Indenture, dated as of July 28, 2004



 Exhibit 4.1 
  

INTERTAPE POLYMER US INC., 
  
 the Guarantors named herein 
  
 and 
  
 WILMINGTON TRUST COMPANY, as Trustee 
  

  
 INDENTURE 
 Dated as of July 28, 2004 
  

  
 $125,000,000 
  
 8 1/2 % Senior Subordinated Notes Due 2014 
  

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 CROSS-REFERENCE TABLE 
  

					
	 TIA
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)	  	7.08; 7.10
	 	  	(b)(1)	  	7.10
	 	  	(c)	  	N.A.
	 311
	  	(a)	  	7.11
	 	  	(b)	  	7.11
	 	  	(c)	  	N.A.
	 312
	  	(a)	  	2.06
	 	  	(b)	  	12.03
	 	  	(c)	  	12.03
	 313
	  	(a)	  	7.06
	 	  	(b)(1)	  	N.A.
	 	  	(b)(2)	  	7.06
	 	  	(c)	  	7.06
	 	  	(d)	  	7.06
	 314
	  	(a)	  	4.17; 12.04
	 	  	(b)	  	11.02
	 	  	(c)(1)	  	12.04
	 	  	(c)(2)	  	12.04
	 	  	(c)(3)	  	N.A.
	 	  	(d)	  	N.A.
	 	  	(e)	  	12.05
	 	  	(f)	  	N.A.
	 315
	  	(a)	  	7.01(b)
	 	  	(b)	  	7.05
	 	  	(c)	  	7.01(a)
	 	  	(d)	  	7.01(c)
	 	  	(e)	  	6.12
	 316
	  	(a) (last sentence)	  	2.10
	 	  	(a)(1)(A)	  	6.05
	 	  	(a)(1)(B)	  	6.04
	 	  	(a)(2)	  	N.A.
	 	  	(b)	  	6.08
	 	  	(c)	  	8.04(b)
	 317
	  	(a)(1)	  	6.09
	 	  	(a)(2)	  	6.10
	 	  	(b)	  	2.05; 7.12
	 318
	  	(a)	  	12.01

  
 NOTE: This Cross-Reference Table shall
not, for any purpose, be deemed to be a part of this Indenture. 
  

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 TABLE OF CONTENTS 
  


					
	 	  	 	  	Page


	 ARTICLE ONE

		
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 
			
	 SECTION 1.01.
	  	 Definitions.
	  	1
	 SECTION 1.02.
	  	 Incorporation by Reference of Trust Indenture Act.
	  	36
	 SECTION 1.03.
	  	 Rules of Construction.
	  	36
	
	 ARTICLE TWO

	
	 THE SECURITIES

	 SECTION 2.01.
	  	 Amount of Notes.
	  	37
	 SECTION 2.02.
	  	 Form and Dating.
	  	37
	 SECTION 2.03.
	  	 Execution and Authentication.
	  	38
	 SECTION 2.04.
	  	 Registrar and Paying Agent.
	  	38
	 SECTION 2.05.
	  	 Paying Agent To Hold Money in Trust.
	  	39
	 SECTION 2.06.
	  	 Holder Lists.
	  	39
	 SECTION 2.07.
	  	 Transfer and Exchange.
	  	40
	 SECTION 2.08.
	  	 Replacement Notes.
	  	40
	 SECTION 2.09.
	  	 Outstanding Notes.
	  	41
	 SECTION 2.10.
	  	 Treasury Notes.
	  	41
	 SECTION 2.11.
	  	 Temporary Notes.
	  	41
	 SECTION 2.12.
	  	 Cancellation.
	  	42
	 SECTION 2.13.
	  	 Defaulted Interest.
	  	42
	 SECTION 2.14.
	  	 CUSIP Number.
	  	42
	 SECTION 2.15.
	  	 Deposit of Moneys.
	  	43
	 SECTION 2.16.
	  	 Book-Entry Provisions for Global Notes.
	  	43
	 SECTION 2.17.
	  	 Special Transfer Provisions.
	  	45
	 SECTION 2.18.
	  	 Computation of Interest.
	  	47
	
	 ARTICLE THREE

	
	 REDEMPTION

			
	 SECTION 3.01.
	  	 Election To Redeem; Notices to Trustee.
	  	47
	 SECTION 3.02.
	  	 Selection by Trustee of Notes To Be Redeemed.
	  	48
	 SECTION 3.03.
	  	 Notice of Redemption.
	  	48
	 SECTION 3.04.
	  	 Effect of Notice of Redemption.
	  	49
	 SECTION 3.05.
	  	 Deposit of Redemption Price.
	  	49
	 SECTION 3.06.
	  	 Notes Redeemed in Part.
	  	50
	 SECTION 3.07.
	  	 Other Mandatory Redemption.
	  	50
	
	 ARTICLE FOUR

	
	 COVENANTS

			
	 SECTION 4.01.
	  	 Payment of Notes.
	  	50

  

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	 SECTION 4.02.
	  	 Maintenance of Office or Agency.
	  	50
	 SECTION 4.03.
	  	 Legal Existence.
	  	51
	 SECTION 4.04.
	  	 Maintenance of Properties; Insurance; Compliance with Law.
	  	51
	 SECTION 4.05.
	  	 Waiver of Stay, Extension or Usury Laws.
	  	52
	 SECTION 4.06.
	  	 Compliance Certificate.
	  	52
	 SECTION 4.07.
	  	 Payment of Taxes and Other Claims.
	  	53
	 SECTION 4.08.
	  	 Repurchase at the Option of Holders upon Change of Control.
	  	53
	 SECTION 4.09.
	  	 Limitation on Debt.
	  	55
	 SECTION 4.10.
	  	 Limitation on Restricted Payments.
	  	60
	 SECTION 4.11.
	  	 Limitation on Liens.
	  	63
	 SECTION 4.12.
	  	 Limitation on Asset Sales.
	  	64
	 SECTION 4.13.
	  	 Limitation on Restrictions on Distributions from Restricted Subsidiaries.
	  	67
	 SECTION 4.14.
	  	 Limitation on Transactions with Affiliates.
	  	70
	 SECTION 4.15.
	  	 Designation of Restricted and Unrestricted Subsidiaries.
	  	72
	 SECTION 4.16.
	  	 Limitation on Company’s Business.
	  	73
	 SECTION 4.17.
	  	 Reports.
	  	73
	 SECTION 4.18.
	  	 Future Subsidiary Guarantors.
	  	75
	 SECTION 4.19.
	  	 Limitation on the Sale or Issuance of Capital Stock of the Company.
	  	76
	 SECTION 4.20.
	  	 Payment for Consents.
	  	76
	 SECTION 4.21.
	  	 Use of Proceeds.
	  	76
	 SECTION 4.22.
	  	 Additional Amounts.
	  	78
	
	 ARTICLE FIVE

	
	 SUCCESSOR CORPORATION

			
	 SECTION 5.01.
	  	 Merger, Consolidation and Sale of Property.
	  	80
	 SECTION 5.02.
	  	 Successor Person Substituted.
	  	83
	
	 ARTICLE SIX

	
	 DEFAULTS AND REMEDIES

			
	 SECTION 6.01.
	  	 Events of Default.
	  	83
	 SECTION 6.02.
	  	 Acceleration of Maturity; Rescission.
	  	85
	 SECTION 6.03.
	  	 Other Remedies.
	  	87
	 SECTION 6.04.
	  	 Waiver of Past Defaults and Events of Default.
	  	88
	 SECTION 6.05.
	  	 Control by Majority.
	  	88
	 SECTION 6.06.
	  	 Limitation on Suits.
	  	88
	 SECTION 6.07.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders.
	  	89
	 SECTION 6.08.
	  	 Rights of Holders To Receive Payment.
	  	89
	 SECTION 6.09.
	  	 Collection Suit by Trustee.
	  	89
	 SECTION 6.10.
	  	 Trustee May File Proofs of Claim.
	  	89
	 SECTION 6.11.
	  	 Priorities.
	  	90
	 SECTION 6.12.
	  	 Undertaking for Costs.
	  	90
	
	 ARTICLE SEVEN

	
	 TRUSTEE

			
	 SECTION 7.01.
	  	 Duties of Trustee.
	  	91
	 SECTION 7.02.
	  	 Rights of Trustee.
	  	92
	 SECTION 7.03.
	  	 Individual Rights of Trustee.
	  	94
	 SECTION 7.04.
	  	 Trustee’s Disclaimer.
	  	94
	 SECTION 7.05.
	  	 Notice of Defaults.
	  	94
	 SECTION 7.06.
	  	 Reports by Trustee to Holders.
	  	95
	 SECTION 7.07.
	  	 Compensation and Indemnity.
	  	95

  

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	 SECTION 7.08.
	  	 Replacement of Trustee.
	  	96
	 SECTION 7.09.
	  	 Successor Trustee by Consolidation, Merger, etc.
	  	97
	 SECTION 7.10.
	  	 Eligibility; Disqualification.
	  	97
	 SECTION 7.11.
	  	 Preferential Collection of Claims Against Company.
	  	98
	 SECTION 7.12.
	  	 Paying Agents.
	  	98
	
	 ARTICLE EIGHT

	
	 MODIFICATION AND WAIVER

			
	 SECTION 8.01.
	  	 Without Consent of Holders.
	  	98
	 SECTION 8.02.
	  	 With Consent of Holders.
	  	99
	 SECTION 8.03.
	  	 Compliance with Trust Indenture Act.
	  	101
	 SECTION 8.04.
	  	 Revocation and Effect of Consents.
	  	101
	 SECTION 8.05.
	  	 Notation on or Exchange of Notes.
	  	101
	 SECTION 8.06.
	  	 Trustee To Sign Amendments, etc.
	  	102
	
	 ARTICLE NINE

	
	 DISCHARGE OF INDENTURE; DEFEASANCE

			
	 SECTION 9.01.
	  	 Discharge of Liability on Notes; Defeasance.
	  	102
	 SECTION 9.02.
	  	 Conditions to Defeasance.
	  	104
	 SECTION 9.03.
	  	 Deposited Money and Government Obligations To Be Held in Trust; Other Miscellaneous Provisions.
	  	105
	 SECTION 9.04.
	  	 Reinstatement.
	  	105
	 SECTION 9.05.
	  	 Moneys Held by Paying Agent.
	  	106
	 SECTION 9.06.
	  	 Moneys Held by Trustee.
	  	106
	
	 ARTICLE TEN

	
	 GUARANTEE OF SECURITIES

			
	 SECTION 10.01.
	  	 Guarantee.
	  	107
	 SECTION 10.02.
	  	 Execution and Delivery of Subsidiary Guarantee.
	  	108
	 SECTION 10.03.
	  	 Release of Guarantors.
	  	109
	 SECTION 10.04.
	  	 Waiver of Subrogation.
	  	110
	 SECTION 10.05.
	  	 Notice to Trustee.
	  	110
	
	 ARTICLE ELEVEN

	
	 SUBORDINATION

			
	 SECTION 11.01.
	  	 Notes Subordinated to Senior Debt.
	  	111
	 SECTION 11.02.
	  	 Suspension of Payment When Senior Debt Is in Default.
	  	111
	 SECTION 11.03.
	  	 Obligations Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization of Company.
	  	114
	 SECTION 11.04.
	  	 Payments May Be Paid Prior to Dissolution.
	  	115
	 SECTION 11.05.
	  	 Holders To Be Subrogated to Rights of Holders of Senior Debt.
	  	116
	 SECTION 11.06.
	  	 Obligations Unconditional.
	  	116
	 SECTION 11.07.
	  	 Reliance on Judicial Order or Certificate of Liquidating Agent.
	  	117
	 SECTION 11.08.
	  	 Subordination Rights Not Impaired by Acts or Omissions of the Company, any Guarantor or Holders of Senior Debt.
	  	117
	 SECTION 11.09.
	  	 Holders Authorize Trustee To Effectuate Subordination of Obligations.
	  	118
	 SECTION 11.10.
	  	 This Article Eleven Not To Prevent Events of Default.
	  	118
	 SECTION 11.11.
	  	 Acceleration of Notes.
	  	119

  

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	 SECTION 11.12.
	  	 Notice to Trustee; Rights of Trustee and Paying Agent.
	  	119
			
	 	  	 ARTICLE TWELVE
	  	 
			
	 	  	 MISCELLANEOUS
	  	 
	 SECTION 12.01.
	  	 Trust Indenture Act Controls.
	  	119
	 SECTION 12.02.
	  	 Notices.
	  	120
	 SECTION 12.03.
	  	 Communications by Holders with Other Holders.
	  	121
	 SECTION 12.04.
	  	 Certificate and Opinion as to Conditions Precedent. 121
	  	 
	 SECTION 12.05.
	  	 Statements Required in Certificate and Opinion.
	  	122
	 SECTION 12.06.
	  	 Rules by Trustee and Agents.
	  	122
	 SECTION 12.07.
	  	 Legal Holidays.
	  	122
	 SECTION 12.08.
	  	 Governing Law.
	  	122
	 SECTION 12.09.
	  	 No Adverse Interpretation of Other Agreements.
	  	122
	 SECTION 12.10.
	  	 Successors.
	  	123
	 SECTION 12.11.
	  	 Multiple Counterparts.
	  	123
	 SECTION 12.12.
	  	 Consent to Jurisdiction and Service; Waiver of Immunity.
	  	123
	 SECTION 12.13.
	  	 Conversion of Currency.
	  	123
	 SECTION 12.14.
	  	 Table of Contents, Headings, etc.
	  	125
	 SECTION 12.15.
	  	 Separability.
	  	125
			
	 	  	 EXHIBITS
	  	 
			
	 Exhibit A.
	  	 Form of Note
	  	A-1
	 Exhibit B.
	  	 Form of Legend for Rule 144A Notes and Other Notes That Are Restricted Notes
	  	B-1
	 Exhibit C.
	  	 Form of Legend for Regulation S Note
	  	C-1
	 Exhibit D.
	  	 Form of Legend for Global Note
	  	D-1
	 Exhibit E.
	  	 Form of Certificate To Be Delivered in Connection with Transfers Pursuant to Regulation S
	  	E-1
	 Exhibit F.
	  	 Form of Guarantee
	  	F-1
	 Exhibit G.
	  	 Form of Certificate from Acquiring Institutional Accredited Investor
	  	G-1

  
 INDENTURE, dated as of
July 28, 2004, between INTERTAPE POLYMER US INC., a Delaware corporation, as issuer (the “Company”), the Guarantors named herein and WILMINGTON TRUST COMPANY, as trustee (the “Trustee”). 
  
 Each party agrees as follows for the benefit of the other parties and for the
equal and ratable benefit of the Holders of the Notes. 
  
 ARTICLE
ONE 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.01. Definitions. 
  
 “Acquired Debt” means Debt of a Person existing at the time such
Person becomes a Restricted Subsidiary or amalgamates with, or merges or consolidates with or into the Company or a Guarantor or a Restricted Subsidiary, or assumed in connection with the acquisition of assets from such Person and, in any case, such
Debt was not Incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary or such amalgamation, merger, consolidation or acquisition. Acquired Debt shall be deemed to be Incurred on the date the acquired Person
becomes a Restricted Subsidiary or the date of such amalgamation, merger, consolidation or acquisition. 
  

 Page 6 








 “Additional Assets” means: 
  
 (a) any Property (other than cash, Temporary Cash Investments and securities) to be owned by the Company, a
Guarantor or a Restricted Subsidiary and used in the business of the Company, a Guarantor or a Restricted Subsidiary in a Related Business; or 
  
 (b) Capital Stock of a Person that is or becomes a Restricted Subsidiary upon or as a result of the acquisition of such Capital Stock by
the Company, a Guarantor or another Restricted Subsidiary from any Person other than the Company or an Affiliate of the Company; provided, however, that, in the case of this clause (b), such Restricted Subsidiary is primarily engaged in a Related
Business. 
  
 “Additional Amounts” has
the meaning set forth in Section 4.22. 
  
 “Additional Interest” has the meaning set forth in Exhibit A. 
  
 “Additional Notes” has the meaning set forth in Section 2.01. 
  
 “Affiliate” of any specified Person means: 
  
 (a) Any Person who is a director or officer of: 
  
 (1) such specified Person, 
  
 (2) any Subsidiary of such specified Person, or 
  
 (3) any Person described in clause (b) below. 
  
 (b) Any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For purposes of Sections 4.12 and 4.14
and the definition of “Additional Assets” only, “Affiliate” shall also mean any beneficial owner of shares representing 10% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or Parent
and any Person who would be an Affiliate of any such beneficial owner pursuant to the first sentence hereof. 
  
 “Affiliate Transaction” has the meaning set forth in Section 4.14(a). 
  
 “Agent” means any Registrar, Paying Agent, or agent for service or notices and demands. 
  
 “Agent Members” has the meaning set forth in Section 2.16(a).

  
 “Allocable Excess Proceeds” has the meaning set
forth in Section 4.12. 
  
 “amend” means amend, modify,
supplement, restate or amend and restate, including successively; and “amending” and “amended” have correlative meanings. 
  
 “Asset Sale” means any sale, transfer, issuance or other disposition (or series of related sales, transfers, issuances or dispositions) by the
Company, a Guarantor or any Restricted Subsidiary, 
  

 Page 7 








 including any disposition by means of a merger, amalgamation, arrangement, consolidation or similar transaction (each
referred to for the purposes of this definition as a “disposition”), of 
  
 (a) any shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares or shares required by applicable
law to be held by a Person other than the Company, a Guarantor or a Restricted Subsidiary), 
  
 (b) all or substantially all of the properties and assets of any division or line of business of the Company, a Guarantor or any
Restricted Subsidiary or 
  
 (c) any other assets
of the Company, a Guarantor or any Restricted Subsidiary outside of the ordinary course of business of the Company, a Guarantor or such Restricted Subsidiary other than, in the case of clause (a), (b) or (c) above, 
  
 (1) any disposition by the Company, a Guarantor or a
Restricted Subsidiary to the Company, a Guarantor, a Restricted Subsidiary or any Person (if after giving effect to such transfer such other Person becomes a Restricted Subsidiary), 
  
 (2) any disposition that constitutes a Permitted Investment or Restricted Payment permitted by Section 4.10,

  
 (3) any disposition effected in compliance
with Section 5.01, 
  
 (4) any sale or other
disposition of cash or Temporary Cash Investments in the ordinary course of business, 
  
 (5) any disposition of obsolete, worn out or permanently retired equipment or facilities or other property that is no longer used or
useful in the ordinary course of the business of the Company, a Guarantor or any Restricted Subsidiary, 
  
 (6) for purposes of Section 4.12, any disposition the net proceeds of which to the Company, a Guarantor and the Restricted Subsidiaries do
not exceed $1.0 million in any transaction or series of related transactions, 
  
 (7) the licensing or sublicensing of intellectual property or other general intangibles and licenses, leases or subleases of other property in the ordinary course of business, 
  
 (8) any release of intangible claims or rights in connection
with the loss or settlement of a bona fide lawsuit, dispute or other controversy, 
  
 (9) any sale or disposition deemed to occur in connection with creating or granting any Liens not prohibited by this Indenture,

  
 (10) the surrender or waiver of contract
rights or the settlement, release, surrender of contract, tort or other claims of any kind, and 
  
 (11) any sale or exchange of equipment in connection with the purchase or other acquisition of equipment of substantially equivalent or
greater Fair Market Value and which is usable in a Related Business. 
  
 “Average Life” means, as of any date of determination, with respect to any Debt or Preferred Stock, the quotient obtained by dividing: 
  

 Page 8 








 (a) the sum of the products of (1) the number of years (rounded to the nearest
one-twelfth of one year) from the date of determination to the dates of each successive scheduled principal payment of such Debt or redemption or similar payment with respect to such Preferred Stock multiplied by (2) the amount of such payment by

  
 (b) the sum of all such payments. 

 
 “Bankruptcy Law” means Title 11, United States Code, or any
similar U.S. Federal or state law, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada) or any other Canadian federal or provincial law or law of any other jurisdiction relating to bankruptcy,
insolvency, winding-up, liquidation, reorganization or relief of debtors. 
  
 “Base Currency” has the meaning set forth in Section 12.13. 
  
 “Board of Directors” means, with respect to any Person, the board of directors, or any equivalent management entity, of such Person or any
committee thereof duly authorized to act on behalf of such board. 
  
 “Board Resolution” means, with respect to any Person, a copy of a resolution of such Person’s Board of Directors, certified by the Secretary or an Assistant Secretary, or an equivalent officer, of such Person to have been
duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification. 
  
 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banking institutions in New York City are authorized
or required by law to close. 
  
 “Canadian Government
Obligations” means any security issued or guaranteed as to principal or interest by Canada, or by a person controlled or supervised by and acting as an instrumentality of the government of Canada pursuant to authority granted by the
governmental body of Canada or any certificate of deposit for any of the foregoing. 
  
 “Canadian Guarantor” means the Parent and any other Guarantor organized under the laws of Canada or any province or territory thereof. 
  
 “Capital Lease Obligations” means any obligation under a lease that is required to be capitalized for financial
reporting purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined 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 terminated by the lessee without payment of a penalty. For purposes of Section 4.11, a Capital Lease Obligation shall be deemed secured by
a Lien on the Property being leased. 
  
 “Capital Stock”
means, with respect to any Person, any shares or other equivalents (however designated) of any class of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity
interest in such Person, including Preferred Stock, but excluding any debt security convertible or exchangeable into such equity interest prior to conversion or exchange. 
  
 “Capital Stock Sale Proceeds” means the aggregate cash proceeds received by the Company or a Guarantor from the
issuance or sale (other than to the Company, a Guarantor or a Restricted Subsidiary or to an employee stock ownership plan or trust established by the Company or Guarantor or a Restricted Subsidiary for the benefit of its employees and 

 

 Page 9 








 except to the extent that any purchase made pursuant to such issuance or sale is financed by the Company or a Guarantor
or a Restricted Subsidiary) by Parent of its Capital Stock (including upon the exercise of options, warrants or rights) (other than Disqualified Stock) or warrants, options or rights to purchase Parent’s Capital Stock (other than Disqualified
Stock) after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually Incurred in connection with such issuance
or sale and net of taxes paid or payable as a result thereof. 
  
 “Change of Control” means the occurrence of any of the following events: 
  
 (1) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the beneficial owner (as
defined in Rules l3d-3 and 13d-5 under the Exchange Act), directly or indirectly, of 50% or more of the total voting power of the Voting Stock of Parent (for the purpose of this clause (1), a Person shall be deemed to beneficially own the Voting
Stock of a corporation that is beneficially owned (as defined above) by another corporation (a “parent corporation”) if such Person beneficially owns (as defined above) at least 50% of the aggregate voting power of all classes of Voting
Stock of such parent corporation); 
  
 (2) during
any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of Parent (together with any new directors whose election by such Board of Directors or whose nomination for election by the
applicable shareholders was approved or ratified by a vote of more than 50% of the Board of Directors of Parent, then still in office who were either directors at the beginning of such period or whose election or nomination for election was
previously so approved or ratified) cease for any reason to constitute a majority of such Board of Directors then in office; 
  
 (3) the adoption of a plan relating to the liquidation or dissolution of either Parent or the Company; 
  
 (4) the arrangement, merger, consolidation or amalgamation
of Parent with or into another Person or the merger of another Person with or into Parent, or the sale of all or substantially all the assets of Parent and its Restricted Subsidiaries, taken as a whole, to another Person and, in the case of any such
arrangement, merger, consolidation or amalgamation, the securities of the entity to be merged, that are outstanding immediately prior to such transaction and that represent 100% of the aggregate voting power of the Voting Stock of such entity, are
changed into or exchanged for cash, securities or property, unless pursuant to such transaction such securities are changed into or exchanged for, in addition to any other consideration, securities of the surviving corporation that represent
immediately after such transaction at least a majority of the aggregate voting power of the Voting Stock of the surviving corporation; or 
  
 (5) the Company is no longer a corporation organized and existing under the laws of the United States of America, any State thereof or the
District of Columbia which is a direct or indirect Wholly-Owned Subsidiary of Parent. 
  
 “Change of Control Offer” has the meaning set forth in Section 4.08(a). 
  
 “Change of Control Payment Date” has the meaning set forth in Section 4.08(b). 
  

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 “Change of Control Purchase Price” has the meaning set forth in Section 4.08(a). 
  
 “Clearstream” has the meaning set forth in Section 2.16.

  
 “Commission” means the U.S. Securities and Exchange
Commission. 
  
 “Commodity Price Protection Agreement”
means, in respect of a Person, any forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement designed to protect such Person against fluctuations in commodity prices. 
  
 “Company” means the party named as such in the first paragraph of
this Indenture until a successor replaces such party pursuant to Article Five and thereafter means the successor. 
  
 “Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period, plus in each
case, without duplication: 
  
 (a) provision for
taxes based on income or profits of such Person and its Restricted Subsidiaries for such period to the extent that such provision for taxes was included in computing such Consolidated Net Income; 
  
 (b) the Fixed Charges of such Person and its Restricted
Subsidiaries for such period, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; 
  
 (c) depreciation and amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash
expenses that were paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation and amortization were deducted in computing such Consolidated Net Income; and 
  
 (d) any non-cash charges reducing Consolidated Net Income
for such period (excluding any such noncash charge to the extent that it represents an accrual of or a reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period); minus any non-cash
items increasing Consolidated Net Income for such period (without duplication, excluding any reversal of a reserve for cash expense, if the establishment of such reserve had previously decreased Consolidated Net Income). 
  
 “Consolidated Interest Expense” means, with respect to any Person
for any period, the sum of, without duplication: 
  
 (1) the aggregate of the net interest expense of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, including, without limitation: (a) any amortization of debt discount;
(b) the net costs under Interest Rate Agreements; (c) all capitalized interest; and (d) the interest portion of any deferred payment obligation; and 
  
 (2) the interest component of Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its
Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Net Income” means for any Person, for any period, the consolidated net income (loss) of such Person and its Restricted 

 

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 Subsidiaries for such period on a consolidated basis prior to any adjustment to net income for any preferred stock (other
than Disqualified Stock) as determined in accordance with GAAP; provided, however, that there shall not be included in (or shall not be deducted in determining, as the case may be) such Consolidated Net Income, without duplication: 
  
 (a) the net income of any Person in which the Person in
question or any of its Restricted Subsidiaries has less than a 100% interest (as long as the net income of such Person is not required to be consolidated into the net income of the Person in question in accordance with GAAP) except for the amount of
dividends or distributions paid to the Person in question or to the Subsidiary; 
  
 (b) the net income of any Restricted Subsidiary of the Person in question that is subject to any restriction or limitation on the payment
of dividends or the making of other distributions (other than, if applicable, pursuant to the Notes, the Indenture or the Credit Agreement) to the extent of such restriction, limitation or prohibition; 
  
 (c) any net gain or loss realized upon the sale or other
disposition of any Property of such Person or any of its consolidated Subsidiaries (including pursuant to any sale and leaseback transaction) that is not sold or otherwise disposed of in the ordinary course of business; 
  
 (d) any net after-tax extraordinary gain or loss;

  
 (e) the cumulative effect of a change in
accounting principles; 
  
 (f) any non-cash
compensation expense realized for grants of stock appreciation or similar rights, stock options, Capital Stock or other rights to officers, directors and employees of such Person or a Subsidiary of such Person, provided that such rights (if
redeemable), options or other rights can be redeemed at the option of the Holder only for Capital Stock of Parent (other than Disqualified Stock); 
  
 (g) to the extent non-cash, any unusual, non-operating or non- recurring gain or loss; 
  
 (h) any cash or non-cash expenses directly attributable to
the closing of manufacturing facilities; 
  
 (i)
expenses or charges (whether cash or non-cash) relating to the refinancing or repayment of Debt, including the write-off of deferred refinancing costs and any premiums relating to such refinancing or repayment of such Person, to the extent such
charges would otherwise have been deducted in computing such Consolidated Net Income; and 
  
 (j) gains or losses due to fluctuations in currency values and the related tax effect. 
  
 Notwithstanding the foregoing, to avoid duplication, for purposes of Section
4.10 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries to the Company, a Guarantor or a Restricted Subsidiary to the extent such
dividends, repayments or transfers increase the amount of Restricted Payments permitted under Section 4.10(a)(3)(iv). 
  
 “Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered,
which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, Attention: Corporate Trust Services, or such other address as the Trustee may designate from time to time by notice to the Holders and
the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
  

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 “Covenant Defeasance” has the meaning set forth in Section 9.01(b). 
  
 “Credit Agreement” means the Credit Agreement, expected to be dated
as of the Issue Date among IPG (US) Inc., Central Products Company, IPG Administrative Services Inc., Intertape Polymer Corp., Intertape Inc., IPG Technologies Inc. and IPG Financial Services Inc. (together with IPG (US) Inc., the “U.S.
Borrowers”) and Intertape Polymer Inc., a wholly-owned Canadian subsidiary (the “Canadian Borrower”, and together with the U.S. Borrowers, the “Borrowers”), the lenders party thereto in their capacities as lenders
thereunder, Citicorp North America, Inc., as administrative agent, The Toronto-Dominion Bank, as syndication agent, Canada Bank and HSBC Bank USA, National Association, as co-documentation agents, and Citigroup Global Markets Inc., as sole lead
arranger and sole bookrunner, together with the related documents thereto (including, without limitation, any guarantee agreements and security documents), in each case as such agreements may be amended (including any amendment and restatement
thereof), supplemented, restated and/or or otherwise modified (including to increase the amount of available borrowings thereunder or to add Restricted Subsidiaries as additional borrowers or guarantors thereunder) from time to time, including any
agreement, extending the maturity of, refinancing, replacing or otherwise restructuring (including increasing the amount of available borrowings thereunder or adding Restricted Subsidiaries as additional borrowers or guarantors thereunder) all or
any portion of the Debt under such agreement, or any successor or replacement agreement, and whether by the same or any other agent, lender or group of lenders. 
  

“Credit Facility” means the Credit Agreement and one or more debt or commercial paper facilities with banks or other institutional lenders
providing for revolving credit loans, term loans, receivables or inventory financing (including through the sale of receivables or inventory to such lenders or to special purpose, bankruptcy remote entities formed to borrow from such lenders against
such receivables or inventory) or trade letters of credit, or other forms of guarantees or assurances that one or more times refinances, replaces, supplements, modifies or amends such credit facility (including increasing the amount of available
borrowings thereunder or adding obligors as additional borrowers or guarantors thereunder) all or any portion of the Debt under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of
lenders. 
  
 “Currency Exchange Protection Agreement”
means, in respect of a Person, any foreign exchange contract, currency swap agreement, futures contract, currency option, synthetic cap or other similar agreement or arrangement designed to protect such Person against fluctuations in currency
exchange rates. 
  
 “Custodian” means any receiver,
interim receiver, receiver and manager, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
  
 “Debt” means, with respect to any Person on any date of determination (without duplication): 
  
 (a) the principal of and premium (if any, but only in the
event such premium has become due) in respect of: 
  
 (1) debt of such Person for borrowed money, and 
  

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 (2) debt evidenced by notes, debentures, bonds or other similar instruments for the
payment of which such Person is responsible or liable; 
  
 (b) all Capital Lease Obligations of such Person; 
  
 (c) all obligations of such Person issued or assumed as the deferred purchase price of Property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement
(but excluding trade accounts payable for goods and services arising in the ordinary course of business); 
  
 (d) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar
credit transaction (other than obligations with respect to letters of credit, performance bonds or surety bonds securing obligations (other than obligations described in (a) through (c) above) provided in the ordinary course of business of such
Person to the extent such letters of credit and bonds are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the 30th Business Day following receipt by such Person of a demand for reimbursement following
payment on the letter of credit or bond); 
  
 (e)
the amount of all obligations of such Person with respect to the Repayment of any Disqualified Stock or, with respect to any Restricted Subsidiary of such Person, any Preferred Stock (measured, in each case, at the greatest of its voluntary or
involuntary maximum fixed repurchase price or liquidation value on the date of determination but excluding, in each case, any accrued dividends for any current period not yet payable); 
  
 (f) all obligations of other Persons of the type referred to in clauses (a) through (e) above, and all
accrued dividends of other Persons currently payable, the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 
  
 (g) all obligations of the type referred to in clauses (a)
through (f) above of other Persons, the payment of which is secured by any Lien on any Property of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market
Value of such Property or the amount of the obligation so secured; and 
  
 (h) to the extent not otherwise included in this definition, Hedging Obligations of such Person and all obligations under Interest Rate Agreements. 
  
 The amount of Debt of any Person at any date shall be the amount necessary to extinguish in full as of such date the
outstanding balance at such date of all unconditional obligations as described above including, without limitation, all interest that has been capitalized, and without giving effect to any call premiums in respect thereof. The amount of Debt
represented by a Hedging Obligation shall be equal to: 
  
 (1) zero if such Hedging Obligation has been Incurred pursuant to Section 4.09(b)(6), (7) or (8), or 
  
 (2) the marked-to-market value of such Hedging Obligation to the counterparty thereof if not Incurred pursuant to such clauses.

  
 For purposes of this definition, the maximum fixed repurchase
price of any Preferred Stock that does not have a fixed redemption, repayment or 
  

 Page 14 








 repurchase price will be calculated in accordance with the terms of such Preferred Stock as if such Preferred Stock were
purchased on any date on which Debt will be required to be determined pursuant to this Indenture at its Fair Market Value if such price is based upon, or measured by, the fair market value of such Preferred Stock determined in good faith by the
Board of Directors of Parent; provided, however, that if such Preferred Stock is not then permitted in accordance with the terms of such Preferred Stock to be redeemed, repaid or repurchased, the redemption, repayment or repurchase price shall be
the book value of such Preferred Stock as reflected in the most recent financial statements of such Person. 
  
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 
  
 “Depository” or “DTC” means, with respect to the Notes
issued in the form of one or more Global Notes, The Depository Trust Company or another Person designated as Depository by the Company, which Person must be a clearing agency registered under the Exchange Act. 
  
 “Designated Senior Debt means: 
  
 (1) the Debt under the Credit Agreement; and 
  
 (2) any other Senior Debt that, at the date of determination, has an
aggregate principal amount outstanding of, or under which, at the date of determination, the holders thereof are committed to lend up to, at least $25.0 million and is specifically designated by the Company (or the relevant Guarantor which incurs
such Debt) in the instrument evidencing or governing such Senior Debt as “Designated Senior Debt” for purposes of this Indenture. 
  
 “Disqualified Stock” means, with respect to any Person, 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 either case at the option of the holder thereof) or upon the happening of an event: 
  
 (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, 
  
 (b) is or may become redeemable or repurchaseable at the
option of the holder thereof, in whole or in part, or 
  
 (c) is convertible or exchangeable at the option of the holder thereof for Debt or Disqualified Stock, on or prior to, in the case of clause (a), (b) or (c), the 91st day after the Stated Maturity of the Notes; provided that any Capital
Stock that would not constitute Disqualified Stock but for provisions thereof giving holders the right to require the issuer thereof to repurchase or redeem such Capital Stock upon the occurrence of a Change of Control occurring prior to the 91st
day after the Stated Maturity of the Notes shall not constitute Disqualified Stock if the Change of Control provisions applicable to such Disqualified Stock are no more favorable to the holders of such Disqualified Stock than the provisions of this
Indenture with respect to a Change of Control and such Disqualified Stock specifically provides that the issuer thereof will not repurchase or redeem any such Capital Stock pursuant to such provisions prior to the Company’s completing a Change
of Control Offer. 
  
 “Euroclear” has the meaning set
forth in Section 2.16. 
  
 “Event of Default” has the
meaning set forth in Section 6.01. 
  
 “Excess Proceeds”
has the meaning set forth in Section 4.12(d). 
  

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 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
  
 “Exchange Offer” has the meaning set forth in Section 8 of Exhibit
A. 
  
 “Exchange Securities” has the meaning provided in
the Registration Rights Agreement. 
  
 “Existing Bank
Agreement” means the Credit Agreement, dated as of December 20, 2001, as amended by a First Amending Agreement dated as of December 20, 2002, and a Second Amending Agreement dated March 14, 2003, by and among Intertape Polymer Inc., Intertape
Polymer Corp., and each of the other joint and several Facility A Borrowers (as defined therein), IPG Holdings LP, as the Facility B/C Borrower, Intertape Polymer Group Inc., IPG Finance LLC, IPG Holding Company of Nova Scotia, as Guarantors, and
The Toronto- Dominion Bank, The Toronto-Dominion Bank, International Banking Facility, Comerica Bank, and Comerica Bank Canada Branch, as Lenders. 
  
 “Existing Senior Notes” means (i) the outstanding U.S. $25.0 million Senior Notes, Series A, due May 31, 2005 and the outstanding U.S. $112.0
million Senior Notes, Series B, due May 31, 2009, each issued under an Amended and Restated Note Agreement, dated as of December 20, 2001, as amended by Amendment No. 1, dated as of December 20, 2002, Amendment No. 2, dated as of March 28, 2003, and
Amendment No. 3, dated as of April 26, 2004, by and among IPG Holdings LP, as issuer, Intertape Polymer Group Inc., Intertape Polymer Inc., Intertape Polymer Corp., IPG Finance LLC, IPG (US) Inc. and each of the other Restricted Subsidiaries (as
defined therein), as guarantors, and the current noteholders named in Schedule I thereto, as amended; and (ii) the outstanding U.S. $137.0 million Senior Notes due March 31, 2008 issued under an Amended and Restated Note Agreement, dated as of
December 20, 2001, as amended by Amendment No. 1, dated as of December 20, 2002, Amendment No. 2, dated as of March 28, 2003, and Amendment No. 3, dated as of April 26, 2004, by and among IPG Holdings LP, as issuer, Intertape Polymer Group Inc.,
Intertape Polymer Inc., Intertape Polymer Corp., IPG Finance LLC, IPG (US) Inc. and each of the other Restricted Subsidiaries (as defined therein), as guarantors, and the current noteholders named in Schedule I thereto, as amended. 
  
 “Existing Senior Notes Redemption” means the redemption in full of
the entire outstanding principal amount of Existing Senior Notes (together with the payment of all accrued and unpaid interest and related call premiums owing in connection therewith), pursuant to the call provisions of the Indentures governing the
Existing Senior Notes and in accordance with either (i) the “irrevocable notice of redemption” delivered to the holders of the Existing Senior Notes on or prior to the Issue Date, or (ii) waivers received from all holders of the Existing
Senior Notes on or prior to the Issue Date allowing for the redemption of the Existing Senior Notes on or before 30 days from the Issue Date and a notice of redemption relating thereto, which Existing Senior Notes Redemption, in either case, shall
be effected on or prior to the 30th day after the Issue Date. 
  
 “Fair Market Value” means, with respect to any Property, the price that could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of whom is under undue
pressure or compulsion to complete the transaction. Fair Market Value shall be determined, except as otherwise provided, 
  
 (a) if such Property has a Fair Market Value equal to or less than $10 million, by any Officer of the Company, or 
  

 Page 16 








 (b) if such Property has a Fair Market Value in excess of $10 million, by a majority of
the Board of Directors of Parent and evidenced by a Board Resolution. 
  
 “Fixed Charge Coverage Ratio” means with respect to any Person for any period, the ratio of the Pro forma Consolidated EBITDA of such Person for such period to the Fixed Charges of such Person for such period. For purposes of
calculating the Parent’s Fixed Charge Coverage Ratio, the calculation shall reflect the Fixed Charge Coverage Ratio of Parent, the Company and the Restricted Subsidiaries, collectively (without duplication). 
  
 “Fixed Charges” means, with respect to any Person for any period,
the sum, without duplication, of: 
  
 (a) the Pro
forma Consolidated Interest Expense of such Person and its Restricted Subsidiaries for such period whether paid or accrued, determined in accordance with GAAP; 
  

(b) all commissions, discounts and other fees and charges Incurred in respect of letters of credit or bankers’ acceptance
financings, determined in accordance with GAAP, and net payments or receipts (if any) pursuant to Hedging Obligations to the extent such Hedging Obligations related to Debt that is not itself a Hedging Obligation; 
  
 (c) any interest expense on Debt of any 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 (whether or not such Guarantee or Lien is called upon); 
  
 (d) amortization or write-off of Debt discount in connection
with any Debt of such Person and any Restricted Subsidiary, on a consolidated basis in accordance with GAAP; and 
  
 (e) the product of (a) all dividend payments (other than any payments to the referent Person or any of its Restricted Subsidiaries and any
dividends payable in the form of Capital Stock) on any series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries, times (b) (x) a fraction, the numerator of which is one and the denominator of which is one minus
the then current combined federal, state and local statutory income tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP as estimated by the chief financial officer of such Person in good
faith or (y) if the dividends are deductible by such Person for income tax purposes based on law in effect at the time of payment, one. 
  
 “Foreign Restricted Subsidiary” means any Restricted Subsidiary which is not organized under the laws of (x) the United States of America or any
State thereof or the District of Columbia or (y) Canada or any province or territory thereof. 
  
 “GAAP” means Canadian generally accepted accounting principles as in effect on the Issue Date. 
  
 “Global Notes” has the meaning set forth in Section 2.16(a). 
  
 “guarantee” or “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Debt of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  
 (a) to purchase or pay (or advance or supply funds for the 
  

 Page 17 








 purchase or payment of) Debt of such other Person (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), or 
  
 (b) entered into for the purpose of assuring in any other manner the obligee against loss in respect thereof
(in whole or in part); provided, however, that the term “Guarantee” shall not include: 
  
 (1) endorsements for collection or deposit in the ordinary course of business, or 
  
 (2) a contractual commitment by one Person to invest in
another Person for so long as such Investment is reasonably expected to constitute a “Permitted Investment.” 
  
 The term “Guarantee” used as a verb has a corresponding meaning. The term “Guarantor” shall mean any Person Guaranteeing any
obligation. 
  
 “Guarantors” means, collectively, the
Subsidiary Guarantors and the Parent. 
  
 “Hedging
Obligations” of any Person means any obligation of such Person pursuant to any Interest Rate Agreement, Currency Exchange Protection Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement. 
  
 “Holder” or “Noteholder” means the Person in whose name a
Note is registered on the Note register. 
  
 “Incur”
means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by merger, conversion, exchange or otherwise), extend, assume, Guarantee or become liable in respect of such Debt or other obligation or (if earlier) the
recording, as required pursuant to GAAP or otherwise, of any such Debt or obligation on the balance sheet of such Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing); provided, however, that
a change in GAAP or the application thereof that results in an obligation of such Person that exists at such time, and is not theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of such Debt; provided, further, however,
that amortization of debt discount, accrual or capitalization of dividends and interest, including the accrual of deferred accrued interest, the accretion of principal and the payment of interest or dividends in the form of additional securities
shall not, in any such case, be deemed to be the Incurrence of Debt; provided that in the case of Debt or Preferred Stock sold at a discount or for which interest or dividends are capitalized or accrued or accreted, the amount of such Debt or
outstanding Preferred Stock Incurred shall at all times be the then current accreted value or shall include all capitalized interest. 
  
 “Indenture” means this Indenture as amended, restated or supplemented from time to time. 
  
 “Independent Financial Advisor” means an accounting, appraisal or
investment banking firm of national standing or any third party appraiser or recognized expert with experience in appraising the terms and conditions of the type of transaction or series of related transactions for which an opinion is required,
provided that such firm or appraiser is not an Affiliate of the Company. 
  
 “Initial Purchasers” means Citigroup Global Markets Inc. and TD Securities (USA) Inc. 
  

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 “Institutional Accredit Investor” or “IAI” shall have the meaning specified in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act. 
  
 “interest” means, with respect to the Notes, interest and Additional Interest. 
  
 “Interest Payment Date” means February 1 and August 1 of each year. 
  
 “Interest Rate Agreement” means, for any Person, any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, interest rate option agreement, interest rate future agreement or other similar agreement designed to protect against fluctuations in interest rates. 
  
 “Investment” by any Person means any loan, advance or other extension of credit (other than advances or extensions
of credit and receivables in the ordinary course of business that are recorded as accounts receivable on the balance sheet of such Person or acquired as part of the assets acquired in connection with an acquisition of assets otherwise permitted by
this Indenture and also excluding advances to officers and employees in the ordinary course of business) or capital contribution (by means of transfers of cash or other Property to others) or payments for Property or services for the account or use
of others to, or Incurrence of a Guarantee of any obligation of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person. For the purposes of Sections 4.10 and 4.15
and the definition of “Restricted Payments,” “Investment” shall include the Fair Market Value of the Investment of the Guarantor, the Company or a Restricted Subsidiary in any Subsidiary of the Company or Parent at the time that
any such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the Company, such Guarantor or such Restricted Subsidiary, as the case may be, shall
be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary (proportionate to its equity interest in such Subsidiary) of an amount (if positive) equal to: 
  
 (a) its “Investment” in such Subsidiary at the
time of such redesignation, less 
  
 (b) the
portion (proportionate to its equity interest in such Subsidiary) of the Fair Market Value of its Investment in such Subsidiary at the time of such redesignation. 
  
 In determining the amount of any Investment made by transfer of any Property other than cash, such Property shall be valued
at its Fair Market Value at the time of such Investment. 
  
 “Issue Date” means the date on which the Notes are initially issued (exclusive of any Additional Notes). 
  
 “Judgment Currency” has the meaning set forth in Section 12.13. 
  
 “Legal Defeasance” has the meaning set forth in Section 9.01(b). 
  
 “Legal Holiday” has the meaning set forth in Section 12.07.

  
 “Lien” means, with respect to any Property of any
Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, 
  

 Page 19 








 preference, priority or other security agreement on or with respect to such Property (including any Capital Lease
Obligation, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any sale and leaseback transaction). 
  
 “Maturity Date” when used with respect to any Note, means the date on which the principal amount of such Note
becomes due and payable as therein or herein provided. 
  
 “Moody’s” means Moody’s Investor Services, Inc. or any successor rating agency. 
  
 “Net Available Cash” from any Asset Sale means cash payments received therefrom (including any cash payments received by way of deferred payment
of principal pursuant to a note or installment receivable or otherwise, but only, in each case, as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Debt or other obligations or
liabilities relating to the Property that is the subject of such Asset Sale or received in any other non-cash form), in each case net of: 
  
 (a) all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses Incurred, and all
U.S. Federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Sale, 
  
 (b) all payments made on any Debt (but only if such Debt is secured by a Permitted Lien or constitutes Senior Debt) that is secured by any
Property subject to such Asset Sale, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such Property, or which must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by
applicable law, be repaid out of the proceeds from such Asset Sale, 
  
 (c) all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset Sale, 
  
 (d) brokerage commissions and other reasonable fees and
expenses (including, without limitation, any severance, pension or shutdown cost and fees and expenses of counsel, accountants, investment bankers and other financial advisors or consultants) related to such Asset Sale and 
  
 (e) the deduction of appropriate amounts provided by the
seller as a reserve, in accordance with GAAP, against any liabilities associated with the Property disposed in such Asset Sale and retained by the Company, a Guarantor or a Restricted Subsidiary after such Asset Sale, including, without limitation,
pension and other post- employment benefit liabilities, liabilities relating to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale and any deductions relating to escrowed amounts. 

 
 “Non-Payment Default” has the meaning set forth in Section
11.02(a). 
  
 “Non-Recourse Debt” means Debt:

  
 (a) as to which none of the Company, a
Guarantor or any Restricted Subsidiary provides any guarantee or credit support of any kind (including any undertaking, guarantee, indemnity, agreement or 
  

 Page 20 








 instrument that would constitute Debt) or is directly or indirectly liable (as a guarantor or otherwise)
or as to which there is any recourse to the assets of the Company, a Guarantor or any Restricted Subsidiary; and 
  
 (b) no default with respect to which (including any rights that the Holders thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Debt of the Company or any Restricted Subsidiary to declare a default under such other Debt or cause the payment thereof to be accelerated or payable
prior to its stated maturity. 
  
 “Non-U.S. Person”
means a Person who is not a U.S. person, as defined in Regulation S. 
  
 “Note Guarantee” means the Guarantee of the Notes, collectively, by the Parent and the Subsidiary Guarantors. 
  
 “Notes” means the 8 1/2% Senior Subordinated Notes due 2014 issued by the Company, including, without limitation, the Exchange Securities, treated as a single class of securities, as amended from time to time in accordance with the terms hereof, that are
issued pursuant to this Indenture. 
  
 “Notice of
Default” shall have the meaning set forth in Section 6.01. 
  
 “Obligations” means all obligations for principal, premium, interest (including interest accruing after the commencement of any bankruptcy or other like proceeding at the rate specified in the applicable Debt, whether or not such
interest is an allowed claim in any such proceeding), penalties, fees, indemnification, reimbursements, damages and other liabilities payable under the documentation governing any Debt. 
  
 “Offer Amount” has the meaning set forth in Section 4.12(f). 
  
 “Offer Period” has the meaning set forth in Section 4.12(f).

  
 “Offering Memorandum” means the offering memorandum
dated July 14, 2004 relating to the offering of Notes on the Issue Date. 
  
 “Officer” means the Chief Executive Officer, the President, the Chief Financial Officer or any Vice President, the Treasurer or the Secretary of the specified Person. 
  
 “Officers’ Certificate” means a certificate signed by an
Officer of the specified Person and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company, a Guarantor or the Trustee. 
  
 “Parent” means Intertape Polymer Group Inc., a Canadian
corporation. 
  
 “Paying Agent” has the meaning set
forth in Section 2.04. 
  
 “Payment Blockage Notice” has
the meaning set forth in Section 11.02(a). 
  
 “Payment
Blockage Period” has the meaning set forth in Section 11.02(a). 
  
 “Payment Default” means any default which occurs and is 
  

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 continuing in the payment when due, whether at maturity, upon any redemption, by declaration or otherwise, of any
principal of, premium, if any, or interest on, unpaid drawings for letters of credit issued in respect of, or regularly accruing fees with respect to, any Designated Senior Debt (including, without limitation, guarantees of the foregoing items which
constitute such Senior Debt). 
  
 “Permitted Debt” has
the meaning set forth in Section 4.09(b). 
  
 “Permitted
Investment” means any Investment by the Company, a Guarantor or a Restricted Subsidiary in: 
  
 (a) the Company, a Guarantor, any Restricted Subsidiary or any Person that will, upon the making of such Investment, become a Restricted
Subsidiary, or that is merged or consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company, a Guarantor or a Restricted Subsidiary; provided that the primary
business of such Restricted Subsidiary is a Related Business; 
  
 (b) cash or Temporary Cash Investments; 
  
 (c) receivables owing to the Company, a Guarantor or a 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 Company, Guarantor or such Restricted Subsidiary deems reasonable under the circumstances; 
  
 (d) payroll, travel, commission and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
  
 (e) loans and advances to employees, directors and consultants made in the ordinary course of business consistent with past practices of
the Company or such Guarantor or Restricted Subsidiary, as the case may be; provided that such loans and advances do not exceed $1.0 million at any one time outstanding; 
  
 (f) stock, obligations or other securities received in settlement or good faith compromise of debts owing to
the Company, or Guarantor or a Restricted Subsidiary or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of a debtor; 
  
 (g) any Person to the extent such Investment represents
non-cash consideration received in connection with an asset sale, including an Asset Sale consummated in compliance with Section 4.12; 
  
 (h) the Notes and, if issued, any Additional Notes; 
  
 (i) Interest Rate Agreements, Currency Exchange Protection Agreements, Hedging Obligations and Commodity
Price Protection Agreement, in each case permitted under Section 4.09; 
  
 (j) existence on the Issue Date and any Investment that replaces, refinances or refunds such an Investment, provided that the new Investment is in an amount that does not exceed that amount replaced, refinanced or
refunded and is made in the same Person as the Investment replaced, refinanced or refunded; 
  
 (k) prepaid expenses, negotiable instruments held for deposit 
  

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 or collection and lease, utility and worker’s compensation, performance and other similar deposits
provided to third parties in the ordinary course of business; 
  
 (l) any Person where the consideration provided by the Company or a Guarantor consists solely of Capital Stock of Parent (other than Disqualified Stock); 
  
 (m) Investments, including in joint ventures, in a Related Business that do not exceed $25.0 million
outstanding at any one time in the aggregate (with the amount of each Investment being measured at the time made and without giving effect to subsequent changes in value); 
  
 (n) any Person where such Investment was acquired by the Company, a Guarantor or any Restricted Subsidiary
(1) in exchange for any other Investment or accounts receivable held by the Company, a Guarantor or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such
other Investment or accounts receivable or (2) as a result of a foreclosure by the Company, a Guarantor or any of its Restricted Subsidiaries with respect to any secured Investment or such other transfer of title with respect to any secured
Investment in default; 
  
 (o) negotiable
instruments held for deposit or collection in the ordinary course of business; 
  
 (p) guarantees by the Company, a Guarantor or a Restricted Subsidiary of Debt otherwise permitted to be Incurred by the Company, a Guarantor or a Restricted Subsidiary under this Indenture and the creation of Liens on
the assets of the Company, a Guarantor or a Restricted Subsidiary in compliance with Section 4.11; and 
  
 (q) other Investments made for Fair Market Value that do not exceed $25.0 million in the aggregate outstanding at any one time.

  
 “Permitted Liens” means: 
  
 (a) Liens securing the Notes and the Note Guarantees;

  
 (b) Liens securing Debt permitted to be
Incurred under clause (b)(3) of Section 4.09, provided that any such Lien may not extend to any Property of the Company, a Guarantor or any Restricted Subsidiary other than the Property acquired, constructed or leased with the proceeds of such Debt
(or, in the case of Permitted Refinancing Debt, the Debt being Refinanced, or successively Refinanced with such Debt) and any improvements or accessions to such Property; 
  
 (c) Liens for taxes, assessments or governmental charges or levies on the Property of the Company, a
Guarantor or any Restricted Subsidiary if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings; provided that any reserve or other appropriate
provision that shall be required in conformity with GAAP shall have been made therefor; 
  
 (d) Liens imposed by law or regulation, such as statutory Liens or landlords’, carriers’, warehousemen’ s and
mechanics’ Liens, in favor of customs or revenue authorities and other similar Liens, on the Property of the Company, a Guarantor or any Restricted Subsidiary arising in the ordinary course of business and securing payment of obligations that
are not more than 60 days past due or are being 
  

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 contested in good faith and by appropriate proceedings or Liens arising solely by virtue of any statutory
or common law provisions relating to customs, duties, bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depositary institution; 
  
 (e) Liens on the Property of the Company, a Guarantor or any
Restricted Subsidiary Incurred in the ordinary course of business to secure performance of obligations with respect to statutory or regulatory requirements, performance bids, trade contracts, letters of credit, bankers’ acceptances, performance
or return-of-money bonds, surety bonds or other obligations of a like nature and Incurred in a customary manner, in each case which are not Incurred in connection with the borrowing of money, the obtaining of advances or the payment of the deferred
purchase price of Property and which do not in the aggregate impair in any material respect the use of Property in the operation of the business of the Company, the Guarantors and the Restricted Subsidiaries taken as a whole; 
  
 (f) Liens on Property at the time the Company, a Guarantor or
any Restricted Subsidiary acquired such Property, including any acquisition by means of a merger or consolidation with or into the Company, a Guarantor or any Restricted Subsidiary; provided, however, that any such Lien may not extend to any other
Property of the Company, a Guarantor or any Restricted Subsidiary; provided, further, however, that such Liens shall not have been Incurred in anticipation of or in connection with the transaction or series of related transactions pursuant to which
such Property was acquired by the Company, a Guarantor or any Restricted Subsidiary; 
  
 (g) Liens on the Property of a Person at the time such Person becomes a Restricted Subsidiary; provided, however, that any such Lien may
not extend to any other Property of the Company, a Guarantor or any other Restricted Subsidiary that is not a direct or, prior to such time, indirect Subsidiary of such Person; provided, further, however, that any such Lien was not Incurred in
anticipation of or in connection with the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary; 
  
 (h) pledges or deposits by the Company, a Guarantor or any Restricted Subsidiary under workmen’s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to which the Company, a Guarantor or any Restricted Subsidiary is party, or deposits to secure
public or statutory obligations of the Company, a Guarantor or any Restricted Subsidiary, or deposits for the payment of rent, in each case Incurred in the ordinary course of business; 
  
 (i) utility easements, building restrictions and such other encumbrances or charges against real Property as
are of a nature generally existing with respect to properties of a similar character; 
  
 (j) any provision for the retention of title to any Property by the vendor or transferor of such Property which Property is acquired by
the Company, a Guarantor or a Restricted Subsidiary in a transaction entered into in the ordinary course of business of the Company, a Guarantor or a Restricted Subsidiary and for which kind of transaction it is normal market practice for such
retention of title provision to be included; 
  
 (k) Liens arising by means of any judgment, decree or order of any court, to the extent not otherwise resulting in an Event of Default, 
  

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 and any Liens that are customarily required to protect or enforce rights in any administrative,
arbitration or other court proceedings in the ordinary course of business; 
  
 (l) Liens on and pledges of the Capital Stock of any Unrestricted Subsidiary to secure Debt of that Unrestricted Subsidiary; 
  
 (m) (1) mortgages, Liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any
developer, landlord or other third party on property over which the Company, a Guarantor or any Restricted Subsidiary has easement rights or on any real property leased by the Company, a Guarantor or any Restricted Subsidiary or similar agreements
relating thereto and (2) any condemnation or eminent domain proceedings or compulsory purchase order affecting real property; 
  
 (n) Liens existing on the Issue Date; provided that the Liens securing the Existing Senior Notes shall cease to be Permitted Liens on the
30th day after the Issue Date; 
  
 (o) Liens in
favor of the Company, a Guarantor or any Restricted Subsidiary; 
  
 (p) Liens on the Property of the Company, a Guarantor or any Restricted Subsidiary to secure any Refinancing of Debt (other than the Existing Senior Notes), in whole or in part, secured by any Lien described in the
foregoing clause (f), (g) or (n); provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured the Debt being Refinanced;

  
 (q) Liens securing reimbursement obligations
with respect to commercial letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof; 
  

(r) Liens in the form of licenses, leases or subleases granted or created by the Company or any Restricted Subsidiary, which licenses,
leases or subleases do not interfere, individually or in the aggregate, in any material respect with the business of the Company or such Restricted Subsidiary or individually or in the aggregate materially impair the use (for its intended purpose)
or the value of the Property subject thereto; and 
  
 (s) Liens on Property of Foreign Restricted Subsidiaries securing Debt Incurred pursuant to clause (16) of Section 4.09. 
  
 “Permitted Refinancing Debt” means any Debt that Refinances any other Debt that is Incurred in accordance with clause (a) of Section 4.09 or
that is Incurred under clauses (2), (3), (5), (13) (other than any Existing Senior Notes) or previously Incurred under clause (15) of the definition of “Permitted Debt,” including any successive Refinancings, so long as: 
  
 (a) such Debt is in an aggregate principal amount (or if
Incurred with original issue discount, an aggregate issue price) not in excess of the sum of: 
  
 (1) the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) and any accrued but unpaid
interest then outstanding of the Debt being Refinanced, and 
  
 (2) an amount necessary to pay any fees and expenses, including premiums, tender and defeasance costs, related to such Refinancing, 
  

 Page 25 








 (b) in the case of the Refinancing of term Debt, the Average Life of such Debt is equal
to or greater than the Average Life of the Debt being Refinanced, 
  
 (c) in the case of the Refinancing of term Debt, the final Stated Maturity of the Debt being Incurred is no earlier than the final Stated Maturity of the Debt being refinanced, and 
  
 (d) in the case of the Refinancing of Debt of the Company or
a Guarantor: 
  
 (1) the new Debt shall not be
senior in right of payment to the Debt being Refinanced; and 
  
 (2) if the Debt being Refinanced constitutes Subordinated Obligations of the Company or a Guarantor, the new Debt shall be subordinated to the Notes or the relevant Note Guarantee, as applicable, at least to the same
extent as the Subordinated Obligations; provided, however, that Permitted Refinancing Debt shall not include: 
  
 (x) Debt of a Restricted Subsidiary (other than a Subsidiary Guarantor) that Refinances Debt of the Company or a Guarantor, or 

 
 (y) Debt of Parent, the Company, a Guarantor or a
Restricted Subsidiary that Refinances Debt of an Unrestricted Subsidiary. 
  
 “Person” means any individual, corporation, company (including any limited liability company), association, partnership, joint venture, trust, unincorporated organization, government or any agency or
political subdivision thereof or any other entity. 
  
 “Physical Notes” means certificated Notes in registered form in substantially the form set forth in Exhibit A. 
  
 “Preferred Stock” means any Capital Stock of a Person, however designated, which entitles the holder thereof to a preference with respect to the
payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of any other class of Capital Stock issued by such Person. 
  
 “Prepayment Offer” has the meaning set forth in Section 4.12(d).

  
 “Private Placement Legend” means the legend
initially set forth on the Rule 144A Notes and Other Notes that are Restricted Notes in the form set forth in Exhibit B. 
  
 “pro forma” means, with respect to any calculation made or required to be made pursuant to the terms hereof, a calculation performed in
accordance with the terms of this Indenture and (to the extent not conflicting with such terms) Article 11 of Regulation S-X promulgated under the Securities Act (as in effect on the Issue Date). 
  
 “Pro forma Consolidated EBITDA” means, for any Person for any
period, the Consolidated EBITDA of such Person on a pro forma basis, provided that if, since the beginning of the relevant period, 
  
 (a) (x) any Person was designated as an Unrestricted Subsidiary or 
  

 Page 26 








 redesignated as or otherwise became a Restricted Subsidiary, such event shall be deemed to have occurred
on the first day of the applicable reference period, or (y) any Person that subsequently became a Restricted Subsidiary or was merged with or into such Person or any Restricted Subsidiary since the beginning of the period shall have made any
Investment in any Person or made any acquisition, disposition, merger or consolidation that would have required adjustment pursuant to this definition, then in each case, Pro forma Consolidated EBITDA shall be calculated giving pro forma effect
thereto for such period as if such designation, Investment, acquisition, disposition, merger or consolidation had occurred at the beginning of the applicable reference period; and 
  
 (b) in the event that pro forma effect is being given to any Repayment of Debt, Pro forma Consolidated
EBITDA for such period shall be calculated as if such Person or such Restricted Subsidiary had not earned any interest income actually earned during such period in respect of the funds used to Repay such Debt. 
  
 “Pro forma Consolidated Interest Expense” means, with respect to
any period, Consolidated Interest Expense adjusted (without duplication) to give pro forma effect to any Incurrence of Debt that remains outstanding at the end of the period or any Repayment of Debt since the beginning of the relevant period as if
such Incurrence or Repayment had occurred on the first day of such period. 
  
 If any Debt bears a floating or fluctuating rate of interest and is being given pro forma effect, the interest expense on such Debt shall be calculated as if the base interest rate in effect for such floating or
fluctuating rate of interest on the date of determination were in effect for the whole period (taking into account any Interest Rate Agreement applicable to such Debt if such Interest Rate Agreement had when entered into a term of at least 12 months
or, if shorter, the term of the Debt). In the event the Capital Stock of any Restricted Subsidiary is sold during the period, the Debt of such Restricted Subsidiary shall be deemed to have been repaid during such period to the extent the Company and
the continuing Guarantors and Restricted Subsidiaries are no longer liable for such Debt after such sale. 
  
 “Property” means, with respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or mixed, or
tangible or intangible, including Capital Stock in, and other securities of, any other Person. For purposes of any calculation required pursuant to this Indenture, the value of any Property shall be its Fair Market Value. 
  
 “Purchase Date” has the meaning set forth in Section 4.12(e).

  
 “Purchase Money Debt” means Debt: 
  
 (a) consisting of the deferred purchase price of Property,
conditional sale obligations, obligations under any title retention agreement, other purchase money obligations and obligations in respect of industrial revenue bonds, in each case where the maturity of such Debt does not exceed the anticipated
useful life of the Property being financed, and 
  
 (b) Incurred to finance the acquisition, construction or lease by the Company, a Guarantor or a Restricted Subsidiary of such Property, including additions and improvements thereto; 
  
 provided, however, that such Debt is Incurred within 180 days after the acquisition,
completion of the construction, addition or improvement or lease of such Property by the Company, such Guarantor or such Restricted Subsidiary. 
  

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 “Qualified Equity Offering” means any public or private offering for cash of Capital Stock
(other than Disqualified Stock) of Parent other than (i) public offerings of Capital Stock registered on Form S-8 or (ii) other issuances upon the exercise of options of employees of Parent or any of its Subsidiaries. 
  
 “Qualified Institutional Buyer” or “QIB” shall have the
meaning specified in Rule 144A promulgated under the Securities Act. 
  
 “Redemption Date” when used with respect to any Note to be redeemed pursuant to paragraph 5 of the Notes means the date fixed for such redemption pursuant to the terms of the Notes. 
  
 “Refinance” means, in respect of any Debt, to refinance, extend,
renew, refund, repay, prepay, repurchase, redeem, defease or retire, or to issue other Debt, in exchange or replacement for, such Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 
  
 “Registrar” has the meaning set forth in Section 2.04. 

 
 “Registration Rights” means the Registration Rights Agreement
among the Company, the Guarantors and the Initial Purchasers entered into in connection with the issuance of the Notes. 
  
 “Refinance” means, in respect of any Debt, to refinance, extend, renew, refund, repay, prepay, repurchase, redeem, defease or retire, or to
issue other Debt, in exchange or replacement for, such Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 
  
 “Regulation S Global Note” has the meaning set forth in Section 2.16(a). 
  
 “Regulation S Notes” has the meaning set forth in Section 2.02.

  
 “Related Business” means any business that is the
same as or related, ancillary, incidental or complementary to the business of Parent, a Guarantor or a Restricted Subsidiary on the Issue Date or any reasonable extension, development or expansion of the business. 
  
 “Repay” means, in respect of any Debt, to repay, prepay,
repurchase, redeem, legally defease or otherwise retire such Debt with the effect that the Debt is no longer an obligation of the Person who had Incurred such Debt or any of its Restricted Subsidiaries. “Repayment” and “Repaid”
shall have correlative meanings. For purposes of Section 4.12 and the definition of “Fixed Charge Coverage Ratio,” Debt shall be considered to have been Repaid only to the extent the related loan commitment, if any, shall have been
permanently reduced in connection therewith. 
  
 “Representative” means the trustee, agent or other representative in respect of any Designated Senior Debt; provided that if, and for so long as, any Senior Debt lacks such a representative, then the Representative for such Senior
Debt shall at all times constitute the holders of a majority in outstanding principal amount of such Senior Debt. 
  
 “Required Filing Dates” has the meaning set forth in Section 4.17. 
  
 “Responsible Officer” shall mean, when used with respect to the Trustee, any officer in the Corporate Trust Office
of the Trustee having direct responsibility for the administration of this Indenture or any other officer, to whom any corporate trust matter is referred because of such officer’s 
  

 Page 28 








 knowledge of and familiarity with the particular subject. 
  
 “Restricted Account” has the meaning set forth in Section 4.21(c).

  
 “Restricted Global Notes” has the meaning set forth
in Section 2.16(a). 
  
 “Restricted Payment” means:

  
 (a) any dividend or distribution (whether
made in cash, securities or other Property) declared or paid by the Company, a Guarantor or any Restricted Subsidiary on or with respect to any shares of the Capital Stock of the Company, a Guarantor or a Restricted Subsidiary, except for (i) any
dividend or distribution that is made solely to the Company, a Guarantor or a Restricted Subsidiary (and, if such Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, to the other shareholders of such Restricted Subsidiary on a pro
rata basis or on a basis that results in the receipt by the Company, a Guarantor or a Restricted Subsidiary of dividends or distributions of greater value than it would receive on a pro rata basis) or (ii) any dividend or distribution payable solely
in shares of Capital Stock (other than Disqualified Stock) of the Parent or in options, warrants or other rights to acquire shares of Capital Stock (other than Disqualified Stock) of the Parent; 
  
 (b) the purchase, repurchase, redemption, acquisition or
retirement for value of any Capital Stock of the Company, a Guarantor or a Restricted Subsidiary (other than from the Company, a Guarantor or a Restricted Subsidiary or any entity that becomes a Restricted Subsidiary as a result of such
transactions) or securities exchangeable for or convertible into any such Capital Stock, including the exercise of any option to exchange any Capital Stock (other than for or into Capital Stock of the Company, a Guarantor or a Restricted Subsidiary
that is not Disqualified Stock); provided that, notwithstanding anything in this definition to the contrary, the purchase, repurchase, redemption, acquisition or retirement for value of any Disqualified Stock of the Company, a Guarantor or a
Restricted Subsidiary at its scheduled mandatory redemption date shall only constitute a Restricted Payment to the extent (and only to the extent) that the issuance of such Disqualified Stock increased the amount available for Restricted Payments
pursuant to Section 4.10(a)(3); 
  
 (c) the
purchase, repurchase, redemption, acquisition or retirement for value, prior to the date for any scheduled maturity, sinking fund or amortization or other installment payment, of any Subordinated Obligation (other than the purchase, repurchase or
other acquisition of any Subordinated Obligation purchased in anticipation of satisfying a scheduled maturity, sinking fund or amortization or other installment obligation, in each case due within one year of the date of acquisition); 
  
 (d) any Investment (other than Permitted Investments and
Guarantees by Restricted Subsidiaries of Debt Incurred pursuant to Section 4.09) in any Person; or 
  
 (e) the issuance, sale or other disposition of Capital Stock of any Restricted Subsidiary to a Person (other than the Company, a Guarantor
or another Restricted Subsidiary) if the result thereof is that such Restricted Subsidiary shall cease to be a Subsidiary of the Company or a Guarantor, in which event the amount of such “Restricted Payment” shall be the Fair Market Value
of the remaining interest, if any, in such former Restricted Subsidiary held by the Company, the Guarantors and the Restricted Subsidiaries. 
  
 For the avoidance of doubt, payments with respect to the Existing Senior Notes Redemption shall not constitute a Restricted Payment. 
  

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 “Restricted Note” has the same meaning as “Restricted Security” set forth in Rule
144(a)(3) promulgated under the Securities Act; provided that the Trustee shall be entitled to request and conclusively rely upon an Opinion of Counsel with respect to whether any Note is a Restricted Note. 
  
 “Restricted Subsidiary” means each Subsidiary of Parent as of the
Issue Date and thereafter unless such Subsidiary is designated an Unrestricted Subsidiary in accordance with the provisions of this Indenture; provided that the Company shall not be deemed to constitute a Restricted Subsidiary for purposes hereof,
except that the Company shall be deemed to constitute a Restricted Subsidiary of Parent for purposes of financial definitions contained herein (including the definition of Consolidated EBITDA, Consolidated Interest Expense, Consolidated Net Income,
Fixed Charged Coverage Ratio, Fixed Charges, Pro forma Consolidated EBITDA and Pro forma Consolidated Interest Expense) and for calculations pursuant thereto. 
  

“Rule 144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 144A Notes” has the meaning set forth in Section 2.02.

  
 “S&P” means Standard & Poor’s Rating
Services, a division of the McGraw-Hill Companies, Inc., or any successor rating agency. 
  
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
  
 “Senior Debt” means the principal of, premium, if any, and interest (including any interest accruing subsequent to the filing of a petition of
bankruptcy at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable law) on any Debt of the Company or a Guarantor, as the case may be, whether outstanding on the Issue
Date or thereafter created, Incurred or assumed and any amendments, renewals, modifications, extensions, refinancings and refundings of such Debt, unless, in the case of any particular Debt, the instrument creating or evidencing the same or pursuant
to which the same is outstanding expressly provides that such Debt shall be subordinated in right of payment to any other Debt of such Person. Without limiting the generality of the foregoing, “Senior Debt” shall also include the principal
of, premium, if any, interest (including any interest accruing subsequent to the filing of a petition of bankruptcy at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable
law) on and all other amounts owing by the Company or a Guarantor in respect of: 
  
 (1) all monetary obligations (including Guarantees thereof) of every nature of the Company or a Guarantor under, or with respect to, the
Credit Facility, including, without limitation, obligations (including Guarantees) to pay principal, premium (if any), any interest, reimbursement obligations under letters of credit, fees, expenses and indemnities; 
  
 (2) all obligations under Interest Rate Agreements
(including Guarantees thereof); 
  
 (3) all
obligations under Currency Exchange Protection Agreements (including Guarantees thereof); and 
  
 (4) all obligations under Commodity Price Protection Agreements (including Guarantees thereof) in each case whether outstanding on the
Issue Date or thereafter Incurred. 
  
 Notwithstanding the foregoing, “Senior
Debt” shall not include: 
  
 (1) any Debt of
the Company or a Guarantor to Parent or a Subsidiary of the Parent; 
  

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 (2) any Debt to, or guaranteed on behalf of, any director, officer or employee, in such
capacities of the Parent or any Subsidiary of the Parent (including, without limitation, amounts owed for compensation); 
  
 (3) Debt to trade creditors and other amounts Incurred (but not under the Credit Facility) in connection with obtaining goods, materials
or services including, without limitation, accounts payable; 
  
 (4) obligations in respect of any Capital Stock including Disqualified Stock; 
  
 (5) any liability for federal, state, local or other taxes owed or owing by the Company or any Guarantor; 
  
 (6) that portion of any Debt Incurred in violation of this
Indenture; provided that (x) as to any such obligation, no such violation shall be deemed to exist for purposes of this clause (6) if the holder(s) of such obligation or their representative shall have received a certificate from an officer of the
Company to the effect that the Incurrence of such Debt does not (or, in the case of revolving credit indebtedness, that the Incurrence of the entire committed amount thereof at the date on which the initial borrowing thereunder is made would not)
violate such provision of this indenture) and (y) any revolving Debt under the Credit Agreement Incurred in violation of such covenant as a result of the Incurrence of Senior Debt under any other Credit Facility providing for inventory or
receivables financing shall not be excluded from Senior Debt so long as such revolving Debt was extended in good faith to the Company; 
  
 (7) Debt that, when Incurred and without respect to any election under Section 1111(b) of Title 11, United States Code, is without
recourse to the issuer of such Debt; 
  
 (8) any
Debt that is, by its express terms, subordinated in right of payment to any other Debt of the Company or a Guarantor (including the Notes and the Note Guarantees); and 
  
 (9) any obligations under, or relating to, the Existing Senior Notes (by way of guarantee or otherwise).

  
 “Senior Subordinated Debt” means (i) with respect to
the Company, the Notes, and any other Debt of the Company that specifically provides that such Debt is to have the same rank as the Notes in right of payment and is not subordinated by its terms in right of payment to any Debt or other obligation of
the Company which is not Senior Debt and (ii) with respect to any Guarantor, the Guarantees and any other Debt of such Guarantors that specifically provides that such Debt is to have the same rank as Guarantees of the Notes in right of payment and
is not subordinated by its terms in right or payment to any Debt or other obligation of such Guarantor which is not Senior Debt. 
  
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” of the Parent within the meaning of Rule 1-02
under Regulation S-X promulgated by the Commission. 
  
 “Stated Maturity” means (a) with respect to any debt security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory
redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the 
  

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 happening of any contingency beyond the control of the issuer, unless such contingency has occurred) and (b) with respect
to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security as the fixed date on which such installment is due and payable. 
  
 “Subordinated Obligation” means any Debt of the Company or any Guarantor (whether outstanding on the Issue Date or
thereafter Incurred) that is subordinate or junior in right of payment to the Notes or such entity’s Guarantee pursuant to a written agreement to that effect. 
  
 “Subsidiary” means, in respect of any Person, any corporation, company (including any limited liability company),
association, partnership, joint venture or other business entity of which a majority of the total voting power of the Voting Stock is at the time owned or controlled, directly or indirectly, by: 
  
 (a) such Person, 
  
 (b) such Person and one or more Subsidiaries of such Person,
or 
  
 (c) one or more Subsidiaries of such
Person. 
  
 Unless otherwise specified, a “Subsidiary”
shall mean a subsidiary of the Parent. 
  
 “Subsidiary
Guarantee” means a Guarantee on the terms set forth in Article Ten of this Indenture by a Subsidiary Guarantor of the Company’s obligations with respect to the Notes. 
  
 “Subsidiary Guarantor” means (i) each Restricted Subsidiary of the Parent (other than the Company) on the Issue
Date and (ii) each other Restricted Subsidiary of the Parent (other than the Company) that executes a Subsidiary Guarantee in accordance with Section 4.18 hereof, in each case until such time as such Subsidiary Guarantor shall be released in
accordance with Section 10.03. 
  
 “Surviving Person”
has the meaning set forth in Section 5.01(a)(1). 
  
 “Taxes” has the meaning set forth in Section 4.22(a). 
  
 “Taxing Jurisdiction” has the meaning set forth in Section 4.22 (a). 
  
 “Temporary Cash Investments” means: 
  
 (a) any U.S. Government Obligation and Canadian Government Obligation, maturing not more than one year after the date of acquisition,
issued by the United States, Canada or any member of the European Union or instrumentality or agency thereof, and constituting a general obligation of the United States or Canada; 
  
 (b) any certificate of deposit, maturing not more than one year after the date of acquisition, issued by, or
time deposit of, a commercial banking institution that is a member of the U.S. Federal Reserve System and that has combined capital and surplus and undivided profits of not less than $250 million, whose debt has a rating at the time as of which any
investment therein is made, of “P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P (or, in the case of Non-U.S. Guarantors of Parent, any local office of any commercial bank organized under the
laws of the relevant jurisdiction or any political subdivision thereof which has a combined capital surplus and undivided profits in excess of $250 million (or the foreign currency equivalent thereof)); 
  

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 (c) commercial paper, maturing not more than one year after the date of acquisition,
issued by a corporation (other than an Affiliate of the Company) organized and existing under the laws of the United States or Canada, any state, province or territory thereof or the District of Columbia with a rating, at the time as of which any
investment therein is made, of “P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P; 
  
 (d) any money market deposit accounts issued or offered by a commercial bank organized in the United States or Canada having capital and
surplus and undivided profits in excess of $250 million: provided that the short-term debt of such commercial bank has a rating, at the time of Investment, of “P-1” (or higher) according to Moody’s or “A-1” (or higher)
according to S&P; 
  
 (e) repurchase
obligations and reverse repurchase obligations with a term of not more than 60 days for underlying securities of the types described in clause (a) or (b) entered into with a bank meeting the qualifications described in clause (b) above; 

 
 (f) investments in securities with maturities of one year
or less from the date of acquisition issued or fully guaranteed by any state, province, commonwealth or territory of the United States or Canada, or by any political subdivision or taxing authority thereof, and rated at least “A-1” by
S&P or “P-1” by Moody’s; 
  
 (g) interests in funds investing substantially all their assets in securities of the types described in clauses (a) through (f); and 
  
 (h) interests in mutual funds with a rating of AAA- or higher that invest all of their assets in short-term securities, instruments and
obligations which carry a minimum rating of “A-2” by S&P or “P-2” by Moody’s and which are managed by a bank meeting the qualifications in clause (b) above; provided that for purposes of the subordination provisions
contained in Article Eleven and Section 4.21, the term “Temporary Cash Investments” shall not include obligations of the type referred to in clause (e), Canadian Government Obligations and obligations other than in U.S. dollars or of
Persons outside the United States other than commercial banks. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.03); provided, however, that in the event the Trust Indenture Act of 1939
is amended after such date, “TIA” means, to the extent required by any such amendment the Trust Indenture Act of 1939 as so amended. 
  
 “Trustee” means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture and thereafter means the
successor. 
  
 “Unrestricted Subsidiary” means:

  
 (a) any Subsidiary of Parent that at the time
of determination is designated as an Unrestricted Subsidiary as permitted or required pursuant to Section 4.15 and is not thereafter redesignated as a Restricted Subsidiary as permitted pursuant thereto; and 
  
 (b) any Subsidiary of an Unrestricted Subsidiary.

  
 “U.S. Government Obligations” means any security
issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the

  

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 United States or any certificate of deposit for any of the foregoing. 
  
 “Voting Stock” of any Person means all classes of Capital Stock or
other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
  
 “Wholly Owned Restricted Subsidiary” means, at any time, a
Restricted Subsidiary all the Voting Stock of which (except directors’ qualifying shares and shares required by a applicable law to be held by a Person other than the Company or a Subsidiary) is at such time owned, directly or indirectly, by
the Parent, as the case may be, and their other wholly owned Subsidiaries. 
  
 SECTION 1.02. Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to
be qualified under the TIA 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 securityholder” means a Holder or Noteholder. 
  
 “indenture to be qualified” means this Indenture. 
  
 “obligor on this indenture securities” means the Company, the
Guarantors or any other obligor on the Notes. 
  
 All other terms
used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by Commission rule have the meanings therein assigned to them. 
  
 SECTION 1.03. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it herein, whether defined expressly or by reference; 
  
 (b) “or” is not exclusive; 
  
 (c) words in the singular include the plural, and in the
plural include the singular; 
  
 (d) words used
herein implying any gender shall apply to both genders; 
  
 (e) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subsection; 
  
 (f) unless otherwise specified herein, all accounting terms
used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP as in effect on the Issue Date; 
  
 (g) “$,” “U.S. Dollars” and “United
States Dollars” each refer to United States dollars, or such other money of the United States that at the time of payment is legal tender for payment of public and private debts; 
  

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 (h) whenever in this Indenture there is mentioned, in any context, principal, interest or
any other amount payable under or with respect to any Note, such mention shall be deemed to include mention of the payment of Additional Interest to the extent that, in such context, Additional Interest, are, was or would be payable in respect
thereof; and 
  
 (i) whenever in this Indenture
there is mentioned, in any context, the payment of amounts based upon the principal of, premium, if any, interest or of any other amount payable under or with respect to any Note, such mention shall be deemed to include mention of the payment of
Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
  
 ARTICLE TWO 
  
 THE SECURITIES 
  
 SECTION 2.01. Amount of Notes. 
  
 The Trustee shall
initially authenticate the Notes for original issue on the Issue Date in an aggregate principal amount of $125 million upon a written order of the Company in the form of an Officers’ Certificate of the Company (other than as provided in Section
2.08). The Trustee shall authenticate additional Notes (“Additional Notes”) thereafter in unlimited aggregate principal amount (so long as permitted by the terms of this Indenture, including, without limitation, Section 4.09) for original
issue upon a written order of the Company in the form of an Officers’ Certificate in aggregate principal amount as specified in such order (other than as provided in Section 2.08). Each such written order shall specify the amount of Notes to be
authenticated and the date on which the Notes are to be authenticated. 
  
 SECTION 2.02. Form and Dating. 
  
 The Notes and the
Trustee’s certificate of authentication with respect thereto shall be substantially in the form set forth in Exhibit A, which is incorporated in and forms a part of this Indenture. The Notes may have notations, legends or endorsements required
by law, rule or usage to which the Company is subject. Without limiting the generality of the foregoing, Notes offered and sold to Qualified Institutional Buyers in reliance on Rule 144A (“Rule 144A Notes”) shall bear the legend and
include the form of assignment set forth in Exhibit B, and Notes offered and sold in offshore transactions in reliance on Regulation S (“Regulation S Notes”) shall bear the legend and include the form of assignment set forth in Exhibit C.
Each Note shall be dated the date of its authentication. 
  
 The
terms and provisions contained in the Notes shall constitute, and are expressly made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such
terms and provisions and agree to be bound thereby. The Notes may be presented for registration of transfer and exchange at the offices of the Registrar. 
  
 SECTION 2.03. Execution and Authentication. 
  
 The Notes shall be executed on behalf of the Company by its Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President or any Vice
President. The signature of any of these officers on the Notes may be manual or facsimile. 
  
 If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 

 

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 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose
unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that
such Note has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Note to the
Trustee for cancellation as provided in Section 2.12, for all purposes of this Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  
 The Notes shall be issuable only in fully registered form without coupons in
denominations of $1,000 and integral multiples of $1,000. 
  
 SECTION 2.04. Registrar and Paying Agent. 
  
 The
Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”), and an office or agency where Notes may be presented for payment (the “Paying Agent”) and an
office or agency where notices and demands to or upon the Company, if any, in respect of the Notes and this Indenture may be served. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may have one or
more additional Paying Agents. The term “Paying Agent” includes any additional Paying Agent. 
  
 The Company shall enter into an appropriate agency agreement, which shall incorporate the provisions of the TIA, with any Agent that is not a party to
this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent,
or fails to give the foregoing notice, the Trustee shall act as such and shall be entitled to appropriate compensation in accordance with Section 7.07. 
  
 The Company initially appoints the Trustee as Registrar, Paying Agent and Agent for service of notices and demands in connection with the Notes and this
Indenture and the Company may change the Paying Agent without prior notice to the Holders. The Company or a Guarantor may act as Paying Agent. 
  
 SECTION 2.05. Paying Agent To Hold Money in Trust. 
  
 Each Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of or
premium or interest on the Notes (whether such money has been paid to it by the Company or any other obligor on the Notes or the Guarantors), and the Company and the Paying Agent shall notify the Trustee of any default by the Company (or any other
obligor on the Notes) in making any such payment. Money held in trust by the Paying Agent need not be segregated except as required by law and in no event shall the Paying Agent be liable for any interest on any money received by it hereunder;
provided that if the Company or an Affiliate thereof acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require the Paying Agent to pay all money held by it
to the Trustee and account for any funds disbursed and the Trustee may at any time during the continuance of any Event of Default specified in Section 6.01(1) or (2), upon written request to the Paying Agent, require such Paying Agent to pay
forthwith all money so held by it to the Trustee and to account for any funds disbursed. 
  

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 Upon making such payment, the Paying Agent shall have no further liability for the money delivered to the Trustee.

  
 SECTION 2.06. 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 the Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least five Business Days before each Interest Payment Date, and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, provided that, as long as the Trustee is the Registrar, no such list need be furnished.

  
 SECTION 2.07. Transfer and Exchange. 
  
 Subject to Sections 2.16 and 2.17, when Notes are presented to the Registrar
with a request from the Holder of such Notes to register a transfer or to exchange them for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer as requested. Every Note presented or
surrendered for registration of transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Holder thereof or his attorneys duly
authorized in writing. To permit registrations of transfers and exchanges, the Company shall issue and execute and the Trustee shall authenticate new Notes (and the Guarantors shall execute the Note Guarantee thereon) evidencing such transfer or
exchange at the Registrar’s request. No service charge shall be made to the Holder for any registration of transfer or exchange. The Company or the Trustee may require from the Holder payment of a sum sufficient to cover any transfer taxes or
other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.06, 4.08, 4.12 or 8.05 (in which events the Company shall be responsible for the
payment of such taxes). The Registrar shall not be required to exchange or register a transfer of any Note for a period of 15 days immediately preceding the redemption of Notes, except the unredeemed portion of any Note being redeemed in part.

  
 Any Holder of the Global Note shall, by acceptance of such
Global Note, agree that transfers of the beneficial interests in such Global Note may be effected only through a book entry system maintained by the Holder of such Global Note (or its agent), and that ownership of a beneficial interest in the Global
Note shall be required to be reflected in a book entry. 
  
 Neither the Trustee nor the Registrar shall have any duty to monitor the Company’s compliance with or have any responsibility with respect to the Company’s compliance with any Federal or state securities laws. 
  
 SECTION 2.08. Replacement Notes. 
  
 If a mutilated Note is surrendered to the Registrar or the Trustee, or if
the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note (and the Guarantors shall execute the Note Guarantee thereon) if the Holder of such
Note furnishes to the Company and the Trustee evidence reasonably acceptable to them of the ownership and the destruction, loss or theft of such Note and if the requirements of Section 8-405 of the New York Uniform Commercial Code as in effect on
the date of this Indenture are met. If required by the Trustee or the Company, an indemnity bond shall be posted, sufficient in the judgment of all to protect the Company, the Guarantors, the Trustee or any Paying Agent from any loss that any of
them may suffer if such Note is replaced. The Company may charge such Holder for the Company’s reasonable out-of-pocket expenses in replacing such Note and the Trustee may 
  

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 charge the Company for the Trustee’s expenses (including, without limitation, attorneys’ fees and
disbursements) in replacing such Note. Every replacement Note shall constitute a contractual obligation of the Company. 
  
 SECTION 2.09. Outstanding Notes. 
  
 The Notes outstanding at any time are all Notes that have been authenticated by the Trustee except for (a) those canceled by it, (b) those delivered to it
for cancellation, (c) to the extent set forth in Sections 9.01 and 9.02, on or after the date on which the conditions set forth in Section 9.01 or 9.02 have been satisfied, those Notes theretofore authenticated and delivered by the Trustee hereunder
and (d) those described in this Section 2.09 as not outstanding. Subject to Section 2.10, a Note does not cease to be outstanding because the Company or one of its Affiliates holds the Note. 
  
 If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser in whose hands such Note is a legal, valid and binding obligation of the Company. 
  
 If the Paying Agent holds, in its capacity as such, on any Maturity Date,
money sufficient to pay all accrued interest and principal with respect to the Notes payable on that date and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture, then on and after that date such
Notes cease to be outstanding and interest on them ceases to accrue. 
  
 SECTION 2.10. Treasury Notes. 
  
 In determining whether
the Holders of the required principal amount of Notes have concurred in any declaration of acceleration or notice of default or direction, waiver or consent or any amendment, modification or other change to this Indenture, Notes owned by the Company
or any other Affiliate of the Company shall be disregarded as though they were not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent or any amendment,
modification or other change to this Indenture, only Notes as to which a Responsible Officer of the Trustee has actually received an Officers’ Certificate stating that such Notes are so owned shall be so disregarded. Notes so owned which have
been pledged in good faith shall not be disregarded if the pledgee established to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Notes and that the pledgee is not the Company, a Guarantor, any other obligor on
the Notes or any of their respective Affiliates. 
  
 SECTION 2.11.
Temporary Notes. 
  
 Until definitive Notes are prepared and
ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary
Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as
definitive Notes. 
  
 SECTION 2.12. Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation.
The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and shall, upon the 
  

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 Company’s written request, deliver such canceled Notes to the Company. The Company may not reissue or resell, or
issue new Notes to replace, Notes that the Company has redeemed or paid, or that have been delivered to the Trustee for cancellation. 
  
 SECTION 2.13. Defaulted Interest. 
  
 If the Company defaults on a payment of interest on the Notes, it shall pay the defaulted interest, plus (to the extent permitted by law) any interest
payable on the defaulted interest, in accordance with the terms hereof, to the Persons who are Holders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Company shall fix such special
record date and payment date in a manner satisfactory to the Trustee. At least 10 days before such special record date, the Company shall mail to each Holder a notice that states the special record date, the payment date and the amount of defaulted
interest, and interest payable on defaulted interest, if any, to be paid. The Company may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements (if applicable) of any securities exchange on which
the Notes may be listed and, upon such notice as may be required by such exchange, if, after written notice given by the Company to the Trustee of the proposed payment pursuant to this sentence, such manner of payment shall be deemed practicable by
the Trustee. 
  
 SECTION 2.14. CUSIP Number. 
  
 The Company in issuing the Notes may use a “CUSIP” number, and if
so, such CUSIP number shall be included in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number printed in the
notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any such CUSIP number used by the Company in connection with the
issuance of the Notes and of any change in the CUSIP number. 
  
 SECTION 2.15. Deposit of Moneys. 
  
 Prior to 10:00
a.m., New York City time, on each Interest Payment Date and Maturity Date, the Company shall have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date or
Maturity Date, as the case may be, in a timely manner which permits the Trustee to remit payment to the Holders on such Interest Payment Date or Maturity Date, as the case may be. The principal and interest on Global Notes shall be payable to the
Depository or its nominee, as the case may be, as the sole registered owner and the sole Holder of the Global Notes represented thereby. The principal and interest on Physical Notes shall be payable, either in person or by mail, at the office of the
Paying Agent. 
  
 SECTION 2.16. Book-Entry Provisions for Global
Notes. 
  
 (a) Rule 144A Notes shall be represented by one or
more Notes in registered, global form without interest coupons (collectively, the “Restricted Global Notes”). Regulation S Notes initially shall be represented by one or more Notes in registered, global form without interest coupons
(collectively, the “Regulation S Global Note,” and, together with the Restricted Global Note and any other global notes representing Notes, the “Global Notes”). The Global Notes shall bear legends as set forth in Exhibit D. The
Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of DTC or an Agent Member (or, in the case of the Regulation S Global Notes, of Euroclear System
(“Euroclear”) and Clearstream Banking Luxembourg (“Clearstream”)), (ii) be 
  

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 delivered to the Trustee as custodian for such Depository and (iii) bear legends as set forth in Exhibit B with respect
to Restricted Global Notes and Exhibit C with respect to Regulation S Global Notes. 
  
 Members of, or direct or indirect participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, or the
Trustee as its custodian, or under the Global Notes, and the Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization (which may be in electronic form) furnished by the Depository
or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
  

(b) Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees.
Interests of beneficial owners in the Global Notes may be transferred or exchanged for Physical Notes in accordance with the rules and procedures of the Depository and the provisions of Section 2.17. In addition, a Global Note shall be exchangeable
for Physical Notes if (i) the Depository (x) notifies the Company that it is unwilling or unable to continue as depository for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and with respect to (x) or
(y) the Company thereupon fails to appoint a successor depository within 90 days of such notice or cessation, (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of such Physical Notes in exchange
for any or all of the Notes represented by the Global Notes or (iii) there shall have occurred and be continuing an Event of Default with respect to the Notes. In all cases, Physical Notes delivered in exchange for any Global Note or beneficial
interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository (in accordance with its customary procedures). 
  
 (c) In connection with any transfer or exchange of a portion of the beneficial interest in any Global Note to beneficial
owners pursuant to paragraph (b), the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of
the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall upon receipt of a written order from the Company authenticate and make available for delivery, one or more Physical Notes of like
tenor and amount. 
  
 (d) In connection with the transfer of
Global Notes as an entirety to beneficial owners pursuant to paragraph (b), the Global Notes shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each
beneficial owner identified by the Depository in writing in exchange for its beneficial interest in the Global Notes, an equal aggregate principal amount of Physical Notes of authorized denominations. 
  
 (e) Any Physical Note constituting a Restricted Note delivered in exchange
for an interest in a Global Note pursuant to paragraph (b), (c) or (d) shall, except as otherwise provided by paragraphs (a) and (c) of Section 2.17, bear the Private Placement Legend or, in the case of the Regulation S Global Note, the legend set
forth in Exhibit C, in each case, unless the Company determine otherwise in compliance with applicable law. 
  
 (f) Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in 
  

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 another Global Note shall, upon transfer, cease to be an interest in such Global Note and become an interest in such
other Global Note and, accordingly, shall thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 
  
 (g) The Holder of any Global Note may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
  
 SECTION 2.17. Special Transfer Provisions. 
  
 (a) Transfers to QIBs. The following provisions shall apply with respect to the registration or any proposed registration of
transfer of a Note constituting a Restricted Note to a QIB (excluding transfers to Non-U.S. Persons): 
  
 (1) the Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for
on such Holder’s Note stating, or to a transferee who has advised the Company and the Registrar in writing, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that
it and any such account is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as it has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; and 
  
 (2) if the proposed transferee is an Agent Member, and the
Notes to be transferred consist of Physical Notes which after transfer are to be evidenced by an interest in the Global Note, upon receipt by the Registrar of instructions given in accordance with the Depository’s and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note in an amount equal to the principal amount of the Physical Notes to be transferred, and the Trustee shall cancel the
Physical Notes so transferred. 
  
 (b) Transfers to Non-QIB,
Institutional Accredited Investors and Non-U.S. Persons. The following provisions shall apply with respect to the registration of any proposed transfer of a Note constituting a Restricted Note to any Institutional Accredited Investor which is not a
QIB or to any Non-U.S. Person: 
  
 (1) the
Registrar shall register the transfer of any Note constituting a Restricted Note whether or not such Note bears the Private Placement Legend, if (x) the requested transfer is after the second anniversary of the Issue Date (provided, however, that
neither the Company nor any Affiliate of the Company has held any beneficial interest in such Note, or portion thereof, at any time on or prior to the second anniversary of the Issue Date) or (y)(1) in the case of a transfer to an Institutional
Accredited Investor which is not a QIB (excluding Non- U.S. Persons), the proposed transferee has delivered to the Registrar a certificate substantially in the form of Exhibit G hereto and any legal opinions and certifications required thereby or
(2) in the case of a transfer to a Non-U.S. Person, the proposed transferor has delivered to the Registrar a certificate substantially in the form of Exhibit E hereto; 
  

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 (2) if the proposed transferor is a Participant holding a beneficial interest in the
Global Note, upon receipt by the Registrar of (x) the certificate, if any, required by Section 2.17(b)(i) and (y) written instructions given in accordance with the Depositary’s and the Registrar’s procedures; whereupon (a) the Registrar
shall reflect on its books and records the date and (if the transfer does not involve a transfer of outstanding Physical Notes) a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial
interest in the Global Note to be transferred and (b) the Company shall execute and the Trustee shall authenticate and deliver, one or more Physical Notes of like tenor and amount; and 
  
 (3) in the case of a transfer to a Non-U.S. Person, if the proposed transferee is a Participant, and the
Notes to be transferred consist of Physical Notes which after transfer are to be evidenced by an interest in a Regulation S Global Note, upon receipt by the Registrar of written instructions given in accordance with the Depositary’s and the
Registrar’s procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount of such Regulation S Global Note in an amount equal to the principal amount of Physical Notes to be transferred, and
the Trustee shall cancel the Physical Notes so transferred. 
  
 (c) Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes not bearing the Private Placement Legend, the Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the
registration of transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless (i) there is delivered to the Registrar an Opinion of Counsel
reasonably satisfactory to the Company and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act or (ii) such Note has been
sold pursuant to an effective registration statement under the Securities Act and the Registrar has received an Officers’ Certificate from the Company to such effect or (iii) the requested transfer is after the second anniversary of the Issue
Date (provided, however, that neither the Company nor an Affiliate of the Company has held any beneficial interest in such Note or portion thereof at any time since the Issue Date). 
  
 (d) General. By its acceptance of any Note bearing the Private Placement Legend, each Holder of such Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only as provided in this Indenture. 
  
 (e) Certain Transfers in Connection with and After the Exchange Offer Under the Registration Rights Agreement.
Notwithstanding any other provision of this Indenture: 
  
 (1) no Exchange Securities may be exchanged by the Holder thereof for a Note issued on the Issue Date; 
  
 (2) accrued and unpaid interest on the Notes issued on the Issue Date being exchanged in the Exchange Offer shall be due and payable on
the next Interest Payment Date for the Exchange Securities following the Exchange Offer and shall be paid to the Holder on the relevant record date of the Exchange Securities issued in respect of the Note issued on the Issue Date being exchanged;
and 
  
 (3) interest on the Note issued on the
Issue Date being exchanged in the Exchange Offer shall cease to accrue on the date of completion of the Exchange Offer and interest on the Exchange Securities to be issued 
  

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 in the Exchange Offer shall accrue from the date of the completion of the Exchange Offer. 
  
 The Registrar shall retain for a period of two years copies of all letters,
notices and other written communications received pursuant to Section 2.16 or this Section 2.17. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time during
normal business hours and upon the giving of reasonable notice to the Registrar. 
  
 SECTION 2.18. Computation of Interest. 
  
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. For purposes of the Interest Act (Canada), whenever any interest or fee is calculated using a rate based on a number of days less than a full
year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee
is payable (or compounded) ends, and (z) divided by the number of days based on which such rate is calculated. 
  
 ARTICLE THREE 
  
 REDEMPTION 
  
 SECTION 3.01. Election To Redeem; Notices
to Trustee. 
  
 If the Company elects to redeem Notes pursuant to
paragraph 5 of the Notes, at least 45 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee) but not more than 60 days before the Redemption Date, the Company shall notify the Trustee in writing of
the Redemption Date, the principal amount of Notes to be redeemed and the redemption price, and deliver to the Trustee, no later than two Business Days prior to the Redemption Date, an Officers’ Certificate stating that such redemption will
comply with the conditions contained in paragraph 5 of the Notes. Notice given to the Trustee pursuant to this Section 3.01 may not be revoked after the time that notice is given to Holders pursuant to Section 3.03. 
  
 SECTION 3.02. Selection by Trustee of Notes To Be Redeemed. 
  
 The Trustee shall select the Notes to be redeemed on a pro rata basis (with
such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $1,000, or integral multiples thereof, shall be purchased). The Trustee shall promptly notify the Company of the Notes selected for redemption and,
in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. The Trustee may select for redemption portions of the principal of the Notes that have denominations larger than $1,000. For redemptions pursuant
to paragraph 5 of the Notes, Notes and portions thereof that the Trustee selects shall be redeemed in amounts of $1,000 or whole multiples of $1,000. For all purposes of this Indenture unless the context otherwise requires, provisions of this
Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. In the event the Company is requested to make a Change of Control Offer or Offer to Purchase and the amounts available for any such offer is
not evenly divisible by $1,000, the Trustee shall promptly refund to the Company any remaining funds, which in no event shall exceed $1,000. 
  
 SECTION 3.03. Notice of Redemption. 
  
 At least 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-
class mail to each Holder of Notes to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar pursuant to Section 2.04. 
  

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

  
 (a) the Redemption Date; 
  
 (b) the appropriate calculation of the redemption price;

  
 (c) if fewer than all outstanding Notes are
to be redeemed, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date and upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued; 

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

 
 (e) that Notes called for redemption must be surrendered
to the Paying Agent to collect the redemption price; 
  
 (f) that unless the Company defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 
  
 (g) which subsection of paragraph 5 of the Notes is the provision of the Notes pursuant to which the
redemption is occurring; and 
  
 (h) the
aggregate principal amount of Notes that are being redeemed. 
  
 At the Company’s written request made at least five Business Days prior to the date on which notice is to be given, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense.

  
 SECTION 3.04. Effect of Notice of Redemption. 
  
 Once the notice of redemption described in Section 3.03 is mailed, Notes
called for redemption become due and payable on the Redemption Date and at the redemption price, including any premium, plus interest accrued to the Redemption Date. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption
price, including any premium, plus interest accrued to the Redemption Date; provided that if the Redemption Date is after a regular record date and on or prior to the Interest Payment Date, the accrued interest shall be payable to the Holder of the
redeemed Notes registered on the relevant record date; and provided, further, that if a Redemption Date is a Legal Holiday, payment shall be made on the next succeeding Business Day and no interest shall accrue for the period from such Redemption
Date to such succeeding Business Day. Such notice, if mailed in the manner provided in Section 3.03 shall be conclusively presumed to have been given whether or not the Holder receives such notice. 
  
 SECTION 3.05. Deposit of Redemption Price. 
  
 On or prior to 10:00 a.m., New York City time, on each Redemption Date, the
Company shall deposit with the Paying Agent in immediately available funds money sufficient to pay the redemption price of, including premium, if any, and accrued interest on all Notes to be redeemed on that date other than Notes or portions thereof
called for redemption on that date which have been delivered by the Company to the Trustee for cancellation. 
  
 On and after any Redemption Date, if money sufficient to pay the redemption price of, including premium, if any, and accrued interest on, the Notes called
for redemption shall have been made available in accordance with the immediately preceding paragraph, the Notes called for redemption will cease 
  

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 to accrue interest and the only right of the Holders of such Notes will be to receive payment of the redemption price of
and, subject to the first proviso in Section 3.04, accrued and unpaid interest on such Notes to the Redemption Date. If any Note surrendered for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption
payment is made, on the unpaid principal of the Note and any interest not paid on such unpaid principal, in each case at the rate and in the manner provided in the Notes. 
  
 SECTION 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the
Holder thereof a new Note equal in principal amount to the unredeemed portion of the original Note in the name of the Holder upon cancellation of the original Note surrendered except that if a Global Note is so surrendered, the Company shall execute
and the Trustee shall authenticate and deliver to the Depository, a new Global Note in denomination equal to and in exchange for the unredeemed portion of the principal of the Global Note so surrendered. 
  
 SECTION 3.07. Other Mandatory Redemption. 
  
 The Company is not required to make mandatory redemption or sinking fund
payments with respect to the Notes. Under certain circumstances, the Company may be required to offer to purchase Notes as described under Section 4.08 and Section 4.12. The Company may, at any time and from time to time, purchase Notes in the open
market or otherwise. 
  
 ARTICLE FOUR 
  
 COVENANTS 
  
 SECTION 4.01. Payment of Notes. 
  
 The Company shall pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. An installment of principal
or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay such installment. 
  
 The Company shall pay interest on overdue principal (including post- petition interest in a proceeding under any Bankruptcy
Law), and overdue interest, to the extent lawful, at the rate specified in the Notes. 
  
 SECTION 4.02. Maintenance of Office or Agency. 
  
 (a) The Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be presented or surrendered for payment, where Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company or any Guarantor in respect of the Notes, the Note Guarantees and this Indenture may be served. The Company shall give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee and the Company and each Guarantor hereby appoint the Trustee as their agent to receive all such presentations, surrenders, notices and
demands. 
  
 (b) The Company 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

  

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 relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York
for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 (c) The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in
accordance with Section 2.04. 
  
 SECTION 4.03. Legal Existence.

  
 Subject to Article Five, the Company and the Guarantors shall
do or cause to be done all things necessary to preserve and keep in full force and effect their legal existence, and the corporate, partnership or other existence of each Restricted Subsidiary, in accordance with the respective organizational
documents (as the same may be amended from time to time) of each Restricted Subsidiary and the material rights (charter and statutory), and franchises of the Company, the Guarantors and the Restricted Subsidiaries; provided that the Company and the
Guarantors shall not be required to preserve any such right, franchise or (except in the case of the Company or Parent) the corporate, partnership or other existence of Parent or any of its Restricted Subsidiaries if Company and Parent, in good
faith, shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company, the Guarantors and their Restricted Subsidiaries taken as a whole. 
  
 SECTION 4.04. Maintenance of Properties; Insurance; Compliance with Law.

  
 (a) The Company and the Guarantors shall, and shall cause
each of its Restricted Subsidiaries to, at all times cause all material properties used or useful in the conduct of their respective businesses to be maintained and kept in good condition, repair and working order (reasonable wear and tear excepted)
and supplied with all necessary equipment, and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company and Parent may be necessary so that the business carried
on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 4.04(a) shall prevent the Company, the Guarantors or any of its Restricted Subsidiaries from discontinuing the
operation or maintenance of any of such properties if such discontinuance is, in the reasonable judgment of the Company and Parent, desirable in the conduct of the business of the Company, the Guarantors and their Subsidiaries taken as a whole and
not adverse in any material respect to the Holders. 
  
 (b) The
Company and the Guarantors shall, and shall cause each of their Restricted Subsidiaries to, keep at all times all of their material properties which are of an insurable nature insured against such loss or damage with insurers believed by Company and
Parent to be responsible to the extent that Property of a similar character is usually so insured by corporations similarly situated and owning like Properties in accordance with good business practice. Subject to the proviso in Section 4.04(a), the
Company and the Guarantors shall, and shall cause each of their Restricted Subsidiaries to, use the proceeds from any such insurance policy to repair, replace or otherwise restore the Property to which such proceeds relate. 
  
 (c) The Company and the Guarantors shall, and shall cause each of their
Restricted Subsidiaries to comply with all statutes, laws, ordinances or government rules and regulations to which they are subject, the non-compliance with which would materially adversely affect the business, financial condition or results of
operations of the Company, the Guarantors and their Restricted Subsidiaries taken as a whole. 
  

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 SECTION 4.05. Waiver of Stay, Extension or Usury Laws. 
  
 The Company and each of the Guarantors covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law which may affect the
covenants or the performance of this Indenture; and (to the extent that they may lawfully do so) each of the Company and the Guarantors hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 SECTION 4.06. Compliance Certificate. 
  
 (a) The Company and Parent shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company
and Parent, commencing with the Company’s and Parent’s fiscal year ending December 31, 2004 an Officers’ Certificate of each of the Company and Parent, one of the signers of each of which shall be the principal executive officer,
principal financial officer or principal accounting officer of each of the Company and Parent, as the case may be, stating whether or not to the best knowledge of the signers thereof the Company, the Guarantors and any Restricted Subsidiary is in
default in the performance and observance of any of the terms, provisions and conditions of Section 5.01 or Sections 4.01 to 4.22, inclusive, and if the Company or Parent shall be in default, specifying all such defaults, the nature and status
thereof of which they may have knowledge and what action the Company and the Guarantors are taking or propose to take with respect thereto. Such determination shall be made without regard to notice requirements or periods of grace. 
  
 (b) The Company and Parent shall deliver to the Trustee, as soon as possible
and in any event no later than 10 Business Days after the Company or Parent becomes aware or should reasonably become aware of the occurrence of a Default or an Event of Default or an event which, with notice or the lapse of time or both, would
constitute a Default or Event of Default, an Officers’ Certificate setting forth the details of such Default or Event of Default, and the action which the Company or the Guarantors are taking or propose to take with respect to such Default or
Event of Default. 
  
 (c) The Company and Parent shall deliver to
the Trustee, within 120 days after the end of each fiscal year, a written statement by the Company’s and Parent’s independent public accountants stating whether, in connection with their audit of the Company’s and Parent’s
financial statements, any event which would constitute an Event of Default as defined herein insofar as they relate to accounting matters has come to their attention and, if such an Event of Default has come to their attention, specifying the nature
and period of the existence thereof. 
  
 SECTION 4.07. Payment of
Taxes and Other Claims. 
  
 The Company and the Guarantors shall,
and shall cause each of its Restricted Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes, assessments and governmental charges levied or imposed upon the Company, the
Guarantors or any of their Subsidiaries or upon the income, profits, capital or Property of the Company, the Guarantors or any of their Subsidiaries, and (2) all material lawful claims for labor, materials and supplies which, if unpaid, might by law
become a lien upon the Property of the Company and the Guarantors or any of their Subsidiaries; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim
whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 
  

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 SECTION 4.08. Repurchase at the Option of Holders upon Change of Control. 
  
 (a) Upon the occurrence of a Change of Control, each Holder of Notes will
have the right to require the Company to repurchase all or any part of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at a purchase price equal to 101% of the aggregate principal amount
thereof, plus accrued and unpaid interest, if any, to the purchase date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) (the “Change of Control Purchase
Price”); provided, however, that notwithstanding the occurrence of a Change of Control, the Company shall not be obligated to purchase the Notes pursuant to this Section 4.08 in the event that it has mailed the notice to exercise its right to
redeem all the Notes under the terms of paragraph 5 of the Notes at any time prior to the requirement to consummate the Change of Control Offer and redeems the Notes in accordance with such notice. 
  
 (b) Within 30 days following any Change of Control, or, at the Company’s
option, prior to the consummation of such Change of Control but after it is publicly announced, the Company shall send, by first-class mail, with a copy to the Trustee, to each Holder of Notes, at such Holder’s address appearing in the Note
register, a notice stating: 
  
 (1) that a Change
of Control has occurred or will occur and a Change of Control Offer is being made pursuant to this Section 4.08 and that all Notes timely tendered will be accepted for payment; 
  
 (2) the Change of Control Purchase Price and the purchase date (the “Change of Control Payment
Date”), which shall be, subject to any contrary requirements of applicable law, a Business Day and a point in time occurring after the consummation of the Change of Control and not later than 60 days from the date such notice is mailed;

  
 (3) the circumstances and relevant facts
regarding the Change of Control; 
  
 (4) if the
notice is mailed prior to a Change of Control, that the Change of Control Offer is conditioned on the Change of Control occurring and Notes will not be accepted for payment unless and until the Change of Control is consummated; and 
  
 (5) the procedures that Holders of Notes must follow in
order to tender their Notes (or portions thereof) for payment, and the procedures that Holders of Notes must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 
  
 Holders electing to have a Note purchased shall be required to surrender the
Note, with an appropriate form duly completed, to the Company or its agent at the address specified in the notice at least three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election if the
Trustee or the Company receives, not later than one Business Day prior to the Change of Control Payment Date, a telegram, telex, facsimile transmission, electronic mail or letter setting forth the name of the Holder, the principal amount of the Note
that was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. 
  
 (c) Prior to the mailing of the notice referred to above, but in any event within 30 days following any Change of Control, the Company covenants to:

  
 (1) repay in full all Obligations, and
terminate all commitments, 

  

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under the Credit Agreement and all other Senior Debt the terms of which require repayment upon a Change of Control or offer to repay in full all Obligations,
and terminate all commitments, under the Credit Agreement and all other such Senior Debt and to repay the Obligations owed to (and terminate the commitments of) each lender that has accepted such offer; or 
  
 (2) obtain the requisite consents under the Credit Agreement
and all other such Senior Debt to permit the repurchase of the Notes as provided above. 
  
 The Company shall first comply with the covenant contained in the preceding sentence before it shall be required to either repurchase Notes or send the notice pursuant to the provisions described above. The
Company’s failure to comply with the covenant described in the second preceding sentence (and any failure to send the notice referred to in Section 4.08(b) as a result of the prohibition in the second preceding sentence) may (with notice and
lapse of time) constitute an Event of Default described in Section 6.01(3) but shall not constitute an Event of Default described in Section 6.01(2). 
  
 (d) On or prior to the Change of Control Payment Date, the Company shall irrevocably deposit with the Trustee or with the Paying Agent (or, if the Company
or any of its Subsidiaries is acting as the Paying Agent, segregate and hold in trust) in cash an amount equal to the Change of Control Purchase Price payable to the Holders entitled thereto, to be held for payment in accordance with this Section
4.08. On the Change of Control Payment Date, the Company or its Agent shall deliver to the Trustee the Notes or portions thereof that have been properly tendered to and are to be accepted by the Company for payment. 
  
 (e) The Trustee or the Paying Agent shall, on the Change of Control Payment
Date, mail or deliver payment to each tendering Holder of the Change of Control Purchase Price. In the event that the aggregate Change of Control Purchase Price is less than the amount delivered by the Company to the Trustee or the Paying Agent, the
Trustee or the Paying Agent, as the case may be, shall deliver the excess to the Company immediately after the Change of Control Payment Date. 
  
 (f) The Company will comply, to the extent applicable, with the requirements of Section 14(e) and Rule l4e-1 of the Exchange Act and any other applicable
securities laws or regulations in connection with the repurchase of Notes pursuant to a Change of Control Offer, including any applicable securities laws of the United States. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Section 4.08, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.08 by virtue of such compliance with these
securities laws or regulations. 
  
 (g) The Company will not be
required to make a Change of Control Offer upon a Change of Control if another entity makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.08 applicable to a
Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer. 
  
 SECTION 4.09. Limitation on Debt. 
  
 (a) The Company and the Guarantors will not, and none of them will permit any Restricted Subsidiary to, Incur any Debt; provided, however, that the
Company or any Guarantor may Incur Debt if the Parent’s Fixed Charge Coverage Ratio for the most recently ended four fiscal quarters for which financial statements have been filed with the Commission or delivered to the Trustee pursuant to
Section 4.17 immediately preceding the date on which 
  

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 such Debt is incurred would have been at least 2.00 to 1.00, determined on a pro forma basis (including pro forma
application of the net proceeds therefrom for such four-quarter period), as if the additional Debt (including Acquired Debt) had been incurred at the beginning of such four-quarter period, with any letters of credit and bankers’ acceptances
being deemed to have an aggregate principal amount of Debt equal to the maximum amount available thereunder and with revolving credit facility being deemed to be utilized only to the extent of amounts outstanding thereunder. 
  
 (b) Notwithstanding the immediately preceding paragraph, any or all of the
following Debt (collectively, “Permitted Debt”) may be Incurred at any time and without compliance with the immediately preceding paragraph: 
  
 (1) Debt of the Company or any Guarantor under a Credit Facility; provided that the aggregate principal amount of all such Debt under
Credit Facilities shall not exceed the greater of (x) $275 million at any time outstanding less (i) the amount of any permanent mandatory repayments of principal of term loans made under a Credit Facility and (ii) the amount of any permanent
mandatory repayments of principal of revolving loans made under a Credit Facility which was incurred under this clause (1) which are accompanied by a corresponding permanent commitment reduction, in each case under clauses (i) and (ii) which are
made with Net Available Cash from Asset Sales as required as a result of a sale of assets and (y) the sum of (a) 60% of the book value of the inventory of the Parent and its Restricted Subsidiaries and (b) 85% of the book value of the accounts
receivable of the Parent and its Restricted Subsidiaries; 
  
 (2) the Notes (excluding any Additional Notes) and related Note Guarantees and any Notes and related Note Guarantees issued in exchange for the Notes (excluding any Additional Notes) and related Note Guarantees
pursuant to the Registration Rights Agreement; 
  
 (3) Debt of the Parent, the Company or any Restricted Subsidiary in respect of Capital Lease Obligations and Purchase Money Debt, provided that: 
  
 (i) the aggregate principal amount of such Debt (other than Permitted Refinancing Debt) secured thereby does not exceed the Fair Market
Value (on the date of the Incurrence thereof) of the Property acquired, constructed or leased, and 
  
 (ii) the aggregate principal amount of all Debt Incurred and then outstanding pursuant to this Section 4.09(b)(3) and Permitted
Refinancing of Debt Incurred and then outstanding in respect of Debt previously incurred pursuant to this Section 4.09(b)(3) does not exceed $25.0 million; 
  
 (4) Debt (1) of the Company owing to and held by Parent or any Restricted Subsidiary, (2) of a Restricted Subsidiary owing to and held by
Parent, the Company or any other Restricted Subsidiary and (3) of Parent owing to and held by the Company or any Restricted Subsidiary; provided, however, that any subsequent issue or transfer of Capital Stock or other event that results in any such
Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Debt (except to Parent, the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Debt by the issuer
thereof not permitted by this Section 4.09(b)(4); 
  
 (5) Debt Incurred and outstanding on or prior to the date on which such Person was acquired by Parent, the Company or any Restricted Subsidiary or assumed by Parent, the Company or any Restricted Subsidiary at the time of acquisition of all
or any portion of the assets (or any business or product line of another Person) (other than Debt Incurred 

  

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in connection with or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions
pursuant to which such Subsidiary became a Restricted Subsidiary or was acquired by Parent or the Company); provided, however, that the aggregate principal amount of all the Debt Incurred and then outstanding pursuant to this Section 4.09(b)(5) and
Permitted Refinancing of Debt Incurred and then outstanding pursuant to this Section 4.09(b)(5) does not exceed $25.0 million; 
  
 (6) Debt under Interest Rate Agreements entered into by Parent, the Company, a Guarantor or a Restricted Subsidiary in the ordinary course
of its financial management and not for speculative purposes; 
  
 (7) Debt under Currency Exchange Protection Agreements entered into by Parent, Company, a Guarantor or a Restricted Subsidiary in the ordinary course of their financial management and not for speculative purposes;

  
 (8) Debt under Commodity Price Protection
Agreements entered into by Parent, the Company, a Guarantor or a Restricted Subsidiary in the ordinary course of its financial management and not for speculative purposes; 
  
 (9) Debt of Parent, the Company, a Guarantor or any Restricted Subsidiary in connection with (a) one or more
letters of credit issued for their account in the ordinary course of business with respect to trade payables relating to the purchase of materials by such Persons and (b) other letters of credit, surety, performance, appeal or similar bonds,
banker’s acceptances, completion guarantees or similar instruments issued in the ordinary course of business of Parent, the Company, a Guarantor or a Restricted Subsidiary, including letters of credit or similar instruments pursuant to
self-insurance and workers’ compensation obligations; provided that upon the drawing of such letters of credit or other instrument, such obligations are reimbursed within 30 days following such drawing; provided, further, that with respect to
clauses (a) and (b) above, such Debt is not in connection with the borrowing of money or the obtaining of advances; 
  
 (10) Debt of Parent, the Company, a Guarantor or a Restricted Subsidiary arising from netting services, the honoring by a bank or other
financial institution of a check, draft or similar instrument written in the ordinary course of business and drawn against insufficient funds; provided that such Debt remains outstanding for seven Business Days or less; 
  
 (11) Debt of Parent, the Company, a Guarantor, or any
Restricted Subsidiary arising from agreements for indemnification, purchase price adjustment obligations and earn-outs or other similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any Property
and including by way of merger or consolidation; provided that the maximum assumable liability in respect of all such obligations shall at no time exceed the gross proceeds actually received by Parent, the Company, a Guarantor, and any Restricted
Subsidiaries, including the Fair Market Value of non-cash proceeds; 
  
 (12) Debt of Parent, the Company or a Guarantor consisting of a Guarantee of, or a Lien securing, Debt of Parent, the Company or a Guarantor; provided that such Debt constitutes Debt that is permitted to be Incurred
pursuant to this Section 4.09, but subject to compliance with the other provisions described under Article Four; 
  
 (13) Debt of Parent, the Company, a Guarantor or any Restricted Subsidiary that was outstanding on the Issue Date and is not otherwise


  

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described in Sections 4.09(b)(1) through (12) above or Section 4.09(b)(16) below; provided that in the case of Debt outstanding on the Issue Date consisting
of the Existing Senior Notes, on or prior to the Issue Date, either (a) an irrevocable notice of redemption shall have been mailed to all holders of the Existing Senior Notes in accordance with the respective indentures governing the Existing Senior
Notes or (b) waivers from all holders of the Existing Senior Notes shall have been received allowing for the redemption of the Existing Senior Notes on or before 30 days from the Issue Date and a notice of redemption relating thereto shall have been
mailed to the holders of the Existing Senior Notes; 
  
 (14) Guarantees in the ordinary course of business of the obligations of suppliers, customers, franchisers and licensees; 
  
 (15) Permitted Refinancing Debt; 
  
 (16) Debt of Foreign Restricted Subsidiaries to any Person other than Parent, the Company or a Guarantor in an aggregate principal amount
outstanding at any time not in excess of $5.0 million; and 
  
 (17) Debt of Parent, the Company, a Guarantor or any Restricted Subsidiary or the issuance of Disqualified Stock in a principal amount or liquidation value, as applicable, outstanding at any one time not to exceed
$25.0 million in the aggregate for all such Debt and Disqualified Stock (which Debt may, but need not, be incurred, in whole or in part, under a Credit Facility). 
  
 For the purposes of determining compliance with this Section 4.09, in the event that an item of Debt meets the criteria of
more than one of the types of Debt permitted by this covenant or is entitled to be Incurred pursuant to the first paragraph of Section 4.09(a), the Company in its sole discretion shall be permitted to classify on the date of its Incurrence, or later
reclassify, all or a portion of such item of Debt in any manner that complies with this Section 4.09; provided that all outstanding Debt under the Credit Agreement at the time of the Existing Senior Notes Redemption shall be deemed to have been
Incurred pursuant to Section 4.09(b). 
  
 Debt permitted by this
Section 4.09 need not be permitted solely by reference to one provision permitting such Debt but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.09 permitting such Debt. 
  
 For the purposes of determining any particular amount of Debt under this
covenant, (a) Guarantees, Liens, obligations with respect to letters of credit and other obligations supporting Debt otherwise included in the determination of a particular amount will not be included and (b) any Liens granted to the Holders of the
Notes that are permitted by Section 4.11 will not be treated as Debt. 
  
 For purposes of determining compliance with any dollar-denominated restriction on the Incurrence of Debt, with respect to any Debt which is denominated in a foreign currency, the dollar-equivalent principal amount of such Debt Incurred
pursuant thereto shall be calculated based on the relevant currency exchange rate in effect on the date that such Debt was Incurred, and any such foreign-denominated Debt may be Refinanced or replaced or subsequently Refinanced or replaced in an
amount equal to the dollar equivalent principal amount of such Debt on the date of such refinancing or replacement whether or not such amount is greater or less than the dollar-equivalent principal amount of the Debt on the date of initial
Incurrence. 
  
 If obligations in respect of letters of credit are
Incurred pursuant to the Credit Facility and are being treated as Incurred pursuant to Section 4.09(b)(1) and the letters of credit relate to other Debt, then such other Debt shall be deemed not Incurred. 
  

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 Neither the Company nor the Parent shall permit any Guarantor to Incur, directly or indirectly, any Debt
that is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Subordinated Debt or is expressly subordinated in right of payment to Senior Subordinated Debt. In addition, no Guarantor shall Guarantee, directly or
indirectly, any Debt of the Company that is subordinate or junior in right of payment to any Senior Debt unless such Guarantee is expressly subordinate in right of payment to, or ranks pari passu with, the Guarantee of such Guarantor. 
  
 SECTION 4.10. Limitation on Restricted Payments. 
  
 (a) Neither the Company nor any Guarantor shall make, and none of them shall
permit any Restricted Subsidiary to make, any Restricted Payment if at the time of, and after giving effect to, such proposed Restricted Payment, 
  
 (1) a Default or Event of Default shall have occurred and be continuing, 
  
 (2) the Company could not Incur at least $1.00 of additional Debt pursuant to Section 4.09(a), or

  
 (3) the aggregate amount of such Restricted
Payment and all other Restricted Payments declared or made since the Issue Date (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value) would exceed an amount equal to the sum of: 
  
 (i) 50% of the aggregate amount of Parent’s
Consolidated Net Income accrued on a cumulative basis during the period (treated as one accounting period) from the first day of the fiscal quarter in which the Issue Date occurs to the end of the most recent fiscal quarter ended prior to the date
of such proposed Restricted Payment for which financial statements are available pursuant to Section 4.17 (or if the aggregate amount of cumulative Parent’s Consolidated Net Income for such period shall be a deficit, minus 100% of such
deficit), plus 
  
 (ii) 100% of Capital Stock
Sale Proceeds and cash capital contributions to the Parent after the Issue Date by a Person who is not the Company, a Guarantor or a Restricted Subsidiary, plus (without duplication) 
  
 (iii) the aggregate net cash proceeds received by the Company, a Guarantor or a Restricted Subsidiary from
the issuance or sale after the Issue Date of convertible or exchangeable Debt or Disqualified Stock that has been converted into or exchanged for Capital Stock of the Parent (other than Disqualified Stock) together with the aggregate net cash
proceeds received by the Company, a Guarantor or a Restricted Subsidiary at the time of such conversion or exchange, but excluding: (x) any such Debt issued or sold to the Company, a Guarantor or a Restricted Subsidiary or an employee stock
ownership plan or trust established by the Company, a Guarantor or a Restricted Subsidiary for the benefit of its employees and (y) the aggregate amount of any cash or other Property distributed by the Company, a Guarantor or a Restricted Subsidiary
upon any such conversion or exchange, plus (without duplication) 
  
 (iv) an amount equal to the sum of: 
  
 A. the net reduction in Investments in any Person other than the Company, a Guarantor or a Restricted Subsidiary resulting from dividends, repayments of loans or advances, return of capital 
  

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 or other transfers, sales or liquidations of Property or any other disposition or repayment of such
Investments, in each case to the Company, a Guarantor or any Restricted Subsidiary from any Person (other than the Company, a Guarantor or a Restricted Subsidiary), less the cost of the disposition of such Investments; and 
  
 B. the Fair Market Value of the Investment of the Company,
the Guarantors, and the Restricted Subsidiaries in an Unrestricted Subsidiary or other Person at the time such Unrestricted Subsidiary or other Person is designated a Restricted Subsidiary; provided, however, that the sum of (A) and (B) described in
this Section 4.10(a)(3)(iv) shall not exceed the sum of the amount of Investments made prior to the date of determination (and treated as a Restricted Payment) by the Company, the Guarantors, or any Restricted Subsidiary in such Person, plus

  
 (v) $5.0 million. 
  
 (b) Notwithstanding the foregoing limitation, the Company or any Guarantor
may: 
  
 (1) pay dividends on its Capital Stock
within 60 days of the declaration thereof if, on said declaration date, such dividends could have been paid in compliance with this Indenture (such dividend to be included in the calculation of the amount of Restricted Payments at the time such
dividend is declared); 
  
 (2) purchase,
repurchase, redeem, legally defease, acquire or retire for value Capital Stock of Parent, or options, warrants or other rights to acquire Capital Stock of Parent, or Subordinated Obligations in exchange for, or out of the proceeds of the
substantially concurrent sale of Capital Stock of Parent (other than Disqualified Stock) or options, warrants or other rights to acquire such Capital Stock (other than any such Capital Stock (or options, warrants or other rights to acquire such
Capital Stock) issued or sold to the Company, a Guarantor or a Restricted Subsidiary or an employee stock ownership plan or trust established by the Company, a Guarantor or any Restricted Subsidiary for the benefit of its employees and except to the
extent that any purchase made pursuant to such issuance or sale is financed by the Company, a Guarantor or any Restricted Subsidiary) or a capital contribution to the Parent from a person other than the Company, a Guarantor or a Restricted
Subsidiary; provided, however, that such purchase, repurchase, redemption, legal defeasance, acquisition or retirement shall not be included in the calculation of the amount of Restricted Payments and the Capital Stock Sale Proceeds from such
exchange or sale shall not be included in the calculation pursuant to Section 4.10(a)(3)(ii); 
  
 (3) purchase, repurchase, redeem, legally defease, acquire or retire for value any Subordinated Obligations of the Company or any
Guarantor in exchange for, or out of the proceeds of the substantially concurrent sale of, Permitted Refinancing Debt; provided that such purchase, repurchase, redemption, legal defeasance, acquisition or retirement shall not be included in the
calculation of the amount of Restricted Payments; 
  
 (4) so long as no Default has occurred and is continuing, repurchase or otherwise acquire shares of, or options to purchase shares of, Capital Stock of the Company or a Guarantor from their employees, former employees, directors or former
directors, consultants or former consultants (or permitted transferees of such employees, former employees, directors or former directors or consultants or former consultants), pursuant to the terms of agreements (including, without limitation,
employment agreements) or plans or in each case amendments thereto approved by the Board of Directors of the Parent under which such 
  

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 individuals purchase or sell, or are granted the option to purchase or sell, shares of such Capital
Stock; provided that the aggregate amount of all such repurchases and other acquisitions and dividends shall not be limited) shall not exceed $2.0 million in any calendar year (any such amounts not used in a calendar year shall be available for use
in any subsequent year) plus the proceeds of any “key man” life insurance policies that are used to make such repurchases of shares owned by the “key man” or his estate; provided, further, that such repurchase or other
acquisition or dividend shall not be included in the calculation of the amount of Restricted Payments and the Capital Stock Sale Proceeds from such sales shall not be included in the calculation pursuant to Section 4.10(a)(3); 
  
 (5) make cash payments, in lieu of issuance of fractional
shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for the Capital Stock of the Company or a Guarantor; provided that any such payments and dividends shall not be included in the
calculation of the amount of Restricted Payments; 
  
 (6) repurchase Capital Stock to the extent such repurchase is deemed to occur upon a cashless exercise of stock options or warrants; provided that all such repurchases and dividends shall not be included in the calculation of the amount of
Restricted Payments and no proceeds in respect of the issuance of Capital Stock shall be deemed to have been received for the purposes of Section 4.10(a)(3)(ii); 
  
 (7) repurchase or redeem, for nominal consideration, preferred stock purchase rights issued in connection
with any shareholder rights plan of Parent; provided that any such payments shall not be included in the calculation of the amount of Restricted Payments; 
  
 (8) so long as no Default or Event of Default shall have occurred and be continuing, repurchase any Subordinated Obligations or
Disqualified Stock of the Company or a Guarantor at a purchase price not greater than 101% of the principal amount or liquidation preference of such Subordinated Obligation or Disqualified Stock plus accrued and unpaid interest or dividends, as
appropriate, in the event of a Change of Control pursuant to a provision similar to Section 4.08 in the documents governing such Subordinated Obligation or Disqualified Stock; provided that prior to consummating any such repurchase, the Company has
made the Change of Control Offer required by this Indenture and has repurchased all Notes validly tendered for payment in connection with such Change of Control Offer; provided, further, that such payments shall be included in the calculation of the
amount of Restricted Payments; 
  
 (9) so long as
no Default or Event of Default shall have occurred and be continuing, following an Asset Sale, to the extent permitted by Section 4.12, and using the Net Available Cash generated from such Asset Sale, repurchase any Subordinated Obligation or
Disqualified Stock of the Company or a Guarantor at a purchase price not greater than 100% of the principal amount or liquidation preference of such Subordinated Obligation or Disqualified Stock plus accrued and unpaid interest or dividends, as
appropriate, pursuant to a provision similar to Section 4.12 in the documents governing such Subordinated Obligation or Disqualified Stock; provided that prior to consummating any such repurchase, the Company has made the Prepayment Offer required
by this Indenture and has repurchased all Notes validly tendered for payment in connection with such Prepayment Offer; provided, further, that such payments shall be included in the calculation of the amount of Restricted Payments; and 

 
 (10) so long as no Default or Event of Default shall have
occurred and be continuing, make any other Restricted Payment which, together with all other Restricted Payments made pursuant to this Section 4.10(b)(10) 
  

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 since the Issue Date, does not exceed $25.0 million; provided that such payments shall be included in the
calculation of the amount of Restricted Payments. 
  
 The amount
of any non-cash Restricted Payment shall be deemed to be equal to the Fair Market Value thereof at the date of making such Restricted Payment. 
  
 SECTION 4.11. Limitation on Liens. 
  
 (a) Neither the Company nor any Guarantor shall, and none of them shall permit any Restricted Subsidiary to, Incur or suffer to exist any Lien (other than
Permitted Liens and Liens securing Senior Debt) upon any of its Property (including Capital Stock of the Company or a Restricted Subsidiary and intercompany notes), or any interest therein or any income or profits therefrom, unless: 
  
 (1) in the case of a Lien securing Subordinated Obligations,
the Notes and the related Note Guarantees are secured by a Lien on such Property or such interest therein or such income or profits therefrom that is senior in priority to the Lien securing such Subordinated Obligations for so long as such
Subordinated Obligations are so secured; and 
  
 (2) in the case of a Lien securing Senior Subordinated Debt, the Notes and the related Note Guarantees are equally and ratably secured by a Lien on such Property or such interest therein or profits therefrom for so long as such Senior
Subordinated Debt is so secured. 
  
 SECTION 4.12. Limitation on
Asset Sales. 
  
 (a) Neither the Company nor any Guarantor shall,
and none of them shall permit any Restricted Subsidiary to, consummate any Asset Sale unless: 
  
 (1) the Company, such Guarantor or such Restricted Subsidiary receives consideration at least equal to the Fair Market Value of the
Property subject to such Asset Sale; 
  
 (2) at
least 75% of the consideration paid to the Company, such Guarantor or such Restricted Subsidiary in connection with such Asset Sale is in the form of (A) cash or Temporary Cash Investments; (B) the assumption by the purchaser of liabilities of the
Company, a Guarantor or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Note Guarantee of such Guarantor) as a result of which the Company, the Guarantors, and the Restricted Subsidiaries
are no longer obligated with respect to such liabilities; (C) any securities, notes or other obligations received by the Company, a Guarantor or a Restricted Subsidiary from such transferee that are converted into cash (to the extent of the cash
received) within 90 days after receipt; (D) Properties to be used by the Company, a Guarantor or a Restricted Subsidiary in a Related Business or Capital Stock of an entity engaged in a Related Business so long as the receipt of such Capital Stock
is a Permitted Investment or otherwise complies with Section 4.10; or (E) a combination of the consideration specified in clauses (A) through (D); and 
  
 (3) the Company delivers an Officers’ Certificate to the Trustee certifying that such Asset Sale complies with the foregoing Sections
4.12(a)(1) and (2). 
  
 (b) The Net Available Cash (or any portion
thereof) from Asset Sales may be applied by the Company, a Guarantor or a Restricted Subsidiary, to the extent the Company, a Guarantor or a Restricted Subsidiary elects (or is required by the terms of any Debt): 
  

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 (1) to permanently prepay or permanently repay, repurchase or redeem any (i) Senior Debt
(including any Obligations under the Credit Facility), (ii) Debt which had been secured by the assets sold in the relevant Asset Sale and (iii) Debt of a Restricted Subsidiary that is not a Guarantor, provided such Asset Sale is by a Restricted
Subsidiary that is not a Guarantor; or 
  
 (2) to
reinvest in Additional Assets (including by means of an Investment in Additional Assets with Net Available Cash received by the Company, a Guarantor or a Restricted Subsidiary); or 
  
 (3) a combination of repayment and reinvestment permitted by the foregoing Sections 4.12(b)(1) and (2).

  
 (c) Pending the final application of the Net Available Cash
(or any portion thereof), the Company, a Guarantor or a Restricted Subsidiary may temporarily repay Senior Debt or otherwise invest such Net Available Cash in Temporary Cash Investments. 
  
 (d) Any Net Available Cash from an Asset Sale not applied in accordance with Section 4.12(b) within 365 days from the date
of the receipt of such Net Available Cash shall constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10 million, the Company will be required to make an offer to purchase (the “Prepayment Offer”)
the Notes and any other Debt of the Company outstanding on the date of the Prepayment Offer that is pari passu in right of payment with the Notes or a Note Guarantee and subject to terms and conditions in respect of Asset Sales similar in all
material respects to this Section 4.12 and requiring the Company to make an offer to purchase such Debt at substantially the same time as the Prepayment Offer, which offer shall be in the amount of the Excess Proceeds, on a pro rata basis according
to principal amount (with the offer to purchase Notes to be in an aggregate amount equal to the Allocable Excess Proceeds), at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the purchase
date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance with the procedures (including prorating in the event of over subscription) set forth herein.
To the extent that any portion of the amount of Net Available Cash remains after compliance with the preceding sentence, the Company, such Guarantor or such Restricted Subsidiary may use such remaining amount for any purpose not restricted by this
Indenture and the amount of Excess Proceeds will be reset to zero. 
  
 The term “Allocable Excess Proceeds” will mean the product of: 
  
 (a) the Excess Proceeds and 
  
 (b) a fraction, 
  
 (1) the numerator of
which is the aggregate principal amount of the Notes outstanding on the date of the Prepayment Offer, together with any accrued and unpaid interest, and 
  
 (2) the denominator of which is the sum of (A) the aggregate principal amount of the Notes outstanding on the date of the Prepayment
Offer, together with any accrued and unpaid interest, and (B) the aggregate principal amount of other Debt of the Company or a Guarantor outstanding on the date of the Prepayment Offer that is pari passu in right of payment with the Notes or a Note
Guarantee, as the case may be, and subject to terms and conditions in respect of Asset Sales similar in all material respects to this Section 4.12 and requiring the Company or a Guarantor to make an offer to purchase such Debt at substantially the

  

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 same time as the Prepayment Offer (subject to proration in the event that such amount is less than the
aggregate offer price of all Notes tendered). 
  
 (e) Within 15
Business Days after the Company is obligated to make a Prepayment Offer as described in Section 4.12(d), the Company shall send a written notice, by first-class mail, to the Holders of Notes with a copy to the Trustee, accompanied by such
information regarding the Company and the Guarantors as the Company in good faith believes will enable such Holders to make an informed decision with respect to such Prepayment Offer. Such notice shall state, among other things, the purchase price
and the purchase date (the “Purchase Date”), which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed. 
  
 (f) Not later than the date upon which written notice of a Prepayment Offer
is delivered to the Holders of the Notes as provided in Section 4.12(e), the Company shall deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Prepayment Offer to holders of Notes (the “Offer Amount”), (ii) the
allocation of the Net Available Cash from the Asset Sales pursuant to which such Prepayment Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.12(b). On or before the Purchase Date, the Company shall
also irrevocably deposit with the Trustee or with the Paying Agent (or, if the Company or a Wholly Owned Restricted Subsidiary is the Paying Agent, shall segregate and hold in trust) in Temporary Cash Investments (other than in those enumerated in
clause (b) of the definition of Temporary Cash Investments), maturing on the last day prior to the Purchase Date or on the Purchase Date if funds are immediately available by the opening of business, an amount equal to the Offer Amount to be held
for payment in accordance with the provisions of this Section 4.12. Upon the expiration of the period for which the Prepayment Offer remains open (the “Offer Period”), the Company shall deliver to the Trustee for cancellation the Notes or
portions thereof that have been properly tendered to and are to be accepted by the Company. The Trustee or the Paying Agent shall, on the Purchase Date, mail or deliver payment to each tendering Holder in the amount of the purchase price. In the
event that the aggregate purchase price of the Notes delivered by the Company to the Trustee is less than the Offer Amount, the Trustee or the Paying Agent shall deliver the excess to the Company immediately after the expiration of the Offer Period
for application in accordance with this Section 4.12. 
  
 (g)
Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Company or its agent at the address specified in the notice at least three Business Days prior to the Purchase Date.
Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the Purchase Date a telegram, telex, facsimile transmission, electronic mail or letter setting forth the name of the
Holder, the principal amount of the Note that was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. If at the expiration of the Offer Period the aggregate principal of
Notes surrendered by Holders exceeds the Offer Amount, the Company shall select the Notes to be purchased on pro rata basis for all Notes (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of
$1,000, or integral multiples thereof, shall be purchased). Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 
  
 (h) At the time the Company or its agent delivers Notes to the Trustee that
are to be accepted for purchase, the Company shall also deliver an Officers’ Certificate stating that such Notes are to be accepted by the Company pursuant to and in accordance with the terms of this Section 4.12. 
  

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 A Note shall be deemed to have been accepted for purchase at the time the Trustee or the Paying Agent mails or delivers
payment therefor to the surrendering Holder. 
  
 (i) The Company
will comply, to the extent applicable, with the requirements of Section 14(e) and Rule 14e-1 of the Exchange Act and any other applicable securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.12,
including any applicable securities laws of the United States. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.12, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under this Section 4.12 by virtue thereof. 
  
 SECTION 4.13. Limitation on Restrictions on Distributions from Restricted Subsidiaries. 
  
 (a) Neither the Company nor a Guarantor shall, and neither of them shall permit any Restricted Subsidiary to, create or
otherwise cause or suffer to exist any consensual restriction on the right of any Restricted Subsidiary to: 
  
 (1) pay dividends, in cash or otherwise, or make any other distributions on or in respect of its Capital Stock to the Company, a Guarantor
or any other Restricted Subsidiary, 
  
 (2) pay
any Debt or other obligation owed to the Company, a Guarantor or any other Restricted Subsidiary, 
  
 (3) make any loans or advances to the Company, a Guarantor or any other Restricted Subsidiary, or 
  
 (4) transfer any of its Property to the Company, a Guarantor
or any other Restricted Subsidiary. 
  
 (b) The foregoing
limitations will not apply: 
  
 (1) With respect
to Sections 4.13(a)(1), (2), (3) and (4), to restrictions which are: 
  
 (A) in effect on the Issue Date (as such restrictions may be amended from time to time, provided that any such amendment is not materially more restrictive as to such Restricted Subsidiary); 
  
 (B) imposed by the Notes or this Indenture, or by indentures
governing other Debt the Company or a Guarantor Incurs (and, if such Debt is Guaranteed, by the guarantors of such Debt) ranking on a parity with the Notes or the Note Guarantees, provided that the restrictions imposed by such indentures are no more
restrictive than the restrictions imposed by this Indenture; 
  
 (C) imposed by the Credit Agreement with respect to Debt permitted to be Incurred on or subsequent to the date of this Indenture (as such restrictions may be amended from time to time, provided that any such
restriction is not materially more restrictive as to such Restricted Subsidiary); 
  
 (D) relating to Debt of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary if such restriction was not created
in connection with or in anticipation of the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company or a Guarantor (as such restrictions may be amended
from time to time in a manner not materially more restrictive as to such Restricted Subsidiary); 
  

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 (E) that result from the Refinancing of Debt Incurred pursuant to an agreement referred
to in Section 4.13(b)(1)(A), (B) or (D) above; provided such restriction is no less favorable in any material respect to the Holders of the Notes than those under the agreement evidencing the Debt so Refinanced when taken as a whole; 
  
 (F) restrictions on cash or other deposits or net worth
imposed by leases or other agreements entered into in the ordinary course of business; 
  
 (G) any encumbrances or restrictions required by any foreign or governmental, local or regulatory authority having jurisdiction over the
Company, a Guarantor or any Restricted Subsidiary or any of their businesses in connection with any development grant made or other assistance provided to the Company, a Guarantor or any Restricted Subsidiary by such governmental authority;

  
 (H) customary provisions in joint venture or
similar agreements or other arrangements with minority investors in Restricted Subsidiaries and customary provisions in Debt incurred by Restricted Subsidiaries organized outside the United States and Canada; provided, however, that such encumbrance
or restriction is applicable only to such Restricted Subsidiary; and provided, further, that (i) the encumbrance or restriction is customary in comparable agreements and (ii) the Company determines that any such encumbrance or restriction will not
materially affect the ability of the Company to make any anticipated payments of principal or interest on the Notes; 
  
 (I) customary restrictions contained in asset sale, stock sale, merger and other similar agreements limiting the transfer, disposition or
distribution of such Property pending the closing of such sale, including any restriction imposed with respect to such Restricted Subsidiary pursuant to an agreement to dispose of all or substantially all the Capital Stock or assets of such
Restricted Subsidiary; 
  
 (J) customary
restrictions imposed on the transfer of copyrighted or patented materials or other intellectual property and customary provisions in agreements that restrict the assignment of such agreements or any rights thereunder or in leases governing leasehold
interests; 
  
 (K) any agreement for the sale or
other disposition of a Guarantor or a Restricted Subsidiary that restricts distributions of assets (including Capital Stock) by that Guarantor or that Restricted Subsidiary pending its sale or other disposition; 
  
 (L) restrictions on Debt Incurred by Foreign Restricted
Subsidiaries; provided that such restrictions are then customary for Debt of such type Incurred in such jurisdiction; or 
  
 (M) restrictions resulting from any U.S. or foreign law, rule, regulation or order applicable to the Company, a Guarantor or any
Restricted Subsidiary. 
  
 (2) With respect to
Section 4.13(a)(4) only, to restrictions: 
  
 (A)
relating to Debt that is permitted to be Incurred and secured without also securing the Notes pursuant to Section 4.11 
  

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 that limit the right of the debtor to dispose of the Property securing such Debt; 
  
 (B) encumbering Property at the time such Property was
acquired by the Company, a Guarantor or any Restricted Subsidiary, so long as such restrictions relate solely to the Property so acquired and were not created in connection with or in anticipation of such acquisition; 
  
 (C) resulting from customary provisions restricting
subletting or assignment of leases or customary provisions in other agreements that restrict assignment of such agreements or rights thereunder; 
  
 (D) imposed by virtue of any transfer of, agreement to transfer, option or right with respect to or Lien on any Property of the Company or
the relevant Guarantor or Restricted Subsidiary not otherwise prohibited by this Indenture; or 
  
 (E) imposed under any Purchase Money Debt or Capital Lease Obligation in the ordinary course of business with respect only to the Property
the subject thereof. 
  
 SECTION 4.14. Limitation on Transactions
with Affiliates. 
  
 (a) Neither the Company nor any Guarantor
shall, and neither of them shall permit any Restricted Subsidiary to, enter into or suffer to exis any transaction or series of related transactions (including the purchase, sale, transfer, assignment, lease, conveyance or exchange of any Property
or the rendering of any service) with, or for the benefit of, any Affiliate of the Company or of Parent (an “Affiliate Transaction”), unless: 
  
 (1) the terms of such Affiliate Transaction are no less favorable to the Company, such Guarantor or such Restricted Subsidiary, as the
case may be, than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company or of Parent, 
  
 (2) if such Affiliate Transaction involves aggregate payments or value in excess of $5.0 million, a majority
of the disinterested members of the Board of Directors of Parent or, if there is only one disinterested director, such disinterested director determines that such Affiliate Transaction complies with Section 4.14(a)(1) of this covenant as evidenced
in the minutes or other evidence of Board action, and 
  
 (3) if such Affiliate Transaction involves aggregate payments or value in excess of $20.0 million, the Company obtains a written opinion from an Independent Financial Advisor to the effect that the consideration to be paid or received in
connection with such Affiliate Transaction is fair, from a financial point of view, to the Company, such Guarantor or such Restricted Subsidiary, as applicable. 
  

(b) Notwithstanding the foregoing limitation, the Company, a Guarantor or any Restricted Subsidiary may make, engage in, enter into or suffer to exist
the following: 
  
 (1) any transaction or series
of related transactions between or among the Company, one or more Guarantors and/or one or more Restricted Subsidiaries or between or among two or more Guarantors or Restricted Subsidiaries; 
  
 (2) any Restricted Payment permitted to be made pursuant to
Section 4.10 or any Permitted Investment; 
  

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 (3) the payment of reasonable compensation (including awards or grants in cash,
securities or other payments) for the personal services of officers, directors, consultants and employees of the Company, any Guarantor or any Restricted Subsidiary in the ordinary course of business; 
  
 (4) entering into, or adoption or modification or amendment
to, or transaction or other arrangements or payments or reimbursements pursuant to employment agreements, collective bargaining agreements, employee benefit plans or arrangements for employees, officers or directors, including vacation plans, health
and life insurance plans, deferred compensation plans, directors’ and officers’ indemnification arrangements and retirement or savings plans, stock option, stock ownership and similar plans so long as the Board of Directors of Parent or a
committee thereof comprised of disinterested directors in good faith shall have approved the terms thereof; 
  
 (5) loans and advances to officers, directors or employees (or guarantees of third party loans to officers, directors or employees) made
in the ordinary course of business, provided that such loans and advances do not exceed $1.0 million in the aggregate at any one time outstanding; 
  
 (6) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of
business and otherwise in compliance with the terms of this Indenture, which are fair to the Company, the Guarantors or the Restricted Subsidiary, as the case may be, or are on terms no less favorable than might reasonably have been obtained at such
time from an unaffiliated party; provided that such transactions are approved by a majority of disinterested directors of the Board of Directors of Parent or, if there is only one disinterested director, such director; and 
  
 (7) transactions pursuant to any agreement as in effect on
the Issue Date as the same may be amended or replaced from time to time in any manner not materially less favorable to the Holders of the Notes. 
  
 SECTION 4.15. Designation of Restricted and Unrestricted Subsidiaries. 
  
 (a) By resolution of the Board of Directors of the Company and the Board of Directors of Parent, any Subsidiary (or entity
to become a Subsidiary) of Parent (other than the Company) may be designated to be an Unrestricted Subsidiary if: 
  
 (1) the Subsidiary (or entity to become a Subsidiary) to be so designated does not (directly, or indirectly through its Subsidiaries) own
any Capital Stock or Debt of, or own or hold any Lien on any Property of, the Company, a Guarantor or any Restricted Subsidiary and does not have any Debt other than Non-Recourse Debt, and 
  
 (2) the Company would be permitted under Section 4.10 to
make a Restricted Payment in an amount equal to the Fair Market Value of the Investment in such Subsidiary (or entity to become a Subsidiary). For the purposes of this provision, in the event the Fair Market Value of such assets exceeds $25.0
million, such Fair Market Value shall be determined by an Independent Financial Advisor. 
  
 Unless so designated as an Unrestricted Subsidiary, any Person that becomes a Subsidiary of Parent will be classified as a Restricted Subsidiary at the time it becomes a Subsidiary. If at any time an Unrestricted
Subsidiary ceases to satisfy clause (a)(1) above, unless the Company is then able to redesignate such Unrestricted Subsidiary as a Restricted Subsidiary in accordance with this Section 4.15, the Company shall be in default of this Section 4.15.

  

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 (b) Except as provided in this Section 4.15, and except as otherwise set forth in the definition of an
“Unrestricted Subsidiary,” no Restricted Subsidiary may be redesignated as an Unrestricted Subsidiary. In addition, neither the Company, a Guarantor nor any Restricted Subsidiary shall at any time be directly or indirectly liable for any
Debt that provides that the holder thereof may (with the passage of time or notice or both) declare a default thereon or cause the payment thereof to be accelerated or payable prior to its Stated Maturity upon the occurrence of a default with
respect to any Debt, Lien or other obligation of any Unrestricted Subsidiary (including any right to take enforcement action against such Unrestricted Subsidiary). 
  
 (c) By resolution of the Board of Directors of the Company and the Board of Directors of Parent, any Unrestricted Subsidiary
may be designated to be a Restricted Subsidiary if, immediately after giving pro forma effect to such designation, 
  
 (x) the Company could Incur at least $1.00 of additional Debt pursuant to Section 4.09(a), and 
  
 (y) no Default or Event of Default shall have occurred and
be continuing or would result therefrom. 
  
 (d) Any such
designation or redesignation will be evidenced to the Trustee by filing with the Trustee the Board Resolutions giving effect to such designation or redesignation and an Officers’ Certificate of the Company that: 
  
 (a) certifies that such designation or redesignation
complies with this Section 4.15, and 
  
 (b)
gives the effective date of such designation or redesignation, 
  
 such filing
with the Trustee to occur on or before the time financial statements are filed with the Commission or the Trustee pursuant to Section 4.17 in respect of the fiscal quarter in which such designation or redesignation is made (or, in the case of a
designation or redesignation made during the last fiscal quarter of the fiscal year, on or before the time financial statements in respect of such fiscal year are filed with the Commission or the Trustee pursuant to Section 4.17). 
  
 SECTION 4.16. Limitation on Company’s Business. 
  
 The Board of Directors and Officers of the Company will at all times be
comprised of persons who are members of the Board of Directors and/or Officers of Parent. Parent shall not, and shall not permit any Guarantor or Restricted Subsidiary to, engage in any business other than the business Parent is engaged in on the
Issue Date or a Related Business. 
  
 SECTION 4.17. Reports.

  
 Following the consummation of the Exchange Offer contemplated
by the Registration Rights Agreement, whether or not the Company or Parent is then subject to Section 13(a) or 15(d) of the Exchange Act, the Parent will electronically file with the Commission, so long as the Notes are outstanding, the annual
reports, quarterly reports and other reports that it would be required to file with the Commission pursuant to such Section 13(a) or 15(d) if the Parent were so subject, and such documents will be filed with the Commission on or prior to the
respective dates below (the “Required Filing Dates”) by which the Parent would be required so to file such documents if it were so subject, unless, in any case, such filings are not then permitted by the Commission. In any event, Parent
will file: 
  
 (a) within 90 days after the end
of each fiscal year (or such shorter period as the Commission may in the future prescribe), annual reports on Form 20-F or 40-F, as applicable (or any successor form) containing the information required to be contained therein (or required in such
successor form), provided, however, in any event, such reports shall include audited year-end consolidated financial statements (including a balance sheet, income statement, statement of changes of cash flow and a footnote with consolidating
condensed financial information, if necessary) prepared in accordance with GAAP with a reconciliation of such annual reports and such information, documents and other reports to accounting principles generally accepted in the United States, and

  

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 (b) either: 
  
 (1) within 45 days after the end of each of the first three fiscal quarters (or such shorter period as the
Commission may in the future prescribe) of each fiscal year, reports on Form 10-Q or 
  
 (2) within 45 days after the end of each of the first three fiscal quarters (or such shorter period as the Commission may in the future
prescribe) of each fiscal year, reports on Form 6-K (or any successor form), in the case of either clause (1) or (2) above, such reports shall include unaudited quarterly consolidated financial statements (including a balance sheet, income
statement, statement of changes of cash flows and a footnote with consolidating condensed financial information, if necessary) prepared in accordance with GAAP (in each case whether or not the Parent is required to file such forms under Canadian law
or stock exchange requirements); and 
  
 (3)
promptly from time to time after the occurrence of an event with respect to which Parent is required to file other reports on Form 6-K (or any successor or comparable form) containing the information required to be contained therein (or required in
any successor or comparable form); and 
  
 in the case of clauses (a) and (b)
above, regardless of applicable requirements, shall, at a minimum, contain a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the Parent’s consolidated financial condition and
results of operations. In addition, all financial statements, regardless of applicable requirements will, at a minimum, contain such information required to be provided in quarterly reports under the laws of Canada or any province, thereof to
security holders of a company with securities listed on The Toronto Stock Exchange. 
  
 If such filings with the Commission are not then permitted by the Commission, or such filings are not yet required in accordance with the above paragraph or are not generally available on the Internet free of charge,
the Company will, without charge to the Holders, within 15 days of each Required Filing Date, transmit by mail to Holders, as their names and addresses appear in the Note register, and file with the Trustee copies of the annual reports, quarterly
reports and other periodic reports that the Parent would be required to file with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act if it were subject to such Section 13(a) or 15(d) and, promptly upon written request, supply
copies of such documents to any prospective holder or beneficial owner at the Company’s or Parent’s cost. 
  
 So long as any of the Notes remain restricted under Rule 144, the Parent will make available upon request to any prospective purchaser of Notes or
beneficial owner of Notes in connection with any sale thereof the information required by Rule 144A(d)(4) under the Securities Act. 
  

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 Delivery of such reports, information and documents to the Trustee is for informational purposes only and
the Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 SECTION 4.18. Future Subsidiary Guarantors. 
  
 The Company or Parent shall cause (1) each Person that becomes a Wholly Owned Restricted Subsidiary organized in the United States or Canada following the Issue Date to execute and deliver to the Trustee a Note
Guarantee at the time such Person becomes a Wholly Owned Restricted Subsidiary and (2) each Restricted Subsidiary of Parent (whether in existence on the Issue Date or created or acquired thereafter), which has Guaranteed or which Guarantees any
other Debt of the Company, a Guarantor or any Restricted Subsidiary (except for Guarantees by Foreign Restricted Subsidiaries of obligations of another Foreign Restricted Subsidiary), to execute and deliver to the Trustee a Note Guarantee pursuant
to which such non-guarantor Restricted Subsidiary will Guarantee payment of our obligations under the Notes on the same terms and conditions as set forth in this Indenture. 
  
 The Note Guarantee of a Guarantor (other than Parent) will be released if: 
  
 (1) such Guarantor is designated as an Unrestricted
Subsidiary in accordance with the applicable provisions of the indenture; or 
  
 (2) in connection with the sale (including, by way of amalgamation, consolidation or merger) of that number of shares of Capital Stock of a Subsidiary Guarantor such that such Subsidiary Guarantor is no longer a
Subsidiary of Parent or another Restricted Subsidiary; provided that such sale complies with Section 4.12. 
  
 In addition, in the event a Subsidiary becomes a Guarantor after the Issue Date solely because it Guarantees other Debt, then upon the full and
unconditional release of the Guarantee of such other Debt (provided that the Trustee is given two Business Days’ written notice of such other release) and so long as the respective Subsidiary would not at such time be required to be a Guarantor
under clause (1) of the first paragraph of this covenant, such Guarantee of such Guarantor shall also be released. 
  
 If the Parent acquires or creates another entity having a direct or indirect ownership interest of the Company after the Issue Date, then the newly
acquired or created entity will become a Guarantor. 
  
 SECTION
4.19. Limitation on the Sale or Issuance of Capital Stock of the Company. 
  
 The Company will not, and will not permit any Guarantor or any Restricted Subsidiary to, issue, sell, lease, transfer or otherwise dispose of any of the Capital Stock of the Company to any Person other than to the
Parent or a Wholly-Owned Restricted Subsidiary which is not a Foreign Restricted Subsidiary. 
  
 SECTION 4.20. Payment for Consents. 
  
 Neither the Company nor the Parent will, and each of them will not permit any of their Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of any
Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid or is paid to all Holders of the Notes that consent, waive or agree to
amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  

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 SECTION 4.21. Use of Proceeds. 
  
 (a) The Company will use the net cash proceeds received by it from the issuance of the Notes as follows: 
  
 (1) $78.1 million of the proceeds therefrom will be
deposited in the Restricted Account (as defined herein), 
  
 (2) a portion of the proceeds from the issuance of the Notes will be used by the Company on the Issue Date to repay in full the Existing Bank Agreement and to pay related transaction costs, and 
  
 (3) the remainder of the proceeds therefrom will be retained
by the Company for liquidity purposes and advanced from time to time to Parent and/or one or more of its Restricted Subsidiaries during the period following the Issue Date and prior to the consummation of the Existing Senior Notes Redemption.

  
 (b) The Existing Senior Notes Redemption shall be required to
occur on or prior to the 30th day after the Issue Date. On the Issue Date, the Company will deposit with the Trustee the sum of $78.1 million in immediately available funds, which funds shall be held by the Trustee, upon the terms and conditions
hereinafter set forth. 
  
 (c) Until the Existing Senior Notes
Redemption occurs (or until the 30th day after the Issue Date, or sooner), the Trustee shall invest and reinvest the funds deposited in the Restricted Account and any interest or income earned thereon in The AIM Government and Agency Portfolio,
Private Class Fund. Notwithstanding the foregoing, the Trustee shall have the power to sell or liquidate the foregoing investments whenever the Trustee shall be required to release all or any portion of the funds pursuant to this covenant.

  
 (d) The Company shall establish and maintain or cause to be
established and maintained in the name of the Trustee, a segregated account (the “Restricted Account”) with the proceeds as described in Section 4.21(b) and release such funds as provided in Section 4.21(e). However, neither the Trustee
nor the Holders of the Notes will have a security interest in such account. 
  
 (e) The Company shall have the power to direct the Trustee to release the proceeds of the Restricted Account to the Company upon providing an Officers’ Certificate to the Trustee stating that: 
  
 (1) substantially concurrently with such release of funds,
the Existing Senior Notes Redemption will occur, as a result of which all then outstanding Existing Senior Notes will be redeemed in full (together with any accrued and unpaid interest and related call premiums), and 
  
 (2) proceeds are then available and being borrowed pursuant
to the Credit Facility in amounts which, when aggregated with proceeds available from the Restricted Account and other cash on hand of the Parent and its Restricted Subsidiaries, shall provide sufficient funds to consummate the Existing Senior Notes
Redemption and make all payments contemplated by preceding clause (1). 
  
 In the event that the release of proceeds does not occur as contemplated by the immediately preceding sentence on or prior to the 30th day after the Issue Date, then the Trustee shall from time to time invest all proceeds in the Restricted
Account in Temporary Cash Investments at the written direction of the Company, and shall apply the funds in the Restricted Account to the payment of any amounts from time to time owing pursuant to the Notes, the Note Guarantees and/or this
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 All risk of loss on any investments in the Restricted Account, or made with proceeds from time to time on
deposit therein, shall be borne by the Company. 
  
 SECTION 4.22.
Additional Amounts. 
  
 (a) All payments made under or with
respect to a Note Guarantee will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, levies, duties, fees, assessments or other governmental charges of whatever nature (including interest
and penalties) (“Taxes”) imposed, levied, collected or assessed by or on behalf of any taxing authority within any jurisdiction, other than the United States, in which a Guarantor is organized or engaged in business (or any political
subdivision or taxing authority of any such jurisdiction) (a “Taxing Jurisdiction”), unless a Guarantor is required by the Taxing Jurisdiction to withhold or deduct Taxes under its law or by the interpretation or administration thereof.

  
 (b) Subject to Section 4.22 (c) below, if a Guarantor is
required to withhold or deduct or if a Guarantor is otherwise required to pay any amount for or on account of Taxes imposed by a Taxing Jurisdiction which amount would otherwise be included in any payment made under or with respect to any Note
Guarantee, then such Guarantor will (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing Jurisdiction in accordance with applicable law, and each holder of a Note (or the beneficial owner
of, or person ultimately entitled to obtain an interest in, such Note) shall receive such additional amounts (“Additional Amounts”) as may be necessary so that the amount actually received (after any additional withholding or deduction in
respect thereof) by each such person will not be less than the amount such person would have received if such Taxes had not been withheld or deducted or paid. The Company or a Guarantor will make reasonable efforts to obtain from the relevant Taxing
Jurisdiction certified copies of tax receipts evidencing the payment to such Taxing Jurisdiction of any Taxes so withheld or deducted or paid. The Company or a Guarantor will furnish to a Holder of a Note (or the beneficial owner of, or person
ultimately entitled to obtain an interest in, such Note), within 60 days after the date the payment of any Tax so withheld or deducted is due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment by a Guarantor
or, if such receipts are not obtainable, other evidence of such payment by a Guarantor. 
  
 (c) No Additional Amounts will be paid to a Holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) with respect to any Tax which (i) would have not been
imposed, payable or due but for the existence of any present or former connection between such person and the Taxing Jurisdiction other than the mere holding of such Note, or (ii) is imposed or withheld by reason of the failure of such person to
comply with certification, information or other requirements concerning such person if such compliance is required or imposed by a statute, treaty or regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption
from all or part of such Tax. 
  
 (d) If a Guarantor fails to
withhold or deduct or pay any amount required to be withheld or deducted or paid under Section 4.22(b) above, then provided that reasonable supporting documentation is submitted by such person to the Company or such Guarantor, the Company and each
Guarantor will, upon written request of a holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note), pay to such person an amount necessary for such person to receive (after any additional
withholding or deduction in respect thereof) the amount of any Taxes which 
  

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 such Guarantor failed to withhold or deduct or pay, but which were directly paid by such person to the relevant Taxing
Jurisdiction. Additionally, if a Guarantor is not required to withhold or deduct or pay any Taxes under Section 4.22(b) above, but a Holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) is
required under the law of the applicable Taxing Jurisdiction to directly pay any Taxes (e.g., Self-Assessed Withholding Taxes for Canadian federal tax purposes), then subject to Section 4.22(c) above and provided that reasonable supporting
documentation is submitted by such person to the Company or such Guarantor, the Company and each Guarantor will, upon written request of such person, reimburse such person an amount necessary for such person to receive (after any additional
withholding or deduction in respect thereof) the amount of any Taxes which such Guarantor was not required to withhold or deduct or pay, but which were directly paid by such person to the relevant Taxing Jurisdiction. Any amount due to a Holder of a
Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) under this Section 4.22(d) shall be considered an Additional Amount. 
  
 (e) All obligations of each Guarantor to pay any Additional Amounts as described above in Section 4.22(b) are hereby fully
and unconditionally guaranteed on an unsecured senior subordinated basis by the Company. The obligations of the Company described in this Section 4.22 (including without limitation those described in the immediately preceding sentence) shall be
jointly and severally guaranteed by each Guarantor pursuant to the Note Guarantee. 
  
 (f) At least 30 days prior to each date on which any payment under or with respect to a Note Guarantee is due and payable, if a Guarantor will be obligated to pay Additional Amounts with respect to such payment, then
the Company will deliver to the Trustee an Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such
Additional Amounts to the Holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) on the payment date. Whenever in this Indenture there is mentioned, in any context, the payment of amounts
based upon the principal of, premium, if any, interest or of any other amount payable under or with respect to any Note such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof. 
  
 (g) In addition, the Company will pay any stamp, issue, registration, documentary, value added or other similar taxes or duties (including interest and penalties) due and payable in the United States or Canada (or any political subdivision
or taxing authority of such jurisdiction), in respect of the creation, issue, offering, or execution of the Notes, the Note Guarantees, and any documentation with respect to the foregoing. 
  
 ARTICLE FIVE 
  
 SUCCESSOR CORPORATION 
  
 SECTION 5.01. Merger, Consolidation and Sale of Property. 
  
 (a) Neither the Company nor Parent shall effect an arrangement or merge, consolidate or amalgamate with or into any other Person (other than a merger of a
Wholly Owned Restricted Subsidiary into the Company or Parent) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its Property in any one transaction or series of related transactions, unless: 
  
 (1) the Company or Parent, as the case may be, shall be the

  

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 surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company or
Parent) formed by such arrangement, merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made which is substituted for the Company as the issuer of the Notes or, in the case of
Parent, as a Guarantor, shall be a corporation (in the case of the issuer of the Notes) or a corporation, limited liability company, trust, partnership or similar entity (in the case of a Guarantor) organized and existing under the laws of the
United States of America, any State thereof or the District of Columbia or, in the case of Parent, under the laws of Canada or any province or territory thereof; 
  
 (2) the Surviving Person (if other than the Company or Parent) expressly assumes, by supplemental indenture
in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, (x) the due and punctual payment of the principal amount of the Notes, any accrued and unpaid interest on such principal amount,
according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by such Person or (y) all obligations under the relevant Note Guarantee, as appropriate; 

 
 (3) immediately before and after giving effect to such
transaction or series of related transactions on a pro forma basis (and treating, for purposes of this Section 5.01(a)(3) and Section 5.01(a)(4) and (5) below, any Debt that becomes, or is anticipated to become, an obligation of the Surviving
Person, a Guarantor or any Restricted Subsidiary as a result of such transaction or series of related transactions as having been Incurred by the Surviving Person or a Guarantor or Restricted Subsidiary at the time of such transaction or series of
related transactions), no Default or Event of Default shall have occurred and be continuing; 
  
 (4) immediately after giving effect to such transaction or series of related transactions on a pro forma basis, the Company or the
Surviving Person (if other than the Company) would be able to Incur at least $1.00 of additional Debt pursuant to Section 4.09(a); 
  
 (5) the Surviving Person shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the
Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereof comply with this covenant and that all conditions precedent herein provided for relating
to such transaction have been satisfied; and 
  
 (6) the Company shall deliver to the Trustee an Opinion of Counsel to the effect that a beneficial owner of a Note will not recognize income, gain or loss for U.S. federal income tax or Canadian federal income tax purposes as a result of
such amalgamation, merger, consolidation, conveyance, transfer or lease, and will be subject to U.S. federal income tax and withholding tax and Canadian federal income tax on the same amount and in the same manner and at the same times as would have
been the case if such amalgamation, merger, consolidation, conveyance, transfer or lease had not occurred. 
  
 The Surviving Person shall succeed to, and be substituted for, Parent or the Company, as the case may be, and may exercise every right and
power of its predecessor under this Indenture. 
  
 (b) None of the
Subsidiary Guarantors shall effect an arrangement or merge, consolidate or amalgamate with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its Property in any one transaction or
series of related transactions (other than (i) a merger of a Subsidiary Guarantor with or into, or a 
  

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 transfer of its assets to, another Guarantor or the Company, or a merger of a Wholly Owned Restricted Subsidiary (other
than an Unrestricted Subsidiary) into such Subsidiary Guarantor, (ii) an arrangement or merger, consolidation or amalgamation of a Subsidiary Guarantor in connection with the sale of such Subsidiary Guarantor to a non-Affiliate third party that does
not become an Affiliate as a result of such transaction and is otherwise permitted under this Indenture, (iii) any transaction which constitutes an Asset Sale made in compliance with Section 4.12 or (iv) a merger of a Subsidiary Guarantor with
another Wholly Owned Restricted Subsidiary that is organized in any state of the United States or Canada with no material assets or liabilities and which merger is solely for the purpose of reincorporating such person in another jurisdiction in the
United States or Canada, as the case may be) unless: 
  
 (1) the Surviving Person (if not such Subsidiary Guarantor) formed by such arrangement, merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation,
limited liability company, trust, partnership or similar entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia or the same jurisdiction of such Subsidiary Guarantor or in the case
of Parent or Canadian Guarantors, under the laws of Canada or any province or territory thereof; 
  
 (2) the Surviving Person (if other than such Subsidiary Guarantor) expressly assumes, by Subsidiary Guarantee in form satisfactory to the
Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual performance and observance of all the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee; 
  
 (3) immediately before and after giving effect to such
transaction or series of related transactions on a pro forma basis (and treating, for purposes of this clause (3) and clauses (4) and (5) below, any Debt that becomes, or is anticipated to become, an obligation of the Surviving Person, the Company,
a Guarantor or any Restricted Subsidiary as a result of such transaction or series of related transactions as having been Incurred by the Surviving Person, the Company or such Guarantor or Restricted Subsidiary at the time of such transaction or
series of related transactions), no Default or Event of Default shall have occurred and be continuing; 
  
 (4) immediately after giving effect to such transaction or series of related transactions on a pro forma basis, the Company would be able
to Incur at least $1.00 of additional Debt under Section 4.09(a); 
  
 (5) the Company and Parent shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating
that such transaction and such Subsidiary Guarantee, if any, in respect thereof comply with this covenant and that all conditions precedent herein provided for relating to such transaction have been satisfied; 
  
 (6) the provisions of the foregoing paragraphs shall not
apply to (i) any transaction which constitutes an Asset Sale made in compliance with Section 4.12 or (ii) a merger of the Company or Parent or a Subsidiary Guarantor with an Affiliate that is organized in any state of the United States or Canada
with no material assets or liabilities and which merger is solely for the purpose of reincorporating such person in another jurisdiction in the United States or Canada; and 
  
 (7) the Company shall deliver to the Trustee an Opinion of Counsel to the effect that a beneficial owner of
a Note will not recognize income, gain or loss for U.S. federal income tax or Canadian federal income tax 
  

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 purposes as a result of such amalgamation, merger, consolidation, conveyance, transfer or lease and will
be subject to U.S. federal income tax and Canadian federal income tax on the same amount and in the same manner and at the same times as would have been the ease if such amalgamation, merger, consolidation, conveyance, transfer or lease had not
occurred. 
  
 Notwithstanding anything to the contrary contained
above, the Company (or any successor of the Company formed by such arrangement or merger or consolidation or amalgamation) shall be a corporation organized under the laws of the United States of America, any State thereof or the District of
Columbia. 
  
 SECTION 5.02. Successor Person Substituted.

  
 Upon any amalgamation, consolidation or merger, or any
transfer of all or substantially all of the assets of either the Company, Guarantor or any Restricted Subsidiary in accordance with Section 5.01 above, the successor corporation formed by such consolidation or into which the Company is merged or to
which such transfer is made shall succeed to, and be substituted for, and may exercise every right and power the Company, Guarantor or such Restricted Subsidiary under this Indenture with the same effect as if such successor corporation had been
named as the Company, Guarantor or such Restricted Subsidiary herein, and thereafter the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Notes. 
  
 ARTICLE SIX 
  
 DEFAULTS AND REMEDIES 
  
 SECTION 6.01. Events of Default. 
  
 The following events shall be Events of Default: 
  
 (1) the Company defaults in any payment of interest on any Note when the same becomes due and payable and such default continues for a
period of 30 days; 
  
 (2) the Company defaults
in the payment of the principal or premium amount of any Note when the same becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; 
  
 (3) a breach of any covenant or agreement in the Notes or in
this Indenture (other than a failure that is the subject of the foregoing Section 6.01(1), or (2)) and such failure continues for 60 days after written notice demanding that such default be remedied is given to the Company as specified in this
Section 6.01 (except in the case of a default with respect to Section 5.01, Section 5.02 and Section 4.21, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
  
 (4) a default by the Company, a Guarantor or any Restricted
Subsidiary under any Debt of the Company, a Guarantor or any Restricted Subsidiary that results in acceleration of the final stated maturity of such Debt (which acceleration is not rescinded, annulled or otherwise cured within 30 days of receipt by
Parent, the Company or such Restricted Subsidiary of notice of any such acceleration), or the failure to pay any such Debt at final stated maturity (giving effect to any applicable grace periods and any extensions thereof), in an aggregate principal
amount in excess of $10 million; 
  
 (5) Parent,
the Company or any Significant Subsidiary pursuant to or 
  

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 within the meaning of any Bankruptcy Law: 
  
 (A) commences a voluntary insolvency proceeding or gives notice of intention to make a proposal under any
Bankruptcy Law; 
  
 (B) consents to the entry of
an order for relief against it in an involuntary insolvency proceeding or consents to its dissolution or winding-up; 
  
 (C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 
  
 (D) makes a general assignment for the benefit of its
creditors; 
  
 or takes any comparable action under any foreign
laws relating to insolvency; provided, however, that the liquidation of any Restricted Subsidiary into Parent, the Company or another Restricted Subsidiary, other than as part of a credit reorganization, shall not constitute an Event of Default
under this Section 6.01(5); 
  
 (6) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (A) is for relief against any of Parent, the Company or any Significant Subsidiary in an involuntary insolvency proceeding; 
  
 (B) appoints a Custodian of any of Parent, the Company or
any Significant Subsidiary or for any substantial part of its property; 
  
 (C) orders the winding up, liquidation or dissolution of any of Parent, the Company or any Significant Subsidiary; 
  
 (D) orders the presentation of any plan or arrangement, compromise reorganization of any of Parent, the Company or any Significant
Subsidiary; or 
  
 (E) grants any similar relief
under any Bankruptcy Law or foreign laws; 
  
 and in each such
case the order or decree remains unstayed and in effect for 90 days; 
  
 (7) any judgment or judgments for the payment of money in an aggregate amount (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 the underlying claim) in excess of $10 million at the time are entered against the Company, Parent or any Significant Subsidiary and shall not be waived, satisfied or discharged for any period of 60 consecutive days after such
judgment becomes final and nonappealable; 
  
 (8)
(a) a Parent Guarantee or any Subsidiary Guarantee from a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of such Guarantee) or (b) either the Parent or any Subsidiary Guarantor that is a
Significant Subsidiary denies or disaffirms its obligations under its Guarantee; or 
  
 (9) the failure to effect the Existing Senior Notes Redemption on or prior to the 30th day after the Issue Date. 
  
 The foregoing will constitute Events of Default whatever the reason for any
such Event of Default and whether it is voluntary or involuntary or is 
  

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 effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body. 
  
 A Default under
Section 6.01(3) is not an Event of Default until the Trustee or the holders of at least 25% in aggregate principal amount at maturity of the Notes then outstanding notify the Company (and in the case of such notice by Holders, the Trustee) of the
Default and such Default is not cured within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 
  
 The Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice in the form of an Officers’ Certificate of any Event of Default and any event that with the giving of notice or the lapse of time would become an Event of Default, its status and what action the Company is taking or
proposes to take with respect thereto. The Company shall immediately notify the Trustee if a meeting of the Board of Directors of the Company or Parent is convened to consider any action mandated by a petition for debt settlement proceedings or
bankruptcy proceedings. The Company or Parent shall also promptly advise the Trustee of the approval of the filing of a debt settlement or bankruptcy petition prior to the filing of such petition. 
  
 SECTION 6.02. Acceleration of Maturity; Rescission. 
  
 (a) If an Event of Default with respect to the Notes (other than an Event of
Default specified in Section 6.01(5) and (6) with respect to the Company, Parent or a Significant Subsidiary) shall have occurred and be continuing, the Trustee or the registered Holders of not less than 25% in aggregate principal amount of the
Notes then outstanding may declare the principal of and accrued interest on all the Notes to be due and payable by notice in writing to the Company, the Representative under the Credit Agreement (if any amounts are outstanding thereunder) and the
Trustee specifying the applicable Event of Default and that it is a “notice of acceleration” (the “Acceleration Notice”), and the same: 
  
 (1) shall become immediately due and payable; or 
  

(2) if there are any amounts outstanding under the Credit Agreement, shall become immediately due and payable upon the first to occur
of an acceleration under the Credit Agreement and five business days after receipt by the Company and the Representative under the Credit Agreement of such Acceleration Notice. 
  
 (b) In case an Event of Default resulting from Section 6.01(5) and (6) with respect to the Company, Parent or a Significant
Subsidiary shall occur, such amount with respect to all the Notes shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Notes. After any such acceleration, but before a judgment or
decree based on acceleration is obtained by the Trustee, the registered Holders of a majority in aggregate principal amount of the Notes then outstanding may, under certain circumstances, rescind and annul such acceleration if (i) the rescission
would not conflict with any judgment or decree, (ii) all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration, (iii) to the extent the payment of such
interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid, (iv) the Company has paid the Trustee its reasonable compensation and
reimbursed the Trustee for its expenses, disbursements and advances and all other amounts due to the Trustee under Section 7.07 and (v) in the event of the cure or waiver of an Event of Default of the type described in either 
  

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 Section 6.01 (5) or (6), the Trustee shall have received an Officers’ Certificate to the effect that such Event of
Default has been cured or waived. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 (c) In the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(4) has occurred and is continuing,
the declaration of acceleration of the Notes shall be automatically annulled if the payment Default or other Default triggering such Event of Default pursuant to Section 6.01(4) shall be remedied or cured or waived by the Holders of the relevant
Debt within the grace period applicable to such Default provided for in the documentation governing such Debt and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent
jurisdiction, (2) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived and (3) all the other amounts due to the
Trustee have been paid. 
  
 (d) Subject to the provisions of
Section 7.01, in case an Event of Default shall occur and be continuing, the Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders of the Notes, unless such
Holders shall have offered to the Trustee reasonable indemnity. Subject to Section 7.07, the Holders of a majority in aggregate principal amount of the Notes then outstanding will have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. 
  
 No Holder of Notes will have any right to institute any proceeding with respect to this Indenture, or for the appointment of a receiver or Trustee, or for
any remedy thereunder, unless: 
  
 (1) such
Holder has previously given to the Trustee written notice of a continuing Event of Default; 
  
 (2) the registered Holders of at least 25% in aggregate principal amount of the Notes then outstanding have made written request and
offered reasonable indemnity to the Trustee to institute such proceeding as Trustee; and 
  
 (3) the Trustee shall not have received from the registered Holders of a majority in aggregate principal amount of the Notes then
outstanding a direction inconsistent with such request and shall have failed to institute such proceeding, within 60 days after such notice, request and offer. 
  

However, such limitations do not apply to a suit instituted by a Holder of any Note for enforcement of payment of the principal of, and
premium, if any, or interest on, such Note on or after the respective due dates expressed in such Note. 
  
 SECTION 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of
principal of, or premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture and may take any necessary action requested of it as Trustee to settle, compromise, adjust or otherwise
conclude any proceedings to which it is a party. 
  
 The Trustee
may maintain a proceeding even if it does not possess any 
  

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 of the Notes or does not produce any of them in the proceeding. Any such proceeding instituted by the Trustee may be
brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after provisions for the payment of the reasonable compensation, expenses, disbursements of the Trustee and its counsel, be for the ratable benefit of
the Holders of the Notes in respect of which such judgment has been recovered. A delay or omission by the Trustee or any Holder 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. No remedy is exclusive of any other remedy. All available remedies are cumulative, to the extent permitted by law. Any costs associated with actions taken by the Trustee under this Section 6.03
shall be reimbursed to the Trustee by the Company. 
  
 SECTION
6.04. Waiver of Past Defaults and Events of Default. 
  
 Provided
the Notes are not then due and payable by reason of a declaration of acceleration, the Holders of a majority in principal amount of Notes at the time outstanding may on behalf of the Holders of all the Notes waive any past Default with respect to
such Notes and its consequences by providing written notice thereof to the Company and the Trustee, except a Default (1) in the payment of interest on or the principal of any Note or (2) in respect of a covenant or provision hereof which under this
Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. In the case of any such waiver, the Company, the Trustee and the Holders of the Notes will be restored to their former positions and rights
under this Indenture, respectively; provided that no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
  
 SECTION 6.05. Control by Majority. 
  
 The Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal
liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of the Notes not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such
direction received from Holders of the Notes. 
  
 SECTION 6.06.
Limitation on Suits. 
  
 No Holder of Notes will have any right
to institute any proceeding with respect to this Indenture, or for the appointment of a receiver or trustee, or for any remedy hereunder unless: 
  
 (1) the Holder gives the Trustee written notice of a continuing Event of Default; 
  
 (2) the Holders of at least 25% in aggregate principal
amount of outstanding Notes make a written request to the Trustee to institute such proceeding or to pursue such remedy as trustee; 
  
 (3) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense; 
  
 (4) the Trustee does not comply with the request within 60
days after receipt of the request and the offer of indemnity; and 
  
 (5) during such 60-day period, the Holders of at least a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
  

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 However, such limitations do not apply to a suit instituted by a Holder of any Note for enforcement of
payment of the principal of, and premium, if any, or interest on, such Note on or after the respective due date expressed in such Note. 
  
 SECTION 6.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No director, officer, employee or stockholder of the Company or any Guarantor shall have any liability for any obligations
of the Company or any Guarantor under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of 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. 
  
 SECTION 6.08. 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 the principal of or premium, if any, or
interest, if any, on such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes shall not be impaired or affected without the consent of the Holder. 
  
 SECTION 6.09. Collection Suit by Trustee. 
  
 If an Event of Default in payment of principal, premium or interest
specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any Guarantor (or any other obligor on the Notes) for the whole amount of unpaid
principal and accrued interest remaining unpaid. 
  
 SECTION 6.10.
Trustee May File Proofs of Claim. 
  
 The Trustee may 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 any other amounts due the Trustee under Section 7.07) and the Holders allowed in any judicial proceedings relative to the Company or any Guarantor (or any other obligor upon the Notes), its creditors or its Property and, unless
prohibited by law, shall be entitled and empowered to collect and receive any monies or other Property payable or deliverable on any such claims and to distribute the same after deduction of its charges and expenses to the extent that any such
charges and expenses are not paid out of the estate in any such proceedings and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07. 
  
 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 or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceedings. All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes thereof 
  

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 in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
in respect of which such judgment has been recovered. 
  
 SECTION
6.11. Priorities. 
  
 If the Trustee collects any money pursuant
to this Article Six, it shall pay out the money in the following order: 
  
 FIRST: to the Trustee for amounts due under Section 7.07; 
  
 SECOND: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest (including Additional Interest, if
any) as to each, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes; and 
  
 THIRD: to the Company or, to the extent the Trustee collects any amount from any Guarantor, to such Guarantor. 
  
 The Trustee may fix a record date and payment date for any payment to Holders
pursuant to this Section 6.11. 
  
 SECTION 6.12. 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 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 6.12 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.08 or a suit by Holders of more than 10% in principal amount of the Notes then outstanding. 
  
 ARTICLE SEVEN 
  
 TRUSTEE 
  
 SECTION 7.01. Duties of Trustee. 
  
 (a) If an Event of Default actually known to a Responsible Officer of the Trustee has occurred and is continuing, the Trustee shall exercise such of the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (1) The Trustee need perform only such duties as are
specifically set forth in this Indenture. 
  
 (2)
In the absence of bad faith or willful misconduct 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 but, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to
determine whether or not they conform on their face to the requirements 
  

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 of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein). Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be
herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate, subject to the requirement in the preceding sentence, if applicable. 
  
 (c) The Trustee may not be relieved from liability 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 Section 7.01(b). 
  
 (2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or
Responsible Officers of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
  
 (3) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction of
the Holders of a majority in aggregate principal amount of the Notes received by it pursuant to the terms hereof. 
  
 (4) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its rights, powers or duties if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

  
 (d) Whether or not therein expressly so
provided, Sections 7.01(a), (b), (c) and (e) shall govern every provision of this Indenture that in any way relates to the Trustee. 
  
 (e) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in
compliance with such request. 
  
 (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 Company or any Guarantor. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by
the law. 
  
 SECTION 7.02. Rights of Trustee. 
  
 Subject to Section 7.01: 
  
 (a) The Trustee may conclusively rely on any document
(whether in its original or facsimile form) reasonably 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
request an Officers’ Certificate or an Opinion of Counsel, or both, which shall conform to the provisions of Section 12.05. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith in
reliance on such certificate or opinion. 
  

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 (c) The Trustee may act through its attorneys and agents and shall not be responsible for
the misconduct or negligence of any agent appointed by it with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers; provided that the Trustee’s conduct does
not constitute willful misconduct, negligence or bad faith. 
  
 (e) The Trustee may consult with counsel of its selection, and the advice or opinion of such counsel with respect to legal matters relating to the Notes or this Indenture shall be full and complete authorization and
protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 (f) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other person employed to act hereunder. 
  
 (g) The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books records, and
premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
  
 (h) The Trustee shall not be liable for any action taken,
suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
  
 (i) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this
Indenture. 
  
 (j) The Trustee may request that
the Company deliver an Officers’ 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 Officers’ Certificate may be signed by any
person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not suspended. 
  
 (k) The Trustee shall not be charged with knowledge of any default or Event of Default with respect to the
Notes, unless either (1) a Responsible Officer shall have actual knowledge of such default or Event of Default or (2) written notice of such default or Event of Default shall have been given to the Trustee by the Company, any Guarantor or by any
Holder of the Notes; and 
  
 (l) The permissive
rights of the Trustee enumerated herein shall not be construed as duties. 
  

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 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 make loans to, accept deposits from, perform services for or otherwise deal with either of the Company or any Guarantor, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do
the same with like rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11. 
  
 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 or any Note Guarantee, it shall not be accountable for the Company’s or any
Guarantor’s use of the proceeds from the sale of Notes or any money paid to the Company or any Guarantor pursuant to the terms of this Indenture and it shall not be responsible for any statement in the Notes, Note Guarantee or this Indenture
other than its certificate of authentication, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder and that the statements made by it in any
Statement of Eligibility and Qualification on Form T-1 to be supplied to the Company will be true and accurate subject to the qualifications set forth therein. 
  

SECTION 7.05. Notice of Defaults. 
  
 If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall give to each Holder a notice of the Default within 90 days
after it occurs in the manner and to the extent provided in the TIA and otherwise as provided in this Indenture. Except in the case of a Default in payment of the principal of or interest on any Note (including payments pursuant to a redemption or
repurchase of the Notes pursuant to the provisions of this Indenture), 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 Holders.

  
 SECTION 7.06. Reports by Trustee to Holders. 
  
 If required by TIA Section 313(a), within 60 days after May 15 of any year,
commencing 2005 the Trustee shall mail to each Holder a brief report dated as of such date that complies with TIA Section 313(a). 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) and TIA Section 313(d). 
  
 Reports
pursuant to this Section 7.06 shall be transmitted by mail: 
  
 (1) to all Holders of Notes, as the names and addresses of such Holders appear on the Registrar’s books; and 
  
 (2) to such Holders of Notes as have, within the two years preceding such transmission, filed their names and addresses with the Trustee
for that purpose. 
  
 A copy of each report at the time of its
mailing to Holders shall be filed with the Commission and each stock exchange on which the Notes are listed. The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange or delisted therefrom. 
  
 SECTION 7.07. Compensation and Indemnity. 
  
 The Company and the Guarantors shall pay to the Trustee and Agents from time
to time such compensation for their services hereunder (which 
  

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 compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust)
as shall be agreed upon in writing. The Company and the Guarantors shall reimburse the Trustee and Agents upon request for all reasonable disbursements, expenses and advances incurred or made by them in connection with the Trustee’s duties
under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and external counsel, except any expense disbursement or advance as may be attributable to its willful misconduct, negligence or bad
faith. 
  
 The Company and the Guarantors, jointly and severally,
shall fully indemnify each of the Trustee, Agent and any predecessor Trustee for, and hold each of them harmless against, any and all loss, damage, claim, liability or expense, including without limitation taxes (other than taxes based on the income
of the Trustee or such Agent) and reasonable attorneys’ fees and expenses incurred by each of them in connection with the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending
itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder (including, without limitation, settlement costs). The Trustee or Agent shall notify the Company and the Guarantors in
writing promptly of any claim (a “Claim”) of which a Responsible Officer of the Trustee has actual knowledge asserted against the Trustee or Agent for which it may seek indemnity; provided that the failure by the Trustee or Agent to so
notify the Company and the Guarantors shall not relieve the Company and Guarantors of their obligations hereunder except to the extent the Company and the Guarantors are actually prejudiced thereby. In the event that a conflict of interest exists,
the Trustee may have separate counsel, which counsel must be reasonably acceptable to the Company and the Company shall pay the reasonable fees and expenses of such counsel. 
  
 Notwithstanding the foregoing, the Company and the Guarantors need not reimburse the Trustee for any expense or indemnify it
against any loss or liability to have been incurred by the Trustee through its own willful misconduct, negligence or bad faith. 
  
 To secure the payment obligations of the Company and the Guarantors in this Section 7.07, the Trustee shall have a lien prior to the Notes on all money or
Property held or collected by the Trustee and such money or Property held in trust to pay principal of and interest on particular Notes. 
  
 The obligations of the Company and the Guarantors under this Section 7.07 to compensate and indemnify the Trustee, Agents and each predecessor Trustee and
to pay or reimburse the Trustee, Agents and each predecessor Trustee for expenses, disbursements and advances shall be joint and several liabilities of the Company and each of the Guarantors and shall survive the resignation or removal of the
Trustee and the satisfaction, discharge or other termination of this Indenture, including any termination or rejection hereof under any Bankruptcy Law. 
  
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(5) or (6) occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 For purposes of this Section 7.07, the term “Trustee” shall include any trustee appointed pursuant to this Article Seven. 
  
 SECTION 7.08. Replacement of Trustee. 
  
 The Trustee shall comply with Section 313(b) of the TIA, to the extent
applicable. 
  

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 The Trustee may resign by so notifying the Company and the Guarantors in writing no later than 15
Business Days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by notifying the Company and the removed Trustee in writing and may appoint a successor
Trustee with the Company’s written consent, which consent shall not be unreasonably withheld. The Company may remove the Trustee at its election if: 
  
 (a) the Trustee fails to comply with Section 7.10 or Section 310 of the TIA; 
  
 (b) the Trustee is adjudged bankrupt or insolvent or an
order for relief is entered with respect to the Trustee under Bankruptcy Law; 
  
 (c) a receiver or other public officer takes charge of the Trustee or its Property; or 
  
 (d) the Trustee otherwise becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall
promptly appoint a successor Trustee. 
  
 If a successor Trustee
does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, the Guarantors or the Holders of a majority in principal amount of the outstanding Notes may petition at the expense of the
Company any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to
the retiring Trustee and to the Company and the Guarantors. Immediately following such delivery, the retiring Trustee shall, subject to its rights under Section 7.07, transfer all Property held by it as Trustee to the successor Trustee, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each
Holder. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
  
 SECTION 7.09. Successor Trustee by Consolidation, Merger, etc. 
  
 If the Trustee consolidates with, merges or converts into, or transfers all
or substantially all of its corporate trust assets to, another corporation, subject to Section 7.10, the successor corporation without any further act shall be the successor Trustee; provided such entity shall be otherwise qualified and eligible
under this Article Seven. 
  
 SECTION 7.10. Eligibility;
Disqualification. 
  
 This Indenture shall always have a Trustee
who satisfies the requirements of TIA Section 310(a)(1), (2) and (5) in every respect. The Trustee (together with its corporate parent) shall have a combined capital and surplus of at least $50 million as set forth in the most recent applicable
published annual report of condition. The Trustee shall comply with TIA Section 310(b), including the provision in Section 310(b)(1). 
  
 SECTION 7.11. Preferential Collection of Claims Against Company. 
  

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 The Trustee shall comply with 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(a) to the extent indicated therein. 
  
 SECTION 7.12. Paying Agents. 
  
 The Company shall cause each Paying Agent other than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall
agree with the Trustee, subject to the provisions of this Section 7.12: 
  
 (A) 
  
 (1) that
it will hold all sums held by it as agent for the payment of principal of, or premium, if any, or interest on, the Notes (whether such sums have been paid to it by the Company or by any obligor on the Notes) in trust for the benefit of Holders of
the Notes or the Trustee; 
  
 (2) that it will at
any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee all sums so held in trust by it together with a full accounting thereof; and 
  
 (3) that it will give the Trustee written notice within
three (3) Business Days of any failure of the Company (or by any obligor on the Notes) in the payment of any installment of the principal of, premium, if any, or interest on, the Notes when the same shall be due and payable. 
  
 (B) The Paying Agent shall comply with all U.S. withholding
tax, backup withholding tax and information reporting requirements under the U.S. Internal Revenue Code of 1986, as amended, and the Treasury Regulations issued thereunder, with respect to any payments under the Notes or hereunder (including the
collection of U.S. Internal Revenue Service Forms W-8 and W-9 and the filing of U.S. Internal Revenue Service Forms 1042, 1042-S and 1099. 
  
 ARTICLE EIGHT 
  
 MODIFICATION AND WAIVER 
  
 SECTION 8.01. Without Consent of Holders. 
  
 Without the consent of any Holder of the Notes, the Company, the Guarantors and the Trustee may amend this Indenture to: 
  
 (a) cure any ambiguity, omission, defect or inconsistency, 
  
 (b) comply with Section 5.01 and Section 5.02, 
  
 (c) provide for uncertificated Notes in addition to or in
place of certificated Notes, 
  
 (d) add
additional Note Guarantees with respect to the Notes, 
  
 (e) secure the Notes, 
  
 (f) add to the
covenants of the Company or the Guarantors for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company or the Guarantors, 
  
 (g) make any change that does not adversely affect the rights of any Holder of the Notes in any material
respect, 
  

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 (h) comply with any requirement of the Commission in connection with the qualification of
this Indenture under the Trust Indenture Act, 
  
 (i) provide for the issuance of Additional Notes in accordance with this Indenture, including the issuance of Additional Notes as restricted securities under the Securities Act and substantially identical Additional Notes pursuant to an
Exchange Offer registered with the Commission, or 
  
 (j) evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture. 
  
 The Company shall deliver to the Trustee an Opinion of Counsel to the effect that a beneficial owner of a Note will not recognize income, gain or loss for
U.S. federal income tax or Canadian federal income tax purposes as a result of an amendment or amendments described in Section 8.01(c), (d), (e) and/or (f), as applicable, and will be subject to U.S. federal income tax and withholding tax and
Canadian federal income tax on the same amount and in the same manner and at the same times as would have been the case if such amendment or amendments, as applicable, had not been made. 
  
 SECTION 8.02. With Consent of Holders. 
  
 (a) This Indenture may be amended by the Company, the Guarantors and the Trustee with the consent of the registered Holders
of a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Notes) and any past default or compliance with any provisions may also be waived
(except a default in the payment of principal, premium or interest and under 8.02(b) below) with the consent of the registered Holders of at least a majority in aggregate principal amount of the Notes then outstanding. 
  
 (b) However, without the consent of each Holder of an outstanding Note, no
amendment may, 
  
 (1) reduce the amount of Notes
whose holders must consent to an amendment, supplement or waiver, 
  
 (2) reduce the rate of or change the time for payment of interest on any Note, 
  
 (3) reduce the principal of or change the Stated Maturity of any Note, 
  
 (4) make any Note payable in money other than that stated in the Note, 
  
 (5) impair the right of any Holder of the Notes to receive
payment of principal of and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or the Note Guarantees, 
  
 (6) release any Guarantor that is a Significant Subsidiary
or the Parent from its obligations under the Note Guarantees or this Indenture other than pursuant to terms of this Indenture, or (B) release any security interest that may have been granted in favor of the Holders of the Notes pursuant to Section
4.11 other than pursuant to the terms of this Indenture, 
  
 (7) modify the provisions of Section 4.08 or the related definitions at any time on or after the Company is obligated to make a Change of Control Offer, or 
  

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 (8) modify or change any provision of this Indenture or the related definitions affecting
the subordination or ranking of the Notes or any Note Guarantee in a manner which adversely affects the Holders. 
  
 (c) The consent of the Holders of the Notes shall not be necessary to approve the particular form of any proposed amendment. It shall be
sufficient if such consent approves the substance of the proposed amendment. 
  
 (d) After an amendment that requires the consent of the Holders of Notes becomes effective, the Company is required to mail to each registered Holder of the Notes at such Holder’s address appearing in the
security register a notice briefly describing such amendment. However, the failure to give such notice to all Holders of the Notes, or any defect therein, shall not impair or affect the validity of the amendment. 
  
 (e) Upon the written request of the Company accompanied by a
board resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Holders as aforesaid and upon receipt by the Trustee of the
documents described in Section 8.06, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affect the Trustee’s own rights, duties or immunities under this Indenture, in which
case the Trustee may, but shall not be obligated to, enter into such supplemental indenture. 
  
 Notwithstanding the provisions of Sections 8.01 and 8.02, without the consents of the requisite lenders under the Credit Agreement, no amendment may be made to the subordination provisions described in Article Eleven.

  
 SECTION 8.03. Compliance with Trust Indenture Act. 

 
 Every amendment or supplement to this Indenture or the Notes shall comply
with the TIA as then in effect. 
  
 SECTION 8.04. Revocation and
Effect of Consents. 
  
 (a) After an amendment, supplement,
waiver or other action becomes effective, a consent to it by a Holder of a Note is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Note or portion thereof, and of any Note issued upon the transfer
thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Note. 
  
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment,
supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such
amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date unless
the consent of the requisite number of Holders has been obtained. 
  
 SECTION 8.05. Notation on or Exchange of Notes. 
  
 If
an amendment, supplement or waiver changes the terms of a Note, the Trustee (in accordance with the specific written direction of the Company) shall request the Holder of the Note (in accordance with the specific written direction of the Company) to
deliver it to the Trustee. In such case, the Trustee shall place an appropriate notation on the Note about the changed terms and return it to the Holder. Alternatively, if the Company or the 
  

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 Trustee so determines, the Company in exchange for the Note shall issue, the Guarantors shall endorse and the Trustee
shall authenticate a new Note that reflects the changed terms. 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 8.06. Trustee To Sign Amendments, etc. 
  
 The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article Eight if the amendment, supplement or waiver does not affect the rights, duties, liabilities or immunities of the Trustee. If it does affect the rights, duties, liabilities or immunities of the Trustee, the Trustee may, but
need not, sign such amendment, supplement or waiver. In signing or refusing to sign such amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.01, shall be fully protected in relying upon an
Officers’ Certificate and an Opinion of Counsel stating, in addition to the documents required by Section 12.04, that such amendment, supplement or waiver is authorized or permitted by this Indenture and is a legal, valid and binding obligation
of the Company and the Guarantors, enforceable against the Company and the Guarantors in accordance with its terms (subject to customary exceptions). 
  
 ARTICLE NINE 
  
 DISCHARGE OF INDENTURE; DEFEASANCE 
  
 SECTION 9.01. Discharge of Liability on Notes; Defeasance. 
  
 (a) This Indenture will be discharged and will cease to be of further effect as to all Notes and related Note Guarantees, issued hereunder when: 
  
 (i) either (x) 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 will become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust solely for the
benefit of Holders, cash in U.S. dollars, non- callable U.S. Government Obligations, or a combination of cash in U.S. dollars and non-callable U.S. Government Obligations, in amounts as will 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, if any, and accrued interest to the date of maturity or redemption; or (y) 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 Company, have been delivered to the Trustee for cancellation;

  
 (ii) no Default or Event of Default has
occurred and is continuing on the date of such deposit and after giving effect thereto, other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the guaranteeing of any lien securing such
borrowing; 
  
 (iii) the Company and the
Guarantors have paid or caused to be paid all sums payable by them under this Indenture; and 
  
 (iv) in the event of a deposit as provided in clause (i)(y) above, the Company has delivered irrevocable instructions to the Trustee to
apply the deposited money toward the payment of the Notes at maturity or the Redemption Date, as the case may be. 
  

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 In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  
 (b) Subject to Sections 9.01(c) and 9.02, the Company at any time may terminate some or all of its obligations and the obligations of the Guarantors under
the Notes, the Note Guarantees and this Indenture (“Legal Defeasance”), including those respecting 2.04, 2.07 and 2.08 and obligations under the TIA. The Company at any time may terminate (i) its and the Guarantors’ obligations under
Section 4.08 through Section 4.20; (ii) Sections 6.01(4), (5), (6) (with respect only to the Significant Subsidiaries and Restricted Subsidiaries in the case of Sections 6.01(5) and (6)), (7) and (8); and (iii) Sections 5.01(a)(4) and (b)(4)
(“Covenant Defeasance”) and thereafter any omission to comply with any covenant referred to in clause (i) above will not constitute a Default or an Event of Default with respect to the Notes. 
  
 The Company may exercise its Legal Defeasance option notwithstanding its
prior exercise of its Covenant Defeasance option. 
  
 (c) If the
Company exercises its Legal Defeasance option, payment of the Notes may not be accelerated because of an Event of Default with respect thereto. If the Company exercises its Covenant Defeasance option, payment of the Notes may not be accelerated
because of an Event of Default specified in Section 6.01(3) (with respect to the covenants listed under Sections 9.01(b) (i) and (iii)), Sections 6.01(4), (5), (6), (7) or (8) (with respect only to Significant Subsidiaries or Restricted
Subsidiaries, as the case may be, in the case of Sections 6.01 (4), (5), (6), (7) or (8)). If the Company exercises its Legal Defeasance option or its Covenant Defeasance option, the Guarantors will be released from all their obligations under their
respective Guarantees. 
  
 (d) Upon satisfaction of the conditions
set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
  
 (e) Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.06, 2.07, 2.08, 4.22, 7.07, 9.05 and 9.06 shall survive
until such time as the Notes have been paid in full. Thereafter, the Company’s obligations in Sections 4.22, 7.07, 9.05 and 9.06 shall survive. 
  
 SECTION 9.02. Conditions to Defeasance. 
  
 The Legal Defeasance option or the Covenant Defeasance option may be exercised only if: 
  
 (a) the Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations, or a combination
thereof, for the payment of principal of and interest on the Notes to maturity or redemption, as the case may be; 
  
 (b) the Company delivers to the Trustee a certificate from an internationally recognized firm of independent certified public accountants expressing their
opinion that the payments of principal, premium, if any, and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as
will be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 
  
 (c) 123 days pass after the deposit is made and during the 123-day period no Default described in Section 6.01(5) and (6) occurs with respect to Parent or
the Company or any other Person making such deposit which is continuing at the end of the period; 
  

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 (d) no Default or Event of Default has occurred and is continuing on the date of such deposit and after
giving effect thereto, other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the guaranteeing of any lien securing such borrowing; 
  
 (e) such deposit does not constitute a default under the Credit Agreement or
any other material agreement or instrument binding on the Company; 
  
 (f) in the case of the Legal Defeasance option, the Company delivers to the Trustee an Opinion of Counsel stating that: 
  
 (1) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or 
  
 (2) since the date of this Indenture there has been a change
in the applicable U.S. federal income tax law, 
  
 (3) to the effect, in either case, that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax or Canadian federal income tax
purposes as a result of such defeasance and will be subject to U.S. federal income tax and Canadian federal income and withholding tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had
not occurred; 
  
 (g) in the case of the Covenant Defeasance
option, the Company delivers to the Trustee an Opinion of Counsel to the effect that the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax or Canadian federal income tax purposes as a result of such
defeasance and will be subject to U.S. federal income tax and Canadian federal income and withholding tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; and 

 
 (h) the Company delivers to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes have been complied with as required by this Indenture. 
  
 SECTION 9.03. Deposited Money and Government Obligations To Be Held in Trust; Other Miscellaneous Provisions. 
  
 All money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee pursuant to Section 9.02(a) 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, to the Holders of such Notes, of all sums due and to become due thereon in respect of principal, premium, if any, and accrued interest, but such money need not be segregated from other funds except to the extent required by
law. 
  
 The Company and the Guarantors shall (on a joint and
several basis) pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 9.02(a) or the principal, premium, if any, and interest received in
respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
  
 Anything in this Article Nine to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon a request of

  

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 the Company any money or U.S. Government Obligations held by it as provided in Section 9.02(a) which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance. 
  
 SECTION 9.04.
Reinstatement. 
  
 If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Obligations in accordance with Section 9.01 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 Company’s and each Guarantor’s obligations under this Indenture, the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article Nine until such time as the
Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section 9.01; provided that if the Company or the Guarantors have made any payment of principal of, premium, if any, or accrued interest
on any Notes because of the reinstatement of their obligations, the Company or the Guarantors, as the case may be, shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Obligations held
by the Trustee or Paying Agent. 
  
 SECTION 9.05. Moneys Held by
Paying Agent. 
  
 In connection with the satisfaction and
discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon written demand of the Company, be paid to the Trustee, or if sufficient moneys have been deposited pursuant to Section 9.02(a),
to the Company upon a request of the Company (or, if such moneys had been deposited by the Guarantors, to such Guarantors), and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
  
 SECTION 9.06. Moneys Held by Trustee. 
  
 Any moneys deposited with the Trustee or any Paying Agent or then held by
the Company or the Guarantors in trust for the payment of the principal of or premium, if any, or interest on any Note that are not applied but remain unclaimed by the Holder of such Note for two years after the date upon which the principal of or
premium, if any, or interest on such Note shall have respectively become due and payable shall be repaid to the Company (or, if appropriate, the Guarantors) upon a request of the Company, or if such moneys are then held by the Company or the
Guarantors in trust, such moneys shall be released from such trust; and the Holder of such Note entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantors for the payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided that the Trustee or any such Paying Agent, before being required to make any such repayment, may, at the expense of the Company
and the Guarantors, either mail to each Holder affected, at the address shown in the register of the Notes maintained by the Registrar pursuant to Section 2.04, or cause to be published once a week for two successive weeks, in a newspaper published
in the English language, customarily published each Business Day and of general circulation in the City of New York, New York, a 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 mailing or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company or the Guarantors or the release of any money held in trust by the Company or any
Guarantors, as the case may be, Holders entitled to the money must look only to the Company and the Guarantors for payment as general creditors unless applicable abandoned property law designates another Person. 
  

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 ARTICLE TEN 
  
 GUARANTEE OF SECURITIES 
  
 SECTION 10.01. Guarantee. 
  
 The obligations of the Company pursuant to the Notes and this Indenture will be fully and unconditionally, jointly and severally guaranteed on an
unsecured senior subordinated basis by Parent (the “Parent Guarantee”), each Restricted Subsidiary of Parent on the Issue Date (other than the Company) organized under the laws of any State or territory in the United States or in Canada or
any province or territory thereof, and by all other Restricted Subsidiaries of Parent organized outside the United States or Canada which guarantee other Debt of the Company, any Guarantor or any Restricted Subsidiary (except for Guarantees by
Foreign Restricted Subsidiaries of obligations of another Foreign Restricted Subsidiary) (the “Subsidiary Guarantees” and collectively with the Parent Guarantee, the “Note Guarantees”). The Guarantors will guarantee to each
Holder (i) the due and punctual payment of the principal of, premium (if any) and interest on each Note, including additional interest pursuant to the Registration Rights Agreement, when and as the same shall become due and payable, whether at
maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal of and interest on the Notes, to the extent lawful, and the due and punctual payment of all other obligations (including without limitation
those pursuant to Section 4.22 hereof) and due and punctual performance of all obligations of the Company to the Holders or the Trustee all in accordance with the terms of such Note, this Indenture and the Registration Rights Agreement, and (ii) in
the case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, at stated maturity, by
acceleration or otherwise. Each Guarantor agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any such Note or this Indenture,
any failure to enforce the provisions of any such Note, this Indenture or the Registration Rights Agreement, any waiver, modification or indulgence granted to the Company with respect thereto by the Holder of such Note, or any other circumstances
which may otherwise constitute a legal or equitable discharge of a surety or such Guarantor. 
  
 Each Note Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by each specific Guarantor after giving effect to all of its other contingent and fixed liabilities (including,
without limitation, all of its obligations under or with respect to Senior Debt) without rendering such Note Guarantee, as it relates to the applicable Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer
or similar laws affecting the rights of creditors generally. A court could also subordinate a Note Guarantee to all other Debt (including guarantees and other contingent liabilities) of the relevant Note Guarantor, and, depending on the amount of
such Debt, a Guarantor’s liability on its Note Guarantee could be reduced to zero. 
  
 Each Guarantor hereby waives diligence, presentment, demand for payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest or notice with respect to any such Note or the Debt evidenced thereby and all demands whatsoever, and covenants that this Note Guarantee will not be discharged as to any such Note except by payment in full of the principal thereof, premium
(if any) and interest thereon. Each Guarantor hereby agrees that, as between such Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in
Article Six for the purposes of this 
  

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 Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in Article Six, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for
the purpose of this Note Guarantee. 
  
 The Subsidiary Guarantee
of any Subsidiary Guarantor may be released pursuant to Section 4.18 or Section 10.03. 
  
 In the event that Parent (or any other Canadian Guarantor) pays amounts in accordance with its Note Guarantee, in satisfaction of any amounts that may reasonably be regarded as being attributable to interest payable
under the Notes, such amounts may be subject to non-resident withholding tax at a rate determined pursuant to the Income Tax Act (Canada) and any applicable income tax treaty to which Canada is a party. Each Guarantor has agreed to gross up any
payment made by it pursuant to its Note Guarantee pursuant to Section 4.22. 
  
 All obligations of each Guarantor to pay any Additional Amounts as described above and in Section 4.22 (and the guarantee thereof by the Company pursuant to Section 4.22(e)) are hereby jointly and severally guaranteed
by each other Guarantor (and have been guaranteed by the Company pursuant to Section 4.22(e)). 
  
 The Guarantors shall have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right does not impair the rights of any Holder under the Subsidiary Guarantees.

  
 All obligations of each Guarantor under its Note Guarantee
shall be subordinated in accordance with Article Eleven. 
  
 SECTION 10.02. Execution and Delivery of Subsidiary Guarantee. 
  
 To further evidence the Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees, on the Issue Date, that a notation of such Note Guarantee, substantially in the form included in Exhibit F hereto, shall
be endorsed on each Note authenticated and delivered by the Trustee on the Issue Date and such Note Guarantee shall be executed by either manual or facsimile signature of an Officer or an Officer of a general partner, as the case may be, of each
Guarantor. In the event a Guarantor becomes a Guarantor after the Issue Date, if required by Section 4.18, such Guarantor will be required to execute a supplemental indenture to this Indenture and a Note Guarantee, in accordance with Section 4.18
and this Article 10.02, to the extent applicable. The validity and enforceability of any Note Guarantee shall not be affected by the fact that it is not affixed to any particular Note. 
  
 Each of the Guarantors hereby agrees that its Note Guarantee set forth in Section 10.01 shall be in full force and effect
notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 If an Officer of a Guarantor whose signature is on this Indenture or a Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which such Note Guarantee is endorsed or at any time
thereafter, such Guarantor’s Guarantee of such Note shall be valid nevertheless. 
  
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee executed in accordance with this Section 10.2 set forth in this Indenture on behalf
of the Guarantor. 
  

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 SECTION 10.03. Release of Guarantors. 
  
 The Note Guarantee of any Guarantor (other than Parent) will be automatically and unconditionally released and discharged
upon any of the following: 
  
 (A) such Guarantor
is designated as an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; or 
  
 (B) in connection with the sale (including, by way of amalgamation, consolidation or merger) of that number of shares of Capital Stock of
a Subsidiary Guarantor such that such Subsidiary Guarantor is no longer a Subsidiary of Parent or another Restricted Subsidiary; provided that such sale complies with Section 4.12. 
  
 and in each such case, the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to such transactions have been complied with and that such release is authorized and permitted hereunder. 
  

In addition, in the event a Subsidiary becomes a Guarantor after the Issue Date solely because it Guarantees other Debt, then upon the full and
unconditional release of the Guarantee of such other Debt (provided that the Trustee is given two Business Days’ written notice of such other release) and so long as the respective Subsidiary would not at such time be required to be a Guarantor
under Section 4.18, such Guarantee of such Guarantor shall also be released. 
  
 The Trustee shall execute any documents reasonably requested by either the Company or a Guarantor in order to evidence the release of such Guarantor from its obligations under its Note Guarantee endorsed on the Notes
and under this Article Ten. 
  
 SECTION 10.04. Waiver of
Subrogation. 
  
 Until all the obligations under the Notes and
the Guarantees are satisfied in full, each Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement of such
Guarantor’s obligations under its Note Guarantee and this Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of any Holder of
Notes against the Company, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company, directly or indirectly, in cash or other
Property or by set-off or in any other manner, payment or Note on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such amount
shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Holders of the Notes, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon
the Notes, whether matured or unmatured, in accordance with the terms of this Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver
set forth in this Section 10.04 is knowingly made in contemplation of such benefits. 
  
 SECTION 10.05. Notice to Trustee. 
  
 The Company or any Guarantor shall give prompt written notice to the Trustee of any fact known to the Company or any such Guarantor which would prohibit the making of any payment to or by the Trustee at its Corporate Trust Office in respect
of the Note Guarantees. Notwithstanding the provisions of 
  

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 this Article Ten or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Note Guarantees, unless and until the Trustee shall have received written notice thereof from the Company no later than one Business Day
prior to such payment; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of this Section 10.05, and subject to the provisions of Sections 7.01 and 7.02, shall be entitled in all respects to assume that no
such facts exist; provided, however, that if the Trustee shall not have received the notice referred to in this Section 10.05 at least one Business Day prior to the date upon which by the terms hereof any such payment may become payable for any
purpose under this Indenture (including, without limitation, the payment of the principal of, premium, if any, or interest on any Note), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority
to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the contrary which may be received by it less than one Business Day prior to such date. 
  
 ARTICLE ELEVEN 
  
 SUBORDINATION 
  
 SECTION 11.01. Notes Subordinated to Senior Debt. 
  
 The Debt evidenced by the Notes will be unsecured senior subordinated obligations of the Company and Debt evidenced by the Note Guarantees will be
unsecured senior subordinated obligations of the respective Guarantors. The payment of the principal of, premium, if any, and interest on the Notes and the Note Guarantees will: 
  

	 	•	rank pari passu in right of payment with all other existing and future senior subordinated Debt of the Company and the Guarantors; 

  

	 	•	rank senior in right of payment to all existing and future Debt of the Company and the Guarantors that is, by its terms, expressly subordinated to the Notes or Note Guarantees, as
applicable; and 

  

	 	•	be subordinated in right of payment to the prior payment in full in cash or Temporary Cash Investments of all existing and future Senior Debt of the Company and the Guarantors,
including their obligations and guarantees of obligations under the Credit Agreement. 

  
 Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Holders of the Notes may receive or accept payments under a Note
Guarantee at a time when they are not entitled to receive payment under the Notes. 
  
 This Article Eleven shall constitute a continuing benefit to all Persons who become holders of, or continue to hold, Senior Debt, and such provisions are made for the benefit of the holders of Senior Debt and such
holders are made obligees hereunder and any one or more of them may enforce such provisions. 
  
 SECTION 11.02. Suspension of Payment When Senior Debt Is in Default. 
  
 (a) The Company may not make any payment or distribution of any kind or character with respect to any Obligation on, or relating to, the Notes or this
Indenture or acquire the Notes for cash or property or otherwise and no Guarantor may make any payment or distribution of any kind or character with respect to any Obligation on, or relating to, its Note Guarantees or this Indenture or acquire the
Notes for cash or property or otherwise if: 
  
 (1) a payment default on any Senior Debt (including upon any acceleration of the maturity thereof) occurs and is continuing; or 
  

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 (2) any other Default on Designated Senior Debt occurs that permits holders of Designated
Senior Debt to accelerate the maturity thereof and the Trustee receives a notice of such Default (a “Payment Blockage Notice”) from the Representative of any Designated Senior Debt. 
  
 Payments on the Notes or any Note Guarantee may and shall be resumed:

  
 (1) in the case of a payment Default upon the
date on which such Default is cured or waived or will have ceased to exist; and 
  
 (2) in the case of a Non-Payment Default upon the earliest of (x) the date on which such Non-Payment Default is cured or waived or will
have ceased to exist (so long as no other Default exists), (y) 180 days after the date on which the applicable Payment Blockage Notice is received, unless such Designated Senior Debt shall have been accelerated and such acceleration has not been
rescinded, and (z) the date on which the Trustee receives notice thereof from the Representative for such Designated Senior Debt rescinding the Payment Blockage Notice. 
  
 (b) The Notes shall not be subject to more than one Payment Blockage Period in any 360-day period, regardless of the number
of Defaults with respect to such period. 
  
 (c) No known Default
(other than a payment Default) that existed upon the commencement of a Payment Blockage Notice (whether or not such Event of Default is on the same Designated Senior Debt) shall be made the basis for the commencement of any other Payment Blockage
Notice, unless such Default has been cured or waived or will have ceased to exist for a period of not less than 90 consecutive days subsequent to the commencement of such initial Payment Blockage Notice (it being acknowledged that any subsequent
action, or any breach of any financial covenants for a period commencing after the date of delivery of such initial Payment Blockage Notice that in either case would give rise to a Default pursuant to any provisions under which a Default previously
existed or was continuing shall constitute a new Default for this purpose). 
  
 (d) The obligations of a Guarantor under its Note Guarantee constitute Senior Subordinated Debt. As such, the rights of Holders of the Notes to receive payment by a Guarantor pursuant to a Guaranty will be
subordinated in right of payment to the prior payment in full in cash or Temporary Cash Investments of all Obligations in respect of Senior Debt of such Guarantor. The terms of the subordination and payment blockage provisions described above with
respect to the Company’s obligations under the Notes apply equally to a Guarantor and the obligations of such Guarantor under its Note Guarantee. 
  
 (e) Unsecured Debt is not deemed to be subordinate or junior to secured Debt merely because it is unsecured or because the secured debt receives priority
in respect of asset sales, cash flows or other prepayments, and Debt which has different security priorities in the same security will not be deemed subordinate or junior to secured Debt no matter what the differences are. 
  
 (f) No provision contained in this Indenture or the Notes will affect the
Company’s obligation, which is absolute and unconditional, to pay the Notes when due. The subordination provisions of this Indenture and the Notes will not prevent the occurrence of any Default or Event of Default under this Indenture or limit
the rights of the Trustee or any Holder to pursue any other rights or remedies with respect to the Notes (subject, however, to the rights, if any, of the Holders of Senior Debt thereunder in respect of cash or other property received upon the
exercise of any such remedy). 
  

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 (g) By reason of the subordination provisions contained in this Indenture, in the event of a bankruptcy,
liquidation or insolvency proceeding of the Company, the Parent or any Subsidiary Guarantor, Holders of the Notes may recover less, ratably, than creditors of the Company, the Parent or a Subsidiary Guarantor who are holders of Senior Debt.

  
 Notwithstanding the foregoing, the terms of the subordination
provisions described in this Section 11.02 will not apply to payments of money or of U.S. Government Obligations, or a combination thereof, held in trust (and deposited at a time when permitted by the subordination provisions described above) by the
Trustee for the payment of principal of and interest on the Notes and otherwise in accordance with the provisions under Article Nine. 
  
 The Trustee shall be entitled to rely on information regarding amounts then due and owing on the Senior Debt, if any, received from the holders of Senior
Debt (or their Representatives) or, if such information is not received from such holders or their Representatives, from the Company and only amounts included in the information provided to the Trustee shall be paid to the holders of Senior Debt.

  
 Nothing contained in this Article Eleven shall limit the right
of the Trustee or the Holders to take any action to accelerate the maturity of the Notes and all other Obligations owing under the Notes pursuant to Article Six or to pursue any rights or remedies hereunder (subject to the rights, if any, under this
Article Eleven, of the holders of Senior Debt in respect of cash, Property or securities of the Company received upon the exercise of any such remedy); provided that all Senior Debt thereafter due or declared to be due shall first be paid in full in
cash or Temporary Cash Investments before the Holders are entitled to receive any payment of any kind or character with respect to Obligations owing on, or with respect to, the Notes. 
  
 SECTION 11.03. Obligations Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization of
Company. 
  
 (a) Upon any payment or distribution of assets of
either the Company or any Guarantor or its Property of any kind or character, whether in cash, Property or securities, to creditors upon any total or partial liquidation, dissolution, winding-up, reorganization, assignment for the benefit of
creditors or marshaling of assets of the Company or any Guarantor or in a bankruptcy, reorganization, insolvency, receivership or other similar proceeding relating to the Company or any Guarantor or its assets, whether voluntary or involuntary, all
Obligations in respect of Senior Debt of the Company or such Guarantors due or to become due shall first be paid in full in cash, Temporary Cash Investments or any other consideration acceptable to the holders of such Senior Debt (including interest
after the commencement of any bankruptcy or other like proceeding at the rate specified in the applicable Senior Debt whether or not such interest is an allowed claim in any such proceeding), before any payment or distribution of any kind or
character is made on account of any Obligations on, or with respect to, the Notes or the Note Guarantees, as applicable, or for the acquisition of any of the Notes for cash or Property or otherwise. Upon any such dissolution, winding-up,
liquidation, reorganization, receivership or similar proceeding, any payment or distribution of assets of the Company or any Guarantor of any kind or character, whether in cash, Property or securities, to which the Holders or the Trustee would be
entitled, except for the provisions hereof, shall be paid by the Company or any Guarantor or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders or by the Trustee
if received by it, directly to the holders of Senior Debt of the Company or such Guarantors (pro rata to such holders on the basis of the respective amounts of such Senior Debt held by such holders) or their respective Representatives, or to the
trustee or 
  

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 trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective
interests may appear, for application to the payment of Senior Debt of the Company or such Guarantor remaining unpaid until all such Senior Debt has been paid in full in cash or Temporary Cash Investments after giving effect to any concurrent
payment, distribution or provision therefor to or for the holders of such Senior Debt. 
  
 (b) To the extent any payment of Senior Debt (whether by or on behalf of the Company or any Guarantor, as proceeds of security or enforcement of any right of setoff or otherwise) is declared to be fraudulent or
preferential, set aside or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then, if such payment is
recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such
payment had not occurred. 
  
 It is further agreed that any
diminution (whether pursuant to court decree or otherwise, including without limitation for any of the reasons described in the preceding paragraph) of the Company’s obligation to make any distribution or payment pursuant to any Senior Debt,
except to the extent such diminution occurs by reason of the repayment (which has not been disgorged or returned) of such Senior Debt in cash or Temporary Cash Investments, shall have no force or effect for purposes of the subordination provisions
contained in this Article Eleven, with any turnover of payments as otherwise calculated pursuant to this Article Eleven to be made as if no such diminution had occurred. 
  
 (c) In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company or any Guarantor
of any kind or character, whether in cash, Property or securities, shall be received by the Trustee or any Holder when such payment or distribution is prohibited by Section 11.02 or this Section 11.03, such payment or distribution shall be held in
trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt (pro rata to such holders on the basis of the respective amount of Senior Debt held by such holders) or their respective Representatives, or to the trustee
or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, for application to the payment of Senior Debt remaining unpaid until all such Senior Debt has been paid in full
in cash or Temporary Cash Investments, after giving effect to any concurrent payment, distribution or provision therefor to or for the holders of such Senior Debt. 
  
 SECTION 11.04. Payments May Be Paid Prior to Dissolution. 
  
 Nothing contained in this Article Eleven or elsewhere in this Indenture shall prevent (i) the Company or any Guarantor,
except under the conditions described in Sections 11.02 and 11.03, from making payments at any time for the purpose of making payments of principal of and interest on the Obligations owing under the Notes, or from depositing with the Trustee any
monies for such payments, or (ii) in the absence of actual knowledge by the Trustee that a given payment would be prohibited by Section 11.02 or 11.03, the application by the Trustee of any monies deposited with it for the purpose of making such
payments of principal of, and interest on, the Obligations owing under the Notes to the Holders entitled thereto unless at least one Business Day prior to the date upon which such payment would otherwise become due and payable the Trustee shall have
actually received the written notice provided for in Section 11.12, Section 11.02(a)(2) or in the last sentence of this Section 11.04 (provided that, notwithstanding the foregoing, the Holders receiving any payments made in contravention of Sections
11.02 and/or 11.03 (and such payments) shall otherwise be subject to the provisions of Sections 11.02 and 11.03). The Company shall give 
  

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 prompt written notice to the Trustee of any dissolution, winding-up, liquidation or reorganization of the Company or any
Guarantor, although any delay or failure to give any such notice shall have no effect on the subordination provisions contained herein. 
  
 SECTION 11.05. Holders To Be Subrogated to Rights of Holders of Senior Debt. 
  
 Subject to the payment in full in cash or Temporary Cash Investments of all Senior Debt, the Holders shall be subrogated to
the rights of the holders of Senior Debt to receive payments or distributions of cash, Property or securities of the Company or any Guarantor applicable to the Senior Debt until the Obligations owing under the Notes shall be paid in full; and, for
the purposes of such subrogation, no such payments or distributions to the holders of the Senior Debt by or on behalf of the Company or any Guarantor, or by or on behalf of the Holders by virtue of this Article Eleven, which otherwise would have
been made to the Holders shall, as between the Company and the Guarantors and the Holders, be deemed to be a payment by the Company or the respective Guarantor to or on account of the Senior Debt, it being understood that the provisions of this
Article Eleven are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Debt, on the other hand. 
  
 SECTION 11.06. Obligations Unconditional. 
  
 (a) Nothing contained in this Article Eleven or elsewhere in this Indenture is intended to or shall impair, as among the
Company, its creditors other than the holders of Senior Debt, and the Holders, the Obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal of and any interest on the Notes and all other Obligations owing
hereunder as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than the holders of Senior Debt, nor shall anything
herein or therein prevent any Holder or the Trustee on its behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article Eleven, of the holders of
Senior Debt in respect of cash, Property or securities of the Company received upon the exercise of any such remedy. 
  
 (b) Nothing contained in this Article Eleven or elsewhere in this Indenture is intended to or shall impair, as among any Guarantor, its creditors other
than the holders of Senior Debt, and the Holders, the Obligation of such Guarantor, which is absolute and unconditional to pay (pursuant to its Note Guarantee) to the Holders the principal of and any interest on the Notes and all other Obligations
owing hereunder as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of such Guarantor other than the Holders of Senior Debt, nor shall
anything herein or therein prevent any Holder or the Trustee on its behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article Eleven of the Holders
of Senior Debt in respect of cash, Property, or securities of such Guarantor received upon the exercise of any such remedy. 
  
 SECTION 11.07. Reliance on Judicial Order or Certificate of Liquidating Agent. 
  
 Whenever a distribution is to be made or a notice given to holders of Designated Senior Debt, the distribution may be made
and the notice given to their Representative. 
  

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 Upon any payment or distribution of assets of the Company or any Guarantor referred to in this Article
Eleven, the Trustee and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any insolvency, bankruptcy, receivership, dissolution, winding-up, liquidation, reorganization or similar
case or proceeding is pending, or upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or the
Holders, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Debt and other Debt of the Company or such Guarantor, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Eleven. Nothing in this Article Eleven shall apply to the claims of, or payments to, the Trustee in its capacity as such under or pursuant to Section 7.07.
The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or itself to be a holder of any Senior Debt (or a trustee on behalf of, or other representative of, such holder) to establish that such
notice has been given by a holder of such Senior Debt or a trustee or representative on behalf of any such holder. 
  
 In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as a holder of Senior Debt to
participate in any payment or distribution pursuant to this Article Eleven, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person, the extent to
which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article Eleven, and if such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive such payment. 
  
 SECTION 11.08. Subordination Rights Not Impaired by Acts or Omissions of the Company, any Guarantor or Holders of Senior Debt. 
  

No right of any present or future holders of any Senior Debt to enforce subordination as provided herein shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or any Guarantor, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company or any Guarantor with the terms of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise be charged with. 
  
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt or Senior Debt of the Company or any Guarantor may, at
any time and from time to time, without the consent of or notice to the Trustee or the Holders, without incurring responsibility to the Trustee or the Holders and without impairing or releasing the subordination provided in this Article Eleven or
the obligations hereunder of the Holders to the holders of the Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, any Senior Debt, or otherwise
amend or supplement in any manner any Senior Debt, or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any Property pledged, mortgaged or otherwise
securing any Senior Debt; (iii) release any Person liable in any manner for the payment or collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the Company, any Guarantor or any other Person. 
  
 SECTION 11.09. Holders Authorize Trustee To Effectuate Subordination of
Obligations. 
  
 Each Holder authorizes and expressly directs the
Trustee on its behalf to take such action as may be necessary or appropriate to effectuate, as between 
  

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 the holders of Senior Debt and the Holders, the subordination provided in this Article Eleven, and appoints the Trustee
its attorney-in-fact for such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of the Company or any Guarantor (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or
upon an assignment for the benefit of credits or otherwise) tending towards liquidation of the business and assets of the Company or any Guarantor, the filing of a claim for the unpaid balance of its Obligations owing under the Notes (and/or the
Note Guarantees) and accrued interest in the form required in those proceedings. 
  
 If the Trustee does not file a proper claim or proof of debt in the form required in such proceeding prior to 30 days before the expiration of the time to file such claim or claims, then the holders of the Senior Debt
or their Representative shall have the right to file and are or is hereby authorized to file an appropriate claim for and on behalf of the Holders. Nothing herein contained shall be deemed to authorize the Trustee or the holders of Senior Debt or
their Representative to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Obligations owing under the Notes or the Note Guarantees or the rights of any
Holder thereof, or to authorize the Trustee or the holders of Senior Debt or their Representative to vote in respect of the claim of any Holder in any such proceeding. 
  
 SECTION 11.10. This Article Eleven Not To Prevent Events of Default. 
  
 The failure to make a payment on account of principal of or interest on the
Obligations owing under the Notes by reason of any provision of this Article Eleven will not be construed as preventing the occurrence of an Event of Default. 
  

SECTION 11.11. Acceleration of Notes. 
  
 If payment of the Notes is accelerated because of an Event of Default, the Company shall promptly notify the holders of Designated Senior Debt or the
Representative of such holders of the acceleration; provided that any delay or failure to give such notice shall have no effect whatsoever on the subordination provisions described in this Article Eleven. 
  
 SECTION 11.12. Notice to Trustee; Rights of Trustee and Paying Agent.

  
 The Company shall give prompt written notice to the Trustee
of any fact known to the Company that would prohibit the making of any payment to or by the Trustee or any Holder in respect of the Notes or under any Note Guarantee pursuant to the provisions of this Article Eleven although any delay or failure to
give any such notice shall have no effect on the subordination provisions contained herein. Notwithstanding the provisions of this Article Eleven or any other provision of this Indenture, neither the Trustee nor any Paying Agent shall be charged
with knowledge of the existence of any facts that would prohibit the making of any payment or distribution by the Trustee or such Paying Agent, and (in the absence of actual knowledge that the respective payment will violate the applicable
provisions of this Article Eleven) the Trustee and such Paying Agent may continue to make payments on the Notes, unless the Trustee or such Paying Agent shall have received, at least three Business Days prior to the date of such payment, written
notice of facts that would cause the payment of any Obligations with respect to the Notes to violate this Article Eleven (although the receipt of such payment shall otherwise be subject to the applicable provisions of this Article Eleven). Only the
Company, a Guarantor, a holder of Senior Debt or a Representative thereof may give the notice. Nothing in this Article Eleven shall impair the claims of, or payments to, the Trustee in its capacity as such under or pursuant to Section 7.07. Nothing
in this Section 11.12 is intended to or shall relieve any Holder of Notes from the obligations imposed under Sections 
  

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 11.02 and 11.03 with respect to other distributions received in violation of the provisions hereof. The Trustee shall not
be deemed to owe any fiduciary duty to holders of such Senior Debt and the Trustee shall not be liable to any holder of such Senior Debt if it shall pay over or deliver to the Holders of the Notes, the Company, or any other Person money or assets to
which any holder of such Senior Debt shall be entitled to by virtue of this Article Eleven or otherwise. 
  
 The Trustee in its individual or any other capacity may hold Senior Debt with the same rights it would have if it were not Trustee. Any Agent may do the
same with like rights. 
  
 ARTICLE TWELVE 
  
 MISCELLANEOUS 
  
 SECTION 12.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in
this Indenture by the TIA, the required provision shall control. If any provision of this Indenture modifies any TIA provision that may be so modified, such TIA provision shall be deemed to apply to this Indenture as so modified. If any provision of
this Indenture excludes any TIA provision that may be so excluded, such TIA provision shall be excluded from this Indenture. 
  
 The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included unless expressly
excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
  
 SECTION 12.02. Notices. 
  
 Except for notice or communications to Holders, any notice or communication shall be given in writing and when received if delivered in person, when
receipt is acknowledged if sent by facsimile, on the next Business Day if timely delivered by a nationally recognized courier service that guarantees overnight delivery or two Business Days after deposit if mailed by first-class mail, postage
prepaid, addressed as follows: 
  
 If to the Company and/or the
Guarantors: 
  
 Intertape Polymers US Inc. 
 3647 Cortez Road West 
 Bradenton, Florida
34210 
 Attn: Chief Financial Officer 
  
 With a copy to: 
  
 Shutts & Bowen LLP 
 300 S. Orange
Avenue, Suite 1000 
 Orlando, Florida 32810 
 Fax: (407) 425-8316 
 Telephone: (407) 423-3200 
 Attn: J. Gregory Humphries, Esq. 
  
 If to the Trustee, Registrar or Paying Agent: 
  
 Wilmington Trust Company 
 Rodney Square
North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Fax: (302) 636-4145 
 Telephone: (302) 636-6016 
 Attn: Corporate Trust Services 
  

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 Such notices or communications shall be effective when received and shall be sufficiently given if so
given within the time prescribed in this Indenture. 
  
 The
Company, the Guarantors or the Trustee by written notice to the others may designate additional or different addresses for subsequent notices or communications. 
  

Any notice or communication mailed to a Holder shall be mailed to him by first-class mail, postage prepaid, at his address shown on the register kept
by the Registrar. 
  
 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 to a Holder is mailed in the manner provided above, it shall be deemed duly given, whether or not the addressee receives it.

  
 In case by reason of the suspension of regular mail service,
or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

  
 SECTION 12.03. Communications by Holders with Other Holders.

  
 Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or the Notes. The Company, the Guarantors, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
  
 SECTION 12.04. Certificate and Opinion as to Conditions Precedent.

  
 Upon any request or application by the Company or any
Guarantor to the Trustee to take any action under this Indenture (except for the issuance of Notes on the Issue Date), the Company or such Guarantor shall furnish to the Trustee: 
  
 (1) an Officers’ Certificate (which shall include the statements set forth in Section 12.05 below)
stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
  
 (2) an Opinion of Counsel (which shall include the statements set forth in Section 12.05 below) stating
that, in the opinion of such counsel, all such conditions precedent have been complied with. 
  
 SECTION 12.05. Statements Required in Certificate and Opinion. 
  
 Each certificate (other than certificates provided pursuant to Section 4.06) and opinion with respect to compliance by or on behalf of the Company or any
Guarantor with a condition or covenant provided for in this Indenture shall include: 
  
 (a) a statement that the Person delivering such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  

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

(d) a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with. 
  
 SECTION 12.06. Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or meetings of Holders.
The Registrar and Paying Agent may make reasonable rules for their functions. 
  
 SECTION 12.07. Legal Holidays. 
  
 A “Legal Holiday” is a Saturday, a Sunday or other day on which (i) commercial banks in the City of New York are authorized or required by law to close or (ii) the New York Stock Exchange is not open for trading. If a payment date
is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
  
 SECTION 12.08. Governing Law. 
  
 This Indenture, the Notes and the Note Guarantees are governed by the
internal laws of the State of New York without reference to principles of conflicts of law. 
  
 SECTION 12.09. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company, Parent or any Subsidiary thereof. No such indenture, loan, security or debt agreement may be used to
interpret this Indenture. 
  
 SECTION 12.10. Successors.

  
 All agreements of the Company and the Guarantors in this
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind its successor. 
  
 SECTION 12.11. Multiple Counterparts. 
  
 The parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all
of them together represent one and the same agreement. 
  
 SECTION
12.12. Consent to Jurisdiction and Service; Waiver of Immunity. 
  
 Parent and each of the Guarantors that is organized outside the United States revocably appoints Corporation Service Company as its agent for service of process in any suit, action or proceeding with respect to this Indenture, the Notes or
the Note Guarantees and for actions brought under federal or state securities laws in any federal or state court located in the Borough of Manhattan in the City of New York and submits to such non- exclusive jurisdiction. 
  
 To the extent that the Company or any Guarantor has or hereafter may acquire
any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process 
  

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 (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, each of the
Company and each Guarantor hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Indenture or under the Notes or Note Guarantees. 
  
 SECTION 12.13. Conversion of Currency. 
  
 The Company covenants and agrees that the following provisions shall apply
to conversion of currency in the case of the Notes, the Note Guarantees and this Indenture: 
  
 (a) (i) If, for the purpose of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes necessary to convert into a currency (the “judgment currency”) an amount due in any
other currency (the “Base Currency”), then the conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which the judgment is given or the order of enforcement is made, as the case may be (unless a
court shall otherwise determine). 
  
 (ii) If there is a change in
the rate of exchange prevailing between the Business Day before the day on which the judgment is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date of receipt of the amount due,
the Company will pay such additional (or, as the case may be, such lesser) amount, if any, as may be necessary so that the amount paid in the judgment currency when converted at the rate of exchange prevailing on the date of receipt will produce the
amount in the Base Currency originally due. 
  
 (b) In the event
of the winding-up of the Company or any Guarantor at any time while any amount or damages owing under the Notes, the Note Guarantees and/or this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Company
shall indemnify and hold the Holders and the Trustee harmless against any deficiency arising or resulting from any variation in rates of exchange between (1) the date as of which the equivalent of the amount in U.S. Dollars due or contingently due
under the Notes, the Note Guarantees and/or this Indenture (other than under this Section 12.13(b)) is calculated for the purposes of such winding-up and (2) the final date for the filing of proofs of claim in such winding-up. For the purpose of
this Section 12.13(b), the final date for the filing of proofs of claim in the winding-up of the Company or any Guarantor shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as being
the latest practicable date as at which liabilities of the Company or such Guarantor may be ascertained for such winding-up prior to payment by the liquidator or otherwise in respect thereto. 
  
 (c) The obligations contained in Section 12.13(a)(ii) and (b) shall
constitute obligations of the Company separate and independent from its other respective obligations under the Notes and this Indenture, shall give rise to separate and independent causes of action against the Company, shall apply irrespective of
any waiver or extension granted by any Holder or the Trustee or any of them from time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of the Company or
any Guarantor for a liquidated sum in respect of amounts due hereunder (other than under Section 12.13(b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or
the Trustee, as the case may be, and no proof or evidence of any actual loss shall be required by the Company or the liquidator or otherwise any of them. In the case of Section 12.13(b) above, the amount of such deficiency shall not be deemed to be
reduced by any variation in rates of exchange occurring between the said final date and the date of any liquidating distribution. 
  

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 (d) The term “rate(s) of exchange” shall mean the rate of exchange quoted by Citicorp North
America, Inc. (or its relevant affiliate(s)) at its central foreign exchange desk at its head office in New York at 12:00 noon New York time for purchases of the Base Currency with the judgment currency other than the Base Currency referred to in
Subsections (a) and (b) above and includes any premiums and costs of exchange payable. 
  
 (e) The Trustee shall have no duty or liability with respect to monitoring or enforcing this Section 12.13. 
  
 SECTION 12.14. Table of Contents, Headings, etc. 
  
 The table of contents, cross-reference sheet 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 hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 SECTION 12.15. Separability. 
  
 Each provision of this Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic
purpose of this Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 [Signature Pages Follow] 
  

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 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed all as of the date and year first written
above. 
  
 INTERTAPE POLYMER US INC. 
  

			
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 CFO, Secretary,
 Vice President Administration

	
	 INTERTAPE POLYMER GROUP INC.

		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 CFO, Secretary, Vice President Administration

	
	 INTERTAPE POLYMER INC.

		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 Chief Financial Officer

	
	 SPUNTECH FABRICS INC.

		
	 By:
	 	 /s/ Victor DiTommaso


	 Name:
	 	 Victor DiTommaso

	 Title:
	 	 President

	
	 IPG HOLDING COMPANY OF NOVA SCOTIA

		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 Vice President Finance


  

 Page 105 









			
	 IPG HOLDINGS LP

		
	 By:
	 	 INTERTAPE POLYMER INC.,
 General Partner

		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 Chief Financial Officer

	
	 IPG FINANCE LLC

		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 President

	
	 IPG (US) INC.

		
	 By:
	 	 /s/ Victor DiTommaso


	 Name:
	 	 Victor DiTommaso

	 Title:
	 	 Vice President Finance

	
	 IPG (US) HOLDINGS INC.

		
	 By:
	 	 /s/ Victor DiTommaso


	 Name:
	 	 Victor DiTommaso

	 Title:
	 	 Vice President Finance

	
	 CENTRAL PRODUCTS COMPANY

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President

	
	 INTERTAPE INC.

		
	 By:
	 	 /s/ Victor DiTommaso


	 Name:
	 	 Victor DiTommaso

	 Title:
	 	 Vice President Finance

	
	 INTERTAPE POLYMER MANAGEMENT CORP.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President

	
	 POLYMER INTERNATIONAL CORP.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 President

	
	 CAJUN BAG & SUPPLY CORP.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President

	
	 INTERNATIONAL CONTAINER SYSTEMS, INC.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President


  

 Page 106 









			
	 UTC ACQUISITION CORP.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 President

	
	 INTERTAPE INTERNATIONAL CORP.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 President

	
	 INTERTAPE POLYMER CORP.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President

	
	 IPG ADMINISTRATIVE SERVICES INC.

		
	 By:
	 	 /s/ Victor DiTommaso


	 Name:
	 	 Victor DiTommaso

	 Title:
	 	 Vice President Finance

	
	 IPG TECHNOLOGIES INC.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President

	
	 IPG FINANCIAL SERVICES INC.

		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 President

	
	 COIF HOLDING INC.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President

	
	 FIBC HOLDING INC.

		
	 By:
	 	 /s/ Burgess H. Hildreth


	 Name:
	 	 Burgess H. Hildreth

	 Title:
	 	 Vice President

	
	FIBOPE PORTUGUESA-FILMES BIORIENTADOS S.A.
		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 Director

	
	 DRUMHEATH INDEMNITY LTD.

		
	 By:
	 	 /s/ Andrew M. Archibald


	 Name:
	 	 Andrew M. Archibald

	 Title:
	 	 Chairman


  

			
	 INTERTAPE WOVEN PRODUCTS, S.A. DE C.V.

		
	 By:
	 	 /s/Jim Bob Carpenter


	 Name:
	 	 Jim Bob Carpenter

	 Title:
	 	 President, Attorney-in-Fact


  

 Page 107 









			
	
	INTERTAPE WOVEN PRODUCTS SERVICES, S.A. DE C.V.
		
	 By:
	 	 /s/Jim Bob Carpenter


	 Name:
	 	 Jim Bob Carpenter

	 Title:
	 	 President, Attorney-in-Fact

	
	WILMINGTON TRUST COMPANY, as Trustee
		
	 By:
	 	 /s/James D. Nesci


	 Name:
	 	 James D. Nesci

	 Title:
	 	 Authorized Signer


  

 Page 108 








 EXHIBIT A 
 CUSIP 
  
 INTERTAPE POLYMER US INC.

  
 No.
                                        
                                        
                                        
                                        
    $ 
  
 $
                                        
        8 1/2% SENIOR SUBORDINATED NOTE DUE 2014 
  
 INTERTAPE POLYMER US INC., a Delaware corporation, as issuer (the
“Company”), for value received, promises to pay to CEDE & CO. or registered assigns the principal sum of $ on August 1, 2014. 
  
 Interest Payment Dates: February 1 and August 1 
  
 Record Dates: January 15 and July 15 
  
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

  

 Page 109 








 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by one of its
duly authorized officers. 
  
 INTERTAPE POLYMER US INC. 
  

	
	 By:

	 Name:

	 Title:


  

 Page 110 








 Certificate of Authentication 
  
 This is one of the 8 1/2% Senior Subordinated Notes Due 2014 referred to in the within-mentioned Indenture. 
  
 WILMINGTON TRUST COMPANY, as Trustee 
  

			
	 By:
	 	  


	 	 	 Authorized Officer


  

 Page 111 








 [FORM OF REVERSE OF NOTE] 
  
 INTERTAPE POLYMER US INC. 
  
 8 1/2% SENIOR
SUBORDINATED NOTE DUE 2014 
  
 1. Interest. INTERTAPE
POLYMER US INC., a Delaware corporation, as issuer (the “Company”), promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 8 1/2% per annum. Interest hereon will accrue from the date of original issuance or, if interest has already been paid,
from the date it was most recently paid or, if no interest has been paid, from and including July 28, 2004 to but excluding the date on which interest is paid. Interest shall be payable semi-annually in arrears on each February 1 and August 1,
commencing February 1, 2005.* Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. For purposes of the Interest Act (Canada), whenever any interest or fee is calculated using a rate based on a number of days
less than a full year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate, (y) multiplied by the actual number of days in the calendar year in which the period for which such
interest or fee is payable (or compounded) ends, and (z) divided by the number of days based on which such rate is calculated. The Company shall pay interest on overdue principal and on overdue interest (to the full extent permitted by law) at the
rate borne by the Notes. 
  
 2. Method of Payment. The
Company will pay interest hereon (except defaulted interest) to the Persons who are registered Holders at the close of business on January 15 or July 15 immediately preceding the interest payment date (whether or not a Business Day). Holders must
surrender Notes to a Paying Agent to collect principal payments. The Company will pay to the Paying Agent principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private
debts. If a Holder has given wire transfer instructions to the Company, the Company will, or cause to be paid by the Paying Agent, all principal, interest and Additional Interest (as defined herein), if any, on the Holder’s Notes in accordance
with those instructions. All other payments on the Notes will be made at the office or agency of the Paying Agent and Registrar unless the Company elects to make interest payments by check mailed to the Holders at their address set forth in the
register of Holders. 
  
 3. Paying Agent and Registrar. Initially,
Wilmington Trust Company (the “Trustee”) will act as a Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any Guarantor may act as Paying Agent or Registrar.

  


	*	With respect to Additional Notes, Interest will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including
the date such Additional Notes are issued. 

  

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 4. Indenture. The Company issued the Notes under an Indenture dated as of July 28, 2004 (the
“Indenture”) between the Company, the Guarantors and the Trustee. This is one of an issue of Notes of the Company issued, or to be issued, under the Indenture. The terms of the Notes include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb), as amended from time to time. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement
of them. Each Holder of a Note agrees to and shall be bound by such provisions. Capitalized and certain other terms used herein and not otherwise defined have the meanings set forth in the Indenture. 
  
 5. Optional Redemption. Except as set forth in the next succeeding
paragraphs, the Notes will not be redeemable at the option of the Company prior to August 1, 2009. Starting on that date, the Company may redeem all or any portion of the Notes, at any time or from time to time, after giving the required notice
under the Indenture. The Notes may be redeemed at the redemption prices set forth below plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date). The following prices are for Notes redeemed during the 12-month period commencing on of the years set forth below, and are expressed as percentages of principal amount: 
  

				
	 Redemption Year

	  	Price

	 
	         2009
	  	104.250	%
	         2010
	  	102.833	%
	         2011
	  	101.417	%
	         2012 and thereafter
	  	100.000	%

  
 (b) In addition, from
time to time prior to August 1, 2007, the Company may redeem up to a maximum of 35% of the aggregate principal amount of the Notes issued under the Indenture prior to such date, with the proceeds of one or more Qualified Equity Offerings, at a
redemption price equal to 108.5 % of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the
relevant interest payment date); provided, however, that after giving effect to any such redemption, at least 65% of the aggregate principal amount of Notes issued under the Indenture prior to such date remains outstanding. Any such redemption shall
be made within 90 days of such Qualified Equity Offering upon not less than 30 nor more than 60 days’ prior notice. 
  
 (c) At any time prior to August 1, 2009, the Notes may also be redeemed or purchased, by or on behalf of the Company, in whole, or any portion thereof, at
the Company’s option (a “Pre-2009 Redemption”), at a price equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued but unpaid interest, if any, to the date of redemption or purchase pursuant to
such Pre-2009 Redemption (the “Pre-2009 Redemption Date”) (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). Such Pre-2009 Redemption or purchase may be
made upon notice mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the Pre- 2009 Redemption Date. The Company may provide in such notice that payment of such price and performance of
the Company’s obligations with respect to such redemption or purchase may be performed by another Person. 
  
 “Applicable Premium” means, with respect to a Note at any Pre-2009 Redemption Date, the excess of (A) the present value at such Pre-2009
Redemption Date of (1) the redemption price of such Note on August 1, 2009 (as set forth in the table above); plus (2) all required remaining scheduled interest payments due on such Notes through August 1, 2009, computed using a discount rate equal
to the Treasury Rate plus 50 basis points over (B) the principal amount of such Note on such Pre-2009 Redemption Date. Calculation of the Applicable Premium will be made by Company or on behalf of the Company by such Person as the Company shall
designate. 
  
 “Treasury Rate” means, with respect to a
Pre-2009 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 
  

 Page 113 








 available at least two Business Days prior to such Pre-2009 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 such Pre-2009 Redemption Date to August 1, 2009, provided, however, that if the period from such Pre-2009 Redemption Date to August 1, 2009 is not
equal to the constant maturity of the 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 Pre-2009 Redemption Date to August 1, 2009 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. 
  
 Any notice to Holders of the Notes of a Pre-2009 Redemption hereunder shall include the appropriate calculation of the redemption price, but shall not be required to include the redemption price itself. The actual redemption price,
calculated as described above, must be set forth in an Officers’ Certificate of the Company delivered to the Trustee no later than two Business Days prior to the Pre-2009 Redemption Date. 
  
 (d) The Trustee will select Notes called for redemption pursuant to this
paragraph 5 on a pro rata basis as set forth in the Indenture; provided that no Notes of $1,000 or less shall be redeemed in part. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder
thereof upon cancellation of the original Note. Notes called for redemption pursuant to this paragraph 5 hereto become due on the date fixed for redemption. On and after the Redemption Date, interest stops accruing on Notes or portions of them
called for redemption as, and to the extent, provided in Section 3.05 of the Indenture. 
  
 6. Notice of Redemption. Notices of redemption shall be mailed by first class mail at least 30 but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address.
Notices of redemption may not be conditional. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed. 
  
 7. Offers To Purchase. The Indenture provides that upon the occurrence of a
Change of Control or an Asset Sale and subject to further limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with the procedures set forth in the Indenture. 
  
 8. Registration Rights. (a) Pursuant to a Registration Rights Agreement among
the Company, the Guarantors and the Initial Purchasers named therein (the “Registration Rights Agreement”) and subject to the further limitations and conditions set forth therein, the Company will be obligated to consummate an exchange
offer (the “Exchange Offer”) pursuant to which the Holder of this Note shall have the right to exchange this Note for Notes which have been registered under the Securities Act, in like principal amount and having substantially identical
terms as the Notes. 
  
 (b) If (i) within 90 days after the Issue
Date of the Notes, neither the Exchange Offer Registration Statement nor, if required by Section 3(a)(i), (ii) or (iii) of the Registration Rights Agreement, any Shelf Registration Statement has been filed with the Commission; (ii) within 150 days
after the Issue Date of the Notes, the Exchange Offer Registration Statement has not been declared effective as required by Section 2(a) of the Registration Rights Agreement; (iii) within 180 days after the Issue Date of the Notes, neither the
Registered Exchange Offer has been consummated nor, if required to be filed pursuant to section 3(a)(i), (ii) or (iii) of the Registration Rights Agreement, the Shelf Registration Statement has been declared effective; (iv) within 60 days of the day
on which the obligation to file the Shelf Registration Statement 
  

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 pursuant solely to Section 3(a)(iii) of the Registration Rights Agreement, such Shelf Registration Statement is not filed
with the Commission; or (v) after either the Exchange Offer Registration Statement or the Shelf Registration Statement has been declared effective, such Registration Statement thereafter ceases to be effective or fails to be usable (subject, in the
case of the Shelf Registration Statement, to the exceptions set forth in the Registration Rights Agreement) in connection with resales of Notes or Exchange Securities in accordance with and during the periods specified in Section 2 and 3 of the
Registration Rights Agreement (each such event referred to in clauses (i) through (v), a “Registration Default”), “Additional Interest” (as defined in the Registration Rights Agreement) will accrue on the terms and in the amounts
set forth in the Registration Rights Agreement. 
  
 9.
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay to it any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to exchange or register a transfer of any
Note for a period of 15 days immediately preceding the redemption of Notes, except the unredeemed portion of any Note being redeemed in part. 
  
 10. Persons Deemed Owners. The registered Holder of this Note may be treated as the owner of this Note for all purposes. 
  
 11. Unclaimed Money. If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its written request. After that, Holders entitled to the money must look to the Company for payment as general creditors unless an “abandoned
property” law designates another Person. 
  
 12. Amendment,
Supplement, Waiver, Etc. The Company, the Guarantors and the Trustee (if a party thereto) may, without the consent of the Holders of any outstanding Notes, amend, waive or supplement the Indenture or the Notes for certain specified purposes,
including, among other things, curing ambiguities, omissions, defects or inconsistencies, maintaining the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, providing for the assumption by a successor to the Company of
its obligations under the Indenture and making any change that does not materially and adversely affect the rights of any Holder. Other amendments and modifications of the Indenture or the Notes may be made by the Company, the Guarantors and the
Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of the outstanding Notes, subject to certain exceptions requiring the consent of the Holders of the particular Notes to be affected. 
  
 13. Restrictive Covenants. The Indenture imposes certain limitations on the
ability of the Company, the Guarantors and its Restricted Subsidiaries to, among other things, incur additional Debt, pay dividends on, redeem or repurchase its Capital Stock, make certain investments, sell assets, create restrictions on the payment
of dividends or other amounts to the Company or Guarantors from any Restricted Subsidiaries, enter into transactions with Affiliates, use proceeds from the sale of the Notes, expand into unrelated businesses, create liens or consolidate, merge or
sell all or substantially all of the assets of the Company, the Guarantors and its Restricted Subsidiaries and requires the Company to provide reports to Holders of the Notes. Such limitations are subject to a number of important qualifications and
exceptions. Pursuant to Section 4.06 of the Indenture, the Company and Parent must annually report to the Trustee on compliance with such limitations. 
  
 14. Successor Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture and the

  

 Page 115 








 transaction complies with the terms of Article Five of the Indenture, the predecessor corporation will, except as
provided in Article Five, be released from those obligations. 
  
 15. Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event of Default (other than an Event of Default specified in Sections 6.01(5) and 6.01(6) of the Indenture
with respect to the Company, Parent or a Significant Subsidiary) occurs and is continuing, the Trustee or the registered Holders of not less than 25% of the principal amount of the Notes then outstanding, may, and the Trustee at the written request
of such Holders shall, declare due and payable, if not already due and payable, the principal of and any accrued and unpaid interest on all of the Notes by notice in writing to the Company, the Representative under the Credit Agreement (if any
amounts are outstanding thereunder) and the Trustee specifying the applicable Event of Default and that it is a “notice of acceleration” (the “Acceleration Notice”), and the same (a) shall immediately become due and payable; or
(b) if there are any amounts outstanding under the Credit Agreement, shall become immediately due and payable upon the first to occur of an acceleration of the Credit Agreement and five business days after receipt by the Company and the
Representative under the Credit Agreement of such Acceleration Notice. If an Event of Default specified in Sections 6.01(5) and 6.01(6) of the Indenture occurs with respect to the Company, Parent or a Significant Subsidiary, then the principal of
and any accrued and unpaid interest on all of the Notes shall immediately become due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture or the Notes except as provided in
the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. 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 (except a default in payment of principal of, or interest on, the Notes) if it determines that withholding notice is in their best interests.

  
 16. Trustee Dealings with Company. Subject to certain
limitations imposed by the Trust Indenture Act, the Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not Trustee. 
  
 17. No Recourse Against
Others. No past, present or future director, officer, employee or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes, the Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. No past, present or future director, officer, employee or stockholder of any of the Guarantors, as such, shall have any liability for any obligations of the Guarantors under the Note Guarantees, the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes and Note Guarantees by accepting a Note and a Note Guarantee waives and releases all such liabilities. The waiver and release are
part of the consideration for issuance of the Notes and the Note Guarantees. 
  
 18. Discharge. The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the payment of all
the Notes or upon the irrevocable deposit with the Trustee of United States dollars or U.S. Government Obligations sufficient to pay when due principal of and interest on the Notes to maturity or redemption, as the case may be. 
  
 19. Guarantees. The Notes will be entitled to the benefits of certain Note
Guarantees, including Additional Amounts, made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the
Trustee and the Holders. 
  

 Page 116 








 20. Authentication. This Note shall not be valid until the Trustee signs the certificate of
authentication on the other side of this Note. 
  
 21. Governing
Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. The Trustee, the Company and the Subsidiary Guarantors agree to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to the Indenture or the Notes. 
  
 22. Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TENANT (= 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).

  
 The Company will furnish to any Holder upon written request
and without charge a copy of the Indenture. Requests may be made to: 
  
 Intertape Polymer US Inc. 
 3647 Cortez Road West 
 Bradenton, Florida 34219 
 Fax: 407-425-8316 
 Telephone: (941) 727-5788 
 Att: Chief
Financial Officer 
  
 With a copy to: 
  
 Shutts & Bowen LLP 
 300 S. Orange Avenue, Suite 1000 
 Orlando,
Florida 32801 
 Fax: (407) 425-8316 
 Telephone: (407) 423-3200 
 Att: J. Gregory Humphries, Esq. 
  

 Page 117 








 ASSIGNMENT FORM 
  

I or we assign and transfer this Note to: 
  

 (Insert assignee’s social security or tax I.D. number) 
  

 (Print or type name, address and zip code of assignee) 
  
 and irrevocably appoint: 
  
 Agent to transfer this Note on the books of the Company. The Agent may
substitute another to act for him. 
  

							
	 Date:
	 	
	  	Your Signature:	 	  


	 	 	 	  	 	 	(Sign exactly as your name appears on the other side of this Note)

  

			
	 Signature Guarantee:



  
 SIGNATURE GUARANTEE

  
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 Page 118 








 SCHEDULE OF INCREASES OR DECREASES 
 IN THE PRINCIPAL AMOUNT OF THIS GLOBAL NOTE 
  
 The following increases or decreases in the principal amount of 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
 increase or
 decrease

	  	 Signature of
 authorized
 signatory of
 Trustee


	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________
	 ______________________
	  	_________________	  	_________________	  	_________________	  	_________________

  

 Page 119 








 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 4.08 or Section 4.12
of the Indenture, check the appropriate box: 
  
 ?     Section 4.08                 ?     Section 4.12 
  
 If you want to have only part of the Note purchased by the Company pursuant to Section 4.08 or Section 4.12 of the
Indenture, state the amount you elect to have purchased: 
  
 $                                      
   
     (multiple of $1,000) 
  

					
	Date:                                	 	 	  	 
	 	 	 Your Signature:
	  	  


	 	 	 	  	(Sign exactly as your name appears on the face of this Note)
	  

	 	 	  	 
	Signature Guaranteed	 	 	  	 

  
 SIGNATURE GUARANTEE

  
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 Page 120 








 EXHIBIT B 
 [FORM OF LEGEND FOR 144A SECURITIES AND 
 OTHER SECURITIES THAT ARE RESTRICTED SECURITIES] 
  
 THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE.

  
 BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER:

  
 (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501 (A) (1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”); 
  
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULES 903 OR 904 OF REGULATION S UNDER THE
SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO
THE COMPANY), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND

  
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS
NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
  
 AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE GOVERNING THIS NOTE CONTAINS
A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING. 
  

 Page 121 








 [FORM OF ASSIGNMENT FOR 144A SECURITIES AND 
 OTHER SECURITIES THAT ARE RESTRICTED SECURITIES] 
  
 I or we assign and transfer this Note to: 
  

 (Insert assignee’s social security or tax I.D. number) 
  

 (Print or type name, address and zip code of assignee) 
  
 and irrevocably appoint: 
  
 Agent to transfer this Note on the books of the Company. The Agent may
substitute another to act for him. 
  
 [Check One] 
  
  ̈ (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act provided by Rule 144A thereunder. 
  
 or 
  
  ̈ (b) this Note is being transferred other than
in accordance with (a) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture. 
  
 If none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Sections 2.16 and 2.17 of the Indenture shall have been satisfied. 
  

					
	 Date:
                    
	  	Your Signature:	  	  


	 	  	 	  	(Sign exactly as your name appears on the face of this Note)

  
 Signature Guarantee:
                                        
                      
  
 SIGNATURE GUARANTEE 
  
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended. 
  

 Page 122 








 TO BE COMPLETED BY TRANSFEROR IF (a) ABOVE IS CHECKED 
  
 The transfer is being effected pursuant to and in accordance with Rule 144A
under the Securities Act, and, accordingly, the transferor hereby further certifies that the beneficial interest or certificated Note is being transferred to a Person that the transferor reasonably believed and believes is purchasing the beneficial
interest or certificated 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 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 certificated Note will be subject to the restrictions on transfer enumerated on the Rule 144A Notes and/or the certificated Note and in the Indenture and the Securities Act. 

 

					
	 Dated:
                    
	  	

	 	  	      NOTICE: To be executed by an executive officer

  

 Page 123 








 EXHIBIT C 
  
 [FORM OF LEGEND FOR REGULATION S NOTE] 
  
 THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. 
  
 BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
  
 (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
(A “QIB”), (B) IT IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (A) (1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”); 
  
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULES 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE
SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
  

(3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND. 
  
 AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND
“UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE GOVERNING THIS NOTE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION
OF THE FOREGOING. 
  

 Page 124 








 [FORM OF ASSIGNMENT FOR REGULATION S NOTE] 
  
 I or we assign and transfer this Note to: 
  

 (Insert assignee’s social security or tax I.D.
number) 
  

 (Print or type name, address and zip code of assignee) 
  
 and irrevocably appoint: 
  
 Agent to transfer this Note on the books of the Company. The Agent 
 may substitute another to act for him. 
  
 [Check One] 
  
  ̈ (a) this Note is
being transferred in compliance with the exemption from registration under the Securities Act provided by Regulation S thereunder. 
  
 or 
  
  ̈ (b) this Note is being transferred other than in accordance with (a) above and documents are being furnished
which comply with the conditions of transfer set forth in this Note and the Indenture. 
  
 If none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein and in Sections 2.16 and 2.17 of the Indenture shall have been satisfied. 
  

					
	 Date:
                    
	  	Your Signature:	 	  


	 	  	 	 	(Sign exactly as your name (appears on the face of this Note)

  
 Signature Guarantee:
                                        
                      
  
 SIGNATURE GUARANTEE 
  
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended. 
  

 Page 125 








 Exhibit C 
 Page 3     
  
 TO BE COMPLETED BY TRANSFEROR IF (a) ABOVE IS CHECKED 
  
 The transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the transferor hereby further certifies that (i) the transfer is not being made to a person in the United
States and (x) at the time the buy order was originated, the transferee was outside the United States or such transferor and any Person acting on its behalf reasonably believed and believes that the transferee was outside the United States or (y)
the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the restricted period under Regulation S, 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 certificated Note will be subject to the restrictions on transfer enumerated on the Regulation S
Notes and/or the certificated Note and in the Indenture and the Securities Act. 
  

					
	 Dated:
                    
	  	

	 	  	      NOTICE: To be executed by an executive officer

  

 Page 126 








 EXHIBIT D 
  
 [FORM OF LEGEND FOR GLOBAL NOTE] 
  
 Any Global Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in the case of a
Restricted Note) in substantially the following form: 
  
 THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (A NEW YORK CORPORATION) (“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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN. 
  

 Page 127 








 EXHIBIT E 
  
 Form of Certificate To Be Delivered 
 in
Connection with Transfers 
 Pursuant to Regulation S 
  

Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19840 
  
 Attention: Corporate Trust Services 
  

	 	Re:	Intertape Polymer US Inc., a Delaware corporation, 

 as issuer (the “Company”), 8 1/2% Senior 
 Subordinated Notes Due 2014 (the “Notes”) 
  
 Dear Sirs: 
  
 In connection with our proposed sale of $             aggregate principal amount of the Notes,
we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
  
 (1) the offer of the Notes was not made to a U.S. person or
to a person in the United States; 
  
 (2) either
(a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or
through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
  
 (3) no directed selling efforts have been made in the United
States in contravention of the requirements of Rule 903(b) or Rule 904(a) of Regulation S; 
  
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; 
  
 (5) we have advised the transferee of the transfer
restrictions applicable to the Notes. 
  
 You are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate
have the meanings set forth in Regulation S. 
  

			
	 Very truly yours,

	
	 [Name of Transferor]

		
	 By:
	 	  




  

 Page 128 








 EXHIBIT F 
  
 SENIOR SUBORDINATED GUARANTEES 
  
 Each of the undersigned (the “Guarantors”) hereby jointly and severally unconditionally guarantees, to the extent set forth in the Indenture
dated as of July 28, 2004 by and among Intertape Polymer US Inc., a Delaware corporation, as issuer (the “Company”), the Guarantors, as guarantors, and Wilmington Trust Company, as Trustee (as amended, restated or supplemented from time to
time, the “Indenture”), and subject to the provisions of the Indenture, (a) the due and punctual payment of the principal of, and premium, if any, and interest, including additional interest, on the Notes, when and as the same shall become
due and payable, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on overdue principal of, and premium and, to the extent permitted by law, interest, and the due and punctual payment of all other
obligations (including without limitations those pursuant to Section 4.22 of the Indenture) and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee, all in accordance with the terms set forth in
Article Ten of the Indenture, and the Registration Rights Agreement and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
  
 The obligations of the Guarantors to the Holders and to the Trustee pursuant to this Note Guarantee and the Indenture are (x) expressly set forth in
Article Ten of the Indenture, and (y) subordinated as set forth in Article Eleven of the Indenture and reference is hereby made to the Indenture for the precise terms and limitations of this Note Guarantee and the subordination 
 terms applicable hereto. Each Holder of the Note to which this Note Guarantee is endorsed, by accepting such Note, agrees to and shall be bound by such provisions.

  
 Each Note Guarantee will be limited to an amount not to exceed
the maximum amount that can be guaranteed by such Guarantor after giving effect to all of its other contingent and fixed liabilities (including, without limitation, all of its obligations under or with respect to Senior Debt) without rendering such
Note Guarantee, as it relates to the applicable Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
  
 [Signatures on Following Pages] 
  

 Page 129 








 IN WITNESS WHEREOF, each of the Guarantors has caused this Note Guarantee to be signed by a duly
authorized officer. 
  

			
	 INTERTAPE POLYMER GROUP INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 INTERTAPE POLYMER INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 SPUNTECH FABRICS INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 IPG HOLDING COMPANY OF NOVA SCOTIA

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 IPG HOLDINGS LP

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 IPG FINANCE LLC

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 

  

 Page 130 









			
	 IPG (US) INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 IPG (US) HOLDINGS INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 CENTRAL PRODUCTS COMPANY

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 INTERTAPE INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 INTERTAPE POLYMER MANAGEMENT CORP.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 POLYMER INTERNATIONAL CORP.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 CAJUN BAG & SUPPLY CORP.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 INTERNATIONAL CONTAINER SYSTEMS, INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 UTC ACQUISITION CORP.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 

  

 Page 131 









			
	 INTERTAPE INTERNATIONAL CORP.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 INTERTAPE POLYMER CORP.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 IPG ADMINISTRATIVE SERVICES INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 IPG TECHNOLOGIES INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 IPG FINANCIAL SERVICES INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 COIF HOLDING INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 FIBC HOLDING INC.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	FIBOPE PORTUGUESA-FILMES BIORIENTADOS S.A.
		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 DRUMHEATH INDEMNITY LTD.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 

  

 Page 132 









			
	 INTERTAPE WOVEN PRODUCTS, S.A. DE C.V.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 
	
	 INTERTAPE WOVEN PRODUCTS SERVICES, S.A. DE C.V.

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 

  
 EXHIBIT G 
 [FORM OF CERTIFICATE FROM 
 ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR] 
  
 Intertape
Polymer US Inc. 
 3647 Cortez Road West 
 Bradenton, Florida 34210 
  
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
  
 Re: 8 1/2% SENIOR
SUBORDINATED NOTES DUE 2014 
  
 Reference is hereby made to
the Indenture, dated as of July 28, 2004 (the “Indenture”), between Intertape Polymer US Inc., as issuer (the “Company”), and Wilmington Trust Company, as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
  
 In connection with
our proposed purchase of $              million aggregate principal amount of: 
  
 [    ] a beneficial interest in a Global Note, or 
  
 [    ] a Definitive Note, 
  
 we confirm that: 
  
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the
Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the United States Securities Act of 1933, as
amended (the “Securities Act”). 
  
 2. We understand
that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf
of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, prior to the expiration of the holding period applicable to sales of the Senior Subordinate Notes under Rule 144(k) of the
Securities Act, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) outside the United States in
accordance with Rule 904 of 
  

 Page 133 








 Regulation S under the Securities Act, (D) pursuant to the provisions of Rule 144(k) under the Securities Act, (E) in
accordance with another exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel acceptable to the Company) or (F) pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that
resales thereof are restricted as stated herein. 
  
 3. We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to
confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. We further understand that any subsequent transfer by us of the Notes or
beneficial interest therein acquired by us must be effected through one of the Placement Agents. 
  
 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our
or its investment. 
  
 5. We are acquiring the Notes or beneficial
interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  
 You and the Company are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	
 [Insert Name of Transferor]

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 


  
 Dated:                             ,         

  

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