable Treasury Issue; provided, however, that if no maturity
is within three months before or after the maturity date for the 5.200% 2020
Notes, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the Treasury Rate will be
interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) if that release, or any successor release,
is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for that redemption date.  The
Treasury Rate will be calculated on the third Business Day preceding the
redemption date.

     

    (6)           Repurchase at Option of
Holder.  Upon the occurrence of a Change of Control Triggering
Event with respect to the 5.200% 2020 Notes, the Company shall make an offer to
purchase on the Change of Control Payment Date all outstanding 5.200% 2020 Notes
at a purchase price equal to 101% of the aggregate principal amount thereof,
together with accrued and unpaid interest thereon to the date of
repurchase.  Holders of 5.200% 2020 Notes that are subject to an offer
to purchase will receive a Change of Control Offer from the Company prior to any
related Change of Control Payment Date and may elect to have such 5.200% 2020
Notes purchased by completing the form entitled “Option of Holder To Elect
Purchase” appearing below.

     

    (7)           Notice of
Redemption.  Notice of redemption shall be mailed at least 30
days but not more than 60 days before the redemption date to each Holder whose
5.200% 2020 Notes are to be redeemed at its registered address.  Notes
may be redeemed in part but only in whole multiples of $2,000, unless all of the
5.200% 2020 Notes held by a Holder of 5.200% 2020 Notes are to be
redeemed.  On and after the redemption date, interest ceases to accrue
on 5.200% 2020 Notes or portions of them called for redemption unless the
Company fails to redeem such 5.200% 2020 Notes or such portions
thereof.

     

    (8)           Denominations, Transfer,
Exchange.  The 5.200% 2020 Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of
$1,000.  The transfer of 5.200% 2020 Notes may be registered and
5.200% 2020 Notes may be exchanged as provided in the Indenture.  The
Registrar and the Trustee may require a Holder of a 5.200% 2020 Note, among
other things, to furnish appropriate endorsements and transfer documents and to
pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not exchange or register the transfer
of any 5.200% 2020 Note or portion of a 5.200% 2020 Note selected for
redemption.  Also, it need not exchange or register the transfer of
any 5.200% 2020 Notes for a period of 15 days before a selection of 5.200% 2020
Notes to be redeemed.

     

    (9)           Persons Deemed
Owners.  Prior to due presentment to the Trustee for
registration of the transfer of this 5.200% 2020 Note, the Trustee, any Agent
and the Issuers may deem and treat the Person in whose name this 5.200% 2020
Note is registered as their absolute owner for the purpose of receiving payment
of principal of, premium, if any, and interest on this 5.200% 2020 Note and for
all other purposes whatsoever, whether or not this 5.200% 2020 Note is overdue,
and neither the Trustee, any Agent nor the Issuers shall be affected by notice
to the contrary.  The registered Holder of a 5.200% 2020 Note shall be
treated as its owner for all purposes.

     

    (10)           Amendments, Supplement and
Waivers.  Subject to certain exceptions, the Indenture, the
5.200% 2020 Notes or the Guarantees or any amended or supplemental indenture
with respect to the 5.200% 2020 Notes may be amended or supplemented with the
written consent of the Holders of 5.200% 2020 Notes of at least a majority of
the aggregate principal amount of 5.200% 2020 Notes then outstanding (including
consents obtained in connection with a tender offer or exchange offer for the
5.200% 2020 Notes), and any existing Default and its consequences or compliance
with any provision hereof or the 5.200% 2020 Notes may be waived with the
consent of the Holders of a majority of the aggregate principal amount of 5.200%
2020 Notes then outstanding (including consents obtained in connection with a
tender offer or exchange offer for the 5.200% 2020
Notes).  Notwithstanding the foregoing, without the consent of each
Holder affected, an amendment or waiver may not (with respect to any 5.200% 2020
Notes held by a non-consenting Holder of 5.200% 2020 Notes): reduce the
aggregate principal amount of 5.200% 2020 Notes whose Holders must consent to an
amendment, supplement or waiver; reduce the principal of or change the fixed
maturity of any 5.200% 2020 Note or alter the provisions with respect to the
amount of redemption premium on the 5.200% 2020 Notes; reduce the rate of or
change the time for payment of interest on any 5.200% 2020 Note; waive a Default
or Event of Default with respect to the 5.200% 2020 Notes in the payment of
principal of or premium, if any, or interest on the 5.200% 2020 Notes (except a
rescission of acceleration of the 5.200% 2020 Notes by the Holders of at least a
majority in aggregate principal amount of the then outstanding 5.200% 2020 Notes
and a waiver of the payment default that resulted from such acceleration); make
any 5.200% 2020 Note payable in money other than that stated in the 5.200% 2020
Notes; make any change in the provisions to the Indenture relating to waivers of
past Defaults or the rights of Holders of 5.200% 2020 Notes to receive payments
of principal of or interest on the 5.200% 2020 Notes; waive a redemption payment
or mandatory redemption with respect to any 5.200% 2020 Note; amend, change or
modify in any material respect the obligation of the Company to make and
consummate a Change of Control Offer in the event of a Change of Control
Triggering Event after such Change of Control Triggering Event has occurred; or
make any change in the foregoing amendment and waiver
provisions.  Notwithstanding the foregoing, without the consent of any
Holder of a 5.200% 2020 Note, the Indenture, the 5.200% 2020 Notes or the
Guarantees or any amended or supplemental indenture with respect to the 5.200%
2020 Notes may be amended or supplemented to cure any ambiguity, defect or
inconsistency; to provide for uncertificated 5.200% 2020 Notes or Guarantees in
addition to or in place of certificated 5.200% 2020 Notes or Guarantees; to
provide for the assumption of the obligations of the Issuers or any Guarantor to
the Holders of the 5.200% 2020 Notes in case of a merger or consolidation
pursuant to Article 5 or Article 10 of the Indenture; to make any change that
would provide any additional rights or benefits to the Holders of the 5.200%
2020 Notes or that does not adversely affect the legal rights under the
Indenture of any such Holder; or to comply with the requirements of the
Commission in order to effect or maintain the qualification of the Indenture
under the Trust Indenture Act.

     

    (11)           Defaults and
Remedies.  Each of the following constitutes an Event of
Default with respect to the 5.200% 2020 Notes:

     

    (a)           default
for 30 days in the payment when due of interest or additional interest, if any,
on the 5.200% 2020 Notes;

     

    (b)           default
in payment when due of principal of or premium, if any, on the 5.200% 2020 Notes
at maturity, upon repurchase, redemption or otherwise;

     

    (c)           failure
to comply with Section 4.10 or 5.01 of the Indenture;

     

    (d)           default
under any other provision of the Indenture or the 5.200% 2020 Notes, which
default remains uncured for 60 days after notice from the Trustee or the Holders
of at least 25% of the aggregate principal amount then outstanding of the 5.200%
2020 Notes;

     

    (e)           there
shall occur any (i) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company and any of its Subsidiaries (or
the payment of which is guaranteed by the Company and any of its Subsidiaries),
other than the Indebtedness evidenced by the Existing Notes, which default is
caused by a failure to pay the principal of such Indebtedness at the final
stated maturity thereof within the grace period provided in such Indebtedness (a
“Payment Default”), and the principal
amount of any such Indebtedness, together with the principal amount of any other
such Indebtedness under which there has been a Payment Default, aggregates $100
million or more or (ii) “Event of Default” under and as defined in any indenture
governing any of the Existing Notes (but only for so long as the Existing Notes
issued thereunder remain outstanding and such “Event of Default” has not been
cured or waived, in accordance with such indenture) whether or not any of the
Existing Notes have been accelerated in accordance with the terms of the
indentures governing the Existing Notes;

     

    (f)           default
under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company and any of its Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Subsidiaries), other than the
Indebtedness evidenced by the Existing Notes, which default results in the
acceleration of such Indebtedness prior to its express maturity not rescinded or
cured within 30 days after such acceleration, and the principal amount of any
such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $100 million or more;

     

    (g)           failure
by the Company and any of its Subsidiaries to pay final judgments (other than
any judgment as to which a reputable insurance company has accepted full
liability) aggregating $100 million or more, which judgments are not stayed
within 60 days after their entry;

     

    (h)           any
Guarantee of a Significant Subsidiary with respect to the 5.200% 2020 Notes
shall be held in a judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect, or any Guarantor that
qualifies as a Significant Subsidiary, or any Person acting on behalf of any
Guarantor that qualifies as a Significant Subsidiary, shall deny or disaffirm
its obligations under its Guarantee of the 5.200% 2020 Notes;

     

    (i)           the
Company, DIRECTV Financing or any Significant Subsidiary of the Company pursuant
to or within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii)
consents to the entry of an order for relief against it in an involuntary case;
(iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property; or (iv) makes a general assignment for the
benefit of its creditors; and

     

    (j)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: (i) is for relief against the Company, DIRECTV Financing or any
Significant Subsidiary of the Company in an involuntary case; (ii) appoints a
custodian of the Company, DIRECTV Financing or any Significant Subsidiary of the
Company or for all or substantially all of the property of the Company, DIRECTV
Financing or any Significant Subsidiary of the Company; or (iii) orders the
liquidation of the Company, DIRECTV Financing or any Significant Subsidiary of
the Company, and the order or decree remains unstayed and in effect for 60
consecutive days.

     

    If an
Event of Default (other than an Event of Default relating to an Issuer specified
in clause (i) or (j) above) occurs and is continuing, the Trustee by notice to
the Issuers, or the Holders of at least 25% of the aggregate principal amount
then outstanding of the 5.200% 2020 Notes by written notice to the Issuers and
the Trustee, may declare all the 5.200% 2020 Notes to be due and payable
immediately.  Notwithstanding the foregoing, in the case of an Event
of Default specified in clause (i) or (j) above with respect to an Issuer, all
outstanding 5.200% 2020 Notes shall become and immediately be due and payable
without further action or notice.  Holders of the 5.200% 2020 Notes
may not enforce the Indenture or the 5.200% 2020 Notes except as provided in the
Indenture.  The Trustee may withhold from Holders of the 5.200% 2020
Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal or interest) if it
determines that withholding notice is in such Holders’ interest.

     

    In the
event the 5.200% 2020 Notes are accelerated as a result of an Event of Default
specified in clause (e)(ii) above, such Event of Default and all consequences
thereof (excluding any resulting payment default, other than as a result of the
acceleration of the 5.200% 2020 Notes) shall be annulled, waived and rescinded,
automatically and without action by the Trustee or the Holders, if (i) such
rescission would not conflict with any judgment or decree and (ii) within 60
days following the occurrence of such Event of Default:

     

    
      	
               
      

            	
              (1)

            	
              the
      applicable Existing Notes have been redeemed, repaid or discharged in
      full;

            

    

     

    
      	
               
      

            	
              (2)

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

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      default that is the basis for the Event of Default has been
      cured.

            

    

     

    The
Holders of a majority in aggregate principal amount of the then outstanding
5.200% 2020 Notes by written notice to the Trustee may on behalf of all the
Holders of 5.200% 2020 Notes rescind an acceleration and its consequences if the
rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, interest or premium that has
become due solely because of the acceleration) have been cured or
waived.  The Holders of a majority in aggregate principal amount of
the then outstanding 5.200% 2020 Notes, by written notice to the Trustee, may on
behalf of the Holders of all of the 5.200% 2020 Notes waive any existing Default
or Event of Default and its consequences under the Indenture, except a
continuing Default or Event of Default in the payment of interest or premium on,
or principal of, the 5.200% 2020 Notes.

     

    The
Issuers are required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Issuers are required upon becoming aware
of any Default or Event of Default to deliver to the Trustee a statement
specifying such Default or Event of Default.

     

    All
powers of the Trustee under the Indenture will be subject to applicable
provisions of the Communications Act, including, without limitation, the
requirements of prior approval for de facto or de jure transfer of control
or assignment of Title III licenses.

     

    (12)           Trustee Dealings with
Issuers.  The Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Issuers or their Subsidiaries, and may otherwise deal with the
Issuers or their Subsidiaries, as if it were not Trustee; however, if the
Trustee acquires any conflicting interest it must eliminate such conflict within
90 days, apply to the Commission for permission to continue as Trustee or
resign.

     

    (13)           No Personal Liabilities of
Directors, Owners, Employees, Incorporators and
Stockholders.  No director, owner, officer, employee,
incorporator or stockholder of the Issuers, the Guarantors or any of their
Affiliates, as such, shall have any liability for any obligations of the
Issuers, the Guarantors or any of their Affiliates under this Note, the
Guarantees or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation.  Each Holder of 5.200%
2020 Notes by accepting a 5.200% 2020 Note waives and releases all such
liability.  The waiver and release are part of the consideration for
issuance of the 5.200% 2020 Notes.

     

    (14)           Guarantees.  Payment
of principal and interest (including interest on overdue principal and overdue
interest, if lawful) is unconditionally guaranteed, jointly and severally, by
each of the Guarantors.

     

    (15)           Authentication.  This
5.200% 2020 Note shall not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent.

     

    (16)           Abbreviations.  Customary
abbreviations may be used in the name of a Holder of a 5.200% 2020 Note or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN ( = joint tenants with right of survivorship and not as
tenants in common), CUST (5 Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

     

    (17)           CUSIP
Numbers.  Pursuant to a recommendation promulgated by the
Committee on Uniform Note Identification Procedures, the Company has caused
CUSIP numbers to be printed on the 5.200% 2020 Notes and has directed the
Trustee to use CUSIP numbers in notices of redemption as a convenience to
Holders of 5.200% 2020 Notes.  No representation is made as to the
accuracy of such numbers either as printed on the 5.200% 2020 Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

     

    The
Company will furnish to any Holder of a 5.200% 2020 Note upon written request
and without charge a copy of the Indenture.  Request may be made
to:

     

    DIRECTV
Holdings LLC

    2230 East
Imperial Highway

    El
Segundo, California  90245

    Attention:  Corporate
Secretary

    

    
      
        
          
            A-2-

          

        

         

         

      

    

    

    ASSIGNMENT
FORM

     

    To assign
this Note, fill in the form below:  (I) or (we) assign and transfer
this 5.200% 2020 Note to

     

    
      

    

    (Insert
assignee’s Soc. Sec. or tax I.D. no.)

     

    
      

    

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

     

    and
irrevocably appoint ______________ agent to transfer this 5.200% 2020 Note on
the books of the Company.  The agent may substitute another to act for
him.

     

    Date:  _____________________

     

    Your
Signature:                                                                      

    (Sign exactly as your name appears on
the face of

    this Note)

    Signature
Guarantee.

    

    
      
        
          
            A-2-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    OPTION OF
HOLDER TO ELECT PURCHASE

     

    If you
want to elect to have all or any part of this 5.200% 2020 Note purchased by the
Issuers pursuant to Section 4.10 (Change of Control and Ratings Decline) of the
Indenture, check the box below:

     

    Section 4.10

     

    If you
want to have only part of the 5.200% 2020 Note purchased by the Issuers pursuant
to Section 4.10 of the Indenture, state the amount you elect to have
purchased:

     

    $

     

    Date:  ____________________

     

    Your
Signature:                                                                      

    (Sign exactly as your name appears on
the face of

    this Note)

    Signature
Guarantee.

    

    
      
        
          
            A-2-

          

        

         

         

      

    

    

    [ATTACHMENT
FOR GLOBAL NOTES]

     

    

     

    SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    The
following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been
made:

     

    
      	
              
                 

                 

                 

                Date
      of Exchange

                 

              

            	
              
                Amount
      of

                decrease
      in

                Principal
      Amount of this Global Note

                 

              

            	
              
                 

                Amount
      of Increase Principal Amount of the Global Note

                 

              

            	
              
                Principal
      Amount

                of
      this Global Note following such

                Decrease
      (or Increase)

                 

              

            	
              
                Signature
      of

                authorized
      officer

                of
      Trustee or

                Note
      Custodian

                 

              

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

    

    

    
      
        
          
            A-2-

          

        

         

         

      

    

    

    EXHIBIT
A-3

     

    
      [Face of
6.350% 2040 Note]

    

    6.350%
Senior Note due 2040

     

    Cert.
No.

     

    CUSIP No.
[             ]

     

    DIRECTV
Holdings LLC and

     

    DIRECTV
Financing Co., Inc.

     

    jointly
and severally promise to pay to

     

    or its
registered assigns

     

    the
principal sum of ____________________

     

    Dollars
on March 15, 2040

     

    Interest
Payment Dates:  March 15 and September 15, commencing September 15,
2010.

     

    Record
Dates:  March 1 and September 1 (whether or not a Business
Day).

     

    IN
WITNESS WHEREOF, the Issuers have caused this 6.350% 2040 Note to be duly
executed.

     

    Dated:

     

    
      	
               
      

            	
              DIRECTV
      HOLDINGS LLC

            

    

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    
      	
               
      

            	
              DIRECTV
      FINANCING CO., INC.

            

    

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    This is
one of the 6.350% 2040 Notes referred to in

     

    the
within-mentioned Indenture:

     

    THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A. , as Trustee

     

    By:         

     

    Authorized Signatory

     

    Dated:
_____________

    

    
      
        
          
            A-3-

          

        

         

         

      

    

    

    (Back of
6.350% 2040 Note)

     

    Capitalized
terms used herein have the meanings assigned to them in the Indenture (as
defined below) unless otherwise indicated.

     

    (1)           Interest.  DIRECTV
Holdings LLC, a Delaware limited liability company (the “Company”) and DIRECTV
Financing Co., Inc., a Delaware corporation (“DIRECTV Financing” and,
together with the Company, the “Issuers”) jointly and
severally promise to pay interest on the principal amount of this 6.350% 2040
Note at the rate and in the manner specified below.  Interest will
accrue at 6.350% per annum and will be payable semi-annually in cash on each
March 15 and September 15, commencing September 15, 2010, or if any such day is
not a Business Day on the next succeeding Business Day (each, an “Interest Payment Date”) to
Holders of record of the 6.350% 2040 Notes at the close of business on the
immediately preceding March 1 and September 1, whether or not a Business
Day.  Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months.  Interest shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the date of original issuance.  To the extent lawful, the
Issuers shall pay interest on overdue principal at the rate of the then
applicable interest rate on the 6.350% 2040 Notes; they shall pay interest on
overdue installments of interest (without regard to any applicable grace
periods) at the same rate to the extent lawful.  In addition, Holders
may be entitled to the benefits of certain provisions of the Registration Rights
Agreement.

     

    (2)           Method of
Payment.  The Issuers shall pay interest on the 6.350% 2040
Notes (except defaulted interest) to the Persons who are registered Holders of
6.350% 2040 Notes at the close of business on the record date next preceding the
Interest Payment Date, even if such 6.350% 2040 Notes are canceled after such
record date and on or before such Interest Payment Date.  The Holder
hereof must surrender this 6.350% 2040 Note to a Paying Agent to collect
principal payments.  The Issuers will pay principal and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts.  The 6.350% 2040 Notes will be
payable both as to principal and interest at the office or agency of the Issuers
maintained for such purpose or, at the option of the Issuers, payment of
interest may be made by check mailed to the Holders of 6.350% 2040 Notes at
their respective addresses set forth in the register of Holders of 6.350% 2040
Notes.  Unless otherwise designated by the Issuers, the Issuers’
office or agency will be the office of the Trustee maintained for such
purpose.

     

    (3)           Paying Agent and
Registrar.  Initially, the Trustee will act as Paying Agent and
Registrar.  The Issuers may change any Paying Agent, Registrar or
co-registrar without prior notice to any Holder of a 6.350% 2040
Note.  The Company may act in any such capacity.

     

    (4)           Indenture.  The
Issuers issued the 6.350% 2040 Notes under an Indenture, dated as of March 11,
2010 (the “Indenture”),
among the Issuers, the Guarantors and the Trustee.  This is one of an
issue of 6.350% 2040 Notes of the Issuers issued, or to be issued, under the
Indenture.  The Issuers shall be entitled to issue additional 6.350%
2040 Notes pursuant to Section 2.02 of the Indenture.  All 6.350%
2040 Notes issued under the Indenture shall be treated as a single Series of
Notes under the Indenture.  The terms of the 6.350% 2040 Notes include
those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb),
as in effect on the date of the Indenture.  The 6.350% 2040 Notes are
subject to all such terms, and Holders of 6.350% 2040 Notes are referred to the
Indenture and such act for a statement of such terms.  The terms of
the Indenture shall govern any inconsistencies between the Indenture and the
6.350% 2040 Notes.  The 6.350% 2040 Notes are senior unsecured
obligations of the Issuers.

     

    (5)           Optional
Redemption.  At any time and from time to time the Company may
redeem all or any portion of the 6.350% 2040 Notes outstanding at a redemption
price equal to the greater of:

     

    (a)                      100%
of the aggregate principal amount of the 6.350% 2040 Notes to be redeemed,
and

     

    (b)                      an
amount equal to sum of the present values of the remaining scheduled payments of
principal of and interest on the 6.350% 2040 Notes to be redeemed (excluding
accrued and unpaid interest to the redemption date and subject to the right of
holders on the relevant record date to receive interest due on the relevant
interest payment date) discounted from their scheduled date of payment to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) using a discount rate equal to the Treasury Rate plus 30
basis points,

     

    plus, in
each of the above cases, accrued and unpaid interest, if any, to such redemption
date.

     

    “Treasury Rate” means, at the time of
computation, (1) the semi-annual equivalent yield to maturity of the United
States Treasury Securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15(519) which has
become publicly available at least two Business Days prior to the redemption
date or, if such Statistical Release is no longer published, any publicly
available source of similar market data) for the maturity corresponding to the
Comparable Treasury Issue; provided, however, that if no maturity
is within three months before or after the maturity date for the 6.350% 2040
Notes, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the Treasury Rate will be
interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) if that release, or any successor release,
is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for that redemption date.  The
Treasury Rate will be calculated on the third Business Day preceding the
redemption date.

     

    (6)           Repurchase at Option of
Holder.  Upon the occurrence of a Change of Control Triggering
Event with respect to the 6.350% 2040 Notes, the Company shall make an offer to
purchase on the Change of Control Payment Date all outstanding 6.350% 2040 Notes
at a purchase price equal to 101% of the aggregate principal amount thereof,
together with accrued and unpaid interest thereon to the date of
repurchase.  Holders of 6.350% 2040 Notes that are subject to an offer
to purchase will receive a Change of Control Offer from the Company prior to any
related Change of Control Payment Date and may elect to have such 6.350% 2040
Notes purchased by completing the form entitled “Option of Holder To Elect
Purchase” appearing below.

     

    (7)           Notice of
Redemption.  Notice of redemption shall be mailed at least 30
days but not more than 60 days before the redemption date to each Holder whose
6.350% 2040 Notes are to be redeemed at its registered address.  Notes
may be redeemed in part but only in whole multiples of $2,000, unless all of the
6.350% 2040 Notes held by a Holder of 6.350% 2040 Notes are to be
redeemed.  On and after the redemption date, interest ceases to accrue
on 6.350% 2040 Notes or portions of them called for redemption unless the
Company fails to redeem such 6.350% 2040 Notes or such portions
thereof.

     

    (8)           Denominations, Transfer,
Exchange.  The 6.350% 2040 Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of
$1,000.  The transfer of 6.350% 2040 Notes may be registered and
6.350% 2040 Notes may be exchanged as provided in the Indenture.  The
Registrar and the Trustee may require a Holder of a 6.350% 2040 Note, among
other things, to furnish appropriate endorsements and transfer documents and to
pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not exchange or register the transfer
of any 6.350% 2040 Note or portion of a 6.350% 2040 Note selected for
redemption.  Also, it need not exchange or register the transfer of
any 6.350% 2040 Notes for a period of 15 days before a selection of 6.350% 2040
Notes to be redeemed.

     

    (9)           Persons Deemed
Owners.  Prior to due presentment to the Trustee for
registration of the transfer of this 6.350% 2040 Note, the Trustee, any Agent
and the Issuers may deem and treat the Person in whose name this 6.350% 2040
Note is registered as their absolute owner for the purpose of receiving payment
of principal of, premium, if any, and interest on this 6.350% 2040 Note and for
all other purposes whatsoever, whether or not this 6.350% 2040 Note is overdue,
and neither the Trustee, any Agent nor the Issuers shall be affected by notice
to the contrary.  The registered Holder of a 6.350% 2040 Note shall be
treated as its owner for all purposes.

     

    (10)           Amendments, Supplement and
Waivers.  Subject to certain exceptions, the Indenture, the
6.350% 2040 Notes or the Guarantees or any amended or supplemental indenture
with respect to the 6.350% 2040 Notes may be amended or supplemented with the
written consent of the Holders of 6.350% 2040 Notes of at least a majority of
the aggregate principal amount of 6.350% 2040 Notes then outstanding (including
consents obtained in connection with a tender offer or exchange offer for the
6.350% 2040 Notes), and any existing Default and its consequences or compliance
with any provision hereof or the 6.350% 2040 Notes may be waived with the
consent of the Holders of a majority of the aggregate principal amount of 6.350%
2040 Notes then outstanding (including consents obtained in connection with a
tender offer or exchange offer for the 6.350% 2040
Notes).  Notwithstanding the foregoing, without the consent of each
Holder affected, an amendment or waiver may not (with respect to any 6.350% 2040
Notes held by a non-consenting Holder of 6.350% 2040 Notes): reduce the
aggregate principal amount of 6.350% 2040 Notes whose Holders must consent to an
amendment, supplement or waiver; reduce the principal of or change the fixed
maturity of any 6.350% 2040 Note or alter the provisions with respect to the
amount of redemption premium on the 6.350% 2040 Notes; reduce the rate of or
change the time for payment of interest on any 6.350% 2040 Note; waive a Default
or Event of Default with respect to the 6.350% 2040 Notes in the payment of
principal of or premium, if any, or interest on the 6.350% 2040 Notes (except a
rescission of acceleration of the 6.350% 2040 Notes by the Holders of at least a
majority in aggregate principal amount of the then outstanding 6.350% 2040 Notes
and a waiver of the payment default that resulted from such acceleration); make
any 6.350% 2040 Note payable in money other than that stated in the 6.350% 2040
Notes; make any change in the provisions to the Indenture relating to waivers of
past Defaults or the rights of Holders of 6.350% 2040 Notes to receive payments
of principal of or interest on the 6.350% 2040 Notes; waive a redemption payment
or mandatory redemption with respect to any 6.350% 2040 Note; amend, change or
modify in any material respect the obligation of the Company to make and
consummate a Change of Control Offer in the event of a Change of Control
Triggering Event after such Change of Control Triggering Event has occurred; or
make any change in the foregoing amendment and waiver
provisions.  Notwithstanding the foregoing, without the consent of any
Holder of a 6.350% 2040 Note, the Indenture, the 6.350% 2040 Notes or the
Guarantees or any amended or supplemental indenture with respect to the 6.350%
2040 Notes may be amended or supplemented to cure any ambiguity, defect or
inconsistency; to provide for uncertificated 6.350% 2040 Notes or Guarantees in
addition to or in place of certificated 6.350% 2040 Notes or Guarantees; to
provide for the assumption of the obligations of the Issuers or any Guarantor to
the Holders of the 6.350% 2040 Notes in case of a merger or consolidation
pursuant to Article 5 or Article 10 of the Indenture; to make any change that
would provide any additional rights or benefits to the Holders of the 6.350%
2040 Notes or that does not adversely affect the legal rights under the
Indenture of any such Holder; or to comply with the requirements of the
Commission in order to effect or maintain the qualification of the Indenture
under the Trust Indenture Act.

     

    (11)           Defaults and
Remedies.  Each of the following constitutes an Event of
Default with respect to the 6.350% 2040 Notes:

     

    (a)           default
for 30 days in the payment when due of interest or additional interest, if any,
on the 6.350% 2040 Notes;

     

    (b)           default
in payment when due of principal of or premium, if any, on the 6.350% 2040 Notes
at maturity, upon repurchase, redemption or otherwise;

     

    (c)           failure
to comply with Section 4.10 or 5.01 of the Indenture;

     

    (d)           default
under any other provision of the Indenture or the 6.350% 2040 Notes, which
default remains uncured for 60 days after notice from the Trustee or the Holders
of at least 25% of the aggregate principal amount then outstanding of the 6.350%
2040 Notes;

     

    (e)           there
shall occur any (i) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company and any of its Subsidiaries (or
the payment of which is guaranteed by the Company and any of its Subsidiaries),
other than the Indebtedness evidenced by the Existing Notes, which default is
caused by a failure to pay the principal of such Indebtedness at the final
stated maturity thereof within the grace period provided in such Indebtedness (a
“Payment Default”), and the principal
amount of any such Indebtedness, together with the principal amount of any other
such Indebtedness under which there has been a Payment Default, aggregates $100
million or more or (ii) “Event of Default” under and as defined in any indenture
governing any of the Existing Notes (but only for so long as the Existing Notes
issued thereunder remain outstanding and such “Event of Default” has not been
cured or waived, in accordance with such indenture) whether or not any of the
Existing Notes have been accelerated in accordance with the terms of the
indentures governing the Existing Notes;

     

    (f)           default
under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company and any of its Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Subsidiaries), other than the
Indebtedness evidenced by the Existing Notes, which default results in the
acceleration of such Indebtedness prior to its express maturity not rescinded or
cured within 30 days after such acceleration, and the principal amount of any
such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $100 million or more;

     

    (g)           failure
by the Company and any of its Subsidiaries to pay final judgments (other than
any judgment as to which a reputable insurance company has accepted full
liability) aggregating $100 million or more, which judgments are not stayed
within 60 days after their entry;

     

    (h)           any
Guarantee of a Significant Subsidiary with respect to the 6.350% 2040 Notes
shall be held in a judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect, or any Guarantor that
qualifies as a Significant Subsidiary, or any Person acting on behalf of any
Guarantor that qualifies as a Significant Subsidiary, shall deny or disaffirm
its obligations under its Guarantee of the 6.350% 2040 Notes;

     

    (i)           the
Company, DIRECTV Financing or any Significant Subsidiary of the Company pursuant
to or within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii)
consents to the entry of an order for relief against it in an involuntary case;
(iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property; or (iv) makes a general assignment for the
benefit of its creditors; and

     

    (j)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: (i) is for relief against the Company, DIRECTV Financing or any
Significant Subsidiary of the Company in an involuntary case; (ii) appoints a
custodian of the Company, DIRECTV Financing or any Significant Subsidiary of the
Company or for all or substantially all of the property of the Company, DIRECTV
Financing or any Significant Subsidiary of the Company; or (iii) orders the
liquidation of the Company, DIRECTV Financing or any Significant Subsidiary of
the Company, and the order or decree remains unstayed and in effect for 60
consecutive days.

     

    If an
Event of Default (other than an Event of Default relating to an Issuer specified
in clause (i) or (j) above) occurs and is continuing, the Trustee by notice to
the Issuers, or the Holders of at least 25% of the aggregate principal amount
then outstanding of the 6.350% 2040 Notes by written notice to the Issuers and
the Trustee, may declare all the 6.350% 2040 Notes to be due and payable
immediately.  Notwithstanding the foregoing, in the case of an Event
of Default specified in clause (i) or (j) above with respect to an Issuer, all
outstanding 6.350% 2040 Notes shall become and immediately be due and payable
without further action or notice.  Holders of the 6.350% 2040 Notes
may not enforce the Indenture or the 6.350% 2040 Notes except as provided in the
Indenture.  The Trustee may withhold from Holders of the 6.350% 2040
Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal or interest) if it
determines that withholding notice is in such Holders’ interest.

     

    In the
event the 6.350% 2040 Notes are accelerated as a result of an Event of Default
specified in clause (e)(ii) above, such Event of Default and all consequences
thereof (excluding any resulting payment default, other than as a result of the
acceleration of the 6.350% 2040 Notes) shall be annulled, waived and rescinded,
automatically and without action by the Trustee or the Holders, if (i) such
rescission would not conflict with any judgment or decree and (ii) within 60
days following the occurrence of such Event of Default:

     

    
      	
               
      

            	
              (1)

            	
              the
      applicable Existing Notes have been redeemed, repaid or discharged in
      full;

            

    

     

    
      	
               
      

            	
              (2)

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

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      default that is the basis for the Event of Default has been
      cured.

            

    

     

    The
Holders of a majority in aggregate principal amount of the then outstanding
6.350% 2040 Notes by written notice to the Trustee may on behalf of all the
Holders of 6.350% 2040 Notes rescind an acceleration and its consequences if the
rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, interest or premium that has
become due solely because of the acceleration) have been cured or
waived.  The Holders of a majority in aggregate principal amount of
the then outstanding 6.350% 2040 Notes, by written notice to the Trustee, may on
behalf of the Holders of all of the 6.350% 2040 Notes waive any existing Default
or Event of Default and its consequences under the Indenture, except a
continuing Default or Event of Default in the payment of interest or premium on,
or principal of, the 6.350% 2040 Notes.

     

    The
Issuers are required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Issuers are required upon becoming aware
of any Default or Event of Default to deliver to the Trustee a statement
specifying such Default or Event of Default.

     

    All
powers of the Trustee under the Indenture will be subject to applicable
provisions of the Communications Act, including, without limitation, the
requirements of prior approval for de facto or de jure transfer of control
or assignment of Title III licenses.

     

    (12)           Trustee Dealings with
Issuers.  The Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Issuers or their Subsidiaries, and may otherwise deal with the
Issuers or their Subsidiaries, as if it were not Trustee; however, if the
Trustee acquires any conflicting interest it must eliminate such conflict within
90 days, apply to the Commission for permission to continue as Trustee or
resign.

     

    (13)           No Personal Liabilities of
Directors, Owners, Employees, Incorporators and
Stockholders.  No director, owner, officer, employee,
incorporator or stockholder of the Issuers, the Guarantors or any of their
Affiliates, as such, shall have any liability for any obligations of the
Issuers, the Guarantors or any of their Affiliates under this Note, the
Guarantees or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation.  Each Holder of 6.350%
2040 Notes by accepting a 6.350% 2040 Note waives and releases all such
liability.  The waiver and release are part of the consideration for
issuance of the 6.350% 2040 Notes.

     

    (14)           Guarantees.  Payment
of principal and interest (including interest on overdue principal and overdue
interest, if lawful) is unconditionally guaranteed, jointly and severally, by
each of the Guarantors.

     

    (15)           Authentication.  This
6.350% 2040 Note shall not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent.

     

    (16)           Abbreviations.  Customary
abbreviations may be used in the name of a Holder of a 6.350% 2040 Note or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN ( = joint tenants with right of survivorship and not as
tenants in common), CUST (5 Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

     

    (17)           CUSIP
Numbers.  Pursuant to a recommendation promulgated by the
Committee on Uniform Note Identification Procedures, the Company has caused
CUSIP numbers to be printed on the 6.350% 2040 Notes and has directed the
Trustee to use CUSIP numbers in notices of redemption as a convenience to
Holders of 6.350% 2040 Notes.  No representation is made as to the
accuracy of such numbers either as printed on the 6.350% 2040 Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

     

    The
Company will furnish to any Holder of a 6.350% 2040 Note upon written request
and without charge a copy of the Indenture.  Request may be made
to:

     

    DIRECTV
Holdings LLC

    2230 East
Imperial Highway

    El
Segundo, California  90245

    Attention:  Corporate
Secretary

    

    
      
        
          
            A-3-

          

        

         

         

      

    

    

    ASSIGNMENT
FORM

     

    To assign
this Note, fill in the form below:  (I) or (we) assign and transfer
this 6.350% 2040 Note to

     

    
      

    

    (Insert
assignee’s Soc. Sec. or tax I.D. no.)

     

    
      

    

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

     

    and
irrevocably appoint ______________ agent to transfer this 6.350% 2040 Note on
the books of the Company.  The agent may substitute another to act for
him.

     

    Date:  _____________________

     

    Your
Signature:                                                                      

    (Sign exactly as your name appears on
the face of

    this Note)

    Signature
Guarantee.

    

    
      
        
          
            A-3-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    OPTION OF
HOLDER TO ELECT PURCHASE

     

    If you
want to elect to have all or any part of this 6.350% 2040 Note purchased by the
Issuers pursuant to Section 4.10 (Change of Control and Ratings Decline) of the
Indenture, check the box below:

     

    Section 4.10

     

    If you
want to have only part of the 6.350% 2040 Note purchased by the Issuers pursuant
to Section 4.10 of the Indenture, state the amount you elect to have
purchased:

     

    $

     

    Date:  ____________________

     

    Your
Signature:                                                                      

    (Sign exactly as your name appears on
the face of

    this Note)

    Signature
Guarantee.

    

    
      
        
          
            A-3-

          

        

         

         

      

    

    

    [ATTACHMENT
FOR GLOBAL NOTES]

     

    

     

    SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    The
following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been
made:

     

    
      	
              
                 

                 

                 

                Date
      of Exchange

                 

              

            	
              
                Amount
      of

                decrease
      in

                Principal
      Amount of this Global Note

                 

              

            	
              
                 

                Amount
      of Increase Principal Amount of the Global Note

                 

              

            	
              
                Principal
      Amount

                of
      this Global Note following such

                Decrease
      (or Increase)

                 

              

            	
              
                Signature
      of

                authorized
      officer

                of
      Trustee or

                Note
      Custodian

                 

              

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

    

    
      
        
          
            A-3-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
B

     

    FORM OF
GUARANTEE

     

    [Name of
Guarantor] and its successors under the Indenture, jointly and severally with
any other Guarantors, hereby irrevocably and unconditionally (i) guarantee the
due and punctual payment of the principal of, premium, if any, and interest on
the Notes, whether at maturity, by acceleration, redemption or otherwise, the
due and punctual payment of interest on the overdue principal of and interest,
if any, on the Notes, to the extent lawful, and the due and punctual performance
of all other obligations of DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.
(together the “Issuers”) to the Holders or
the Trustee all in accordance with the terms set forth in Article 10 of the
Indenture and (ii) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, guarantee that the same will be promptly
paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration or
otherwise.  Capitalized terms used herein have the meanings assigned
to them in the Indenture unless otherwise indicated.

     

               No
director, owner, officer, employee, incorporator or stockholder of any Guarantor
or any of its Affiliates, as such, shall have any liability for any obligations
of such Guarantor or any of its Affiliates under this guarantee by reason of his
or its status as such.  This Guarantee shall be binding upon each
Guarantor and its successors and assigns and shall inure to the benefit of the
successors and assigns of the Trustee and the Holders and, in the event of any
transfer or assignment of rights by any Holder or the Trustee, the rights and
privileges herein conferred upon that party shall automatically extend to and be
vested in such transferee or assignee, all subject to the terms and conditions
hereof.

     

    This
Guarantee shall not be valid or obligatory for any purpose until the certificate
of authentication on the Note upon which this Guarantee is noted shall have been
executed by the Trustee under the Indenture by the manual signature of one of
its authorized officers.

     

    THE TERMS
OF ARTICLE 10 OF THE INDENTURE ARE INCORPORATED HEREIN BY
REFERENCE.

     

    This
Guarantee shall be governed by and construed in accordance with the laws of the
State of New York.

     

    
      	
               
      

            	
              [NAME
      OF GUARANTOR]

            

    

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    

    
      
        
          
            B-

          

        

         

         

      

    

    

    EXHIBIT
C-1

     

    FORM OF
CERTIFICATE OF TRANSFER

     

    DIRECTV
Holdings LLC

     

    DIRECTV
Financing Co., Inc.

     

    2230 East
Imperial Highway

     

    El
Segundo, California  92405

     

    

     

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

     

    700 South
Flower Street, Suite 500

     

    Los
Angeles, CA 90017

     

    Attn:  Corporate
Unit

     

    

     

    Re:  3.550% Senior Notes due
2015

     

    Reference
is hereby made to the Indenture, dated as of March 11, 2010 (the “Indenture”), among DIRECTV
Holdings LLC and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”), the Guarantors
named therein and The Bank of New York Mellon Trust Company, N.A., as
trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

     

    ________________  (the
“Transferor”) owns and
proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $____ in such Note[s] or interests (the
“Transfer”), to
__________ (the “Transferee”), as further
specified in Annex A hereto.  In connection with the Transfer, the
Transferor hereby certifies that:

     

    [CHECK
ALL THAT APPLY]

     

    
      	
               
      

            	
              1.

            	 	
              Check
      if Transferee will take delivery of a beneficial interest in the 144A
      Global Note or a Definitive Note Pursuant to Rule
      144A.  The Transfer is being effected pursuant to and in
      accordance with Rule 144A under the United States Securities Act of 1933,
      as amended (the “Securities Act”), and,
      accordingly, the Transferor hereby further certifies that the beneficial
      interest or Definitive Note is being transferred to a Person that the
      Transferor reasonably believed and believes is purchasing the beneficial
      interest or Definitive Note for its own account, or for one or more
      accounts with respect to which such Person exercises sole investment
      discretion, and such Person and each such account is a “qualified
      institutional buyer” within the meaning of Rule 144A in a transaction
      meeting the requirements of Rule 144A and such Transfer is in compliance
      with any applicable blue sky securities laws of any state of the United
      States.  Upon consummation of the proposed Transfer in
      accordance with the terms of the Indenture, the transferred beneficial
      interest or Definitive Note will be subject to the restrictions on
      transfer enumerated in the Private Placement Legend printed on the 144A
      Global Note and/or the Definitive Note and in the Indenture and the
      Securities Act.

            

    

     

    
      	
               
      

            	
              2.

            	 	
              Check
      if Transferee will take delivery of a beneficial interest in the
      Regulation S Global Note or a Definitive Note pursuant to Regulation
      S.  The Transfer is being effected pursuant to and in
      accordance with Rule 903 or Rule 904 under the Securities Act and,
      accordingly, the Transferor hereby further certifies that (i) the Transfer
      is not being made to a Person in the United States and (x) at the time the
      buy order was originated, the Transferee was outside the United States or
      such Transferor and any Person acting on its behalf reasonably believed
      and believes that the Transferee was outside the United States or (y) the
      transaction was executed in, on or through the  facilities of a
      designated offshore securities market and neither such Transferor nor any
      Person acting on its behalf knows that the transaction was prearranged
      with a buyer in the United States, (ii) no directed  selling
      efforts have been made in contravention of the requirements of Rule 903(b)
      or Rule 904(b) of  Regulation S under the Securities Act, (iii)
      the transaction is not part of a plan or scheme to evade the registration
      requirements of the Securities Act and (iv) if the proposed transfer is
      being made prior to the expiration of the Restricted Period, the transfer
      is not being made to a U.S. Person or for the account or benefit of a U.S.
      Person (other than an Initial Purchaser).  Upon consummation of
      the proposed transfer in accordance with the terms of the Indenture, the
      transferred beneficial interest or Definitive Note will be subject to the
      restrictions on Transfer enumerated in the Private Placement Legend
      printed on the Regulation S Global Note and/or the Definitive Note and in
      the Indenture and the Securities
Act.

            

    

     

    
      	
               
      

            	
              3.

            	 	
              Check
      and complete if Transferee will take delivery of a beneficial interest in
      a Definitive Note pursuant to any provision of the Securities Act other
      than Rule 144A or Regulation S.  The Transfer is being
      effected in compliance with the transfer restrictions applicable to
      beneficial interests in Restricted Global Notes and Restricted Definitive
      Notes and pursuant to and in accordance with the Securities Act and any
      applicable blue sky securities laws of any state of the United States, and
      accordingly the Transferor hereby further certifies that (check
      one):

            

    

     

    
      	
               
      

            	
              (a)

            	 	
              such
      Transfer is being effected pursuant to and in accordance with Rule 144
      under the Securities Act;

            

    

     

    or

     

    
      	
               
      

            	
              (b)

            	 	
              or
      such Transfer is being effected to the Issuers or a subsidiary
      thereof;

            

    

     

    or

     

    
      	
               
      

            	
              (c)

            	 	
              such
      Transfer is being effected pursuant to an effective registration statement
      under the Securities Act and in compliance with the prospectus delivery
      requirements of the Securities Act.

            

    

     

    
      	
               
      

            	
              4.

            	 	
              Check
      if Transferee will take delivery of a beneficial interest in an
      Unrestricted Global Note or of an Unrestricted Definitive
      Note.

            

    

     

    
      	
               
      

            	
              (a)

            	 	
              Check if Transfer is pursuant
      to Rule 144.  (i)  The Transfer is being
      effected pursuant to and in accordance with Rule 144 under the Securities
      Act and in compliance with the transfer restrictions contained in the
      Indenture and any applicable blue sky securities laws of any state of the
      United States and (ii) the restrictions on transfer contained in the
      Indenture and the Private Placement Legend are not required in order to
      maintain compliance with the Securities Act.  Upon consummation
      of the proposed Transfer in accordance with the terms of the Indenture,
      the transferred beneficial interest or Definitive Note will no longer be
      subject to the restrictions on transfer enumerated in the Private
      Placement Legend printed on the Restricted Global Notes, on Restricted
      Definitive Notes and in the
Indenture.

            

    

     

    
      	
               
      

            	
              (b)

            	 	
              Check if Transfer is Pursuant
      to Regulation S.  (i)  The Transfer is being
      effected pursuant to and in accordance with Rule 903 or Rule 904 under the
      Securities Act and in compliance with the transfer restrictions contained
      in the Indenture and any applicable blue sky securities laws of any state
      of the United States and (ii) the restrictions on transfer contained in
      the Indenture and the Private Placement Legend are not required in order
      to maintain compliance with the Securities Act.  Upon
      consummation of the proposed Transfer in accordance with the terms of the
      Indenture, the transferred beneficial interest or Definitive Note will no
      longer be subject to the restrictions on transfer enumerated in the
      Private Placement Legend printed on the Restricted Global Notes, on
      Restricted Definitive Notes and in the
  Indenture.

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

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

     

    

     

    [Insert Name of
Transferor]

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    Dated:____________________

    

    
      
        
          
            C-1-

          

        

         

         

      

    

    

    ANNEX A
TO CERTIFICATE OF TRANSFER

     

    1.           The
Transferor owns and proposes to transfer the following:

     

    [CHECK
ONE OF (a) OR (b)]

     

    (a)                      a
beneficial interest in the:

     

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

     

    (ii)                      Regulation
S Global  (CUSIP
[               ])),  or

     

    (b)                      a
Restricted Definitive Note.

     

    2.           After
the Transfer the Transferee will hold:

     

    [CHECK
ONE]

     

    (a)                      a
beneficial interest in the:

     

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

     

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

     

    (iii)                      Unrestricted
Global Note  CUSIP
[               ],  or

     

    (b)                      a
Restricted Definitive Note; or

     

    (c)                      an
Unrestricted Definitive Note,

     

    in
accordance with the terms of the Indenture.

     

    

    

    
      
        
          
            C-1-

          

        

         

         

      

    

    

    EXHIBIT
C-2

     

    FORM OF
CERTIFICATE OF TRANSFER

     

    DIRECTV
Holdings LLC

     

    DIRECTV
Financing Co., Inc.

     

    2230 East
Imperial Highway

     

    El
Segundo, California  92405

     

    

     

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

     

    700 South
Flower Street, Suite 500

     

    Los
Angeles, CA 90017

     

    Attn:  Corporate
Unit

     

    

     

    Re:  5.200% Senior Notes due
2020

     

    Reference
is hereby made to the Indenture, dated as of March 11, 2010 (the “Indenture”), among DIRECTV
Holdings LLC and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”), the Guarantors
named therein and The Bank of New York Mellon Trust Company, N.A., as
trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

     

    ________________  (the
“Transferor”) owns and
proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $____ in such Note[s] or interests (the
“Transfer”), to
__________ (the “Transferee”), as further
specified in Annex A hereto.  In connection with the Transfer, the
Transferor hereby certifies that:

     

    [CHECK
ALL THAT APPLY]

     

    
      	
              1.

            	
              Check
      if Transferee will take delivery of a beneficial interest in the 144A
      Global Note or a Definitive Note Pursuant to Rule
      144A.  The Transfer is being effected pursuant to and in
      accordance with Rule 144A under the United States Securities Act of 1933,
      as amended (the “Securities Act”), and,
      accordingly, the Transferor hereby further certifies that the beneficial
      interest or Definitive Note is being transferred to a Person that the
      Transferor reasonably believed and believes is purchasing the beneficial
      interest or Definitive Note for its own account, or for one or more
      accounts with respect to which such Person exercises sole investment
      discretion, and such Person and each such account is a “qualified
      institutional buyer” within the meaning of Rule 144A in a transaction
      meeting the requirements of Rule 144A and such Transfer is in compliance
      with any applicable blue sky securities laws of any state of the United
      States.  Upon consummation of the proposed Transfer in
      accordance with the terms of the Indenture, the transferred beneficial
      interest or Definitive Note will be subject to the restrictions on
      transfer enumerated in the Private Placement Legend printed on the 144A
      Global Note and/or the Definitive Note and in the Indenture and the
      Securities Act.

            

    

     

    
      	
              2.

            	
              Check
      if Transferee will take delivery of a beneficial interest in the
      Regulation S Global Note or a Definitive Note pursuant to Regulation
      S.  The Transfer is being effected pursuant to and in
      accordance with Rule 903 or Rule 904 under the Securities Act and,
      accordingly, the Transferor hereby further certifies that (i) the Transfer
      is not being made to a Person in the United States and (x) at the time the
      buy order was originated, the Transferee was outside the United States or
      such Transferor and any Person acting on its behalf reasonably believed
      and believes that the Transferee was outside the United States or (y) the
      transaction was executed in, on or through the  facilities of a
      designated offshore securities market and neither such Transferor nor any
      Person acting on its behalf knows that the transaction was prearranged
      with a buyer in the United States, (ii) no directed  selling
      efforts have been made in contravention of the requirements of Rule 903(b)
      or Rule 904(b) of  Regulation S under the Securities Act, (iii)
      the transaction is not part of a plan or scheme to evade the registration
      requirements of the Securities Act and (iv) if the proposed transfer is
      being made prior to the expiration of the Restricted Period, the transfer
      is not being made to a U.S. Person or for the account or benefit of a U.S.
      Person (other than an Initial Purchaser).  Upon consummation of
      the proposed transfer in accordance with the terms of the Indenture, the
      transferred beneficial interest or Definitive Note will be subject to the
      restrictions on Transfer enumerated in the Private Placement Legend
      printed on the Regulation S Global Note and/or the Definitive Note and in
      the Indenture and the Securities
Act.

            

    

     

    
      	
              3.

            	
              Check
      and complete if Transferee will take delivery of a beneficial interest in
      a Definitive Note pursuant to any provision of the Securities Act other
      than Rule 144A or Regulation S.  The Transfer is being
      effected in compliance with the transfer restrictions applicable to
      beneficial interests in Restricted Global Notes and Restricted Definitive
      Notes and pursuant to and in accordance with the Securities Act and any
      applicable blue sky securities laws of any state of the United States, and
      accordingly the Transferor hereby further certifies that (check
      one):

            

    

     

    
      	
               
      

            	
              (a)

            	
              such
      Transfer is being effected pursuant to and in accordance with Rule 144
      under the Securities Act;

            

    

     

    or

     

    
      	
               
      

            	
              (b)

            	
              or
      such Transfer is being effected to the Issuers or a subsidiary
      thereof;

            

    

     

    or

     

    
      	
               
      

            	
              (c)

            	
              such
      Transfer is being effected pursuant to an effective registration statement
      under the Securities Act and in compliance with the prospectus delivery
      requirements of the Securities Act.

            

    

     

    
      	
              4.

            	
              Check
      if Transferee will take delivery of a beneficial interest in an
      Unrestricted Global Note or of an Unrestricted Definitive
      Note.

            

    

     

    
      	
               
      

            	
              (a)

            	
              Check if Transfer is pursuant
      to Rule 144.  (i)  The Transfer is being
      effected pursuant to and in accordance with Rule 144 under the Securities
      Act and in compliance with the transfer restrictions contained in the
      Indenture and any applicable blue sky securities laws of any state of the
      United States and (ii) the restrictions on transfer contained in the
      Indenture and the Private Placement Legend are not required in order to
      maintain compliance with the Securities Act.  Upon consummation
      of the proposed Transfer in accordance with the terms of the Indenture,
      the transferred beneficial interest or Definitive Note will no longer be
      subject to the restrictions on transfer enumerated in the Private
      Placement Legend printed on the Restricted Global Notes, on Restricted
      Definitive Notes and in the
Indenture.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Check if Transfer is Pursuant
      to Regulation S.  (i)  The Transfer is being
      effected pursuant to and in accordance with Rule 903 or Rule 904 under the
      Securities Act and in compliance with the transfer restrictions contained
      in the Indenture and any applicable blue sky securities laws of any state
      of the United States and (ii) the restrictions on transfer contained in
      the Indenture and the Private Placement Legend are not required in order
      to maintain compliance with the Securities Act.  Upon
      consummation of the proposed Transfer in accordance with the terms of the
      Indenture, the transferred beneficial interest or Definitive Note will no
      longer be subject to the restrictions on transfer enumerated in the
      Private Placement Legend printed on the Restricted Global Notes, on
      Restricted Definitive Notes and in the
  Indenture.

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

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

     

    

     

    [Insert Name of
Transferor]

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    Dated:____________________

    

    
      
        
          
            C-2-

          

        

         

         

      

    

    

    ANNEX A
TO CERTIFICATE OF TRANSFER

     

    1.           The
Transferor owns and proposes to transfer the following:

     

    [CHECK
ONE OF (a) OR (b)]

     

    (a)                      a
beneficial interest in the:

     

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

     

    (ii)                      Regulation
S Global  (CUSIP
[               ])),  or

     

    (b)                      a
Restricted Definitive Note.

     

    2.           After
the Transfer the Transferee will hold:

     

    [CHECK
ONE]

     

    (a)                      a
beneficial interest in the:

     

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

     

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

     

    (iii)                      Unrestricted
Global Note  CUSIP
[               ],  or

     

    (b)                      a
Restricted Definitive Note; or

     

    (c)                      an
Unrestricted Definitive Note,

     

    in
accordance with the terms of the Indenture.

     

    

    
      
        
          
            C-2-

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
C-3

     

    FORM OF
CERTIFICATE OF TRANSFER

     

    DIRECTV
Holdings LLC

     

    DIRECTV
Financing Co., Inc.

     

    2230 East
Imperial Highway

     

    El
Segundo, California  92405

     

    

     

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

     

    700 South
Flower Street, Suite 500

     

    Los
Angeles, CA 90017

     

    Attn:  Corporate
Unit

     

    

     

    Re:  6.350% Senior Notes due
2040

     

    Reference
is hereby made to the Indenture, dated as of March 11, 2010 (the “Indenture”), among DIRECTV
Holdings LLC and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”), the Guarantors
named therein and The Bank of New York Mellon Trust Company, N.A., as
trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

     

    ________________  (the
“Transferor”) owns and
proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $____ in such Note[s] or interests (the
“Transfer”), to
__________ (the “Transferee”), as further
specified in Annex A hereto.  In connection with the Transfer, the
Transferor hereby certifies that:

     

    [CHECK
ALL THAT APPLY]

     

    
      	
              1.

            	
              Check
      if Transferee will take delivery of a beneficial interest in the 144A
      Global Note or a Definitive Note Pursuant to Rule
      144A.  The Transfer is being effected pursuant to and in
      accordance with Rule 144A under the United States Securities Act of 1933,
      as amended (the “Securities Act”), and,
      accordingly, the Transferor hereby further certifies that the beneficial
      interest or Definitive Note is being transferred to a Person that the
      Transferor reasonably believed and believes is purchasing the beneficial
      interest or Definitive Note for its own account, or for one or more
      accounts with respect to which such Person exercises sole investment
      discretion, and such Person and each such account is a “qualified
      institutional buyer” within the meaning of Rule 144A in a transaction
      meeting the requirements of Rule 144A and such Transfer is in compliance
      with any applicable blue sky securities laws of any state of the United
      States.  Upon consummation of the proposed Transfer in
      accordance with the terms of the Indenture, the transferred beneficial
      interest or Definitive Note will be subject to the restrictions on
      transfer enumerated in the Private Placement Legend printed on the 144A
      Global Note and/or the Definitive Note and in the Indenture and the
      Securities Act.

            

    

     

    
      	
              2.

            	
              Check
      if Transferee will take delivery of a beneficial interest in the
      Regulation S Global Note or a Definitive Note pursuant to Regulation
      S.  The Transfer is being effected pursuant to and in
      accordance with Rule 903 or Rule 904 under the Securities Act and,
      accordingly, the Transferor hereby further certifies that (i) the Transfer
      is not being made to a Person in the United States and (x) at the time the
      buy order was originated, the Transferee was outside the United States or
      such Transferor and any Person acting on its behalf reasonably believed
      and believes that the Transferee was outside the United States or (y) the
      transaction was executed in, on or through the  facilities of a
      designated offshore securities market and neither such Transferor nor any
      Person acting on its behalf knows that the transaction was prearranged
      with a buyer in the United States, (ii) no directed  selling
      efforts have been made in contravention of the requirements of Rule 903(b)
      or Rule 904(b) of  Regulation S under the Securities Act, (iii)
      the transaction is not part of a plan or scheme to evade the registration
      requirements of the Securities Act and (iv) if the proposed transfer is
      being made prior to the expiration of the Restricted Period, the transfer
      is not being made to a U.S. Person or for the account or benefit of a U.S.
      Person (other than an Initial Purchaser).  Upon consummation of
      the proposed transfer in accordance with the terms of the Indenture, the
      transferred beneficial interest or Definitive Note will be subject to the
      restrictions on Transfer enumerated in the Private Placement Legend
      printed on the Regulation S Global Note and/or the Definitive Note and in
      the Indenture and the Securities
Act.

            

    

     

    
      	
              3.

            	
              Check
      and complete if Transferee will take delivery of a beneficial interest in
      a Definitive Note pursuant to any provision of the Securities Act other
      than Rule 144A or Regulation S.  The Transfer is being
      effected in compliance with the transfer restrictions applicable to
      beneficial interests in Restricted Global Notes and Restricted Definitive
      Notes and pursuant to and in accordance with the Securities Act and any
      applicable blue sky securities laws of any state of the United States, and
      accordingly the Transferor hereby further certifies that (check
      one):

            

    

     

    
      	
               
      

            	
              (a)

            	
              such
      Transfer is being effected pursuant to and in accordance with Rule 144
      under the Securities Act;

            

    

     

    or

     

    
      	
               
      

            	
              (b)

            	
              or
      such Transfer is being effected to the Issuers or a subsidiary
      thereof;

            

    

     

    or

     

    
      	
               
      

            	
              (c)

            	
              such
      Transfer is being effected pursuant to an effective registration statement
      under the Securities Act and in compliance with the prospectus delivery
      requirements of the Securities Act.

            

    

     

    
      	
              4.

            	
              Check
      if Transferee will take delivery of a beneficial interest in an
      Unrestricted Global Note or of an Unrestricted Definitive
      Note.

            

    

     

    
      	
               
      

            	
              (a)

            	
              Check if Transfer is pursuant
      to Rule 144.  (i)  The Transfer is being
      effected pursuant to and in accordance with Rule 144 under the Securities
      Act and in compliance with the transfer restrictions contained in the
      Indenture and any applicable blue sky securities laws of any state of the
      United States and (ii) the restrictions on transfer contained in the
      Indenture and the Private Placement Legend are not required in order to
      maintain compliance with the Securities Act.  Upon consummation
      of the proposed Transfer in accordance with the terms of the Indenture,
      the transferred beneficial interest or Definitive Note will no longer be
      subject to the restrictions on transfer enumerated in the Private
      Placement Legend printed on the Restricted Global Notes, on Restricted
      Definitive Notes and in the
Indenture.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Check if Transfer is Pursuant
      to Regulation S.  (i)  The Transfer is being
      effected pursuant to and in accordance with Rule 903 or Rule 904 under the
      Securities Act and in compliance with the transfer restrictions contained
      in the Indenture and any applicable blue sky securities laws of any state
      of the United States and (ii) the restrictions on transfer contained in
      the Indenture and the Private Placement Legend are not required in order
      to maintain compliance with the Securities Act.  Upon
      consummation of the proposed Transfer in accordance with the terms of the
      Indenture, the transferred beneficial interest or Definitive Note will no
      longer be subject to the restrictions on transfer enumerated in the
      Private Placement Legend printed on the Restricted Global Notes, on
      Restricted Definitive Notes and in the
  Indenture.

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

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

     

    

     

    [Insert Name of
Transferor]

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    Dated:____________________

    

    
      
        
          
            C-3-

          

        

         

         

      

    

    

    ANNEX A
TO CERTIFICATE OF TRANSFER

     

    1.           The
Transferor owns and proposes to transfer the following:

     

    [CHECK
ONE OF (a) OR (b)]

     

    (a)                      a
beneficial interest in the:

     

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

     

    (ii)                      Regulation
S Global  (CUSIP
[               ])),  or

     

    (b)                      a
Restricted Definitive Note.

     

    2.           After
the Transfer the Transferee will hold:

     

    [CHECK
ONE]

     

    (a)                      a
beneficial interest in the:

     

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

     

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

     

    (iii)                      Unrestricted
Global Note  CUSIP
[               ],  or

     

    (b)                      a
Restricted Definitive Note; or

     

    (c)                      an
Unrestricted Definitive Note,

     

    in
accordance with the terms of the Indenture.

     

    

     

    

    

    
      
        
          
            C-3-

          

        

         

         

      

    

    

    EXHIBIT
D-1

     

    FORM OF
CERTIFICATE OF EXCHANGE

     

    DIRECTV
Holdings LLC

     

    DIRECTV
Financing Co., Inc.

     

    2230 East
Imperial Highway

     

    El
Segundo, California   92405

     

    

     

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

     

    700 South
Flower Street, Suite 500

     

    Los
Angeles, CA 90017

     

    Attn:  Corporate
Unit

     

    

     

    

     

    Re:  3.550% Senior Notes due
2015

     

     (CUSIP
[             ])

     

    Reference
is hereby made to the Indenture, dated as of March 11, 2010 (the “Indenture”), among DIRECTV
Holdings LLC and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”), the Guarantors
named therein and The Bank of New York Mellon, as
trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

     

    _______________
(the “Owner”) owns and
proposes to exchange the Note[s] or interest in such Note[s] specified herein,
in the principal amount of $________ in such Note[s] or interests (the “Exchange”).  In
connection with the Exchange, the Owner hereby certifies that:

     

    1.           Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an
Unrestricted Global Note.

     

    (a)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to beneficial interest in an Unrestricted
Global Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to
and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest in an Unrestricted Global Note
is being acquired in compliance with any applicable blue sky securities laws of
any state of the United States.

     

    (b)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to Unrestricted Definitive
Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

     

    (c)                      Check if Exchange is from Restricted
Definitive Note to beneficial interest in an Unrestricted Global
Note.  In connection with the Owner’s Exchange of a Restricted
Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest is being acquired in compliance with any
applicable blue sky securities laws of any state of the United
States.

     

    (d)                      Check if Exchange is from Restricted
Definitive Note to Unrestricted Definitive Note.  In connection
with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

     

    2.           Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes.

     

    (a)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to Restricted Definitive
Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a Restricted Definitive Note
with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without
transfer.  Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the Restricted Definitive Note issued will
continue to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

     

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

     

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

     

    

     

    [Insert Name of
Transferor]

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    Dated:____________________

    

    
      
        
          
            D-1-

          

        

         

         

      

    

    

    EXHIBIT
D-2

     

    FORM OF
CERTIFICATE OF EXCHANGE

     

    DIRECTV
Holdings LLC

     

    DIRECTV
Financing Co., Inc.

     

    2230 East
Imperial Highway

     

    El
Segundo, California   92405

     

    

     

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

     

    700 South
Flower Street, Suite 500

     

    Los
Angeles, CA 90017

     

    Attn:  Corporate
Unit

     

    

     

    

     

    Re:  5.200% Senior Notes due
2020

     

     (CUSIP
[             ])

     

    Reference
is hereby made to the Indenture, dated as of March 11, 2010 (the “Indenture”), among DIRECTV
Holdings LLC and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”), the Guarantors
named therein and The Bank of New York Mellon, as
trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

     

    _______________
(the “Owner”) owns and
proposes to exchange the Note[s] or interest in such Note[s] specified herein,
in the principal amount of $________ in such Note[s] or interests (the “Exchange”).  In
connection with the Exchange, the Owner hereby certifies that:

     

    1.           Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an
Unrestricted Global Note.

     

    (a)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to beneficial interest in an Unrestricted
Global Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to
and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest in an Unrestricted Global Note
is being acquired in compliance with any applicable blue sky securities laws of
any state of the United States.

     

    (b)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to Unrestricted Definitive
Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

     

    (c)                      Check if Exchange is from Restricted
Definitive Note to beneficial interest in an Unrestricted Global
Note.  In connection with the Owner’s Exchange of a Restricted
Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest is being acquired in compliance with any
applicable blue sky securities laws of any state of the United
States.

     

    (d)                      Check if Exchange is from Restricted
Definitive Note to Unrestricted Definitive Note.  In connection
with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

     

    2.           Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes.

     

    (a)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to Restricted Definitive
Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a Restricted Definitive Note
with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without
transfer.  Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the Restricted Definitive Note issued will
continue to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

     

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

     

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

     

    

     

    [Insert Name of
Transferor]

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    Dated:____________________

    

    

    
      
        
          
            D-2-

          

        

         

         

      

    

    

    EXHIBIT
D-3

     

    FORM OF
CERTIFICATE OF EXCHANGE

     

    DIRECTV
Holdings LLC

     

    DIRECTV
Financing Co., Inc.

     

    2230 East
Imperial Highway

     

    El
Segundo, California   92405

     

    

     

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

     

    700 South
Flower Street, Suite 500

     

    Los
Angeles, CA 90017

     

    Attn:  Corporate
Unit

     

    

     

    

     

    Re:  6.350% Senior Notes due
2040

     

     (CUSIP
[             ])

     

    Reference
is hereby made to the Indenture, dated as of March 11, 2010 (the “Indenture”), among DIRECTV
Holdings LLC and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”), the Guarantors
named therein and The Bank of New York Mellon, as
trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

     

    _______________
(the “Owner”) owns and
proposes to exchange the Note[s] or interest in such Note[s] specified herein,
in the principal amount of $________ in such Note[s] or interests (the “Exchange”).  In
connection with the Exchange, the Owner hereby certifies that:

     

    1.           Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an
Unrestricted Global Note.

     

    (a)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to beneficial interest in an Unrestricted
Global Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to
and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest in an Unrestricted Global Note
is being acquired in compliance with any applicable blue sky securities laws of
any state of the United States.

     

    (b)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to Unrestricted Definitive
Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

     

    (c)                      Check if Exchange is from Restricted
Definitive Note to beneficial interest in an Unrestricted Global
Note.  In connection with the Owner’s Exchange of a Restricted
Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest is being acquired in compliance with any
applicable blue sky securities laws of any state of the United
States.

     

    (d)                      Check if Exchange is from Restricted
Definitive Note to Unrestricted Definitive Note.  In connection
with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

     

    2.           Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes.

     

    (a)                      Check if Exchange is from beneficial
interest in a Restricted Global Note to Restricted Definitive
Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a Restricted Definitive Note
with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without
transfer.  Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the Restricted Definitive Note issued will
continue to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

     

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

     

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

     

    

     

    [Insert Name of
Transferor]

     

    
      	
               
      

            	
              By:

            	 	 

    

     

    
      	
               
      

            	
              Name:

            

    

     

    
      	
               
      

            	
              Title:

            

    

     

    Dated:____________________

    

    

     

    

    
      
        
          
            D-3-ex1022010bond_regrights.htm

    Exhibit
10.2

    Execution
Version

    
      

       

      

    

    REGISTRATION
RIGHTS AGREEMENT

     

    

     

    Dated as
of March 11, 2010

     

    Among

     

    DIRECTV
HOLDINGS LLC,

     

    DIRECTV
FINANCING CO., INC.

     

    and

     

    THE
GUARANTORS NAMED HEREIN,

     

    as
Issuers,

     

    and

     

    THE
INITIAL PURCHASERS NAMED HEREIN,

     

    3.550%
Senior Notes due 2015,

     

    5.200%
Senior Notes due 2020

     

    and

     

    6.350%
Senior Notes due 2040

     

    

     

    
      

    

    

    
       

       

       

    

    REGISTRATION
RIGHTS AGREEMENT

     

    This
Registration Rights Agreement (this “Agreement”) is dated
as of March 11, 2010, among DIRECTV HOLDINGS LLC, a Delaware limited liability
company (the “Company”), as issuer,
DIRECTV FINANCING CO., INC., a Delaware corporation (“Finance Co.”), as
co-issuer, the other entities listed on the signature pages hereto, as
guarantors (the “Guarantors” and,
together with the Company and Finance Co., the “Issuers”), and
BARCLAYS CAPITAL INC., CITIGROUP GLOBAL MARKETS INC.,  J.P. MORGAN
SECURITIES INC. and UBS SECURITIES LLC as representatives of the several initial
purchasers set forth in Schedule 1 to the Purchase Agreement (collectively, the
“Initial
Purchasers”).

     

    This
Agreement is entered into in connection with the Purchase Agreement, dated as of
March 8, 2010, among the Issuers and the Initial Purchasers (the “Purchase Agreement”),
which provides for, among other things, the sale by the Company and Finance Co.
to the Initial Purchasers of up to (x) $1,200,000,000 aggregate principal amount
of the Company’s and Finance Co.’s 3.550% Senior Notes due 2015 (the “2015 Notes”), (y)
$1,300,000,000 aggregate principal amount of the Company’s and Finance Co.’s
5.200% Senior Notes due 2020 (the “2020 Notes”) and (z)
$500,000,000 aggregate principal amount of the Company’s and Finance Co.’s
6.350% Senior Notes due 2040 (the “2040 Notes” and,
together with the 2015 Notes and the 2020 Notes, the “Notes”), in each
case, guaranteed by the Guarantors (the “Guarantees”) on a
senior basis.  The Notes and the Guarantees are collectively referred
to herein as the “Securities.”  In
order to induce the Initial Purchasers to enter into the Purchase Agreement, the
Issuers have agreed to provide the registration rights set forth in this
Agreement for the benefit of the Initial Purchasers and any subsequent holder or
holders of the Securities.  The execution and delivery of this
Agreement is a condition to the Initial Purchasers’ obligation to purchase the
Securities under the Purchase Agreement.

     

    The
parties hereby agree as follows:

     

    1. Definitions

     

    As used
in this Agreement, the following terms shall have the following
meanings:

     

    2015
Notes:  See the introductory paragraphs hereto.

     

    2020
Notes:  See the introductory paragraphs hereto.

     

    2040
Notes:  See the introductory paragraphs hereto.

     

    Additional
Interest:  See Section 4(a) hereof.

     

    Advice:  See
the last paragraph of Section 5 hereof.

     

    Applicable
Period:  See Section 2(b) hereof.

     

    Company:  See
the introductory paragraphs hereto.

     

    Effectiveness
Date:  The 220th day after the Issue Date; provided, however, that with
respect to any Shelf Registration, if later than the 220th day after the Issue
Date, the Effectiveness Date shall be the 180th day after the delivery of a
Shelf Notice as required pursuant to Section 2(c) hereof; provided, further, that in the
event that applicable law or interpretations of the staff of the SEC do not
permit the Issuers to file a Registration Statement covering the exchange of the
Securities or to complete the Exchange Offer, the Effectiveness Date shall be
extended by 30 days.

     

    Effectiveness
Period:  See Section 3(a) hereof.

     

    Event
Date:  See Section 4 hereof.

     

    Exchange
Act:  The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder.

     

    Exchange
Notes:  See Section 2(a) hereof.

     

    Exchange
Offer:  See Section 2(a) hereof.

     

    Exchange Offer Registration
Statement:  See Section 2(a) hereof.

     

    Finance
Co.:  See the introductory paragraphs hereto.

     

    FINRA:  See
Section 5(r) hereof.

     

    Guarantees:  See
the introductory paragraphs hereto.

     

    Guarantors:  See
the introductory paragraphs hereto.

     

    Holder:  As
the context requires, means any holder of a Registrable Note or Registrable
Notes.

     

    Indemnified
Person:  See Section 7(c) hereof.

     

    Indemnifying
Person:  See Section 7(c) hereof.

     

    Indenture:  The
Indenture, dated as of March 11, 2010, by and among the Issuers and The Bank of
New York Mellon, as trustee, pursuant to which the Securities, the Exchange
Notes and the Private Exchange Notes, if any, are being issued, as the same may
be amended or supplemented from time to time in accordance with the terms
thereof.

     

    Initial
Purchasers:  See the introductory paragraphs
hereto.

     

    Initial Shelf
Registration:  See Section 3(a) hereof.

     

    Inspectors:  See
Section 5(m) hereof.

     

    Issue
Date:  March 11, 2010, the date of original issuance of the
Notes.

     

    Issuers:  See
the introductory paragraphs hereto.

     

    Notes:  See
the introductory paragraphs hereto.

     

    Offering
Memorandum:  The final offering memorandum of the Company and
Finance Co., dated March 8, 2010 in respect of the offering of the
Securities.

     

    Participant:  See
Section 7(a) hereof.

     

    Participating
Broker-Dealer:  See Section 2(b) hereof.

     

    Person:  An
individual, trustee, corporation, partnership, limited liability company, joint
stock company, trust, unincorporated association, union, business association,
firm or other legal entity.

     

    Private
Exchange:  See Section 2(b) hereof.

     

    Private Exchange
Notes:  See Section 2(b) hereof.

     

    Prospectus:  The
prospectus included in any Registration Statement (including, without
limitation, any prospectus subject to completion and a prospectus that includes
any information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act and any term sheet filed pursuant to Rule 434
under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus.

     

    Purchase
Agreement:  See the introductory paragraphs
hereto.

     

    Records:  See
Section 5(m) hereof.

     

    Registrable
Notes:  Each Security upon its original issuance and at all
times subsequent thereto, each Exchange Note (and the related Guarantee) as to
which Section 2(c)(iv) hereof is applicable upon original issuance and at
all times subsequent thereto and each Private Exchange Note (and the related
Guarantee) upon original issuance thereof and at all times subsequent thereto,
until (i) a Registration Statement (other than, with respect only to any
Exchange Note as to which Section 2(c)(iv) hereof is applicable, the
Exchange Offer Registration Statement) covering such Security, Exchange Note or
Private Exchange Note has been declared effective by the SEC and such Security,
Exchange Note or such Private Exchange Note, as the case may be, has been
disposed of in accordance with such effective Registration Statement,
(ii) such Security has been exchanged pursuant to the Exchange Offer for an
Exchange Note or Exchange Notes that may be resold without restriction under
state and federal securities laws, (iii) such Security, Exchange Note or
Private Exchange Note has been disposed of by a broker-dealer pursuant to the
“Plan of Distribution” contemplated by a Registration Statement pursuant to
which such Security, Exchange Note or Private Exchange Note has been registered
(including delivery of the prospectus contained therein), (iv) such
Security, Exchange Note or Private Exchange Note, as the case may be, ceases to
be outstanding for purposes of the Indenture or (v) the second anniversary
of the later of (x) the Issue Date and (y) the last date on which such Security
was held by the Company or an Affiliate of the Company.

     

    Registration
Statement:  Any registration statement of the Issuers that
covers any of the Notes, the Exchange Notes or the Private Exchange Notes filed
with the SEC under the Securities Act, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

     

    Rule
144:  Rule 144 promulgated under the Securities Act, as such
Rule may be amended from time to time, or any similar rule (other than
Rule 144A) or regulation hereafter adopted by the SEC providing for offers
and sales of securities made in compliance therewith resulting in offers and
sales by subsequent holders that are not affiliates of the issuer of such
securities being free of the registration and prospectus delivery requirements
of the Securities Act.

     

    Rule
144A:  Rule 144A promulgated under the Securities Act, as
such Rule may be amended from time to time, or any similar rule (other than
Rule 144) or regulation hereafter adopted by the SEC.

     

    Rule
415:  Rule 415 promulgated under the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

     

    SEC:  The
Securities and Exchange Commission.

     

    Securities:  See
the introductory paragraphs hereto.

     

    Securities
Act:  The Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.

     

    Shelf
Notice:  See Section 2(c) hereof.

     

    Shelf
Registration:  See Section 3(b) hereof.

     

    Subsequent Shelf
Registration:  See Section 3(b) hereof.

     

    TIA:  The
Trust Indenture Act of 1939, as amended.

     

    Trustee:  The
trustee under the Indenture and the trustee (if any) under any indenture
governing the Exchange Notes and Private Exchange Notes.

     

    Underwritten registration or
underwritten offering:  A registration in which securities of
one or more of the Issuers are sold to an underwriter for reoffering to the
public.

     

    2. Exchange
Offer

     

    (a) To the
extent not prohibited by any applicable law or applicable interpretation of the
staff of the SEC, the Issuers shall use their reasonable best efforts to file
with the SEC a Registration Statement (the “Exchange Offer Registration
Statement”) on an appropriate registration form with respect to a
registered offer (the “Exchange Offer”) to
exchange any and all of the Registrable Notes for a like aggregate principal
amount of notes of the Company and Finance Co., guaranteed by the Guarantors,
that are identical in all material respects to the Securities (the “Exchange Notes”),
except that (i) the Exchange Notes shall contain no restrictive legend
thereon and (ii) interest thereon shall accrue (A) from the latter of
(x) the last interest payment date on which interest was paid on the
Security surrendered in exchange therefor, or (y) if the Security is surrendered
for exchange on a date in a period which includes the record date for an
interest payment date to occur on or after the date of such exchange and as to
which interest will be paid, the date of such interest payment date or (B) if no
interest has been paid on such Security, from the Issue Date, and which are
entitled to the benefits of the Indenture or a trust indenture which is
identical in all material respects to the Indenture (other than such changes to
the Indenture or any such trust indenture as are necessary to comply with the
TIA) and which, in either case, has been qualified under the TIA.  The
Exchange Offer shall comply with all applicable tender offer rules and
regulations under the Exchange Act and other applicable law.  The
Issuers shall use their reasonable best efforts to consummate the Exchange
Offer on or prior to the 220th day after the Issue Date.

     

    Each
Holder that participates in the Exchange Offer will be required, as a condition
to its participation in the Exchange Offer, to represent to the Issuers in
writing (which may be contained in the applicable letter of transmittal)
that:

     

    (i) any
Exchange Notes to be received by it will be acquired in the ordinary course of
its business,

     

    (ii) at the
time of the commencement of the Exchange Offer such Holder has no arrangement or
understanding with any Person to participate in the distribution (within the
meaning of the Securities Act) of the Exchange Notes in violation of the
Securities Act,

     

    (iii) such
Holder is not an affiliate (as defined in Rule 405 promulgated under the
Securities Act) of the Issuers,

     

    (iv) if such
Holder is a broker-dealer, that it is not engaged in, and does not intend to
engage in, the distribution of Exchange Notes,

     

    (v) if such
Holder is a Participating Broker-Dealer (as defined below) that will receive
Exchange Notes for its own account in exchange for Securities that were acquired
as a result of market-making or other trading activities, that it will deliver a
prospectus in connection with any resale of such Exchange Notes and

     

    (vi) the
Holder is not acting on behalf of any persons or entities who could not
truthfully make the foregoing representations.

     

    Such
Holder may also be required to be named as a selling security holder in the
related prospectus and will be required to make such other representations as
may be necessary under applicable SEC rules, regulations or interpretations to
render available the use of Form S-4 or any other appropriate form under the
Securities Act.

     

    Upon
consummation of the Exchange Offer in accordance with this Section 2, the
provisions of this Agreement shall continue to apply solely with respect to
Registrable Notes that are Private Exchange Notes, Exchange Notes as to which
Section 2(c)(iv) is applicable and Exchange Notes held by Participating
Broker-Dealers, and the Issuers shall have no further obligation to register
Registrable Notes (other than Private Exchange Notes and other than in respect
of any Exchange Notes as to which clause 2(c)(iv) is applicable) pursuant
to Section 3 hereof.

     

    No
securities other than the Exchange Notes shall be included in the Exchange Offer
Registration Statement.

     

    (b) The
Issuers shall include within the Prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution,” reasonably
acceptable to the Initial Purchasers, which shall contain a summary statement of
the positions taken or policies made by the staff of the SEC with respect to the
potential “underwriter” status of any broker-dealer that is the beneficial owner
(as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by
such broker-dealer in the Exchange Offer (a “Participating
Broker-Dealer”), whether such positions or policies have been publicly
disseminated by the staff of the SEC or such positions or policies represent the
prevailing views of the staff of the SEC.  Such “Plan of Distribution”
section shall also expressly permit, to the extent permitted by applicable
policies and regulations of the SEC, the use of the Prospectus by all Persons
subject to the prospectus delivery requirements of the Securities Act,
including, to the extent permitted by applicable policies and regulations of the
SEC, all Participating Broker-Dealers, and include a statement describing the
means by which Participating Broker-Dealers may resell the Exchange Notes in
compliance with the Securities Act.

     

    The
Issuers shall use their reasonable best efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the Prospectus
contained therein in order to permit such Prospectus to be lawfully delivered by
all Persons subject to the prospectus delivery requirements of the Securities
Act for such period of time as is necessary to comply with applicable law in
connection with any resale of the Exchange Notes covered thereby; provided, however, that such
period shall not be required to exceed 180 days, or such longer period if
extended pursuant to the last sentence of Section 5(s) (the “Applicable
Period”).

     

    If, prior
to consummation of the Exchange Offer, the Initial Purchasers hold any
Securities acquired by them that have the status of an unsold allotment in the
initial distribution, the Issuers upon the request of the Initial Purchasers
shall simultaneously with the delivery of the Exchange Notes in the Exchange
Offer, issue and deliver to the Initial Purchasers, in exchange (the “Private Exchange”)
for such Securities held by the Initial Purchasers, a like principal amount of
notes (the “Private
Exchange Notes”) of the Company and Finance Co., guaranteed by the
Guarantors, that are identical in all material respects to the Exchange Notes
except for the placement of a restrictive legend on such Private Exchange
Notes.  The Private Exchange Notes shall be issued pursuant to the
same indenture as the Exchange Notes and, if permissible, bear the same CUSIP
number as the Exchange Notes.

     

    In
connection with the Exchange Offer, the Issuers shall:

     

    (1)           mail,
or cause to be mailed, to each Holder of record entitled to participate in the
Exchange Offer a copy of the Prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and
related documents;

     

    (2)           use
their reasonable best efforts to keep the Exchange Offer open for not less than
20 business days after the date that notice of the Exchange Offer is mailed to
Holders (or longer if required by applicable law);

     

    (3)           utilize
the services of a depositary for the Exchange Offer with an address in the
Borough of Manhattan, The City of New York;

     

    (4)           permit
Holders to withdraw tendered Securities at any time prior to the close of
business, New York time, on the last business day on which the Exchange Offer
shall remain open; and

     

    (5)           otherwise
comply in all material respects with all applicable laws, rules and
regulations.

     

    As soon
as practicable after the close of the Exchange Offer and the Private Exchange,
if any, the Issuers shall:

     

    (1)           accept
for exchange all Registrable Notes validly tendered and not validly withdrawn
pursuant to the Exchange Offer and the Private Exchange, if any;

     

    (2)           deliver
to the Trustee for cancellation all Registrable Notes so accepted for exchange;
and

     

    (3)           direct
the Trustee to authenticate and deliver promptly to each holder of Securities
Exchange Notes or Private Exchange Notes, as the case may be, equal in principal
amount to the Securities of such Holder so accepted for exchange.

     

    The
Exchange Offer and the Private Exchange shall not be subject to any conditions,
other than that (i) the Exchange Offer or the Private Exchange, as the case
may be, does not violate applicable law or any applicable interpretation of the
staff of the SEC, (ii) no action or proceeding shall have been instituted
or threatened in any court or by any governmental agency which might materially
impair the ability of the Issuers to proceed with the Exchange Offer or the
Private Exchange, (iii) all governmental approvals shall have been
obtained, which approvals the Issuers deem necessary for the consummation of the
Exchange Offer or the Private Exchange, (iv) there shall not have been any
material change, or development involving a prospective material change, in the
business or financial affairs of the Issuers which, in the reasonable judgment
of the Issuers, would materially impair the Issuers’ ability to consummate the
Exchange Offer or the Private Exchange, and (v) there shall not have been
proposed, adopted or enacted any law, statute, rule or regulation which, in the
reasonable judgment of the Issuers, would materially impair the Issuers’ ability
to consummate the Exchange Offer or the Private Exchange or have a material
adverse effect on the Issuers if the Exchange Offer or the Private Exchange was
consummated.  In the event that the Issuers are unable to consummate
the Exchange Offer or the Private Exchange due to any event listed in clauses
(i) through (v) above, the Issuers shall not be deemed to have breached any
covenant under this Section 2.

     

    The
Exchange Notes and the Private Exchange Notes shall be issued under the
Indenture or under an indenture identical in all material respects to the
Indenture and which, in either case, has been qualified under the TIA or is
exempt from such qualification and shall provide that the Exchange Notes shall
not be subject to the transfer restrictions set forth in the
Indenture.  The Indenture or such other indenture shall provide that
the Exchange Notes, the Private Exchange Notes and the Securities shall vote and
consent together on all matters as one class and that none of the Exchange
Notes, the Private Exchange Notes or the Securities will have the right to vote
or consent as a separate class on any matter.

     

    (c) If
(i) because of any change in law or in currently prevailing interpretations
of the staff of the SEC, the Issuers are not permitted to effect the Exchange
Offer, (ii) the Exchange Offer is not consummated within 220 days of
the Issue Date, (iii) a Holder of Private Exchange Notes notifies the
Company in writing within 60 days following the consummation of the Exchange
Offer that (A) such Holder is prohibited by law or SEC policy from participating
in the Exchange Offer or (B) such Holder may not resell the Exchange Notes
acquired by it in the Exchange Offer to the public without delivering a
prospectus and the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder or (C)
such Holder is a Participating Broker-Dealer and holds Securities acquired
directly from the Company or any of its affiliates (as defined in Rule 405
promulgated under the Securities Act), or (iv) in the case of any Holder
that participates in the Exchange Offer, such Holder does not
receive  Exchange Notes on the date of the exchange that may be sold
without restriction under state and federal securities laws (other than due
solely to the status of such Holder as an affiliate of one of the Issuers within
the meaning of the Securities Act), then in the case of each of clauses (i) to
and including (iv) of this sentence, the Issuers shall promptly deliver to the
Holders and the trustee written notice thereof (the “Shelf Notice”) and
shall use their reasonable best efforts to file a Shelf Registration pursuant to
Section 3 hereof.

     

    3. Shelf
Registration

     

    If at any
time a Shelf Notice is delivered as contemplated by Section 2(c) hereof,
then:

     

    (a) Shelf
Registration.  The Issuers shall use their reasonable best
efforts to file with the SEC a Registration Statement for an offering to be made
on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes
not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes
as to which Section 2(c)(iv) is applicable (the “Initial Shelf
Registration”).  The Initial Shelf Registration shall be on
Form S-3 or another appropriate form permitting registration of such Registrable
Notes for resale by Holders in the manner or manners designated by them
(including, without limitation, one or more underwritten
offerings).  The Issuers shall not permit any securities other than
the Registrable Notes to be included in the Initial Shelf Registration or any
Subsequent Shelf Registration (as defined below).

     

    The
Issuers shall, subject to applicable law or applicable interpretation of the
staff of the SEC, use their reasonable best efforts to cause the Initial Shelf
Registration to be declared effective under the Securities Act on or prior to
the Effectiveness Date and to keep the Initial Shelf Registration continuously
effective under the Securities Act until the earlier of (x) the date which is
two years from the Issue Date or (y) the date on which no Registrable Notes are
outstanding (the “Effectiveness
Period”); provided, however, that the
Effectiveness Period in respect of the Initial Shelf Registration shall be
extended to the extent required to permit dealers to comply with the applicable
prospectus delivery requirements of Rule 174 under the Securities Act and
as otherwise provided herein.

     

    No Holder
of Registrable Notes may include any of its Registrable Notes in any Shelf
Registration pursuant to this Agreement unless and until such Holder furnishes
to the Company in writing, within 15 business days after receipt of a request
therefor, such information concerning such Holder required to be included in any
Shelf Registration or Prospectus or preliminary prospectus included
therein.  No holder of Registrable Notes shall be entitled to
Additional Interest pursuant to Section 4 hereof unless and until such Holder
shall have provided all such information, if so requested.  Each
Holder of Registrable Notes as to which any Shelf Registration is being effected
agrees to furnish promptly to the Company all information required to be
disclosed so that the information previously furnished to the Company by such
Holder not materially misleading and does not omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein not misleading.

     

    (b) Subsequent Shelf
Registrations.  If the Initial Shelf Registration or any
Subsequent Shelf Registration ceases to be effective for any reason at any time
during the Effectiveness Period (other than because of the sale of all of the
securities registered thereunder), the Issuers shall use their reasonable best
efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof, and in any event shall within 30 days of such cessation
of effectiveness amend the Initial Shelf Registration in a manner to obtain the
withdrawal of the order suspending the effectiveness thereof, or file an
additional “shelf” Registration Statement pursuant to Rule 415 covering all of
the Registrable Notes covered by and not sold under the Initial Shelf
Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent Shelf
Registration”).  If a Subsequent Shelf Registration is filed,
the Issuers shall use their reasonable best efforts to cause the Subsequent
Shelf Registration to be declared effective under the Securities Act as soon as
practicable after such filing and to keep such subsequent Shelf Registration
continuously effective for a period equal to the number of days in the
Effectiveness Period less the aggregate number of days during which the Initial
Shelf Registration or any Subsequent Shelf Registration was previously
continuously effective.  As used herein the term “Shelf Registration”
means the Initial Shelf Registration and any Subsequent Shelf
Registration.

     

    (c) Supplements and
Amendments.  The Issuers shall promptly supplement and amend
any Shelf Registration if required by the rules, regulations or instructions
applicable to the registration form used for such Shelf Registration, if
required by the Securities Act, or if reasonably requested by the Holders of a
majority in aggregate principal amount of the Registrable Notes covered by such
Registration Statement or by any managing underwriter of such Registrable Notes,
provided, however, that the
Issuers shall not be required to supplement or amend any Shelf Registration upon
the request of a Holder or any managing underwriter if such requested supplement
or amendment would, in the good faith judgment of the Company, violate the
Securities Act, the Exchange Act or the rules and regulations promulgated
thereunder.

     

    4. Additional
Interest

     

    (a) The
Issuers and the Initial Purchasers agree that the Holders of Registerable Notes
will suffer damages if the Issuers fail to fulfill their obligations under
Section 2 or Section 3 hereof and that it would not be feasible to
ascertain the extent of such damages with precision.  Accordingly, the
Issuers agree to pay, as liquidated damages, additional interest on the
Registrable Notes (“Additional Interest”)
under the circumstances and to the extent set forth below (each of which shall
be given independent effect) (it being understood that the Additional Interest
provided for in this section shall be the sole remedy at law for the matters set
forth in clauses (i) through (iii) below; provided, however, that nothing
contained herein shall prevent the Holders of a majority of Registrable Notes
from seeking specific performance of the Issuers’ obligations with respect to
such matters):

     

    (i) if the
Issuers are required to file a Shelf Registration and such Shelf Registration is
not declared effective by the SEC on or prior to the Effectiveness Date in
respect of such Shelf Registration, then, commencing on the day after such
Effectiveness Date, Additional Interest shall accrue on the principal amount of
the Securities at a rate of 0.25% per annum for the first 90 days immediately
following such Effectiveness Date, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each subsequent
90-day period; or

     

    (ii) if (A)
the Issuers have not exchanged Exchange Notes for all Securities validly
tendered in accordance with the terms of the Exchange Offer on or prior to the
220th day after the Issue Date and a Shelf Registration has not become effective
for all such Securities or (B) if applicable, a Shelf Registration has been
declared effective and such Shelf Registration ceases to be effective at any
time prior to the termination of the Issuers’ obligations to keep such Shelf
Registration effective pursuant to Section 3 above, then Additional Interest
shall accrue on the principal amount of the Securities at a rate of 0.25% per
annum for the first 90 days commencing on (x) the 221st day after the Issue
Date, in the case of (A) above, or (y) the day such Shelf Registration ceases to
be effective, in the case of (B) above, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each such
subsequent 90-day period;

     

    provided, however, that the
Additional Interest rate on the Notes may not accrue under more than one of the
foregoing clauses (i) and (ii) at any one time and at no time shall the
aggregate amount of Additional Interest accruing exceed in the aggregate 1.00%
per annum; provided, further, however, that (1)
upon the effectiveness of the applicable Shelf Registration as required
hereunder (in the case of clause (a)(i) of this Section 4), or
(2) upon the exchange of the applicable Exchange Notes for all Securities
tendered or the effectiveness of a Shelf Registration covering all such
Securities (in the case of clause (a)(ii)(A) of this Section 4), or upon
the effectiveness of the applicable Shelf Registration which had ceased to
remain effective (in the case of clause(a)(ii)(B) of this Section 4),
Additional Interest on the Notes as a result of such clause (or the relevant
subclause thereof), as the case may be, shall cease to accrue; provided, further, however, that
notwithstanding the foregoing provisions of this Section 4(a), Additional
Interest shall not be payable if effectiveness of a Shelf Registration ceased
solely as a result of (i) the filing of a post-effective amendment to such Shelf
Registration to incorporate annual audited financial information with respect to
the Issuers required pursuant to rules or regulations promulgated by the
Commission where such post-effective amendment is not yet effective and needs to
be declared effective to permit Holders to use the related prospectus or (ii)
other material events, with respect to the Issuers that would need to be
described in such Shelf Registration Statement or related prospectus and the
Issuers are proceeding promptly and in good faith to amend or supplement such
Shelf Registration or related prospectus to describe such events; provided, that in any
case if such a Shelf Registration is not declared effective on the thirtieth day
after effectiveness ceased, Additional Interest shall be payable from the day
following such 30-day period until the date on which such Shelf Registration is
declared effective.

     

    (b) The
Issuers shall notify the Trustee within three business days after each and every
date on which an event occurs in respect of which Additional Interest is
required to be paid (an “Event
Date”).  Any amounts of Additional Interest due pursuant to
clauses (a)(i) or (a)(ii) of this Section 4 will be payable in cash
semiannually on each May 15 and November 15 (to the holders of record on the May
1 and November 1 immediately preceding such dates), commencing with the first
such date occurring after any such Additional Interest commences to
accrue.  The amount of Additional Interest will be determined on the
basis of a 360-day year comprised of twelve 30-day months.

     

    5. Registration
Procedures

     

    In
connection with the filing of any Registration Statement pursuant to
Sections 2 or 3 hereof, the Issuers shall effect such registrations to
permit the sale of the securities covered thereby in accordance with the
intended method or methods of disposition thereof, and pursuant thereto and in
connection with any Registration Statement filed by the Issuers hereunder each
of the Issuers shall:

     

    (a) Prepare
and file with the SEC, a Registration Statement or Registration Statements as
prescribed by Sections 2 or 3 hereof, and use their reasonable best efforts
to cause each such Registration Statement to become effective and remain
effective as provided herein; provided, however, that, if
(1) such filing is pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant
to Section 2 hereof is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period relating thereto, before filing any Registration Statement or
Prospectus or any amendments or supplements thereto, the Issuers shall furnish
to and afford the Holders of the Registrable Notes included in such Registration
Statement or each such Participating Broker-Dealer, as the case may be, their
counsel and the managing underwriters, if any, a reasonable opportunity to
review copies of all such documents (including copies of any documents to be
incorporated by reference therein and all exhibits thereto) proposed to be filed
(in each case at least five days prior to such filing, or such later date as is
reasonable under the circumstances).

     

    (b) Prepare
and file with the SEC such amendments and post-effective amendments to each
Shelf Registration or Exchange Offer Registration Statement, as the case may be,
as may be necessary to keep such Registration Statement continuously effective
for the Effectiveness Period or the Applicable Period, as the case may be; cause
the related Prospectus to be supplemented by any Prospectus supplement required
by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or
any similar provisions then in force) promulgated under the Securities Act; and
comply with the provisions of the Securities Act and the Exchange Act applicable
to each of them with respect to the disposition of all securities covered by
such Registration Statement as so amended or in such Prospectus as so
supplemented and with respect to the subsequent resale of any securities being
sold by a Participating Broker-Dealer covered by any such
Prospectus.  The Issuers shall be deemed not to have used their
reasonable best efforts to keep a Registration Statement effective during the
Effectiveness Period or the Applicable Period, as the case may be, relating
thereto if any Issuer voluntarily takes any action that would result in selling
Holders of the Registrable Notes covered thereby or Participating Broker-Dealers
seeking to sell Exchange Notes not being able to sell such Registrable Notes or
such Exchange Notes during that period unless such action is required by
applicable law or permitted by this Agreement.

     

    (c) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period relating thereto from whom the Issuers have
received written notice that it will be a Participating Broker-Dealer in the
Exchange Offer, notify the selling Holders of Registrable Notes, or each such
Participating Broker-Dealer, as the case may be, and their counsel promptly (but
in any event within two business days), and confirm such notice in writing,
(i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to any applicable Registration
Statement or any post-effective amendment, when the same has become effective
under the Securities Act (including in such notice a written statement that any
Holder may, upon request in writing, obtain, at the sole expense of the Issuers,
one conformed copy of such Registration Statement or post-effective amendment
including financial statements and schedules, documents incorporated or deemed
to be incorporated by reference and exhibits), (ii) of the issuance by the
SEC of any stop order suspending the effectiveness of a Registration Statement
or of any order preventing or suspending the use of any preliminary prospectus
or the initiation of any proceedings for that purpose, (iii) if at any time
when a prospectus is required by the Securities Act to be delivered in
connection with sales of the Registrable Notes or resales of Exchange Notes by
Participating Broker-Dealers the representations and warranties of the Issuers
contained in any agreement (including any underwriting agreement) contemplated
by Section 5(l) hereof cease to be true and correct in all material
respects, (iv) of the receipt by any Issuer of any notification with
respect to the suspension of the qualification or exemption from qualification
of a Registration Statement or any of the Registrable Notes or the Exchange
Notes to be sold by any Participating Broker-Dealer for offer or sale in any
jurisdiction, or the initiation or threatening of any proceeding for such
purpose, (v) of the happening of any event, the existence of any condition
or any information becoming known that makes any statement made in such
Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or
that requires the making of any changes in or amendments or supplements to such
Registration Statement, Prospectus or documents so that, in the case of the
Registration Statement, it will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, and that in the case of the
Prospectus, it will not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, and (vi) of the Issuers’ determination that a
post-effective amendment to a Registration Statement would be
appropriate.

     

    (d) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, use their commercially reasonable efforts to
prevent the issuance of any order suspending the effectiveness of a Registration
Statement or of any order preventing or suspending the use of a Prospectus or
suspending the qualification (or exemption from qualification) of any of the
Registrable Notes or the Exchange Notes to be sold by any Participating
Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued,
to use their commercially reasonable efforts to obtain the withdrawal of any
such order at the earliest possible moment.

     

    (e) If a
Shelf Registration is filed pursuant to Section 3 and if requested by the
managing underwriter, the Holders of a majority in aggregate principal amount of
the Registrable Notes being sold in connection with an underwritten offering or
any Participating Broker-Dealer, (i) as promptly as practicable incorporate
in a prospectus supplement or post-effective amendment such information as the
managing underwriter, such Holders, any Participating Broker-Dealer or counsel
for any of them reasonably request to be included therein, provided, however, that the
Issuers shall not be required to include any such information upon the request
of a Holder or any underwriter if the inclusion of such information would, in
the good faith judgment of the Company, violate the Securities Act, the Exchange
Act or the rules and regulations promulgated thereunder, (ii) make all
required filings of such prospectus supplement or such post-effective amendment
as soon as practicable after an Issuer has received notification of the matters
to be incorporated in such prospectus supplement or post-effective amendment,
and (iii) supplement or make amendments to such Registration
Statement.

     

    (f) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, furnish to each selling Holder of
Registrable Notes, a single counsel to such Holders (chosen in accordance with
Section 6(b)) and to each such Participating Broker-Dealer who so requests and
to its counsel at the sole expense of the Issuers, one conformed copy of the
Registration Statement or Registration Statements and each post-effective
amendment thereto, including financial statements and schedules, and, if
requested in writing one copy of any document incorporated or deemed to be
incorporated therein by reference and one copy of any exhibit.

     

    (g) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, deliver to each selling Holder of
Registrable Notes, a single counsel to such Holders (chosen in accordance with
Section 6(b)), or each such Participating Broker-Dealer and its counsel, as the
case may be, at the sole expense of the Issuers, as many copies of the
Prospectus or Prospectuses (including each form of preliminary prospectus) and
each amendment or supplement thereto and if requested in writing, any documents
incorporated by reference therein as such Persons may reasonably request; and,
subject to the last paragraph of Section 5(s), the Issuers hereby consent
to the use of such Prospectus and each amendment or supplement thereto (provided
the manner of such use complies with any limitations resulting from any
applicable state securities “Blue Sky” laws as provided in writing to such
Holders by the Company and subject to the provisions of this Agreement) by each
of the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, and the managing underwriters or agents, if
any, and dealers (if any), in connection with the offering and sale of the
Registrable Notes covered by, or the sale by Participating Broker-Dealers of the
Exchange Notes pursuant to, such Prospectus and any amendment or supplement
thereto.

     

    (h) Prior to
any public offering of Registrable Notes or any delivery of a Prospectus
contained in the Exchange Offer Registration Statement by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use
their commercially reasonable efforts to register or qualify, and to cooperate
with the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Notes for offer and sale under the securities or Blue Sky laws of
such jurisdictions within the United States as any selling Holder or
Participating Broker-Dealer, reasonably request in writing; provided, however, that where
Exchange Notes held by Participating Broker-Dealers or Registrable Notes are
offered other than through an underwritten offering, the Issuers agree to cause
their counsel to perform Blue Sky investigations and file registrations and
qualifications required to be filed pursuant to this Section 5(h), keep
each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective
and do any and all other acts or things reasonably necessary or advisable to
enable the disposition in such jurisdictions of the Exchange Notes held by
Participating Broker-Dealers or the Registrable Notes covered by the applicable
Registration Statement; provided, however, that no
Issuer shall be required to (A) qualify generally to do business in any
jurisdiction where it is not then so qualified, (B) take any action that
would subject it to general service of process in any such jurisdiction where it
is not then so subject or (C) subject itself to taxation in any such
jurisdiction where it is not then so subject.

     

    (i) If a
Shelf Registration is filed pursuant to Section 3 hereof, cooperate with
the selling Holders of Registrable Notes to facilitate the timely preparation
and delivery of certificates representing Registrable Notes to be sold, which
certificates shall not bear any restrictive legends and shall be in a form
eligible for deposit with The Depository Trust Company; and enable such
Registrable Notes to be in such denominations and registered in such names as
the selling Holders may reasonably request.

     

    (j) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, upon the occurrence of any event
contemplated by Sections 5(c)(v) or 5(c)(vi) hereof, as promptly as
practicable prepare and (subject to Section 5(a) hereof) file with the SEC,
at the sole expense of the Issuers, a supplement or post-effective amendment to
the Registration Statement or a supplement to the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, or file
any other required document so that, as thereafter delivered to the purchasers
of the Registrable Notes being sold thereunder or to the purchasers of the
Exchange Notes to whom such Prospectus will be delivered by a Participating
Broker-Dealer, any such Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.  Notwithstanding the foregoing,
the Issuers shall not be required to amend or supplement a Registration
Statement, any related Prospectus or any document incorporated therein by
reference, in the event that an event occurs and is continuing as a result
of which the Shelf Registration would, in the good faith judgment of the
Company, contain an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, or, for a period
not to exceed an aggregate of 90 days in any calendar year, (a) the Company
determines in its good faith judgment that the disclosure of such event at such
time would reasonably be expected to have a material adverse effect on the
business, operations or prospects of the Company or (b) the disclosure
otherwise relates to a pending material business transaction that has not yet
been publicly disclosed.

     

    (k) Prior to
the effective date of the first Registration Statement elating to the
Registrable Notes, (i) provide the Trustee with certificates for the
Registrable Notes in a form eligible for deposit with The Depository Trust
Company and (ii) provide a CUSIP number for the Registrable
Notes.

     

    (l) In
connection with any underwritten offering of Registrable Notes pursuant to a
Shelf Registration, enter into an underwriting agreement as is customary in
underwritten offerings of debt securities similar to the Securities in form and
substance reasonably satisfactory to the Issuers and take all such other actions
as are reasonably requested by the managing underwriter in order to expedite or
facilitate the registration or the disposition of such Registrable Notes and, in
such connection, (i) make such representations and warranties to, and
covenants with, the underwriters with respect to the business of the Issuers and
the subsidiaries of the Issuers (including any acquired business, properties or
entity, if applicable) and the Registration Statement, Prospectus and documents,
if any, incorporated or deemed to be incorporated by reference therein, in each
case, as are customarily made by issuers to underwriters in underwritten
offerings of debt securities similar to the Securities, and confirm the same in
writing if and when requested in form and substance reasonably satisfactory to
the Issuers; (ii) upon the request of any underwriter use all reasonable
efforts to obtain the written opinions of counsel to the Issuers and written
updates thereof in form, scope and substance reasonably satisfactory to the
managing underwriter, addressed to the underwriters covering the matters
customarily covered in opinions reasonably requested in underwritten offerings
and such other matters as may be reasonably requested by the managing
underwriter; (iii) upon the request of any managing underwriter use their
commercially reasonable efforts to obtain “cold comfort” letters and updates
thereof in form, scope and substance reasonably satisfactory to the managing
underwriter from the independent public accountants of the Issuers (and, if
necessary, any other independent public accountants of the Issuers, any
subsidiary of the Issuers or of any business acquired by the Issuers for which
financial statements and financial data are, or are required to be, included or
incorporated by reference in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering matters of
the type customarily covered in “cold comfort” letters in connection with
underwritten offerings of debt securities similar to the Securities and such
other matters as reasonably requested by the managing underwriter as permitted
by the Statement on Auditing Standards No. 72; and (iv) if an
underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures no less favorable to the sellers and
underwriters, if any, than those set forth in Section 7 hereof (or such
other provisions and procedures acceptable to Holders of a majority in aggregate
principal amount of Registrable Notes covered by such Registration Statement and
the managing underwriter or underwriters or agents, if any).  The
above shall be done at each closing under such underwriting agreement, or as and
to the extent required thereunder.

     

    (m) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, make available for inspection by any selling
Holder of such Registrable Notes being sold, or each such Participating
Broker-Dealer, as the case may be, any underwriter participating in any such
disposition of Registrable Notes, if any, and any attorney, accountant or other
agent retained by any such selling Holder or each such Participating
Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the
offices where normally kept, during reasonable business hours, all financial and
other records, pertinent corporate documents and instruments of the Issuers and
subsidiaries of the Issuers (collectively, the “Records”) as shall be
reasonably necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the Issuers
and any of their subsidiaries to supply all information reasonably requested by
any such Inspector in connection with such Registration Statement and
Prospectus.  The foregoing inspection and information gathering shall
be coordinated on behalf of the other parties by one counsel designated by such
parties as described in Section 6(b) hereof.  Each Inspector shall
agree in writing that it will keep the Records confidential and that it will not
disclose any of the Records that the Issuers determine, in good faith, to be
confidential unless (i) the release of such Records is ordered pursuant to
a subpoena or other order from a court of competent jurisdiction, or
(ii) the information in such Records has been made generally available to
the public other than through the acts of such Inspector; provided, however, that prior
notice shall be provided as soon as practicable to the Issuers of the potential
disclosure of any information by such Inspector pursuant to clause (i) of this
sentence to permit the Issuers to obtain a protective order or take other
appropriate action to prevent the disclosure of such information at the Issuers’
sole expense (or waive the provisions of this paragraph (m)) and that such
Inspector shall take such actions as are reasonably necessary to protect the
confidentiality of such information (if practicable) to the extent such action
is otherwise not inconsistent with, an impairment of or in derogation of the
rights and interests of the Holder or any Inspector.

     

    (n) Provide
an indenture trustee for the Registrable Notes or the Exchange Notes, as the
case may be, and cause the Indenture or the trust indenture provided for in
Section 2(a) hereof, as the case may be, to be qualified under the TIA not
later than the effective date of the first Registration Statement relating to
the Registrable Notes; and in connection therewith, cooperate with the trustee
under any such indenture and the Holders of the Registrable Notes to effect such
changes to such indenture as may be required for such indenture to be so
qualified in accordance with the terms of the TIA; and execute, and use their
commercially reasonable efforts to cause such trustee to execute, all documents
as may be required to effect such changes, and all other forms and documents
required to be filed with the SEC to enable such indenture to be so qualified in
a timely manner.

     

    (o) Comply
with all applicable rules and regulations of the SEC and make generally
available to its securityholders with regard to any applicable Registration
Statement, a consolidated earnings statement satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar
rule promulgated under the Securities Act) no later than 60 days after the end
of any fiscal quarter (or 120 days after the end of any 12-month period if such
period is a fiscal year) (i) commencing at the end of any fiscal quarter in
which Registrable Notes are sold to underwriters in a firm commitment or best
efforts underwritten offering and (ii) if not sold to underwriters in such
an offering, commencing on the first day of the first fiscal quarter of the
Company after the effective date of a Registration Statement, which statements
shall cover said 12-month periods.

     

    (p) Upon
consummation of the Exchange Offer or a Private Exchange, if requested by the
Trustee in writing, obtain an opinion of counsel to the Issuers, in a form
customary for underwritten transactions, addressed to the Trustee for the
benefit of all Holders of Registrable Notes participating in the Exchange Offer
or the Private Exchange, as the case may be, that the Exchange Notes or Private
Exchange Notes, as the case may be, the related guarantee and the related
indenture constitute legal, valid and binding obligations of the Issuers,
enforceable against them in accordance with their respective terms, subject to
customary exceptions and qualifications.

     

    (q) If the
Exchange Offer or a Private Exchange is to be consummated, upon delivery of the
Registrable Notes by Holders to the Issuers (or to such other Person as directed
by the Issuers) in exchange for the Exchange Notes or the Private Exchange
Notes, as the case may be, the Issuers shall mark, or cause to be marked, on
such Registrable Notes that such Registrable Notes are being canceled in
exchange for the Exchange Notes or the Private Exchange Notes, as the case may
be; in no event shall such Registrable Notes be marked as paid or otherwise
satisfied, in connection with any such exchange.

     

    (r) Cooperate
with each seller of Registrable Notes covered by any Registration Statement and
each underwriter, if any, participating in the disposition of such Registrable
Notes and their respective counsel in connection with any filings required to be
made with the Financial Industry Regulatory Authority (the “FINRA”).

     

    (s) Use their
commercially reasonable efforts to take all other steps reasonably necessary to
effect the registration of the Registrable Notes covered by a Registration
Statement contemplated hereby.

     

    The
Issuers may require each seller of Registrable Notes as to which any
registration is being effected to furnish to the Issuers such information
regarding such seller and the distribution of such Registrable Notes as the
Issuers may, from time to time, reasonably request.  The Issuers may
exclude from such registration the Registrable Notes of any seller so long as
such seller fails to furnish such information within a reasonable time after
receiving such request.  Each seller as to which any Shelf
Registration is being effected agrees to furnish promptly to the Company all
information required to be disclosed so that the information previously
furnished to the Company by such seller is not materially misleading and does
not omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading in the light of the
circumstances under which they were made.

     

    Each
Holder of Registrable Notes and each Participating Broker-Dealer agrees by its
acquisition of such Registrable Notes or Exchange Notes to be sold by such
Participating Broker-Dealer, as the case may be, that, upon actual receipt of
any notice from the Issuers of the happening of any event of the  kind
described in Section 5(c)(ii), 5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, such Holder
will forthwith discontinue disposition of such Registrable Notes covered by such
Registration Statement or Prospectus or Exchange Notes to be sold by such Holder
or Participating Broker-Dealer, as the case may be, until such Holder’s or
Participating Broker-Dealer’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 5(j) hereof, or until it is advised
in writing (the “Advice”) by the
Issuers that the use of the applicable Prospectus may be resumed, and has
received copies of any amendments or supplements thereto.  In the
event that the Issuers shall give any such notice, the Applicable Period shall
be extended by the number of days during such periods from and including the
date of the giving of such notice to and including the date when each seller of
Registrable Notes covered by such Registration Statement or Exchange Notes to be
sold by such Participating Broker-Dealer, as the case may be, shall have
received (x) the copies of the supplemented or amended Prospectus contemplated
by Section 5(j) hereof or (y) the Advice.

     

    6. Registration
Expenses

     

    (a) All fees
and expenses incident to the performance of or compliance with this Agreement by
the Issuers (other than any underwriting discounts or commissions which shall
not be borne by the Issuers) shall be borne by the Issuers including, without
limitation, (i) all registration and filing fees (including, without
limitation, (A) fees with respect to filings required to be made with the
FINRA in connection with an underwritten offering and (B)  fees and
expenses of compliance with state securities or Blue Sky laws (including,
without limitation, reasonable fees and disbursements of one counsel in
connection with Blue Sky qualifications of the Registrable Notes or Exchange
Notes and determination of the eligibility of the Registrable Notes or Exchange
Notes for investment under the laws of such jurisdictions (x) where the
holders of Registrable Notes are located, in the case of the Exchange Notes, or
(y) as provided in Section 5(h) hereof, in the case of Registrable Notes or
Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable
Period)), (ii) printing expenses, including, without limitation, expenses
of printing certificates for Registrable Notes or Exchange Notes in a form
eligible for deposit with The Depository Trust Company and of printing
prospectuses if the printing of prospectuses is requested by the managing
underwriter, if any, by the Holders of a majority in aggregate principal amount
of the Registrable Notes included in  any Registration Statement or in
respect of Registrable Notes or Exchange Notes to be sold by any Participating
Broker-Dealer during the Applicable Period, as the case may be,
(iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Issuers, (v) fees and disbursements of all
independent certified public accountants referred to in Section 5(l)(iii)
hereof (including, without limitation, the expenses of any special audit and
“cold comfort” letters required by or incident to such performance),
(vi) Securities Act liability insurance, if the Issuers desire such
insurance, (vii) fees and expenses of all other Persons retained by the
Issuers, (viii) internal expenses of the Issuers (including, without
limitation, all salaries and expenses of officers and employees of the Issuers
performing legal or accounting duties), (ix) the expense of any annual
audit, (x) any fees and expenses incurred in connection with the listing of
the securities to be registered on any securities exchange, and the obtaining of
a rating of the securities, in each case, if applicable, and (xi) the
expenses relating to printing, word processing and distributing all Registration
Statements, underwriting agreements, indentures and any other documents
necessary in order to comply with this Agreement.

     

    (b) The
Issuers shall reimburse the Initial Purchasers for the reasonable fees and
expenses of one counsel in connection with the Exchange Offer, which shall be
Cahill Gordon & Reindel llp or such other
counsel as selected by a majority in interests of the Holders, and shall not be
required to pay any other legal expenses in connection therewith.

     

    7. Indemnification

     

    (a) Each of
the Issuers, jointly and severally, agrees to indemnify and hold harmless each
Holder of Registrable Notes and each Participating Broker-Dealer selling
Exchange Notes during the Applicable Period, the affiliates, officers,
directors, representatives, employees and agents of each such Person, and each
Person, if any, who controls any such Person within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act
(each, a “Participant”), from
and against any and all losses, claims, damages, judgments, liabilities and
expenses (including, without limitation, the reasonable legal fees and other
expenses actually incurred in connection with any suit, action or proceeding or
any claim asserted) caused by, arising out of or based upon any untrue statement
or alleged untrue statement of a material fact contained in any Registration
Statement (or any amendment thereto) or Prospectus (as amended or supplemented
if the Issuers shall have furnished any amendments or supplements thereto) or
any preliminary prospectus, or caused by, arising out of or based upon any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in the case of the
Prospectus in light of the circumstances under which they were made, not
misleading, except insofar as
such losses, claims, judgments, damages, liabilities or expenses are caused by
any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with information relating to any Participant
furnished to the Issuers in writing by such Participant expressly for use
therein and with respect to any preliminary Prospectus, or except to the extent
that any such loss, claim, damage or liability arises solely from the fact that
any Participant sold Notes to a person to whom there was not sent or given a
copy of the Prospectus (as amended or supplemented) at or prior to the written
confirmation of such sale if the Issuers shall have previously furnished copies
thereof to the Participant in accordance herewith and the Prospectus (as amended
or supplemented) would have corrected any such untrue statement or
omission.

     

    (b) Each
Participant agrees, severally and not jointly, to indemnify and hold harmless
each Issuer, their respective affiliates, officers, directors, representatives,
employees and agents of each Issuer and each Person who controls each Issuer
within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act to the same extent (but on a several, and not joint, basis)
as the foregoing indemnity from the Issuers to each Participant under
paragraph (a) above, but only with reference to information relating to
such Participant furnished to the Issuers in writing by such Participant
expressly for use in any Registration Statement or Prospectus, any amendment or
supplement thereto, or any preliminary prospectus.  The liability of
any Participant under this paragraph shall in no event exceed the proceeds
received by such Participant from sales of Registrable Notes or Exchange Notes
giving rise to such obligations.

     

    (c) If any
suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Person
in respect of which indemnity may be sought pursuant to either of the two
preceding paragraphs, such Person (the “Indemnified Person”)
shall promptly notify the Persons against whom such indemnity may be sought (the
“Indemnifying
Persons”) in writing, and the Indemnifying Persons, upon request of the
Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others entitled
to indemnification pursuant to this Section 7 that the Indemnifying Person
may reasonably designate in such proceeding and shall pay the reasonable fees
and expenses actually incurred by such counsel related to such proceeding; provided, however, that the
failure to so notify the Indemnifying Persons will not relieve it from any
liability under paragraph (a) or (b) above unless and to the extent such failure
results in the forfeiture by the Indemnifying Person of substantial rights and
defenses and the Indemnifying Person was not otherwise aware of such action or
claim.  In any such proceeding, any Indemnified Person shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall
be at the expense of such Indemnified Person unless (i) the Indemnifying
Persons and the Indemnified Person shall have mutually agreed to the contrary in
writing, (ii) the Indemnifying Persons shall have failed within a
reasonable period of time to retain counsel reasonably satisfactory to the
Indemnified Person or (iii) the named parties in any such proceeding
(including any impleaded parties) include both any Indemnifying Person and the
Indemnified Person and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between
them.  It is understood that the Indemnifying Persons shall not, in
connection with such proceeding or separate but substantially similar related
proceeding in the same jurisdiction arising out of the same general allegations,
be liable for the fees and expenses of more than one separate firm (in addition
to any local counsel) for all Indemnified Persons, and that all such fees and
expenses shall be reimbursed promptly as they are incurred.  Any such
separate firm for the Participants and such control Persons of Participants
shall be designated in writing by Participants who sold a majority in interest
of Registrable Notes and Exchange Notes sold by all such Participants and shall
be reasonably acceptable to the Issuers, and any such separate firm for the
Issuers, their affiliates, officers, directors, representatives, employees and
agents and such control Persons of such Issuer shall be designated in writing by
such Issuer and shall be reasonably acceptable to the Holders.

     

    The
Indemnifying Person shall not be liable for any settlement of any proceeding
effected without its prior written consent (which consent shall not be
unreasonably withheld or delayed), but if settled with such consent or if there
be a final non-appealable judgment for the plaintiff for which the Indemnified
Person is entitled to indemnification pursuant to this Agreement, each
Indemnifying Person agrees to indemnify and hold harmless each Indemnified
Person from and against any loss or liability by reason of such settlement or
judgment.  No Indemnifying Person shall, without the prior written
consent of the Indemnified Person (which consent shall not be unreasonably
withheld or delayed), effect any settlement or compromise of any pending or
threatened proceeding in respect of which any Indemnified Person is or could
have been a party, or indemnity could have been sought hereunder by such
Indemnified Person, unless such settlement (A) includes an unconditional
written release of such Indemnified Person, in form and substance reasonably
satisfactory to such Indemnified Person, from all liability on claims that are
the subject matter of such proceeding and (B) does not include any statement as
to an admission of fault, culpability or failure to act by or on behalf of such
Indemnified Person.

     

    (d) If the
indemnification provided for in paragraphs (a) and (b) of this Section 7 is
for any reason unavailable to, or insufficient to hold harmless, an Indemnified
Person in respect of any losses, claims, damages or liabilities referred to
therein, then each Indemnifying Person under such paragraphs, in lieu of
indemnifying such Indemnified Person thereunder and in order to provide for just
and equitable contribution, shall contribute to the amount paid or payable by
such Indemnified Person as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Person or Persons on the one hand and the Indemnified Person
or Persons on the other in connection with the statements or omissions or
alleged statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions in respect thereof) as well as any other relevant
equitable considerations.  The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Issuers on the one hand
or such Participant or such other Indemnified Person, as the case may be, on the
other, the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission, and any other
equitable considerations appropriate in the circumstances.

     

    (e) The
parties agree that it would not be just and equitable if contribution pursuant
to this Section 7 were determined by pro rata allocation (even if
the Participants were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph.  The amount paid
or payable by an Indemnified Person as a result of the losses, claims, damages,
judgments, liabilities and expenses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth
above, any reasonable legal or other expenses actually incurred by such
Indemnified Person in connection with investigating or defending any such action
or claim.  Notwithstanding the provisions of this Section 7, in
no event shall a Participant be required to contribute any amount in excess of
the amount by which proceeds received by such Participant from sales of
Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of
any damages that such Participant has otherwise been required to pay or has paid
by reason of such untrue or alleged untrue statement or omission or alleged
omission.  No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation.

     

    (f) Any
losses, claims, damages, liabilities or expenses for which an indemnified party
is entitled to indemnification or contribution under this Section 7 shall
be paid by the Indemnifying Person to the Indemnified Person as such losses,
claims, damages, liabilities or expenses are incurred.  The indemnity
and contribution agreements contained in this Agreement shall remain operative
and in full force and effect, regardless of (i) any investigation made by
or on behalf of any Holder or any person who controls a Holder, the Issuers,
their directors, officers, employees or agents or any person who controls an
Issuer, and (ii) any termination of this Agreement.

     

    (g) The
indemnity and contribution agreements contained in this Section 7 will be
in addition to any liability which the Indemnifying Persons may otherwise have
to the Indemnified Persons referred to above.

     

    8. Rules 144 and
144A

     

    Each of
the Issuers covenants and agrees that it will file the reports required to be
filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder in a timely manner in accordance with
the requirements of the Securities Act and the Exchange Act and, for so long as
any Registrable Notes remain outstanding, and if such Issuer is not required to
file such reports, such Issuer will, upon the request of any Holder or
beneficial owner of Registrable Notes, make available such information of the
type specified in Sections 13 and 15(d) of the Exchange Act.  Each of
the Issuers further covenants and agrees, for so long as any Registrable Notes
remain outstanding, to make available to any Holder or beneficial owner of
Registrable Notes in connection with any sale thereof and any prospective
purchaser of such Registrable Notes from such Holder or beneficial owner the
information required by Rule 144A(d)(4) and 144(c) under the Securities Act in
order to permit resales of such Registrable Notes pursuant to Rule 144A and Rule
144.

     

    9. Underwritten
Registrations

     

    If any of
the Registrable Notes covered by any Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager
or managers that will manage the offering will be selected by the Holders of a
majority in aggregate principal amount of such Registrable Notes included in
such offering and shall be reasonably acceptable to the Issuers.

     

    No Holder
of Registrable Notes may participate in any underwritten registration hereunder
unless such Holder (a) agrees to sell such Holder’s Registrable Notes on
the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

     

    10. Miscellaneous

     

    (a) No Inconsistent
Agreements.  The Issuers have not, as of the date hereof, and
the Issuers shall not, after the date of this Agreement, enter into any
agreement with respect to any of their securities that is inconsistent with the
rights granted to the Holders of Registrable Notes in this Agreement or
otherwise conflicts with the provisions hereof.  The rights granted to
the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Issuers’ other issued and
outstanding securities under any such agreements.  The Issuers shall
not, after the date of this agreement, enter into any agreement with respect to
any of their securities which will grant to any Person piggy-back registration
rights with respect to any Registration Statement.

     

    (b) Adjustments Affecting
Registrable Notes.  The Issuers shall not, directly or
indirectly, take any action with respect to the Registrable Notes as a class
that would adversely affect the ability of the Holders of Registrable Notes to
include such Registrable Notes in a registration undertaken pursuant to this
Agreement.

     

    (c) Amendments and
Waivers.  The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, otherwise than with the prior written
consent of (I) the Issuers and (II)(A) the Holders of not less than a
majority in aggregate principal amount of the then outstanding Registrable Notes
and (B) in circumstances that would adversely affect the Participating
Broker-Dealers holding not less than a majority in aggregate principal amount of
the Exchange Notes held by all Participating Broker-Dealers; provided, however, that
Section 7 and this Section 10(c) may not be amended, modified or
supplemented without the prior written consent of each Holder and each
Participating Broker-Dealer (including any person who was a Holder or
Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case
may be, disposed of pursuant to any Registration Statement) affected by any such
amendment, modification or supplement.  Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders of Registrable Notes
whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect, impair, limit or compromise the rights
of other Holders of Registrable Notes may be given by Holders of at least a
majority in aggregate principal amount of the Registrable Notes being sold
pursuant to such Registration Statement.

     

    (d) Notices.  All
notices and other communications (including, without limitation, any notices or
other communications to the Trustee) provided for or permitted hereunder shall
be made in writing by hand-delivery, registered first-class mail, next-day air
courier or facsimile:

     

    (i) if to a
Holder of the Registrable Notes or any Participating Broker-Dealer, at the most
current address of such Holder or Participating Broker-Dealer, as the case may
be, set forth on the records of the registrar under the Indenture.

     

    (ii) if to the
Issuers, at the address as follows:

     

    
      	
               
      

            	
              DIRECTV
      Holdings LLC

            

    

     

    
      	
               
      

            	
              2230
      East Imperial Highway

            

    

     

    
      	
               
      

            	
              El
      Segundo,
California  90245

            

    

     

    
      	
               
      

            	
              Attention:
      General Counsel

            

    

     

    with a
copy to:

     

    Weil,
Gotshal & Manges LLP

    767 Fifth
Avenue

    New York,
New York 10153

    Attention:  Michael
E. Lubowitz, Esq.

                      Erika
Weinberg, Esq.

    

    All such
notices and communications shall be deemed to have been duly
given:  when delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; one business
day after being timely delivered to a next-day air courier; and when
transmission is confirmed, if sent by facsimile.

     

    Copies of
all such notices, demands or other communications shall be concurrently
delivered by the Person giving the same to the Trustee at the address and in the
manner specified in such Indenture.

     

    (e) Successors and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties hereto, the
Holders and the Participating Broker-Dealers; provided, however, that nothing
herein shall be deemed to permit any assignment, transfer or other disposition
of Registrable Notes in violation of the terms of the Purchase Agreement or the
Indenture.

     

    (f) Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

     

    (g) Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

     

    (h) Governing
Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.  EACH OF THE PARTIES HERETO AGREES TO
SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

     

    (i) Severability.  If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same
or substantially the same result as that contemplated by such term, provision,
covenant or restriction.  It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

     

    (j) Securities Held by the
Issuers or Their Affiliates.  Whenever the consent or approval
of Holders of a specified percentage of Registrable Notes is required hereunder,
Registrable Notes held by the Issuers or their affiliates (as such term is
defined in Rule 405 under the Securities Act) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

     

    (k) Third-Party
Beneficiaries.  Holders of Registrable Notes and Participating
Broker-Dealers are intended third-party beneficiaries of this Agreement, and
this Agreement may be enforced by such Persons.

     

    (l) Entire
Agreement.  This Agreement, together with the Purchase
Agreement and the Indenture, is intended by the parties as a final and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein and therein and any and all prior oral or
written agreements, representations, or warranties, contracts, understandings,
correspondence, conversations and memoranda between the Holders on the one hand
and the Issuers on the other, or between or among any agents, representatives,
parents, subsidiaries, affiliates, predecessors in interest or successors in
interest with respect to the subject matter hereof and thereof are merged herein
and replaced hereby.

     

    
       

       

       

    

    WITNESS
the due execution hereof by the respective duly authorized officers of the
undersigned as of the date first written above.

     

     

    
      	
               
      

            	
              DIRECTV
      HOLDINGS LLC

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV
      FINANCING CO., INC.

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV,
      INC., as Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV
      CUSTOMER SERVICES, INC.,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV
      MERCHANDISING, INC.,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV
      ENTERPRISES, LLC,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV
      OPERATIONS, LLC,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:        /s/
J. William Little 

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasure

            

    

     

     

    
      	
               
      

            	
              LABC
      PRODUCTIONS, LLC,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

    
       

       

       

    

     

    
      	
               
      

            	
              DIRECTV
      HOME SERVICES, LLC,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV
      PROGRAMMING HOLDINGS I, INC.,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

     

    
      	
               
      

            	
              DIRECTV
      PROGRAMMING HOLDINGS II, INC.,

            

    

     

    
      	
               
      

            	
              as
      Guarantor

            

    

     

    By:         /s/
J. William Little

    
      	
               
      

            	
              Name:  J.
      William Little

            

    

    
      	
               
      

            	
              Title:  Senior
      Vice President and Treasurer

            

    

     

    

    
       

       

       

    

    The
foregoing Agreement is hereby

     

    confirmed
and accepted by the Initial Purchasers

     

    as of the
date first above written.

     

    BARCLAYS CAPITAL INC.

    

    

    By:  /s/
Pamela Kendall      

            Name:
Pamela Kendall

            Title:
Director

    

    CITIGROUP
GLOBAL MARKETS INC.

    

    

    By:  /s/
Brian Bednarski      

            Name:
Brian Bednarski 

            Title:
Managing Director

    

    J.P.
MORGAN SECURITIES INC.

    

    

    By:  /s/
Stephen L. Sheiner      

            Name:
Stephen L. Sheiner

            Title:
Executive Director

    

    UBS
SECURITIES LLC

    

    

    By:  /s/
Spencer Haimes      

            Name:
Spencer Haimes

            Title:
Managing Director

    

    

    By:  /s/
Michael Kochis      

            Name:
Michael Kochis

            Title:
Associate Director

    

    For
themselves and the other several Initial

    Purchasers.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]