Document:

<PAGE>

EXHIBIT 10.2

The terms of the offer for Jeff Kimberly are as follows:

1.       Your salary as of January 1, 2009 will be $300,000. Your salary will
         increase to $375,000 starting January 1, 2010 based on achieving a
         major milestone of GRC receiving our first order of (6) machines or a
         minimum order value of $24,000,000.

Any increases after January 2010 will occur based on an evaluation of your
performance and accomplishments by the CEO and approval by the board.

2.       The GBRC sign on bonus already received in 2008 will remain an
         un-taxable event for you. Any taxes required are to be paid by GRC.

3.       You will receive 1,500,000 stock options for the term of your 5 year
         contract. All 1,500,000 stock options will be issued up front with
         300,000 to be vested immediately and 300,000 at the start of each
         additional year of your contract. The entire 1,500,000 stocks will be
         issued at a value based on the stock price at the time of board
         approval of this contract. The stock options will have a maturity date
         of 10 years from the date they are vested.

4.       You will receive milestone bonuses equaling not less than .75% but not
         greater than 1% of the estimated profit after estimated project costs
         are removed on all orders after we have achieved a major milestone of
         GRC receiving our first order for (6) machines or a minimum order value
         of $24,000,000. The milestone bonus will be paid in the same timing as
         the payments are made to GRC by our customers (per benchmark payment
         schedule). The milestone bonus will be paid in a combination of stock &
         cash subject to the management team's discretion.

5.       GBRC will make payments on your current 2006 Hyundai Azera for two
         years from your start date with GRC (ending Feb of 2010). After the two
         year period, GBRC will issue a check to you for the amount required to
         pay the car off completely. This check will also include the total
         amount paid by you before GBRC began making these payments. You will be
         required to pay for car insurance but GRC will pay for all maintenance
         and service costs for the vehicle.

6.       You will be provided with medical, dental, group life & long term
         disability insurance. Your life insurance will be term life insurance
         and have a value of $2,000,000 including $1,000,000 for your spouse and
         $1,000,000 for the company.

7.       You will be eligible for (4) weeks paid vacation starting January 1,
         2009.

8.       This position will require travel. Travel and entertainment expenses
         will be reimbursed in accordance with the GBRC policy.

<PAGE>

9.       This agreement will remain in force for a period of five years from the
         date this agreement is signed. If either party wishes to terminate this
         agreement, it must be submitted in writing to the other party 30 days
         prior to termination. If Jeff Kimberly decides to resign from GBRC
         anytime prior the 5 year period, he will only receive the stock options
         that have been vested to that point in time. He will also only be paid
         for salary and milestone bonuses earned to that point along with any
         outstanding travel or entertainment expenses. If GBRC decides to
         relocate to a location that you determine you cannot move to, sells or
         trades the company, re-organizes or restructures the company and
         eliminates your position, ceases to exist as GRC for any reason, or
         decides to terminate this agreement prior to the 5 year period, GBRC
         will agree to the following:

         o        Continue salary and all other benefits for up to one calendar
                  year or until Jeff Kimberly accepts a position with another
                  company, whichever event takes place first.

         o        The entire balance of the 1,500,000 stock options that have
                  not been vested to that point will be accelerated immediately.

         o        All milestone bonuses earned to that point will be paid in
                  full immediately.

     Thirty days prior to the end of the 5 year period, both parties will
     negotiate another 5 year agreement if both parties are in favor of
     continuing the relationship.

Signatures:

/s/ Jeffery J. Andrews               9/23/08
----------------------               -------
Jeffrey J. Andrews                   Date
Global Resource Corporation
CFO

/s/  Jeff Kimberly                   9/23/08
-------------------                  -------
Jeff Kimberly                        Date<PAGE>

EXHIBIT 10.3

The terms of the offer for Jeffrey J. Andrews are as follows:

1.       Your salary for the position of Chief Financial officer as of September
         23, 2008 will be $180,000.00 Your salary will increase to $225,000.00
         starting September 23, 2009 based on achieving a major milestone of GRC
         receiving our first order of (6) machines or a minimum order value of
         $24,000,000.

2.       Any increases after September 2010 (years 3 to 5) will occur based on
         an evaluation of your performance and accomplishments by the CEO and
         approval by the board.

3.       You will receive 1,000,000 stock options for the term of your 5 year
         contract. All 1,000,000 stock options will be issued up front with
         200,000 to be vested immediately and 800,000 at the start of each
         additional year of your contract. The entire 1,000,000 stocks will be
         issued at a value based on the stock price at the time of board
         approval of this contract. The stock options will have a maturity date
         of 10 years from the date they are vested.

4.       You will receive milestone bonuses equaling not less than .75% but not
         greater than 1% of the estimated profit after estimated project costs
         are removed on all orders after we have achieved a major milestone of
         GRC receiving our first order for (6) machines or a minimum order value
         of $24,000,000. The milestone bonus will be paid in the same timing as
         the payments are made to GRC by our customers (per benchmark payment
         schedule). The milestone bonus will be paid in a combination of stock &
         cash subject to the management team's discretion.

5.       You will be provided with medical, dental, group life & long term
         disability insurance. Your life insurance will be term life insurance
         and have a value of $1,500,000 including $1,500,000 for your spouse.
         You car allowance will be $500. per month. The Company will pay your
         AICPA and PICPA membership dues as well as the continuing education
         courses.

6.       You will be eligible for 3 weeks paid vacation starting September 23,
         2008.

7.       This position will require travel. Travel and entertainment expenses
         will be reimbursed in accordance with the GBRC policy.

<PAGE>

8.       This agreement will remain in force for a period of five years from the
         date this agreement is signed. If either party wishes to terminate this
         agreement, it must be submitted in writing to the other party 30 days
         prior to termination. If Jeffrey J. Andrews decides to resign from GBRC
         anytime prior the 5 year period, he will only receive the stock options
         that have been vested to that point in time. He will also only be paid
         for salary and milestone bonuses earned to that point along with any
         outstanding travel or entertainment expenses. If GBRC decides to
         relocate to a location that you determine you cannot move to, sells or
         trades the company, re-organizes or restructures the company and
         eliminates your position, ceases to exist as GRC for any reason, or
         decides to terminate this agreement prior to the 5 year period, GBRC
         will agree to the following:

         o        Continue salary and all other benefits for up to one calendar
                  year or until Jeffrey J. Andrews accepts a position with
                  another company, whichever event takes place first.

         o        The entire balance of the 1,000,000 stock options that have
                  not been vested to that point will be accelerated immediately.

         o        All milestone bonuses earned to that point will be paid in
                  full immediately.

         Thirty days prior to the end of the 5 year period, both parties will
         negotiate another 5 year agreement if both parties are in favor of
         continuing the relationship.

Signatures:

/s/  Jeff Kimberly                   9/23/08
-------------------                  -------
Jeff Kimberly                        Date
Global Resource Corporation
President

/s/ Jeffery J. Andrews               9/23/08
----------------------               -------
Jeffrey J. Andrews                   DateExhibit 4.1

 

 

SYMBION, INC. 

 

and each of the Guarantors
party hereto

 

11.00%/11.75% SENIOR PIK TOGGLE
NOTES DUE 2015

 

INDENTURE

 

Dated as of June 3, 2008

 

U.S. Bank National Association

 

Trustee

 

 

 

CROSS-REFERENCE
TABLE*

 

	
  Trust Indenture

  Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  	
   

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  
	
   

  	
  (b)

  	
   

  	
  7.10

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
  (a)

  	
   

  	
  2.05

  
	
   

  	
  (b)

  	
   

  	
  13.03

  
	
   

  	
  (c)

  	
   

  	
  13.03

  
	
  313

  	
  (a)

  	
   

  	
  7.06

  
	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06; 7.07

  
	
   

  	
  (c)

  	
   

  	
  7.06; 13.02

  
	
   

  	
  (d)

  	
   

  	
  7.06

  
	
  314

  	
  (a)

  	
   

  	
  4.03; 4.04;
  13.02; 13.05

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(1)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(2)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
  (e)

  	
   

  	
  13.05

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  
	
  315

  	
  (a)

  	
   

  	
  7.01

  
	
   

  	
  (b)

  	
   

  	
  7.05

  
	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
  (d)

  	
   

  	
  7.01

  
	
   

  	
  (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)

  	
   

  	
  N.A.

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.08

  
	
   

  	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
  (b)

  	
   

  	
  2.04

  
	
  318

  	
  (a)

  	
   

  	
  13.01

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)

  	
   

  	
  13.01

  

 

N.A. means not applicable.

 

*  This Cross Reference Table is
not part of this Indenture.

 

 

	
  TABLE OF
  CONTENTS

  
	
   

  
	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1.

  
	
   

  
	
  DEFINITIONS AND
  INCORPORATION BY REFERENCE

  
	
   

  
	
  SECTION 1.01

  	
  Definitions

  	
  1

  
	
  SECTION 1.02

  	
  Other Definitions

  	
  30

  
	
  SECTION 1.03

  	
  Incorporation by Reference of Trust
  Indenture Act

  	
  31

  
	
  SECTION 1.04

  	
  Rules of Construction and Calculation

  	
  31

  
	
   

  
	
  ARTICLE 2.

  
	
   

  
	
  THE NOTES

  
	
   

  
	
  SECTION 2.01

  	
  Form and Dating

  	
  32

  
	
  SECTION 2.02

  	
  Execution and Authentication

  	
  33

  
	
  SECTION 2.03

  	
  Registrar and Paying Agent

  	
  34

  
	
  SECTION 2.04

  	
  Paying Agent To Hold Money in Trust

  	
  34

  
	
  SECTION 2.05

  	
  Holder Lists

  	
  34

  
	
  SECTION 2.06

  	
  Transfer and Exchange

  	
  34

  
	
  SECTION 2.07

  	
  Replacement Notes

  	
  46

  
	
  SECTION 2.08

  	
  Outstanding Notes

  	
  46

  
	
  SECTION 2.09

  	
  Treasury Notes

  	
  46

  
	
  SECTION 2.10

  	
  Temporary Notes

  	
  46

  
	
  SECTION 2.11

  	
  Cancellation

  	
  47

  
	
  SECTION 2.12

  	
  Defaulted Interest

  	
  47

  
	
  SECTION 2.13

  	
  CUSIP Numbers

  	
  47

  
	
  SECTION 2.14

  	
  Issuance of Additional Notes

  	
  47

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3.

  
	
   

  
	
  REDEMPTION AND
  PREPAYMENT

  
	
   

  
	
  SECTION 3.01

  	
  Notices to Trustee

  	
  48

  
	
  SECTION 3.02

  	
  Selection of Notes To Be Redeemed or
  Purchased

  	
  48

  
	
  SECTION 3.03

  	
  Notice of Redemption

  	
  49

  
	
  SECTION 3.04

  	
  Effect of Notice of Redemption

  	
  49

  
	
  SECTION 3.05

  	
  Deposit of Redemption or Purchase Price

  	
  49

  
	
  SECTION 3.06

  	
  Notes Redeemed or Purchased in Part

  	
  50

  
	
  SECTION 3.07

  	
  Optional Redemption

  	
  50

  
	
  SECTION 3.08

  	
  Mandatory Redemption

  	
  50

  
	
  SECTION 3.09

  	
  Offer To Purchase by Application of Excess
  Proceeds

  	
  51

  

 

i

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4.

  
	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01

  	
  Payment of Notes

  	
  52

  
	
  SECTION 4.02

  	
  Maintenance of Office or Agency

  	
  53

  
	
  SECTION 4.03

  	
  Reports

  	
  53

  
	
  SECTION 4.04

  	
  Compliance Certificate

  	
  54

  
	
  SECTION 4.05

  	
  [Reserved]

  	
  55

  
	
  SECTION 4.06

  	
  Stay, Extension and Usury Laws

  	
  55

  
	
  SECTION 4.07

  	
  Restricted Payments

  	
  55

  
	
  SECTION 4.08

  	
  Dividend and Other Payment Restrictions
  Affecting Restricted Subsidiaries

  	
  60

  
	
  SECTION 4.09

  	
  Incurrence of Indebtedness and Issuance of
  Disqualified Stock and Preferred Stock

  	
  62

  
	
  SECTION 4.10

  	
  Asset Sales

  	
  66

  
	
  SECTION 4.11

  	
  Transactions with Affiliates

  	
  68

  
	
  SECTION 4.12

  	
  Liens

  	
  70

  
	
  SECTION 4.13

  	
  [Reserved]

  	
  70

  
	
  SECTION 4.14

  	
  Corporate Existence

  	
  70

  
	
  SECTION 4.15

  	
  Offer To Repurchase Upon Change of Control

  	
  70

  
	
  SECTION 4.16

  	
  No Layering of Debt

  	
  72

  
	
  SECTION 4.17

  	
  Designation of Restricted and Unrestricted
  Subsidiaries

  	
  72

  
	
  SECTION 4.18

  	
  Payments for Consent

  	
  73

  
	
  SECTION 4.19

  	
  Additional Subsidiary Guarantees

  	
  73

  
	
  SECTION 4.20

  	
  Distributions by Qualified Restricted
  Subsidiaries

  	
  73

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5.

  
	
   

  
	
  SUCCESSORS

  
	
   

  
	
  SECTION 5.01

  	
  Merger, Consolidation, or Sale of Assets

  	
  74

  
	
  SECTION 5.02

  	
  Successor Corporation Substituted

  	
  75

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6.

  
	
   

  
	
  DEFAULTS AND
  REMEDIES

  
	
   

  
	
  SECTION 6.01

  	
  Events of Default

  	
  75

  
	
  SECTION 6.02

  	
  Acceleration

  	
  77

  
	
  SECTION 6.03

  	
  Other Remedies

  	
  77

  
	
  SECTION 6.04

  	
  Waiver of Past Defaults

  	
  78

  
	
  SECTION 6.05

  	
  Control by Majority

  	
  78

  
	
  SECTION 6.06

  	
  Limitation on Suits

  	
  78

  
	
  SECTION 6.07

  	
  Rights of Holders To Receive Payment

  	
  79

  
	
  SECTION 6.08

  	
  Collection Suit by Trustee

  	
  79

  
	
  SECTION 6.09

  	
  Trustee May File Proofs of Claim

  	
  79

  
	
  SECTION 6.10

  	
  Priorities

  	
  79

  
	
  SECTION 6.11

  	
  Undertaking for Costs

  	
  80

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7.

  
	
   

  
	
  TRUSTEE

  
	
   

  
	
  SECTION 7.01

  	
  Duties of Trustee

  	
  80

  
	
  SECTION 7.02

  	
  Rights of Trustee

  	
  81

  
	
  SECTION 7.03

  	
  Individual Rights of Trustee

  	
  82

  
	
  SECTION 7.04

  	
  Trustee’s Disclaimer

  	
  82

  
	
  SECTION 7.05

  	
  Notice of Defaults

  	
  82

  
	
  SECTION 7.06

  	
  Reports by Trustee to Holders of the Notes

  	
  83

  
	
  SECTION 7.07

  	
  Compensation and Indemnity

  	
  83

  
	
  SECTION 7.08

  	
  Replacement of Trustee

  	
  84

  
	
  SECTION 7.09

  	
  Successor Trustee by Merger, etc.

  	
  84

  
	
  SECTION 7.10

  	
  Eligibility; Disqualification

  	
  85

  
	
  SECTION 7.11

  	
  Preferential Collection of Claims Against
  Issuer

  	
  85

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8.

  
	
   

  
	
  LEGAL DEFEASANCE
  AND COVENANT DEFEASANCE

  
	
   

  
	
  SECTION 8.01

  	
  Option To Effect Legal Defeasance or
  Covenant Defeasance

  	
  85

  
	
  SECTION 8.02

  	
  Legal Defeasance and Discharge

  	
  85

  
	
  SECTION 8.03

  	
  Covenant Defeasance

  	
  86

  
	
  SECTION 8.04

  	
  Conditions to Legal or Covenant Defeasance

  	
  86

  
	
  SECTION 8.05

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

  	
  87

  
	
  SECTION 8.06

  	
  Repayment to Issuer

  	
  87

  
	
  SECTION 8.07

  	
  Reinstatement

  	
  88

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9.

  
	
   

  
	
  AMENDMENT,
  SUPPLEMENT AND WAIVER

  
	
   

  
	
  SECTION 9.01

  	
  Without Consent of Holders

  	
  88

  
	
  SECTION 9.02

  	
  With Consent of Holders

  	
  89

  
	
  SECTION 9.03

  	
  [Reserved]

  	
  90

  
	
  SECTION 9.04

  	
  Compliance with Trust Indenture Act

  	
  90

  
	
  SECTION 9.05

  	
  Revocation and Effect of Consents

  	
  90

  
	
  SECTION 9.06

  	
  Notation on or Exchange of Notes

  	
  90

  
	
  SECTION 9.07

  	
  Trustee To Sign Amendments, etc.

  	
  91

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10.

  
	
   

  
	
  [RESERVED]

  
	
   

  
	
  ARTICLE 11.

  
	
   

  
	
  SUBSIDIARY
  GUARANTEES

  
	
   

  
	
  SECTION 11.01

  	
  Guarantee

  	
  91

  

 

iii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 11.02

  	
  [Reserved]

  	
  92

  
	
  SECTION 11.03

  	
  Limitation on Guarantor Liability

  	
  92

  
	
  SECTION 11.04

  	
  Execution and Delivery of Subsidiary
  Guarantee

  	
  92

  
	
  SECTION 11.05

  	
  Guarantors May Consolidate, etc., on
  Certain Terms

  	
  93

  
	
  SECTION 11.06

  	
  Releases

  	
  94

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12.

  
	
   

  
	
  SATISFACTION AND
  DISCHARGE

  
	
   

  
	
  SECTION 12.01

  	
  Satisfaction and Discharge

  	
  94

  
	
  SECTION 12.02

  	
  Application of Trust Money

  	
  95

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13.

  
	
   

  
	
  MISCELLANEOUS

  
	
   

  
	
  SECTION 13.01

  	
  Trust Indenture Act Controls

  	
  96

  
	
  SECTION 13.02

  	
  Notices

  	
  96

  
	
  SECTION 13.03

  	
  Communication by Holders with Other Holders

  	
  97

  
	
  SECTION 13.04

  	
  Certificate and Opinion as to Conditions
  Precedent

  	
  97

  
	
  SECTION 13.05

  	
  Statements Required in Certificate or
  Opinion

  	
  97

  
	
  SECTION 13.06

  	
  Rules by Trustee and Agents

  	
  97

  
	
  SECTION 13.07

  	
  No Personal Liability of Directors,
  Officers, Employees and Stockholders

  	
  97

  
	
  SECTION 13.08

  	
  Governing Law

  	
  98

  
	
  SECTION 13.09

  	
  No Adverse Interpretation of Other
  Agreements

  	
  98

  
	
  SECTION 13.10

  	
  Successors

  	
  98

  
	
  SECTION 13.11

  	
  Severability

  	
  98

  
	
  SECTION 13.12

  	
  Counterpart Originals

  	
  98

  
	
  SECTION 13.13

  	
  Table of Contents, Headings, etc.

  	
  98

  

 

EXHIBITS

 

	
  Exhibit A1

  	
   

  	
  FORM OF 144A NOTE

  
	
  Exhibit A2

  	
   

  	
  FORM OF REGULATION S TEMPORARY GLOBAL
  NOTE

  
	
  Exhibit B

  	
   

  	
  FORM OF CERTIFICATE OF TRANSFER

  
	
  Exhibit C

  	
   

  	
  FORM OF CERTIFICATE OF EXCHANGE

  
	
  Exhibit D

  	
   

  	
  FORM OF NOTATION OF SUBSIDIARY
  GUARANTEE

  
	
  Exhibit E

  	
   

  	
  FORM OF SUPPLEMENTAL INDENTURE

  

 

iv

 

INDENTURE
dated as of June 3, 2008 by and among SYMBION, INC., a Delaware
corporation (the “Issuer”), the Guarantors (as defined), and U.S. Bank National
Association, a national banking association, as trustee (the “Trustee”).

 

The Issuer,
the Guarantors and the Trustee agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders (as defined) of the
11.00%/11.75% Senior PIK Toggle Notes due 2015 (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 A1 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, issued in a denomination equal to
the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“Acquired Debt” means, with respect to any specified Person:

 

(1)           Indebtedness of any other Person existing at the time such
other Person is merged with or into or became a Restricted Subsidiary of such
specified Person, whether or not such Indebtedness is incurred in connection
with, or in contemplation of, such other Person merging with or into, or
becoming a Restricted Subsidiary of, such specified Person; and

 

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

 

“Additional Assets” means any property or assets (other than
Indebtedness and Capital Stock) to be used by the Issuer or a Restricted
Subsidiary in a Permitted Business.

 

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

 

“Additional Notes” means any Notes (other than the Initial
Notes), if any, issued under this Indenture in accordance with Sections 2.02,
2.14 and 4.09.

 

“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,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person will be deemed to be control.  For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings.  No Person in whom a Receivables Subsidiary
makes an Investment in connection with a Qualified Receivables Transaction will
be deemed to be an Affiliate of the Issuer or any of its Subsidiaries solely by
reason of such Investment.

 

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

 

 

“Agreement and Plan of Merger” means the Agreement and Plan
of Merger by and among Holdings, the Issuer and Symbol Merger Sub, Inc.,
dated as of April 24, 2007, as amended or modified from time to time prior
to the Issue Date.

 

“Applicable Premium” means, with respect to any Note on any
Make-Whole Redemption Date, the greater of (i) 1.0% of the principal
amount of such Note and (ii) the excess of (A) the present value at
such Make-Whole Redemption Date of (1) the redemption price of such Note
at August 23, 2011 (exclusive of accrued interest), plus (2) all
scheduled interest payments due on such Note from the Make-Whole Redemption Date
through August 23, 2011 (calculated assuming all interest payments are
paid in cash), computed using a discount rate equal to the Treasury Rate at
such Make-Whole Redemption Date, plus 50 basis points over (B) the principal
amount of such Note.

 

“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.

 

“Asset Sale” means:

 

(1)           the sale, lease (other than operating leases), conveyance
or other disposition of any assets or rights outside of the ordinary course of
business; provided that the sale, lease, conveyance
or other disposition of all or substantially all of the assets of the Issuer
and its Restricted Subsidiaries taken as a whole shall be governed by Sections
4.15 and/or 5.01 of this Indenture and not by Section 4.10 of this
Indenture; and

 

(2)           the issuance of Equity Interests in any of the Issuer’s
Restricted Subsidiaries or the sale of Equity Interests in any of its
Restricted Subsidiaries (other than directors’ qualifying Equity Interests or
Equity Interests required by applicable law to be held by a Person other than
the Issuer or a Restricted Subsidiary).

 

Notwithstanding
the preceding, none of the following items shall be deemed to be an Asset Sale:

 

(1)           any single transaction or series of related transactions
that involves assets having a Fair Market Value of less than $5.0 million;

 

(2)           a transfer of assets between or among the Issuer and its
Restricted Subsidiaries;

 

(3)           an issuance of Equity Interests by a Restricted Subsidiary
of the Issuer to the Issuer or to a Restricted Subsidiary of the Issuer;

 

(4)           the sale or lease of products, services or accounts
receivable (including at a discount) in the ordinary course of business and any
sale or other disposition of damaged, worn-out, negligible, surplus or obsolete
assets in the ordinary course of business;

 

(5)           the sale or other disposition of Cash Equivalents;

 

(6)           a Restricted Payment that does not violate Section 4.07
of this Indenture or a Permitted Investment;

 

(7)           any financing transaction with respect to property built
or acquired by the Issuer or any Restricted Subsidiary after the Issue Date,
including sale and lease back transactions and asset securitizations not
prohibited by this Indenture;

 

2

 

(8)           any exchange of like-kind property of the type described
in Section 1031 of the Code for use in a Permitted Business;

 

(9)           the sale or disposition of any assets or property received
as a result of a foreclosure by the Issuer or any of its Restricted
Subsidiaries on any secured Investment or any other transfer of title with
respect to any secured Investment in default;

 

(10)         the licensing of intellectual property in the ordinary
course of business or in accordance with industry practice;

 

(11)         surrender or waiver of contract rights or the settlement,
release or surrender of contract, tort or other claims of any kind;

 

(12)         leases or subleases to third persons in the ordinary course
of business that do not interfere in any material respect with the business of
the Issuer or any of its Restricted Subsidiaries;

 

(13)         sales of accounts receivable and related assets of the type
specified in the definition of Qualified Receivables Transaction to a
Receivables Subsidiary for the Fair Market Value thereof, less amounts required
to be established as reserves and customary discounts pursuant to contractual
agreements with entities that are not Affiliates of the Issuer entered into as
part of a Qualified Receivables Transaction;

 

(14)         transfers of accounts receivable and related assets of the
type specified in the definition of Qualified Receivables Transaction (or a
fractional undivided interest therein) by a Receivables Subsidiary in a
Qualified Receivables Transaction;

 

(15)         any issuance or sale of Equity Interests in, or Indebtedness
or other securities of, an Unrestricted Subsidiary or Equity Interest,
Indebtedness or other securities that were acquired as a Restricted Investment
not in violation of Section 4.07; and

 

(16)         foreclosures on assets.

 

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

 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act.

 

“Board of Directors” means:

 

(1)           with respect to a corporation, the board of directors of
the corporation or any committee thereof duly authorized to act on behalf of
such board;

 

(2)           with respect to a partnership, the board of directors or
board of managers of the general partner of the partnership;

 

(3)           with respect to a limited liability company, the managing
member or members or any controlling committee of managing members thereof; and

 

3

 

(4)           with respect to any other Person, the board or committee
of such Person serving a similar function.

 

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

 

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

 

“Capital Lease Obligation” means, at the time any
determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a
balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under
such lease prior to the first date upon which such lease may be prepaid by the
lessee without payment of a penalty.

 

“Capital Stock” means:

 

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

 

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

 

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

 

(4)           any other interest or participation that confers on a
Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any
debt securities convertible into Capital Stock, whether or not such debt
securities include any right of participation with Capital Stock.

 

“Cash Equivalents” means:

 

(1)           United States dollars or, in the case of any Restricted
Subsidiary which is not a Domestic Subsidiary, any other currencies held from
time to time in the ordinary course of business;

 

(2)           securities issued or directly and fully guaranteed or
insured by the United States government or any agency or instrumentality of the
United States government (provided that
the full faith and credit of the United States is pledged in support of those
securities) having maturities of not more than 12 months from the date of acquisition;

 

(3)           direct obligations issued by any state of the United
States of America or any political subdivision of any such state, or any public
instrumentality thereof, in each case having maturities of not more than 12
months from the date of acquisition;

 

(4)           certificates of deposit and eurodollar time deposits with
maturities of 12 months or less from the date of acquisition, bankers’
acceptances with maturities not exceeding 12 months and overnight bank
deposits, in each case, with any lender party to the Credit Agreement or with
any domestic commercial bank that has capital and surplus of not less than
$500.0 million;

 

4

 

(5)           repurchase obligations with a term of not more than one
year for underlying securities of the types described in clauses (2) and (4) above
entered into with any financial institution meeting the qualifications
specified in clause (4) above;

 

(6)           commercial paper having one of the two highest ratings
obtainable from Moody’s Investors Service, Inc. or Standard &
Poor’s Rating Services and, in each case, maturing within 12 months after the
date of acquisition;

 

(7)           Indebtedness or preferred stock issued by Persons with a
rating of “A” or higher from Standard & Poor’s Rating Services or “A2”
or higher from Moody’s Investors Service, Inc. with maturities of 12
months or less from the date of acquisition; and

 

(8)           money market funds at least 95% of the assets of which
constitute Cash Equivalents of the kinds described in clauses (1) through (6) of
this definition or money market funds that comply with the criteria set forth
in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended.

 

“Cash Interest” has the meaning set forth in Exhibit A1
and Exhibit A2 hereto.

 

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

 

(1)           the direct or indirect sale, lease, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one or
a series of related transactions, of all or substantially all of the properties
or assets of the Issuer and its Subsidiaries taken as a whole to any “person”
(as that term is used in Section 13(d) of the Exchange Act) other
than Permitted Holders;

 

(2)           the consummation of any transaction (including, without
limitation, any merger or consolidation), the result of which is that any “person”
(as defined above), other than Permitted Holders, becomes the Beneficial Owner,
directly or indirectly, of 50% or more of the Voting Stock of the Issuer,
measured by voting power rather than number of shares; provided,
however, for purposes of this clause (2), each Person will be deemed
to beneficially own any Voting Stock of another Person held by one or more of
its Subsidiaries; or

 

(3)           the first day on which a majority of the members of the
Board of Directors of the Issuer are not Continuing Directors.

 

“Closing Date” means the closing date of the transactions
contemplated by the Agreement and Plan of Merger.

 

“Co-Investors” means institutional investors, other than
Crestview Partners, L.P.  and its Affiliates,
who become holders of Equity Interests of the Issuer (or any direct or indirect
parent) on or prior to the Issue Date.

 

“Code” means the Internal Revenue Code of 1986, as amended
from time to time and the rules and regulations promulgated thereunder
from time to time.

 

“Consolidated Adjusted EBITDA” means, with respect to any
specified Person for any period (the “Measurement Period”), the Consolidated
Net Income of such Person for such period plus, without duplication and to the extent
deducted in determining such Consolidated Net Income, the amounts for such
period of:

 

5

 

(1)           the Fixed Charges of such Person and its Restricted
Subsidiaries for the Measurement Period and any amount excluded from the
definition thereof pursuant to clause (v), (w), (x), (y) or (z) therein;
plus

 

(2)           the provision for federal, state and foreign income taxes
based on income or profits or capital, including state, franchise, capital and
similar taxes and withholding taxes paid or accrued of such Person and its
Restricted Subsidiaries for the Measurement Period; plus

 

(3)           the consolidated depreciation expense of such Person and
its Restricted Subsidiaries for the Measurement Period; plus

 

(4)           the consolidated amortization expense of such Person and
its Restricted Subsidiaries for the Measurement Period; plus

 

(5)           fees, costs and expenses paid or payable in cash by the
Issuer or any of its Subsidiaries during the Measurement Period in connection
with the Transactions (including, without limitation, retention payments paid
as an incentive to retained employees in connection with the Transactions); plus

 

(6)           other non-cash expenses and charges for the Measurement
Period reducing Consolidated Net Income (provided that
if any non-cash expenses or charges referred to in this clause (6) represent
an accrual or reserve for potential cash items in any future period, the cash
payment in respect thereof in such future period shall be subtracted from
Consolidated Adjusted EBITDA to such extent, and excluding amortization of a
prepaid cash item that was paid in a prior period); plus

 

(7)           any non-capitalized expenses or charges for the
Measurement Period relating to (i) any offering of Equity Interests by the
Issuer, Holdings or any other direct or indirect parent of the Issuer, (ii) merger,
recapitalization or acquisition transactions made by the Issuer or any of its
Restricted Subsidiaries, including any earnout payments, whether or not
accounted for as such that are paid, accrued or reserved for within 365 days of
such transaction, or (iii) any Indebtedness incurred by the Issuer or any
of its Restricted Subsidiaries (in each case, whether or not successful); plus

 

(8)           all fees paid by the Issuer pursuant to clauses (7), (8) and
(15) of Section 4.11(b); plus

 

(9)           the amount of extraordinary, unusual or non-recurring
charges or any restructuring charges or reserves (which, for the avoidance of
doubt, shall include retention, severance, systems establishment cost, contract
termination costs, including future lease commitments, and costs to consolidate
facilities and relocate employees); plus

 

(10)         the consolidated minority interest expense of the Issuer and
its Restricted Subsidiaries for the Measurement Period; plus

 

(11)         income attributable to discontinued operations (excluding
income attributable to assets or operations that have been disposed of during
such period); plus

 

(12)         the Net Income of any Person to the extent excluded from the
calculation of Consolidated Net Income pursuant to clause (1) of the
definition thereof (i.e., the minority interest of the Issuer in the entities
generating such Net Income); plus

 

6

 

(13)         any unrealized net loss (or minus any net
gain) resulting in such Measurement Period from hedging transactions; minus

 

(14)         without duplication, other non-cash items
(other than the accrual of revenue in accordance with GAAP consistently applied
in the ordinary course of business) increasing Consolidated Net Income for the
Measurement Period (excluding any such non-cash item to the extent it
represents the reversal of an accrual or reserve for potential cash item in any
prior period); minus

 

(15)         losses attributable to discontinued operations
(excluding losses attributable to assets or operations that have been disposed
of during such period).

 

“Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of
the Net Income of such specified Person and its Subsidiaries (or in the case of
the Issuer, its Restricted Subsidiaries) for such period, on a consolidated
basis, determined in accordance with GAAP; provided that:

 

(1)           the Net Income (and net loss) of any other Person
that is not a Restricted Subsidiary of such specified Person or that is
accounted for by the equity method of accounting will be excluded; provided that Consolidated Net Income of the Issuer will be
increased by the amount of dividends or other distributions or other payments
actually paid in cash (or to the extent converted into cash) or Cash
Equivalents to the Issuer or a Restricted Subsidiary thereof in respect of such
period, to the extent not already included therein;

 

(2)           solely for the purpose of determining the
amount available for Restricted Payments under clause (3)(A) of Section 4.07(a),
the Net Income for such period of any Restricted Subsidiary (other than any
Guarantor) shall be excluded to the extent that the declaration or payment of dividends
or similar distributions by that Restricted Subsidiary of its Net Income is not
at the date of determination wholly permitted without any prior governmental
approval (which has not been obtained) or, directly or indirectly, by the
operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule, or governmental regulation applicable to that
Restricted Subsidiary or its stockholders, unless such restriction with respect
to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of
the Issuer will be increased by the amount of dividends or other distributions
or other payments actually paid in cash (or to the extent converted into cash)
or Cash Equivalents to the Issuer or a Restricted Subsidiary thereof in respect
of such period, to the extent not already included therein;

 

(3)           the cumulative effect of a change in
accounting principles will be excluded;

 

(4)           the amortization of any premiums, fees or
expenses incurred in connection with the Transactions or any amounts required
or permitted by Accounting Principles Board Opinions Nos. 16 (including
non-cash write-ups and non-cash charges relating to inventory and fixed assets,
in each case arising in connection with the Transactions or any other
acquisition) and 17 (including non-cash charges relating to intangibles and
goodwill), in each case in connection with the Transactions or any other
acquisition, will be excluded;

 

(5)           any gain or loss, together with any related
provision for taxes on such gain or loss, realized in connection with:  (a) any sale of assets outside the
ordinary course of business (it being understood that a sale of assets
comprising discontinued operations shall be deemed a sale of assets outside the
ordinary course of business); or (b) the disposition of any securities by
such 

 

7

 

Person or any of its Restricted
Subsidiaries or the extinguishment of any Indebtedness of such Person or any of
its Restricted Subsidiaries will be excluded;

 

(6)           any extraordinary gain or loss, together
with any related provision for taxes on such extraordinary gain or loss will be
excluded;

 

(7)           income or losses attributable to
discontinued operations (including, without limitation, operations disposed
during such period whether or not such operations were classified as
discontinued) will be excluded;

 

(8)           any non-cash charges (i) attributable
to applying the purchase method of accounting in accordance with GAAP, (ii) resulting
from the application of FAS 142 or FAS 144, and (iii) relating to the
amortization of intangibles resulting from the application of FAS 141, will be
excluded;

 

(9)           all non-cash charges relating to employee
benefit or other management or stock compensation plans of the Issuer or a
Restricted Subsidiary (excluding any such non-cash charge to the extent that it
represents an accrual of or reserve for cash expenses in any future period or
amortization of a prepaid cash expense incurred in a prior period) will be
excluded to the extent that such non-cash charges are deducted in computing
such Consolidated Net Income; provided, further, that if the Issuer or any Restricted Subsidiary of
the Issuer makes a cash payment in respect of such non-cash charge in any
period, such cash payment will (without duplication) be deducted from the
Consolidated Net Income of the Issuer for such period;

 

(10)         all unrealized gains and losses relating to
hedging transactions and mark-to-market of Indebtedness denominated in foreign
currencies resulting from the application of FAS 52 shall be excluded; and

 

(11)         accruals and reserves that are established
within twelve months after August 23, 2007 and that are so required to be
established as a result of the Transactions in accordance with GAAP shall be
excluded.

 

“Consolidated Secured Debt
Ratio” as of any date of determination means, the ratio of (1) Consolidated
Total Indebtedness of the Issuer and its Restricted Subsidiaries that is secured
by Liens as of such date to (2) the Issuer’s Consolidated Adjusted EBITDA
for the most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date on which such
event for which such calculation is being made shall occur, in each case with
such pro forma adjustments to Consolidated Total Indebtedness and Consolidated
Adjusted EBITDA as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of Fixed Charge Coverage Ratio; provided, however, that
solely for purposes of the calculation of the Consolidated Secured Debt Ratio,
in connection with the incurrence of any Lien pursuant to clause (27) of the
definition of “Permitted Liens,” the Issuer or its Restricted Subsidiaries may
elect, pursuant to an Officer’s Certificate delivered to the Trustee, to treat
all or any portion of the commitment under any Indebtedness which is to be
secured by such Lien as being incurred at such time and any subsequent
incurrence of Indebtedness under such commitment shall not be deemed, for
purposes of this calculation to be an incurrence at such subsequent time.

 

“Consolidated Total
Indebtedness” means, as at any date of determination, an amount
equal to the aggregate amount of all outstanding Indebtedness of the Issuer and
its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness
for borrowed money, Obligations in respect of Capitalized Lease Obligations and
debt obligations evidenced by promissory notes and similar instruments, less
the 

 

8

 

aggregate
amount of cash and Cash Equivalents of the Issuer and its Restricted
Subsidiaries on a consolidated basis.

 

“Continuing Directors” means, as of any date of
determination, any member of the Board of Directors of the Issuer who:

 

(1)           was a member of such Board of Directors on
the Issue Date; 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; or

 

(3)           was designated or appointed with the
approval of Permitted Holders holding a majority of the Voting Stock of all of
the Permitted Holders.

 

“Corporate Trust Office of
the Trustee” shall be at the address of the Trustee specified in Section 13.02
or such other address as to which the Trustee may give notice to the Issuer.

 

“Credit Agreement”
means that certain Credit Agreement, dated as of August 23, 2007, by and
among the Issuer, as borrower, Holdings, certain subsidiaries of the Issuer,
Merrill Lynch Capital Corporation, as administrative agent and collateral
agent, Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Banc of America Securities LLC, as joint lead arrangers
and joint bookrunners, and various lenders from time to time party thereto
providing for up to $250.0 million of term loans, $100.0 million of revolving
credit borrowings and $50.0 million of uncommitted incremental loan facilities,
including any related notes, Guarantees, collateral documents, instruments and
agreements executed in connection therewith, and, in each case, as amended,
restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced by any other Indebtedness (including by
means of sales of debt securities and including any amendment, restatement,
modification, renewal, refunding, replacement or refinancing that increases the
amount borrowed thereunder or extends the maturity thereof) in whole or in part
from time to time.

 

“Credit Facilities”
means, one or more debt facilities (including, without limitation, the Credit
Agreement) or commercial paper facilities or indentures, in each case, with
banks or other institutional lenders providing for revolving credit loans,
notes, term loans, receivables financing (including through the sale of receivables
to such lenders or to special purpose entities formed to borrow from such
lenders against such receivables) or letters of credit or any other
Indebtedness, in each case, as amended, restated, modified, renewed, refunded,
replaced (whether upon or after termination or otherwise) or refinanced (including
by means of sales of debt securities and including any amendment, restatement,
modification, renewal, refunding, replacement or refinancing that increases the
amount borrowed thereunder or extends the maturity thereof) in whole or in part
from time to time.

 

“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or
any successor entity thereto.

 

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

 

“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued
in accordance with Section 2.06, substantially in the form of Exhibit A1
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.

 

9

 

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

 

“Designated Noncash
Consideration” means any non-cash consideration received by the
Issuer or a Restricted Subsidiary in connection with an Asset Sale that is
designated as Designated Noncash Consideration pursuant to an Officer’s
Certificate.

 

“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security
into which it is convertible, or for which it is exchangeable, in each case, at
the option of the holder of the Capital Stock), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the Capital
Stock, in whole or in part, on or prior to the date that is 90 days after the
date on which the Notes mature.  Notwithstanding
the preceding sentence, (x) any Capital Stock that would constitute
Disqualified Stock solely because the holders of the Capital Stock have the
right to require the Issuer or the Subsidiary that issued such Capital Stock to
repurchase such Capital Stock upon the occurrence of a change of control or an
asset sale will not constitute Disqualified Stock if the terms of such Capital
Stock provide that the Issuer may not repurchase such Capital Stock unless the
Issuer would be permitted to do so in compliance with Section 4.07, (y) any
Capital Stock that would constitute Disqualified Stock solely as a result of
any redemption feature that is conditioned upon, and subject to, compliance
with Section 4.07 shall not constitute Disqualified Stock and (z) any
Capital Stock issued to any plan for the benefit of employees will not
constitute Disqualified Stock solely because it may be required to be
repurchased by the Issuer or the Subsidiary that issued such Capital Stock in
order to satisfy applicable statutory or regulatory obligations.  The amount of Disqualified Stock deemed to be
outstanding at any time for purposes of this Indenture will be the maximum
amount that the Issuer and its Restricted Subsidiaries may become obligated to
pay upon the maturity of, or pursuant to any mandatory redemption provisions
of, such Disqualified Stock, exclusive of accrued dividends.

 

“Domestic Subsidiary”
means any Restricted Subsidiary of the Issuer that was formed under the laws of
the United States or any state of the United States.

 

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

 

“Equity Offering”
means a public or private offering of Qualified Capital Stock of the Issuer,
Holdings or any other direct or indirect parent of the Issuer, other than:

 

(1)           a public offering with
respect to the Issuer’s or any direct or indirect parent company’s Qualified
Capital Stock registered on Form S-4 or Form S-8;

 

(2)           issuances to any
Subsidiary of the Issuer; and

 

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

 

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

 

“Exchange Notes”
means the Notes issued in the Exchange Offer pursuant to the Registration
Rights Agreement.

 

10

 

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

 

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

 

“Excluded Contributions”
means net cash proceeds, marketable securities or Qualified Proceeds received
by the Issuer from (i) contributions to its equity capital (other than
Disqualified Stock) or (ii) the sale (other than to a Subsidiary of the
Issuer or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Issuer) of Equity Interests (other
than Disqualified Stock) of the Issuer, in each case designated as Excluded
Contributions pursuant to an Officer’s Certificate on the date such capital
contributions are made or the date such Equity Interests are sold, as the case
may be, that are excluded from the calculation set forth in clause (3) of Section 4.07(a) hereof.

 

“Existing Indebtedness”
means Indebtedness (other than the Indebtedness under the Credit Agreement)
existing on the Issue Date.

 

“Fair Market Value”
means the value that would be paid by a willing buyer to an unaffiliated willing
seller in a transaction not involving distress or necessity of either party,
determined in good faith by the Board of Directors, chief executive officer or
chief financial officer of the Issuer (unless otherwise provided in this Indenture).

 

“Fixed Charge Coverage
Ratio” means with respect to any specified Person for any period,
the ratio of the Consolidated Adjusted EBITDA of such Person for such period to
the Fixed Charges of such Person for such period.  In the event that the specified Person or any
of its Restricted Subsidiaries incurs, assumes, guarantees, repays,
repurchases, redeems, defeases or otherwise discharges any Indebtedness (other
than ordinary working capital borrowings) or issues, repurchases or redeems
preferred stock or Disqualified Stock subsequent to the commencement of the
period for which the Fixed Charge Coverage Ratio is being calculated and on or
prior to the date on which the event for which the calculation of the Fixed
Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge
Coverage Ratio will be calculated giving pro forma effect to such incurrence,
assumption, Guarantee, repayment, repurchase, redemption, defeasance or other
discharge of Indebtedness, or such issuance, repurchase or redemption of
preferred stock or Disqualified Stock, and the use of the proceeds therefrom,
as if the same had occurred at the beginning of the applicable four-quarter
reference period.

 

In addition,
for purposes of calculating the Fixed Charge Coverage Ratio:

 

(1)           Investments, acquisitions, mergers,
consolidations and dispositions that have been made by the specified Person or
any of its Restricted Subsidiaries, or any Person or any of its Restricted
Subsidiaries acquired by, merged or consolidated with the specified Person or
any of its Restricted Subsidiaries, and including any related financing
transactions and including increases in ownership of Restricted Subsidiaries,
during the four-quarter reference period or subsequent to such reference period
and on or prior to the Calculation Date will be given pro forma effect,
including giving effect to Pro Forma Cost Savings, as if they had occurred on
the first day of the four-quarter reference period;

 

(2)           the Fixed Charges attributable to
discontinued operations, as determined in accordance with GAAP, and operations
or businesses (and ownership interests therein) disposed of prior to the
Calculation Date, will be excluded, but only to the extent that the obligations
giving rise to such Fixed Charges will not be obligations of the specified Person
or any of its Restricted Subsidiaries following the Calculation Date;

 

11

 

(3)           any Person that is a Restricted Subsidiary
on the Calculation Date will be deemed to have been a Restricted Subsidiary at
all times during such four-quarter period;

 

(4)           any Person that is not a Restricted
Subsidiary on the Calculation Date will be deemed not to have been a Restricted
Subsidiary at any time during such four-quarter period; and

 

(5)           if any Indebtedness bears a floating rate of
interest, the interest expense on such Indebtedness will be calculated as if
the rate in effect on the Calculation Date had been the applicable rate for the
entire period (taking into account any Hedging Obligation applicable to such
Indebtedness).

 

For purposes of this definition, whenever pro
forma effect is given to a transaction, the pro forma calculations shall be
made in good faith by a responsible financial or accounting officer of the
Issuer.  Interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined
by a responsible financial or accounting officer of the Issuer to be the rate
of interest implicit in such Capitalized Lease Obligation in accordance with
GAAP.  For purposes of making the
computation referred to above, interest on any Indebtedness under a revolving
credit facility computed on a pro forma basis shall be computed based upon the
average daily balance of such Indebtedness during the applicable period.  Interest on Indebtedness that may optionally
be determined at an interest rate based upon a factor of a prime or similar
rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to
have been based upon the rate actually chosen, or, if none, then based upon
such optional rate chosen as the Issuer may designate.

 

“Fixed Charges” means, with respect to any specified Person
for any period, the sum, without duplication, of:

 

(1)           the consolidated interest expense of such
Person and its Subsidiaries (or in the case of the Issuer, its Restricted
Subsidiaries) for such period, net of interest income, whether paid or accrued,
including, without limitation, original issue discount, non-cash interest
payments, the interest component of all payments associated with Capital Lease
Obligations, commissions, discounts and other fees and charges incurred in
respect of letter of credit or bankers’ acceptance financings, and net of the
effect of all cash payments made or received pursuant to Hedging Obligations in
respect of interest rates, and excluding (v) amortization of deferred
financing costs, (w) accretion or accrual of discounted liabilities not
constituting Indebtedness, (x) any expense resulting from the discounting
of any Indebtedness in connection with the application of purchase accounting
in connection with any acquisition, (y) any expensing of bridge,
commitment and other financing fees and (z) to the extent included in
Fixed Charges, the portion of consolidated interest expense of such Person and
its Restricted Subsidiaries attributable to Indebtedness incurred in connection
with the acquisition of discontinued operations; plus

 

(2)           any interest on Indebtedness of another
Person that is Guaranteed by such Person or one of its Restricted Subsidiaries
or secured by a Lien on assets of such Person or one of its Restricted
Subsidiaries, but only to the extent that such Guarantee or Lien is called
upon; plus

 

(3)           all cash dividends paid on any series of
preferred stock of such Person or any of its Restricted Subsidiaries (other
than to the Issuer or a Restricted Subsidiary of the Issuer), in each case, determined
on a consolidated basis in accordance with GAAP.

 

“Foreign Subsidiary”
means any Subsidiary that is not incorporated under the laws of the United
States of America, any State thereof or the District of Columbia.

 

12

 

“GAAP” means
generally accepted accounting principles set forth in the opinions and pronouncements
of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession, which
are in effect on August 23, 2007.  For the purposes of this Indenture, the term “consolidated”
with respect to any Person shall mean such Person consolidated with its
Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but
the interest of such Person in an Unrestricted Subsidiary will be accounted for
as an Investment.

 

“Global Note Legend”
means the legend set forth in Section 2.06(g)(2), 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 deposited with or on behalf of and registered in
the name of the Depository or its nominee, substantially in the form of Exhibits
A1 and A2 hereto and that bears the Global Note Legend and that has
the “Schedule of Exchanges of Interests in the Global Note” attached thereto,
issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or
2.06(f) hereof.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of
America (including any agency or instrumentality thereof) and the payment for
which the United States pledges its full faith and credit.

 

“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, by way of a pledge of assets or through letters
of credit or reimbursement agreements in respect thereof, of all or any part of
any Indebtedness (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services, to
take or pay or to maintain financial statement conditions or otherwise).

 

“Guarantors”
means each Restricted Subsidiary of the Issuer that executes a Subsidiary Guarantee
in accordance with the provisions of this Indenture, and their respective
successors and assigns, in each case, until the Subsidiary Guarantee of such
Person has been released in accordance with the provisions of this Indenture.

 

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

 

(1)           interest rate swap agreements (whether from
fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements;

 

(2)           other agreements or arrangements designed to
manage interest rates or interest rate risk; and

 

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

 

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

 

“Holdings” means
Symbol Holdings Corporation, a Delaware corporation.

 

13

 

“Indebtedness”
means, with respect to any specified Person, the principal and premium (if any)
of any indebtedness of such Person (excluding accrued expenses and trade
payables), whether or not contingent:

 

(1)           in respect of borrowed money;

 

(2)           evidenced by bonds, notes, debentures or
similar instruments or letters of credit (or reimbursement agreements in
respect thereof) (other than letters of credit issued in respect of trade
payables);

 

(3)           in respect of banker’s acceptances;

 

(4)           representing Capital Lease Obligations;

 

(5)           representing the balance deferred and unpaid
of the purchase price of any property or services due more than twelve months
after such property is acquired or such services are completed (except any such
balance that constitutes a trade payable or similar obligation to a trade
creditor); or

 

(6)           representing the net obligations under any
Hedging Obligations,

 

if and to the extent any of the
preceding items (other than letters of credit, and Hedging Obligations) would
appear as a liability upon a balance sheet of the specified Person prepared in
accordance with GAAP.  In addition, the
term “Indebtedness” includes all Indebtedness of others secured by a Lien on
any asset of the specified Person (whether or not such Indebtedness is assumed
by the specified Person) and, to the extent not otherwise included, the
Guarantee by the specified Person of any Indebtedness of any other Person.

 

Notwithstanding the foregoing, Indebtedness
shall be deemed not to include (1) contingent obligations, including
Guarantees, incurred in the ordinary course of business or in respect of
operating leases, and not in respect of borrowed money; (2) deferred or
prepaid revenues; (3) purchase price holdbacks in respect of a portion of
the purchase price of an asset to satisfy warranty or other unperformed obligations
of the respective seller; (4) Obligations under or in respect of a
Qualified Receivables Transaction or (5) payment obligations under the
Agreement and Plan of Merger, including any obligation to make appraisal payments.

 

The amount of any Indebtedness outstanding as
of any date shall be:

 

(1)           the accreted value
thereof (together with any interest thereon that is more than 30 days past
due), in the case of any Indebtedness that does not require current payments of
interest; and

 

(2)           the principal amount
thereof, in the case of any other Indebtedness.

 

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

 

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

 

“Initial Notes”
means the Notes issued under this Indenture on the date hereof.

 

14

 

“Initial Purchasers”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Banc of America
Securities LLC and Greenwich Capital Markets, Inc.

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including
Guarantees or other obligations), advances or capital contributions (excluding
accounts receivable, trade credit, advances to customers and commission,
travel, relocation and similar advances to officers and employees made in the
ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items
that are or would be classified as investments on a balance sheet (excluding
the footnotes) prepared in accordance with GAAP.  If the Issuer or any Restricted Subsidiary of
the Issuer sells or otherwise disposes of any Equity Interests of any direct or
indirect Restricted Subsidiary of the Issuer such that, after giving effect to
any such sale or disposition, such Person is no longer a Subsidiary of the
Issuer, the Issuer will be deemed to have made an Investment on the date of any
such sale or disposition equal to the Fair Market Value of the Issuer’s
Investments in such Subsidiary that were not sold or disposed of in an amount
determined as provided in Section 4.07(c). 
The acquisition by the Issuer or any Restricted Subsidiary of the Issuer
of a Person that holds an Investment in a third Person will not be deemed to be
an Investment by the Issuer or such Restricted Subsidiary in such third Person,
unless such third Person’s Investment was made in contemplation of the
acquisition by the Issuer or a Restricted Subsidiary, in which case it shall be
an Investment in an amount equal to the Fair Market Value of the Investments
held by the acquired Person in such third Person in an amount determined as
provided in Section 4.07(c).  The
outstanding amount of any Investment shall be the original cost thereof,
reduced by all returns on such Investment (including dividends, interest,
distributions, returns of principal and profits on sale).

 

“Issue Date”
means June 3, 2008.

 

“Issuer” means
the party named as the “Issuer” in the first paragraph of this Indenture and
any successor obligor.

 

“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 on such payment for the intervening period.

 

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

 

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

 

“Make-Whole Redemption Date”
means the date on which any Note is redeemed pursuant to Section 5(c) of
the Notes.

 

“Management Agreements”
means the management, service or similar agreements pursuant to which the
Issuer or any of its Qualified Restricted Subsidiaries manages the assets and
businesses of any of its Restricted Subsidiaries.

 

15

 

“Minority Interests”
means the interests in income of the Issuer’s Restricted Subsidiaries held by
Persons other than the Issuer or a Restricted Subsidiary, as reflected on the
Issuer’s consolidated financial statements.

 

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

 

“Net Proceeds”
means the aggregate cash proceeds received by the Issuer or any of its Restricted
Subsidiaries in respect of any Asset Sale (including, without limitation, any
cash received upon the sale or other disposition of any non-cash consideration
received in any Asset Sale), net of the direct costs relating to such Asset
Sale, including, without limitation, legal, accounting and investment banking
fees, payments made in order to obtain a necessary consent or required by
applicable law, and sales commissions, and any relocation expenses incurred as
a result of the Asset Sale, taxes paid or payable as a result of the Asset
Sale, including taxes resulting from the transfer of the proceeds of such Asset
Sale to the Issuer, in each case, after taking into account:

 

(1)           any available tax credits or deductions and
any tax sharing arrangements;

 

(2)           amounts required to be applied to the repayment
of Indebtedness secured by a Lien on the asset or assets that were the subject
of such Asset Sale;

 

(3)           any reserve for adjustment in respect of the
sale price of such asset or assets established in accordance with GAAP;

 

(4)           any reserve for adjustment in respect of any
liabilities associated with the asset disposed of in such transaction and
retained by the Issuer or any Restricted Subsidiary after such sale or other
disposition thereof;

 

(5)           any distributions and other payments
required to be made to minority interest holders in Subsidiaries or joint
ventures as a result of such Asset Sale; and

 

(6)           in the event that a Restricted Subsidiary
consummates an Asset Sale and makes a pro rata payment of dividends to all of
its stockholders from any cash proceeds of such Asset Sale, the amount of
dividends paid to any stockholder other than the Issuer or any other Restricted
Subsidiary; provided that any net proceeds of an
Asset Sale by a Non-Guarantor Subsidiary that are subject to legal or
contractual restrictions on repatriation to the Issuer will not be considered
Net Proceeds for so long as such proceeds are subject to such restrictions; provided, however, that
any such contractual restrictions on repatriation were not entered into in contemplation
of such Asset Sale.

 

“Non-Guarantor Subsidiaries”
means (v) any Unrestricted Subsidiary, (w) any Receivables Subsidiary,
(x) any Foreign Subsidiary and (y) any other Subsidiary of the Issuer
that does not guarantee the Issuer’s Obligations under the Credit Agreement.

 

“Non-Recourse Debt” means Indebtedness:

 

(1)           as to which neither the Issuer nor any of
its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute
Indebtedness), (b) is directly or indirectly liable as a guarantor or (c) otherwise
constitutes the lender;

 

16

 

(2)           no default with respect to which (including
any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of
time or both any holder of any other Indebtedness of the Issuer or any of its
Restricted Subsidiaries to declare a default on such other Indebtedness or
cause the payment of such other Indebtedness to be accelerated or payable prior
to its Stated Maturity;

 

(3)           as to which the lenders have been notified
in writing or have agreed in writing (in the agreement relating thereto or
otherwise) that they will not have any recourse to the stock or assets of the
Issuer or any of its Restricted Subsidiaries; and

 

(4)           except to the extent of any Guarantee
thereof as permitted by the definition of “Unrestricted Subsidiary.”

 

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

 

“Notes” has the
meaning assigned to it in the preamble to this Indenture.

 

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

 

“Offering Memorandum”
means the Issuer’s offering memorandum, dated May 29, 2008, related to the
issuance and sale 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, the Controller, the Secretary or any Vice
President of such Person.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by one Officer of the Issuer,
who must be the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of the Issuer, that meets the
requirements of Section 13.05 hereof.

 

“Opinion of Counsel”
means an opinion from legal counsel that meets the requirements of Section 13.05
hereof.  The counsel may be an employee
of or counsel to the Issuer or any Subsidiary of the Issuer.

 

“Partial PIK Interest”
has the meaning set forth in Exhibit A1 and Exhibit A2
hereto.

 

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

 

“Permitted Business”
means (i) any business engaged in by the Issuer or any of its Restricted
Subsidiaries on the Issue Date and (ii) any business or other activities
that are reasonably similar, ancillary, complementary or related to, or a
reasonable extension, development or expansion of, the businesses in which the
Issuer and its Restricted Subsidiaries are engaged on the Issue Date.

 

“Permitted Holder”
means Crestview Partners GP, L.P., the Co-Investors and members of management
of the Issuer who are holders of Equity Interests on the Issue Date, and their
respective Affiliates.

 

17

 

“Permitted Investments” means:

 

(1)           any Investment in the Issuer, in a Guarantor
or in a Qualified Restricted Subsidiary;

 

(2)           any Investment in Cash Equivalents;

 

(3)           any Investment by the Issuer or any
Restricted Subsidiary of the Issuer in a Person (other than the Issuer, a Guarantor
or a Qualified Restricted Subsidiary of the Issuer) that is engaged as its
primary business in a Permitted Business, if as a result of such Investment:

 

(a)           such Person becomes a Qualified Restricted
Subsidiary; or

 

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

 

(4)           any Investment received in connection with
an Asset Sale that was made pursuant to and in compliance with Section 4.10
hereof or in connection with the disposition of assets not constituting an
Asset Sale;

 

(5)           any Investment solely in exchange for the
issuance of Equity Interests (other than Disqualified Stock) of the Issuer or
any parent of the Issuer;

 

(6)           any Investments received in compromise,
settlement or resolution of (A) obligations of trade debtors or customers
that were incurred in the ordinary course of business of the Issuer or any of
its Restricted Subsidiaries, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade debtor or
customer, (B) litigation, arbitration or other disputes with Persons who
are not Affiliates or (C) as a result of a foreclosure by the Issuer or
any Restricted Subsidiary with respect to any secured Investment or other
transfer of title with respect to any secured Investment in default;

 

(7)           Investments represented by Hedging Obligations
entered into to protect against fluctuations in interest rates, exchange rates
and commodity prices;

 

(8)           any Investment in payroll, travel and
similar advances to cover business-related travel expenses, moving expenses or
other similar expenses, in each case incurred in the ordinary course of
business;

 

(9)           Investments in receivables owing to the
Issuer or any Restricted Subsidiary if created or acquired in the ordinary
course of business and payable or dischargeable in accordance with customary
trade terms; provided, however,
that such trade terms may include such concessionary trade terms as the Issuer
or any such Restricted Subsidiary deems reasonable under the circumstances;

 

(10)         Investments in prepaid expenses, negotiable
instruments held for collection and lease, utility and workers compensation,
performance and similar deposits entered into as a result of the operations of
the business in the ordinary course of business;

 

18

 

(11)         obligations of one or more officers or other
employees of the Issuer or any of its Restricted Subsidiaries in connection
with such officer’s or employee’s acquisition of shares of Capital Stock of the
Issuer or Capital Stock of Holdings (or any other direct or indirect parent
company of the Issuer) so long as no cash or other assets are paid by the
Issuer or any of its Restricted Subsidiaries to such officers or employees in
connection with the acquisition of any such obligations;

 

(12)         loans or advances to and guarantees provided
for the benefit of employees made in the ordinary course of business of the
Issuer or the Restricted Subsidiary of the Issuer in an aggregate principal
amount not to exceed $2.5 million at any one time outstanding;

 

(13)         Investments existing as of the Issue Date or
an Investment consisting of any extension, modification or renewal of any
Investment existing as of the Issue Date (excluding any such extension,
modification or renewal involving additional advances, contributions or other investments
of cash or property or other increases thereof unless it is a result of the
accrual or accretion of interest or original issue discount or payment-in-kind
pursuant to the terms, as of the Issue Date, of the original Investment so
extended, modified or renewed) and pursuant to any binding commitment
outstanding as of the Issue Date;

 

(14)         repurchases of the Notes;

 

(15)         (A) other Investments in any Person
having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value),
when taken together with all other Investments made pursuant to this clause
(15)(A) that are at the time outstanding not to exceed $23.0 million
during any period of twelve consecutive months (with any amount not used during
this period to be carried forward to any subsequent period) and (B) other
Investments consisting of loans or advances to, or Guarantees of Indebtedness
of, any Person having an aggregate Fair Market Value (measured on the date each
such Investment was made and without giving effect to subsequent changes in
value), when taken together with all other Investments made pursuant to this
clause (15)(B) that are at the time outstanding not to exceed $23.0
million during any period of twelve consecutive months (with any amount not
used during this period to be carried forward to any subsequent period); provided, however, that
if any Investment pursuant to this clause (15) is made in any Person that is
not a Qualified Restricted Subsidiary at the date of the making of such
Investment and such Person becomes a Qualified Restricted Subsidiary after such
date, such Investment shall thereafter be deemed to have been made pursuant to
clause (1) above and shall cease to have been made pursuant to this clause (15)
for so long as such Person continues to be a Qualified Restricted Subsidiary
(it being understood that if such Person thereafter ceases to be a Qualified
Restricted Subsidiary, such Investment will again be deemed to have been made
pursuant to this clause (15)); provided, further, that substantially all of the business activities
of any such Person consist of a Permitted Business;

 

(16)         the acquisition by a Receivables Subsidiary in
connection with a Qualified Receivables Transaction of Equity Interests of a
trust or other Person established by such Receivables Subsidiary to effect such
Qualified Receivables Transaction; and any other Investment by the Issuer or a
Subsidiary of the Issuer in a Receivables Subsidiary or any Investment by a Receivables
Subsidiary in any other Person in connection with a Qualified Receivables
Transaction customary for such transactions;

 

19

 

(17)         Investments not otherwise permitted by the foregoing
clauses in an amount, taken together with all other Investments made pursuant
to this clause, not to exceed $11.5 million in the aggregate outstanding at any
time;

 

(18)         Guarantees of Indebtedness which Guarantees are made
by the Issuer or a Restricted Subsidiary permitted under Section 4.09 and
performance guarantees and guarantees of operating leases in the ordinary
course of business; provided that
if at the time of and after giving effect to any Guarantee (and without
limiting the foregoing) the aggregate principal amount of Indebtedness of
Restricted Subsidiaries that are not Qualified Restricted Subsidiaries that is
Guaranteed by the Issuer or any Qualified Restricted Subsidiary, together with the
aggregate amount of Investments made pursuant to clause (15)(B) exceeds
$23.0 million (net of cash returns, or reduction in the amount of such
Guarantees by, on any such Investments to the Issuer or a Qualified Restricted
Subsidiary) during any period of twelve consecutive months (with any amount not
used during such period permitted to be carried forward to any subsequent period)
(in each case determined without regard to any write downs or write-offs), such
Guarantee shall not be permitted; provided, further,
that substantially all of the business activities of any such Restricted
Subsidiary that is not a Qualified Restricted Subsidiary whose Indebtedness is
so Guaranteed consists of a Permitted Business;

 

(19)         advances to any Person in the ordinary course of
business, provided that (i) such advances
when made are expected to be repaid within 270 days of such advance and (ii) the
aggregate amount of all advances made pursuant to this clause (19) does not
exceed $23.0 million at any time outstanding; and

 

(20)         Investments consisting of amounts potentially due
from a seller of property in an acquisition that (i) relate to customary
post-closing adjustments with respect to accounts receivable, accounts payable
and similar items typically subject to post-closing adjustments in similar
transactions and (ii) are outstanding for a period of one hundred twenty
(120) days or less following the closing of such acquisition.

 

“Permitted
Liens” means:

 

(1)           Liens in favor
of the Issuer or the Guarantors;

 

(2)           Liens on property
or assets of a Person existing at the time such Person is merged with or into,
consolidated with or acquired by the Issuer or any Restricted Subsidiary of the
Issuer; provided that such Liens were in
existence prior to the contemplation of such merger, consolidation or acquisition
and do not extend to any assets other than those of the Person merged into,
consolidated with or acquired by the Issuer or such Subsidiary, plus renewals
and extensions of such Liens;

 

(3)           Liens on
property (including Capital Stock) existing at the time of acquisition of the
property by the Issuer or any Restricted Subsidiary of the Issuer; provided that such Liens were in existence prior to, such
acquisition, and not incurred in contemplation of, such acquisition, plus renewals
and extensions of such Liens;

 

(4)           Liens
(including deposits and pledges) to secure the performance of public or
statutory obligations, progress payments, surety or appeal bonds, performance
bonds or other obligations of a like nature incurred in the ordinary course of
business;

 

20

 

(5)           Liens to secure
Indebtedness (including Capital Lease Obligations) permitted by Section 4.09(b)(4)
covering only the assets acquired, constructed or improved with or financed by
such Indebtedness;

 

(6)           Liens existing
on the Issue Date (other than Liens in favor of the lenders under the Credit
Facilities), plus renewals and extensions of such Liens;

 

(7)           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 is required in conformity
with GAAP has been made therefor;

 

(8)           Liens imposed
by law, such as carriers’, warehousemen’s, landlord’s, materialmen’s, laborers’,
employees’, suppliers’ and mechanics’ Liens, in each case, incurred in the ordinary
course of business;

 

(9)           survey
exceptions, title defects, encumbrances, easements or reservations of, or
rights of others for, licenses, rights-of-way, sewers, electric lines,
telegraph and telephone lines and other similar purposes, or zoning or other
restrictions as to the use of real property that do not materially interfere
with the ordinary conduct of the business of the Issuer and its Subsidiaries,
taken as a whole;

 

(10)         Liens created
for the benefit of (or to secure) the Notes (or the Subsidiary Guarantees);

 

(11)         Liens to secure
any Permitted Refinancing Indebtedness permitted to be incurred under this
Indenture; provided, however,
that:

 

(a)           the new Lien
shall be limited to all or part of the same property and assets that secured
or, under the written agreements pursuant to which the original Lien arose,
could secure the original Indebtedness (plus improvements and accessions to,
such property or proceeds or distributions thereof); and

 

(b)           the
Indebtedness secured by the new Lien is not increased to any amount greater
than the sum of (x) the outstanding principal amount, or, if greater,
committed amount, of the Permitted Refinancing Indebtedness and (y) an
amount necessary to pay any fees and expenses, including premiums, related to
such renewal, refunding, refinancing, replacement, defeasance or discharge;

 

(12)         Liens with respect to Indebtedness that does not
exceed $11.5 million at any one time outstanding, and Obligations in respect
thereof;

 

(13)         Liens incurred
in connection with a Qualified Receivables Transaction (which, in the case of
the Issuer and its Restricted Subsidiaries (other than Receivables
Subsidiaries) shall be limited to receivables and related assets referred to in
the definition of Qualified Receivables Transaction);

 

(14)         security for
the payment of workers’ compensation, unemployment insurance, other social
security benefits or other insurance-related obligations (including, but not
limited to, in respect of deductibles, self-insured retention amounts and
premiums and adjustments thereto) entered into in the ordinary course of
business;

 

21

 

(15)         deposits or
pledges in connection with bids, tenders, leases and contracts (other than
contracts for the payment of money) entered into in the ordinary course of
business;

 

(16)         zoning
restrictions, easements, licenses, reservations, provisions, encroachments,
encumbrances, protrusion permits, servitudes, covenants, conditions, waivers,
restrictions on the use of property or minor irregularities of title (and with
respect to leasehold interests, mortgages, obligations, liens and other
encumbrances incurred, created, assumed or permitted to exist and arising by,
through or under a landlord or owner of the leased property, with or without
consent of the lessee), in each case, not materially interfering with the
ordinary conduct of the business of the Issuer and its Subsidiaries, taken as a
whole;

 

(17)         leases,
subleases, licenses or sublicenses to third parties entered into in the ordinary
course of business;

 

(18)         Liens securing
Hedging Obligations entered into to protect against fluctuations in interest
rates, exchange rates and commodity prices;

 

(19)         Liens arising
out of judgments, decrees, orders or awards in respect of which the Issuer
shall in good faith be prosecuting an appeal or proceedings for review which
appeal or proceedings shall not have been finally terminated, or if the period
within which such appeal or proceedings may be initiated shall not have
expired;

 

(20)         Liens on
Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other
obligation of such Unrestricted Subsidiary;

 

(21)         Liens on the
assets of Non-Guarantor Subsidiaries securing Indebtedness of Non-Guarantor
Subsidiaries that were permitted by the terms of this Indenture to be incurred;

 

(22)         Liens arising
from filing Uniform Commercial Code financing statements regarding leases;

 

(23)         Liens (i) of
a collection bank arising under Section 4-210 of the Uniform Commercial
Code on items in the course of collection and (ii) in favor of banking
institution encumbering deposits (including the right of set-off) and which are
within the general parameters customary in the banking industry;

 

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

 

(25)         Liens securing Indebtedness (including Liens
securing any Obligations in respect thereof) permitted to be incurred pursuant
to clause (1) of Section 4.09(b);

 

(26)         Liens created or deemed to exist by the
establishment of trusts for the purpose of satisfying government reimbursement
program costs and other actions or claims pertaining to the same or related matters
or other medical reimbursement programs;

 

(27)         Liens solely on any cash earned money deposits made
by the Issuer or any Restricted Subsidiary with any letter of intent or
purchase agreement permitted hereunder; and

 

22

 

(28)         Liens securing Indebtedness (including liens
securing any Obligations in respect thereof) permitted to be incurred pursuant
to Section 4.09(a) so long as after giving effect to such incurrence
the Consolidated Secured Debt Ratio of the Issuer and its Restricted
Subsidiaries shall be equal to or less than 4.25 to 1.0 for the Issuer’s most
recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such Lien is incurred.

 

“Permitted Payment
Restriction” means any encumbrance or restriction on the ability of
any Restricted Subsidiary to pay dividends or make any other distributions on
its Equity Interests to the Issuer or a Restricted Subsidiary which restriction
would not materially impair the Issuer’s ability to make scheduled payments of
cash interest and to make required principal payments on the notes as determined
in good faith by the chief financial officer of the Issuer, whose determination
shall be conclusive.

 

“Permitted
Payments to Parent” means

 

(1)           payments, directly or indirectly, to Holdings or any
other direct or indirect parent company of the Issuer to be used by Holdings
(or any other direct or indirect parent company of the Issuer) to pay (x) consolidated,
combined or similar Federal, state and local taxes payable by Holdings (or such
parent company) and directly attributable to (or arising as a result of) the operations
of the Issuer and its Subsidiaries and (y) franchise or similar taxes and
fees of Holdings (or such parent company) required to maintain Holdings’ (or
such parent company’s) corporate or other existence and other taxes; provided that:

 

(a)           the amount of such dividends, distributions or
advances paid shall not exceed (x) the amount that would be due with
respect to a consolidated, combined or similar Federal, state or local tax
return that included the Issuer and its Subsidiaries if the Issuer was a
corporation for Federal, state and local tax purposes plus (y) the actual
amount of such franchise or similar taxes and fees of Holdings (or such parent
company) required to maintain Holdings’ (or such parent company’s) corporate or
other existence and other taxes, each as applicable; and

 

(b)           such payments are used by Holdings (or such parent
company) for such purposes within 90 days of the receipt of such payments;

 

(2)           payments, directly or indirectly, to Holdings or any
other direct or indirect parent company of the Issuer if the proceeds thereof
are used to pay general corporate and overhead expenses (including salaries and
other compensation of employees) incurred in the ordinary course of its
business or of the business of Holdings or such other parent company of the
Issuer as a direct or indirect holding company for the Issuer or used to pay
fees and expenses (other than to Affiliates) relating to any unsuccessful debt
or equity financing; and

 

(3)           payments, directly or indirectly, to Holdings or any
other direct or indirect parent company of the Issuer if the proceeds thereof
are used to pay amounts payable to the Permitted Holders to the extent
permitted by clause (15) of Section 4.11, solely to the extent such
amounts are not paid directly by the Issuer or its Subsidiaries.

 

“Permitted Refinancing
Indebtedness” means any Indebtedness of the Issuer or any of its Restricted
Subsidiaries issued in exchange for, or the net proceeds of which are used to
extend, renew, refund, refinance, replace, defease or discharge other
Indebtedness of the Issuer or any of its Restricted Subsidiaries (other than
intercompany Indebtedness); provided that:

 

23

 

(1)           the principal
amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if
applicable) of the Indebtedness extended, renewed, refunded, refinanced,
replaced, defeased or discharged (plus all accrued interest on the Indebtedness
and the amount of all fees, commissions, discounts and expenses, including
premiums, incurred in connection therewith);

 

(2)           either (a) such
Permitted Refinancing Indebtedness has a final maturity date later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or
greater than the Weighted Average Life to Maturity of, the Indebtedness being
extended, renewed, refunded, refinanced, replaced, defeased or discharged or (b) all
scheduled payments on or in respect of such Permitted Refinancing Indebtedness
(other than interest payments) shall be at least 91 days following the final
scheduled maturity of the Notes;

 

(3)           if the
Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased
or discharged is subordinated in right of payment to the Notes, such Permitted
Refinancing Indebtedness is subordinated in right of payment to the Notes on
terms at least as favorable to the Holders as those contained in the
documentation governing the Indebtedness being extended, renewed, refunded,
refinanced, replaced, defeased or discharged; and

 

(4)           such Indebtedness is
incurred

 

(a)           by the Issuer
or by the Restricted Subsidiary who is the obligor on the Indebtedness being
renewed, refunded, refinanced, replaced, defeased or discharged;

 

(b)           by the Issuer
or any Guarantor if the obligor on the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged is the Issuer or a Guarantor; or

 

(c)           by any
Non-Guarantor Subsidiary if the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged is a Non-Guarantor
Subsidiary.

 

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

 

“PIK Interest”
has the meaning set forth in Exhibit A1 and Exhibit A2
hereto.

 

“Private Placement Legend”
means the legend set forth in Section 2.06(g)(1) to be placed on all
Notes issued under this Indenture except where otherwise permitted by the
provisions of this Indenture.

 

“Pro Forma Cost Savings”
means, with respect to any period, (A) the operating expense reductions
and other operating improvements or synergies that (i) were directly
attributable to an acquisition, merger, consolidation or disposition (a “pro
forma event”) that occurred during the four-quarter reference period or
subsequent to the four-quarter reference period and on or prior to the
Calculation Date and calculated on a basis that is consistent with Article 11
of Regulation S-X under the Securities Act as in effect and applied as of the
Issue Date, (ii) were actually implemented by the business that was the
subject of any such pro forma event within 12 months after the date of such pro
forma event and prior to the Calculation Date that are reasonably determined in
good faith by a responsible financial or accounting officer of the Issuer or (iii) relate
to the business that is the subject of any such pro forma event and that are reasonably
determined in good faith by a responsible financial or accounting officer of
the Issuer and is expected to be taken in the 12 months following such pro
forma event and (B) all adjustments of the nature 

 

24

 

used in connection with the
calculation of “Adjusted EBITDA” as set forth in the Offering Memorandum to the
extent such adjustments, without duplication, continue to be applicable to such
four-quarter period and, in the case of each of (A) and (B), are described
in an Officer’s Certificate, as if all such reductions in costs had been
effected as of the beginning of such period.

 

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

 

“Qualified Capital Stock”
means any Capital Stock that is not Disqualified Stock.

 

“Qualified
Proceeds” means any of the following or any combination of the
following:

 

(1)           Cash
Equivalents;

 

(2)           the Fair Market
Value of assets that are used or useful in the Permitted Business; and

 

(3)           the Fair Market
Value of the Capital Stock of any Person engaged primarily in a Permitted
Business if, in connection with the receipt by the Issuer or any of its
Restricted Subsidiaries of such Capital Stock, such Person becomes a Restricted
Subsidiary or such Person is merged or consolidated into the Issuer or any
Restricted Subsidiary;

 

provided that (i) for
purposes of clause (3) of Section 4.07(a), Qualified Proceeds shall
not include Excluded Contributions and (ii) the amount of Qualified
Proceeds shall be reduced by the amount of payments made in respect of the
applicable transaction which are permitted under clause (8) of Section 4.11(b).

 

“Qualified Receivables
Transaction” means any transaction or series of transactions entered
into by the Issuer or any of its Subsidiaries pursuant to which the Issuer or
any of its Subsidiaries sells, conveys or otherwise transfers, or grants a
security interest, to:

 

(1)           a Receivables
Subsidiary (in the case of a transfer by the Issuer or any of its Subsidiaries,
which transfer may be effected through the Issuer or one or more of its
Subsidiaries); and

 

(2)           if applicable,
any other Person (in the case of a transfer by a Receivables Subsidiary),

 

in each case, in any accounts receivable
(including health care insurance receivables), instruments, chattel paper,
general intangibles and similar assets (whether now existing or arising in the
future, the “Receivables”) of the Issuer or any of its Subsidiaries, and any
assets related thereto, including, without limitation, all collateral securing
such Receivables, all contracts, contract rights and all guarantees or other obligations
in respect of such Receivables, proceeds of such Receivables and any other
assets, which are customarily transferred or in respect of which security
interests are customarily granted in connection with receivables financings and
asset securitization transactions of such type, together with any related
transactions customarily entered into in a receivables financings and asset
securitizations, including servicing arrangements.  All determinations under this Indenture as to
whether a particular provision in respect of a receivables transaction is
customary shall be made by the Issuer in good faith (which determination shall
be conclusive).

 

“Qualified Restricted
Subsidiary” means any Restricted Subsidiary that satisfies each of
the following requirements: (1) except for Permitted Payment Restrictions,
there are no consensual restrictions, 

 

25

 

directly or indirectly, on
the ability of such Restricted Subsidiary to pay dividends or make distributions
to the holders of its Equity Interests; (2) the Equity Interests of such Restricted
Subsidiary consist solely of (A) Equity Interests owned by the Issuer and
its Qualified Restricted Subsidiaries, (B) Equity Interests owned by
Strategic Investors and (C) directors’ qualifying shares and (3) the
primary business of such Restricted Subsidiary is a Permitted Business.

 

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

 

“Receivables Subsidiary”
means a Subsidiary of the Issuer which engages in no activities other than in
connection with the financing of accounts receivable and in businesses related
or ancillary thereto and that is designated by the Board of Directors of the
Issuer (as provided below) as a Receivables Subsidiary

 

(A)          no portion of the Indebtedness or any other
Obligations (contingent or otherwise) of which:

 

(1)           is guaranteed by the Issuer
or any Subsidiary of the Issuer (excluding guarantees of Obligations (other
than the principal of, and interest on, Indebtedness) pursuant to
representations, warranties, covenants and indemnities customarily entered into
in connection with a Qualified Receivables Transaction);

 

(2)           is recourse to or obligates
the Issuer or any Subsidiary of the Issuer in any way other than pursuant to
representations, warranties, covenants and indemnities customarily entered into
in connection with a Qualified Receivables Transaction; or

 

(3)           subjects any property or
asset of the Issuer or any Subsidiary of the Issuer (other than accounts
receivable and related assets as provided in the definition of Qualified
Receivables Transaction), directly or indirectly, contingently or otherwise, to
the satisfaction thereof, other than pursuant to representations, warranties,
covenants and indemnities customarily entered into in connection with a
Qualified Receivables Transaction; and

 

(B)           with which neither the Issuer nor any Subsidiary of
the Issuer has any material contract, agreement, arrangement or understanding
other than on terms no less favorable to the Issuer or such Subsidiary than
those that might be obtained at the time from Persons who are not Affiliates of
the Issuer, other than as may be customary in a Qualified Receivables
Transaction including for fees payable in the ordinary course of business in
connection with servicing accounts receivable; and

 

(C)           with which neither the Issuer nor any Subsidiary of
the Issuer has any obligation to maintain or preserve such Subsidiary’s
financial condition or cause such Subsidiary to achieve certain levels of
operating results other than pursuant to representations, warranties, covenants
and indemnities entered into in connection with a Qualified Receivables
Transaction.  Any such designation by the
Board of Directors of the Issuer will be evidenced to the Trustee by filing
with the Trustee a certified copy of the resolution of the Board of Directors
of the Issuer giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the foregoing conditions.

 

26

 

“Registration Rights
Agreement” means (i) the Registration Rights Agreement, dated
as of June 3, 2008 among the Issuer, the Guarantors and the Initial
Purchasers, as such agreement may be amended, modified or supplemented from
time to time and (ii) with respect to any Additional Notes, one or more
registration rights agreements among the Issuer and the other parties thereto,
as such agreement(s) may be amended, modified or supplemented from time to
time, relating to rights given by the Issuer to the purchasers of Additional
Notes to register such Additional Notes under the Securities Act.

 

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

 

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

 

“Regulation S
Permanent Global Note” means a permanent Global Note in the form of Exhibit A2
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, issued in a denomination equal to the outstanding principal amount of
the Regulation S Temporary Global Note upon expiration of the Restricted
Period.

 

“Regulation S
Temporary Global Note” means a temporary Global Note in the form of Exhibit A2
hereto bearing the legend set forth in Section 2.06(g)(3) deposited
with or on behalf of and registered in the name of the Depositary or its
nominee, issued in a denomination equal to the outstanding principal amount of
the Notes initially sold in reliance on Rule 903 of Regulation S.

 

“Replacement Preferred
Stock” means any Disqualified Stock of the Issuer or any of its Restricted
Subsidiaries issued in exchange for, or the net proceeds of which are used to
renew, refund, refinance, replace or discharge any Disqualified Stock of the
Issuer or any of its Restricted Subsidiaries (other than intercompany
Disqualified Stock); provided that
such Replacement Preferred Stock (i) is issued by the Issuer or by the
Restricted Subsidiary who is the issuer of the Disqualified Stock being redeemed,
refunded, refinanced, replaced or discharged, and (ii) does not have an
initial liquidation preference in excess of the liquidation preference plus accrued
and unpaid dividends on the Disqualified Stock being redeemed, refunded,
refinanced, replaced or discharged.

 

“Responsible Officer,”
when used with respect to the Trustee, means any officer within the Corporate
Trust Office 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 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 Investment”
means an Investment other than a Permitted Investment.

 

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

 

“Restricted Subsidiary”
of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary.

 

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

 

27

 

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

 

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

 

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

 

“SEC” means the
Securities and Exchange Commission.

 

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

 

“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(w)(1) or (2) of Regulation S-X, promulgated pursuant
to the Securities Act, as such Regulation is in effect on August 23,
2007.  For purposes of determining
whether an Event of Default has occurred, if any group of Restricted
Subsidiaries as to which a particular event has occurred and is continuing at
any time would be, taken as a whole, a “Significant Subsidiary” then such event
shall be deemed to have occurred with respect to a Significant Subsidiary.

 

“Sponsor Management
Agreement” means the Management Agreement between the Issuer and
Crestview Partners GP, L.P.  dated as of August 23,
2007.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series
of Indebtedness, the date on which the payment of interest or principal was
scheduled to be paid in the documentation governing such Indebtedness and will
not include any contingent obligations to repay, redeem or repurchase any such
interest or principal prior to the date originally scheduled for the payment
thereof.

 

“Strategic Investors”
means physicians, hospitals, health systems, other healthcare providers, other
healthcare companies and other similar strategic joint venture partners which
joint venture partners are actively involved in the day-to-day operations of
providing surgical care and surgery-related services, or, in the case of
physicians, that have retired therefrom, individuals who are former owners or
employees of surgical care facilities purchased by the Issuer, any of its
Restricted Subsidiaries, and consulting firms that receive common stock solely
as consideration for consulting services performed.

 

“Subsidiary” means,
with respect to any specified Person (the “parent”) at any date, any corporation,
limited liability company, partnership, association or other entity the
accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in
accordance with GAAP as of such date.

 

“Subsidiary Guarantee”
means the Guarantee by each Guarantor of the Issuer’s Obligations under this
Indenture and the Notes, executed pursuant to the provisions of this Indenture.

 

“TIA” means the
Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on
the date on which this Indenture is qualified thereunder.

 

“Total Assets”
means the total consolidated assets of the Issuer and its Restricted
Subsidiaries as set forth on the most recent consolidated balance sheet of the
Issuer and its Restricted Subsidiaries prepared in accordance with GAAP.

 

28

 

“Transactions”
means the transactions contemplated by the Agreement and Plan of Merger and the
other related transactions described in the Offering Memorandum.

 

“Treasury Management
Obligations” means obligations under any agreement governing the provision
of treasury or cash management services, including deposit accounts, funds
transfer, automated clearinghouse, zero balance accounts, returned check
concentration, controlled disbursement, lockbox, account reconciliation and
reporting and trade finance services. 
Treasury Management Obligations shall not constitute Indebtedness.

 

“Treasury Rate”
means, with respect to any Make-Whole Redemption Date, the yield to maturity at
the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve
Statistical Release H.15(519) that has become publicly available at least two
Business Days prior to such Make-Whole Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market
data)) most nearly equal to the period from such Make-Whole Redemption Date to August 23,
2011; provided, however,
that if the period from such Make-Whole Redemption Date to August 23, 2011
is not equal to the constant maturity of a United States Treasury security for
which a weekly average yield is given, the Treasury Rate shall be obtained by
linear interpolation (calculated to the nearest one-twelfth of a year) from the
weekly average yields of United States Treasury securities for which such
yields are given, except that if the period from such Make-Whole Redemption
Date to August 23, 2011 is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used.

 

“Trustee” means
the party named as such in the preamble to this Indenture until a successor replaces
it in accordance with the applicable provisions of this Indenture and
thereafter means the successor serving hereunder.

 

“Unrestricted Global Note”
means a Global Note that does not bear and is not required to bear the Private
Placement Legend.

 

“Unrestricted Definitive
Note” means a Definitive Note that does not bear and is not required
to bear the Private Placement Legend.

 

“Unrestricted Subsidiary”
means any Subsidiary of the Issuer that is designated by the Board of Directors
of the Issuer as an Unrestricted Subsidiary pursuant to a resolution of the
Board of Directors and any Subsidiary of an Unrestricted Subsidiary.

 

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

 

(1)           such designation complies with Section 4.07;
and

 

(2)           each of:

 

(a)           the Subsidiary to be so designated; and

 

(b)           its Subsidiaries

 

29

 

has not at the
time of designation, and does not thereafter, incur any Indebtedness other than
Non-Recourse Debt (except to the extent such Indebtedness by the Issuer or any
Restricted Subsidiary is otherwise permitted to be incurred under this
Indenture).

 

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

 

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

 

“Weighted Average Life to Maturity” means, when applied to
any Indebtedness at any date, the number of years obtained by dividing:

 

(1)                                  the
sum of the products obtained by multiplying (a) the amount of each then remaining
installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect of the Indebtedness,
by (b) the number of years (calculated to the nearest one-twelfth) that
will elapse between such date and the making of such payment; by

 

(2)                                  the
then outstanding principal amount of such Indebtedness.

 

“Wholly Owned Subsidiary” of any specified Person means a
Subsidiary of such Person all of the outstanding Capital Stock or other
ownership interest of which (other than directors’ qualifying shares) will at
that time be owned by such Person or by one or more Wholly Owned Subsidiaries
of such Person.

 

SECTION 1.02                                       Other
Definitions.

 

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Affiliate Transaction”

  	
   

  	
  4.11

  
	
  “AHYDO Redemption Date”

  	
   

  	
  3.08(b)

  
	
  “Asset Sale Offer”

  	
   

  	
  3.09

  
	
  “Authentication Order”

  	
   

  	
  2.02

  
	
  “Calculation Date”

  	
   

  	
  1.01 (Definition of “Fixed Charge Coverage
  Ratio”)

  
	
  “Change of Control Offer”

  	
   

  	
  4.15

  
	
  “Change of Control Payment”

  	
   

  	
  4.15

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.15

  
	
  “Covenant Defeasance”

  	
   

  	
  8.03

  
	
  “DTC”

  	
   

  	
  2.03

  
	
  “Event of Default”

  	
   

  	
  6.01

  
	
  “Excess Proceeds”

  	
   

  	
  4.10

  
	
  “incur”

  	
   

  	
  4.09

  
	
  “Legal Defeasance”

  	
   

  	
  8.02

  
	
  “Mandatory Principal Redemption”

  	
   

  	
  3.08(b)

  
	
  “Mandatory Principal Redemption Amount”

  	
   

  	
  3.08(b)

  
	
  “Offer Amount”

  	
   

  	
  3.09

  
	
  “Offer Period”

  	
   

  	
  3.09

  
	
  “Paying Agent”

  	
   

  	
  2.03

  
	
  “Permitted Debt”

  	
   

  	
  4.09

  
	
  “Payment Default”

  	
   

  	
  6.01

  
	
  “PIK Notes”

  	
   

  	
  2.01(d)

  
	
  “PIK Payment”

  	
   

  	
  2.01(d)

  
	
  “Purchase Date”

  	
   

  	
  3.09

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
  “Restricted Payments”

  	
   

  	
  4.07

  
	
  “Temporary Notes”

  	
   

  	
  2.10

  

 

30

 

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 of this Indenture.

 

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 and the Subsidiary Guarantees means the Issuer and the Guarantors, respectively,
and any successor obligor upon the Notes and the Subsidiary Guarantees,
respectively.

 

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

 

SECTION 1.04                                       Rules of
Construction and Calculation.

 

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;

 

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

 

(6)                                  provisions apply to
successive events and transactions;

 

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

 

(8)                                  “including” shall be
interpreted to mean “including without limitation”; and

 

31

 

(9)                                  references to
Sections, Articles and Exhibits shall refer to Sections, Articles and Exhibits
of this Indenture.

 

ARTICLE 2.

 

THE NOTES

 

SECTION 2.01                                       Form and
Dating.

 

(a)                                  General.
The Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibits A1 or A2 attached hereto. The
Notes may have notations, legends or endorsements required by law, stock
exchange rule or usage (provided that
any such notation, legend or endorsement required by usage is in a form
reasonably acceptable to the Issuer). Each Note shall be dated the date of its
authentication. The Notes shall be in denominations of $1,000 and integral
multiples of $1,000 in excess thereof except PIK Notes in respect of Definitive
Notes may be issued in $1 increments.

 

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

 

(b)                                 Global
Notes. Notes issued in global form shall be substantially in the form of Exhibits A1
or A2 attached hereto (including the Global Note Legend thereon and the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Notes issued
in definitive form shall be substantially in the form of Exhibit A1
attached hereto (but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global
Note shall represent such of the outstanding Notes as shall be specified
therein and each shall provide that it represents the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges, repurchases, and
redemptions. Any endorsement of a Global Note to reflect the amount of any
increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder
thereof as required by Section 2.06 and shall be made on the records of
the Trustee and the Depositary.

 

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

 

(1)                                  a
written certificate from the Depositary certifying that it has received
certification of non-United States beneficial ownership of 100% of the
aggregate principal amount of the Regulation S Temporary Global Note
(except to the extent of any Beneficial Owners thereof who acquired an interest
therein during the Restricted Period pursuant to another exemption from registration
under the Securities Act and who shall take delivery of a beneficial ownership
interest in a 144A Global Note bearing a Private Placement Legend, all as
contemplated by Section 2.06(b)); and

 

32

 

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

 

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

 

(d)                                 PIK
Notes. In connection with the payment of PIK Interest or Partial PIK
Interest in respect of the Notes, the Issuer is entitled to, without the
consent of the Holders and without regard to Section 4.09, increase the
outstanding principal amount of the Notes or issue additional Notes (the “PIK
Notes”) under this Indenture on the same terms and conditions as the Notes offered
hereby (in each case, the “PIK Payment”). The Notes and the PIK Notes will be
treated as a single class of securities under this Indenture, except as
otherwise stated herein. As a result, Holders of Notes will not have separate
rights to, among other things, give notice of Defaults or to direct the Trustee
to exercise remedies during an Event of Default or otherwise. Except as
described under Article 9 hereof, the Notes offered by the Issuer, the PIK
Notes and any Additional Notes subsequently issued under this Indenture will be
treated as a single class for all purposes under this Indenture, including
waivers, amendments, redemptions and offers to purchase. Unless the context
requires otherwise, references to “Notes” for all purposes of this Indenture
include any PIK Notes and Additional Notes that are actually issued, and
references to “principal amount” of the Notes includes any increase in the
principal amount of the outstanding Notes as a result of a PIK Payment.

 

SECTION 2.02                                       Execution
and Authentication.

 

At least one
Officer must sign the Notes for the Issuer by manual or facsimile signature.

 

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

 

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

 

The Trustee
shall authenticate and deliver:  (i) on
the Issue Date, an aggregate principal amount of $179,937,000 11.00%/11.75%
Senior PIK Toggle Notes due 2015, (ii) Additional Notes for an original
issue in an aggregate principal amount specified in an Authentication Order
pursuant to this Section 2.02, (iii) PIK Notes as set forth in Section 2.01(d) and
(iv) Exchange Notes for issue only in an Exchange Offer pursuant to the
Registration Rights Agreement, for a like principal amount of Initial Notes or
Additional Notes and/or PIK Notes, in each case upon a written order of the
Issuer signed by one Officer (an “Authentication Order”). Such Authentication
Order shall specify the amount of the Notes to be authenticated and the date on
which the original issue of the Notes is to be authenticated.

 

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

 

33

 

SECTION 2.03                                       Registrar
and Paying Agent.

 

The Issuer
shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”) and an office or agency
where Notes may be presented for payment (“Paying Agent”). The Registrar shall
keep a register of the Notes and of their transfer and exchange. The Issuer may
appoint one or more co-registrars and one or more additional paying agents. The
term “Registrar” includes any co-registrar and the term “Paying Agent” includes
any additional paying agent. The Issuer may change any Paying Agent or
Registrar without notice to any Holder. The Issuer shall notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If
the Issuer fails to appoint or maintain another entity as Registrar or Paying
Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may
act as Paying Agent or Registrar.

 

The Issuer
initially appoints The Depository Trust Company (“DTC”) to act as Depositary
with respect to the Global Notes.

 

The Issuer
initially appoints the Trustee to act as the Registrar and Paying Agent and to
act as Custodian with respect to the Global Notes.

 

SECTION 2.04                                       Paying
Agent To Hold Money in Trust.

 

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

 

SECTION 2.05                                       Holder
Lists.

 

The Trustee
shall preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of all Holders and shall
otherwise comply with TIA Section 312(a). If the Trustee is not the
Registrar, the Issuer 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 the Holders and the Issuer
shall otherwise comply with TIA Section 312(a).

 

SECTION 2.06                                       Transfer
and Exchange.

 

(a)                                  Transfer
and Exchange of Global Notes. A Global Note may not be transferred except
in whole (but not in part) by the Depositary to a nominee of the Depositary, by
a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Notes shall be exchanged
by the Issuer for Definitive Notes if:

 

(1)                                  the
Depository (a) notifies the Issuer that it is unwilling or unable to
continue as Depositary for the Global Notes or (b) has ceased to be a
clearing agency registered under the 

 

34

 

Exchange Act and, in either case, a successor Depositary is not
appointed by the Issuer within 90 days after the date of such notice from the
Depositary;

 

(2)                                  there
has occurred and is continuing a Default or an Event of Default with respect to
the Notes.

 

Upon the
occurrence of any of the preceding events in (1) or (2) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct
the Trustee. Global Notes also may be exchanged or replaced, in whole or in
part, as provided in Sections 2.07 and 2.10. A Global Note may not be exchanged
for another Note other than as provided in this Section 2.06(a); however,
beneficial interests in a Global Note may be transferred and exchanged for
beneficial interests in other Global Notes as provided in Section 2.06(b),
(c) or (f).

 

(b)                                 Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes shall be effected through
the Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures. Beneficial interests in the Restricted Global Notes
shall be subject to restrictions on transfer comparable to those set forth
herein to the extent required by the Securities Act. Transfers of beneficial interests
in the Global Notes also shall require compliance with either subparagraph (1) or
(2) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:

 

(1)                                  Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in the same Restricted Global Note
in accordance with the transfer restrictions set forth in the Private Placement
Legend; provided, however,
that prior to the expiration of the Restricted Period, transfers of beneficial
interests in the Regulation S Temporary Global Note may not be made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note. No written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers
described in this Section 2.06(b)(1).

 

(2)                                  All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are
not subject to Section 2.06(b)(1) above, the transferor of such
beneficial interest must deliver to the Registrar either:

 

(A)                              both:

 

(i)                                     a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary
to credit or cause to be credited a beneficial interest in another Global Note
in an amount equal to the beneficial interest to be transferred or exchanged;
and

 

(ii)                                  instructions
given in accordance with the Applicable Procedures containing information regarding
the Participant account to be credited with such increase; or

 

35

 

(B)                                both:

 

(i)                                     a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary
to cause to be issued a Definitive Note in an amount equal to the beneficial
interest to be transferred or exchanged; and

 

(ii)                                  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 clause (i) above; provided
that in no event shall Definitive Notes be issued upon the transfer or exchange
of beneficial interests in the Regulation S Temporary Global Note prior to
(A) the expiration of the Restricted Period and (B) the receipt by
the Registrar of any certificates required pursuant to Rule 903 under the
Securities Act.

 

Upon consummation of an Exchange Offer by the Issuer in accordance with
Section 2.06(f), the requirements of this Section 2.06(b)(2) shall
be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the holder of
such beneficial interests in the Restricted Global Notes.

 

Upon satisfaction of all of the requirements for transfer or exchange
of beneficial interests in Global Notes contained in this Indenture and the
Notes or otherwise applicable under the Securities Act, the Trustee shall
adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h).

 

(3)                                  Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes
delivery thereof in the form of a beneficial interest in another Restricted
Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above
and the Registrar receives the following:

 

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

 

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

 

(4)                                  Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any holder thereof for a beneficial
interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) 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
(i) a Broker-Dealer, (ii) a Person participating in the distribution
of the Exchange Notes or (iii) a Person who is an affiliate (as defined in
Rule 144) of the Issuer;

 

36

 

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

 

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

 

(D)                               the
Registrar receives the following:

 

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

 

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

 

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

 

If any such
transfer is effected pursuant to subparagraph (B) or (D) above at a
time when an Unrestricted Global Note has not yet been issued, the Issuer shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.02,
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.

 

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

 

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

 

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

 

37

 

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

 

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

 

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

 

(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 B
hereto, including the certifications in item (3)(c) thereof,

 

the Trustee
shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(h), and the Issuer shall
execute and the Trustee shall authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global
Note pursuant to this Section 2.06(c) shall be registered in such
name or names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Registrar through instructions
from the Depositary and the Participant or Indirect Participant. The Trustee
shall deliver such Definitive Notes to the Persons in whose names such Notes
are so registered. Any Definitive Note issued in exchange for a beneficial interest
in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall
bear the Private Placement Legend and shall be subject to all restrictions on
transfer contained therein.

 

(2)                                  Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding
Sections 2.06(c)(1)(A) and (C), a beneficial interest in the
Regulation S Temporary Global Note may not be exchanged for a Definitive
Note or transferred to a Person who takes delivery thereof in the form of a
Definitive Note prior to (A) the expiration of the Restricted Period and (B) the
receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under
the Securities Act, except in the case of a transfer pursuant to an exemption
from the registration requirements of the Securities Act other than Rule 903
or Rule 904.

 

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

 

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

 

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

 

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

 

38

 

(D)                               the Registrar receives
the following:

 

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

 

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

 

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

 

(4)                                  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 Section 2.06(b)(2),
the Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuer
shall execute and the Trustee shall authenticate and deliver to the Person
designated in the instructions a Definitive Note in the appropriate principal
amount. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(4) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of
such beneficial interest requests through instructions to the Registrar from or
through the Depositary and the Participant or Indirect Participant. The Trustee
shall deliver such Definitive Notes to the Persons in whose names such Notes
are so registered. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(4) shall not bear the
Private Placement Legend.

 

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

 

(1)                                  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 C hereto, including the certifications in item (2)(b) thereof;

 

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

 

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

 

39

 

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

 

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

 

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

 

the Trustee shall cancel the Restricted
Definitive Note and increase or cause to be increased the aggregate principal
amount of the applicable Global Note.

 

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

 

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

 

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

 

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

 

(D)          the Registrar receives
the following:

 

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

 

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

 

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

 

40

 

Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(2), the Trustee shall cancel the Definitive Notes and
increase or cause to be increased the aggregate principal amount of the
Unrestricted Global Note.

 

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

 

If any such exchange or transfer from a Definitive Note to a beneficial
interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above
at a time when an Unrestricted Global Note has not yet been issued, the Issuer
shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02,
the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of Definitive Notes
transferred or exchanged pursuant to subparagraph (2)(B), (2)(D) or (3) above.

 

(e)                                  Transfer
and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes
and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar shall register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or
exchange, the requesting Holder must 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 must provide any additional
certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e).

 

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

 

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

 

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

 

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

 

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

 

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

 

41

 

or the
transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (i) a broker-dealer, (ii) a Person participating
in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Issuer;

 

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

 

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

 

(D)          the
Registrar receives the following:

 

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

 

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

 

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

 

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

 

(f)            Exchange Offer.  Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Issuer shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02,
the Trustee shall authenticate:

 

(1)           one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes
accepted for exchange in the Exchange Offer by Persons that certify in the
applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they
are not participating in a distribution of the Exchange Notes and (C) they
are not affiliates (as defined in Rule 144) of the Issuer; and

 

(2)           Unrestricted Definitive
Notes in an aggregate principal amount equal to the principal amount of the
Restricted Definitive Notes accepted for exchange in the Exchange Offer.

 

Concurrently with the issuance of such Notes, the Trustee shall cause
the aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Issuer shall execute 

 

42

 

and the Trustee shall authenticate and
deliver to the Persons designated by the Holders of Restricted Definitive Notes
so accepted Unrestricted Definitive Notes in the appropriate principal amount.

 

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

 

(1)           Private Placement
Legend.

 

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

 

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE ‘SECURITIES ACT’)
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO
A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) TO
AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE) OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE STATES OF THE UNITED STATES.”

 

(B)           Notwithstanding the
foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs
(b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this
Section 2.06 (and all Notes issued in exchange therefor or substitution
thereof) shall not bear the Private Placement Legend.

 

(2)           Global Note Legend.  Each Global Note shall bear a legend in
substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.01 AND
SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF
THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUER.

 

43

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE 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. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR SUCH OTHER NAME AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.”

 

(3)           Regulation S
Temporary Global Note Legend.  Each
Regulation S Temporary Global Note shall bear a legend in substantially the
following form.

 

“THE RIGHTS ATTACHING TO THIS REGULATION S
TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE
FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED
HEREIN).  NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE PAYMENT OF PRINCIPAL HEREOF OR INTEREST HEREON.”

 

(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.  At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a
Person who shall 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 shall 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.

 

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

 

(2)           No service charge shall
be made to a Holder of a beneficial interest in a Global Note or to a Holder of
a Definitive Note for any registration of transfer or exchange, but the Issuer
may require 

 

44

 

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, 3.09, 4.10,
4.15 and 9.06).

 

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

 

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

 

(5)           The Issuer shall not be
required:

 

(A)          to issue, to register
the transfer of or to exchange any Notes during a period beginning at the
opening of business 15 days before the day of any selection of Notes for redemption
under Section 3.02 and ending at the close of business on the day of
selection;

 

(B)           to register the
transfer of or to exchange any Note selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part; or

 

(C)           to register the
transfer of or to exchange a Note between a record date and the next succeeding
interest payment date.

 

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

 

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

 

(8)           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.

 

(9)           Neither the Trustee nor
the Registrar shall be under any obligation or duty to determine or inquire as
to compliance with the Securities Act (including any rules or regulations
promulgated thereunder) or any state securities laws that may be applicable in
connection with or with respect to any transfer of any interest in any Note
(including any transfers between or among Beneficial Owners of interests in any
Global Note) or to monitor, determine or inquire as to compliance with any
restriction on transfer imposed under this Indenture with respect to transfers
of interests in any security (including any transfers between or among
Beneficial Owners of interests in any Global Notes); except that the Trustee
shall be under a duty to require delivery of such certificates and other
documentation, if any, as are expressly required in the applicable circumstance,
and to do so if and when expressly required by, the terms of this Indenture,
and to examine the same to determine substantial compliance on their face with
the express requirements hereof. The Trustee shall have no responsibility for (i) the
actions or omissions of the Depositary, or for the accuracy of the books or
records of the Depositary and (ii) transfers, of which it has no
knowledge, between or among Beneficial Owners of interests in the same Global
Note.

 

45

 

SECTION 2.07             Replacement Notes.

 

If any mutilated Note is surrendered to the Trustee or the Registrar
and the Trustee receives evidence to its satisfaction of the destruction, loss
or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of
an Authentication Order, shall authenticate a replacement Note if the Trustee’s
requirements are met.  If required by the
Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is
sufficient in the judgment of the Trustee and the Issuer to protect the Issuer,
the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. 
The Issuer may charge for its expenses in replacing a Note.

 

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

 

SECTION 2.08             Outstanding Notes.

 

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

 

If a Note is replaced pursuant to Section 2.07, 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,
it ceases to be outstanding and interest on it ceases to accrue.

 

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

 

SECTION 2.09             Treasury Notes.

 

In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the
Issuer or any of its Subsidiaries, shall be considered as though not
outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes that a Responsible Officer of the Trustee actually knows are so owned
shall be so disregarded.

 

SECTION 2.10             Temporary Notes.

 

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

 

Holders of Temporary Notes shall be entitled to all of the benefits of
this Indenture.

 

46

 

SECTION 2.11             Cancellation.

 

The Issuer at any time may deliver Notes to the Trustee for
cancellation.  The Registrar and Paying
Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. 
The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and
shall dispose of such canceled Notes (subject to the record retention
requirement of the Exchange Act). 
Certification of the disposal of all canceled Notes shall be delivered
to the Issuer upon its request therefor. 
The Issuer may not issue new Notes to replace Notes that it has paid or
that have been delivered to the Trustee for cancellation.  If the Issuer shall acquire any of the Notes,
such acquisition shall not operate as a redemption or satisfaction of the
Indebtedness represented by such Notes unless and until the same are
surrendered to the Trustee for cancellation pursuant to this Section 2.11.

 

SECTION 2.12             Defaulted Interest.

 

If the Issuer defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a
subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01.  The Issuer
shall notify the Trustee in writing of the amount of defaulted interest proposed
to be paid on each Note and the date of the proposed payment.  The Issuer shall fix or cause to be fixed
each such special record date and payment date; provided
that no such special record date may be less than 10 days prior to the related
payment date for such defaulted interest. 
At least 15 days before the special record date, the Issuer (or, upon
the written request of the Issuer, the Trustee in the name and at the expense
of the Issuer) shall mail or cause to be mailed to Holders a notice that states
the special record date, the related payment date and the amount of such
interest to be paid.

 

SECTION 2.13             CUSIP Numbers.

 

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

 

SECTION 2.14             Issuance of
Additional Notes.

 

The Issuer will be entitled, from time to time, subject to its
compliance with Section 4.09, without consent of the Holders, to issue
Additional Notes under this Indenture with identical terms as the Initial Notes
issued on the Issue Date other than with respect to (i) the date of
issuance, (ii) the issue price, (iii) the amount of interest payable
on the first interest payment date and (iv) any adjustments in order to conform
to and ensure compliance with the Securities Act (or other applicable
securities laws).  The Initial Notes
issued on the Issue Date, the PIK Notes, any Additional Notes and all Exchange
Notes issued in exchange therefor will be treated as a single class for all
purposes under this Indenture.

 

With respect to any Additional Notes, the Issuer will set forth in an
Officer’s Certificate pursuant to a resolution of the Board of Directors of the
Issuer, copies of which will be delivered to the Trustee, the following
information:

 

47

 

(1)        the
aggregate principal amount of such Additional Notes to be authenticated and
delivered pursuant to this Indenture;

 

(2)        the issue price, the issue
date and the CUSIP number of such Additional Notes; and

 

(3)        whether such Additional
Notes will be subject to transfer restrictions or will be issued in the form of
Exchange Notes.

 

ARTICLE 3.

 

REDEMPTION AND PREPAYMENT

 

SECTION 3.01             Notices to Trustee.

 

If the Issuer elects to redeem Notes pursuant to the optional
redemption provisions of Section 5 of the Notes, the Issuer shall furnish
to the Trustee, at least 30 days but not more than 60 days before the redemption
date, an Officer’s Certificate setting forth:

 

(1)        the clause of this
Indenture pursuant to which the redemption shall occur;

 

(2)        the redemption date;

 

(3)        the principal amount of
the Notes to be redeemed; and

 

(4)        the redemption price.

 

SECTION 3.02             Selection of Notes
To Be Redeemed or Purchased.

 

If less than all of the Notes are to be redeemed or purchased in an
offer to purchase at any time, the Trustee shall select Notes for redemption or
purchase on a pro rata basis except:

 

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

 

(2)        if otherwise required by
law.

 

In the event of partial redemption or purchase by lot, the particular
Notes to be redeemed or purchased shall be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption or
purchase date by the Trustee from the outstanding Notes not previously called
for redemption or purchase.

 

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

 

48

 

SECTION 3.03             Notice of
Redemption.

 

Subject to the provisions of Section 3.09, at least 30 days but
not more than 60 days before a redemption date, the Issuer 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, except that redemption
notices may be mailed more than 60 days prior to a redemption date if the notice
is issued in connection with a defeasance of the Notes or a satisfaction and
discharge of this Indenture pursuant to Articles 8 or 12 of this Indenture.

 

The notice shall identify the Notes to be redeemed (including CUSIP
Number(s)) and shall state:

 

(1)        the redemption date;

 

(2)        the redemption price;

 

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

 

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

 

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

 

(6)        that, unless the Issuer
defaults in making such redemption payment, interest and Additional Interest,
if any, on Notes called for redemption ceases to accrue on and after the redemption
date;

 

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

 

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

 

At the Issuer’s request, the Trustee shall give the notice of
redemption in the Issuer’s name and at its expense; provided,
however, that the Issuer has delivered
to the Trustee, at least 45 days prior to the redemption date (or such shorter
period as to which the Trustee may agree), an Officer’s Certificate requesting
that the Trustee give such notice and setting forth the information to be
stated in such notice as provided in the preceding paragraph.

 

SECTION 3.04             Effect of Notice
of Redemption.

 

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

 

SECTION 3.05             Deposit of
Redemption or Purchase Price.

 

On the relevant redemption or purchase date, the Issuer shall deposit
with the Trustee or with the Paying Agent money sufficient to pay the
redemption or purchase price of and accrued interest and Additional

 

49

 

Interest, if any, on all Notes to be redeemed
or purchased on that date.  The Trustee
or the Paying Agent shall promptly return to the Issuer any money deposited
with the Trustee or the Paying Agent by the Issuer in excess of the amounts
necessary to pay the redemption or purchase price of, and accrued interest and
Additional Interest, if any, on, all Notes to be redeemed or purchased.

 

If the Issuer complies with the provisions of the preceding paragraph,
on and after the redemption or purchase date, interest and Additional Interest,
if any, shall cease to accrue on the Notes or the portions of Notes called for
redemption or purchase.  If a Note is
redeemed or purchased 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 or purchase is not so paid upon surrender for
redemption or purchase because of the failure of the Issuer to comply with the
preceding paragraph, interest shall be paid on the unpaid principal, from the
redemption or purchase date until such principal is paid, and to the extent lawful
on any interest not paid on such unpaid principal, in each case at the rate
provided in the Notes and in Section 4.01.

 

SECTION 3.06                                       Notes
Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed or purchased in part, the
Issuer shall issue and, upon receipt of an Authentication Order, the Trustee
shall authenticate for the Holder at the expense of the Issuer a new Note equal
in principal amount to the unredeemed or unpurchased portion of the Note surrendered;
provided that each new Note will be in
denominations of $1,000 or an integral multiple of $1,000 in excess thereof.

 

SECTION 3.07                                       Optional
Redemption.

 

The Notes are subject to optional redemption as provided in Section 5
of each of the Notes.  Any redemption of
the Notes pursuant to such Section shall be made pursuant to the
provisions of Sections 3.01 through 3.06.

 

SECTION 3.08                                       Mandatory
Redemption

 

(a)           Except
as set forth in Section 3.08(b), the Issuer is not required to make
mandatory redemption or sinking fund payments with respect to the Notes.

 

(b)           If
the Notes would otherwise constitute “applicable high yield discount obligations”
within the meaning of Section 163(i)(1) of the Code, at the end of
the first accrual period ending after the fifth anniversary of the Issue Date
and each accrual period thereafter (each, an “AHYDO Redemption Date”), the
Issuer will be required to redeem for cash a portion of each Note then
outstanding equal to the Mandatory Principal Redemption Amount (such
redemption, a “Mandatory Principal Redemption”).  The redemption price for the portion of each
Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the
principal amount of such portion plus any accrued interest thereon on the date
of redemption.  The “Mandatory Principal
Redemption Amount” means the portion of a Note determined by the Issuer to be
required to be redeemed to prevent such Note from being treated as an “applicable
high yield discount obligation” within the meaning of Section 163(i)(1) of
the Code.  No partial redemption or
repurchase of the Notes prior to each AHYDO Redemption Date pursuant to any
other provision of this Indenture will alter the Issuer’s obligation to make
the Mandatory Principal Redemption with respect to any Notes that remain
outstanding on such AHYDO Redemption Date.

 

Any redemption of the Notes pursuant to this Section 3.08 shall be
made pursuant to the provisions of Sections 3.01 through 3.06.

 

50

 

SECTION 3.09                                       Offer
To Purchase by Application of Excess Proceeds.

 

In the event that, pursuant to Section 4.10, the Issuer is
required to commence an offer to all Holders to purchase Notes (an “Asset Sale
Offer”), it shall follow the procedures specified below.

 

The Asset Sale Offer shall be made to all Holders and if the Issuer
elects (or is required by the terms of other pari passu indebtedness), all
holders of other Indebtedness that is pari passu with the Notes.  The Asset Sale Offer shall remain open for a
period of at least 20 Business Days following its commencement and not more
than 30 Business Days, except to the extent that a longer period is required by
applicable law (the “Offer Period”).  No
later than five Business Days after the termination of the Offer Period (the “Purchase
Date”), the Issuer shall apply all Excess Proceeds (the “Offer Amount”) to the
purchase of Notes and such other pari passu Indebtedness, if any, (on a pro
rata basis, if applicable) or, if less than the Offer Amount has been tendered,
all Notes and other Indebtedness tendered in response to the Asset Sale Offer.  Payment for any Notes so purchased shall be
made pursuant to Section 4.01.

 

If the Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued and unpaid interest and
Additional Interest, if any, shall be paid to the Person in whose name a Note
is registered at the close of business on such record date, and no additional
interest shall be payable to Holders who tender Notes pursuant to the Asset
Sale Offer.

 

Upon the commencement of an Asset Sale Offer, the Issuer shall send, by
first class mail, a notice to the Trustee and each of the Holders, with a copy
to the Trustee.  The notice shall contain
all instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Asset Sale Offer.  The
notice, which shall govern the terms of the Asset Sale Offer, shall state:

 

(1)           that the Asset Sale Offer is being
made pursuant to this Section 3.09 and Section 4.10 and the length of
time the Asset Sale Offer shall remain open;

 

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

 

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

 

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

 

(5)           that Holders electing to have a Note
purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in
a minimum amount of $1,000 or an integral multiple of $1,000 in excess thereof
only;

 

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

 

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

 

51

 

(8)           that, if the aggregate principal
amount of Notes and other pari passu Indebtedness surrendered by holders
thereof exceeds the Offer Amount, the Issuer shall select the Notes and other
pari passu Indebtedness to be purchased on a pro rata basis based on the
principal amount of Notes and such other pari passu Indebtedness surrendered
(with such adjustments as may be deemed appropriate by the Issuer so that only
Notes in denominations of $1,000, or integral multiples of $1,000 in excess
thereof, shall be purchased); and

 

(9)           that Holders whose Notes were
purchased only in part shall be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered (or transferred by book-entry
transfer).

 

On or before the Purchase Date, the Issuer shall, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer,
or if less than the Offer Amount has been tendered, all Notes tendered, and
shall deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating that such Notes or portions
thereof were accepted for payment by the Issuer in accordance with the terms of
this Section 3.09.  The Issuer, the
Depositary or the Paying Agent, as the case may be, shall promptly (but in any
case not later than five days after the Purchase Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by
such Holder and accepted by the Issuer for purchase, and the Issuer shall
promptly issue a new Note, and the Trustee, upon written request from the
Issuer, shall authenticate and mail or deliver (or cause to be transferred by
book entry) such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered. 
Any Note not so accepted shall be promptly mailed or delivered by the
Issuer to the Holder thereof.  The Issuer
shall publicly announce the results of the Asset Sale Offer on the Purchase
Date.

 

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

 

ARTICLE 4.

 

COVENANTS

 

SECTION 4.01                                       Payment
of Notes.

 

The Issuer shall pay or cause to be paid the principal of, premium, if
any, and interest and Additional Interest, if any, on the Notes on the dates
and in the manner provided in the Notes. 
Principal, premium, if any, and interest and Additional Interest, if
any, shall be considered paid on the date due if the Paying Agent, if other
than the Issuer or a Subsidiary thereof, holds on the due date money deposited
by or on behalf of the Issuer in immediately available funds and designated for
and sufficient to pay all principal, premium, if any, and interest then
due.  The Issuer shall pay all Additional
Interest, if any, in the same manner on the dates and in the amounts set forth
in the Registration Rights Agreement.

 

The Issuer shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
the then applicable interest rate on the Notes to the extent lawful; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest and Additional Interest (without
regard to any applicable grace period) at the same rate to the extent
lawful.  Interest on the Notes shall
accrue from the date of original issuance or, if interest has already been
paid, from the date it was most recently paid. 
Interest shall be computed on the basis of a 360-day year comprised of
twelve 30-day months.

 

52

 

SECTION 4.02                                       Maintenance
of Office or Agency.

 

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

 

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

 

SECTION 4.03                                       Reports.

 

(a)           Whether or not
required by the rules and regulations of the SEC, so long as any Notes are
outstanding, the Issuer shall furnish to the Trustee and to Cede &
Co., the nominee of DTC, and the Holders of the Notes, within the time periods
that are applicable to the Issuer (or, if not applicable, would be if the
Issuer were required to file such reports under Section 13(a) or 15(d) of
the Exchange Act as a non-accelerated filer):

 

(1)           all quarterly and
annual financial information that would be required to be contained in a filing
with the SEC on Forms 10-Q and 10-K, if the Issuer was required to file such
Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” that describes the Issuer’s consolidated financial
condition and results of operation and, with respect to the annual information
only, a report thereon by the Issuer’s independent registered public
accountants but not any assessment, attestation or audit of internal controls
pursuant to Section 404 of the Sarbanes-Oxley Act or rules and
regulations promulgated thereunder; and

 

(2)           all current reports
that would be required to be filed with the SEC on Form 8-K if the Issuer
was required to file such reports.

 

(b)           The
Issuer may satisfy its obligation to furnish such information to the Trustee
and Cede & Co. at any time by filing such information with the
SEC.  In addition, the Issuer agrees
that, for so long as any Notes remain outstanding, the Issuer will furnish to
any Beneficial Owner of Notes or to any prospective purchaser of Notes in
connection with any sale thereof, upon their request, the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(c)           If
at any time Holdings (or any other direct or indirect parent company of the
Issuer) becomes a Guarantor of the Notes (there being no obligation of Holdings
or any other direct or indirect parent company of the Issuer to do so), and
Holdings (or such other parent company) holds no material assets other than
cash, Cash Equivalents and the Capital Stock of the Issuer, Holdings or any
other direct or indirect parent company of the Issuer (and performs the related
incidental activities associated with such ownership) and complies with the
requirements of Rule 3-10 of Regulation S-X promulgated by the SEC (or any
successor provision), the reports, information and other documents required to
be furnished to the 

 

53

 

Trustee and Cede & Co.
or filed with the SEC pursuant to this Section 4.03 may, at the option of
the Issuer, be those of Holdings (or such other parent company) rather than the
Issuer.

 

Notwithstanding the foregoing, such requirements shall be deemed
satisfied prior to the commencement of the exchange offer or the effectiveness
of the shelf registration statement described in the Registration Rights
Agreement (1) by the filing with the SEC of the exchange offer
registration statement or shelf registration statement (or any other similar
registration statement), and any amendments thereto, with such financial
information that satisfies Regulation S-X, subject to exceptions consistent
with the presentation of financial information in the Offering Memorandum, to
the extent filed within the times specified above, or (2) by posting
reports that would be required to be filed substantially in the form required
by the SEC (subject to the limitations set forth above) on the Issuer’s website
(or that of any of its parent companies) or providing such reports to the
Trustee within 15 days after the time the Issuer would be required to file such
information with the SEC if it were subject to Section 13 or 15(d) of
the Exchange Act, the financial information (including a “Management’s Discussion
and Analysis of Financial Condition and Results of Operation”) that would be
required to be included in such reports, subject to exceptions consistent with
the presentation of financial information in the Offering Memorandum, to the
extent filed within the times specified above.

 

(d)           Notwithstanding
anything herein to the contrary, the Issuer will not be deemed to have failed
to comply with any of its obligations hereunder for purposes of Section 6.01(4) until
90 days after the date any report hereunder is due.

 

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

 

SECTION 4.04                                       Compliance
Certificate.

 

(a)           The
Issuer shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Issuer, an Officer’s Certificate stating that a review of
the activities of the Issuer and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officer with a view to
determining whether the Issuer has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to such Officer
signing such certificate, that to his or her knowledge the Issuer has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and
is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of
which he or she may have knowledge and what action the Issuer is taking or
proposes to take with respect thereto).

 

(b)           So
long as any of the Notes are outstanding, the Issuer shall deliver to the Trustee,
within 30 days upon any Officer becoming aware of any Default or Event of
Default, an Officer’s Certificate specifying such Default or Event of Default
and what action the Issuer is taking or proposes to take with respect thereto.

 

54

 

SECTION 4.05                                       [Reserved].

 

SECTION 4.06                                       Stay,
Extension and Usury Laws.

 

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

 

SECTION 4.07                                       Restricted
Payments.

 

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

 

(A)          declare or pay any dividend or make
any other payment or distribution on account of the Issuer’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any
payment in connection with any merger or consolidation involving the Issuer or
any of its Restricted Subsidiaries) or to the direct or indirect holders of the
Issuer’s or any of its Restricted Subsidiaries’ Equity Interests in their
capacity as such (other than dividends or distributions payable in Equity
Interests (other than Disqualified Stock) of the Issuer); provided
that the repurchase, redemption or other acquisition or retirement for value of
any Equity Interests of a Restricted Subsidiary of the Issuer shall not
constitute a Restricted Payment;

 

(B)           purchase, redeem or otherwise acquire
or retire for value (including, without limitation, in connection with any
merger or consolidation involving the Issuer) any Equity Interests of the
Issuer, Holdings or any other direct or indirect parent of the Issuer;

 

(C)           make any payment on or with respect
to, or purchase, repurchase, redeem, defease or otherwise acquire or retire for
value any Indebtedness of the Issuer or any Guarantor that is contractually
subordinated to the Notes or to any Subsidiary Guarantee (excluding any intercompany
Indebtedness between or among the Issuer and any of its Restricted
Subsidiaries), except (i) a payment of interest or principal at the Stated
Maturity thereof or (ii) the purchase, repurchase, redemption, defeasance
or other acquisition or retirement of any such subordinated Indebtedness
purchased in anticipation of satisfying a sinking fund obligation, principal
installment or payment at final maturity, in each case within one year of the
date of such purchase, repurchase, redemption, defeasance or other acquisition
or retirement; or

 

(D)          make any Restricted Investment;

 

(all such payments and other actions set
forth in these clauses (A) through (D) above being collectively
referred to as “Restricted Payments”), unless, at the time of and after giving
effect to such Restricted Payment:

 

(1)           no Default or Event of Default has
occurred and is continuing or would occur as a consequence of such Restricted
Payment;

 

55

 

(2)           the Issuer would, at the time of such
Restricted Payment and after giving pro forma effect thereto as if such
Restricted Payment had been made at the beginning of the applicable
four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) of
this Indenture; and

 

(3)           such Restricted Payment, together
with the aggregate amount of all other Restricted Payments made by the Issuer
and its Restricted Subsidiaries since the Issue Date (including Restricted
Payments permitted by clauses (1), (10), (11) and (14) of Section 4.07(b) but
excluding all other clauses of Section 4.07(b)), is less than the sum,
without duplication, of:

 

(A)          50% of the
Consolidated Net Income of the Issuer for the period (taken as one accounting
period) from the beginning of the first fiscal quarter commencing after the
Issue Date to the end of the Issuer’s most recently ended fiscal quarter for
which internal financial statements are available at the time of such
Restricted Payment (or, if such Consolidated Net Income for such period is a
deficit, less 100% of such deficit); plus

 

(B)           100% of the
aggregate Qualified Proceeds received by the Issuer since the Issue Date as a
contribution to its equity capital (other than Disqualified Stock) or from the
issue or sale of Equity Interests of the Issuer (other than Disqualified Stock,
Excluded Contributions, and Equity Interests (or Disqualified Stock or debt
securities) sold to a Subsidiary of the Issuer) or from the issue or sale of
convertible or exchangeable Disqualified Stock or convertible or exchangeable
debt securities of the Issuer that have been converted into or exchanged for
such Equity Interests (other than Equity Interests (or Disqualified Stock or
debt securities) sold to a Subsidiary of the Issuer); plus

 

(C)           an amount equal to the net
reduction in Investments by the Issuer and its Restricted Subsidiaries
resulting from (i) the sale or other disposition (other than to the
Issuer or a Restricted Subsidiary) of any Restricted Investment that was made
after the Issue Date and (ii) repurchases, redemptions and repayments of
such Restricted Investments and the receipt of any dividends or distributions
from such Restricted Investments (other than, in each case, to the extent such
Investment was made by the Issuer or any Restricted Subsidiary of the Issuer
pursuant to clause (15) or (19) of Section 4.07(b) and such amounts
received have been applied to increase availability under such basket); plus

 

(D)          to the extent that any Unrestricted
Subsidiary of the Issuer designated as such after the Issue Date is
redesignated as a Restricted Subsidiary after the Issue Date, an amount equal
to the lesser of (i) the Fair Market Value of the Issuer’s interest in
such Subsidiary immediately prior to such redesignation and (ii) the
aggregate amount of the Issuer’s Investments in such Subsidiary that was
previously treated as a Restricted Payment other than, in each case, to
the extent such Investment was made by the Issuer or any Restricted Subsidiary
of the Issuer pursuant to clause (15) or (19) of Section 4.07(b) and
such amounts received have been applied to increase availability under such
basket); plus

 

(E)           in the event the
Issuer and/or any Restricted Subsidiary of the Issuer makes any Investment in a
Person that, as a result of or in connection with such Investment, becomes a
Restricted Subsidiary of the Issuer, an amount equal to the existing Investment
of the Issuer and/or any of its Restricted Subsidiaries in such Person that was
previously treated as a Restricted Payment (other than to the extent such
Investment was 

 

56

 

made by the Issuer or any Restricted
Subsidiary of the Issuer pursuant to clause (15) or (19) of Section 4.07(b) and
such amounts received have been applied to increase availability under such
basket).

 

(b)                                 The
preceding Section 4.07(a) shall not prohibit:

 

(1)           the payment of any
dividend or other distribution or the consummation of any irrevocable redemption
within 60 days after the date of declaration of the dividend or giving of the
redemption notice, as the case may be, if at the date of declaration or notice,
the dividend or redemption payment would have complied with the provisions of
this Indenture;

 

(2)           the making of any
Restricted Payment in exchange for, or out of the net cash proceeds of the
substantially concurrent sale (other than to a Restricted Subsidiary of the
Issuer) of, Equity Interests of the Issuer (other than Disqualified Stock) or
from the substantially concurrent contribution of equity capital to the Issuer
(other than Disqualified Stock); provided that
the amount of any such net cash proceeds that are utilized for any such
Restricted Payment shall be excluded from clause (3)(B) of Section 4.07(a);

 

(3)           the repurchase,
redemption, defeasance or other acquisition or retirement for value of Indebtedness
of the Issuer or any Guarantor that is contractually subordinated to the Notes
or to any Subsidiary Guarantee with the net cash proceeds from a substantially
concurrent incurrence of Permitted Refinancing Indebtedness, or from the substantially
concurrent sale (other than to a Restricted Subsidiary of the Issuer) of,
Equity Interests of the Issuer (other than Disqualified Stock) or from the substantially
concurrent contribution of equity capital to the Issuer (other than
Disqualified Stock); provided
that the amount of any such net cash proceeds that are utilized for any such
Restricted Payment will be excluded from clause (3)(B) of Section 4.07(a);

 

(4)           the declaration and
payment of regularly scheduled or accrued dividends to holders of any class or
series of Disqualified Stock of the Issuer or any Restricted Subsidiary of the
Issuer which Disqualified Stock was issued after the Issue Date in accordance
with Section 4.09;

 

(5)           the repurchase,
redemption or other acquisition or retirement for value of Disqualified Stock
of the Issuer or any Restricted Subsidiary of the Issuer made by exchange for,
or out of the proceeds of the substantially concurrent sale of Replacement
Preferred Stock that is permitted to be incurred pursuant to Section 4.09;

 

(6)           the payment of any
dividend (or any similar distribution) by a Restricted Subsidiary of the Issuer
to the holders of its Equity Interests on a pro rata basis;

 

(7)           the purchase,
redemption or other acquisition or retirement for value of shares of Capital
Stock of a Qualified Restricted Subsidiary owned by a Strategic Investor if
such purchase, redemption or other acquisition or retirement for value is made
for consideration not in excess of the Fair Market Value of such Capital Stock;

 

(8)           the repurchase,
redemption or other acquisition or retirement for value of any Equity Interests
of the Issuer or any Restricted Subsidiary of the Issuer held by any current or
former officer, director, employee or consultant (or Affiliates (other than
Crestview Partners, L.P. and the Co-Investors) of the foregoing) of the Issuer
or any of its Restricted Subsidiaries, and any dividend payment or other
distribution by the Issuer or a Restricted Subsidiary to Holdings or any other
direct or indirect parent holding company of the Issuer utilized for the
repurchase, redemption

 

57

 

or other
acquisition or retirement for value of any Equity Interests of Holdings or such
other direct or indirect parent holding company held by axny current or former
officer, director, employee or consultant of the Issuer or any of its
Restricted Subsidiaries or Holdings or such other parent holding company, in
each case, pursuant to any equity subscription agreement, stock option
agreement, shareholders’ agreement or similar agreement or benefit plan or
other agreement of any kind; provided that
the aggregate price paid for all such repurchased, redeemed, acquired or
retired Equity Interests may not exceed $3.0 million in any fiscal year (it
being understood, however, that unused amounts permitted to be paid pursuant to
this proviso are available to be carried over to subsequent fiscal years); provided, further, that such amount in any fiscal year may
be further increased by an amount not to exceed:

 

(A)          the net cash proceeds
from the sale of Equity Interests of the Issuer and, to the extent contributed
to the Issuer as equity capital (other than Disqualified Stock), Equity
Interests of Holdings or any other direct or indirect parent company of the
Issuer, in each case to members of management, directors or consultants of the
Issuer, any of its Subsidiaries, Holdings or any other direct or indirect parent
company of the Issuer that occurs after the Issue Date, to the extent the cash
proceeds from the sale of such Equity Interests have not otherwise been applied
to the payment of Restricted Payments by virtue of clause (3)(B) of Section 4.07(a) (and,
to the extent utilized pursuant to this clause (8), such amount will be
excluded from clause (3)(B) of Section 4.07(a)), and excluding
Excluded Contributions, plus

 

(B)           the cash proceeds of
key man life insurance policies received by the Issuer and its Restricted
Subsidiaries after the Issue Date, less

 

(C)           the amount of any
Restricted Payments previously made pursuant to clauses (A) and (B) of
this clause (8);

 

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

 

(9)           the repurchase of
Equity Interests deemed to occur upon the exercise of options, rights or
warrants to the extent such Equity Interests represent a portion of the
exercise price of those options, rights or warrants;

 

(10)         the repurchase,
redemption, defeasance or other acquisition or retirement for value of Indebtedness
of the Issuer or any Guarantor that is contractually subordinated to the Notes
or to any Subsidiary Guarantee with any Excess Proceeds that remain after
consummation of an Asset Sale Offer;

 

(11)         after the occurrence
of a Change of Control and within 60 days after the completion of the offer to
repurchase the Notes pursuant to Section 4.15 (including the purchase of
the Notes tendered), any purchase or redemption of Indebtedness that is
contractually subordinated to the Notes or to any Subsidiary Guarantee required
pursuant to the terms thereof as a result of such Change of Control at a
purchase or redemption price not to exceed 101% of the outstanding principal
amount thereof, plus any accrued and unpaid interest;

 

58

 

(12)         cash payments in lieu
of fractional shares issuable as dividends on preferred stock or upon the
conversion of any preferred stock or convertible debt securities of the Issuer
or any of its Restricted Subsidiaries;

 

(13)         Permitted Payments to
Parent;

 

(14)         so long as no Default
has occurred and is continuing or would be caused thereby, the payment:

 

(A)         by the Issuer or any
Restricted Subsidiary to Holdings or any other direct or indirect parent of the
Issuer, which payment is used by the Person receiving such payment, following
the first initial public offering of common Equity Interests by such Person, to
pay dividends of up to 6% per annum of the net proceeds received by such Person
in such public offering (or any subsequent public offering of common Equity
Interests of such Person) that are contributed to the Issuer as equity capital
(other than Disqualified Stock), or

 

(B)          by the Issuer,
following the first initial public offering of common Equity Interests by the
Issuer, to pay dividends of up to 6% per annum of the net proceeds received by
or contributed to the Issuer in such public offering (or any subsequent public
offering of common Equity Interests by the Issuer)

 

(excluding, in the case of both clause (A) and
clause (B), public offerings of common Equity Interests registered on Form S-8
and any other public sale to the extent the proceeds thereof are Excluded
Contributions);

 

(15)         Investments that are
made with Excluded Contributions;

 

(16)         distributions or
payments of Receivables Fees and any other payments in connection with a Qualified
Receivables Transaction;

 

(17)         payment of fees and
reimbursement of other expenses to the Permitted Holders in connection with the
Transactions as described in the Offering Memorandum under the caption “Certain
Relationships and Related Party Transactions” or dividends to any direct or
indirect parent of the Issuer to fund such payments;

 

(18)         all payments made or
to be made in connection with the Transactions as set forth in the Offering
Memorandum including and together with payments to stockholders, and holders of
options and warrants for common stock, of the merger consideration (or, in the
case of options and warrants, the merger consideration less the exercise price
thereof) and all payments made to former stockholders of the Issuer who have validly
exercised appraisal rights in connection with the Transactions;

 

(19)         so long as no Default
has occurred and is continuing or would be caused thereby, other Restricted
Payments in an aggregate amount taken together with all other Restricted Payments
made pursuant to this clause (19) not to exceed the greater of (a) $20.0
million and (b) 3.0% of Total Assets at the time made; and

 

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

 

59

 

were
contributed to such Unrestricted Subsidiary in anticipation of such distribution,
dividend or other payment, as determined in good faith by the Issuer).

 

(c)                                  The amount of all
Restricted Payments (other than cash) shall be the Fair Market Value on the
date of the Restricted Payment of the asset(s) or securities proposed to
be transferred or issued by the Issuer or such Restricted Subsidiary, as the
case may be, pursuant to the Restricted Payment.  The Fair Market Value of any assets or
securities that are required to be valued by this Section 4.07 shall be,
if the Fair Market Value thereof exceeds $20.0 million, determined by the Board
of Directors of the Issuer, whose resolution with respect thereto shall be delivered
to the Trustee.

 

For purposes of determining compliance with the provisions of this Section 4.07,
in the event that a Restricted Payment meets the criteria of more than one of
the types of Restricted Payments described in the above clauses, the Issuer, in
its sole discretion, may order and classify, and from time to time may reorder
and reclassify, such Restricted Payment, if it would have been permitted at the
time such Restricted Payment was made and at the time of any such
reclassification.

 

SECTION 4.08                                       Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)                                  The Issuer shall not,
and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create or permit to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)                                  pay
dividends or make any other distributions on its Capital Stock to the Issuer or
any of its Restricted Subsidiaries, or with respect to any other interest or
participation in, or measured by, its profits, or pay any indebtedness owed to
the Issuer or any of its Restricted Subsidiaries;

 

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

 

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

 

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

 

(1)                                  agreements
governing Existing Indebtedness and the Credit Agreement as in effect on the
Issue Date;

 

(2)                                  this
Indenture, the Notes and the Subsidiary Guarantees;

 

(3)                                  applicable
law, rule, regulation or order, including any requirement of any governmental
healthcare programs;

 

(4)                                  any
instrument or agreement governing Indebtedness or Capital Stock of a Restricted
Subsidiary acquired by the Issuer or any of its Restricted Subsidiaries as in
effect at the time of such acquisition (except to the extent such Indebtedness
or Capital Stock was incurred in connection with or in contemplation of such
acquisition), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person, other than the Person or any of its
Subsidiaries, or the property or assets of the Person or any of its
Subsidiaries, so acquired; provided that,
in the case of Indebtedness, such Indebtedness was permitted by the terms of
this Indenture to be incurred;

 

60

 

(5)                                  customary
non-assignment provisions in contracts, leases, subleases, licenses and
sublicenses entered into in the ordinary course of business;

 

(6)                                  customary
restrictions in leases (including capital leases), security agreements or
mortgages or other purchase money obligations for property acquired in the
ordinary course of business that impose restrictions on the property purchased
or leased of the nature described in clause (3) of Section 4.08(a);

 

(7)                                  any
agreement for the sale or other disposition of all or substantially all the Capital
Stock or the assets of a Restricted Subsidiary that restricts distributions by
that Restricted Subsidiary pending the sale or other disposition;

 

(8)                                  any
instrument or agreement governing Permitted Refinancing Indebtedness; provided that the restrictions contained therein are not
materially more restrictive (as determined in good faith by the Issuer), taken
as a whole, than those contained in the agreements governing the Indebtedness
being refinanced;

 

(9)                                  Liens
permitted to be incurred under Section 4.12 of this Indenture that limit
the right of the debtor to dispose of the assets subject to such Liens;

 

(10)                            provisions
limiting the disposition or distribution of assets or property in joint venture
agreements, asset sale agreements, sale-leaseback agreements, stock sale
agreements and other similar agreements, which limitation is applicable only to
the assets that are the subject of such agreements;

 

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

 

(12)                            customary
provisions imposed on the transfer of copyrighted or patented materials;

 

(13)                            customary
provisions restricting dispositions of real property interests set forth in any
reciprocal easement agreements of the Issuer or any Restricted Subsidiary;

 

(14)                            customary
provisions in connection with a Qualified Receivables Transaction;

 

(15)                            contracts
entered into in the ordinary course of business, not relating to any Indebtedness,
and that do not, individually or in the aggregate, detract from the value of
property or assets of the Issuer or any Restricted Subsidiary of the Issuer in
any manner material to the Issuer or any Restricted Subsidiary of the Issuer;

 

(16)                            restrictions
on the transfer of property or assets required by any regulatory authority
having jurisdiction over the Issuer or any Restricted Subsidiary of the Issuer
or any of their businesses;

 

(17)                            any
instrument or agreement governing Indebtedness or preferred stock of any
Restricted Subsidiary that is incurred or issued subsequent to the Issue Date
and not in violation of Section 4.09; provided that
the Issuer’s Board of Directors determines in good faith that restrictions are
not reasonably likely to have a materially adverse effect on the Issuer’s
and/or Guarantors’ ability to make principal and interest payments on the
Notes;

 

61

 

(18)                            restrictions
in Management Agreements that require the payment of management fees to the
Issuer or one of its Restricted Subsidiaries prior to payment of dividends or
distributions;

 

(19)                            customary
provisions in joint venture and other similar agreements, including agreements
related to the ownership and operation of surgical facilities, relating solely
to such joint venture or facilities or the Persons who own Equity Interests
therein; and

 

(20)                            any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the Indebtedness, preferred stock,
Liens, agreements, contracts, licenses, leases, subleases, instruments or
obligations referred to in clauses (1), (2), (4) through (15) and (17)
above; provided, however, that such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are not materially more restrictive, taken as a
whole, (as determined by the Issuer in good faith) than those restrictions
contained in the Indebtedness, preferred stock, Liens, agreements, contracts,
licenses, leases, subleases, instruments or obligations referred to in clauses
(1), (2), (4) through (15) and (17) above, as applicable prior to such
amendment, modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing.

 

For purposes of determining compliance with this covenant, (i) the
priority of any preferred stock in receiving dividends or liquidating
distributions prior to dividends or liquidating distributions being paid on
common stock shall not be deemed a restriction on the ability to make distributions
on Capital Stock and (ii) the subordination of loans or advances made to
the Issuer or a Restricted Subsidiary of the Issuer to other Indebtedness
incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a
restriction on the ability to make loans or advances.

 

SECTION 4.09                                       Incurrence
of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)                                  The Issuer shall not,
and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable, contingently or otherwise, with respect to
(collectively, “incur”) any Indebtedness (including Acquired Debt), and the
Issuer shall not issue any Disqualified Stock and shall not permit any of its
Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that
the Issuer and its Restricted Subsidiaries may incur Indebtedness (including
Acquired Debt) or issue Disqualified Stock or preferred stock, if the Fixed
Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal
quarters for which internal financial statements are available immediately
preceding the date on which such additional Indebtedness is incurred or such
Disqualified Stock or such preferred stock is issued, as the case may be, would
have been at least 2.0 to 1, determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred or the Disqualified Stock or the preferred stock
had been issued, as the case may be, at the beginning of such four-quarter
period; provided that the maximum amount of
Indebtedness that may be incurred by Non-Guarantor Subsidiaries under this
clause (a) shall be $12.5 million outstanding at any time.

 

(b)                                 Section 4.09(a) shall
not prohibit the incurrence of any of the following items of Indebtedness or
the issuance of any of the following items of Disqualified Stock or preferred
stock (collectively, “Permitted Debt”):

 

(1)                                  the
incurrence by the Issuer and/or any Restricted Subsidiary of Indebtedness under
the Credit Agreement and other Credit Facilities entered into after the date of
the Credit Agreement in an aggregate principal amount at any one time
outstanding under this clause (1) not to exceed $400.0 million;

 

62

 

(2)                                  the
incurrence by the Issuer and its Restricted Subsidiaries of the Existing Indebtedness
outstanding on the Issue Date;

 

(3)                                  the
incurrence by the Issuer and the Guarantors of Indebtedness represented by the
Notes to be issued on the Issue Date, replacement Notes in respect thereof, if
any, and the related Subsidiary Guarantees and the Exchange Notes and related
Subsidiary Guarantees to be issued pursuant to the Registration Rights
Agreement (and in each case, including PIK Notes in respect thereof and any
related Subsidiary Guarantee);

 

(4)                                  the
incurrence or issuance by the Issuer or any of its Restricted Subsidiaries of (A) Indebtedness,
Disqualified Stock or preferred stock of Persons that are acquired by the
Issuer, a Guarantor or any Qualified Restricted Subsidiary (including by way of
merger or consolidation) in accordance with the terms of this Indenture or
incurred by the Issuer or any Restricted Subsidiary to finance such acquisition
or merger or (B) Acquired Debt or Indebtedness (including Capital Lease
Obligations), Disqualified Stock or preferred stock, in each case, incurred or
issued for the purpose of financing all or any part of the purchase price or
cost of design, construction, lease, installation or improvement of property
(real or personal), plant or equipment used or useful in a Permitted Business
(whether through their direct purchase or purchase of Capital Stock of a Person
owning such property); provided that
aggregate principal amount under this clause (4), including all Permitted
Refinancing Indebtedness and Replacement Preferred Stock incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to this clause (4), shall not exceed $57.5 million at any time outstanding;

 

(5)                                  the
incurrence by the Issuer or any of its Restricted Subsidiaries of Permitted Refinancing
Indebtedness or Replacement Preferred Stock in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or
discharge any Indebtedness (other than intercompany Indebtedness) or any Disqualified
Stock or preferred stock that was permitted by this Indenture to be incurred
under Section 4.09(a) or clauses (2), (3), (5), (15), (18) or (19) of
this Section 4.09(b);

 

(6)                                  the
incurrence by the Issuer, any Guarantors or any Restricted Subsidiaries of intercompany
Indebtedness between or among the Issuer, Guarantors and any Restricted
Subsidiaries; provided, however,
that:

 

(A)                              if
the Issuer or any Guarantor is the obligor on such Indebtedness and the payee
is not the Issuer or a Guarantor, such Indebtedness must be expressly subordinated
to the prior payment in full in cash of all Obligations with respect to the
Notes, in the case of the Issuer or the Subsidiary Guarantee, in the case of a
Guarantor, except to the extent such subordination would violate any applicable
law, rule or regulation; and

 

(B)                                (i) any
subsequent issuance or transfer of Equity Interests that results in any such
Indebtedness being held by a Person other than the Issuer or a Qualified Restricted
Subsidiary and (ii) any sale or other transfer of any such Indebtedness to
a Person that is not either the Issuer or a Qualified Restricted Subsidiary,
shall be deemed, in each case, to constitute a new incurrence of such
Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be,
which new incurrence is not permitted by this clause (6);

 

(7)                                  the
issuance by any Restricted Subsidiaries to the Issuer, Guarantors or to any of
their Restricted Subsidiaries of shares of preferred stock; provided, however, that:

 

63

 

(A)                              any
subsequent issuance or transfer of Equity Interests that results in any such
preferred stock being held by a Person other than the Issuer, or Guarantor or a
Restricted Subsidiary of the Issuer; and

 

(B)                                any
sale or other transfer of any such preferred stock to a Person that is not
either the Issuer, a Guarantor or a Restricted Subsidiary of the Issuer,

 

will be deemed, in each case, to constitute a
new issuance of such preferred stock by such Restricted Subsidiary which new
issuance is not permitted by this clause (7);

 

(8)                                  the
incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations
for the purpose of limiting interest rate, currency or commodity risk;

 

(9)                                  the
Guarantee:

 

(A)                              by
the Issuer or any of the Guarantors of Indebtedness of the Issuer or a
Restricted Subsidiary of the Issuer that was permitted to be incurred by
another provision of this Section 4.09; provided
that if the Indebtedness being guaranteed is subordinated to the Notes, then
the Guarantee shall be subordinated to the same extent as the Indebtedness
guaranteed; and

 

(B)                                by
any Non-Guarantor Subsidiary of Indebtedness of a Non-Guarantor Subsidiary;

 

(10)                            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness
in respect of workers’ compensation claims, self-insurance obligations, bankers’
acceptances, letters of credit, performance bonds, surety bonds, appeal bonds
or other similar bonds in the ordinary course of business;

 

(11)                            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument inadvertently (except in the case of daylight
overdrafts) drawn against insufficient funds in the ordinary course of
business, so long as such Indebtedness is extinguished within five Business
Days;

 

(12)                            the
incurrence of Indebtedness arising from agreements of the Issuer or a Restricted
Subsidiary providing for indemnification, adjustment of purchase price,
holdback, contingency payment obligations or similar obligations, in each case,
incurred or assumed in connection with the disposition or acquisition of any
business, assets or Capital Stock of the Issuer or any Restricted Subsidiary;

 

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

 

(14)                            the
incurrence of Indebtedness resulting from endorsements of negotiable instruments
for collection in the ordinary course of business;

 

(15)                            Indebtedness
that is contractually subordinated to the Notes in an aggregate principal
amount at any time outstanding, including all Permitted Refinancing
Indebtedness incurred pursuant to this clause (15), not to exceed $115.0
million;

 

64

 

(16)                            Indebtedness
of the Issuer or a Restricted Subsidiary in respect of netting services,
overdraft protection and otherwise in connection with deposit accounts; provided that such Indebtedness remains outstanding for ten
Business Days or less;

 

(17)                            the
incurrence by a Receivables Subsidiary of Indebtedness in a Qualified Receivables
Transaction;

 

(18)                            the
incurrence or issuance by the Issuer or any of its Restricted Subsidiaries of
additional Indebtedness, Disqualified Stock or preferred stock in an aggregate
principal amount (or accreted value or liquidation preference, as applicable)
at any time outstanding, including all Permitted Refinancing Indebtedness and
all Replacement Preferred Stock incurred to renew, refund, refinance, replace,
defease or discharge any Indebtedness, Disqualified Stock and preferred stock
incurred or issued pursuant to this clause (18), not to exceed $23.0 million;

 

(19)                            Indebtedness
in respect of promissory notes issued to physicians, consultants, employees or
directors or former employees, consultants or directors in connection with repurchases
of Equity Interests permitted by Section 4.07(b)(8);

 

(20)                            Guarantees
by the Issuer or any Guarantor of Indebtedness of a Person permitted by clause
(15)(A) of the definition of “Permitted Investments”; and

 

(21)                            Indebtedness
representing deferred compensation to employees of the Issuer and the Restricted
Subsidiaries incurred in the ordinary course of business.

 

For purposes of determining compliance with this Section 4.09, in
the event that an item of proposed Indebtedness meets the criteria of more than
one of the categories of Permitted Debt described in clauses (1) through
(21) above, or is entitled to be incurred pursuant to Section 4.09(a), the
Issuer shall be permitted to classify such item of Indebtedness on the date of
its incurrence, or later reclassify all or a portion of such item of
Indebtedness, in any manner that complies with this Section 4.09 except
that Indebtedness under the Credit Agreement outstanding on the Issue Date will
be deemed to have been incurred on such date in reliance on the exception
provided by clause (1) of this Section 4.09(b).  The accrual of interest, the accretion or
amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, the
reclassification of preferred stock as Indebtedness due to a change in
accounting principles, and the payment of dividends on Disqualified Stock or
preferred stock in the form of additional shares of the same class of
Disqualified Stock or preferred stock shall not be deemed to be an incurrence
of Indebtedness or an issuance of Disqualified Stock or preferred stock for
purposes of this Section 4.09; provided in
each such case, that the amount thereof is included in Fixed Charges of the Issuer
as accrued (other than the reclassification of preferred stock as Indebtedness
due to a change in accounting principles).

 

The amount of any Indebtedness outstanding as of any date will be:

 

(1)                                  the accreted value of
the Indebtedness, in the case of any Indebtedness issued with original issue
discount;

 

(2)                                  the principal amount
of the Indebtedness, in the case of any other Indebtedness; and

 

(3)                                  in respect of
Indebtedness of another Person secured by a Lien on the assets of the specified
Person, the lesser of:

 

65

 

(A)                              the
Fair Market Value of such assets at the date of determination; and

 

(B)                                the
amount of the Indebtedness of the other Person.

 

SECTION 4.10                                       Asset
Sales.

 

(a)                                  The Issuer shall not,
and shall not permit any of its Restricted Subsidiaries to, consummate an Asset
Sale unless:

 

(1)                                  the
Issuer (or the Restricted Subsidiary, as the case may be) receives consideration
at the time of the Asset Sale at least equal to the Fair Market Value of the
assets or Equity Interests issued or sold or otherwise disposed of; and

 

(2)                                  at
least 75% of the consideration received in the Asset Sale by the Issuer or such
Restricted Subsidiary is in the form of cash. 
For purposes of this paragraph (2), each of the following shall be
deemed to be cash:

 

(A)                              Cash
Equivalents;

 

(B)                                any
liabilities (as shown on the Issuer’s most recent consolidated balance sheet)
of the Issuer or any Restricted Subsidiary (other than contingent liabilities
and liabilities that are by their terms subordinated to the Notes or any
Subsidiary Guarantee) that are assumed by the transferee of any such assets
pursuant to an agreement that releases the Issuer or such Restricted Subsidiary
from further liability;

 

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

 

(D)                               (i) any
Designated Noncash Consideration received by the Issuer or a Restricted
Subsidiary in connection with the sale or contribution of assets by the Issuer
or a Restricted Subsidiary to a joint venture with a Strategic Investor; provided, however, that (x) any
such Designated Noncash Consideration that is converted into Cash Equivalents
shall be treated as Net Proceeds in the manner set forth in Section 4.10(b) and
(y) in the event such Designated Noncash Consideration is an Investment
(other than in the form of Indebtedness), such Designated Noncash Consideration
shall be deemed to have been acquired and consequently reduce amounts available
under clause (15) and (17) of the definition of “Permitted Investments,” as
determined by the Issuer and (ii) any Designated Noncash Consideration the
Fair Market Value of which, when taken together with all other Designated
Noncash Consideration received pursuant to this clause (ii) (and not
subsequently converted into Cash Equivalents that are treated as Net Proceeds
of an Asset Sale), does not exceed the greater of $15 million and 2.5% of Total
Assets at the time of receipt since the Issue Date, with the Fair Market Value
of each item of Designated Noncash Consideration being measured at the time
received and without giving effect to subsequent changes in value; and

 

(E)                                 any
stock or assets of the kind referred to in clause (2) or (4) of Section 4.10(b).

 

66

 

Notwithstanding the foregoing, the 75% requirement referred to in clause
(2) above shall not apply to any Asset Sale in which the cash or Cash
Equivalent portion of the consideration received therefrom, determined in
accordance with the foregoing provision, is equal to or greater than what the
after-tax proceeds would have been had such Asset Sale complied with the
aforementioned 75% requirement.

 

(b)                                 Within 450 days after
the receipt of any Net Proceeds from an Asset Sale, the Issuer (or the
applicable Restricted Subsidiary, as the case may be) may apply such Net
Proceeds at its option:

 

(1)                                  to
repay or prepay (x) any and all obligations under the Credit Agreement or
any other senior Indebtedness secured by Liens or Indebtedness of Non-Guarantor
Subsidiaries and, if the Indebtedness repaid is revolving credit Indebtedness, to
correspondingly reduce commitments with respect thereto or (y) Obligations
under Indebtedness ranking pari passu with
the Notes (and to correspondingly reduce commitments with respect thereto) or
reduce Obligations under the Notes as provided under Section 3.07, through
open-market purchases (to the extent such purchases are at or above 100% of the
principal amount thereof) or by making an Asset Sale Offer (in accordance with
the procedures set forth below)); provided that
in the case of a reduction of Obligations other than under the Notes under this
clause (y) the Issuer shall use commercially reasonable efforts to equally
and ratably reduce Obligations under the Notes as provided under Section 3.07,
through open market purchases (to the extent such purchases are at or above
100% of the principal amount thereof) or by making an offer (in accordance with
the procedures set forth in Section 4.10(c) for an Asset Sale Offer)
to all Holders of Notes to purchase their Notes at 100% of the principal amount
thereof, plus the amount of accrued but unpaid interest, if any, on the amount
of Notes that would otherwise be prepaid;

 

(2)                                  to
(x) acquire all or substantially all of the assets of, or any Capital
Stock of, another Permitted Business, if, after giving effect to any such
acquisition of Capital Stock, the Permitted Business is or becomes a Restricted
Subsidiary of the Issuer or (y) make Investments pursuant to clause (15)
or (17) of the definition of “Permitted Investments;”

 

(3)                                  to
make a capital expenditure with respect to a Permitted Business; or

 

(4)                                  to
acquire Additional Assets;

 

provided that the
requirements of clauses (2) through (4) of this Section 4.01(b) shall
be deemed to be satisfied if an agreement (including a lease, whether a capital
lease or an operating lease) committing to make the acquisitions or
expenditures referred to in any of clauses (2) through (4) of this Section 4.01(b) is
entered into by the Issuer or its Restricted Subsidiary within 450 days after
the receipt of such Net Proceeds with the good faith expectation that such Net
Proceeds will be applied to satisfy such commitment in accordance with such
agreement within 180 days of such commitment and if such Net Proceeds are not
so applied within such 180-day period, then such Net Proceeds shall constitute
Excess Proceeds (as defined in Section 4.10(c)).

 

Pending the final application of any Net Proceeds, the Issuer may
temporarily reduce revolving credit borrowings or otherwise invest such Net
Proceeds in any manner that is not prohibited by this Indenture.

 

(c)                                  Any Net Proceeds from
Asset Sales that are not applied or invested as provided in Section 4.10(b) shall
constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds
exceeds $10.0 million, within ten Business Days thereof, the Issuer shall make
an Asset Sale Offer to all Holders and if the Issuer elects (or is required by
the terms of such other pari passu Indebtedness), all holders of other
Indebtedness that is pari passu with the Notes. 
The offer price in any Asset Sale Offer shall be 

 

67

 

equal to 100% of the principal
amount plus accrued and unpaid interest and Additional Interest, if any, to the
date of purchase, and shall be payable in cash. 
If any Excess Proceeds remain after consummation of an Asset Sale Offer,
the Issuer may use such Excess Proceeds for any purpose not otherwise
prohibited by this Indenture.  If the
aggregate principal amount of Notes and such other pari passu Indebtedness tendered
into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee
shall select the Notes and such other pari passu Indebtedness to be purchased
on a pro rata basis.  Upon completion of
each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

 

(d)                                 The Issuer shall
comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with each repurchase of Notes pursuant
to an Asset Sale Offer.  To the extent
that the provisions of any securities laws or regulations conflict with the
provisions of Section 3.09 or this Section 4.10, the Issuer shall
comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under Section 3.09 or this Section 4.10
by virtue of such compliance.

 

SECTION 4.11                                       Transactions
with Affiliates.

 

(a)                                  The Issuer shall not,
and shall not permit any of its Restricted Subsidiaries to, make any payment
to, or sell, lease, transfer or otherwise dispose of any of its properties or
assets to, or purchase any property or assets from, or enter into or make or
amend any transaction, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Issuer involving aggregate
consideration in excess of $2.5 million (each, an “Affiliate Transaction”),
unless:

 

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

 

(2)                                  the
Issuer delivers to the Trustee with respect to any Affiliate Transaction or series
of related Affiliate Transactions involving aggregate consideration in excess
of $20.0 million, an Officer’s Certificate certifying that such Affiliate
Transaction complies with clause (1) of this Section 4.11(a) and
that such Affiliate Transaction has been approved by a majority of the members
of the Board of Directors of the Issuer, together with a certified copy of the
resolutions of the Board of Directors of the Issuer approving such Affiliate
Transaction or Affiliate Transactions.

 

(b)                                 The following items
shall not be deemed to be Affiliate Transactions and, therefore, shall not be
subject to the provisions of Section 4.11(a):

 

(1)                                  any
employment agreement, employee benefit plan, officer or director indemnification
agreement or any similar arrangement entered into by the Issuer or any of its
Restricted Subsidiaries in the ordinary course of business and payments
pursuant thereto;

 

(2)                                  transactions
between or among the Issuer and/or its Restricted Subsidiaries;

 

(3)                                  transactions
with a Person (other than an Unrestricted Subsidiary of the Issuer) that is an
Affiliate of the Issuer solely because the Issuer owns, directly or through a
Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)                                  payment
of reasonable directors’ fees;

 

68

 

(5)                                  any
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to
Affiliates of the Issuer;

 

(6)                                  Permitted
Investments or Restricted Payments that do not violate Section 4.07;

 

(7)                                  payment
of fees and the reimbursement of other expenses to the Permitted Holders in
connection with the Transactions and as described in the Offering Memorandum
under the caption “Certain Relationships and Related Party Transactions”;

 

(8)                                  payments
by the Issuer or any of its Restricted Subsidiaries to Crestview Partners GP,
L.P. and/or any of its Affiliates for any financial advisory, financing,
underwriting or placement services or in respect of other investment banking
activities, including, without limitation, in connection with acquisitions or
divestitures, which payments are approved by the majority of the disinterested
members of the Board of Directors of the Issuer in good faith;

 

(9)                                  loans
(or cancellation of loans) or advances to employees in the ordinary course of
business;

 

(10)                            transactions
with joint ventures, Unrestricted Subsidiaries, customers, suppliers,
contractors, joint venture partners (including without limitation, physicians)
or purchasers or sellers of goods or services, in each case which are in the
ordinary course of business (including, without limitation, pursuant to joint
venture agreements) and otherwise in compliance with the terms of this
Indenture;

 

(11)                            the
existence of, or the performance by the Issuer or any Restricted Subsidiary of
their obligations, if any, or obligations of Holdings under the terms of, any
subscription, registration rights or stockholders agreement, partnership
agreement, limited liability company agreement or similar agreement to which Holdings,
the Issuer or any Restricted Subsidiary is a party as of the Issue Date and any
similar agreements which the Issuer, any Restricted Subsidiary, Holdings or any
other direct or indirect parent company of the Issuer may enter into
thereafter; provided, however, that the entering
into by the Issuer or any Restricted Subsidiary or the performance by the
Issuer or any Restricted Subsidiary of obligations under any future amendment
to any such existing agreement or under any similar agreement entered into
after the Issue Date will only be permitted by this clause (11) to the extent
that the terms of any such amendment or new agreement, taken as a whole, are
not materially disadvantageous to the holders of the Notes, as determined in
good faith by the Board of Directors, chief executive officer or chief
financial officer of the Issuer;

 

(12)                            the
Transactions, including all payments made or to be made in connection with the
Transactions as described in the Offering Memorandum;

 

(13)                            any
transaction relating to a Qualified Receivables Transaction;

 

(14)                            the
entering into of any tax sharing agreement or arrangement and any Permitted
Payments to Parent;

 

(15)                            any
management, consulting, monitoring, financial advisory, financing, underwriting
or placement services or any other investment banking, banking or similar
services involving the Issuer and any of its Restricted Subsidiaries (including
without limitation any payments in cash, Equity Interests or other
consideration made by the Issuer or any of its Restricted Subsidiaries in connection
therewith) on the one hand and the Permitted Holders on the other

 

69

 

hand (including the Sponsor Management Agreement as in effect on the
Issue Date and termination payments in respect thereof), which services (and
payments and other transactions in connection therewith) are approved as fair
to the Issuer or such Restricted Subsidiary by a majority of the members of the
Board of Directors of the Issuer in good faith;

 

(16)                            the
issuance of Equity Interests (other than Disqualified Stock) in the Issuer or
any Restricted Subsidiary of the Issuer for compensation purposes;

 

(17)                            any
lease or sublease entered into between the Issuer or any Restricted Subsidiary,
as lessee, and any Affiliate of the Issuer, as lessor or sublessor, which is
approved by a majority of the disinterested members of the Board of Directors
of the Issuer in good faith;

 

(18)                            intellectual
property licenses in the ordinary course of business;

 

(19)                            Existing
Indebtedness and any other obligations pursuant to an agreement existing on the
Issue Date as described in the Offering Memorandum, including any amendment
thereto (so long as such amendment is not disadvantageous to the Holders in any
material respect); and

 

(20)                            transactions in which the
Issuer or any Restricted Subsidiary delivers to the Trustee a letter from an
accounting, appraisal or investment banking firm of national standing stating
that such transaction is fair to the Issuer or such Restricted Subsidiary from
a financial point of view and which are approved by a majority of the
disinterested members of the Board of Directors of the Issuer in good faith.

 

SECTION 4.12                                       Liens.

 

The Issuer shall not, and shall not permit
any of the Guarantors to create, incur, assume or otherwise cause or suffer to
exist or become effective any Lien of any kind (other than Permitted Liens)
securing Indebtedness upon any of their property or assets, now owned or
hereafter acquired, unless all payments due under this Indenture and the Notes
are secured on an equal and ratable basis with the obligations so secured until
such time as such obligations are no longer secured by a Lien.

 

SECTION 4.13                                       [Reserved].

 

SECTION 4.14                                       Corporate
Existence.

 

Subject to Article 5, the Issuer shall
do or cause to be done all things necessary to preserve and keep in full force
and effect its corporate existence in accordance with its organizational
documents (as the same may be amended from time to time).

 

SECTION 4.15                                       Offer To
Repurchase Upon Change of Control.

 

(a)                                  If
a Change of Control occurs, each Holder shall have the right to require the
Issuer to make an offer (a “Change of Control Offer”) to repurchase all or any
part (equal to $1,000 or an integral multiple thereof) of that Holder’s Notes
at a purchase price equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest and Additional Interest, if any, on the Notes
repurchased to the date of purchase subject to the rights of Holders on the
relevant record date to receive interest due on the relevant interest payment
date (the “Change of Control Payment”). 
Within 30 days following any Change of Control, the Issuer shall mail a
notice to each Holder describing the transaction or transactions that
constitute the Change of Control and stating:

 

70

 

(1)                                  that the Change of
Control Offer is being made pursuant to this Section 4.15 and that all
Notes tendered shall be accepted for payment;

 

(2)                                  the purchase price
and the purchase date, which shall be no earlier than 30 days and no later than
60 days from the date such notice is mailed (the “Change of Control Payment Date”);

 

(3)                                  that any Note not
tendered shall continue to accrue interest;

 

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

 

(5)                                  that Holders electing
to have any Notes purchased pursuant to a Change of Control Offer shall be
required to surrender the Notes, with the form entitled “Option of Holder to
Elect Purchase” attached to the Notes completed, or transfer by book-entry
transfer, to the Paying Agent at the address specified in the notice prior to
the close of business on the third Business Day preceding the Change of Control
Payment Date;

 

(6)                                  that Holders shall 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 withdrawing his election to
have the Notes purchased;

 

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

 

(8)                                  that Holders electing
to have a Note purchased pursuant to a Change of Control Offer may elect to
have Notes purchased in a minimum amount of $1,000 or an integral multiple of
$1,000 in excess thereof only.

 

The Issuer shall comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a Change of
Control.  To the extent that the provisions
of any securities laws or regulations conflict with the provisions of Sections
3.09 or 4.15 of this Indenture, the Issuer shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under Section 3.09 or this Section 4.15 by virtue of such
compliance.

 

(b)                                 On
the Change of Control Payment Date, the Issuer shall, to the extent lawful:

 

(1)                                  accept for payment
all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer;

 

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

 

71

 

(3)                                  deliver or cause to
be delivered to the Trustee the Notes so accepted together with an Officer’s
Certificate stating the aggregate principal amount of Notes or portions of
Notes being purchased by the Issuer.

 

The Paying Agent shall promptly mail (but in
any case not later than five days after the Change of Control Payment Date) to
each Holder of Notes properly tendered the Change of Control Payment for such
Notes, and the Trustee shall promptly authenticate and mail (or cause to be
transferred by book entry) to each Holder a new Note equal in principal amount
to any unpurchased portion of the Notes surrendered, if any.  The Issuer shall publicly announce the
results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.

 

(c)                                  Notwithstanding
anything to the contrary in this Section 4.15, the Issuer shall not be required
to make a Change of Control Offer upon a Change of Control if (1) a third
party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.15
and purchases all Notes validly tendered and not withdrawn under the Change of
Control Offer, or (2) notice of redemption has been given pursuant to Section 3.03
of this Indenture, unless and until there is a Default in payment of the
applicable redemption price.  A Change of
Control Offer may be made in advance of a Change of Control, conditional upon
such Change of Control, if a definitive agreement is in place for the Change of
Control at the time of making of the Change of Control Offer.

 

(d)                                 Other
than as specifically provided in this Section 4.15, any purchase pursuant
to this Section 4.15 shall be made pursuant to the provisions of Sections
3.02, 3.05 and 3.06 hereof.

 

SECTION 4.16                                       No Layering
of Debt.

 

The Issuer will not, and will not permit any
Guarantors to, directly or indirectly, incur any Indebtedness that is or
purports to be by its terms (or by the terms of any agreement governing such
Indebtedness) subordinated to any other Indebtedness of the Issuer or of such
Guarantors, as the case may be, unless such Indebtedness is also by its terms
(or by the terms of any agreement governing such Indebtedness) made expressly
subordinate to the Notes or the Subsidiary Guarantee of such Guarantors, to the
same extent and in the same manner as such Indebtedness is subordinated to such
other Indebtedness of the Issuer or such Guarantors, as the case may be.

 

For purposes of the foregoing, no
Indebtedness will be deemed to be subordinated in right of payment to any other
Indebtedness of the Issuer or any Guarantors solely by virtue of being unsecured
or secured by a junior priority Lien or by virtue of the fact that the holders
of such Indebtedness have entered into intercreditor agreements or other
arrangements giving one or more of such holders priority over the other holders
in the collateral held by them.

 

SECTION 4.17                                       Designation
of Restricted and Unrestricted Subsidiaries.

 

The Board of Directors of the Issuer may
designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that
designation would not cause a Default. 
If a Restricted Subsidiary is designated as an Unrestricted Subsidiary,
the aggregate Fair Market Value of all outstanding Investments owned by the
Issuer and its Restricted Subsidiaries in the Subsidiary designated as an
Unrestricted Subsidiary shall be deemed to be an Investment made as of the time
of the designation and shall reduce the amount available for Restricted
Payments under Section 4.07 or under one or more clauses of the definition
of Permitted Investments, as determined by the Issuer.  That designation shall only be permitted if
the Investment would be permitted at that time and if the Restricted Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary.

 

72

 

Any designation of a Subsidiary of the Issuer
as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with
the Trustee a certified copy of a resolution of the Board of Directors of the Issuer
giving effect to such designation and an Officer’s Certificate certifying that
such designation complied with the preceding conditions and was permitted by Section 4.07.  If, at any time, any Unrestricted Subsidiary
would fail to meet the preceding requirements as an Unrestricted Subsidiary, it
shall thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary shall be deemed to be
incurred by a Restricted Subsidiary of the Issuer as of such date and, if such
Indebtedness is not permitted to be incurred as of such date under Section 4.09,
the Issuer shall be in Default of Section 4.09.  The Board of Directors of the Issuer may at
any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of
the Issuer; provided that such designation shall be
deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the
Issuer of any outstanding Indebtedness of such Unrestricted Subsidiary, and
such designation shall only be permitted if such Indebtedness is permitted
under Section 4.09 and such designation would not cause a Default or Event
of Default.

 

SECTION 4.18                                       Payments for
Consent.

 

The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to
be paid any consideration to or for the benefit of any Holder for or as an
inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders that consent, waive or agree to amend in
the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement.

 

SECTION 4.19                                       Additional
Subsidiary Guarantees.

 

If the Issuer or any of its Restricted
Subsidiaries, acquires or creates another Subsidiary, other than a
Non-Guarantor Subsidiary, after the Issue Date that guarantees Indebtedness
under the Credit Agreement, then that newly acquired or created Subsidiary
shall become a Guarantor and execute a supplemental indenture substantially in
the form attached as Exhibit E and deliver an Opinion of Counsel to
the Trustee within 30 Business Days of the date on which it was acquired or
created.

 

SECTION 4.20                                       Distributions
by Qualified Restricted Subsidiaries.

 

Except to the extent restricted pursuant to
any Permitted Payment Restrictions, the Issuer shall, and shall cause each
Restricted Subsidiary to, cause each Qualified Restricted Subsidiary to declare
and pay regular monthly, quarterly, semiannual or annual dividends or
distributions to the holders of its Capital Stock in an amount equal to
substantially all of the available cash flow of such Restricted Subsidiary for
such period as determined in good faith by the board of directors, board of
governors or such other individuals performing similar functions, subject to
fiduciary duties applicable to such board or individual and such ordinary and
customary reserves and other amounts as, in the good faith judgment of such individuals,
may be necessary so that the business of such Restricted Subsidiary may be
properly and advantageously conducted at all times, including amounts necessary
for operations, capital expenditures, debt service and other needs.

 

If, at any time, any Restricted Subsidiary
would fail to meet the requirements set forth in the definition of “Qualified
Restricted Subsidiary,” it will thereafter cease to be a Qualified Restricted
Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary
will be deemed to be incurred by a Restricted Subsidiary that is not a Qualified
Restricted Subsidiary as of such date and, if such Indebtedness is not
permitted to be incurred as of such date under Section 4.09, the Issuer
will be in Default of Section 4.09. The Board of Directors of the Issuer
may at any time designate any Restricted Subsidiary not to be a Qualified
Restricted Subsidiary; provided that
such designation will be deemed to be an incurrence

 

73

 

of
Indebtedness by such Restricted Subsidiary of any outstanding Indebtedness of
such Restricted Subsidiary, and such designation will only be permitted if (1) such
Indebtedness is permitted under Section 4.09 and (2) no Default or
Event of Default would be in existence following such designation. In the event
(x) a Restricted Subsidiary fails to meet the requirements to be a
Qualified Restricted Subsidiary or (y) the Board of Directors designates a
Qualified Restricted Subsidiary not to be a Qualified Restricted Subsidiary,
then all Investments in such Subsidiary since the Issue Date shall be deemed to
have been acquired and consequently reduce the amount available for Restricted
Payments under Section 4.07 or the amount available for Restricted
Investments under clause (15) or (17) of the definition of “Permitted Investments”
as determined by the Issuer.  As of the
Issue Date, all of the Issuer’s Restricted Subsidiaries are Qualified
Restricted Subsidiaries.

 

ARTICLE 5.

 

SUCCESSORS

 

SECTION 5.01                                       Merger,
Consolidation, or Sale of Assets.

 

(a)                                  The
Issuer shall not, directly or indirectly: 
consolidate or merge with or into another Person (whether or not the
Issuer is the surviving corporation); or sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Issuer
and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless:

 

(1)                                  either:

 

(A)                              the Issuer is the
surviving entity; or

 

(B)                                the Person formed by or
surviving any such consolidation or merger (if other than the Issuer) or to
which such sale, assignment, transfer, conveyance or other disposition has been
made is an entity organized or existing under the laws of the United States,
any state of the United States or the District of Columbia;

 

(2)                                  the
Person formed by or surviving any such consolidation or merger (if other than
the Issuer) or the Person to which such sale, assignment, transfer, conveyance
or other disposition has been made assumes all the obligations of the Issuer
under the Notes, this Indenture and the Registration Rights Agreement pursuant
to agreements reasonably satisfactory to the Trustee; provided,
however, that at all times, a
corporation organized and existing under the laws of the United States of
America, any State thereof or the District of Columbia must be a co-issuer or
the issuer of the Notes if such surviving Person is not a corporation;

 

(3)                                  immediately
after such transaction, no Default or Event of Default exists; and

 

(4)                                  the
Issuer or the Person formed by or surviving any such consolidation or merger
(if other than the Issuer), or to which such sale, assignment, transfer,
conveyance or other disposition has been made would, on the date of such
transaction after giving pro forma effect thereto and any related financing
transactions as if the same had occurred at the beginning of the applicable
four-quarter period:

 

(A)                              be permitted to incur at
least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.09(a) or

 

74

 

(B)                                have a Fixed Charge
Coverage Ratio that is equal to or greater than the actual Fixed Charge
Coverage Ratio of the Issuer immediately prior to such transaction.

 

In addition, the Issuer shall not, directly
or indirectly, lease all or substantially all of the properties and assets of
it and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to any other Person.

 

(b)                                 Clauses
(3) and (4) of Section 5.01(a) shall not apply to:

 

(1)                                  a
merger of the Issuer with an Affiliate solely for the purpose of
reincorporating the Issuer in another jurisdiction;

 

(2)                                  any
consolidation or merger, or any sale, assignment, transfer, conveyance, lease
or other disposition of assets between or among the Issuer and its Guarantors;

 

(3)                                  the
consolidation or merger, or sale, assignment, transfer, conveyance, lease or
other disposition of all or part of its assets, by any Restricted Subsidiary to
the Issuer or a Guarantor; and

 

(4)                                  transfers
of accounts receivable and related assets of the type specified in the
definition of Qualified Receivables Transaction (or a fractional undivided
interest therein) by a Receivables Subsidiary in a Qualified Receivables
Transaction.

 

SECTION 5.02                                       Successor
Corporation Substituted.

 

Upon any consolidation or merger, or any
sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the assets of the Issuer in a transaction that is subject
to, and that complies with the provisions of, Section 5.01, the successor
Person formed by such consolidation or into or with which the Issuer is merged
or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and
after the date of such consolidation, merger, sale, assignment, transfer,
lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Issuer” shall refer instead to the successor Person and not
to the Issuer), and may exercise every right and power of the Issuer under this
Indenture with the same effect as if such successor Person had been named as
the Issuer herein, and when a successor Person assumes all obligations of its
predecessor under this Indenture or the Notes, the predecessor shall be
released from those obligations; provided, however, that in the case of a transfer by lease, the
predecessor shall not be released from those obligations.

 

ARTICLE 6.

 

DEFAULTS AND REMEDIES

 

SECTION 6.01                                       Events of
Default.

 

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

 

(1)                                  default for 30 days
in the payment when due of interest on, or Additional Interest, if any, with
respect to, the Notes;

 

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

 

75

 

(3)                                  failure by the Issuer
or any of its Restricted Subsidiaries to comply with the provisions of Section 5.01
hereof;

 

(4)                                  failure by the Issuer
or any of its Restricted Subsidiaries for 60 days after notice to the Issuer by
the Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding to comply with any of the other agreements in this
Indenture;

 

(5)                                  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
Issuer or any of its Significant Subsidiaries (or the payment of which is
guaranteed by the Issuer or any of its Significant Subsidiaries), whether such
Indebtedness or Guarantee now exists, or is created after the Issue Date, if
that default:

 

(A)                              is caused by a failure to
pay principal at the final Stated Maturity of such Indebtedness (a “Payment
Default”); or

 

(B)                                results in the acceleration
of such Indebtedness prior to its express maturity;

 

and, in each case, the principal amount of
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 $15.0 million or more;

 

(6)                                  with respect to any
judgment or decree for the payment of money (net of any amount covered by
insurance issued by a reputable and creditworthy insurer that has not contested
coverage or reserved rights with respect to an underlying claim) in excess of
$15.0 million or its foreign currency equivalent against the Issuer or any
Significant Subsidiary, the failure by the Issuer or such Significant
Subsidiary, as applicable, to pay such judgment or decree, which judgment or
decree has remained outstanding for a period of 60 days after such judgment or
decree became final and nonappealable without being paid, discharged, waived or
stayed;

 

(7)                                  except as permitted
by this Indenture, any Subsidiary Guarantee of any Significant Subsidiary is
declared to be unenforceable or invalid by any final and nonappealable judgment
or decree or ceases for any reason to be in full force and effect, or any
Guarantor that is a Significant Subsidiary or any Person acting on behalf of
any Guarantor that is a Significant Subsidiary denies or disaffirms its
obligations in writing under its Subsidiary Guarantee and such Default
continues for 10 days after notice thereof is delivered to the Issuer by the
Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding voting as a single class;

 

(8)                                  the Issuer or any of
the Restricted Subsidiaries that is a Significant Subsidiary pursuant to or
within the meaning of Bankruptcy Law:

 

(A)                              commences a voluntary
case,

 

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

 

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

 

76

 

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

 

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

 

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

 

(A)                              is for relief against the
Issuer or any of the Issuer’s Restricted Subsidiaries that is a Significant
Subsidiary in an involuntary case;

 

(B)                                appoints a custodian of
the Issuer or any of the Issuer’s Restricted Subsidiaries that is a Significant
Subsidiary for all or substantially all of the property of the Issuer or any of
the Issuer’s Restricted Subsidiaries that is a Significant Subsidiary; or

 

(C)                                orders the liquidation
of the Issuer or any of the Issuer’s Restricted Subsidiaries that is a Significant
Subsidiary;

 

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

 

SECTION 6.02                                       Acceleration.

 

In the case of an Event of Default arising
under clause (8) or (9) of Section 6.01 with respect to the
Issuer, all outstanding Notes shall become due and payable immediately without
further action or notice.  If any other
Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately.

 

In the event of any Event of Default
specified in clause (5) of Section 6.01, such Event of Default and
all consequences thereof (excluding any resulting payment default, other than
as a result of acceleration of the Notes) shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders,
if within 20 days after such Event of Default arose:

 

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

 

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

 

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

 

Upon any such declaration, the Notes shall
become due and payable immediately.  The
Holders of a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may, on behalf of all of the Holders,
rescind an acceleration or waive any existing Default or Event of Default and
its consequences under this Indenture except a continuing Default or Event of
Default in the payment of interest or premium or Additional Interest, if any,
on, or the principal of, the Notes.

 

SECTION 6.03                                       Other
Remedies.

 

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

 

77

 

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

 

SECTION 6.04                                       Waiver of
Past Defaults.

 

Holders of a majority in aggregate principal
amount of the then outstanding Notes by notice to the Trustee may on behalf of
the Holders of all of the Notes waive an existing Default or Event of Default
and its consequences hereunder, except a continuing Default or Event of Default
in the payment of the principal of, premium and Additional Interest, if any, or
interest on, the Notes (including in connection with an offer to purchase); provided, however, that
the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration.  Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereon. In case of any such waiver, the Issuer, the Trustee and the Holders
shall be restored to their former positions and rights hereunder and under the
Notes, respectively.

 

SECTION 6.05                                       Control by
Majority.

 

Holders of a majority in principal amount of
the then outstanding Notes may direct the time, method and place of conducting
any proceeding for exercising any remedy available to the Trustee or exercising
any trust or power conferred on it. 
However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders or that may involve the Trustee in
personal liability. Prior to taking any action under this Indenture, the
Trustee shall be entitled to reasonable indemnification against all losses and
expenses caused by taking or not taking such action.

 

SECTION 6.06                                       Limitation on
Suits.

 

Except to
enforce the right to receive payment or principal, premium, if any, or interest
or Additional Interest, if any, when due, a Holder may pursue a remedy with
respect to this Indenture or the Notes only if:

 

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

 

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

 

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

 

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

 

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

 

78

 

SECTION 6.07                                       Rights of
Holders To Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Note to receive payment of principal,
premium and Additional Interest, if any, and interest on the Note, on or after
the respective due dates expressed in the Note (including in connection with an
offer to purchase), or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the
consent of such Holder.

 

SECTION 6.08                                       Collection
Suit by Trustee.

 

If an Event of Default specified in clauses (1) or
(2) of Section 6.01 or occurs and is continuing, the Trustee is
authorized to recover judgment in its own name and as trustee of an express
trust against the Issuer and each Guarantor for the whole amount of principal
of, premium and Additional Interest, if any, and interest remaining unpaid on
the Notes and interest on overdue principal and, to the extent lawful, interest
and such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

SECTION 6.09                                       Trustee May File
Proofs of Claim.

 

The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders of the Notes allowed in any judicial proceedings
relative to the Issuer (or any other obligor upon the Notes), its creditors or
its property and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any
custodian in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due to the Trustee under Section 7.07.  Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such
proceeding.  The Trustee may participate
as a member of any official committee of creditors appointed in the matters as
it deems necessary or advisable.

 

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, including payment of all compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and
the costs and expenses of collection;

 

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

 

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

 

79

 

The Trustee may fix a record date and payment date
for any payment to Holders pursuant to this Section 6.10.

 

SECTION 6.11                                       Undertaking for
Costs.

 

In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action
taken or omitted by it as a Trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of
the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees 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, or a suit by Holders of more than 10% in principal amount
of the then outstanding Notes.

 

ARTICLE 7.

 

TRUSTEE

 

SECTION 7.01                                       Duties of
Trustee.

 

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

 

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

 

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

 

(2)                                in the absence
of bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture.  However,
in the case of 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 of this
Indenture.

 

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

 

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

 

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

 

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

 

80

 

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

 

(e)                                  No provision of
this Indenture shall require the Trustee to expend or risk its own funds or
incur any liability if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

 

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

 

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

 

SECTION 7.02                                       Rights of
Trustee.

 

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

 

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

 

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

 

(d)                                 The Trustee
shall not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within the rights or powers conferred upon it
by this Indenture provided, however,
that the Trustee’s conduct does not constitute willful misconduct, bad faith or
gross negligence.

 

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

 

(f)                                    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 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, the Trustee shall have no duty to inquire as to
the performance of the Issuer with respect to the covenants contained in Article 4.
 In addition, the Trustee shall not be deemed to have knowledge of an
Event of Default except (i) any Default or Event of Default occurring
pursuant to Sections 4.01, 6.01(1) or 6.01(2) or (ii) any
Default or Event of Default of which the Trustee shall have received written
notification or obtained actual knowledge.

 

81

 

(h)                                 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.

 

(i)                                     The Trustee may
request that the Issuer deliver an Officer’s Certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any person authorized to sign an Officer’s Certificate, including
any person specified as so authorized in any such certificate previously
delivered and not superseded.

 

(j)                                     The Trustee
shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate (including any Officer’s Certificate),
statement, instrument, opinion (including any Opinion of Counsel), notice,
request, direction, consent, order, bond, debenture, or other paper or
document.

 

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

 

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

 

SECTION 7.03                                       Individual
Rights of Trustee.

 

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

 

SECTION 7.04                                       Trustee’s
Disclaimer.

 

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

 

SECTION 7.05                                       Notice of
Defaults.

 

If a Default or Event of Default occurs and is
continuing and if it is known to the Trustee, the Trustee shall mail to Holders
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 or Additional Interest,
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.

 

82

 

SECTION 7.06                                       Reports by
Trustee to Holders of the Notes.

 

(a)                                  Within 60 days
after each July 15 beginning with the July 15 following the date of
this Indenture, and for so long as Notes remain outstanding, the Trustee shall
mail to the Holders of the Notes a brief report dated as of such reporting date
that complies with TIA Section 313; provided that
if no event described in TIA Section 313 has occurred within the twelve
months preceding such reporting date, no report need be transmitted.  The Trustee also shall comply with TIA Section 313(b)(2).  The Trustee shall also transmit by mail all
reports as required by TIA Section 313(c).

 

(b)                                 A copy of each
report at the time of its mailing to the Holders shall be mailed by the Trustee
to the Issuer and filed by the Trustee with the SEC and each stock exchange on
which the Notes are listed in accordance with TIA Section 313(d).  The Issuer shall promptly notify the Trustee
when the Notes are listed on any stock exchange or delisted therefrom.

 

SECTION 7.07                                       Compensation
and Indemnity.

 

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

 

(b)                                 The Issuer
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, including the costs and
expenses of enforcing this Indenture against the Issuer and the Guarantors
(including this Section 7.07) and defending itself against any claim
(whether asserted by the Issuer, the Guarantors, any Holder or any other Person)
or liability in connection with the exercise or performance of any of its
powers or duties hereunder, except to the extent any such loss, liability or
expense shall be determined to have been caused by its own gross negligence or
willful misconduct.  The Trustee shall
notify the Issuer promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the
Issuer shall not relieve the Issuer of its obligations hereunder.  The Issuer shall defend the claim and the
Trustee shall cooperate in the defense. 
The Trustee may have separate counsel and the Issuer shall pay the
reasonable fees and expenses of such counsel; provided that the Issuer shall
not be required to pay such fees and expenses if it assumes the Trustee’s
defense, and, in the Trustee’s reasonable judgment, there is no conflict of
interest between the Issuer and the Trustee in connection with such defense.  The Issuer shall not be required to pay for
any settlement made without its consent, which consent shall not be
unreasonably withheld.

 

(c)                                  The obligations
of the Issuer under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture.

 

(d)                                 To secure the
Issuer’s 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 of this Indenture.

 

(e)                                  When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(8) or (9) 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.

 

83

 

(f)                                    The Trustee
shall comply with the provisions of TIA Section 313(b) to the extent
applicable.

 

SECTION 7.08                                       Replacement of
Trustee.

 

(a)                                  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.

 

(b)                                 The Trustee may
resign in writing at any time and be discharged from the trust hereby created
by so notifying the Issuer.  The Holders
of a majority in principal amount of the then outstanding Notes may remove the
Trustee by so notifying the Trustee and the Issuer in writing.  The Issuer may remove the Trustee if:

 

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

 

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

 

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

 

(4)                                the Trustee
becomes incapable of acting.

 

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

 

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

 

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

 

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

 

SECTION 7.09                                       Successor
Trustee by Merger, etc.

 

If the Trustee consolidates, 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.

 

84

 

SECTION 7.10                                       Eligibility;
Disqualification.

 

There shall at all times be a Trustee hereunder that
is a corporation organized and doing business under the laws of the United
States of America or of any state thereof that is authorized under such laws to
exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that together with its affiliates has a
combined capital and surplus of at least $100.0 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 Sections 310(a)(1), (2) and (5).  The Trustee is subject to TIA Section 310(b).

 

SECTION 7.11                                       Preferential
Collection of Claims Against Issuer.

 

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

 

ARTICLE 8.

 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 8.01                                       Option To
Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may, at any time, elect to have either Section 8.02
or 8.03 be applied to all outstanding Notes and all obligations of the
Guarantors with respect to the Subsidiary Guarantees upon compliance with the
conditions set forth below in this Article 8.

 

SECTION 8.02                                       Legal
Defeasance and Discharge.

 

Upon the Issuer’s exercise under Section 8.01
of the option applicable to this Section 8.02, the Issuer and each of the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04,
be deemed to have been discharged from their obligations with respect to all
outstanding Notes (including the Subsidiary Guarantees) on the date the
conditions set forth in Section 8.04 are satisfied (hereinafter, “Legal
Defeasance”).  For this purpose, Legal
Defeasance means that the Issuer and the Guarantors shall be deemed to have
paid and discharged the entire Indebtedness represented by the outstanding
Notes (including the Subsidiary Guarantees), which shall thereafter be deemed
to be “outstanding” only for the purposes of Section 8.05 and the other
Sections of this Indenture referred to in clauses (1) and (2) below,
and to have satisfied all their other obligations under such Notes, the
Subsidiary Guarantees and this Indenture (and the Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging the
same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder:

 

(1)                                the rights of
Holders of outstanding Notes to receive payments in respect of the principal
of, or interest or premium and Additional Interest, if any, on such Notes when
such payments are due from the trust referred to in Section 8.04 hereof;

 

(2)                                the Issuer’s
obligations with respect to such Notes under Sections 2.05, 2.06, 2.07, 2.08,
2.10 and 4.02 hereof;

 

(3)                                the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s
and the Guarantors’ obligations in connection therewith; and

 

85

 

(4)                                this Article 8.

 

Subject to compliance with this Section 8.02,
the Issuer may exercise its option under this Section 8.02 notwithstanding
the prior exercise of its option under Section 8.03 hereof.

 

SECTION 8.03                                       Covenant Defeasance.

 

Upon the Issuer’s exercise under Section 8.01
of the option applicable to this Section 8.03, the Issuer and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04,
be released from each of their obligations under Sections 4.03, 4.04, 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.19 and 4.20 and Section 5.01
with respect to the outstanding Notes on and after the date the conditions set
forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting
purposes).  For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and the Subsidiary
Guarantees, the Issuer and the Guarantors 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,
but, except as specified above, the remainder of this Indenture and such Notes
and Subsidiary Guarantees shall be unaffected thereby.  In addition, upon the Issuer’s exercise under
Section 8.01 of the option applicable to this Section 8.03 subject to
the satisfaction of the conditions set forth in Section 8.04, Sections
6.01(3) through 6.01(7) and, to the extent relating to a Significant
Subsidiary, 6.01(8) and 6.01(9) shall not constitute Events of
Default.

 

SECTION 8.04                                       Conditions to
Legal or Covenant Defeasance.

 

In order to exercise either Legal Defeasance or
Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(1)                                the Issuer must
irrevocably deposit with the Trustee, in trust, for the benefit of the Holders
of the Notes, cash in U.S. dollars, non-callable Government Securities, or a
combination of cash in U.S. dollars and non-callable Government Securities, in
amounts as shall be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm or firm of independent public accountants, to
pay the principal of, or interest and premium and Additional Interest, if any,
on, the outstanding Notes on the stated date for payment thereof or on the
applicable redemption date, as the case may be, and the Issuer must specify
whether the Notes are being defeased to such stated date for payment or to a
particular redemption date;

 

(2)                                in the case of
Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that the Issuer has received
from, or there has been published by, the Internal Revenue Service a ruling or
since the Issue Date, there has been a change in the applicable federal income
tax law, in either case to the effect that, and based thereon such Opinion of
Counsel shall confirm that, the Holders of the outstanding Notes shall not
recognize income, gain or loss for federal income tax purposes as a result of
such Legal Defeasance and shall be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case
if such Legal Defeasance had not occurred;

 

86

 

(3)                                in the case of
Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the
outstanding Notes shall not recognize income, gain or loss for federal income
tax purposes as a result of such Covenant Defeasance and shall 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;

 

(4)                                such Legal
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any material agreement (including, without limitation,
the Credit Agreement) or instrument (other than this Indenture) to which the
Issuer or any of its Subsidiaries is a party or by which the Issuer or any of
its Subsidiaries is bound;

 

(5)                                the Issuer must
deliver to the Trustee an Officer’s Certificate stating that the deposit was
not made by the Issuer with the intent of preferring the Holders over the other
creditors of the Issuer with the intent of defeating, hindering, delaying or
defrauding any creditors of the Issuer or others; and

 

(6)                                the Issuer must
deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent relating to the Legal Defeasance or the
Covenant Defeasance have been complied with.

 

SECTION 8.05             Deposited Money
and Government Securities To Be Held in Trust;

Other Miscellaneous Provisions.

 

Subject to Section 8.06, all money and
non-callable Government Securities (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect
of the outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Issuer
acting as Paying Agent) as the Trustee may determine, to the Holders of such
Notes of all sums due and to become due thereon in respect of principal,
premium and Additional Interest, if any, and interest, but such money need not
be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or
non-callable Government Securities deposited pursuant to Section 8.04 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.

 

Notwithstanding anything in this Article 8 to
the contrary, the Trustee shall deliver or pay to the Issuer from time to time
upon the request of the Issuer any money or non-callable Government Securities
held by it as provided in Section 8.04 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.04 hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

 

SECTION 8.06                                       Repayment to
Issuer.

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal
of, premium or Additional Interest, if any, or interest on any Note and
remaining unclaimed for two years after such principal, premium or Additional
Interest, if any, or interest has become due and payable shall be paid to the
Issuer on its request or (if then held by the Issuer) shall 

 

87

 

be discharged from such trust; and the Holder of
such Note shall thereafter be permitted to look only to the Issuer for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Issuer as trustee thereof, shall
thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuer 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 shall be repaid to the Issuer.

 

SECTION 8.07                                       Reinstatement.

 

If the Trustee or Paying Agent is unable to apply
any United States dollars or non-callable Government Securities in accordance
with Section 8.02 or 8.03, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Issuer’s and the Guarantors’
obligations under this Indenture and the Notes and the Subsidiary Guarantees
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02
or 8.03 until such time as the Trustee or Paying Agent is permitted to apply
all such money in accordance with Section 8.02 or 8.03, as the case may
be; provided, however,
that, if the Issuer makes any payment of principal of, premium or Additional
Interest, if any, or interest on any Note following the reinstatement of their
obligations, the Issuer shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the cash or Government Securities held
by the Trustee or Paying Agent.

 

ARTICLE 9.

 

AMENDMENT, SUPPLEMENT AND WAIVER

 

SECTION 9.01                                       Without Consent
of Holders.

 

(a)                                  Notwithstanding
Section 9.02 of this Indenture, the Issuer and the Trustee may amend or supplement
this Indenture, the Subsidiary Guarantees or the Notes without the consent of
any Holder of a Note:

 

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

 

(2)                                  to provide for
uncertificated Notes in addition to or in place of certificated Notes;

 

(3)                                  to provide for
the assumption of the Issuer’s or a Guarantor’s obligations to the Holders and
Subsidiary Guarantees by a successor to the Issuer pursuant to Article 5
or Section 11.05, respectively, hereof;

 

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

 

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

 

(6)                                  to conform the
text of this Indenture, the Subsidiary Guarantees or the Notes to any provision
of the “Description of Notes” section of the Offering Memorandum;

 

(7)                                  to provide for
the issuance of Additional Notes in accordance with the limitations set forth
in this Indenture as of the Issue Date;

 

88

 

(8)                                  to allow any
Guarantor to execute a supplemental indenture and/or a Subsidiary Guarantee
with respect to the Notes, or to secure the Notes; or

 

(9)                                  to issue the
Additional Notes in accordance with the terms herein.

 

(b)                                 Upon the
request of the Issuer accompanied by a resolution of its Board of Directors authorizing
the execution of any such amended or supplemental indenture, and upon receipt
by the Trustee of the documents described in Section 7.02, the Trustee
shall join with the Issuer in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make
any further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under
this Indenture or otherwise.

 

SECTION 9.02                                       With Consent of
Holders.

 

(a)                                  Except as
provided below in this Section 9.02, the Issuer and the Trustee may amend
or supplement this Indenture (including, without limitation, Section 3.09,
4.10 and 4.15 hereof), the Subsidiary Guarantees and the Notes with the consent
of the Holders of at least a majority in aggregate principal amount of the
Notes then outstanding (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the
Notes) and, subject to Sections 6.04 and 6.07, any existing Default or Event of
Default or compliance with any provision of this Indenture, the Subsidiary
Guarantees or the Notes may be waived with the consent of the Holders of a
majority in aggregate principal amount of the then outstanding Notes (including
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes).

 

(b)                                 Upon the
request of the Issuer accompanied by a resolution of its Board of Directors authorizing
the execution of any such amended or supplemental indenture, and upon the
filing with the Trustee of evidence satisfactory to the Trustee of the consent
of the Holders as aforesaid, and upon receipt by the Trustee of the documents
described in Section 7.02, the Trustee shall join with the Issuer in the
execution of such amended or supplemental indenture unless such amended or
supplemental indenture directly affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such amended or supplemental
indenture.

 

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

 

(d)                                 After an
amendment, supplement or waiver under this Section 9.02 becomes effective,
the Issuer shall mail to the Holders affected thereby a notice briefly
describing the amendment, supplement or waiver. 
Any failure of the Issuer to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amended or supplemental indenture or waiver. 
Subject to Sections 6.04 and 6.07, the Holders of a majority in
aggregate principal amount of the Notes then outstanding, voting as a single
class, may waive compliance in a particular instance by the Issuer and the
Guarantors with any provision of this Indenture, the Notes, or the Subsidiary
Guarantees.  However, without the consent
of each Holder affected, an amendment, supplement or waiver under this Section 9.02
may not (with respect to any Notes held by a non-consenting Holder):

 

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

 

89

 

(2)                                reduce the
principal of or change the fixed maturity of any Note or alter the provisions
with respect to the optional redemption of the Notes contained in Section 5
of the Notes (except the notice period contained therein or in Sections 3.01,
3.02 and 3.03);

 

(3)                                reduce the rate
of or change the time for payment of interest, including default interest, on
any Note;

 

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

 

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

 

(6)                                make any change
in the provisions of this Indenture relating to waivers of past Defaults or the
rights of Holders to receive payments of principal of, or interest or premium
or Additional Interest, if any, on, the Notes;

 

(7)                                make any change
to or modify the ranking of the notes that would adversely affect the Holders;

 

(8)                                after an Asset
Sale Offer or Change of Control Offer, as applicable, has been made, amend,
change or modify the obligations of the Issuer to make and consummate an Asset
Sale Offer with respect to any Asset Sale in accordance with Section 4.10
or obligation of the Issuer to make and consummate a Change of Control Offer in
the event of a Change of Control in accordance with Section 4.15 including,
in each case, amending, changing or modifying any definition relating thereto;
or

 

(9)                                make any change
in the preceding amendment and waiver provisions.

 

SECTION 9.03                                       [Reserved].

 

SECTION 9.04                                       Compliance with
Trust Indenture Act.

 

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

 

SECTION 9.05                                       Revocation and
Effect of Consents.

 

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

 

SECTION 9.06                                       Notation on or
Exchange of Notes.

 

The Trustee may place an appropriate notation about
an amendment, supplement or waiver on any Note thereafter authenticated.  The Issuer in exchange for all Notes may
issue and the Trustee shall, 

 

90

 

upon receipt of an Authentication Order,
authenticate new Notes that reflect the amendment, supplement or waiver.

 

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

 

SECTION 9.07                                       Trustee To Sign
Amendments, etc.

 

The Trustee shall sign any amended or supplemental
indenture authorized pursuant to this Article 9 if the amendment or
supplement does not adversely affect the rights, duties, liabilities or
immunities of the Trustee.  The Issuer
may not sign an amended or supplemental indenture until the Board of Directors
approves it.  In executing any amended or
supplemental indenture, the Trustee shall be provided with and (subject to Section 7.01
hereof) shall be fully protected in relying upon, in addition to the documents
required by Section 13.04, an Officer’s Certificate and an Opinion of
Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture.

 

ARTICLE 10.

[RESERVED]

 

ARTICLE 11.

SUBSIDIARY GUARANTEES

 

SECTION 11.01                                 Guarantee.

 

(a)                                  Subject to this
Article 11, each of the Guarantors hereby, jointly and severally, irrevocably
and unconditionally guarantees as primary obligors and not merely as sureties,
to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Issuer
hereunder or thereunder, that:

 

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

 

(2)                              in case of any
extension of time of payment or renewal of any Notes or any of such other
Obligations, that same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise.

 

Failing payment when due of any amount so guaranteed
or any performance so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately.  Each Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection.

 

(b)                                 The Guarantors
hereby agree that their obligations hereunder are irrevocable and unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof,
the recovery of any judgment against the Issuer, any action to enforce the 

 

91

 

same or any other circumstance which might otherwise constitute a legal
or equitable discharge or defense of a guarantor.  Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first
against the Issuer, protest, notice and all demands whatsoever and covenant
that this Subsidiary Guarantee shall not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture or by
release in accordance with the provisions of this Indenture.

 

(c)                                  If any Holder
or the Trustee is required by any court or otherwise to return to the Issuer,
the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuer or the Guarantors, any amount paid by
the Issuer or the Guarantors to the Trustee or such Holder, this Subsidiary
Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

 

(d)                                 Each Guarantor
agrees that it shall not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in
full of all Obligations guaranteed hereby. 
Each Guarantor further agrees that, as between the Guarantors, on the
one hand, and the Holders and the Trustee, on the other hand, the maturity of
the Obligations guaranteed hereby may be accelerated as provided in Article 6
for the purposes of this Subsidiary Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
Obligations guaranteed hereby, and 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 the Guarantors for the purpose of this Subsidiary Guarantee.  The Guarantors shall have the right to seek
contribution from any non-paying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Subsidiary Guarantee.

 

SECTION 11.02                                 [Reserved].

 

SECTION 11.03                                 Limitation on
Guarantor Liability.

 

Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the
Subsidiary Guarantee of such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to
the extent applicable to any Subsidiary Guarantee.  To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of such Guarantor shall be limited to the maximum amount that
shall, after giving effect to such maximum amount and all other contingent and
fixed liabilities of such Guarantor that are relevant under such laws, and
after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article 11, result in the
obligations of such Guarantor under its Subsidiary Guarantee not constituting a
fraudulent transfer or conveyance.

 

SECTION 11.04                                 Execution and
Delivery of Subsidiary Guarantee.

 

To evidence its Subsidiary Guarantee set forth in Section 11.01,
each Guarantor hereby agrees that a notation of such Subsidiary Guarantee
substantially in the form attached as Exhibit E shall be endorsed
by an Officer (or other person serving in a similar capacity) 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 one of its Officers (or other
person serving in a similar capacity).

 

Each Guarantor hereby agrees that its Subsidiary
Guarantee set forth in Section 11.01 shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such Subsidiary
Guarantee.

 

92

 

If an Officer (or other person serving in a similar
capacity) whose signature is on this Indenture or on the Subsidiary Guarantee
no longer holds that office at the time the Trustee authenticates the Note on
which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee shall be
valid nevertheless.

 

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

 

In the event that the Issuer or any of its
Restricted Subsidiaries creates or acquires any Subsidiary after the date of
this Indenture, if required by Section 4.19, the Issuer shall cause such
Subsidiary to comply with the provisions of Section 4.19 and this Article 11,
to the extent applicable.

 

SECTION 11.05                                 Guarantors May Consolidate,
etc., on Certain Terms.

 

Except as otherwise provided in this Section 11.05,
no Guarantor may sell or otherwise dispose of all or substantially all of its
assets to, or consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person) another Person, other than either of the
Issuer or another Guarantor, unless either:

 

(a)                                  the Person (if other than
the Issuer or a Guarantor) acquiring the property in any such sale or
disposition or the Person (if other than the Issuer or a Guarantor) formed by
or surviving any such consolidation or merger unconditionally assumes all the
obligations of that Guarantor, under this Indenture, the Subsidiary Guarantee
and the Registration Rights Agreement pursuant to a supplemental indenture
satisfactory to the Trustee; or

 

(b)                                 such transaction does not
violate Section 4.10 and the Net Proceeds of such sale or other
disposition are applied in accordance with the applicable provisions of this
Indenture.

 

In case of any such consolidation, merger, sale or
conveyance referred to in clause (a) and upon the assumption by the
successor Person, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the Subsidiary Guarantee
endorsed upon the Notes and the due and punctual performance of all of the
covenants and conditions of this Indenture to be performed by the Guarantor,
such successor Person 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 Person thereupon may cause to
be signed any or all of the Subsidiary Guarantees to be endorsed upon all of
the Notes issuable hereunder which theretofore shall not have been signed by
the Issuer and delivered to the Trustee. 
All the Subsidiary Guarantees so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Subsidiary Guarantees
theretofore and thereafter issued in accordance with the terms of this
Indenture as though all of such Subsidiary Guarantees had been issued at the
date of the execution hereof.

 

Except as set forth in Articles 4 and 5, and
notwithstanding clauses and above, nothing contained in this Indenture or in
any of the Notes shall prevent any consolidation or merger of a Guarantor with
or into either of the Issuer or another Guarantor, or shall prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Issuer or another Guarantor.

 

93

 

SECTION 11.06                                 Releases.

 

The Subsidiary Guarantee of
a Guarantor will be released:

 

(a)                                 in connection
with any sale or other disposition of all or substantially all of the assets of
that Guarantor (including by way of merger or consolidation) to a Person that
is not (either before or after giving effect to such transaction) the Issuer or
a Restricted Subsidiary of the Issuer (other than a Non-Guarantor Subsidiary),
if the sale or other disposition does not violate Section 4.10;

 

(b)                                in connection
with any sale or other disposition of all of the Capital Stock of that Guarantor
to a Person that is not (either before or after giving effect to such
transaction) the Issuer or a Restricted Subsidiary of the Issuer (other than a
Non-Guarantor Subsidiary) after which the Guarantor is no longer a Restricted
Subsidiary, if the sale or other disposition does not violate Section 4.10;

 

(c)                                 if the Issuer
designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted
Subsidiary in accordance with Section 4.17 or a Non-Guarantor Subsidiary
in accordance with the definition of that term;

 

(d)                                if that
Guarantor is released from its guarantee under the Credit Agreement; or

 

(e)                                 upon legal
defeasance or covenant defeasance in accordance with Article 8 or satisfaction
and discharge in accordance with Article 12.

 

If any Guarantor is released from its Subsidiary
Guarantee, any of its Subsidiaries that are Guarantors will be released from
their Subsidiary Guarantees, if any.

 

Any Guarantor not released from its obligations under
its Subsidiary Guarantee as provided in this Section 11.06 shall remain
liable for the full amount of principal of and interest on the Notes and for
the other obligations of any Guarantor under this Indenture as provided in this
Article 11.

 

ARTICLE 12.

SATISFACTION AND DISCHARGE

 

SECTION 12.01                                 Satisfaction
and Discharge.

 

This Indenture shall be discharged and shall cease
to be of further effect as to all Notes issued hereunder, when:

 

(1)                                either:

 

(a)                              all Notes that have been
authenticated, except lost, stolen or destroyed Notes that have been replaced
or paid and Notes for whose payment money has been deposited in trust and
thereafter repaid to the Issuer, have been delivered to the Trustee for
cancellation; or

 

(b)                             all Notes that have not been
delivered to the Trustee for cancellation have become due and payable by reason
of the mailing of a notice of redemption or otherwise or shall become due and
payable within one year and the Issuer or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust
solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government

 

94

 

Securities, or a combination of cash in U.S. dollars and non- callable Government
Securities, in amounts as shall be sufficient, without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness on the
Notes not delivered to the Trustee for cancellation for principal, premium and
Additional Interest, if any, and accrued interest to the date of maturity or
redemption;

 

(2)                                no Default or
Event of Default has occurred and is continuing on the date of the deposit
(other than a Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit) and the deposit shall not result in a breach or
violation of, or constitute a default under, any other instrument to which the
Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is
bound;

 

(3)                                the Issuer or
any Guarantor has paid or caused to be paid all sums payable by it under this Indenture;
and

 

(4)                                the Issuer has
delivered irrevocable instructions to the Trustee under this Indenture to apply
the deposited money toward the payment of the Notes at maturity or on the redemption
date, as the case may be.

 

In addition, the Issuer must deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding the satisfaction and discharge of
this Indenture, if money has been deposited with the Trustee pursuant to
sub-clause(b) of clause (1) of this Section, the provisions of
Sections 12.02 and 8.06 shall survive. 
In addition, nothing in this Section 12.01 shall be deemed to
discharge those provisions of Section 7.07, that, by their terms, survive
the satisfaction and discharge of this Indenture.

 

SECTION 12.02                                 Application of
Trust Money.

 

Subject to the provisions of Section 8.06, all
money deposited with the Trustee pursuant to Section 12.01 shall be held
in trust and applied by it, in accordance with the provisions of the Notes and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the
extent required by law.

 

To the extent that and so long as the Trustee or
Paying Agent is unable to apply any money or Government Securities in
accordance with Section 12.01 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Issuer’s
and any Guarantor’s obligations under this Indenture and the Notes shall be
revived and reinstated as though no deposit had occurred pursuant to Section 12.01;
provided, however,
that if the Issuer has made any payment of principal of, premium, if any, or
interest on any Notes following the reinstatement of their obligations, the
Issuer shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money or Government Securities held by the Trustee or
Paying Agent.

 

95

 

ARTICLE 13.

MISCELLANEOUS

 

SECTION 13.01                                 Trust Indenture
Act Controls.

 

If any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by TIA Section 318(c), the imposed
duties shall control.

 

SECTION 13.02                                 Notices.

 

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

 

	
  If to the Issuer and/or
  any Guarantor:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Symbion, Inc.

  
	
   

  	
   

  	
  40 Burton Hills Blvd., Suite 500

  
	
   

  	
   

  	
  Nashville, Tennessee 37215

  
	
   

  	
   

  	
  Telecopier No.: 615-234-5999

  
	
   

  	
   

  	
  Attention: Teresa Sparks

  
	
   

  	
   

  	
   

  
	
  If to the Trustee:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. Bank National Association

  
	
   

  	
   

  	
  150 Fourth Avenue North

  
	
   

  	
   

  	
  Second Floor

  
	
   

  	
   

  	
  Nashville, Tennessee 37219

  
	
   

  	
   

  	
  Telecopier No.: 615-251-0737

  
	
   

  	
   

  	
  Attn: Wally Jones

  

 

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

 

All notices and communications (other than those
sent to Holders) shall be deemed to have been duly given:  at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid,
if mailed; when answered back, if telexed; when receipt acknowledged, if
telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery.

 

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

 

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

 

96

 

If the Issuer mails a notice or communication to
Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 

SECTION 13.03                                 Communication
by Holders with Other Holders.

 

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

 

SECTION 13.04                                 Certificate and
Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer to the
Trustee to take any action under this Indenture, the Issuer shall furnish to
the Trustee:

 

(1)                                an Officer’s
Certificate in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 13.05) 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

 

(2)                                an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 13.05) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been
satisfied.

 

SECTION 13.05                                 Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other
than a certificate provided pursuant to TIA Section 314(a)(4)) must comply
with the provisions of TIA Section 314 and must include:

 

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

 

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

 

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

 

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

 

SECTION 13.06                                 Rules by
Trustee and Agents.

 

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

 

SECTION 13.07                                 No Personal
Liability of Directors, Officers, Employees and Stockholders.

 

No director, officer, employee, incorporator,
stockholder, member, partner or other holder of Equity Interests of the Issuer
or any Guarantor, as such, shall have any liability for any obligations of the 

 

97

 

Issuer or the Guarantors under the Notes, this
Indenture, the Subsidiary Guarantees or for any claim based on, in respect of,
or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and
releases all such liability.  The waiver
and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive
liabilities under the federal securities laws.

 

SECTION 13.08                                 Governing Law.

 

THIS INDENTURE, THE NOTES AND THE SUBSIDIARY
GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

 

SECTION 13.09                                 No Adverse
Interpretation of Other Agreements.

 

This Indenture may not be used to interpret any
other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of
any other Person.  Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

 

SECTION 13.10                                 Successors.

 

All agreements of the Issuer in this Indenture and
the Notes shall bind its successors.  All
agreements of the Trustee in this Indenture shall bind its successors.  All agreements of each Guarantor in this
Indenture shall bind its successors, except as otherwise provided in Section 11.05.

 

SECTION 13.11                                 Severability.

 

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

 

SECTION 13.12                                 Counterpart
Originals.

 

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

 

SECTION 13.13                                 Table of
Contents, Headings, etc.

 

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

 

(Signature Pages Follow)

 

98

 

SIGNATURES

 

Dated
as of June 3, 2008

 

	
   

  	
  SYMBION,
  INC.,

  
	
   

  	
    as
  Issuer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Teresa F. Sparks

  
	
   

  	
   

  	
  Name:

  	
  Teresa
  F. Sparks

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE
  GUARANTORS SET FORTH ON SCHEDULE I  

  HERETO,

  
	
   

  	
    as
  Guarantors

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Teresa F. Sparks

  
	
   

  	
   

  	
  Name:

  	
  Teresa
  F. Sparks

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION,

  
	
   

  	
    as
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Wally Jones

  
	
   

  	
   

  	
  Name:

  	
  Wally
  Jones

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

 

SCHEDULE I

 

GUARANTORS

 

	
  Ambulatory
  Resource Centres Investment Company, LLC

  
	
  Ambulatory
  Resource Centres of Florida, Inc.

  
	
  Ambulatory
  Resource Centres of Massachusetts, Inc.

  
	
  Ambulatory
  Resource Centres of Texas, Inc.

  
	
  Ambulatory
  Resource Centres of Washington, Inc.

  
	
  Ambulatory
  Resource Centres of Wilmington, Inc.

  
	
  ARC
  Development Corporation

  
	
  ARC
  Dry Creek, Inc.

  
	
  ARC
  Financial Services Corporation

  
	
  ASC
  of Hammond, Inc

  
	
  ASC
  of New Albany, LLC

  
	
  Houston
  PSC - I, Inc.

  
	
  Lubbock
  Surgicenter, Inc.

  
	
  Medisphere
  Health Partners - Oklahoma City, Inc.

  
	
  Medisphere
  Health Partners Management of Tennessee, Inc.

  
	
  NeoSpine
  Surgery of Bristol, LLC

  
	
  NeoSpine
  Surgery of Nashville, LLC

  
	
  NeoSpine
  Surgery of Puyallup, LLC

  
	
  NeoSpine
  Surgery, LLC

  
	
  NSC
  Edmond, Inc.

  
	
  Physicians
  Surgical Care Management, Inc.

  
	
  Physicians
  Surgical Care, Inc.

  
	
  Premier
  Ambulatory Surgery of Duncanville, Inc.

  
	
  PSC
  Development Company, LLC

  
	
  PSC
  of New York, L.L.C.

  
	
  PSC
  Operating Company, LLC

  
	
  Quahog
  Holding Company, LLC

  
	
  SARC/Asheville, Inc.

  
	
  SARC/Circleville, Inc.

  
	
  SARC/Columbia, Inc.

  
	
  SARC/Deland, Inc.

  
	
  SARC/Ft.
  Myers, Inc.

  
	
  SARC/FW, Inc.

  
	
  SARC/Georgia, Inc.

  
	
  SARC/Jacksonville, Inc.

  
	
  SARC/Kent,
  LLC

  
	
  SARC/Knoxville, Inc.

  
	
  SARC/Largo
  Endoscopy, Inc.

  
	
  SARC/Largo, Inc.

  
	
  SARC/Metairie,
  Inc

  
	
  SARC/Providence,
  LLC

  
	
  SARC/San
  Antonio, LLC

  
	
  SARC/Savannah, Inc.

  
	
  SARC/St.
  Charles, Inc.

  

 

I-1

 

	
  SARC/Vincennes, Inc.

  
	
  SARC/West
  Houston, LLC

  
	
  SARC/Worcester, Inc.

  
	
  SI/Dry
  Creek, Inc.

  
	
  SMBI
  Havertown, LLC

  
	
  SMBI
  Northstar, LLC

  
	
  SMBI
  OSE, LLC

  
	
  SMBI
  Portsmouth, LLC

  
	
  SMBIMS
  Kirkwood, LLC

  
	
  SMBIMS
  119, LLC

  
	
  SMBIMS
  Birmingham, Inc.

  
	
  SMBIMS
  Durango, LLC

  
	
  SMBIMS
  Elk River, LLC

  
	
  SMBIMS
  Florida I, LLC

  
	
  SMBIMS
  Greenville, LLC

  
	
  SMBIMS
  Maple Grove, LLC

  
	
  SMBIMS
  Novi, LLC

  
	
  SMBIMS
  Orange City, LLC

  
	
  SMBIMS
  Steubenville, Inc.

  
	
  SMBIMS
  Tampa, LLC

  
	
  SMBIMS
  Temple, LLC

  
	
  SMBIMS
  Tuscaloosa, Inc.

  
	
  SMBIMS
  Wichita, LLC

  
	
  SMBISS
  Arcadia, LLC

  
	
  SMBISS
  Beverly Hills, LLC

  
	
  SMBISS
  Chesterfield, LLC

  
	
  SMBISS
  Encino, LLC

  
	
  SMBISS
  Irvine, LLC

  
	
  SMBISS
  Roswell, LLC

  
	
  SMBISS
  Sandy Springs, LLC

  
	
  SMBISS
  Thousand Oaks, LLC

  
	
  Surgicare
  of Deland, Inc.

  
	
  Symbion
  Ambulatory Resource Centres, Inc.

  
	
  Symbion
  Imaging, Inc.

  
	
  SymbionARC
  Management Services, Inc.

  
	
  SymbionARC
  Support Services, LLC

  
	
  Texarkana
  Surgery Center GP, Inc.

  
	
  UniPhy
  Healthcare of Eugene/Springfield I, Inc.

  
	
  UniPhy
  Healthcare of Johnson City VI, LLC

  
	
  UniPhy
  Healthcare of Louisville, Inc.

  
	
  UniPhy
  Healthcare of Maine I, Inc.

  
	
  UniPhy
  Healthcare of Memphis I, LLC

  
	
  UniPhy
  Healthcare of Memphis II, Inc.

  
	
  UniPhy
  Healthcare of Memphis III, LLC

  
	
  UniPhy
  Healthcare of Memphis IV, LLC

  
	
  VASC, Inc.

  
	
  Village
  Surgicenter, Inc.

  

 

I-2

 

EXHIBIT A1

 

[Face of Note]

 

	
  CUSIP

  	
                        

  

 

11.00%/11.75% Senior PIK Toggle Note due 2015

 

	
  No.

  	
  $

  	
                        

  

 

SYMBION, INC.

 

 

SYMBION, INC. promises to pay to CEDE &
CO. or registered assigns, the principal sum of
                        
DOLLARS on August 23, 2015.

 

Interest Payment Dates:  February 23 and August 23

 

Record Dates: 
February 8 and August 8

 

Dated: 
June 3, 2008

 

FOR PURPOSES OF SECTIONS
1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE
IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT AND THE ISSUE DATE OF THIS
SECURITY IS JUNE 3, 2008.  A HOLDER MAY OBTAIN
THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE
YIELD TO MATURITY FOR THESE NOTES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION
TO SYMBION, INC., 40 BURTON HILLS BLVD., SUITE 500, NASHVILLE, TENNESSEE 37215,
ATTENTION:  TERESA SPARKS, CHIEF
FINANCIAL OFFICER.

 

[Signature
pages follow]

 

A1-1

 

	
   

  	
  SYMBION,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A1-2

 

This is one of the Notes referred to

in the within-mentioned Indenture:

 

	
  U.S. BANK NATIONAL
  ASSOCIATION,

  
	
      as Trustee

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

A1-3

 

[Back of Note]

11.00%/11.75% Senior PIK Toggle Note due 2015

 

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

 

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

 

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

 

(1)           INTEREST.  Symbion, Inc., a Delaware corporation
(the “Issuer”), promises to pay interest on the principal amount of this Note
as follows: Cash Interest on the Notes will accrue at a rate of 11.00% per
annum and be payable in cash.  PIK
Interest on the Notes will accrue at a rate of 11.75% per annum and be payable (x) with
respect to Notes represented by one or more global notes registered in the name
of, or held by, The Depository Trust Company (“DTC”) or its nominee on the relevant
record date, by increasing the principal amount of the outstanding Global Note
by an amount equal to the amount of PIK Interest for the applicable interest
period (rounded up to the nearest $1,000) and (y) with respect to Notes
represented by certificated notes, by issuing PIK Notes in certificated form in
an aggregate principal amount equal to the amount of PIK Interest for the
applicable period (rounded up to the nearest whole dollar), and the Trustee will,
at the request of the Issuer, authenticate and deliver such PIK Notes in certificated
form for original issuance to the Holders on the relevant record date, as shown
by the records of the register of Holders. 
In the event that the Issuer elects to pay Partial PIK Interest for any
interest period, each Holder will be entitled to receive Cash Interest in
respect of 50% of the principal amount of the Notes held by such Holder on the
relevant record date and PIK Interest in respect of 50% of the principal amount
of the Notes held by such Holder on the relevant record date.  Following an increase in the principal amount
of the outstanding Global Notes as a result of a PIK Payment, the Global Notes
will bear interest on such increased principal amount from and after the date
of such PIK Payment.  Any PIK Notes
issued in certificated form will be dated as of the applicable interest payment
date and will bear interest from and after such date.  All Notes issued pursuant to a PIK Payment
will mature on August 23, 2015 and will be governed by, and subject to the
terms, provisions and conditions of, the Indenture and shall have the same
rights and benefits as the Notes issued on the Issue Date.  Any certificated PIK Notes will be issued
with the description “PIK” on the face of such PIK Note.

 

The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the then applicable
interest rate on the Notes; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Additional Interest, if any, (without regard to any applicable
grace periods) from time to time on demand at the same rate to the extent
lawful.  Interest shall be computed on
the basis of a 360-day year of twelve 30-day months.

 

(2)           METHOD
OF PAYMENT.  For any interest payment
period prior to August 23, 2011, the Issuer may, at its option, elect to
pay interest on the Notes:

 

·                  entirely in cash (“Cash
Interest”);

 

·                  entirely by increasing the
principal amount of the outstanding Notes or by issuing PIK Notes (“PIK
Interest”); or

 

A1-4

 

·                  on 50% of the outstanding
principal amount of the Notes in cash and on 50% of the principal amount by
increasing the principal amount of the outstanding Notes or by issuing PIK
Notes (“Partial PIK Interest”).

 

The Issuer must elect the form of interest payment
with respect to each interest period by delivering a notice to the trustee at
least 5 business days prior to the beginning of each interest period.  The trustee shall promptly deliver a corresponding
notice to the holders.  In the absence of
such an election for any interest period, interest on the Notes shall be
payable according to the election for the previous interest period.  Interest for the first interest payment
period will be paid as PIK Interest. 
After August 23, 2011, the Issuer will make all interest payments
on the Notes entirely in cash. 
Notwithstanding anything to the contrary, the payment of accrued
interest in connection with any redemption of Notes as described under Sections
3.07, 4.10 and 4.15 of the Indenture shall be made solely in cash.

 

The Issuer shall pay interest on the Notes (except
defaulted interest) and Additional Interest, if any, to the Persons who are
registered Holders at the close of business on the February 8 or August 8
next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as
provided in Section 2.12 of the Indenture with respect to defaulted
interest.  The Notes shall be payable as
to principal, interest and premium and Additional Interest, if any, at the
office or agency of the Paying Agent within the City and State of New York, or
payment of interest and Additional Interest, if any, may, at the option of the
Issuer, be made by check mailed to the Holders at their addresses set forth in
the register of Holders; provided that
payment by wire transfer of immediately available funds shall be required with
respect to principal of and interest, premium and Additional Interest, if any,
on, all Global Notes and all other Notes the Holder (if such Holder holds at
least $1.0 million in aggregate principal amount of Notes) of which shall have
provided wire transfer instructions to the Issuer prior to the record
date.  Payment of principal of, premium,
if any, and interest and Additional Interest on, Global Notes registered in the
name of or held by DTC or any successor depositary or its nominee will be made
by wire transfer of immediately available funds to such depositary or its nominee,
as the case may be, as the registered Holder of such Global Note.  Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

(3)           PAYING
AGENT AND REGISTRAR.  Initially, U.S.
Bank National Association, the Trustee under the Indenture, shall act as Paying
Agent and Registrar.  The Issuer may
change any Paying Agent or Registrar without notice to any Holder.  The Issuer or any of its Subsidiaries may act
in any such capacity.

 

(4)           INDENTURE.  The Issuer issued the Notes under an
Indenture dated as of June 3, 2008 (the “Indenture”), among the Issuer,
the Guarantors and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the TIA (15 U.S. Code Sections
77aaa-77bbbb).  The Notes are subject to
all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms.  To the extent
any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be
controlling.  The Notes are general
senior unsecured obligations of the Issuer. 
Subject to the conditions set forth in the Indenture, the Issuer may
issue Additional Notes.

 

(5)           OPTIONAL REDEMPTION.

 

(a)           Except
as set forth in subparagraph (b) or (c) of this Paragraph 5, on or
after August 23, 2011, the Issuer may redeem all or a part of the Notes
upon not less than 30 nor more than 60 days’ notice, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued 

 

A1-5

 

and unpaid interest and Additional Interest, if any,
on the Notes redeemed, to the applicable redemption date, if redeemed during
the twelve-month period beginning on August 23 of the years indicated
below, subject to the rights of Holders of Notes on the relevant record date to
receive interest on the relevant interest payment date:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2011

  	
   

  	
  105.500

  	
  %

  
	
  2012

  	
   

  	
  102.750

  	
  %

  
	
  2013 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)           Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior
to August 23, 2010, the Issuer may, on any one or more occasions, redeem
up to 35% of the aggregate principal amount of Notes issued under the Indenture
at a redemption price of 111.00% of the principal amount, plus accrued and
unpaid interest and Additional Interest, if any, to the redemption date, with
the net cash proceeds of one or more Equity Offerings by the Issuer or a
contribution to the equity capital of the Issuer (other than Disqualified
Stock) from the net proceeds of one or more Equity Offerings by the Issuer,
Holdings or any other direct or indirect parent of the Issuer; provided that:

 

(1)          at least 65% of the aggregate principal amount of Notes
originally issued under the Indenture (excluding Notes held by the Issuer and
its Subsidiaries) remains outstanding immediately after the occurrence of such
redemption; and

 

(2)          the redemption occurs within 90 days of the date of the
closing of such Equity Offering or equity contribution.

 

(c)           Before
August 23, 2011, the Issuer may also redeem all or any portion of the
Notes upon not less than 30 nor more than 60 days’ prior notice, at a
redemption price equal to 100% of the principal amount thereof plus the
Applicable Premium as of, and accrued and unpaid interest thereon, if any, to,
the date of redemption (a “Make-Whole Redemption Date”).

 

(6)           MANDATORY
REDEMPTION.

 

(a)           Except as set forth below, the Issuer will not be required
to make any mandatory redemption or sinking fund payments with respect to the
Notes.

 

(b)           If the Notes would otherwise constitute “applicable high
yield discount obligations” within the meaning of Section 163(i)(1) of
the Code, at the end of the first accrual period ending after the fifth
anniversary of the Issue Date and each accrual period thereafter (each, an “AHYDO
Redemption Date”), the Issuer will be required to redeem for cash a portion of
each Note then outstanding equal to the Mandatory Principal Redemption
Amount.  The redemption price for the
portion of each Note redeemed pursuant to a Mandatory Principal Redemption will
be 100% of the principal amount of such portion plus any accrued interest
thereon on the date of redemption.  The “Mandatory
Principal Redemption Amount” means, the portion of a Note determined by the
Issuer to be required to be redeemed to prevent such Note from being treated as
an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of
the Code.  No partial redemption or
repurchase of the Notes prior to each AHYDO Redemption Date pursuant to any
other provision of the Indenture will alter the Issuer’s obligation to make the
Mandatory Principal Redemption with respect to any Notes that remain
outstanding on such AHYDO Redemption Date. 
It is intended that this provision prevent any Note from being treated
as an “applicable high yield debt obligation” within the meaning of Section 163(i)(1) of
the Code, and this provision shall be interpreted in accordance with such
intent.

 

A1-6

 

(7)           REPURCHASE AT THE OPTION OF HOLDER.

 

(a)           If
there is a Change of Control, each Holder shall have the right to require the
Issuer to make an offer (a “Change of Control Offer”) to repurchase all or any
part (a minimum amount of $1,000 or an integral multiple thereof) of that
Holder’s Notes at a purchase price equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest and Additional Interest, if
any, on the Notes repurchased, if any, to the date of purchase, subject to the
rights of the Holders on the relevant record date to receive interest due on
the relevant Interest Payment Date (the “Change of Control Payment”).  Within 30 days following any Change of
Control, the Issuer shall mail a notice to each Holder setting forth the
procedures governing the Change of Control Offer as required by the Indenture.

 

(b)           If
the Issuer or a Restricted Subsidiary consummates any Asset Sales, within 10
Business Days of each date on which the aggregate amount of Excess Proceeds
exceeds $10.0 million, the Issuer shall commence an Asset Sale Offer to all
Holders and if the Issuer elects (or is required by the terms of such other
pari passu indebtedness) all holders of other Indebtedness that is pari passu
with the Notes pursuant to Section 3.09 of the Indenture to purchase the
maximum principal amount of Notes and other pari passu Indebtedness that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest
and Additional Interest, if any, to the Purchase Date in accordance with the
procedures set forth in the Indenture. 
To the extent that the aggregate amount of Notes and other pari passu
Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Issuer may use the remaining Excess Proceeds for any purpose not
otherwise prohibited by the Indenture. 
If the aggregate principal amount of Notes and other pari passu
Indebtedness surrendered by holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes and other pari passu Indebtedness
to be purchased on a pro rata basis. 
Holders to whom an Asset Sale Offer is addressed shall receive an Asset
Sale Offer from the Issuer prior to the related Purchase Date and may elect to
have such Notes purchased by completing the form entitled “Option of Holder to
Elect Purchase” attached to the Notes.

 

(8)           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 Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior
to a redemption date if the notice is issued in connection with a defeasance of
the Notes or a satisfaction and discharge of the Indenture.  Notes in denominations larger than $1,000 may
be redeemed in part but only in whole multiples of $1,000 in excess thereof,
unless all of the Notes held by a Holder are to be redeemed.  On and after the redemption date interest and Additional Interest will cease to accrue on Notes or
portions thereof called for redemption.

 

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

 

(10)         PERSONS
DEEMED OWNERS.  The registered Holder
of a Note may be treated as its owner for all purposes.

 

A1-7

 

(11)         AMENDMENT,
SUPPLEMENT AND WAIVER.  Subject to
certain exceptions, the Indenture, the Subsidiary Guarantees or the Notes may
be amended or supplemented with the consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes, including
without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Notes, and any existing Default or Event of
Default or compliance with any provision of the Indenture, the Subsidiary Guarantees
or the Notes may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes, including without
limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes.  Without
the consent of any Holder, the Indenture, the Subsidiary Guarantees or the
Notes may be amended or supplemented (i) to cure any ambiguity, defect or
inconsistency, (ii) to provide for uncertificated Notes in addition to or
in place of certificated Notes, (iii) to provide for the assumption of the
Issuer’s or any Guarantor’s obligations to Holders of the Notes in case of a
merger or consolidation, (iv) to make any change that would provide any
additional rights or benefits to the Holders or that does not adversely affect
the legal rights under the Indenture of any such Holder, (v) to comply
with the requirements of the SEC in order to effect or maintain the qualification
of the Indenture under the TIA, (vi) to conform the text of the Indenture,
the Subsidiary Guarantees or the Notes to any provision of the “Description of
Notes” section of the Offering Memorandum, (vii) to provide for the
issuance of Additional Notes in accordance with the limitations set forth in
the Indenture as of the Issue Date, (viii) to allow any Guarantor to
execute a supplemental indenture and/or a Subsidiary Guarantee with respect to
the Notes or to secure the Notes, or (ix) to issue additional notes in
accordance with the terms of the Indenture.

 

(12)         DEFAULTS
AND REMEDIES.  Events of Default
include:  (i) default for 30 days in
the payment when due of interest on or Additional Interest, if any, with
respect to, the Notes; (ii) default in payment when due (at maturity, upon
redemption or otherwise) of the principal of, or premium, if any, on the Notes;
(iii) failure by the Issuer to comply with Section 5.01 of the
Indenture; (iv) failure by the Issuer or any of its Restricted Subsidiaries
for 60 days after notice to the Issuer by the Trustee or the Holders of at
least 25% in aggregate principal amount of Notes then outstanding to comply
with any of the other agreements in the Indenture; (v) 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
Issuer or any of its Significant Subsidiaries (or the payment of which is guaranteed
by the Issuer or any of its Significant Subsidiaries), whether such
Indebtedness or Guarantee now exists, or is created after the Issue Date, if
that default:  (A) is caused by a
failure to pay principal at the final Stated Maturity of such Indebtedness (a “Payment
Default”) or (B) results in the acceleration of such Indebtedness prior to
its express maturity, and, in each case, the principal amount of 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 $15.0 million or more; (vi) certain final
judgments and decrees for the payment of money that remain undischarged for a
period of 60 days after such judgment or decree has become final and
nonappealable without being paid, discharged, waived or stayed; (vii) except
as permitted by the Indenture, any Subsidiary Guarantee of any Significant
Subsidiary is declared to be unenforceable or invalid by any final and
nonappealable judgment or decree or ceases for any reason to be in full force
and effect, or any Guarantor that is a Significant Subsidiary or any Person
acting on behalf of any Guarantor that is a Significant Subsidiary denies or
disaffirms its obligations in writing under its Subsidiary Guarantee and such
Default continues for 10 days after receipt of the notice specified in the
Indenture and (viii) certain events of bankruptcy or insolvency with
respect to the Issuer or any of the Issuer’s Restricted Subsidiaries that is a
Significant Subsidiary.  If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then outstanding Notes may declare all the
Notes to be due and payable.  Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events
of bankruptcy or insolvency in respect of the Issuer, all outstanding Notes
shall become due and payable without further action or notice.  In the event of any Event of Default
specified in clause (5) of Section 6.01 of the Indenture, such Event
of Default and 

 

A1-8

 

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

 

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

 

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

 

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

 

Holders may not enforce the
Indenture or the Notes except as provided in the Indenture.  Subject to certain limitations, Holders of a
majority in principal amount of the then outstanding Notes may direct the
Trustee in its exercise of any trust or power. 
The Trustee may withhold from Holders notice of any continuing Default
or Event of Default (except a Default or Event of Default relating to the payment
of principal, premium or interest or Additional Interest) if a committee of its
Responsible Officers determines in good faith that withholding notice is in
their interest.  The Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice
to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of the principal
of, premium and Additional Interest, if any, or interest on, the Notes
(including in connection with an offer to purchase).  The Issuer is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture, and the
Issuer is required within 30 days of becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event
of Default.

 

(13)         [RESERVED].

 

(14)         TRUSTEE
DEALINGS WITH ISSUER.  The Trustee,
in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Issuer or its Affiliates, and may otherwise
deal with the Issuer or its Affiliates, as if it were not the Trustee.

 

(15)         NO
RECOURSE AGAINST OTHERS.  No
director, officer, employee, incorporator, stockholder, member partner or other
holder of Equity Interests of the Issuer or any Guarantor, as such, shall have
any liability for any obligations of the Issuer or any such Guarantor under the
Indenture, the Notes or the Subsidiary Guarantees or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and
releases all such liability.  The waiver
and release are part of the consideration for the issuance of the Notes.

 

(16)         AUTHENTICATION.  This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

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

 

(18)         ADDITIONAL
RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.  In addition to the rights provided to Holders
under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes shall have all the rights set forth in 

 

A1-9

 

the Registration Rights
Agreement dated as of June 3, 2008, among the Issuer, the Guarantors and
the other parties named on the signature pages thereof (the “Registration
Rights Agreement”).

 

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

 

The Issuer shall furnish to any Holder upon written
request and without charge a copy of the Indenture and/or the Registration
Rights Agreement.  Requests may be made
to:

 

Symbion, Inc.

40 Burton Hills Blvd., Suite 500

Nashville, Tennessee  37215

Telecopier No.:  615-234-5999

Attention:  Teresa Sparks

 

A1-10

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	
  (I) or (we) assign and transfer this Note to:

  	
   

  	
   

  
	
   

  	
  (Insert assignee’s legal name)

  
	
   

  
	
   

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

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

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

  

 

and irrevocably
appoint                                                                                        
to transfer this Note on the books of the Issuer.  The agent may substitute another to act for
him.

 

	
  Date:

  	
   

  	
   

  

 

 

	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on

  the face of this Note)

  

 

	
  Signature
  Guarantee*:

  	
   

  	
   

  

 

*                                         Participant in
a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

 

A1-11

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased by
the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the
appropriate box below:

 

o Section 4.10                   o Section 4.15

 

If you want to elect to have only part of the Note
purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of
the Indenture, state the amount you elect to have purchased:

 

$                           

 

	
  Date:

  	
   

  	
   

  

 

 

	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on the

  face of this Note)

  
	
   

  	
   

  
	
   

  	
  Tax Identification No.:

  	
   

  
				

 

	
  Signature
  Guarantee*:

  	
   

  	
   

  

 

*                                         Participant in
a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

 

A1-12

 

SCHEDULE OF EXCHANGES OF GLOBAL NOTE*

 

The following exchanges of a part of this Global
Note for an interest in another Global Note, or exchanges in part of another
other Restricted Global 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 in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Principal Amount

  of this

  Global Note

  following such

  decrease (or

  increase)

  	
   

  	
  Signature of

  authorized

  officer of Trustee

  or Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

*              This schedule should be included
only if the Note is issued in global form.

 

A1-13

 

EXHIBIT A2

 

[Face of Regulation S Temporary Global Note]

 

	
  CUSIP

  	
   

  

 

11.00%/11.75% Senior PIK Toggle Note due 2015

 

	
  No.

  	
  $

  	
   

  

 

SYMBION, INC.

 

SYMBION, INC. promises to pay to CEDE &
CO. or registered assigns, the principal sum of
                                    
DOLLARS on August 23, 2015.

 

Interest Payment Dates:  February 23 and August 23

 

Record Dates: 
February 8 and August 8

 

Dated: 
June 3, 2008

 

FOR PURPOSES OF SECTIONS
1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE
IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT AND THE ISSUE DATE OF THIS
SECURITY IS JUNE 3, 2008.  A HOLDER MAY OBTAIN
THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE
YIELD TO MATURITY FOR THESE NOTES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION
TO SYMBION, INC., 40 BURTON HILLS BLVD., SUITE 500, NASHVILLE, TENNESSEE 37215,
ATTENTION:  TERESA SPARKS, CHIEF
FINANCIAL OFFICER

 

[Signature pages follow]

 

A2-1

 

	
   

  	
  SYMBION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A2-2

 

	
  This is one of the Notes
  referred to 

  in the within-mentioned Indenture: 

  	
   

  
	
   

  	
   

  
	
  U.S. BANK NATIONAL ASSOCIATION, 

  as Trustee 

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  
			

 

A2-3

 

[Back of Regulation S Temporary Global Note]

11.00%/11.75% Senior PIK Toggle Note due 2015

 

THE RIGHTS ATTACHING TO THIS REGULATION S
TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE
FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED
HEREIN).  NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE PAYMENT OF PRINCIPAL HEREOF OR INTEREST HEREON.

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.01 AND
SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF
THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUER.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE 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. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR SUCH OTHER NAME AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO.  OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE ‘SECURITIES ACT’)
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO
A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) TO
AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (4) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) OR

 

A2-4

 

(5) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED
STATES.

 

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

 

(1)           INTEREST.  Symbion, Inc., a Delaware corporation
(the “Issuer”), promises to pay interest on the principal amount of this Note
as follows: Cash Interest on the Notes will accrue at a rate of 11.00% per annum
and be payable in cash.  PIK Interest on
the Notes will accrue at a rate of 11.75% per annum and be payable (x) with
respect to Notes represented by one or more global notes registered in the name
of, or held by, The Depository Trust Company (“DTC”) or its nominee on the
relevant record date, by increasing the principal amount of the outstanding
Global Note by an amount equal to the amount of PIK Interest for the applicable
interest period (rounded up to the nearest $1,000) and (y) with respect to
Notes represented by certificated notes, by issuing PIK Notes in certificated
form in an aggregate principal amount equal to the amount of PIK Interest for
the applicable period (rounded up to the nearest whole dollar), and the Trustee
will, at the request of the Issuer, authenticate and deliver such PIK Notes in
certificated form for original issuance to the Holders on the relevant record
date, as shown by the records of the register of Holders.  In the event that the Issuer elects to pay
Partial PIK Interest for any interest period, each Holder will be entitled to
receive Cash Interest in respect of 50% of the principal amount of the Notes
held by such Holder on the relevant record date and PIK Interest in respect of
50% of the principal amount of the Notes held by such Holder on the relevant
record date.  Following an increase in
the principal amount of the outstanding Global Notes as a result of a PIK
Payment, the Global Notes will bear interest on such increased principal amount
from and after the date of such PIK Payment. 
Any PIK Notes issued in certificated form will be dated as of the
applicable interest payment date and will bear interest from and after such
date.  All Notes issued pursuant to a PIK
Payment will mature on August 23, 2015 and will be governed by, and
subject to the terms, provisions and conditions of, the Indenture and shall
have the same rights and benefits as the Notes issued on the Issue Date.  Any certificated PIK Notes will be issued
with the description “PIK” on the face of such PIK Note.

 

The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the then applicable
interest rate on the Notes; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Additional Interest, if any, (without regard to any applicable
grace periods) from time to time on demand at the same rate to the extent lawful.  Interest shall be computed on the basis of a
360-day year of twelve 30-day months.

 

(2)           METHOD
OF PAYMENT.  For any interest payment
period prior to August 23, 2011, the Issuer may, at its option, elect to
pay interest on the Notes:

 

·                  entirely
in cash (“Cash Interest”);

 

·                  entirely
by increasing the principal amount of the outstanding Notes or by issuing PIK
Notes (“PIK Interest”); or

 

·                  on
50% of the outstanding principal amount of the Notes in cash and on 50% of the
principal amount by increasing the principal amount of the outstanding Notes or
by issuing PIK Notes (“Partial PIK Interest”).

 

A2-5

 

The Issuer must elect the form of interest
payment with respect to each interest period by delivering a notice to the
trustee at least 5 business days prior to the beginning of each interest
period.  The trustee shall promptly
deliver a corresponding notice to the holders. 
In the absence of such an election for any interest period, interest on
the Notes shall be payable according to the election for the previous interest
period.  Interest for the first interest
payment period will be paid as PIK Interest. 
After August 23, 2011, the Issuer will make all interest payments
on the Notes entirely in cash.  Notwithstanding
anything to the contrary, the payment of accrued interest in connection with
any redemption of Notes as described under Sections 3.07, 4.10 and 4.15 of the
Indenture shall be made solely in cash.

 

The Issuer shall pay interest on the Notes
(except defaulted interest) and Additional Interest, if any, to the Persons who
are registered Holders at the close of business on the February 8 or August 8
next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as
provided in Section 2.12 of the Indenture with respect to defaulted
interest.  The Notes shall be payable as
to principal, interest and premium and Additional Interest, if any, at the
office or agency of the Paying Agent within the City and State of New York, or
payment of interest and Additional Interest, if any, may, at the option of the
Issuer, be made by check mailed to the Holders at their addresses set forth in
the register of Holders; provided that payment
by wire transfer of immediately available funds shall be required with respect
to principal of and interest, premium and Additional Interest, if any, on, all
Global Notes and all other Notes the Holder (if such Holder holds at least $1.0
million in aggregate principal amount of Notes) of which shall have provided
wire transfer instructions to the Issuer prior to the record date.  Payment of principal of, premium, if any, and
interest and Additional Interest on, Global Notes registered in the name of or
held by DTC or any successor depositary or its nominee will be made by wire
transfer of immediately available funds to such depositary or its nominee, as
the case may be, as the registered Holder of such Global Note.  Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

(3)           PAYING
AGENT AND REGISTRAR.  Initially, U.S.
Bank National Association, the Trustee under the Indenture, shall act as Paying
Agent and Registrar.  The Issuer may
change any Paying Agent or Registrar without notice to any Holder.  The Issuer or any of its Subsidiaries may act
in any such capacity.

 

(4)           INDENTURE.  The Issuer issued the Notes under an
Indenture dated as of June 3, 2008 (the “Indenture”), among the Issuer,
the Guarantors and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the TIA (15 U.S. Code Sections
77aaa-77bbbb).  The Notes are subject to
all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms.  To the extent
any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be
controlling.  The Notes are general
senior unsecured obligations of the Issuer. 
Subject to the conditions set forth in the Indenture, the Issuer may
issue Additional Notes.

 

(5)           OPTIONAL
REDEMPTION.

 

(a)           Except
as set forth in subparagraph (b) or (c) of this Paragraph 5, on or
after August 23, 2011, the Issuer may redeem all or a part of the Notes
upon not less than 30 nor more than 60 days’ notice, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and
unpaid interest and Additional Interest, if any, on the Notes redeemed, to the
applicable redemption date, if redeemed during the twelve-month period
beginning on August 23 of the years indicated below, subject to the rights
of Holders of Notes on the relevant record date to receive interest on the
relevant interest payment date:

 

A2-6

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2011

  	
   

  	
  105.500

  	
  %

  
	
  2012

  	
   

  	
  102.750

  	
  %

  
	
  2013 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)           Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior
to August 23, 2010, the Issuer may, on any one or more occasions, redeem
up to 35% of the aggregate principal amount of Notes issued under the Indenture
at a redemption price of 111.00% of the principal amount, plus accrued and
unpaid interest and Additional Interest, if any, to the redemption date, with
the net cash proceeds of one or more Equity Offerings by the Issuer or a
contribution to the equity capital of the Issuer (other than Disqualified
Stock) from the net proceeds of one or more Equity Offerings by the Issuer,
Holdings or any other direct or indirect parent of the Issuer; provided that:

 

(1)           at least 65% of the aggregate principal amount of Notes
originally issued under the Indenture (excluding Notes held by the Issuer and
its Subsidiaries) remains outstanding immediately after the occurrence of such
redemption; and

 

(2)           the redemption occurs within 90 days of the date of the
closing of such Equity Offering or equity contribution.

 

(c)           Before
August 23, 2011, the Issuer may also redeem all or any portion of the
Notes upon not less than 30 nor more than 60 days’ prior notice, at a
redemption price equal to 100% of the principal amount thereof plus the
Applicable Premium as of, and accrued and unpaid interest thereon, if any, to,
the date of redemption (a “Make-Whole Redemption Date”).

 

(6)           MANDATORY
REDEMPTION.

 

(c)           Except as set forth below, the Issuer
will not be required to make any mandatory redemption or sinking fund payments
with respect to the Notes.

 

(d)           If the Notes would otherwise
constitute “applicable high yield discount obligations” within the meaning of Section 163(i)(1) of
the Code, at the end of the first accrual period ending after the fifth
anniversary of the Issue Date and each accrual period thereafter (each, an “AHYDO
Redemption Date”), the Issuer will be required to redeem for cash a portion of
each Note then outstanding equal to the Mandatory Principal Redemption
Amount.  The redemption price for the
portion of each Note redeemed pursuant to a Mandatory Principal Redemption will
be 100% of the principal amount of such portion plus any accrued interest
thereon on the date of redemption.  The “Mandatory
Principal Redemption Amount” means the portion of a Note determined by the
Issuer to be required to be redeemed to prevent such Note from being treated as
an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of
the Code.  No partial redemption or
repurchase of the Notes prior to each AHYDO Redemption Date pursuant to any
other provision of the Indenture will alter the Issuer’s obligation to make the
Mandatory Principal Redemption with respect to any Notes that remain
outstanding on such AHYDO Redemption Date. 
It is intended that this provision prevent any Note from being treated
as an “applicable high yield debt obligation” within the meaning of Section 163(i)(1) of
the Code, and this provision shall be interpreted in accordance with such
intent.

 

(7)           REPURCHASE
AT THE OPTION OF HOLDER.

 

(a)           If
there is a Change of Control, each Holder shall have the right to require the
Issuer to make an offer (a “Change of Control Offer”) to repurchase all or any
part (a minimum amount of $1,000 

 

A2-7

 

or an integral
multiple thereof) of that Holder’s Notes at a purchase price equal to 101% of
the aggregate principal amount thereof plus accrued and unpaid interest and
Additional Interest, if any, on the Notes repurchased, if any, to the date of
purchase, subject to the rights of the Holders on the relevant record date to
receive interest due on the relevant Interest Payment Date (the “Change of
Control Payment”).  Within 30 days
following any Change of Control, the Issuer shall mail a notice to each Holder
setting forth the procedures governing the Change of Control Offer as required
by the Indenture.

 

(b)           If
the Issuer or a Restricted Subsidiary consummates any Asset Sales, within 10
Business Days of each date on which the aggregate amount of Excess Proceeds exceeds
$10.0 million, the Issuer shall commence an Asset Sale Offer to all Holders and
if the Issuer elects (or is required by the terms of such other pari passu
indebtedness) all holders of other Indebtedness that is pari passu with the
Notes pursuant to Section 3.09 of the Indenture to purchase the maximum
principal amount of Notes and other pari passu Indebtedness that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest
and Additional Interest, if any, to the Purchase Date in accordance with the
procedures set forth in the Indenture. 
To the extent that the aggregate amount of Notes and other pari passu
Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Issuer may use the remaining Excess Proceeds for any purpose not
otherwise prohibited by the Indenture. 
If the aggregate principal amount of Notes and other pari passu
Indebtedness surrendered by holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes and other pari passu Indebtedness
to be purchased on a pro rata basis. 
Holders to whom an Asset Sale Offer is addressed shall receive an Asset
Sale Offer from the Issuer prior to the related Purchase Date and may elect to
have such Notes purchased by completing the form entitled “Option of Holder to
Elect Purchase” attached to the Notes.

 

(8)           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 Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior
to a redemption date if the notice is issued in connection with a defeasance of
the Notes or a satisfaction and discharge of the Indenture.  Notes in denominations larger than $1,000 may
be redeemed in part but only in whole multiples of $1,000 in excess thereof,
unless all of the Notes held by a Holder are to be redeemed.  On and after the redemption date interest and Additional Interest will cease to
accrue on Notes or portions thereof called for redemption.

 

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

 

(10)         PERSONS
DEEMED OWNERS.  The registered Holder
of a Note may be treated as its owner for all purposes.

 

(11)         AMENDMENT,
SUPPLEMENT AND WAIVER.  Subject to
certain exceptions, the Indenture, the Subsidiary Guarantees or the Notes may
be amended or supplemented with the consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes, including

 

A2-8

 

without
limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes, and any existing Default or Event of Default or
compliance with any provision of the Indenture, the Subsidiary Guarantees or
the Notes may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes, including without
limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes.  Without
the consent of any Holder, the Indenture, the Subsidiary Guarantees or the
Notes may be amended or supplemented (i) to cure any ambiguity, defect or
inconsistency, (ii) to provide for uncertificated Notes in addition to or
in place of certificated Notes, (iii) to provide for the assumption of the
Issuer’s or any Guarantor’s obligations to Holders of the Notes in case of a
merger or consolidation, (iv) to make any change that would provide any
additional rights or benefits to the Holders or that does not adversely affect
the legal rights under the Indenture of any such Holder, (v) to comply
with the requirements of the SEC in order to effect or maintain the qualification
of the Indenture under the TIA, (vi) to conform the text of the Indenture,
the Subsidiary Guarantees or the Notes to any provision of the “Description of
Notes” section of the Offering Memorandum, (vii) to provide for the
issuance of Additional Notes in accordance with the limitations set forth in
the Indenture as of the Issue Date, (viii) to allow any Guarantor to
execute a supplemental indenture and/or a Subsidiary Guarantee with respect to
the Notes or to secure the Notes, or (ix) to issue additional notes in
accordance with the terms of the Indenture.

 

(12)         DEFAULTS
AND REMEDIES.  Events of Default
include:  (i) default for 30 days in
the payment when due of interest on or Additional Interest, if any, with
respect to, the Notes; (ii) default in payment when due (at maturity, upon
redemption or otherwise) of the principal of, or premium, if any, on the Notes;
(iii) failure by the Issuer to comply with Section 5.01 of the
Indenture; (iv) failure by the Issuer or any of its Restricted Subsidiaries
for 60 days after notice to the Issuer by the Trustee or the Holders of at
least 25% in aggregate principal amount of Notes then outstanding to comply
with any of the other agreements in the Indenture; (v) 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
Issuer or any of its Significant Subsidiaries (or the payment of which is guaranteed
by the Issuer or any of its Significant Subsidiaries), whether such
Indebtedness or Guarantee now exists, or is created after the Issue Date, if
that default:  (A) is caused by a
failure to pay principal at the final Stated Maturity of such Indebtedness (a “Payment
Default”) or (B) results in the acceleration of such Indebtedness prior to
its express maturity, and, in each case, the principal amount of 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 $15.0 million or more; (vi) certain final
judgments and decrees for the payment of money that remain undischarged for a
period of 60 days after such judgment or decree has become final and
nonappealable without being paid, discharged, waived or stayed; (vii) except
as permitted by the Indenture, any Subsidiary Guarantee of any Significant
Subsidiary is declared to be unenforceable or invalid by any final and
nonappealable judgment or decree or ceases for any reason to be in full force
and effect, or any Guarantor that is a Significant Subsidiary or any Person
acting on behalf of any Guarantor that is a Significant Subsidiary denies or
disaffirms its obligations in writing under its Subsidiary Guarantee and such
Default continues for 10 days after receipt of the notice specified in the
Indenture and (viii) certain events of bankruptcy or insolvency with
respect to the Issuer or any of the Issuer’s Restricted Subsidiaries that is a
Significant Subsidiary.  If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then outstanding Notes may declare all the
Notes to be due and payable.  Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events
of bankruptcy or insolvency in respect of the Issuer, all outstanding Notes
shall become due and payable without further action or notice.  In the event of any Event of Default
specified in clause (5) of Section 6.01 of the Indenture, such Event
of Default and all consequences thereof (excluding any resulting payment
default, other than as a result of acceleration of the Notes) shall be
annulled, waived and rescinded, automatically and without any action by the
Trustee or the Holders, if within 20 days after such Event of Default arose:

 

A2-9

 

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

 

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

 

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

 

Holders may
not enforce the Indenture or the Notes except as provided in the
Indenture.  Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders notice
of any continuing Default or Event of Default (except a Default or Event of
Default relating to the payment of principal, premium or interest or Additional
Interest) if a committee of its Responsible Officers determines in good faith
that withholding notice is in their interest. 
The Holders of a majority in aggregate principal amount of the Notes
then outstanding by notice to the Trustee may on behalf of the Holders of all
of the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of the principal of, premium and Additional Interest, if
any, or interest on, the Notes (including in connection with an offer to
purchase).  The Issuer is required to
deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Issuer is required within 30 days of becoming aware of any Default
or Event of Default, to deliver to the Trustee a statement specifying such
Default or Event of Default.

 

(13)         [RESERVED].

 

(14)         TRUSTEE
DEALINGS WITH ISSUER.  The Trustee,
in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Issuer or its Affiliates, and may otherwise
deal with the Issuer or its Affiliates, as if it were not the Trustee.

 

(15)         NO
RECOURSE AGAINST OTHERS.  No
director, officer, employee, incorporator, stockholder, member partner or other
holder of Equity Interests of the Issuer or any Guarantor, as such, shall have
any liability for any obligations of the Issuer or any such Guarantor under the
Indenture, the Notes or the Subsidiary Guarantees or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and
releases all such liability.  The waiver
and release are part of the consideration for the issuance of the Notes.

 

(16)         AUTHENTICATION.  This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

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

 

(18)         ADDITIONAL
RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.  In addition to the rights provided to Holders
under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes shall have all the rights set forth in the Registration Rights
Agreement dated as of June 3, 2008, among the Issuer, the Guarantors and
the other parties named on the signature pages thereof (the “Registration
Rights Agreement”).

 

(19)         CUSIP
NUMBERS.  Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused CUSIP numbers to be printed on the 

 

A2-10

 

Notes and the
Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders.  No representation is made as to
the accuracy of such numbers either as printed on the Notes or as contained in
any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.

 

The Issuer shall furnish to any Holder upon
written request and without charge a copy of the Indenture and/or the
Registration Rights Agreement.  Requests
may be made to:

 

Symbion, Inc.

40 Burton Hills Blvd., Suite 500

Nashville, Tennessee  37215

Telecopier No.: 615-234-5999

 

Attention:  Teresa Sparks

 

A2-11

 

ASSIGNMENT FORM

 

To assign this Note, fill in
the form below:

 

	
  (I) or (we) assign and transfer this
  Note to:

  	
   

  	
   

  
	
   

  	
  (Insert
  assignee’s legal name)

  
	
   

  	
   

  
	
   

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

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

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

  
					

 

and irrevocably
appoint                                                                                        
to transfer this Note on the books of the Issuer.  The agent may substitute another to act for
him.

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on

  the face of this Note)

  
	
   

  	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  	
   

  
							

 

*                                         Participant in
a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

 

A2-12

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note
purchased by the Issuer pursuant to Section 4.10 or 4.15 of the Indenture,
check the appropriate box below:

 

o
Section 4.10                   o
Section 4.15

 

If you want to elect to have only part of the
Note purchased by the Issuer pursuant to Section 4.10 or Section 4.15
of the Indenture, state the amount you elect to have purchased:

 

$                             

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on

  the face of this Note)

  
	
   

  	
   

  	
   

  
	
   

  	
  Tax Identification No.:

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  	
   

  
								

 

*                                         Participant in
a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

 

A2-13

 

SCHEDULE OF EXCHANGES OF REGULATION S
TEMPORARY GLOBAL NOTE*

 

The following exchanges of a part of this
Regulation S Temporary Global Note for an interest in another Global Note,
or exchanges in part of another other Restricted Global Note for an interest in
this Regulation S Temporary Global Note, have been made:

 

	
  Date
  of

  Exchange

  	
   

  	
  Amount of

  decrease in

  Principal Amount

  of this Global Note

  	
   

  	
  Amount of

  increase in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Principal Amount

  of this

  Global Note

  following such

  decrease (or

  increase)

  	
   

  	
  Signature of

  authorized

  officer of Trustee

  or Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

*              This schedule
should be included only if the Note is issued in global form.

 

A2-14

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Symbion, Inc.

40 Burton Hills Blvd.,

Suite 500

Nashville, Tennessee  37215

 

U.S. Bank National Association

150 Fourth Avenue North

Second Floor

Nashville, Tennessee  37219

 

Re:                               11.00%/11.75%
Senior PIK Toggle Notes due 2015

 

Reference is hereby made to the Indenture,
dated as of June 3, 2008 (the “Indenture”), by and among Symbion, Inc.,
a Delaware corporation (the “Issuer”), the Guarantors party thereto and U.S.
Bank National Association, as trustee. 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

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

 

[CHECK ALL THAT APPLY]

 

1.                                       o
CHECK IF TRANSFEREE SHALL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A
GLOBAL NOTE OR A RESTRICTED DEFINITIVE NOTE PURSUANT TO RULE 144A.  The Transfer is being effected pursuant to
and in accordance with Rule 144A under the 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 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 shall be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the 144A Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act.

 

2.                                       o
CHECK IF TRANSFEREE SHALL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE
REGULATION S GLOBAL NOTE OR A RESTRICTED 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 

 

B-1

 

(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 or Rule 904 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 shall be
subject to the restrictions on Transfer enumerated in the Private Placement
Legend printed on the Regulation S Global Note and/or the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

3.                                       o
CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN
A RESTRICTED GLOBAL NOTE OR A RESTRICTED 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)                                  o
such Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act;

 

or

 

(b)                                 o
such Transfer is being effected to the Issuer or a subsidiary thereof;

 

or

 

(c)                                  o
such Transfer is being effected pursuant to an effective registration statement
under the Securities Act.

 

4.                                       o
CHECK IF TRANSFEREE SHALL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN
UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

 

(a)                                  o
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 shall 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)                                 o
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 

 

B-2

 

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 shall
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)                                  o
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 shall 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 Issuer.

 

	
   

  	
   

  
	
   

  	
  [Insert Name
  of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

B-3

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

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

 

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

 

(a)                                  o
a beneficial interest in the:

 

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

 

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

 

(b)                                 o
a Restricted Definitive Note.

 

2.                                       After the
Transfer the Transferee shall hold:

 

[CHECK ONE]

 

(a)                                  o
a beneficial interest in the:

 

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

 

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

 

(iii)                               o
Unrestricted Global Note (CUSIP
                  );
or

 

(b)                                 o
a Restricted Definitive Note; or

 

(c)                                  o
an Unrestricted Definitive Note,

 

in accordance
with the terms of the Indenture.

 

B-4

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Symbion, Inc.

40 Burton Hills Blvd., Suite 500

Nashville, Tennessee  37215

 

U.S. Bank National Association

150 Fourth Avenue North

Second Floor

Nashville, Tennessee  37219

 

Re:                              11.00%/11.75%
Senior PIK Toggle Notes due 2015

 

(CUSIP
                        )

 

Reference is hereby made to the Indenture, dated
as of June 3, 2008 (the “Indenture”), by and among Symbion, Inc., a
Delaware corporation (the “Issuer”), the Guarantors party thereto and U.S. Bank
National Association, as trustee. 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

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

 

1.                                       EXCHANGE OF
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE
FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED
GLOBAL NOTE

 

(a)                                  o
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 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)                                 o
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 

 

C-1

 

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)                                  o
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)                                 o
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)                                  o
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 shall 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)                                 o
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 shall 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 Issuer.

 

C-2

 

	
   

  	
   

  
	
   

  	
  [Insert Name
  of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

C-3

 

EXHIBIT D

 

[FORM OF NOTATION OF SUBSIDIARY
GUARANTEE]

 

For value received, each Guarantor (which
term includes any successor Person under the Indenture) has, jointly and
severally, irrevocably and unconditionally guaranteed, to the extent set forth
in, and subject to the provisions contained in, the Indenture dated as of June 3,
2008 (the “Indenture”) by and among Symbion, Inc., a Delaware corporation
(the “Issuer”), the Guarantors party thereto and U.S. Bank National Association
(the “Trustee”), the due and punctual payment of the principal of, premium and
Additional Interest, if any, and interest on, the Notes, whether at maturity,
by acceleration, redemption or otherwise, the due and punctual payment of
interest on overdue principal of and interest on the Notes, if any, if lawful,
and the due and punctual performance of all other Obligations of the Issuer to
the Holders or the Trustee all in accordance with the terms of the Indenture
and in case of any extension of time of payment or renewal of any Notes or any
of such other Obligations, that the same shall be promptly paid in full when
due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise.  The obligations of the Guarantors to the
Holders and to the Trustee pursuant to the Subsidiary Guarantee and the
Indenture are expressly set forth in Article 11 of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Subsidiary
Guarantee.  Each Holder of a Note, by
accepting the same, agrees to and shall be bound by such provisions, authorizes
and directs the Trustee, on behalf of such Holder, to take such action as may
be necessary or appropriate to effectuate the subordination as provided in the
Indenture and appoints the Trustee attorney-in-fact of such Holder for such
purpose.

 

Capitalized terms used but not defined herein
have the meanings given to them in the Indenture.

 

[Signature pages follow]

 

D-1

 

	
   

  	
  [NAME OF GUARANTOR(S)]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

EXHIBIT E

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of
                        ,
200    , among
                                    
(the “Guaranteeing Subsidiary”), a subsidiary of Symbion, Inc., a Delaware
corporation (the “Issuer”), the Issuer and U.S. Bank National Association, as
trustee under the Indenture referred to below (the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Issuer has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of June 3,
2008, providing for the issuance of 11.00%/11.75% Senior PIK Toggle Notes due
2015 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to
the Trustee a supplemental indenture pursuant to which the Guaranteeing
Subsidiary shall irrevocably and unconditionally guarantee all of the Issuer’s
Obligations under the Notes and the Indenture on the terms and conditions set
forth herein (the “Subsidiary Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee is authorized to execute and deliver this Supplemental
Indenture.

 

NOW THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows:

 

1.                                       CAPITALIZED
TERMS.  Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture.

 

2.                                       AGREEMENT TO
GUARANTEE.  The Guaranteeing Subsidiary
hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Subsidiary Guarantee and in this Indenture including
but not limited to Article 11 thereof.

 

3.                                       NO RECOURSE
AGAINST OTHERS.  No past, present or
future director, officer, employee, incorporator, stockholder or agent of the
Guaranteeing Subsidiary, as such, shall have any liability for any obligations
of the Issuer or any Guaranteeing Subsidiary under the Notes, any Subsidiary
Guarantees, the Indenture or this Supplemental Indenture or for any claim based
on, in respect of, or by reason of, such obligations or their creation.  Each Holder of the Notes by accepting a Note
waives and releases all such liability. 
The waiver and release are part of the consideration for issuance of the
Notes.  Such waiver may not be effective
to waive liabilities under the federal securities laws and it is the view of
the SEC that such a waiver is against public policy.

 

4.                                       NEW YORK LAW TO
GOVERN.  THIS SUPPLEMENTAL INDENTURE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

 

E-1

 

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

 

6.                                       EFFECT OF
HEADINGS.  The Section headings
herein are for convenience only and shall not affect the construction hereof.

 

7.                                       THE
TRUSTEE.  The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary and the Issuer.

 

E-2

 

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

 

Dated: 
                              ,
20   

 

	
   

  	
  [GUARANTEEING SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SYMBION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  

 

E-3

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