Indenture dated as of August 12, 2004



 Exhibit 4.1 

 INDENTURE, 
  
 Dated as of August 12, 2004, 
  
 among 
  
 SHEFFIELD STEEL
CORPORATION, 
  
 as Issuer, 
  
 THE GUARANTORS NAMED HEREIN, 
  
 as Guarantors 
  
 and 
  
 U.S. BANK NATIONAL ASSOCIATION, 
  
 as Trustee and as Collateral Agent 
  

11 3/8%
Senior Secured Notes due 2011 








 CROSS-REFERENCE TABLE 
  

			
	 TIA
 Section

	  	 Indenture
 Section


		
	310(a)(1)	  	7.10(a)
		
	      (a)(2)	  	7.10(a)
		
	      (a)(3)	  	7.10(a)
		
	      (a)(4)	  	N.A.
		
	      (a)(5)	  	7.10(a)
		
	      (b)	  	7.03; 7.08; 7.10(a)
		
	      (c)	  	N.A.
		
	311(a)	  	7.03; 7.11
		
	      (b)	  	7.03; 7.11
		
	312(a)	  	2.05
		
	      (b)	  	7.07; 11.03
		
	      (c)	  	11.03
		
	313(a)	  	7.06
		
	      (b)	  	7.06
		
	      (c)	  	7.06
		
	      (d)	  	7.06
		
	314(a)	  	4.06; 4.21
		
	      (b)	  	12.02
		
	      (c)(1)	  	4.06; 11.04
		
	      (c)(2)	  	11.04
		
	      (c)(3)	  	4.06
		
	      (d)	  	12.03(c)
		
	      (e)	  	11.05
		
	      (f)	  	N.A.
		
	315(a)	  	7.01(b)









			
		
	      (b)	  	7.05
		
	      (c)	  	7.01 (a)
		
	      (d)	  	7.01 (c)
		
	      (e)	  	6.11
		
	316(a)(last sentence)	  	2.09
		
	      (a)(1)(A)	  	6.05
		
	      (a)(1)(B)	  	6.04
		
	      (a)(2)	  	N.A.
		
	      (b)	  	6.07
		
	      (c)	  	9.04
		
	317(a)(1)	  	6.08
		
	      (a)(2)	  	6.09
		
	      (b)	  	2.04
		
	318(a)	  	11.01
		
	      (b)	  	N.A.
		
	      (c)	  	11.01


 N.A. means Not Applicable 

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







 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page


			
	ARTICLE ONE	  	DEFINITIONS AND INCORPORATION BY REFERENCE	  	1
			
	Section 1.01.	  	Definitions	  	1
			
	Section 1.02.	  	Incorporation by Reference of Trust Indenture Act	  	26
			
	Section 1.03.	  	Rules of Construction	  	26
			
	ARTICLE TWO	  	THE NOTES	  	27
			
	Section 2.01.	  	Form and Dating	  	27
			
	Section 2.02.	  	Execution and Authentication; Aggregate Principal Amount	  	28
			
	Section 2.03.	  	Registrar and Paying Agent	  	29
			
	Section 2.04.	  	Obligations of Paying Agent	  	29
			
	Section 2.05.	  	Holder Lists	  	29
			
	Section 2.06.	  	Transfer and Exchange	  	30
			
	Section 2.07.	  	Replacement Notes	  	30
			
	Section 2.08.	  	Outstanding Notes	  	31
			
	Section 2.09.	  	Treasury Notes; When Notes are Disregarded	  	31
			
	Section 2.10.	  	Temporary Notes	  	31
			
	Section 2.11.	  	Cancellation	  	31
			
	Section 2.12.	  	CUSIP Numbers	  	32
			
	Section 2.13.	  	Deposit of Moneys	  	32
			
	Section 2.14.	  	Book-Entry Provisions for Global Notes	  	32
			
	Section 2.15.	  	Special Transfer Provisions	  	33
			
	Section 2.16.	  	Transfers of Global Notes and Physical Notes	  	35
			
	ARTICLE THREE	  	REDEMPTION	  	35
			
	Section 3.01.	  	Optional Redemption	  	35
			
	Section 3.02.	  	Selection of Notes to be Redeemed	  	35
			
	Section 3.03.	  	Notice of Redemption	  	36
			
	Section 3.04.	  	Effect of Notice of Redemption	  	37
			
	Section 3.05.	  	Deposit of Redemption Price	  	37
			
	Section 3.06.	  	Notes Redeemed in Part	  	37
			
	ARTICLE FOUR	  	COVENANTS	  	38
			
	Section 4.01.	  	Payment of Notes	  	38
			
	Section 4.02.	  	Maintenance of Office or Agency	  	38
			
	Section 4.03.	  	Corporate Existence	  	38

  

 -i- 








 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page


			
	Section 4.04.	  	Payment of Taxes and Other Claims	  	38
			
	Section 4.05.	  	Maintenance of Properties and Insurance; Compliance with Laws	  	39
			
	Section 4.06.	  	Compliance Certificate; Notice of Default	  	39
			
	Section 4.07.	  	Waiver of Stay, Extension or Usury Laws	  	40
			
	Section 4.08.	  	Limitation on Incurrence of Additional Indebtedness	  	40
			
	Section 4.09.	  	Limitation on Restricted Payments	  	40
			
	Section 4.10.	  	Limitation on Asset Sales	  	43
			
	Section 4.11.	  	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	46
			
	Section 4.12.	  	Limitation on Issuances and Sales of Capital Stock of Subsidiaries	  	47
			
	Section 4.13.	  	Limitation on Liens	  	47
			
	Section 4.14.	  	Limitations on Transactions with Affiliates	  	47
			
	Section 4.15.	  	Additional Subsidiary Guarantees	  	49
			
	Section 4.16.	  	Impairment of Security Interest	  	49
			
	Section 4.17.	  	Real Estate Mortgages and Filings	  	50
			
	Section 4.18.	  	Landlord, Bailee and Consignee Waivers	  	51
			
	Section 4.19.	  	Conduct of Business	  	51
			
	Section 4.20.	  	Reports to Holders	  	52
			
	Section 4.21.	  	Payments for Consent	  	52
			
	Section 4.22.	  	Repurchase Upon Change of Control	  	53
			
	Section 4.23.	  	Excess Cash Flow Offer	  	54
			
	Section 4.24.	  	Additional Interest	  	56
			
	ARTICLE FIVE	  	SUCCESSOR CORPORATION	  	56
			
	Section 5.01.	  	Merger, Consolidation and Sale of Assets	  	56
			
	Section 5.02.	  	Successor Entity Substituted	  	58
			
	ARTICLE SIX	  	DEFAULT AND REMEDIES	  	58
			
	Section 6.01.	  	Events of Default	  	58
			
	Section 6.02.	  	Acceleration	  	59
			
	Section 6.03.	  	Other Remedies	  	60
			
	Section 6.04.	  	Waiver of Past Defaults	  	60
			
	Section 6.05.	  	Control by Majority	  	60
			
	Section 6.06.	  	Limitation on Suits	  	61
			
	Section 6.07.	  	Rights of Holders to Receive Payment	  	61

  

 -ii- 








 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page


			
	Section 6.08.	  	Collection Suit by Trustee or Collateral Agent	  	61
			
	Section 6.09.	  	Trustee May File Proofs of Claim	  	62
			
	Section 6.10.	  	Priorities	  	62
			
	Section 6.11.	  	Undertaking for Costs	  	63
			
	Section 6.12.	  	Restoration of Rights and Remedies	  	63
			
	ARTICLE SEVEN	  	TRUSTEE	  	63
			
	Section 7.01.	  	Duties of Trustee	  	63
			
	Section 7.02.	  	Rights of Trustee	  	64
			
	Section 7.03.	  	Individual Rights of Trustee	  	65
			
	Section 7.04.	  	Trustee’s Disclaimer	  	65
			
	Section 7.05.	  	Notice of Default	  	66
			
	Section 7.06.	  	Reports by Trustee to Holders	  	66
			
	Section 7.07.	  	Compensation and Indemnity	  	67
			
	Section 7.08.	  	Replacement of Trustee	  	68
			
	Section 7.09.	  	Successor Trustee by Merger, Etc	  	69
			
	Section 7.10.	  	Eligibility; Disqualification	  	69
			
	Section 7.11.	  	Preferential Collection of Claims Against Company	  	69
			
	Section 7.12.	  	Trustee as Paying Agent and Collateral Agent	  	69
			
	Section 7.13.	  	Co-Trustees, Co-Collateral Agent and Separate Trustees and Collateral Agent	  	69
			
	Section 7.14.	  	Form of Documents Delivered to Trustee	  	71
			
	ARTICLE EIGHT	  	SATISFACTION AND DISCHARGE OF INDENTURE	  	71
			
	Section 8.01.	  	Legal Defeasance and Covenant Defeasance	  	71
			
	Section 8.02.	  	Satisfaction and Discharge	  	73
			
	Section 8.03.	  	Survival of Certain Obligations	  	74
			
	Section 8.04.	  	Acknowledgment of Discharge by Trustee	  	74
			
	Section 8.05.	  	Application of Trust Moneys	  	74
			
	Section 8.06.	  	Repayment to the Company; Unclaimed Money	  	75
			
	Section 8.07.	  	Reinstatement	  	75
			
	ARTICLE NINE	  	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	75
			
	Section 9.01.	  	Without Consent of Holders	  	75
			
	Section 9.02.	  	With Consent of Holders	  	76
			
	Section 9.03.	  	Compliance with TIA	  	78

  

 -iii- 








 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page


			
	Section 9.04.	  	Revocation and Effect of Consents	  	78
			
	Section 9.05.	  	Notation on or Exchange of Notes	  	79
			
	Section 9.06.	  	Trustee to Sign Amendments, Etc	  	79
			
	Section 9.07.	  	Conformity with Trust Indenture Act	  	79
			
	ARTICLE TEN	  	GUARANTEE	  	79
			
	Section 10.01.	  	Guarantee	  	79
			
	Section 10.02.	  	Release of a Guarantor	  	80
			
	Section 10.03.	  	Limitation of Guarantor’s Liability	  	81
			
	Section 10.04.	  	Guarantors May Consolidate, etc., on Certain Terms	  	81
			
	Section 10.05.	  	Contribution	  	82
			
	Section 10.06.	  	Waiver of Subrogation	  	82
			
	Section 10.07.	  	Waiver of Stay, Extension or Usury Laws	  	82
			
	ARTICLE ELEVEN	  	MISCELLANEOUS	  	82
			
	Section 11.01.	  	Trust Indenture Act Controls	  	82
			
	Section 11.02.	  	Notices	  	83
			
	Section 11.03.	  	Communications by Holders with Other Holders	  	83
			
	Section 11.04.	  	Certificate and Opinion as to Conditions Precedent	  	84
			
	Section 11.05.	  	Statements Required in Certificate or Opinion	  	84
			
	Section 11.06.	  	Rules by Trustee, Paying Agent, Registrar	  	84
			
	Section 11.07.	  	Legal Holidays	  	84
			
	Section 11.08.	  	Governing Law	  	85
			
	Section 11.09.	  	No Adverse Interpretation of Other Agreements	  	85
			
	Section 11.10.	  	No Recourse Against Others	  	85
			
	Section 11.11.	  	Successors	  	85
			
	Section 11.12.	  	Duplicate Originals	  	85
			
	Section 11.13.	  	Severability	  	85
			
	Section 11.14.	  	Waiver of Jury Trial	  	85
			
	ARTICLE TWELVE	  	SECURITY	  	86
			
	Section 12.01.	  	Grant of Security Interest	  	86
			
	Section 12.02.	  	Recording and Opinions	  	86
			
	Section 12.03.	  	Release of Collateral	  	87
			
	Section 12.04.	  	Specified Releases of Collateral	  	88

  

 -iv- 








 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page


			
	Section 12.05.	  	Release upon Satisfaction or Defeasance of all Outstanding Obligations	  	88
			
	Section 12.06.	  	Form and Sufficiency of Release	  	88
			
	Section 12.07.	  	Purchaser Protected	  	88
			
	Section 12.08.	  	Authorization of Actions to be Taken by the Collateral Agent Under the Collateral Agreements	  	89
			
	Section 12.09.	  	Authorization of Receipt of Funds by the Trustee Under the Collateral Agreements	  	89
			
	Section 12.10.	  	Intercreditor Agreement	  	89

  

							
				
	 Exhibit A
	 	 -
	  	Form of Initial Note	  	A
	 Exhibit B
	 	 -
	  	Form of Exchange Note	  	B
	 Exhibit C
	 	 -
	  	Form of Legend for Global Notes	  	C
	 Exhibit D
	 	 -
	  	Form of Certificate to Be Delivered in Connection with Transfers to Non-QIB Accredited Investors	  	D
	 Exhibit E
	 	 -
	  	Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation S	  	E
	 Exhibit F-1
	 	 -
	  	Form of Landlord Waiver	  	F-1
	 Exhibit F-2
	 	 -
	  	Form of Bailee Waiver	  	F-2
	 Exhibit F-3
	 	 -
	  	Form of Consignee Waiver	  	F-3

  
 NOTE: This Table of Contents shall
not, for any purpose, be deemed to be part of this Indenture. 
  

 -v- 








 INDENTURE, dated as of August 12, 2004, among Sheffield Steel Corporation, a Delaware corporation (the
“Company”), the Guarantors (as herein defined) and U.S. Bank National Association, as Trustee (in such capacity, the “Trustee”) and Collateral Agent (in such capacity, the “Collateral Agent”).

  
 W I T N E S S E T H: 
  
 WHEREAS, the Company and the Guarantors (with respect to the Guarantees) have
duly authorized the creation of the Notes and, to provide therefor, the Company and the Guarantors have duly authorized the execution and delivery of this Indenture; and 
  
 WHEREAS, all things necessary to make the Notes, when duly issued and executed by the Company, and authenticated and
delivered hereunder, the valid obligations of the Company, and to make this Indenture a valid and binding agreement of each of the Company and the Guarantors, have been done. 
  
 NOW, THEREFORE, each party hereto agrees as follows for the benefit of the other parties and for the equal and ratable
benefit of the Holders: 
  
 ARTICLE ONE 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.01. Definitions. 
  
 “Acceleration Notice” has the meaning set forth in
Section 6.02. 
  
 “Acquired Indebtedness”
means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary of the Company or at the time it merges or consolidates with or into the Company or any of its Restricted Subsidiaries or
assumed in connection with the acquisition of assets from such Person and in each case not incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such
acquisition, merger or consolidation and which Indebtedness is without recourse to the Company or any of its Subsidiaries or to any of their respective properties or assets other than the Person or the assets to which such Indebtedness related prior
to the time such Person became a Restricted Subsidiary of the Company or the time of such acquisition, merger or consolidation. 
  
 “Additional Interest” has the meaning set forth in the Registration Rights Agreement. 
  
 “Additional Notes” means all 11 3/8% Senior Secured Notes due 2011 issued after the Issue Date (other than pursuant to Sections 2.06,
2.07, 2.10 and 3.06 of this Indenture and other than Exchange Notes) from time to time in accordance with the terms of this Indenture, including, without limitation, the provisions of Section 2.02. 
  
 “Administrative Agent” has the meaning set forth in the
definition of the term “Credit Agreement”. 
  
 “Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person.
The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the 
  

 1 








 ownership of voting securities, by contract or otherwise. The terms “controlling” and “controlled”
have meanings correlative of the foregoing. 
  
 “Affiliate
Transaction” has the meaning set forth in Section 4.14. 
  
 “Agent” means any Registrar, Paying Agent or co-Registrar. 
  
 “Agent Members” has the meaning set forth in Section 2.14 and means, with respect to DTC, Euroclear or Clearstream, a Person who has an account with DTC, Euroclear or Clearstream, respectively
(and with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Applicable Indebtedness” means: 
  
 (1) in respect of any asset that is the subject of an Asset Sale at a time when such asset constitutes Collateral, Indebtedness that is pari passu with the Notes and secured at such time by such asset; or 

 
 (2) in respect of any other asset, Indebtedness that is
pari passu with the Notes. 
  
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Asset Acquisition” means: 
  
 (1) an Investment by the Company or any Restricted
Subsidiary of the Company in any other Person pursuant to which such Person shall become a Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted Subsidiary of
the Company, or 
  
 (2) the acquisition by the
Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) which constitute all or substantially all of the assets of such Person or comprise any division or line of business
of such Person or any other properties or assets of such Person other than in the ordinary course of business. 
  
 “Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the
ordinary course of business), assignment or other transfer (other than a Lien in accordance with this Indenture) for value by (x) the Company or any of its Restricted Subsidiaries to any Person other than the Company or a Guarantor (other than the
Railway Subsidiary) or (y) a Foreign Restricted Subsidiary to any Person other than the Company or a Wholly-Owned Subsidiary of the Company of: 
  
 (1) any Capital Stock of any Restricted Subsidiary of the Company; or 
  
 (2) any other property or assets of the Company or any Restricted Subsidiary of the Company other than in
the ordinary course of business; 
  

 2 








 provided, however, that Asset Sales shall not include: 
  
 (a) a transaction or series of related transactions for
which the Company or its Restricted Subsidiaries receive aggregate consideration of less than $1,000,000; 
  
 (b) the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company as permitted
under Section 5.01; 
  
 (c) any
Restricted Payment permitted under Section 4.09, including a Permitted Investment; 
  
 (d) the sale of Cash Equivalents; 
  
 (e) the sale or other disposition of used, worn out, obsolete or surplus equipment; and 
  
 (f) transactions involving the exchange of assets of the
Company or any of its Restricted Subsidiaries for like assets of equal or greater value. 
  
 “Authenticating Agent” has the meaning set forth in Section 2.02. 
  
 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended, and codified as 11 U.S.C. §§101 et seq.

  
 “Beneficial Owner” has the meaning assigned
to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will
be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have meanings correlative to the foregoing. 
  
 “Board of Directors” means, as to any Person, the board of directors or similar governing body of such Person or any duly authorized
committee thereof. 
  
 “Board Resolution” means,
with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary 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, and delivered to the Trustee. 
  
 “Business
Day” means a day that is not a Legal Holiday. 
  
 “Capital Stock” means: 
  
 (1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred
Stock of such Person; 
  
 (2) with respect to any
Person that is not a corporation, any and all partnership, membership or other equity interests of such Person; and 
  

 3 








 (3) any warrants, rights or options to purchase any of the instruments or interests
referred to in clause (1) or (2) above. 
  
 “Capitalized
Lease Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such
obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with GAAP. 
  
 “Cash Equivalents” means: 
  
 (1) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; 
  
 (2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s; 
  
 (3) commercial paper maturing no more than one year from the
date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s; 
  
 (4) certificates of deposit or bankers’ acceptances maturing within one year from the date of acquisition thereof issued by any bank
organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof combined net capital and surplus of not less than $250.0
million; 
  
 (5) repurchase obligations with a
term of not more than seven days for underlying securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above; and 
  
 (6) investments in money market funds which invest
substantially all their assets in securities of the types described in clauses (1) through (5) above. 
  
 “Change of Control” means the occurrence of one or more of the following events: 
  
 (1) any direct or indirect sale, lease, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company to any Person or group of related Persons for purposes of Section
13(d) of the Exchange Act (a “Group”), other than a transaction in which the transferee is controlled by one or more Permitted Holders; 
  
 (2) the approval by the holders of Capital Stock of the Company of any plan or proposal for the liquidation, winding up or dissolution of
the Company; 
  
 (3) prior to the first Public
Equity Offering, the Permitted Holders collectively cease for any reason to be the Beneficial Owners, directly or indirectly, of at least a majority of the total voting power of the Voting Stock of the Company, whether by virtue of the issuance,
sale or 
  

 4 








 other disposition of Capital Stock of the Company, a merger, consolidation or sale of assets involving
the Company, a Restricted Subsidiary, any voting trust or other agreement; 
  
 (4) subsequent to the first Public Equity Offering, any Person or Group (other than one or more Permitted Holders) is or becomes the Beneficial Owner, directly or indirectly, in the aggregate of more than 50% of the
total voting power of the Voting Stock of the Company; or 
  
 (5) individuals who on the Issue Date constituted the Board of Directors (together with any new directors whose election by such Board of Directors or whose nomination for election by the stockholders of the Company
was approved pursuant to a vote of a majority of the directors then still in office who were either directors on the Issue Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of
the Board of Directors then in office. 
  
 Notwithstanding anything to the
contrary in the immediately preceding sentence, none of the events described in clauses (1) through (5) thereof shall be deemed to constitute a “Change of Control” if immediately after giving effect to such event and all other transactions
related thereto occurring on the date thereof (including the receipt, if any, of capital contributions, the making of any dividend or distribution and the repayment or incurrence, if any, of any Indebtedness), (x) the Consolidated Leverage Ratio of
the Company is less than 3.0 to 1.0 on a pro forma basis after giving effect to such event and such transactions and (y) no Default or Event of Default shall have occurred and be continuing. 
  
 “Change of Control Offer” has its meaning set forth in
Section 4.22. 
  
 “Change of Control Payment
Date” has its meaning set forth in Section 4.22. 
  
 “Clearstream” means Clearstream Banking, societe anonyme. 
  
 “Collateral” shall mean collateral as such term is defined in the Security Agreement, all property mortgaged under the Mortgages and any other property, whether now owned or hereafter acquired, upon
which a Lien securing the Obligations is granted or purported to be granted under any Collateral Agreement. 
  
 “Collateral Agent” means the collateral agent and any successor under this Indenture. 
  
 “Collateral Agreements” means, collectively, the Security
Agreement and each Mortgage, in each case, as the same may be in force from time to time. 
  
 “Commodity Agreement” means any hedging agreement or other similar agreement or arrangement designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in
commodity prices. 
  
 “Common Stock” of any
Person means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue
Date, and includes, without limitation, all series and classes of such common stock. 
  
 “Company” has the meaning set forth in the preamble to this Indenture. 
  
 “Consolidated EBITDA” means, with respect to any Person, for any period, the sum (without duplication) of: 
  

 5 








 (1) Consolidated Net Income; and 
  
 (2) to the extent Consolidated Net Income has been reduced
thereby: 
  
 (a) all income taxes of such Person
and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such period; 
  
 (b) Consolidated Interest Expense, and interest attributable to write-offs of deferred financing costs; and 
  
 (c) Consolidated Non-cash Charges less any non-cash items
increasing Consolidated Net Income for such period. 
  
 all as determined on a
consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP. 
  
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the four consecutive full fiscal quarters (the “Four
Quarter Period”) most recently ending on or prior to the date of the transaction or event giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which financial statements are available (the
“Transaction Date”) to Consolidated Fixed Charges of such Person for the Four Quarter Period. 
  
 In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed
Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 
  
 (1) the incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries (and the application of the
proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of
business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such
incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 
  
 (2) any Asset Sale or other disposition or Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need
to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of any such Asset Acquisition) incurring, assuming or otherwise being liable for Acquired
Indebtedness during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date), as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence,
assumption or liability for any such Indebtedness or Acquired Indebtedness and also including any Consolidated EBITDA associated with such Asset Acquisition) occurred on the first day of the Four Quarter Period; provided that the Consolidated
EBITDA of any Person acquired shall be included only to the extent includible pursuant to the definition of “Consolidated Net Income”. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a
third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness.

  

 6 








 Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the
denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio”: 
  
 (1) interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date (including Indebtedness actually
incurred on the Transaction Date) and which will continue to be so determined thereafter shall be deemed to have accrued at the average rate per annum on such Indebtedness during the period of four fiscal quarters (or if less, such period of time
that it was outstanding and) ending on or most recently ended prior to the Transaction Date; provided that interest on any Indebtedness actually incurred on the Transaction Date or not outstanding on the last date of such four fiscal quarter
period, shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; and 
  
 (2) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered
by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 
  
 “Consolidated Fixed Charges” means, with respect to any Person for any period, the sum, without
duplication, of: 
  
 (1) Consolidated Interest
Expense (excluding amortization or write-off of deferred financing costs); plus 
  
 (2) the product of (x) the amount of all dividend payments on any Disqualified Capital Stock of such Person and any series of Preferred
Stock of such Person (other than dividends paid in Qualified Capital Stock) paid, accrued or scheduled to be paid or accrued during such period times (y) a fraction, the numerator of which is one and the denominator of which is one minus the then
current effective consolidated federal, state and local tax rate of such Person, expressed as a decimal. 
  
 “Consolidated Interest Expense” means, with respect to any Person for any period, the aggregate of the interest expense of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, as determined in accordance with GAAP, and including, without duplication, (a) all amortization or accretion of original issue discount; (b) the interest component of
Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period; and (c) net cash costs under all Interest Swap Obligations (including amortization of fees).

  
 “Consolidated Leverage Ratio” means, with
respect to any Person, as of any date, the ratio of (i) the excess of (A) Consolidated Total Debt of such Person and its Restricted Subsidiaries as of such date over (B) Unrestricted Cash of such Person and its Restricted Subsidiaries as of such
date to (ii) Consolidated EBITDA of such Person and its Restricted Subsidiaries for the four consecutive full fiscal quarters of such Person most recently ending on or prior to such date for which financial statements are available. 
  
 “Consolidated Net Income” means, with respect to any Person,
for any period, the aggregate net income (or loss) of such Person and its Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided, however, that there shall be excluded therefrom: 

 
 (1) after-tax gains and losses from Asset Sales or
abandonments or reserves relating thereto; 
  

 7 








 (2) after-tax items classified as extraordinary gains (other than such items arising from
lawsuits) or losses; 
  
 (3) the net income (but
not loss) of any Restricted Subsidiary of the referent Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is restricted by a contract, operation of law or otherwise;

  
 (4) the net income of any Person, other than
the referent Person or a Restricted Subsidiary of the referent Person, except to the extent of cash dividends or distributions paid to the referent Person or to a wholly-owned Restricted Subsidiary of the referent Person by such Person; 

 
 (5) any restoration to income of any material contingency
reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 
  
 (6) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period
whether or not such operations were classified as discontinued); 
  
 (7) all gains and losses realized on or because of the purchase or other acquisition by such Person or any of its Restricted Subsidiaries of any securities of such Person or any of its Restricted Subsidiaries;

  
 (8) the cumulative effect of a change in
accounting principles; 
  
 (9) interest expense
attributable to dividends on Qualified Capital Stock pursuant to Statement of Financial Accounting Standards No. 150, “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity”; 
  
 (10) non-cash charges resulting from the impairment of
intangible assets; and 
  
 (11) in the case of a
successor to the referent Person by consolidation or merger or as a transferee of the referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets. 
  
 “Consolidated Net Worth” of any Person means the
consolidated stockholders’ equity of the Person, determined on a consolidated basis in accordance with GAAP, less (without duplication) amounts attributable to Disqualified Capital Stock of such Person. 
  
 “Consolidated Non-cash Charges” means, with respect to any
Person, for any period, the aggregate depreciation, amortization and other non-cash items and expenses of such Person and its Restricted Subsidiaries to the extent they reduce Consolidated Net Income of such Person and its Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any such charge which requires an accrual of or a reserve for cash charges for any future period).

  
 “Consolidated Total Debt” means, with respect
to any Person, as of any date, the consolidated Indebtedness of such Person and its Restricted Subsidiaries of the nature referred to in clauses (1), (2), (3), (4), (5) (other than undrawn amounts of any letters of credit) and (9) of the definition
of the term “Indebtedness”. 
  

 8 








 “Corporate Trust Office” means (1) with respect to the Trustee, the office of U.S. Bank
National Association at which the trust created by this Indenture shall, at any particular time, be principally administered, which office is, at the date of this Indenture, located at 225 Asylum Street, 23rd Floor, Hartford, CT 06103 and (2) with respect to U.S. Bank Trust National Association, (a) the office of U.S. Bank Trust National Association
located at 100 Wall Street, Suite 1600 (Mail Station: EX-NY-WALL), New York, New York 10025 or (b) such other location located in the Borough of Manhattan in the City of New York, New York that is specified in writing by U.S. Bank Trust National
Association to the Trustee for purposes of this Indenture. 
  
 “Covenant Defeasance” has the meaning set forth in Section 8.01(c). 
  
 “Credit Agreement” means the Amended and Restated Financing Agreement dated as of the Issue Date, between the Company and the lenders
party thereto (together with their successors and assigns, the ”Lenders”) and The CIT Group/Business Credit, Inc., as administrative agent (in such capacity, together with its successors and assigns, the “Administrative
Agent”), setting forth the terms and conditions of the senior credit facility, together with the related documents thereto (including, without limitation, any guarantee agreements and security documents), in each case as such agreements may
be amended, supplemented or otherwise modified from time to time, including any agreement extending the maturity of, refinancing, replacing or otherwise restructuring (including increasing the amount of available borrowings thereunder
(provided that such increase in borrowings is permitted under clause (2), (8), (13) or (16) of the definition of the term “Permitted Indebtedness”) or adding Subsidiaries of the Company as additional borrowers or guarantors
thereunder) all or any portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of lenders. 
  
 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency values. 
  
 “CUSIP” has the meaning set forth in Section 2.12. 
  
 “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any
Bankruptcy Code. 
  
 “Default” means an event or
condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 
  
 “Depository” means DTC, its nominees and successors. 
  
 “Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms (or by the terms
of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event that would constitute a Change of Control), matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except in each case, upon the occurrence of a Change of Control) on or prior to the first anniversary of the final maturity
date of the Notes for cash or is convertible into or exchangeable for debt securities of the Company or its Subsidiaries at any time prior to such anniversary. 
  

“Domestic Restricted Subsidiary” means, with respect to any Person, a Domestic Subsidiary of such Person that is a Restricted
Subsidiary of such Person. 
  

 9 








 “Domestic Subsidiary” means, with respect to any Person, a Subsidiary of such Person
that is not a Foreign Subsidiary of such Person. 
  
 “DTC” means The Depositary Trust Company, its nominees and successors. 
  
 “Equity Offering” means an underwritten public offering of Common Stock of the Company or any holding company of the Company pursuant to
a registration statement filed with the SEC (other than on Form S-8) or any private placement of Common Stock of the Company or any holding company of the Company to any Person other than issuances upon exercise of options by employees of any
holding company, the Company or any of the Restricted Subsidiaries. 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 
  
 “Event of Default” has the meaning set forth in Section 6.01. 
  
 “Excess Cash Flow” means, for any period, the excess of (i) Consolidated EBITDA for such period over (ii)
the sum of (A) the aggregate amount of capital expenditures made in cash by the Company and its Restricted Subsidiaries during such period (other than any such capital expenditures made with insurance or condemnation proceeds), (B) the aggregate
principal amount of senior secured Indebtedness of the Company and its Restricted Subsidiaries permanently repaid or prepaid during such period by the Company and its Restricted Subsidiaries to any Person (other than the Company or any Restricted
Subsidiary), (C) the cash portion of Consolidated Interest Expense paid by the Company and its Restricted Subsidiaries during such period and (D) the aggregate amount (without duplication) of all income and franchise taxes paid in cash by the
Company and its Restricted Subsidiaries. 
  
 “Excess Cash
Flow Offer” has the meaning set forth in Section 4.23(a). 
  
 “Excess Cash Flow Offer Amount” has the meaning set forth in Section 4.23(a). 
  
 “Excess Cash Flow Offer Payment Date” has the meaning set forth in clause (6) of Section 4.23(b). 
  
 “Excess Cash Flow Offer Period” has the meaning set forth in
Section 4.23(a). 
  
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 
  
 “Exchange Notes” means the 11 3/8% Senior Secured Notes due 2011
issued in exchange for the Initial Notes or Additional Notes pursuant to the terms of a Registration Rights Agreement. 
  
 “Exchange Offer” means an exchange offer that may be made by the Company, pursuant to the Registration Rights Agreement, to exchange for
any and all the Initial Notes or Additional Notes a like aggregate principal amount of Exchange Notes having substantially identical terms to the Initial Notes or Additional Notes registered under the Securities Act. 
  
 “Fair Market Value” means, with respect to any asset or
property, the price which could be negotiated in an arm’s length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair
Market Value shall be determined by the Board of Directors of the Company acting in good faith and shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the 
  

 10 








 Trustee, provided that with respect to any price less than $2,500,000 only the good faith determination by the
Company’s senior management shall be required. 
  
 “Foreign Restricted Subsidiary” means any Restricted Subsidiary that is organized under the laws of any jurisdiction other than the United States of America, any state thereof or the District of Columbia. 
  
 “Foreign Subsidiary” means, with respect to any Person, any
Subsidiary of such Person that is organized under the laws of any jurisdiction other than the United States of America, any state thereof or the District of Columbia. 
  
 “Four Quarter Period” has the meaning set forth in the definition of “Consolidated Fixed Charge
Coverage Ratio”. 
  
 “GAAP” means accounting
principles generally accepted in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date. 
  
 “Global Notes” means, collectively, the 144A Global Notes,
the IAI Global Notes, the Regulation S Permanent Global Notes and the Regulation S Temporary Global Notes. 
  
 “Group” has the meaning set forth in the definition of the term “Change of Control”. 
  
 “Guarantee” has the meaning set forth in Section
10.01. 
  
 “Guarantor” means (1) each of the
Company’s Domestic Restricted Subsidiaries existing on the Issue Date and (2) each of the Company’s Domestic Restricted Subsidiaries that in the future executes a supplemental indenture in which such Domestic Restricted Subsidiary agrees
to be bound by the terms of this Indenture as a Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective Guarantee is released in accordance with the terms of
this Indenture. 
  
 “Holder” means the Person in
whose name a Note is registered on the registrar’s books. 
  
 “IAI Global Notes” has the meaning set forth in Section 2.01. 
  
 “incur” has the meaning set forth in Section 4.08. 
  
 “Indebtedness” means with respect to any Person, without duplication: 
  
 (1) all Obligations of such Person for borrowed money; 
  
 (2) all Obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments; 
  
 (3) all Capitalized Lease Obligations of such Person; 
  
 (4) all Obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all Obligations under any title retention agreement (but excluding trade accounts
payable and other accrued liabilities arising in the ordinary course of business that are not overdue by 90 days or more or are being contested in 
  

 11 








 good faith by appropriate proceedings promptly instituted and diligently conducted and any deferred
purchase price represented by earn outs consistent with the Company’s past practice); 
  
 (5) all Obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction,
whether or not then due; 
  
 (6) guarantees and
other contingent obligations in respect of Indebtedness referred to in clauses (1) through (5) above and clause (8) below; 
  
 (7) all Obligations of any other Person of the type referred to in clauses (1) through (6) which are secured by any Lien on any property
or asset of such Person the amount of any such Obligation being deemed to be the lesser of the Fair Market Value of the property or asset securing such Obligation or the amount of such Obligation; 
  
 (8) all Interest Swap Obligations and all Obligations under
Currency Agreements and Commodity Agreements of such Person; and 
  
 (9) all Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference
and its maximum fixed repurchase price, but excluding accrued dividends, if any. 
  
 For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as
if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the Fair Market Value of such Disqualified Capital
Stock, such Fair Market Value shall be determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock. 
  
 “Indemnified Party” has the meaning set forth in Section 7.07. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the terms
hereof. 
  
 “Indenture Documents” means,
collectively, this Indenture, the Notes, the Guarantees, and the Collateral Agreements. 
  
 “Independent Financial Advisor” means a nationally-recognized accounting, appraisal or investment banking firm: (1) that does not, and whose directors, officers and employees or Affiliates do not,
have a direct or indirect financial interest in the Company; and (2) that, in the judgment of the Board of Directors of the Company, is otherwise independent and qualified to perform the task for which it is to be engaged. 
  
 “Initial Notes” means the 11 3/8% Senior Secured Notes due 2011 issued on the Issue Date. 
  
 “Initial Purchaser” means Jefferies & Company, Inc.

  
 “Institutional Accredited Investor” means an
institution that is an “accredited investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
  

 12 








 “Intercreditor Agreement” means the Intercreditor Collateral Subordination Agreement,
dated as of the Issue Date, among the Administrative Agent, the Railway Term Loan Lender or its agent, the Collateral Agent, the Company, the Railway Subsidiary and the Guarantors thereafter party thereto, as the same may be amended, supplemented or
modified from time to time. 
  
 “Interest Payment
Date” means February 15 and August 15 of each year, commencing February 15, 2005. 
  
 “Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time
periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same
notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 
  
 “Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of
business that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property
to others or any payment for property or services for the account or use of others), or any purchase or acquisition for value of Capital Stock, Indebtedness or other similar instruments issued by such Person. If the Company or any Restricted
Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or any Restricted
Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment at such time. The acquisition by the Company or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be deemed to
be an Investment by the Company or such Restricted Subsidiary in such third Person at such time. Except as otherwise provided for herein, the amount of an Investment shall be its fair market value at the time the Investment is made and without
giving effect to subsequent changes in value. 
  
 For purposes of
the definition of “Unrestricted Subsidiary”, the definition of “Restricted Payment” and Section 4.09: 
  
 (1) “Investment” shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair
market value of the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the
Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to (A) the Company’s “Investment” in such Subsidiary at the time of such redesignation
less (B) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and 
  
 (2) any property transferred to or from an Unrestricted
Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company. 
  
 “Issue Date” means August 12, 2004. 
  
 “Legal Defeasance” has the meaning set forth in Section 8.01(b). 
  

 13 








 “Legal Holiday” has the meaning set forth in Section 11.07. 
  
 “Lenders” has the meaning set forth in the definition of the
term “Credit Agreement”. 
  
 “Lien”
means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security
interest). 
  
 “Maturity Date” means August 15,
2011. 
  
 “Moody’s” means Moody’s
Investors Service, Inc. 
  
 “Mortgages” means the
mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents securing Liens on the Premises, as well as the other Collateral secured by and described in the mortgages, deeds of trust, deeds to secure Indebtedness or other
similar documents. 
  
 “Net Cash Proceeds” means,
with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred
payment constituting interest) received by the Company or any of its Restricted Subsidiaries from such Asset Sale net of: 
  
 (1) reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and
investment banking fees and sales commissions); 
  
 (2) all taxes and other costs and expenses actually paid or estimated by the Company (in good faith) to be payable in cash in connection with such Asset Sale; 
  
 (3) repayment of Indebtedness that is secured by the property or assets that are the subject of such Asset
Sale and is required to be repaid in connection with such Asset Sale; and 
  
 (4) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by
the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale; 
  
 provided,
however, that if, after the payment of all taxes with respect to such Asset Sale, the amount of estimated taxes, if any, pursuant to clause (2) above exceeded the tax amount actually paid in cash in respect of such Asset Sale, the aggregate
amount of such excess shall, at such time, constitute Net Cash Proceeds. 
  
 “Net Proceeds Offer” has the meaning set forth in Section 4.10. 
  
 “Net Proceeds Offer Amount” has the meaning set forth in Section 4.10. 
  
 “Net Proceeds Offer Payment Date” has the meaning set forth
in Section 4.10. 
  
 “Net Proceeds Offer Trigger
Date” has the meaning set forth in Section 4.10. 
  
 “Non-U.S. Person” means a Person who is not a U.S. person, as defined in Regulation S. 
  

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 “Notes” means, collectively, the Initial Notes, the Additional Notes and the Exchange
Notes. 
  
 “Obligations” means all obligations
for principal, premium, interest, Additional Interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Offering” means the offering of the Notes hereunder.

  
 “Officer” means the Chief Executive Officer,
the President, the Chief Financial Officer or any Vice President of the Company. 
  
 “Officers’ Certificate” means a certificate signed by two Officers of the Company, at least one of whom shall be the principal financial officer of the Company, and delivered to the
Trustee and/or the Collateral Agent, as applicable. 
  
 “144A Global Notes” has the meaning set forth in Section 2.01. 
  
 “Opinion of Counsel” means a written opinion of counsel who shall be reasonably acceptable to the Trustee or Collateral Agent, as
applicable, complying with the requirements of Sections 11.04 and 11.05, as they relate to the giving of an Opinion of Counsel. 
  
 “Paying Agent” has the meaning set forth in Section 2.03. 
  
 “Permitted Business” means any business that is the same as or similar, reasonably related, complementary
or incidental to the business in which the Company and its Restricted Subsidiaries are engaged on the Issue Date. 
  
 “Permitted Holders” means (1) Bennett Management Corporation, Lampe, Conway & Co. LLC, Mellon HBV Alternative Strategies LLC,
Prudential Investment Management, Inc. and Chilmark Fund II, L.P. and (2) each Related Fund of the foregoing Persons. 
  
 “Permitted Indebtedness” means, without duplication, each of the following: 
  
 (1) Indebtedness under the Notes issued in the Offering or
in the Exchange Offer in an aggregate outstanding principal amount not to exceed $80.0 million and the related Guarantees; 
  
 (2) Indebtedness incurred pursuant to the Credit Agreement in an aggregate principal amount at any time outstanding not to exceed $15.0
million (as such amount may be reduced from time to time as a result of permanent reductions of the revolving commitments thereunder as provided in clause (3)(b)(ii)(A) of the first paragraph of Section 4.10) and Indebtedness
consisting of Protective Advances made thereunder in an aggregate principal amount not exceeding $1.0 million; 
  
 (3) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date; 
  
 (4) Interest Swap Obligations of the Company or any
Restricted Subsidiary of the Company covering Indebtedness of the Company or any of its Restricted Subsidiaries; provided, however, that such Interest Swap Obligations are entered into for the purpose of fixing or hedging interest
rates with respect to any fixed or variable rate Indebtedness that is permitted by this 
  

 15 








 Indenture to be outstanding to the extent that the notional amount of any such Interest Swap Obligation
does not exceed the principal amount of Indebtedness to which such Interest Swap Obligation relates; 
  
 (5) Indebtedness under Currency Agreements and Commodity Agreements, in each case arising in the ordinary course of business of the
Borrower and its Restricted Subsidiaries; provided that in the case of Currency Agreements which relate to Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding
other than as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; 
  
 (6) Intercompany Indebtedness of the Company or a Guarantor (other than the Railway Subsidiary except with respect to any Indebtedness
arising by reason of rights of contribution or subrogation) for so long as such Indebtedness is held by the Company or a Guarantor; provided that if as of any date any Person other than the Company or a Guarantor owns or holds any such
Indebtedness or holds a Lien (other than Permitted Liens of the type described in clause (15) or (16) of the definition thereof) in respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting
Permitted Indebtedness under this clause (6) by the issuer of such Indebtedness; 
  
 (7) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
(except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within three business days of incurrence; 
  
 (8) Indebtedness of the Company or any of its Restricted
Subsidiaries represented by or arising as a result of draws upon letters of credit that are issued for the account of the Company or such Restricted Subsidiary, as the case may be, in support of or provide security for (a) trade obligations or (b)
any other liabilities (including workers’ compensation claims, payment obligations in connection with self-insurance or similar requirements) in each case, to the extent incurred in the ordinary course of business by the Company or any of its
Restricted Subsidiaries; provided, however, that the aggregate outstanding undrawn and unreimbursed amounts in respect of (i) such letters of credit relating to trade obligations or (ii) such letters of credit relating to such other
liabilities do not, in either case, at any time exceed $3.0 million (which letters of credit may, but need not be, issued under the Credit Agreement); 
  
 (9) obligations in respect of performance, bid and surety bonds and completion guarantees provided by the Company or any Restricted
Subsidiary in the ordinary course of business; 
  
 (10) Indebtedness represented by Capitalized Lease Obligations and Purchase Money Indebtedness of the Company and its Restricted Subsidiaries incurred in the ordinary course of business (including Refinancings thereof that do not result in
an increase in the aggregate principal amount of Indebtedness of such Person as of the date of such proposed Refinancing (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and plus the
amount of reasonable expenses incurred by the Company in connection with such Refinancing)) not to exceed $5.0 million at any time outstanding; 
  
 (11) Refinancing Indebtedness; 
  

 16 








 (12) Indebtedness represented by guarantees by the Company or a Restricted Subsidiary of
Indebtedness incurred by the Company or a Restricted Subsidiary so long as the incurrence of such Indebtedness by the Company or any such Restricted Subsidiary is otherwise permitted by the terms of this Indenture; 
  
 (13) Indebtedness consisting of the term loan (the
“Railway Term Loan”) originally funded on the Issue Date in an aggregate principal amount not exceeding $3.0 million to, among other things, refinance certain Indebtedness of the Railway Subsidiary outstanding on such date (which
amount may, but need not be, incurred in whole or in part under the Credit Agreement) and all guaranties in respect thereof; 
  
 (14) Indebtedness arising from agreements of the Company or a Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case, incurred in connection with the disposition of any business, assets or Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary
for the purpose of financing such acquisition; provided that the maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by the Company and the Subsidiary in connection with
such disposition; 
  
 (15) Indebtedness of the
Company or any of its Restricted Subsidiaries to the extent the net proceeds thereof are promptly used to redeem the Notes in full or deposited to defease or discharge the Notes, in each case, in accordance with this Indenture; and 
  
 (16) additional Indebtedness of the Company and its
Restricted Subsidiaries in an aggregate principal amount not to exceed $5.0 million at any time outstanding (which amount may, but need not be, incurred in whole or in part under the Credit Agreement). 
  
 For purposes of determining compliance with Section 4.08, (a) the
outstanding principal amount of any item of Indebtedness shall be counted only once and (b) in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through
(16) above or is entitled to be incurred pursuant to the Consolidated Fixed Charge Coverage Ratio provisions of Section 4.08, the Company shall, in its sole discretion, classify (or later reclassify) such item of Indebtedness in any manner
that complies with Section 4.08. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends
on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Capital Stock for purposes of Section 4.08.

  
 “Permitted Investments” means: 
  
 (1) Investments by the Company or any Restricted Subsidiary
of the Company in any Person that is or will become immediately after such Investment a Guarantor (other than the Railway Subsidiary) or that will merge or consolidate with or into the Company or a Guarantor (other than the Railway Subsidiary), or
that transfers or conveys all or substantially all of its assets to the Company or a Guarantor (other than the Railway Subsidiary); 
  
 (2) Investments in the Company by any Restricted Subsidiary of the Company; provided that any Indebtedness evidencing such
Investment is unsecured and subordinated, pursuant to a written agreement, to the Company’s Obligations under the Notes and this Indenture; 
  

 17 








 (3) Investments in cash and Cash Equivalents; 
  
 (4) Currency Agreements, Commodity Agreements and Interest
Swap Obligations, in each case, entered into (a) in the ordinary course of the Company’s or its Restricted Subsidiaries’ businesses, (b) not for speculative purposes and (c) otherwise in compliance with this Indenture; 
  
 (5) Investments in the Notes; 
  
 (6) Investments in (a) securities of trade creditors or
customers received (i) pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers in exchange for claims against such trade creditors or customers or (ii) in good faith
settlement of delinquent obligations owed by such trade creditors or customers and (b) accounts receivable previously sold by the Company or any of its Restricted Subsidiaries in connection with factoring arrangements to the extent the account
debtor thereof has (or will) not make payments thereon for a bona fide reason (other than its financial inability to do so); 
  
 (7) Investments made by the Company or its Restricted Subsidiaries as a result of consideration received in connection with an Asset Sale
made in compliance with Section 4.10; 
  
 (8) Investments in existence on the Issue Date; 
  
 (9) loans and advances, including advances for travel and moving expenses, to employees, officers and directors of the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide business
purposes not in excess of $500,000 at any one time outstanding; 
  
 (10) advances to suppliers and customers in the ordinary course of business; 
  
 (11) prepaid expenses of the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide business purposes
not in excess of $500,000 at any time outstanding; 
  
 (12) vendor, workman’s compensation and customary lease deposits made in the ordinary course of business consistent with past practices; and 
  
 (13) additional Investments in an aggregate amount not to exceed $3.0 million at any time outstanding. 
  
 “Permitted Liens” means the following types of Liens:

  
 (1) Liens for taxes, assessments or
governmental charges or claims either (a) not delinquent or (b) contested in good faith by appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant
to GAAP; 
  
 (2) statutory Liens of landlords and
Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law or pursuant to customary reservations or retentions of title incurred in the ordinary course of business for sums not yet delinquent or
being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof; 
  

 18 








 (3) Liens incurred or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or to secure the
performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 

 
 (4) any judgment Lien not giving rise to an Event of
Default; 
  
 (5) easements, rights-of-way, zoning
restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 
  
 (6) any right, interest or title of a lessor under any (i)
operating lease or (ii) Capitalized Lease Obligation permitted pursuant to clause (10) of the definition of “Permitted Indebtedness”; provided that such Liens do not extend to any property or assets which is not leased property
subject to such Capitalized Lease Obligation; 
  
 (7) Liens securing Purchase Money Indebtedness permitted pursuant to clause (10) of the definition of “Permitted Indebtedness”; provided, however, that (a) the Indebtedness shall not exceed the cost of the property
or assets acquired, together, in the case of real property, with the cost of the construction thereof and improvements thereto, and shall not be secured by a Lien on any property or assets of the Company or any Restricted Subsidiary of the Company
other than such property or assets so acquired or constructed and improvements thereto and (b) the Lien securing such Indebtedness shall be created within 180 days of such acquisition or construction or, in the case of a refinancing of any Purchase
Money Indebtedness, within 180 days of such refinancing; 
  
 (8) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods; 
  
 (9) 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; 
  
 (10) Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Restricted Subsidiaries, including rights of offset and
set-off; 
  
 (11) Liens securing Interest Swap
Obligations which Interest Swap Obligations relate to Indebtedness that is otherwise permitted under this Indenture; 
  
 (12) Liens securing Indebtedness under Currency Agreements and Commodity Agreements, in each case, that are permitted under this
Indenture; 
  
 (13) Liens securing Acquired
Indebtedness incurred in accordance with Section 4.08; provided that: 
  

 19 








 (a) such Liens secured such Acquired Indebtedness at the time of and prior to the
incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary
of the Company; and 
  
 (b) such Liens do not
extend to or cover any property or assets of the Company or of any of its Restricted Subsidiaries other than the property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the
Company or a Restricted Subsidiary of the Company and are no more favorable to the lienholders than those securing the Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the
Company; 
  
 (14) Liens existing as of the Issue
Date and securing Indebtedness permitted to be outstanding under clause (3) of the definition of the term “Permitted Indebtedness” to the extent and in the manner such Liens are in effect on the Issue Date; 
  
 (15) Liens securing the Notes and all other monetary
obligations under this Indenture and the Guarantees; 
  
 (16) Liens securing (a) Indebtedness under the Credit Agreement to the extent such Indebtedness is permitted under clause (2), (8), (13) or (16) of the definition of the term “Permitted Indebtedness” and (b) the Railway Term Loan
to the extent such Indebtedness is permitted under clause (13) of the definition of the term “Permitted Indebtedness”; provided, that, in each case, no such Liens shall be permitted on any Priority Collateral; 
  
 (17) Liens securing Refinancing Indebtedness which is
incurred to Refinance any Indebtedness which has been secured by a Lien permitted under this paragraph and which has been incurred in accordance with Section 4.08; provided, however, that such Liens: (i) are no less favorable to
the Holders and are not more favorable to the lienholders with respect to such Liens than the Liens in respect of the Indebtedness being Refinanced; and (ii) do not extend to or cover any property or assets of the Company or any of its Restricted
Subsidiaries not securing the Indebtedness so Refinanced; 
  
 (18) Licenses, leases or subleases granted to others that do not materially interfere with the ordinary course of business of the Company; 
  
 (19) Liens in favor of customs and revenue authorities arising as a matter of law in respect of duties,
import tariffs, assessments or governmental charges or claims either (a) not delinquent or (b) contested in good faith by appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such
reserves as may be required pursuant to GAAP; and 
  
 (20) Liens arising from precautionary Uniform Commercial Code filings (a) regarding operating leases or consigned products or consigned merchandise to the extent such Liens only relate to the assets, property, products or merchandise that
are the subject of such lease or consignment, as the case may be, or (b) accounts receivable sold in connection with factoring arrangements to the extent such Liens only relate to such accounts receivable (and rights, titles, and interests of the
purchaser thereof in respect thereof and returned inventory in respect thereof). 
  

 20 








 “Person” means an individual, partnership, corporation, limited liability company,
unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
  
 “Physical Notes” has the meaning set forth in Section 2.14(b). 
  
 “Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights to any
other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
  
 “Premises” has the meaning set forth in Section 4.17. 
  
 “Priority Collateral” means all Collateral other than Shared Collateral. 
  
 “Private Placement Legend” means the legend set forth on the
Initial Notes in the form set forth in Exhibit A. 
  
 “Protective Advances” means advances made under the Credit Agreement by the Administrative Agent and/or the Lenders thereunder on behalf of the Company at any time that (i) an event of default is outstanding thereunder and
(ii) the Company has fully utilized the revolving loan commitments thereunder or such commitments have been terminated, which advances are for (A) the sole purpose of protecting the value of all or any portion of the Shared Collateral or their
ability to realize upon all or any portion thereof (including advances made in respect of taxes, insurance premiums or lease payments payable by the Company) and (B) payroll (including state and federal withholding taxes and health and disability
benefits) of the Company and its Restricted Subsidiaries. 
  
 “Public Equity Offering” means an underwritten public offering of Common Stock of the Company or any holding company of the Company pursuant to a registration statement filed with the SEC (other than on Form S-8).

  
 “Purchase Money Indebtedness” means
Indebtedness of the Company and its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase price, or the cost of installation, construction or improvement, of property or equipment, provided, that the
aggregate principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or such purchase price or cost. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Qualified Capital Stock” means any Capital Stock that is
not Disqualified Capital Stock. 
  
 “Railway
Subsidiary” means Sand Springs Railway Company, an Oklahoma corporation and a wholly-owned Domestic Restricted Subsidiary of the Company. 
  
 “Railway Term Loan” has the meaning set forth in clause (13) of the definition of the term “Permitted Indebtedness”.

  
 “Railway Term Loan Agreement” means,
collectively, the agreements and other documents setting forth the terms and conditions of the Railway Term Loan (including, without limitation, any guarantee agreements (including, without limitation, the guarantee of the Company in respect
thereof) and security documents), in each case as such agreements may be amended, supplemented or otherwise modified from time to time, including any agreement extending the maturity of, refinancing, replacing or otherwise restructuring (including
increases to the principal amount of the Railway Term Loan (provided 
  

 21 








 that such increase thereto is permitted under clause (13) of the definition of the term “Permitted
Indebtedness”) or adding the Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any
other agent, lender or group of lenders. 
  
 “Railway Term
Loan Lender” means the lender holding the Railway Term Loan. 
  
 “Record Date” means any of the Record Dates specified in the Notes, whether or not a Legal Holiday. 
  
 “Redemption Date” means, when used with respect to any Note to be redeemed, the date fixed for redemption pursuant to this Indenture and
the Notes. 
  
 “Redemption Price” means, when
used with respect to any Note to be redeemed, the price fixed for redemption pursuant to this Indenture and the Notes. 
  
 “Reference Date” has the meaning set forth in Section 4.09. 
  
 “Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, repay,
prepay, redeem, defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings.

  
 “Refinancing Indebtedness” means any
Refinancing by the Company or any Restricted Subsidiary of the Company of Indebtedness incurred in accordance with Section 4.08 (other than pursuant to Permitted Indebtedness) or clauses (1), (3), (11) or (13) of the definition of Permitted
Indebtedness, in each case that does not: 
  
 (1)
have an aggregate principal amount (or, if such Indebtedness is issued with original issue discount, an aggregate offering price) greater than the sum of (x) the aggregate principal amount of the Indebtedness being Refinanced (or, if such
Indebtedness being Refinanced is issued with original issue discount, the aggregate accreted value) as of the date of such proposed Refinancing, except with respect to Permitted Indebtedness of the type described in clause (13) of the definition
thereof, the aggregate principal amount of which may be increased to the aggregate principal amount thereof that was initially incurred less repayments thereof as provided in clause (3)(b)(ii)(B) of the first paragraph of Section 4.10 plus
(y) the amount of fees, expenses, premium, defeasance costs and accrued but unpaid interest relating to the Refinancing of such Indebtedness being Refinanced; 
  

(2) create Indebtedness with: (a) a Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the
Indebtedness being Refinanced; or (b) a final maturity earlier than the final maturity of the Indebtedness being Refinanced; or 
  
 (3) affect the security, if any, for such Refinancing Indebtedness (except to the extent that less security is granted to holders of such
Refinancing Indebtedness). 
  
 If such Indebtedness being Refinanced is
subordinate or junior by its terms to the Notes, then such Refinancing Indebtedness shall be subordinate by its terms to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced. 
  
 “Register” is defined in Section 2.03. 
  

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 “Registrar” has the meaning set forth in Section 2.03. 
  
 “Registration Rights Agreement” means (1) with respect to
the Initial Notes issued on the Issue Date, the Registration Rights Agreement, dated August 12, 2004, among the Company, the Guarantors and the Initial Purchaser, and (2) with respect to each issuance of Additional Notes issued in a transaction
exempt from the registration requirements of the Securities Act, the registration rights agreement, if any, among the Company, the Guarantors and the initial purchasers under the related purchase agreement, in each case as the same may be amended or
modified from time to time in accordance with the terms thereof. 
  
 “Regulation S” means Regulation S under the Securities Act. 
  
 “Regulation S Permanent Global Note” means a permanent Global Note deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 
  
 “Regulation S Temporary Global Note” means a temporary Global Note deposited with or on behalf of and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Initial Notes or Additional Notes initially sold in reliance on Rule 903 of Regulation S. 
  
 “Related Fund” means, with respect to any Permitted Holder
described in clause (1) of the definition thereof that is a fund that invests in corporate equities and similar securities, any other fund that invests in corporate equities and similar securities and is managed or advised by the investment advisor
that manages or advises such Permitted Holder. 
  
 “Relevant Fiscal Year” has the meaning set forth in Section 4.23. 
  
 “Restricted Payment” has the meaning set forth in Section 4.09. 
  
 “Restricted Security” has the meaning assigned to such term in Rule 144(a)(3) under the Securities Act;
provided that the Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any Note constitutes a Restricted Security. 
  
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

 
 “Restricted Subsidiary” of any Person means any
Subsidiary of such Person which at the time of determination is not an Unrestricted Subsidiary. 
  
 “Rule 144A” means Rule 144A under the Securities Act. 
  
 “Rule 501(a)(1),(2),(3) or (7)” means Rule 501(a)(1),(2),(3) or (7) under the Securities Act. 

 
 “S&P” means Standard & Poor’s Ratings Group.

  
 “SEC” has the meaning set forth in Section
4.20. 
  
 “Secured Parties” has the meaning
set forth in the Security Agreement. 
  
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  

 23 








 “Security Agreement” means the Security Agreement, dated as of the Issue Date, made by
the Company and the Guarantors in favor of the Collateral Agent, as amended or supplemented from time to time in accordance with its terms. 
  
 “Shared Collateral” means, with respect to (i) Collateral of the Company or any Guarantor (other than the Railway Subsidiary), such
Collateral consisting of inventory, accounts, general intangibles, documents, chattel paper, instruments, investment property (excluding the Capital Stock of any Subsidiary of the Company and rights related thereto), letter of credit rights, deposit
accounts, books and records related thereto and proceeds thereof and (ii) Collateral of the Railway Subsidiary, such Collateral. 
  
 “Significant Subsidiary” with respect to any Person, means any Restricted Subsidiary of such Person that satisfies the criteria for a
“significant subsidiary” set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act. 
  
 “Subsidiary” with respect to any Person, means: 
  

(1) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election
of directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 
  
 (2) any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person. 
  
 “Surviving
Entity” has the meaning set forth in Section 5.01. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. SS 77aaa-77bbbb) as amended, as in effect on the date of this Indenture. 
  
 “Transaction Date” has the meaning set forth in the definition of the term “Consolidated Fixed Charge Coverage Ratio. 
  
 “Treasury Rate” means, with respect to a 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) (or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity) that has become publicly available at least two Business Days
prior to such Redemption Date (or, if such Statistical Release (or any successor release) is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to August 15, 2008;
provided, however, that if the period from such Redemption Date to August 15, 2008 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 Redemption Date to August 15,
2008 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 
  
 “Trustee” has the meaning set forth in the preamble to this Indenture. 
  
 “Trust Officer” means, when used with respect to the
Trustee, any officer within the Corporate Trust Office of the Trustee, including any other officer of the Trustee who customarily performs functions 
  

 24 








 similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
  
 “Unrestricted Cash” means, at any time, cash and Cash
Equivalents of the Company and its Restricted Subsidiaries to the extent such cash and Cash Equivalents is not subject to any Lien (other than a Permitted Lien described in clause (15) or (16) of the definition thereof (except to the extent such
Permitted Liens are granted to cash collateralize letters of credit)) or any restriction as to its use and is included in “cash and cash equivalents” and not “restricted cash” on the consolidated balance sheet of the Company or
any such Restricted Subsidiary. 
  
 “Unrestricted
Subsidiary” of any Person means: 
  
 (1)
any Subsidiary of such Person that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary by the Board of Directors of such Person in the manner provided below; and 
  
 (2) any Subsidiary of an Unrestricted Subsidiary.

  
 The Board of Directors may designate any Subsidiary (including
any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a
Subsidiary of the Subsidiary to be so designated, provided that: 
  
 (1) the Company certifies to the Trustee that such designation complies with Section 4.09; and 
  
 (2) each Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does not thereafter, create,
incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted Subsidiaries. 
  
 The Board of Directors may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary only if: 
  
 (1)
immediately after giving effect to such designation, the Company is able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.08; and 
  
 (2) immediately before and immediately after giving effect
to such designation, no Default or Event of Default shall have occurred and be continuing. 
  
 Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing provisions. 
  
 “U.S. Government Obligations” means direct obligations of, and obligations guaranteed by, the United States of America for the payment of which the full faith and credit of the United States of
America is pledged. 
  

 25 








 “U.S. Legal Tender” means such coin or currency of the United States which, as at the
time of payment, shall be immediately available legal tender for the payment of public and private debts. 
  
 “Voting Stock” means, with respect to any Person, securities of any class or classes of Capital Stock of such Person entitling the
holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. 

 
 “Weighted Average Life to Maturity” means, when applied
to any Indebtedness at any date, the number of years obtained by dividing (1) the then outstanding aggregate principal amount of such Indebtedness into (2) the sum of the total of the products obtained by multiplying: 
  
 (a) the amount of each then remaining installment, sinking
fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof, by 
  
 (b) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment.

  
 “Wholly-Owned Subsidiary” of any Person means
any Restricted Subsidiary of such Person of which all the outstanding Capital Stock (other than in the case of a Foreign Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant
to applicable law) are owned by such Person or any Wholly-Owned Subsidiary of such Person. 
  
 Section 1.02. Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by reference in, and made a part
of, this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes. 
  
 “indenture security holder” means a Holder. 
  
 “indenture to be qualified” means this Indenture. 
  
 “indenture trustee” or “institutional trustee” means the Trustee. 
  
 “obligor” on the indenture securities means the Company or
any other obligor on the Notes. 
  
 All other TIA terms used in
this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule and not otherwise defined herein have the meanings assigned to them therein. 
  
 Section 1.03. Rules of Construction. 
  
 Unless the context otherwise requires in this or any other Indenture Document: 
  
 (1) a term has the meaning assigned to it; 
  
 (2) an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP; 
  

 26 








 (3) “or” is not exclusive; 
  
 (4) words in the singular include the plural, and words in
the plural include the singular; 
  
 (5)
“herein”, “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
  
 (6) when the words “includes” or “including” are used herein, they shall be deemed to be
followed by the words “without limitation”; 
  
 (7) all references to Sections or Articles refer to Sections or Articles of this Indenture unless otherwise indicated; and 
  
 (8) unless otherwise defined or the context otherwise requires, terms for which meanings are provided in this Indenture shall have such
meanings when used in each other Indenture Document. 
  
 ARTICLE
TWO 
  
 THE NOTES 
  
 Section 2.01. Form and Dating. 
  
 The Initial Notes and the Additional Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A hereto. The Exchange Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit B hereto. The
Notes may have notations, legends or endorsements required by law, stock exchange rule or DTC rule or usage. The Company and the Trustee shall approve the form of the Notes and any notation, legend or endorsement on them. Each Note shall be dated
the date of its authentication. 
  
 The terms and provisions
contained in the forms of the Notes annexed hereto as Exhibit A and Exhibit B, shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company, the Guarantors and the Trustee, by
their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
  
 Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one or more permanent global notes in registered form,
substantially in the form set forth in Exhibit A (the “144A Global Notes”), deposited with the Trustee, as custodian for DTC, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall
bear the legend set forth in Exhibit C. 
  
 Notes offered
and sold to Institutional Accredited Investors in reliance on Rule 501(a)(1), (2), (3) or (7) under the Securities Act shall be issued initially in the form of one or more permanent global notes in registered form, substantially in the form set
forth in Exhibit A (the “IAI Global Notes”), deposited with the Trustee, as custodian for DTC, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in
Exhibit C. 
  
 Notes offered and sold in offshore
transactions in reliance on Regulation S shall be issued initially in the form of one or more Regulation S Temporary Global Notes deposited with the Trustee, as custodian for the Depository, and registered in the name of the Depositary or the
nominee of the 
  

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 Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the
Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C. 
  
 Following the termination of the Restricted Period, beneficial interests in a Regulation S Temporary Global Note will be exchanged for beneficial
interests in a Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of a Regulation S Permanent Global Note, the Trustee will cancel the related Regulation S Temporary Global Note.

  
 The provisions of the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of
beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by participants through Euroclear or Clearsteam. 
  
 The aggregate principal amount of any Global Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee, as custodian for DTC, as hereinafter provided. 
  
 The definitive Notes shall be typed, printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be
listed, all as determined by the Officer executing such Notes, as evidenced by their execution of such Notes. 
  
 Section 2.02. Execution and Authentication; Aggregate Principal Amount. 
  
 An Officer (who shall have been duly authorized by all requisite corporate
actions) shall sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office or position at the time the Trustee authenticates the Note, the Note shall nevertheless be valid.

  
 A Note shall not be valid until an authorized signatory of the
Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The Trustee shall authenticate (i) Initial Notes for original issue in the aggregate principal amount not to exceed
$80,000,000, (ii) Exchange Notes from time to time for issue only in exchange for a like principal amount of Initial Notes or Additional Notes, and (iii) subject to compliance with Section 4.08, one or more series of Additional Notes in an
unlimited amount in each case upon written orders of the Company in the form of an Officers’ Certificate, which Officers’ Certificate shall, in the case of any issuance of Additional Notes, certify that such issuance is in compliance with
Section 4.08. In addition, each Officers’ Certificate shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, whether the Notes are to be Initial Notes, Exchange Notes or Additional
Notes. All Notes issued under this Indenture shall vote and consent together on all matters as one class and no series of Notes shall have the right to vote or consent as a separate class on any matter. 
  
 The Trustee may appoint an authenticating agent (the “Authenticating
Agent”) reasonably acceptable to the Company to authenticate Notes. Unless otherwise provided in the appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this 
  

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 Indenture to authentication by the Trustee includes authentication by such Authenticating Agent. An Authenticating Agent
has the same rights as an Agent to deal with the Company and Affiliates of the Company. 
  
 The Notes shall be issuable in fully registered form only, without coupons, in denominations of $1,000 in principal amount and any integral multiple thereof. 
  
 Section 2.03. Registrar and Paying Agent. 

 
 The Company shall maintain an office or agency which shall initially be
the office of U.S. Bank Trust National Association, an Affiliate of the Trustee, in the Borough of Manhattan, The City of New York, where (a) Notes may be presented or surrendered for registration of transfer or for exchange (the
“Registrar”), (b) Notes may be presented or surrendered for payment (the “Paying Agent”) and (c) notices and demands to or upon the Company 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 “Register”). The Company, upon prior written notice to the Trustee, may have one or more co-Registrars and one or more additional Paying Agents reasonably
acceptable to the Trustee. The term “Paying Agent” includes any additional Paying Agent. Neither the Company nor any Affiliate of the Company may act as Paying Agent. 
  
 The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which agreement
shall incorporate the provisions of the TIA and implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee in writing, in advance, of the name and address of any such Agent and otherwise be reasonably
satisfactory to the Trustee. If the Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such. 
  

The Company initially appoints each of the Trustee and U.S. Bank Trust National Association, an Affiliate of the Trustee, as Registrar, Paying Agent
and agent for service of demands and notices in connection with the Notes. Any Paying Agent or Registrar may resign upon thirty (30) days’ written notice to the Company. 
  
 Section 2.04. Obligations of Paying Agent. 
  
 The Company shall require each Paying Agent other than the Trustee to agree
in writing that such Paying Agent shall hold separate and apart from, and not commingle with any other properties, for the benefit of the Holders or the Trustee, all assets held by the Paying Agent for the payment of principal of, or interest and
Additional Interest, if any, on, the Notes (whether such assets have been distributed to it by the Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee in writing of any Default by the Company (or
any other obligor on the Notes) in making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the
continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon receipt by the Trustee of all assets that shall
have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such assets. 
  
 Section 2.05. Holder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the
Holders and shall otherwise comply with TIA 
  

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 Section 312(a). If the Trustee is not the Registrar, the Company shall furnish or cause the Registrar to furnish to the
Trustee before each Record Date and at such other times as the Trustee may request in writing a list as of such date and in such form as the Trustee may reasonably request of the names and addresses of the Holders, which list may be conclusively
relied upon by the Trustee. 
  
 Section 2.06.
Transfer and Exchange. 
  
 Subject to the provisions of
Sections 2.14 and 2.15, when Notes are presented to the Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized
denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested; provided, however, that the Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing and such other documents as the Registrar or
co-Registrar may reasonably require. To permit registrations of transfers and exchanges, the Company shall issue and the Trustee shall authenticate Notes at the Registrar’s or co-Registrar’s request. No service charge shall be made for any
registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchanges or transfers pursuant to Section 2.10, 3.06, 4.10 or 4.23, in which event the Company shall be responsible for the payment of such taxes). 
  
 The Registrar or co-Registrar shall not be required to register the transfer
or exchange of any Note (i) during a period beginning at the opening of business fifteen (15) days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing and (ii) selected for redemption
in whole or in part pursuant to Article Three, except the unredeemed portion of any Note being redeemed in part. 
  
 Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected
only through DTC, in accordance with this Indenture and the Applicable Procedures. 
  
 Section 2.07. Replacement Notes. 
  
 If a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims in writing that the Note has been lost, destroyed or wrongfully taken,
then, in the absence of written notice to the Company upon its request or the Trustee that such Note has been acquired by a protected purchaser, the Company shall issue and the Trustee shall authenticate a replacement Note of like tenor and
principal amount and bearing a number not contemporaneously outstanding if the Trustee’s requirements are met. Except with respect to mutilated Notes, if required by the Trustee or the Company, such Holder must provide an affidavit of lost
certificate and an indemnity bond or other indemnity reasonably satisfactory to the Company, sufficient in the judgment of both the Company and the Trustee, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer
if a Note is replaced. The Company may charge such Holder for its reasonable out-of-pocket expenses in replacing a Note, including reasonable fees and expenses of its counsel and of the Trustee and its counsel. In case any mutilated, lost, destroyed
or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay such Note instead of issuing a new Note in replacement thereof. Every replacement Note shall constitute an additional obligation of the
Company, entitled to the benefits of this Indenture. 
  

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 Section 2.08. Outstanding Notes. 
  
 Notes outstanding at any time are all the Notes that have been authenticated
by the Trustee except those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Subject to the provisions of Section 2.09, a Note does not cease to be outstanding because
the Company or any of its Affiliates holds the Note. 
  
 If a Note
is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless each of the Company and the Trustee receives proof satisfactory to it that the replaced Note is held by a
bona fide purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07. 
  
 If on a Redemption Date or the Maturity Date the Paying Agent holds U.S. Legal Tender or U.S. Government Obligations sufficient to pay all of the
principal and interest, and Additional Interest, if any, due on 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, and Additional Interest, if applicable, on them ceases to accrue. 
  
 Section 2.09. Treasury Notes; When Notes are Disregarded. 
  
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or
consent, Notes owned by the Company or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes which the Trustee actually knows are so owned shall be so considered. Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. The Company shall notify the Trustee, in writing (which
notice shall constitute actual notice for purposes of the foregoing sentence), when it or any of its Affiliates repurchases or otherwise acquires Notes, of the aggregate principal amount of such Notes so repurchased or otherwise acquired.

  
 Section 2.10. Temporary Notes.

  
 Until definitive Notes are ready for delivery, the Company
may prepare and execute and the Trustee shall authenticate temporary Notes upon receipt of a written order of the Company in the form of an Officers’ Certificate. The Officers’ Certificate shall specify the amount of temporary Notes to be
authenticated and the date on which the temporary Notes are to be authenticated. 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 upon receipt of a written order of the Company pursuant to Section 2.02 definitive Notes in exchange for temporary Notes. Until so exchanged, the temporary Notes
shall be entitled to the same benefits under this Indenture as definitive Notes. 
  
 Section 2.11. Cancellation. 
  
 The Company at any time may deliver Notes previously authenticated hereunder which the Company has acquired in any lawful manner, to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall
cancel all Notes surrendered for transfer, exchange, payment or cancellation. Subject to 
  

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 Section 2.07, the Company may not issue new Notes to replace Notes that it has paid or delivered to the Trustee
for cancellation. If the Company shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for
cancellation pursuant to this Section 2.11. The Trustee shall dispose of all cancelled Notes in accordance with customary procedures or, at the written request of the Company, shall return the same to the Company. 
  
 Section 2.12. CUSIP Numbers. 
  
 A “CUSIP” number shall be printed on the Notes, and the
Trustee shall use the CUSIP number in notices of redemption, purchase 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 of any change in the CUSIP number. 
  
 Section 2.13. Deposit of Moneys. 
  
 Prior to 11:00 a.m. New York City time on each Interest Payment Date and the
Maturity Date, the Company shall deposit with the Paying Agent U.S. Legal Tender sufficient to make cash payments, if any, due on such Interest Payment Date or the Maturity Date, as the case may be. 
  
 Section 2.14. Book-Entry Provisions for Global Notes.

  
 (a) The Global Notes initially shall (i) be registered in the
name of DTC or the nominee of DTC, (ii) be delivered to the Trustee as custodian for DTC and (iii) bear legends as set forth in Exhibit C. 
  
 Members of, or participants in, DTC (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on
their behalf by DTC, or the Trustee as its custodian, or under any Global Note, and DTC 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 furnished by DTC or impair, as between DTC
and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
  
 (b) Transfers of the Global Notes shall be limited to transfers in whole, but not in part, to DTC, its successors or their respective nominees. Interests
of beneficial owners in the Global Notes may be transferred or exchanged in accordance with the Applicable Procedures of DTC and the provisions of Section 2.15; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). In addition, Notes in the form of certificated
Notes in registered form in substantially the form set forth in Exhibit A hereto (the “Physical Notes”) shall be transferred to all beneficial owners in exchange for their beneficial interests in the Global Notes if (i) DTC
notifies the Company that it is unwilling or unable to continue as depository for the Global Notes and a successor Depository is not appointed by the Company within ninety (90) days of such notice or (ii) an Event of Default has occurred and is
continuing and the Registrar has received a request from DTC to issue Physical Notes; provided that a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Physical Note or transferred to a Person who takes
delivery thereof in the form of a Physical Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the 
  

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 Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 903 or Rule 904. 
  
 (c) 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 another Global Note shall, upon transfer, cease to be an interest in such Global Note and become a beneficial interest in
such other Global Note and, accordingly, shall thereafter be subject to all transfer restrictions, if any, and other procedures applicable to a beneficial interest in such other Global Notes for as long as it remains such an interest. 
  
 (d) In connection with any transfer or exchange of a portion of the
beneficial interest in the Global Note to beneficial owners pursuant to paragraph (b) of this Section 2.14, 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 authenticate and deliver, one or more
Physical Notes of like tenor and aggregate principal amount. 
  
 (e) In connection with the transfer of an entire Global Note to beneficial owners pursuant to paragraph (b) of this Section 2.14, 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 DTC in exchange for its beneficial interest in the Global Notes, an equal aggregate principal amount of Physical Notes of authorized
denominations. 
  
 (f) Any Physical Note constituting a Restricted
Security delivered in exchange for an interest in the Global Note pursuant to paragraph (b) or (c) shall, except as otherwise provided by paragraphs (a)(i)(x) and (c) of Section 2.15, bear the legend regarding
transfer restrictions applicable to the Physical Notes set forth in Exhibit A. 
  
 (g) The Holder of a 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 2.15. Special Transfer Provisions. 
  
 (a) 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 Security to any
Institutional Accredited Investor which is not a QIB or to any Non-U.S. Person: 
  
 (i) the Registrar shall register the transfer of any Note constituting a Restricted Security, whether or not such Note bears the Private
Placement Legend, if (x) the requested transfer is after August 12, 2006 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 D hereto 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; and 
  
 (ii) if the proposed transferor
is an Agent Member holding a beneficial interest in the Global Note, upon receipt by the Registrar of (x) the certificate, if any, required by paragraph (i) above and (y) instructions given in accordance with the Applicable Procedures and the
Registrar’s procedures, 
  

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 whereupon (1) 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 the Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and (2) the Company shall execute and the
Trustee shall authenticate and deliver one or more Physical Notes of like tenor and principal amount. 
  
 (b) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a Note constituting a
Restricted Security to a QIB (excluding transfers to Non-U.S. Persons): 
  
 (i) the Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for on the form of Note stating, or has otherwise advised the Company and the
Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided for on the form of Note stating, or has otherwise 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 
  
 (ii) 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 Applicable Procedures 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. 
  
 (c) Private Placement Legend. Upon the 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 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) the circumstance contemplated by paragraph (a)(i)(x) of this Section 2.15 exists or (ii) 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. The Registrar shall not register a
transfer of any Note unless such transfer complies with the restrictions on transfer of such Note set forth in this Indenture. In connection with any transfer of Notes, each Holder agrees by its acceptance of the Notes to furnish the Registrar or
the Company such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the registration requirements
of the Securities Act; provided that the Registrar shall not be required to determine (but may rely on a determination made by the Company with respect to) the sufficiency of any such certifications, legal opinions or other information.

  
 (d) General. By its acceptance of any Note bearing the
Private Placement Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it shall transfer such Note only as provided in this
Indenture. 
  

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 The Registrar shall retain copies of all letters, notices and other written communications received
pursuant to Section 2.14 or this Section 2.15. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice
to the Registrar. 
  
 The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members
or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  
 Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by DTC. 
  
 Section 2.16. Transfers of Global Notes and Physical
Notes. 
  
 A transfer of a Global Note or a Physical Note
(including the right to receive principal and interest, and Additional Interest, if any, payable thereon) may be made only by the Registrar’s entering the transfer in the Register. Prior to such entry, the Company shall treat the person in
whose name such Note is registered as the owner of the Note for all purposes. 
  
 ARTICLE THREE 
  
 REDEMPTION 
  
 Section 3.01.
Optional Redemption. 
  
 The Company may, at its option,
redeem the Notes, in whole or in part, at specified times and under specified conditions, as set forth in Paragraph 5 of the Notes. If the Company elects to redeem Notes pursuant to Paragraph 5 of the Notes, it shall, at least thirty-five (35) days
(or such shorter period as the Trustee may agree) before the Redemption Date, notify to the Trustee and Paying Agent in writing of the Redemption Date and the principal amount of the Notes to be redeemed and the clause of this Indenture or the Notes
pursuant to which the redemption shall occur. 
  
 Each
Officers’ Certificate provided for in this Section 3.01 shall be accompanied by an Opinion of Counsel stating that such redemption shall comply with the conditions contained herein and in the Notes. 
  
 Section 3.02. Selection of Notes to be Redeemed.

  
 If fewer than all of the Notes are to be redeemed pursuant to
Paragraph 5 of the Notes, the Trustee shall select the Notes to be redeemed: 
  
 (1) in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed or 
  

(2) if such Notes are not then listed on a national securities exchange, on a pro rata basis by lot or by such method as the Trustee may
reasonably determine is fair and appropriate; provided that 
  

 35 








 no partial redemption will reduce the principal amount of a Note not redeemed to less than $1,000; and provided
further, that if a partial redemption is made with the proceeds of an Equity Offering then the selection of the Notes or portions thereof for redemption shall be made by the Trustee only on a pro rata basis or on as nearly a pro
rata basis as is practicable (subject to the procedures of DTC), unless such method is prohibited. 
  
 The Trustee shall make the selection from the Notes outstanding and not previously called for redemption and shall promptly notify the Company in writing
of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount at maturity thereof, to be redeemed. Notes in denominations of $1,000 in principal amount at maturity may be redeemed only in
whole. The Trustee may select for redemption portions (equal to $1,000 in principal amount at maturity or any integral multiple thereof) of the principal of Notes that have denominations larger than $1,000. Provisions of this Indenture that apply to
Notes called for redemption also apply to portions of Notes called for redemption. 
  
 Section 3.03. Notice of Redemption. 
  
 At least thirty (30) days but not more than sixty (60) days before a Redemption Date, the Company shall mail or cause to be mailed a notice of redemption
by first class mail, postage prepaid, to each Holder whose Notes are to be redeemed at its registered address, with a copy to the Trustee and any Paying Agent. At the Company’s written request, the Trustee shall give the notice of redemption in
the Company’s name and at the Company’s expense. Failure to give notice of redemption, or any defect therein to any Holder of any Note selected for redemption shall not impair or affect the validity of the redemption of any other Note.

  
 Each notice of redemption shall identify the Notes to be
redeemed and shall state: 
  
 (1) the Redemption
Date; 
  
 (2) the Redemption Price and the amount
of accrued interest and Additional Interest, if any, to be paid to (but not including) the Redemption Date; 
  
 (3) the name and address of the Paying Agent; 
  
 (4) the CUSIP number; 
  
 (5) the subparagraph of the Notes pursuant to which such redemption is being made; 
  
 (6) the place where such Notes called for redemption must be
surrendered to the Paying Agent to collect the Redemption Price plus accrued interest and Additional Interest, if any, to (but not including) the Redemption Date; 
  
 (7) that, unless the Company fails to deposit with the Paying Agent funds in satisfaction of the applicable
redemption price, interest and Additional Interest, if any, on Notes called for redemption ceases to accrue on and after the Redemption Date in accordance with Section 3.05, and the only remaining right of the Holders of such Notes is to
receive payment of the Redemption Price plus accrued interest and Additional Interest, if any, to (but not including) the Redemption Date, upon surrender to the Paying Agent of the Notes redeemed; 
  
 (8) if any Note is being redeemed in part, the portion of
the principal amount of such Note to be redeemed and that, after the Redemption Date, and upon surrender of such Note, a new 
  

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 Note or Notes in the aggregate principal amount equal to the unredeemed portion thereof shall be issued;
and 
  
 (9) if fewer than all the Notes are to be
redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption.

  
 If any of the Notes to be redeemed is in the form of a Global
Note, then the Company shall modify such notice to the extent necessary to accord with the procedures of DTC applicable to redemption. 
  
 Section 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03, Notes or portions thereof called for redemption
shall become irrevocably due and payable on the Redemption Date and at the Redemption Price plus accrued interest and Additional Interest, if any, to (but not including) the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Notes
or portions thereof called for redemption shall be paid at the Redemption Price plus accrued interest and Additional Interest, if any, thereon to (but not including) the Redemption Date, but installments of interest, the maturity of which is on or
prior to the Redemption Date, shall be payable to Holders of record at the close of business on the relevant Record Dates referred to in the Notes. 
  
 Section 3.05. Deposit of Redemption Price. 
  
 Not later than 10:00 a.m. local time in the place of payment on the Redemption Date, the Company shall deposit with the
Paying Agent U.S. Legal Tender sufficient to pay the Redemption Price plus accrued interest and Additional Interest, if any, to (but not including) the Redemption Date, of all Notes or portions thereof to be redeemed on that date. 
  
 The Paying Agent shall promptly return to the Company any U.S. Legal Tender
so deposited which is not required for that purpose, except with respect to monies owed as obligations to the Trustee pursuant to Article Seven. 
  
 If the Company complies with the preceding paragraph, then, unless the Company defaults in the payment of such Redemption Price plus accrued interest and
Additional Interest, if any, to (but not including) the Redemption Date, on the Notes to be redeemed shall cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented for payment. 
  
 Section 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is to be redeemed in part, the Company shall
issue and the Trustee shall authenticate for the Holder at the expense of the Company a new Note or Notes equal in principal amount to the unredeemed portion of the Note surrendered. 
  

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 ARTICLE FOUR 
  
 COVENANTS 
  
 Section 4.01. Payment of Notes. 
  
 The Company shall pay the principal of, or premium, if any, or interest, and Additional Interest, if any, on the Notes on the dates and in the manner
provided in the Notes and in this Indenture. An installment of principal of, or premium, if any, or interest, and Additional Interest, if any, on the Notes shall be considered paid on the date it is due if the Trustee or Paying Agent (other than the
Company or an Affiliate of the Company) holds on that date U.S. Legal Tender designated for and sufficient to pay the installment in full. 
  
 Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold
income or other similar taxes imposed by the United States from principal or interest payments hereunder. 
  
 Section 4.02. Maintenance of Office or Agency. 
  
 The Company shall maintain the office or agency required under Section 2.03. The Company shall give prior 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 U.S. Bank Trust National Association and the Company hereby appoints U.S. Bank Trust National Association as its agent to receive all such
presentations, surrenders, notices and demands. 
  
 Section 4.03. Corporate Existence. 
  
 Except as
otherwise permitted by Article Four, Article Five and Article Ten, the Company shall do or cause to be done, at its own cost and expense, all things necessary to preserve and keep in full force and effect its corporate existence
and the limited liability company, partnership or corporate existence of each of the Restricted Subsidiaries in accordance with the respective organizational documents of each such Restricted Subsidiary and the material rights (charter and
statutory) and franchises of the Company and each such Restricted Subsidiary; provided, however, that the Company shall not be required to preserve, with respect to itself, any material right or franchise and, with respect to any of
the Restricted Subsidiaries, any such existence, material right or franchise, if the Board of Directors of the Company, shall determine in good faith that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Restricted Subsidiaries, taken as a whole. 
  
 Section 4.04. Payment of Taxes and Other Claims. 
  
 The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges (including withholding taxes and any penalties, interest and
additions to taxes) levied or imposed upon it or any of the Restricted Subsidiaries or its properties or any of the Restricted Subsidiaries’ properties and (ii) all material lawful claims for labor, materials and supplies that, if unpaid, might
by law become a Lien upon its properties or any of its Restricted Subsidiaries’ properties; 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 or shall be contested in good faith by appropriate proceedings 
  

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 properly instituted and diligently conducted for which adequate reserves, to the extent required under GAAP, have been
taken. 
  
 Section 4.05. Maintenance of
Properties and Insurance; Compliance with Laws. 
  
 (a) The
Company shall, and shall cause each of its Restricted Subsidiaries to, maintain in good working order and condition in all material respects (subject to ordinary wear and tear) its properties that are used or useful in the conduct of its business
and that are material to the conduct of such business, and make all necessary repairs, renewals, replacements, additions, betterments and improvements thereto and actively conduct and carry on its business; provided, however, that
nothing in this Section 4.05 shall prevent the Company or any of the Restricted Subsidiaries from discontinuing the operation and maintenance of any of its properties if such discontinuance is, in the good faith judgment of the Board of
Directors or other governing body of the Company or the Restricted Subsidiary concerned, as the case may be, desirable in the conduct of its businesses and is not disadvantageous in any material respect to the Holders. 
  
 (b) The Company shall maintain insurance (including appropriate
self-insurance) against loss or damage of the kinds that, in the good faith judgment of the Company, is adequate and appropriate for the conduct of the business of the Company and the Restricted Subsidiaries in a prudent manner, with reputable
insurers or with the government of the United States or an agency or instrumentality thereof, in such amounts, with such deductibles, and by such methods as shall be customary, in the good faith judgment of the Company, for companies similarly
situated in the industry in which the Company and the Restricted Subsidiaries are engaged. 
  
 (c) The Company shall, and shall cause each of its Subsidiaries to, comply with all applicable statutes, rules, regulations, orders and restrictions of the United States, all states and municipalities thereof, and of
any governmental department, commission, board, regulatory authority, bureau, agency and instrumentality of the foregoing, in respect of the conduct of its businesses and the ownership of its properties, except for such noncompliances as are not in
the aggregate reasonably likely to have a material adverse effect on the financial condition or results of operations of the Company and its Subsidiaries, taken as a whole or the ability of the Company to perform its obligations hereunder.

  
 Section 4.06. Compliance Certificate;
Notice of Default. 
  
 (a) The Company shall deliver to the
Trustee, within ninety (90) days after the end of the Company’s fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers (one of whom is the principal executive officer, principal financial officer or principal accounting officer) with a view to determining whether they have kept, observed, performed and fulfilled their
obligations under this Indenture and the other Indenture Documents and further stating, as to each such Officer signing such certificate, that to the best of such Officer’s actual knowledge the Company and its Restricted Subsidiaries during
such preceding fiscal year have kept, observed, performed and fulfilled each and every condition and covenant under this Indenture and the other Indenture Documents in all material respects and at the date of such certificate there is no Default or
Event of Default that has occurred and is continuing or, if such signers do know of such Default or Event of Default, the certificate shall describe the Default or Event of Default and its status with particularity. 
  
 (b) The Company shall, so long as any Notes are outstanding, upon any Officer
of the Company becoming aware of any Default or Event of Default, deliver to the Trustee an Officers’ Certificate specifying such Default or Event of Default within five (5) Business Days of such Officer becoming aware of such occurrence.

  

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 Section 4.07. Waiver of Stay, Extension or Usury Laws. 
  
 The Company covenants (to the extent that it may lawfully do so) that it
shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the
principal of, premium, if any, or interest or Additional Interest, if any, on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to
the extent that it may lawfully do so) the Company hereby expressly waives all benefit or advantage of any such law, and covenant that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Trustee or Collateral Agent, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
  
 Section 4.08. Limitation on Incurrence of Additional Indebtedness. 
  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur,
assume, guarantee, acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness (other than Permitted Indebtedness); provided,
however, that if no Default or Event of Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness, the Company or any of its Restricted Subsidiaries that is or, upon such
incurrence, becomes a Guarantor may incur Indebtedness (including, without limitation, Acquired Indebtedness) if on the date of the incurrence of such Indebtedness the Consolidated Fixed Charge Coverage Ratio of the Company will be, after giving
effect to the incurrence thereof, greater than (i) 2.0 to 1.0 prior to August 15, 2005; (ii) 2.10 to 1.0 on or after August 15, 2005 and prior to August 15, 2006 and (iii) 2.25 to 1.0 on or after August 15, 2006. 
  
 (b) The Company will not, and will not permit any of its Domestic Restricted
Subsidiaries to, directly or indirectly, incur any Indebtedness which by its terms (or by the terms of any agreement governing such Indebtedness) is subordinated to any other Indebtedness of the Company or such Domestic Restricted Subsidiary unless
such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Obligations of the Company or such Domestic Restricted Subsidiary under (a) in the case of the Company, the Notes
and this Indenture or (b) in the case of such Domestic Restricted Subsidiary, its Guarantee and this Indenture, in each case, to the same extent and in the same manner as such Indebtedness is subordinated pursuant to subordination provisions that
are most favorable to the holders of any other Indebtedness of the Company or such Domestic Restricted Subsidiary. 
  
 Section 4.09. Limitation on Restricted Payments. 
  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly:

  
 (1) declare or pay any dividend or make any
distribution (other than dividends or distributions payable in Qualified Capital Stock of the Company and dividends and distributions payable to the Company or another Restricted Subsidiary of the Company) on or in respect of shares of Capital Stock
of the Company or its Restricted Subsidiaries to holders of such Capital Stock; 
  

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 (2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the
Company or its Restricted Subsidiaries (other than any such Capital Stock held by the Company or any Restricted Subsidiary); 
  
 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any
scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Indebtedness of the Company or any Guarantor that is subordinate or junior in right of payment to the Notes or a Guarantee; or 
  
 (4) make any Investment (other than Permitted Investments);

  
 (each of the foregoing actions set forth in clauses (1), (2),
(3) and (4) being referred to as a “Restricted Payment”), if at the time of such Restricted Payment or immediately after giving effect thereto: 
  
 (ii) a Default or an Event of Default shall have occurred and be continuing; 
  
 (iii) the Company is not able to incur at least $1.00 of
additional Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.08; 
  
 (iv) with respect to any Restricted Payment described in clause (1) above, the Fixed Charge Coverage Ratio of the Company shall be
less than 2.50 to 1.0; or 
  
 (v) the aggregate
amount of Restricted Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the amount expended for such purposes, if other than in cash, being the Fair Market Value of such property at the time of the making
thereof) shall exceed the sum of: 
  
 (A) 50% of
the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income is a loss, minus 100% of such loss) of the Company earned during the period beginning on May 1, 2005 and ending on the last day of the Company’s most recent fiscal
quarter ending prior to the date the Restricted Payment occurs for which financial statements are available (the ”Reference Date”) (treating such period as a single accounting period); plus 
  
 (B) 100% of the aggregate net cash proceeds received by the
Company from any Person (other than a Subsidiary of the Company) from the issuance and sale subsequent to the Issue Date and on or prior to the Reference Date of Qualified Capital Stock of the Company (excluding any net proceeds from an Equity
Offering to the extent used to redeem Notes pursuant to Section 5(c) of the Notes; plus 
  
 (C) 100% of the aggregate net cash proceeds received from the issuance of Indebtedness or shares of Disqualified Capital Stock of the
Company that have been converted into or exchanged for Qualified Capital Stock of the Company subsequent to the Issue Date and on or prior to the Reference Date; plus 
  
 (D) an amount equal to the sum of (i) the net reduction in the Investments (other than Permitted
Investments) made by the Company or any of its Restricted Subsidiaries in any Person resulting from repurchases, repayments or redemptions of such Investments by such Person, proceeds realized on the sale of such Investment and proceeds representing
the return of capital (excluding dividends and distributions), in each case received by the Company or any of its Restricted Subsidiaries, and (ii) to the 
  

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 extent such Person is an Unrestricted Subsidiary, the portion (proportionate to the Company’s
equity interest in such Subsidiary) of the fair market value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary; provided, however, that the foregoing sum
shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made (and treated as a Restricted Payment) by the Company or any of its Restricted Subsidiaries in
such Person or Unrestricted Subsidiary; plus 
  
 (E) 100% of the aggregate net cash proceeds received from the exercise by any holder of a convertible note of the Company that has been converted into Qualified Capital Stock of the Company subsequent to the Issue Date and on or prior to
the Reference Date. 
  
 In the case of clause (iv)(B) or (E) above, any net cash
proceeds from issuances and sales of Qualified Capital Stock of the Company financed directly or indirectly using funds borrowed from the Company or any Subsidiary of the Company, shall be excluded until and to the extent such borrowing is repaid.

  
 Notwithstanding the foregoing, the provisions set forth in the
immediately preceding paragraph do not prohibit: 
  
 (2) the payment of any dividend or other distribution or redemption within 60 days after the date of declaration of such dividend or call for redemption if such payment would have been permitted on the date of declaration or call for
redemption; 
  
 (3) the acquisition of any shares
of Qualified Capital Stock of the Company, either (i) solely in exchange for other shares of Qualified Capital Stock of the Company or (ii) through the application of net proceeds of a sale for cash (other than to a Subsidiary of the Company) of
shares of Qualified Capital Stock of the Company within 60 days after such sale; 
  
 (4) the acquisition of any Indebtedness of the Company or the Guarantors that is subordinate or junior in right of payment to the Notes
and Guarantees either (i) solely in exchange for shares of Qualified Capital Stock of the Company, or (ii) through the application of net proceeds of a sale for cash (other than to a Subsidiary of the Company) within 60 days after such sale of (a)
shares of Qualified Capital Stock of the Company or (b) if no Default or Event of Default would exist after giving effect thereto, Refinancing Indebtedness; 
  
 (5) an Investment either (i) solely in exchange for shares of Qualified Capital Stock of the Company or (ii) through the application of
the net proceeds of a sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company within 60 days after such sale; 
  
 (6) if no Default or Event of Default has occurred and is continuing or would exist after giving effect
thereto, the repurchase or other acquisition of shares of Capital Stock of the Company from employees, former employees, directors or former directors of the Company (or permitted transferees of such employees, former employees, directors or former
directors), pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of Directors of the Company under which such individuals purchase or sell or are granted the option to
purchase or sell, shares of such Capital Stock; provided, however, that the aggregate amount of such repurchases and other acquisitions in any calendar year shall not exceed $500,000 (provided further, that any such amount not
used 
  

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 in any such calendar year may be carried forward to the next two succeeding calendar years until used);
provided further, however, that such amount in any calendar year may be increased by an amount not to exceed the net cash proceeds of key man life insurance policies received by the Company after the Issue Date; 
  
 (7) repurchases of Capital Stock deemed to occur upon
exercise of stock options, warrants or other similar rights if such Capital Stock represents a portion of the exercise price of such options, warrants or other similar rights; 
  
 (8) payments or distributions to dissenting stockholders of Capital Stock of the Company pursuant to
applicable law, pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all of the property and
assets of the Company or any of its Restricted Subsidiaries; 
  
 (9) the application of the proceeds from the issuance of the Notes on the Issue Date as described under the “Use of Proceeds” section of the Offering Circular dated August 5, 2004; and 
  
 (10) if no Default shall have occurred and be continuing or
would exist after giving effect thereto, other Restricted Payments not to exceed $500,000 in the aggregate since the Issue Date. 
  
 In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date in accordance with clause (iv) of the first paragraph of this
Section 4.09 amounts expended pursuant to clauses (1), (2)(ii), 3(ii)(a), (4)(ii) and (9) of the immediately preceding paragraph shall be included in such calculation. 
  
 Not later than the date of making any Restricted Payment, the Company shall
deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment complies with this Indenture and setting forth in reasonable detail the basis upon which the required calculations were computed, which calculations may be
based upon the Company’s latest available internal quarterly financial statements. 
  
 Section 4.10. Limitation on Asset Sales. 
  

The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
  
 (1) the Company or the applicable Restricted Subsidiary, as
the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets sold or otherwise disposed; 
  
 (2) at least 75% of the consideration received by the Company or the Restricted Subsidiary, as the case may be, from such Asset Sale is in
the form of cash or Cash Equivalents and is received at the time of such disposition; provided that the amount of any liabilities (as shown on the most recent applicable balance sheet) of the Company or such Restricted Subsidiary (other than
liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets shall be deemed to be cash for purposes of this provision so long as the documents governing such liabilities provide that there is
no further recourse to the Company or any of its Subsidiaries with respect to such liabilities; and 
  

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 (3) the Company shall apply, or cause such Restricted Subsidiary to apply, the Net Cash
Proceeds relating to such Asset Sale within 360 days of receipt thereof either: 
  
 (a) to repay (i) Permitted Indebtedness of the Company or any Restricted Subsidiary of the type described in (A) clause (3) of the
definition thereof that is secured by Permitted Liens of the type described in clause (14) of the definition thereof, (B) clause (10) of the definition thereof that is secured by Permitted Liens of the type described in clause
(6) or (7) of the definition thereof, or (C) clause (11) of the definition thereof that is secured by Permitted Liens of the type described in clause (17) of the definition thereof or (ii) Indebtedness of the type described
in clause (13) of the definition of the term Permitted Liens that is secured by Permitted Liens of the type described in clause (13) of the definition thereof, in each case, to the extent such Indebtedness is not by its terms
subordinated to the Notes or the Guarantees and such Permitted Liens are not subordinated to Permitted Liens of the type describe in clause (15) of the definition thereof; 
  
 (b) to the extent that the assets and property sold pursuant to such Asset Sale constitute Shared
Collateral of (i) the Company or any Guarantor (other than the Railway Subsidiary), to repay Indebtedness under the Credit Agreement or (ii) the Railway Subsidiary, to repay (A) Indebtedness under the Credit Agreement (and permanently reduce the
commitments thereunder) or (B) the Railway Term Loan; 
  
 (c) to make (or enter into a definitive agreement committing to do so within 180 days after the date that is 360 days following the date of receipt of such Net Cash Proceeds) an investment in property, plant, equipment or other non-current
assets that replace the properties and assets that were the subject of such Asset Sale or that will be used or useful in a Permitted Business (including expenditures for maintenance, repair or improvement of existing properties and assets) or the
acquisition of all of the Capital Stock of a Person engaged in a Permitted Business; or 
  
 (d) a combination of repayment and investment permitted by the foregoing clauses (3)(a), (3)(b) and (3)(c). 
  
 Pending the final application of Net Cash Proceeds, the Company may
temporarily reduce revolving credit borrowings or invest such Net Cash Proceeds in Cash Equivalents. On the 361st day after its receipt of Net Cash Proceeds relating to an Asset Sale or such earlier date, if any, as the Board of Directors of the
Company or of such Restricted Subsidiary determines not to apply such Net Cash Proceeds as set forth in clauses (3)(a), 3(b), 3(c) or 3(d) of the preceding paragraph (each, a ”Net Proceeds Offer Trigger Date”) (but subject to clause
(y) of the proviso in this sentence), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (3)(a), (3)(b), (3)(c) and 3(d) of the preceding paragraph (each a
”Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) on a date (the “Net Proceeds Offer Payment Date”)
not less than 30 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, from all Holders and all holders of other Applicable Indebtedness (other than Indebtedness of the type described in clause (3)(a) or (3)(b) of the
immediately preceding paragraph) containing provisions similar to those set forth in this Section 4.10 on a prorata basis, the maximum principal amount of Notes and such other Applicable Indebtedness that may be purchased with the Net
Proceeds Offer Amount at a price equal to 100% of the principal amount thereof (or if such Indebtedness was issued with original issue discount, 100% of the accreted value), plus accrued and unpaid interest and Additional Interest thereon, if any,
to the date of purchase; provided, however, that if (x) at any time any non-cash consideration received by the Company 
  

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 or any Restricted Subsidiary of the Company, as the case may be, in connection with any Asset Sale is converted into or
sold or otherwise disposed of for cash (other than interest received with respect to any such non-cash consideration), then such conversion or disposition shall be deemed to constitute an Asset Sale hereunder on the date of such conversion or
disposition, as the case may be, and the Net Cash Proceeds thereof shall be applied in accordance with this Section 4.10 and (y) any Net Cash Proceeds are not applied by the date provided in any definitive agreement described under clause
(3)(c) of the immediately preceding paragraph (as such date may be extended in accordance with the terms of such definitive agreement, but in any event, to a date no later than 180 days following such 361st date), such date (as extended, if
applicable) and the aggregate amount of such Net Cash Proceeds shall immediately be deemed to be a “Net Proceeds Trigger Date” and “Net Proceeds Offer Amount”, respectively, and such aggregate amount shall be subject to a Net
Proceeds Offer and such Net Cash Proceeds shall be applied in accordance with this paragraph. 
  
 The Company may defer any Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $5.0 million resulting from one or more Asset Sales in which case the accumulation
of such amount shall constitute a Net Proceeds Offer Trigger Date (at which time, the entire unutilized Net Proceeds Offer Amount, and not just the amount in excess of $5.0 million, shall be applied as required pursuant to the immediately preceding
paragraph). Upon the completion of each Net Proceeds Offer, the Net Proceeds Offer Amount will be reset at zero, and for the avoidance of doubt, if the aggregate principal amount of Notes properly tendered in connection with such Net Proceeds Offer
was less than the Net Proceeds Offer Amount, any Net Cash Proceeds relating to, and remaining following the completion of, such Net Proceeds Offer shall no longer constitute Net Cash Proceeds for purposes of this Section 4.10. 
  
 In the event of the transfer of substantially all (but not all) of the
property and assets of the Company and its Restricted Subsidiaries as an entirety to a Person in a transaction permitted in Section 5.01, which transaction does not constitute a Change of Control, the successor entity shall be deemed to have
sold the properties and assets of the Company and its Restricted Subsidiaries not so transferred for purposes of this Section 4.10, and shall comply with the provisions of this Section 4.10 with respect to such deemed sale as if it
constituted an Asset Sale. In addition, the Fair Market Value of such properties and assets of the Company or its Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 4.10. 

 
 Each notice of a Net Proceeds Offer shall be mailed first class, postage
prepaid, to the record Holders as shown on the register of Holders within 20 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in this Indenture. Upon receiving notice of
the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in integral multiples of $1,000 in exchange for cash. To the extent Holders properly tender Notes in an amount exceeding the Net Proceeds Offer Amount, Notes of
tendering Holders will be purchased on a pro rata basis (based on amounts tendered). A Net Proceeds Offer shall remain open for a period of 20 business days or such longer period as may be required by law. 
  
 The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any
securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.10 by virtue of
such compliance. 
  

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 Section 4.11. Limitation on Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries. 
  
 The Company will not, and will
not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to:

  
 (1) pay dividends or make any other
distributions on or in respect of its Capital Stock; 
  
 (2) make loans or advances or to pay any Indebtedness or other obligation owed to the Company or any other Restricted Subsidiary of the Company; or 
  
 (3) transfer any of its property or assets to the Company or any other Restricted Subsidiary of the Company, 
  
 except for such encumbrances or restrictions existing under or by reason of: 
  
 (a) applicable law, rule or regulation; 
  
 (b) this Indenture and the Collateral Agreements;

  
 (c) customary non-assignment provisions of
any lease or license of any Restricted Subsidiary of the Company to the extent such provisions restrict the transfer of the lease or license or the property leased or licensed, as the case may be, thereunder; 
  
 (d) any instrument governing Acquired Indebtedness, which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 
  
 (e) the Credit Agreement and the Railway Term Loan Agreement (and all replacements or substitutions thereof
on terms no more adverse to the Holders and no less favorable or more onerous to the Company and its Restricted Subsidiaries); 
  
 (f) agreements existing on the Issue Date to the extent and in the manner such agreements are in effect on the Issue Date; or 

 
 (g) restrictions on the transfer of assets subject to
any Lien permitted under this Indenture; 
  
 (h)
restrictions imposed by any agreement to sell assets or Capital Stock permitted under this Indenture to any Person pending the closing of such sale; 
  
 (i) provisions in joint venture agreements and other similar agreements (in each case relating solely to the respective joint venture or
similar entity or the equity interests therein) entered into in the ordinary course of business; 
  
 (j) restrictions contained in the terms of the Purchase Money Indebtedness or Capitalized Lease Obligations not incurred in violation of
this Indenture; provided, that such restrictions relate only to the assets financed with such Indebtedness; 
  

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 (k) restrictions in other Indebtedness incurred in compliance with Section 4.08;
provided that such restrictions, taken as a whole, are, in the good faith judgment of the Company’s Board of Directors, no more materially restrictive with respect to such encumbrances and restrictions than those contained in the
existing agreements referenced in clauses (b), (e) and (f) above; 
  
 (l) restrictions on cash or other deposits imposed by customers under contracts or other arrangements entered into or agreed to in the ordinary course of business; 
  
 (m) restrictions on the ability of any Foreign Restricted
Subsidiary to make dividends or other distributions resulting from the operation of covenants contained in documentation governing Indebtedness of such Subsidiary permitted under this Indenture; or 
  
 (n) an agreement governing Indebtedness incurred to
Refinance the Indebtedness issued, assumed or incurred pursuant to an agreement referred to in clause (b), (d), (e) or (f) above; provided, however, that the provisions relating to such encumbrance or restriction contained in any such
Indebtedness are no less favorable to the Company as determined by the Board of Directors of the Company in their reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements referred to
in such clause (b), (d), (e) or (f). 
  
 Section
4.12. Limitation on Issuances and Sales of Capital Stock of Subsidiaries. 
  
 The Company will not permit or cause any of its Restricted Subsidiaries to issue or sell any Capital Stock (other than to the Company or to a Wholly-Owned Restricted Subsidiary of the Company) or permit any Person
(other than the Company or a Wholly-Owned Restricted Subsidiary of the Company) to own or hold any Capital Stock of any Restricted Subsidiary of the Company or any Lien or security interest therein (other than as required by applicable law or any
Permitted Lien); provided, however, that this provision shall not prohibit (1) any issuance or sale if, immediately after giving effect thereto, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any
Investment in such Person remaining after giving effect to such issuance or sale would have been permitted to be made under Section 4.09 if made on the date of such issuance or sale or (2) the sale of all of the Capital Stock of a Restricted
Subsidiary in compliance with the provisions of Section 4.10. 
  
 Section 4.13. Limitation on Liens. 
  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit or suffer to exist any Liens (other than Permitted Liens) of any kind
against or upon any property or assets of the Company or any of its Restricted Subsidiaries whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, or assign or otherwise convey any right to receive income or
profits therefrom. 
  
 Section 4.14.
Limitations on Transactions with Affiliates. 
  
 (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or
exchange of any property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each an “Affiliate Transaction”), other than 
  

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 (x) Affiliate Transactions permitted under paragraph (b) below, and 
  
 (y) Affiliate Transactions on terms that are no less
favorable than those that might reasonably have been obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted Subsidiary. 
  
 With respect to all Affiliate Transactions (other than those described in
clause (b) below), the Company shall deliver an Officers’ Certificate to the Trustee certifying that such transactions are in compliance with clause (a)(y) of the preceding paragraph. All Affiliate Transactions (and each series of
related Affiliate Transactions which are similar or part of a common plan) involving aggregate payments or other property with a Fair Market Value in excess of $2.5 million shall be approved by a majority of the members of the Board of Directors of
the Company (including a majority of the disinterested members thereof), as the case may be, such approval to be evidenced by a Board Resolution stating that such Board of Directors has determined that such transaction complies with the foregoing
provisions. If the Company or any Restricted Subsidiary of the Company enters into an Affiliate Transaction (or a series of related Affiliate Transactions related to a common plan) that involves an aggregate Fair Market Value of more than $5.0
million, the Company shall, prior to the consummation thereof, obtain a favorable opinion as to the fairness of the financial terms of such transaction or series of related transactions to the Company or the relevant Restricted Subsidiary, as the
case may be, from an Independent Financial Advisor and file the same with the Trustee. 
  
 (b) The restrictions set forth in the first paragraph of this Section 4.14 shall not apply to: 
  
 (1) reasonable fees and compensation paid to and indemnity
provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary of the Company as determined in good faith by the Company’s Board of Directors or senior management; 
  
 (2) transactions exclusively between or among the Company
and any of its Restricted Subsidiaries or exclusively between or among such Restricted Subsidiaries; provided that such transactions are not otherwise prohibited by this Indenture; 
  
 (3) any agreement as in effect as of the Issue Date or any
transaction contemplated thereby and any amendment thereto or any replacement agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Holders in any material respect than the original agreement as
in effect on the Issue Date; 
  
 (4) Permitted
Investments of the type described under clauses (8), (9) and (11) of the definition thereof and Restricted Payments permitted by this Indenture; 
  
 (5) any merger or other transaction with an Affiliate solely for the purpose of reincorporating the Company
in another jurisdiction or creating a holding company of the Company; and 
  
 (6) any employment, stock option, stock repurchase, employee benefit compensation, business expense reimbursement, severance, termination or other employment-related agreements, arrangements or plans entered into by
the Company or any of its Restricted Subsidiaries in the ordinary course of business. 
  

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 Section 4.15. Additional Subsidiary Guarantees. 
  
 If the Company or any of its Restricted Subsidiaries acquires or creates
another Domestic Restricted Subsidiary after the Issue Date (other than an Unrestricted Subsidiary), then the Company shall cause such Domestic Restricted Subsidiary to: 
  
 (1) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the
Trustee pursuant to which such Domestic Restricted Subsidiary shall unconditionally guarantee on a senior secured basis all of the Company’s obligations under the Notes and this Indenture on the terms set forth in this Indenture; 
  
 (2) (a) execute and deliver to the Collateral Agent such
amendments to the Collateral Agreements as the Collateral Agent deems necessary or advisable in order to grant to the Collateral Agent, for the benefit of the Holders and the Lenders, a perfected security interest in the Capital Stock of such new
Domestic Restricted Subsidiary and any debt securities of such new Domestic Restricted Subsidiary, subject to the Permitted Liens, which are owned by the Company or such new Domestic Restricted Subsidiary and required to be pledged pursuant to the
Security Agreement, (b) deliver to the Collateral Agent any certificates representing such Capital Stock and debt securities, together with (i) in the case of such Capital Stock, undated stock powers or instruments of transfer, as applicable,
endorsed in blank, and (ii) in the case of such debt securities, endorsed in blank, in each case executed and delivered by an Officer of the Company or such Subsidiary, as the case may be; 
  
 (3) take such actions necessary or as the Collateral Agent
reasonably determines to be advisable to grant to the Collateral Agent for the benefit of the Holders a perfected security interest in the assets of such new Domestic Restricted Subsidiary, subject to the Permitted Liens, including the filing of
Uniform Commercial Code financing statements in such jurisdictions as may be required by the Security Agreement or by law or as may be reasonably requested by the Collateral Agent; 
  
 (4) take such further action and execute and deliver such other documents specified in this Indenture or
otherwise reasonably requested by the Trustee or the Collateral Agent to effectuate the foregoing; and 
  
 (5) deliver to the Trustee an Opinion of Counsel that such supplemental indenture and any other documents required to be delivered have
been duly authorized, executed and delivered by such Domestic Restricted Subsidiary and constitutes a legal, valid, binding and enforceable obligations of such Domestic Restricted Subsidiary and such other opinions regarding the perfection of such
Liens in the assets of such Domestic Restricted Subsidiary as provided for in this Indenture. 
  
 Thereafter, such Domestic Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture. 
  
 Section 4.16. Impairment of Security Interest. 
  
 Subject to the Intercreditor Agreement, neither the Company nor any of its Restricted Subsidiaries will take or omit to take
any action which would adversely affect or impair in any material respect the Liens in favor of the Collateral Agent with respect to the Collateral. Neither the Company nor any of its Domestic Restricted Subsidiaries shall grant to any Person (other
than the Collateral Agent), or permit any Person (other than the Collateral Agent), to retain any interest whatsoever in the Collateral other than Permitted Liens. Neither the Company nor any of its Restricted Subsidiaries will enter into

  

 49 








 any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or
otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Intercreditor Agreement and the Collateral Agreements. The Company shall, and shall cause each Guarantor to, at their sole cost and
expense, execute and deliver all such agreements and instruments as the Collateral Agent or the Trustee shall reasonably request to more fully or accurately describe the property intended to be Collateral or the obligations intended to be secured by
the Collateral Agreements. The Company shall, and shall cause each Guarantor to, at their sole cost and expense, file any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to
perfect the Liens created by the Collateral Agreements at such times and at such places as the Collateral Agent or the Trustee may reasonably request. 
  
 Section 4.17. Real Estate Mortgages and Filings. 
  
 With respect to any fee interest in any real property (individually and collectively, the “Premises”) (a)
owned by the Company or a Domestic Restricted Subsidiary on the Issue Date or (b) acquired by the Company or a Domestic Restricted Subsidiary after the Issue Date, with (i) a purchase price or (ii) as of the Issue Date, with a Fair Market Value, of
greater than $500,000, on the Issue Date in the case of clause (a) and within 90 days of the acquisition thereof in the case of clause (b): 
  
 (1) the Company shall deliver to the Collateral Agent, as mortgagee, fully executed counterparts of Mortgages, each dated as of the Issue
Date or the date of acquisition of such property, as the case may be, duly executed by the Company or the applicable Domestic Restricted Subsidiary, together with evidence of the completion (or satisfactory arrangements for the completion), of all
recordings and filings of such Mortgage as may be necessary to create a valid, perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby; 
  
 (2) the Company shall deliver to the Collateral Agent mortgagee’s title insurance policies in favor of
the Collateral Agent, as mortgagee for the ratable benefit of the Collateral Agent, the Trustee and the Holders in an amount equal to 100% of the Fair Market Value of the Premises purported to be covered by the related Mortgage, insuring that title
to such property is marketable and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than Permitted Liens, and such policies shall also include, to the extent
available, a revolving credit endorsement and such other endorsements as the Collateral Agent shall reasonably request and shall be accompanied by evidence of the payment in full of all premiums thereon; and 
  
 (3) the Company shall deliver to the Collateral Agent, with
respect to each of the covered Premises, the most recent survey of such Premises, together with either (i) an updated survey certification in favor of the Trustee and the Collateral Agent from the applicable surveyor stating that, based on a visual
inspection of the property and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (ii) an affidavit from the Company and the Guarantors stating that there has been no change, other than, in each case,
changes that do not materially adversely affect the use by the Company or Guarantor, as applicable, of such Premises for the Company or such Guarantor’s business as so conducted, or intended to be conducted, at such Premises; 
  
 provided, however, that the Company need not comply with its obligations under
this Section 4.17 with respect to the property located at 125 E. Morrow, Sand Springs, Oklahoma until the 60th day following the Issue Date. 
  

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 Section 4.18. Landlord, Bailee and Consignee Waivers. 
  
 (a) Each of the Company and each of its Domestic Restricted Subsidiaries
that is a lessee of, or becomes a lessee of, real property on or in which it will maintain, store, hold or locate all or any of its assets having an aggregate fair market value of at least $50,000, is, and will be, required to use commercially
reasonable efforts (which shall not require the expenditure of cash under any relevant lease that was in effect on the Issue Date or if such Domestic Restricted Subsidiary was not a Domestic Restricted Subsidiary of the Company on the Issue Date,
the date such Domestic Restricted Subsidiary became a Domestic Restricted Subsidiary of the Company) to deliver to the Collateral Agent a landlord waiver, substantially in the form of the Exhibit F-1, executed by the lessor of such real property;
provided that in the case where such lease is a lease in existence on the Issue Date or the lessee thereof that is a Domestic Restricted Subsidiary of the Company was not a Domestic Restricted Subsidiary of the Company on the Issue Date, the
Company or such Domestic Restricted Subsidiary that is the lessee thereunder shall have 90 days from the Issue Date or the date such Domestic Restricted Subsidiary becomes a Domestic Restricted Subsidiary, as the case may be, to satisfy such
requirement. 
  
 (b) Each of the Company and each of its Domestic
Restricted Subsidiaries that is a bailor of, or becomes a bailor of, assets that are subject to any bailment with a bailee and have an aggregate fair market value of at least $50,000, is, and will be, required to use commercially reasonable efforts
(which shall not require the expenditure of cash under any applicable agreement that was in effect on the Issue Date or if such Domestic Restricted Subsidiary was not a Domestic Restricted Subsidiary of the Company on the Issue Date, the date such
Domestic Restricted Subsidiary became a Domestic Restricted Subsidiary of the Company) to deliver to the Collateral Agent a bailee waiver, substantially in the form of the Exhibit F-2, executed by the bailee of such assets; provided that in
the case where such applicable agreement is in existence on the Issue Date or the bailor thereof that is a Domestic Restricted Subsidiary of the Company was not a Domestic Restricted Subsidiary of the Company on the Issue Date, the Company or such
Domestic Restricted Subsidiary that is the bailor thereunder shall have 90 days from the Issue Date or the date such Domestic Restricted Subsidiary becomes a Domestic Restricted Subsidiary, as the case may be, to satisfy such requirement.

  
 (c) Each of the Company and each of its Domestic Restricted
Subsidiaries that is a consignor of, or becomes a consignor of, assets that are subject to any consignment with a consignee and have an aggregate fair market value of at least $50,000, is, and will be, required to use commercially reasonable efforts
(which shall not require the expenditure of cash under any applicable agreement that was in effect on the Issue Date or if such Domestic Restricted Subsidiary was not a Domestic Restricted Subsidiary of the Company on the Issue Date, the date such
Domestic Restricted Subsidiary became a Domestic Restricted Subsidiary of the Company) to deliver to the Collateral Agent a consignee waiver, substantially in the form of the Exhibit F-3, executed by the consignee of such assets; provided
that in the case where such applicable agreement is in existence on the Issue Date or the consignor thereof that is a Domestic Restricted Subsidiary of the Company was not a Domestic Restricted Subsidiary of the Company on the Issue Date, the
Company or such Domestic Restricted Subsidiary that is the consignor thereunder shall have 90 days from the Issue Date or the date such Domestic Restricted Subsidiary becomes a Domestic Restricted Subsidiary, as the case may be, to satisfy such
requirement. 
  
 Section 4.19. Conduct of
Business. 
  
 The Company will not, and will not permit any
of its Restricted Subsidiaries to, engage in any businesses other than Permitted Businesses. 
  

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 Section 4.20. Reports to Holders. 
  
 Whether or not required by the Securities and Exchange Commission (the
“SEC”), so long as any Notes are outstanding, the Company must furnish to the Trustee and the Holders, within the time periods specified in the SEC’s rules and regulations including any extension periods available under such
rules and regulations and excluding any requirement and time periods applicable to “accelerated filers” (as defined in Rule 12b-2 under the Exchange Act) under such rules and regulations, and make available to securities analysts and
potential investors upon request and post on its website, 
  
 (1) all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management
Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 
  
 (2) all current reports that would be required to be filed
with the SEC on Form 8-K if the Company were required to file such reports. 
  
 The quarterly and annual financial information required by the preceding paragraph shall include a reasonably detailed presentation, in the footnotes thereto, and in “Management’s Discussion and Analysis of
Financial Condition and Results of Operations”, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries
of the Company. 
  
 Notwithstanding the foregoing, the Company may
satisfy such requirements prior to the effectiveness of the registration statement contemplated by the Registration Rights Agreement by filing with the SEC such registration statement within the time period required for such filing as specified in
the Registration Rights Agreement, to the extent that any such registration statement contains substantially the same information as would be required to be filed by the Company if it were subject to the reporting requirements of Section 13 or 15(d)
of the Exchange Act, and by providing the Trustee and Holders with such Registration Statement (and any amendments thereto) promptly following the filing thereof. 
  
 In addition, following the consummation of the Exchange Offer, whether or not required by the rules and regulations of the
SEC, the Company will file a copy of all such information and reports with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a filing). In addition, the
Company has agreed that, prior to the consummation of the Exchange Offer, for so long as any Notes remain outstanding, it will furnish to the Holders upon their request, the information required to be delivered pursuant to Rule 144(A)(d)(4) under
the Securities Act. 
  
 Section 4.21. Payments
for Consent. 
  
 The Company will not, and will not permit
any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this
Indenture, the Notes, any Collateral Agreement or the Intercreditor Agreement unless such consideration is offered to be paid or is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents
relating to such consent, waiver or agreement. 
  

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 Section 4.22. Repurchase Upon Change of Control. 
  
 (a) Upon the occurrence of a Change of Control, the Company shall make an
offer to purchase all outstanding Notes pursuant to the requirements described in clause (b) below (the “Change of Control Offer”) at a purchase price in cash equal to 101% of the principal amount thereof on the date of
purchase plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase. 
  
 (b) Within thirty (30) days following the date upon which the Change of Control occurred, the Company shall send, by registered first class mail, postage
prepaid, a notice to each record Holder as shown on the register of Holders, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. The notice to the Holders shall contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Change of Control Offer. Such notice shall state: 
  
 (1) that the Change of Control Offer is being made pursuant to this Section 4.22 and that, to the extent lawful, all Notes tendered
and not withdrawn shall be accepted for payment; 
  
 (2) the purchase price (including the amount of accrued interest, if any) and the purchase date (which shall be no earlier than thirty (30) days nor later than sixty (60) days from the date such notice is mailed, other than as may be
required by law) (the “Change of Control Payment Date”); 
  
 (3) that any Note not tendered shall continue to accrue interest and Additional Interest, if applicable; 
  
 (4) that, unless the Company defaults in making payment therefor, any Note accepted for payment pursuant to the Change of Control Offer
shall cease to accrue interest, and Additional Interest, if applicable, after the Change of Control Payment Date; 
  
 (5) that Holders electing to have a Note purchased pursuant to a Change of Control Offer shall be required to surrender the Note, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control
Payment Date; 
  
 (6) that Holders shall be
entitled to withdraw their election if the Paying Agent receives, not later than five (5) Business Days prior to the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of the Notes the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have such Notes purchased; 
  
 (7) that Holders whose Notes are purchased only in part shall be issued new Notes in a principal amount equal to the unpurchased portion
of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in an original principal amount of $1,000 or integral multiples thereof; and 
  
 (8) the circumstances and relevant facts regarding such Change of Control. 
  
 If any of the Notes subject to the Change of Control Offer is in the form of
a Global Note, then the Company shall modify such notice to the extent necessary to comply with the procedures of the Depositary applicable to repurchases. 
  

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 On or before the Change of Control Payment Date, the Company shall, to the extent lawful (i) accept for
payment Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent U.S. Legal Tender sufficient to pay the purchase price plus accrued interest and Additional Interest, if any, of all
Notes or portions thereof so tendered and (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by
the Company. The Paying Agent shall promptly mail to the Holders of Notes so tendered the purchase price for such Notes and the Company shall promptly issue and the Trustee shall promptly (but in any case not later than five days after the Change of
Control Payment Date) authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered; provided that each such new Note shall be in a
principal amount of $1,000 or an integral multiple thereof. Any Notes not so accepted shall be promptly mailed by the Company to the Holders thereof. For purposes of this Section 4.22, the Trustee shall act as the Paying Agent. 
  
 Any amounts remaining after the purchase of Notes pursuant to a Change of
Control Offer shall be returned by the Trustee to the Company. 
  
 Neither the Board of Directors of the Company nor the Trustee may waive the Company’s obligation to offer to purchase the Notes pursuant to this Section 4.22. 
  
 The Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements of this Section 4.22 and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
  
 The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent the provisions of any
securities laws or regulations conflict with the provisions under this Section 4.22, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Section
4.22 by virtue thereof. 
  
 Section 4.23.
Excess Cash Flow Offer. 
  
 (a) If the Company has Excess
Cash Flow for any fiscal year (the “Relevant Fiscal Year”), commencing with the fiscal year ending on April 30, 2005, then the Company shall apply an amount (the “Excess Cash Flow Offer Amount”) equal to 50% of such
Excess Cash Flow for such period to make an offer to the Holders to repurchase all or a portion (in integral multiples of $1,000) of their Notes with an aggregate repurchase price in cash equal to the Excess Cash Flow Offer Amount pursuant to and
subject to the conditions in this Section 4.23 (an “Excess Cash Flow Offer”). Each Excess Cash Flow Offer will remain open for a period of twenty (20) Business Days and no longer, unless a longer period is required by law
(the ”Excess Cash Flow Offer Period”). Promptly after the termination of the Excess Cash Flow Offer Period, the Company will purchase and mail or deliver payment (up to the Excess Cash Flow Offer Amount) for the Notes or portions
thereof tendered, pro rata (based on amounts tendered) or by such other method as may be required by law, or, if less than the Excess Cash Flow Offer Amount has been tendered, all Notes tendered pursuant to the Excess Cash Flow Offer.

  
 (b) Within 90 days after the end of any Relevant Fiscal Year
(or portion thereof) with respect to which the Company is required to make an Excess Cash Flow Offer pursuant to Section 4.23(a), the 
  

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 Company shall send, by registered first-class mail, an offer to each Holder, with a copy to the Trustee, which offer
shall govern the terms of the Excess Cash Flow Offer. Such offer shall state: 
  
 (1) the purchase price; 
  
 (2) the Excess Cash Flow Offer Period; 
  
 (3) that the Company is making an Excess Cash Flow Offer; 
  
 (4) that any Note not tendered will continue to accrue interest, and Additional Interest, if applicable; 
  
 (5) that unless the Company defaults on the payment of the
purchase price, any Notes accepted for payment pursuant to the Excess Cash Flow Offer will cease to accrue interest, and Additional Interest, if applicable, after the Excess Cash Flow Offer Period; 
  
 (6) the repurchase date, which must be no earlier than 30
days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Excess Cash Flow Offer Payment Date”); and 
  
 (7) the address of the Paying Agent and the procedures that a Holder of Notes must follow to accept the
Excess Cash Flow Offer or to withdraw such acceptance in accordance with this Section 4.23. 
  
 (c) Upon receiving notice of the Excess Cash Flow Offer, Holders may elect to tender their Notes, in whole or in part, in integral multiples of $1,000 in
exchange for cash. Holders electing to have a Note purchased pursuant to an Excess Cash Flow Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to
the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Excess Cash Flow Offer Payment Date. If only a portion of a Note is purchased pursuant to an Excess Cash Flow Offer, a new
Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be
made). Notes (or portions thereof) purchased pursuant to an Excess Cash Flow Offer will be cancelled and cannot be reissued. 
  
 (d) Promptly after the termination of the Excess Cash Flow Offer Period, the Company will, to the extent lawful: 
  
 (1) accept for payment all Notes or portions thereof
properly tendered pursuant to the Excess Cash Flow Offer; 
  
 (2) deposit with the Paying Agent in cash an amount equal to 100% of the principal amount (without premium), plus accrued but unpaid interest and Additional Interest, if any, thereon to the Excess Cash Flow Offer
Payment Date in respect of all Notes or portions thereof so tendered; provided that the aggregate amount so deposited shall not exceed the Excess Cash Flow Offer Amount; and 
  
 (3) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’
Certificate stating the aggregate principal amount at maturity of Notes or portions thereof being purchased by the Company. 
  

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 (e) With respect to each Excess Cash Flow Offer, the Company shall be entitled to reduce the applicable
Excess Cash Flow Offer Amount with respect thereto by the aggregate repurchase price of any Notes theretofore repurchased by the Company in the open market (to the extent such amount has not previously reduced any Excess Cash Flow Offer Amount). If
the aggregate repurchase price of Notes tendered pursuant to any Excess Cash Flow Offer is less than the applicable Excess Cash Flow Offer Amount, the Company may, subject to the other provisions of the Indenture, use any such Excess Cash Flow for
any other lawful purpose. 
  
 (f) In each Excess Cash Flow Offer,
the Company will be required to repurchase Notes validly tendered in response to such Excess Cash Flow Offer in accordance with the procedures (including proration in the event of oversubscription) set forth in this Section 4.23. The Company
will not be required to make an Excess Cash Flow Offer relating to any Relevant Fiscal Year if the Excess Cash Flow for such Relevant Fiscal Year is less than $2.0 million. 
  
 (g) Notwithstanding the foregoing, the repurchase of Notes by the Company pursuant to any Excess Cash Flow Offer shall not
be required if it would breach any covenant under the Credit Agreement that prohibits the consummation of the applicable Excess Cash Flow Offer and shall be limited to amounts as provided under the Credit Agreement. 
  
 (h) The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to an Excess Cash Flow Offer. To the extent that the provisions of any
securities laws or regulations conflict with this Section 4.23, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.23 by virtue
thereof. 
  
 Section 4.24. Additional
Interest. 
  
 If Additional Interest becomes payable by the
Company pursuant to the Registration Rights Agreement, the Company shall deliver to the Trustee an Officers’ Certificate stating (i) the amount of Additional Interest due and payable, (ii) the Section of the Registration Rights Agreement
pursuant to which Additional Interest is due and payable and (iii) the date on which Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives such an Officers’ Certificate, the Trustee may assume without
inquiry that no Additional Interest is payable; provided, that the failure of the Company to deliver to the Trustee such Officers’ Certificate shall not relieve the Company of its obligation to pay any such Additional Interest when due
and payable. 
  
 ARTICLE FIVE 
  
 SUCCESSOR CORPORATION 
  
 Section 5.01. Merger, Consolidation and Sale of
Assets. 
  
 The Company will not, in a single transaction or
series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or
otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis for the Company and the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person
unless: 
  

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 (1) either: 
  
 (a) the Company shall be the surviving or continuing corporation; or 
  
 (b) the Person (if other than the Company) formed by such
consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries
substantially as an entirety (the “Surviving Entity”): 
  
 (x) shall be a corporation organized and validly existing under the laws of the United States or any State thereof or the District of Columbia; and 
  
 (y) shall expressly assume, (i) by supplemental indenture (in form and substance reasonably satisfactory to
the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, interest and Additional Interest, if any, on all of the Notes and the performance of every covenant of the Notes, this
Indenture and the Registration Rights Agreement on the part of the Company to be performed or observed thereunder and (ii) by amendment, supplement or other instrument (in form and substance reasonably satisfactory to the Trustee and the Collateral
Agent), executed and delivered to the Trustee, all obligations of the Company under the Collateral Agreements and in connection therewith shall cause such instruments to be filed and recorded in such jurisdictions and take such other actions as may
be required by applicable law to perfect or continue the perfection of the Lien created under the Collateral Agreements on the Collateral owned by or transferred to the surviving entity; 
  
 (2) immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(b)(y) above (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction), the Company or such Surviving Entity, as the case may be, shall
be able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.08; 
  
 (3) immediately after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including,
without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default shall have occurred or
be continuing; and 
  
 (4) the Company or the
Surviving Entity shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied.

  
 For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company, the Capital Stock of which constitutes all or
substantially all of 
  

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 the properties and assets of the Company, shall be deemed to be the transfer of all or substantially all of the
properties and assets of the Company. 
  
 Any merger or
consolidation of (i) a Guarantor with and into the Company (with the Company being the surviving entity) or another Guarantor (other than the Railway Subsidiary) or (ii) a Guarantor or the Company with an Affiliate organized solely for the purpose
of reincorporating such Guarantor or the Company in another jurisdiction in the United States or any state thereof or the District of Columbia need only comply with (A) in the case of a merger or consolidation described in clause (ii),
clause (4) above; and (B) (x) clause (1)(b)(y) above and (y) clause (2) of Section 10.04. 
  
 Section 5.02. Successor Entity Substituted. 
  
 Upon any consolidation, combination or merger or any transfer of all or substantially all of the assets of the Company in
accordance with the foregoing, in which the Company is not surviving or the continuing corporation, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, lease or transfer is made shall
succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such surviving entity had been named as such. Upon such substitution the Company and any
Guarantors that remain Subsidiaries of the Company shall be released from their obligations under this Indenture and the Guarantees. 
  
 ARTICLE SIX 
  
 DEFAULT AND REMEDIES 
  
 Section 6.01. Events of Default. The following events are defined as “Events of Default”: 
  
 (1) the failure to pay interest or Additional Interest, if
any, on any Notes or any other amount (other than principal for the Notes) when the same becomes due and payable and the default continues for a period of thirty (30) days; 
  
 (2) the failure to pay the principal of or premium, if any, on any Notes, when such principal becomes due
and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer, an Excess Cash Flow Offer or a Net Proceeds Offer); 
  
 (3) a default in the observance or performance of any other
covenant or agreement contained in this Indenture (other than the payment of the principal of, or premium, if any, or interest or Additional Interest, if any, on any Note) or any Collateral Agreement which default continues for a period of thirty
(30) days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a
default with respect to Section 5.01 or 10.04, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
  
 (4) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions
thereof) the principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured
within 20 days from the date of acceleration) if the aggregate principal amount of such Indebtedness, together 
  

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 with the principal amount of any other such outstanding Indebtedness in default for failure to pay
principal at final maturity or which has been accelerated (in each case with respect to which the 20-day period described above has elapsed), aggregates $5.0 million or more at any time; 
  
 (5) one or more judgments in an aggregate amount in excess of $5.0 million shall have been rendered against
the Company or any of its Restricted Subsidiaries (other than any judgment as to which a reputable and solvent third party insurer has accepted coverage) and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such
judgment or judgments become final and non-appealable; 
  
 (6) the Company or any Significant Subsidiary (A) commences a voluntary case or proceeding under any Bankruptcy Code with respect to itself, (B) consents to the entry of an order for relief against it in an involuntary case under any
Bankruptcy Code, (C) consents to the appointment of a Custodian of it or for substantially all of its property, (D) makes a general assignment for the benefit of its creditors; or (E) takes any corporate action to authorize or effect any of the
foregoing; 
  
 (7) a court of competent
jurisdiction enters an order or decree that (A) is an order for relief in respect of the Company or any Significant Subsidiary in an involuntary case under any Bankruptcy Code, (B) appoints a Custodian of the Company or any Significant Subsidiary or
for substantially all of its property or (C) orders the winding-up or liquidation of its affairs; and such order or decree shall remain unstayed and in effect for a period of sixty (60) consecutive days; 
  
 (8) any Collateral Agreement at any time for any reason
shall cease to be in full force and effect in all material respects, or ceases to give the Collateral Agent the Liens, rights, powers and privileges purported to be created thereby, superior to and prior to the rights of all third Persons other than
the holders of Permitted Liens and subject to no other Liens except as expressly permitted by the applicable Collateral Agreement; 
  
 (9) the Company or any of the Guarantors, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or
enforceability of any Collateral Agreement; or 
  
 (10) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be
invalid or any Guarantor denies its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with the terms of this Indenture). 
  
 Section 6.02. Acceleration. 
  
 (a) If an Event of Default (other than an Event of Default specified in Section 6.01(6) or (7) above with
respect to the Company) shall occur and be continuing and has not been waived, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the principal of and premium, if any, accrued interest and Additional
Interest, if any, on all the Notes to be due and payable by notice in writing to the Company and the Trustee specifying the Event of Default and that it is a “notice of acceleration” (the “Acceleration Notice”), and the
same shall become immediately due and payable. 
  
 (b) If an Event
of Default specified in Section 6.01(6) or (7) above with respect to the Company occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest and Additional Interest, if any, on all of
the outstanding Notes shall ipso facto become and 
  

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 be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

 
 (c) At any time after a declaration of acceleration with respect to the
Notes as described in Section 6.02(a) and (b), the Holders of a majority in principal amount of the Notes may rescind and cancel such declaration and its consequences: 
  
 (i) if the rescission would not conflict with any judgment or decree; 
  
 (ii) if all existing Events of Default have been cured or
waived except nonpayment of principal, premium, if any, interest or Additional Interest, if any, 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 and
premium, if any, and Additional Interest, if any, which has become due otherwise than by such declaration of acceleration, has been paid; and 
  
 (iv) in the event of the cure or waiver of an Event of Default of the type described in Section 6.01(6) or (7), the Trustee
shall have received an Officers’ Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 
  
 (d) No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 Section 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, each of the Trustee and the
Collateral Agent may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, premium, if any, or interest, or Additional Interest, if any, on the Notes or to enforce the performance of any provision of
the Notes, this Indenture or any Collateral Agreement. 
  
 Each of
the Trustee and the Collateral Agent may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee, the Collateral Agent 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. 
  
 Section 6.04. Waiver of
Past Defaults. 
  
 Subject to Sections 2.09,
6.07 and 9.02, the Holders of a majority in principal amount of the Notes may waive any existing Default or Event of Default and its consequences, except (other than as provided in Section 6.02(c)) a default in the payment of
the principal of or premium, if any, interest or Additional Interest, if any, on any Notes. When a Default or Event of Default is waived, it is cured and ceases to exist. 
  
 Section 6.05. Control by Majority. 
  
 Subject to Section 2.09, the Holders of a majority in principal amount of the outstanding Notes may direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee or the Collateral Agent, as the case may be, or exercising any trust or power conferred on 
  

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 the Trustee or the Collateral Agent, as the case may be, including, without limitation, any remedies provided for in
Section 6.03. Subject to Section 7.01 and 7.02(f), however, the Trustee or the Collateral Agent, as the case may be, may refuse to follow any direction (which direction, if sent to the Trustee or the Collateral Agent, as the
case may be, shall be in writing) that the Trustee or the Collateral Agent, as the case may be, reasonably believes conflicts with any applicable law or this Indenture, that the Trustee or the Collateral Agent, as the case may be, determines may be
unduly prejudicial to the rights of another Holder, or that may subject the Trustee or the Collateral Agent, as the case may be, to personal liability; provided that the Trustee or the Collateral Agent, as the case may be, may take any other
action deemed proper by the Trustee or the Collateral Agent, as the case may be, which is not inconsistent with such direction (which direction, if sent to the Trustee or the Collateral Agent, as the case may be, shall be in writing). 
  
 Section 6.06. Limitation on Suits. 
  
 A Holder may not pursue any remedy with respect to this Indenture or the
Notes unless: 
  
 (1) the Holder gives to the
Trustee written notice of a continuing Event of Default; 
  
 (2) subject to Section 2.09, Holders of at least 25% in principal amount of the outstanding Notes make a written request to the Trustee to institute proceedings in respect of that Event of Default; 

 
 (3) such Holders offer to the Trustee indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request; 
  
 (4) the Trustee does not comply with the request within sixty (60) days after receipt of the request and the offer of indemnity; and

  
 (5) during such sixty (60) day period the
Holders of a majority in principal amount of the outstanding Notes do not give the Trustee a written direction which, in the opinion of the Trustee, is inconsistent with the request. 
  
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over
such other Holder. 
  
 Section 6.07. Rights of
Holders to Receive Payment. 
  
 Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, and interest on a Note, on or after the respective due dates expressed in such Note, or to bring suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 Section 6.08. Collection Suit by Trustee or Collateral Agent. 
  
 If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee or the
Collateral Agent may recover judgment (i) in its own name and (ii)(x) in the case of the Trustee, as trustee of an express trust or (y) in the case of the Collateral Agent, as collateral agent on behalf of each of the Secured Parties, in each case
against the Company or any other obligor on the Notes for the whole amount of principal of, premium, if any, and accrued interest, and Additional Interest, if any, remaining unpaid on, the Notes, together with interest on overdue principal and, to
the extent that payment of such interest is lawful, interest on overdue installments of interest at the rate set forth in 
  

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 Section 4.01 and such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent and their respective agents and counsel and any other amounts due the Trustee under the Collateral Agreements and Section 7.07.

  
 Section 6.09. Trustee May File Proofs of
Claim. 
  
 The Trustee is authorized to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders allowed in any judicial proceedings relating to the Company or any other obligor upon the Notes, any of their respective creditors or any of their respective property and 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, and any Custodian in any such judicial proceedings 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, taxes, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under the Collateral Agreements and Section 7.07. The Company’s payment obligations under this Section 6.09 shall be secured in accordance with the provisions of Section 7.07. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or
to authorize the Trustee or the Collateral Agent, as the case may be, to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 6.10. Priorities. 
  
 If the Trustee collects any money or property pursuant to this Article Six, it shall pay out the money in the following order: 
  
 First: to the Trustee, the Collateral Agent, the Paying Agent and the
Registrar for amounts due under Section 7.07 (including payment of all compensation expense, all liabilities incurred and all advances made by the Trustee or the Collateral Agent, as the case may be, and the costs and expenses of collection);

  
 Second: if the Holders are forced to proceed against the
Company directly without the Trustee or the Collateral Agent, to Holders for their collection costs; 
  
 Third: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 
  
 Fourth: to the Company or any other obligor on the Notes, as their interests may appear, or as a court of competent jurisdiction may direct. 

 
 The Trustee, upon prior written notice to the Company, may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.10. 
  

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 Section 6.11. Undertaking for Costs. 
  
 All parties to this Indenture agree, and each Holder by its acceptance of
its Note shall be deemed to have agreed, that in any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee or the Collateral Agent, as the case may be, for any action taken or omitted by it as
Trustee or the Collateral Agent, as the case may be, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee
or the Collateral Agent, as the case may be, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the outstanding Notes. 
  
 Section 6.12. Restoration of Rights and Remedies.

  
 If the Trustee, the Collateral Agent or any Holder has
instituted any proceedings to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee, the Collateral Agent, or to such Holder, then and
in every such case, subject to any determination in such proceeding, the Company, the Trustee, the Collateral Agent and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee, the Collateral Agent and the Holders shall continue as though no such proceeding has been instituted. 
  
 ARTICLE SEVEN 
  
 TRUSTEE 
  
 Section 7.01. Duties of Trustee. 
  
 The duties and responsibilities of the Trustee shall be as provided by the TIA and as set forth herein. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such rights and powers vested in it by this Indenture and use the
same degree of care and skill in its exercise thereof as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the
TIA and the Trustee need perform only those duties as are specifically set forth in this Indenture and no covenants or obligations shall be implied in or read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided, however,
in case of any such certificates or opinions furnished to the Trustee which by the provisions hereof are furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements
of this Indenture. 
  

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 (c) Notwithstanding anything to the contrary herein contained, 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 paragraph (b) of this Section 7.01; 
  
 (2) the Trustee shall not be liable for any error of
judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05. 
  
 (d) No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability. The Trustee shall be under no obligation to exercise of any of its rights or powers under this Indenture or the Collateral
Agreements at the request, order or direction of any Holders unless such Holders have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee against the costs and expenses which may be incurred by it in compliance with
such request, order or direction. 
  
 (e) Whether or not therein
expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (d) of this Section 7.01. 
  
 (f) The Trustee shall not be liable for interest on any money or assets
received by it except as the Trustee may agree in writing with the Company. Money and assets held in trust by the Trustee need not be segregated from other funds or assets held by the Trustee except to the extent required by law. 
  
 Section 7.02. Rights of Trustee. 
  
 Subject to Section 7.01: 
  
 (a) The Trustee may conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate, statement instrument, opinion, report, request direction, consent, order, bond, note or other paper or document believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may consult with counsel and may require an Officers’ Certificate or an
Opinion of Counsel, or both, which shall conform to Sections 11.04 and 11.05. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.
The written advice of the Trustee’s counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by the Trustee hereunder in good faith and in
reliance thereon. 
  
 (c) The Trustee may act
through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  
 (d) The Trustee shall not be liable for any action that it takes or omits to take in good faith which it reasonably believes to be
authorized or within its rights or powers under this Indenture. 
  

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 (e) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond, debenture, or other paper or document, but the Trustee, 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, upon reasonable notice to the Company, to examine the books, records and premises of the Company,
personally or by agent or attorney and to consult with the officers and representatives of the Company, including the Company’s accountants and attorneys. Except as expressly stated herein to the contrary, in no event shall the Trustee have any
responsibility to ascertain whether there has been compliance with any of the covenants or provisions of Articles Four or Five hereof. 
  
 (f) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

  
 (g) Unless otherwise specifically provided in
this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company and any resolution of the Board of Directors shall be sufficient if evidenced by a copy of such resolution certified
by an Officer of the Company to have been duly adopted and in full force and effect on the date hereof. 
  
 (h) The Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless the Trustee
shall have received from the Company, any Guarantor or any other obligor upon the Notes or from any Holder written notice thereof at its address set forth in Section 11.02 hereof, and such notice references the Notes and this Indenture.

  
 (i) The rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder. 
  
 (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 persons authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 (k) The permissive right of the Trustee to take any action under this Indenture or any Collateral Agreements
shall not be construed as a duty to so act. 
  
 Section 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company, any Subsidiary of the Company or its respective Affiliates with the same rights it would have if it were
not Trustee. Any Agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11 of this Indenture, and the Trustee is subject to TIA Sections 310(b) and 311. 
  
 Section 7.04. Trustee’s Disclaimer. 

 
 The Trustee makes no representation as to the validity, adequacy or
sufficiency of this Indenture, the Notes or the Collateral Agreements, and it shall not be accountable for the Company’s use of the 
  

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 proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture, the Notes,
the Collateral Agreements or any other documents in connection with the issuance of the Notes other than the Trustee’s certificate of authentication, which shall be taken as the statement of Company, and the Trustee assumes no responsibility
for their correctness. 
  
 Beyond the exercise of reasonable care
in the custody thereof and the fulfillment of its obligations under this Indenture, the Intercreditor Agreement and the Collateral Agreements, the Trustee shall have no duty as to any Collateral in its possession or control or in the possession or
control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Trustee shall be deemed to have exercised reasonable care in the custody of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that which it accords its own property. 
  
 The Trustee makes no representations as to and shall not be responsible for the existence, genuineness, value, sufficiency or condition of any of the
Collateral or as to the security afforded or intended to be afforded thereby, hereby or by any Collateral Agreement, or for the validity, perfection, priority or enforceability of the Liens or security interests in any of the Collateral created or
intended to be created by any of the Collateral Agreements, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence or
willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral, any Collateral Agreements or any agreement or assignment contained in any thereof, for the validity of the title of the Company or any Guarantor to the
Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 
  
 Section 7.05. Notice of Default. 
  
 If a Default or an Event of Default occurs and is continuing and if a Trust Officer has actual knowledge or has received
written notice from the Company or any Holder, the Trustee shall mail to each Holder, with a copy to the Company, notice of the Default or Event of Default within thirty (30) days thereof. Except in the case of a Default or an Event of Default in
payment of principal of, premium, if any, interest or Additional Interest, if any, on, any Note, including an accelerated payment and the failure to make payment on the Change of Control Payment Date pursuant to a Change of Control Offer and, except
in the case of a failure to comply with Article Five, the Trustee may withhold the notice if and so long as its Board of Directors, the executive committee of its Board of Directors or a committee of its directors and/or Trust Officers in
good faith determines that withholding the notice is in the interest of the Holders. 
  
 Section 7.06. Reports by Trustee to Holders. 
  
 Within sixty (60) days after each May 15, beginning with May 15, 2005, the Trustee shall, to the extent that any of the
events described in TIA Section 313(a) occurred within the previous twelve months, but not otherwise, 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 Sections
313(b) and (c). 
  
 A copy of each report at the time of its
mailing to Holders shall be mailed to the Company and filed by the Company with the SEC and each stock exchange or market, if any, on which the Notes are listed or quoted. 
  
 The Company shall promptly notify the Trustee if the Notes become listed or quoted on any stock exchange or market and the
Trustee shall comply with TIA Section 313(d) and any delisting thereof. 
  

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 Section 7.07. Compensation and Indemnity. 
  
 The Company shall pay to the Trustee, Collateral Agent, the Paying Agent and
the Registrar (each an “Indemnified Party”) from time to time compensation for their respective services as Trustee, Collateral Agent, Paying Agent or Registrar, as the case may be, as agreed to between each of the Trustee, the
Collateral Agent, the Paying Agent and the Registrar, on the one hand and the Company, on the other. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse each
Indemnified Party upon request for all reasonable out-of-pocket expenses incurred or made by it in connection with the performance of its duties under, as the case may be, this Indenture or the Collateral Agreements. Such expenses shall include the
reasonable fees and expenses of each of such Indemnified Party’s agents and counsel. 
  
 The Company and the Guarantors, jointly and severally, hereby indemnify each Indemnified Party and its agents, employees, stockholders and directors and officers for, and holds each of them harmless against, any loss,
cost, claim, liability or expense (including taxes) incurred by any of them except for such actions to the extent caused by any gross negligence or willful misconduct on the part of such Indemnified Party, arising out of or in connection with this
Indenture or the Collateral Agreements, or the administration of this trust, including the reasonable costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending themselves against any claim
or liability in connection with the exercise or performance of any of their rights, powers or duties hereunder or thereunder (including the reasonable fees and expenses of counsel). The Trustee shall notify the Company promptly of any claim asserted
against an Indemnified Party for which such Indemnified Party has advised the Trustee that it may seek indemnity hereunder or under the Collateral Agreements. Failure by the Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. At the Indemnified Party’s sole discretion, the Company shall defend the claim and the Indemnified Party shall cooperate and may participate in the defense; provided that any settlement of a claim shall be approved
in writing by the Indemnified Party. Alternatively, the Indemnified Party may at its option have separate counsel of its own choosing and the Company shall pay the reasonable fees and expenses of such counsel; provided that the Company shall
not be required to pay such fees and expenses if it assumes the Indemnified Party’s defense and there is no conflict of interest between the Company and the Indemnified Party in connection with such defense as reasonably determined by the
Indemnified Party. The Company need not pay for any settlement made without its written consent, which consent shall not be unreasonably withheld. 
  
 To secure the Company’s and each Guarantor’s payment obligations in this Section 7.07, each Indemnified Party shall have a lien prior to
the Notes on all Collateral held or collected by the Trustee, in its capacity as Trustee, except assets or money held in trust to pay principal of or interest on particular Notes which have been called for redemption. 
  
 When an Indemnified Party incurs expenses or renders services after an Event
of Default specified in Section 6.01(6) or (7) occurs, such expenses (including the reasonable fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any
Bankruptcy Code. 
  
 The obligations of the Company under this
Section 7.07 shall survive the satisfaction and discharge of this Indenture, termination of the Collateral Agreements or the resignation or removal of the Trustee. 
  
 The Trustee shall comply with the provisions of TIA Section 312(b)(2) to the extent applicable. 
  

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 Section 7.08. Replacement of Trustee. 
  
 The Trustee may resign by so notifying the Company. The Holders of a
majority in aggregate principal amount of the outstanding Notes may remove the Trustee by so notifying the Company and the Trustee in writing and may appoint a successor Trustee. The Company, by a Board Resolution, may remove the Trustee if:

  
 (1) the Trustee fails to comply with
Section 7.10; 
  
 (2) the Trustee is
adjudged bankrupt or insolvent; 
  
 (3) a
receiver or other public officer takes charge of the Trustee or its property; or 
  
 (4) the Trustee becomes incapable of acting with respect to the Notes. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall
notify each Holder in writing of such event and shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Company. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, trusts, duties and obligations of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such Trustee so ceasing to act hereunder subject nevertheless to its lien, if any, provided for in Section 7.07. Upon request of the Company or the successor Trustee, such retiring Trustee shall at the expense of the Company
and upon payment of the charges of the Trustee then unpaid, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder. 
  
 If a successor Trustee does not take office within thirty (30) days after the retiring Trustee resigns or is removed, the retiring Trustee, at the Company’s expense, the Company or the Holders of at least 10% in
principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee fails to comply with Section 7.10, any Holder who satisfies the requirements of TIA Section 310(b) may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 The Company shall give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders in writing.
Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office and its notice address for purposes of Section 11.02. 
  
 Notwithstanding any resignation or 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. 
  

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 Section 7.09. Successor Trustee by Merger, Etc. 
  
 If the Trustee consolidates with, merges or converts into, or transfers all
or substantially all of its corporate trust business (including the administration of the trust created by this Indenture) to, another Person, the resulting, surviving or transferee Person without any further act shall, if such resulting, surviving
or transferee Person is otherwise eligible hereunder, be the successor Trustee; provided, however, that such Person shall be otherwise qualified and eligible under this Article Seven. 
  
 In case any Notes have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such
Notes. 
  
 Section 7.10. Eligibility;
Disqualification. 
  
 (a) This Indenture shall always have a
Trustee who satisfies the requirements of TIA Sections 310(a)(1), (2), (3) and (5). The Trustee (or, in the case of a corporation included in a bank holding company system, the related bank holding company) shall have a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition. In addition, if the Trustee is a corporation included in a bank holding company system, the Trustee, independently of such bank holding company, shall meet
the capital requirements of TIA Section 310(a)(2). The Trustee shall comply with TIA Section 310(b); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which
other securities, or certificates of interest or participation in other securities, of the Company are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. The provisions of TIA Section 310 shall apply to
the Company, as obligor of the Notes. 
  
 (b) If the Trustee has
or acquires a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture. 
  
 Section 7.11. Preferential Collection of Claims Against
Company. 
  
 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. Trustee as Paying Agent and Collateral
Agent. 
  
 References to the Trustee in Sections
7.01(f), 7.02, 7.03, 7.04, and 7.07 shall include the Trustee in its role as Paying Agent and as Collateral Agent. 
  
 Section 7.13. Co-Trustees , Co-Collateral Agent and Separate Trustees and Collateral Agent. 
  
 (a) At any time or times, for the purpose of meeting the legal requirements
of any jurisdiction in which any of the Collateral may at the time be located, the Company, the Trustee and the Collateral Agent shall have the power to appoint, and, upon the written request of the Trustee, the Collateral Agent or of the Holders of
at least 25% in principal amount of the Notes outstanding, the Company shall for such purpose, join with the Trustee or the Collateral Agent, as the case may be, in the execution, delivery and performance of all instruments and agreements necessary
or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee, jointly with the Trustee, of all or 
  

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 any part of the Collateral, to act as co-collateral agent, jointly with the Collateral Agent, or to act as separate
trustees or Collateral Agent of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power, deemed
necessary or desirable, subject to the other provisions of this Section 7.13. 
  
 (b) Should any written instrument from the Company be required by any co-trustee, co-collateral agent or separate trustee or separate collateral agent so appointed for more fully confirming to such co-trustee or
separate trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Company. 
  

(c) Every co-trustee, co-collateral agent or separate trustee or separate collateral agent shall, to the extent permitted by law, but to such extent
only, be appointed subject to the following terms, namely: 
  
 (i) The Notes shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be
deposited or pledged with, the Trustee hereunder, shall be exercised solely, by the Trustee. 
  
 (ii) The rights, powers, duties and obligations hereby conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee, or by the Collateral Agent and such co-collateral agent or separate collateral agent, jointly as shall be provided in the instrument appointing such
co-trustee or separate trustee or co-collateral agent or separate collateral agent, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to
perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee, collateral agent or co-collateral agent or separate collateral agent. 
  
 (iii) The Trustee at any time, by an instrument in writing
executed by it, with the concurrence of the Company evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section 7.13, and, in case an Event of Default has occurred
and is continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee, co-collateral agent, separate trustee or separate collateral agent without the concurrence of the Company. Upon the written request of the
Trustee, the Company shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee, co-collateral agent, separate
trustee or separate collateral agent so resigned or removed may be appointed in the manner provided in this Section 7.13. 
  
 (iv) No co-trustee, co-collateral agent or separate trustee or separate collateral agent hereunder shall be personally liable by reason of
any act or omission of the Trustee or any other such trustee or collateral agent hereunder. 
  
 (v) Any act of Holders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee or separate trustee and any
act of Holders delivered to the Collateral Agent shall be deemed to have been delivered to each such co-collateral agent or separate collateral agent. 
  

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 Section 7.14. Form of Documents Delivered to Trustee. 
  
 In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other Persons as to other matters and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an Officer of the Company may be based, insofar
as it relates to legal matters, upon a certificate or opinion, or representation by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel or representation by counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows that the certificate or opinion or representations with
respect to such matters are erroneous. 
  
 Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 ARTICLE EIGHT 
  
 SATISFACTION AND DISCHARGE OF INDENTURE 
  
 Section 8.01. Legal Defeasance and Covenant
Defeasance. 
  
 (a) The Company may, at its option and at any
time, elect to have either paragraph (b) or paragraph (c) below be applied to the outstanding Notes upon compliance with the applicable conditions set forth in paragraph (d). 
  
 (b) Upon the Company’s exercise under paragraph (a) of the option
applicable to this paragraph (b), the Company and the Guarantors shall be deemed to have been released and discharged from their obligations with respect to the outstanding Notes, the Guarantees and the Collateral Agreements on the date the
applicable conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by
the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of the Sections and matters under this Indenture referred to in clause (i) and (ii) below, and the Company and the
Guarantors shall be deemed to have satisfied all their other obligations under such Notes and this Indenture, the Guarantees and the Collateral Agreements, except for the following which shall survive until otherwise terminated or discharged
hereunder: (i) the rights of Holders of outstanding Notes to receive solely from the trust fund described in paragraph (d) below and as more fully set forth in such paragraph payments in respect of the principal of, and premium, if any,
interest and Additional Interest, if any, on such Notes when such payments are due, (ii) obligations listed in Section 8.03, subject to compliance with this Section 8.01 and (iii) the rights, powers, trusts, duties and immunities of
the Trustee and the Company’s obligations in connection therewith. The Company may exercise its option under this paragraph (b) notwithstanding the prior exercise of its option under paragraph (c) below with respect to the Notes.

  

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 (c) Upon the Company’s exercise under paragraph (a) of the option applicable to this
paragraph (c), the Company and its Restricted Subsidiaries shall be released and discharged from their obligations under any covenant contained in Section 4.05, Sections 4.08 through 4.20, Sections 4.22 through
4.24 and Section 5.01(2), with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed to be
not “outstanding” for the purpose of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such
Notes shall be unaffected thereby. In addition, upon the Company’s exercise under paragraph (a) hereof of the option applicable to this paragraph (c), subject to the satisfaction of the conditions set forth in paragraph (d)
below, Sections 6.01(3) through 6.01(10) (except, in the case of Section 6.01(6) and 6.01(7), with respect only to Significant Subsidiaries) shall not constitute Events of Default. 
  
 (d) The following shall be the conditions to application of either
paragraph (b) or paragraph (c) above to the outstanding Notes: 
  
 (1) The Company shall have irrevocably deposited in trust with the Trustee, pursuant to an irrevocable trust and security agreement in form and substance reasonably satisfactory to the Trustee, U.S. Legal Tender or
non-callable U.S. Government Obligations or a combination thereof, in such amounts and at such times as are sufficient, in the opinion of a nationally-recognized firm of independent public accountants, to pay the principal of, and premium, if any,
interest and Additional Interest, if any, on the outstanding Notes on the stated dates for payment or redemption, as the case may be; provided, however, that the Trustee (or other qualifying trustee) shall have received an irrevocable
written order from the Company instructing the Trustee (or other qualifying trustee) to apply such U.S. Legal Tender or the proceeds of such U.S. Government Obligations to said payments with respect to the Notes to maturity or redemption;

  
 (2) No Default or Event of Default shall have
occurred and be continuing on the date of such deposit (other than a Default or Event of Default arising in connection with the substantially contemporaneous borrowing of funds to fund the deposit referenced in clause (1) above and the granting of
any Lien securing such borrowing) or insofar as Defaults or Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of such deposit; 
  
 (3) Such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default hereunder (other
than a Default or Event of Default arising in connection with the substantially contemporaneous borrowing of funds to fund the deposit referenced in clause (1) above and the granting of any Lien securing such borrowing) or any other material
agreement or instrument to which the Company or any of it Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  
 (4) (i) In the event the Company elects paragraph (b) above, the Company shall deliver to the Trustee an Opinion of Counsel in the
United States of America, in form and substance reasonably satisfactory to the Trustee, to the effect that (A) the Company has received 
  

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 from, or there has been published by, the Internal Revenue Service a ruling or (B) since the Issue Date,
there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall state that, Holders shall not recognize income, gain or loss for federal income tax purposes as a
result of such Legal Defeasance contemplated hereby and shall be subject to federal income tax in the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred or (ii) in the event
the Company elects paragraph (c) above, the Company shall deliver to the Trustee an Opinion of Counsel in the United States, in form and substance reasonably satisfactory to the Trustee, to the effect that Holders shall not recognize income,
gain or loss for federal income tax purposes as a result of such Covenant Defeasance contemplated hereby and shall be subject to federal income tax in the same amounts, in the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred; 
  
 (5) The
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the
intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; 
  
 (6) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent specified herein relating to the defeasance contemplated by this Section 8.01 have been complied with; and 
  
 (7) The Company shall have delivered to the Trustee an Opinion of Counsel (subject to customary qualifications and exclusions) to the
effect that after the 91st day following the date of deposit, the trust funds will not be subject to the effect of
any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 
  
 Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.01(d)(4)(i) above with respect to a Legal Defeasance need not be delivered if all Notes
not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable on the maturity date within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company. 
  
 In the event all or any portion of the Notes are to be redeemed through such irrevocable trust, the Company must make arrangements reasonably satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such
redemption or redemptions by the Trustee in the name and at the expense of the Company. 
  
 Section 8.02. Satisfaction and Discharge. 
  

In addition to the Company’s rights under Section 8.01, the Company may terminate all of its obligations under this Indenture (subject to
Section 8.03), and this Indenture, the Notes, the Guarantees and the Collateral Agreements, and all Liens created thereunder, shall be discharged and shall cease to be in effect when: 
  
 (1) either: 
  
 (a) all the Notes theretofore authenticated and delivered
(except lost, stolen or destroyed Notes which have been replaced or paid as provided in Section 2.07 and Notes for whose payment money has theretofore been deposited in trust or segregated 
  

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 and held in trust by the Company and thereafter repaid to the Company or discharged from such trust)
have been delivered to the Trustee for cancellation; or 
  
 (b) all Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable, (ii) shall become due and payable at their stated maturity within one year or (iii) are to be called for
redemption within one year under arrangements reasonably satisfactory to the Trustee, and the Company has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on
the Notes not theretofore delivered to the Trustee for cancellation, for principal of, and premium, if any, interest and Additional Interest, if any, on the Notes to the date of deposit together with irrevocable instructions from the Company
directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 
  
 (2) all other sums payable under this Indenture by the Company have been paid; and 
  
 (3) the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Section 8.03. Survival of Certain Obligations.

  
 Notwithstanding the satisfaction and discharge of this
Indenture and of the Notes referred to in Section 8.01 or 8.02, the respective obligations of the Company and the Trustee under Sections 2.03, 2.04, 2.05, 2.06, 2.07 and 2.08,
Sections 7.07 and 7.08 and Sections 8.05, 8.06 and 8.07 shall survive until the Notes are no longer outstanding, and thereafter the obligations of the Company and the Trustee under Sections 7.07,
8.04, 8.05 and 8.06 and 8.07 shall survive. 
  
 Section 8.04. Acknowledgment of Discharge by Trustee. 
  
 Subject to Section 8.07, after (i) the conditions of Section 8.01 or 8.02 have been satisfied, (ii) the Company has paid or caused to be paid all other sums payable hereunder by the Company and
(iii) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent referred to in clause (i) above relating to the satisfaction and discharge of this Indenture
have been complied with, the Trustee, upon written request, shall acknowledge in writing the discharge of the Company’s obligations under this Indenture except for those surviving obligations specified in Section 8.03 and the Trustee
shall execute and deliver to the Company any document reasonably requested by the Company to effect or evidence any release and discharge of Lien or Collateral Agreement contemplated by Section 12.05. 
  
 Section 8.05. Application of Trust Moneys. 

 
 The Trustee shall hold any U.S. Legal Tender or U.S. Government
Obligations deposited with it in the irrevocable trust established pursuant to Section 8.01. The Trustee shall apply the deposited U.S. Legal Tender or the U.S. Government obligations, together with earnings thereon, through the Paying Agent,
in accordance with this Indenture and the terms of the irrevocable trust agreement established pursuant to Section 8.01, to the payment of principal of, premium, if any, and interest, and Additional Interest, if any, on the Notes. Anything in
this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company’s request any U.S. Legal Tender or U.S. Government Obligations held by it as provided in Section
8.01(d) which, in the opinion of a nationally-recognized firm of independent public accountants expressed in a written certification thereof 
  

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 delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
  
 The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.01 or 8.02 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Notes. 
  
 Section 8.06. Repayment to the Company; Unclaimed Money. 
  
 Subject to Sections 7.07, 8.01 and 8.02, the Trustee and the Paying Agent shall promptly pay to the
Company upon written request from the Company any excess U.S. Legal Tender or U.S. Government Obligations held by them at any time. The Trustee and the Paying Agent shall pay to the Company, upon receipt by the Trustee or the Paying Agent, as the
case may be, of a written request from the Company any money held by it for the payment of principal, premium, if any, or interest and Additional Interest, if any, that remains unclaimed for two years after payment to the Holders is required,
without interest thereon; provided, however, that the Trustee and the Paying Agent before being required to make any payment may, but need not, at the expense of the Company cause to be published once in a newspaper of general
circulation in the City of New York or mail to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified therein, which shall be at least thirty (30) days from the date of such publication or
mailing, any unclaimed balance of such money then remaining shall be repaid to the Company, without interest thereon. After payment to the Company, Holders entitled to money must look solely to the Company for payment as general creditors unless an
applicable abandoned property law designated another Person, and all liability of the Trustee or Paying Agent with respect to such money shall thereupon cease. 
  

Section 8.07. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S. Government Obligations in accordance with Section 8.01 or
8.02 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 Guarantors’ obligations
under this Indenture and each other Indenture Document to which such person is a party shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 or 8.02 until such time as the Trustee or Paying Agent is
permitted to apply all such U.S. Legal Tender or U.S. Government Obligations in accordance with Section 8.01 or 8.02; provided, however, that if the Company has made any payment of premium, if any, or interest and
Additional Interest, if any, on or principal of any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent. 
  
 ARTICLE
NINE 
  
 AMENDMENTS, SUPPLEMENTS AND WAIVERS

  
 Section 9.01. Without Consent of
Holders. 
  
 From time to time, the Company, the Guarantors,
the Trustee and, if such amendment, modification or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, without the consent of the Holders, may amend, modify, waive or supplement 
  

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 provisions of this Indenture, the Notes, the Guarantees, the Registration Rights Agreement, the Collateral Agreements and
the Intercreditor Agreement: 
  
 (1) to cure any
ambiguity, defect or inconsistency contained therein; 
  
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
  
 (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to Holders in accordance with Section
5.01 or 10.04; 
  
 (4) to make any
change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights of any such Holder under this Indenture, the Notes or the Collateral Agreements; 
  
 (5) to comply with requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the TIA; 
  
 (6) to allow any Subsidiary or any other Person to guarantee the Notes; 
  
 (7) to release a Guarantor as permitted by this Indenture and the relevant Guarantee; 
  
 (8) if necessary, in connection with any addition or release
of Collateral permitted under the terms of this Indenture or the Collateral Agreements; or 
  
 (9) to make any amendment to the provisions of this Indenture relating to the form, authentication, transfer and legending of the Notes;
provided, however, that (a) compliance with this Indenture as so amended would not result in the Notes being transferred in violation of the Securities Act or any other applicable securities law and (b) such amendment does not
materially affect the rights of Holders to transfer the Notes, 
  
 so long as such
amendment, modification, waiver or supplement does not, in the opinion of the Trustee and, if such amendment, modification or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, adversely affect the
rights of any of the Holders in any material respect. In formulating its opinion on such matters, each of the Trustee and, if such amendment, modification, waiver or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the
Collateral Agent, will be entitled to rely on such evidence as it deems appropriate, including, without limitation, solely on an Opinion of Counsel. 
  
 After an amendment, modification, waiver or supplement under this Section 9.01 becomes effective, the Company shall mail to the Holders affected
thereby a notice briefly describing the amendment, modification, waiver or supplement. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
modification, waiver or supplement. 
  
 Section
9.02. With Consent of Holders. 
  
 The Company and the
Guarantors, when authorized by a Board Resolution, and the Trustee, or the Collateral Agent, as applicable, together, with the written consent of the Holder or Holders of at least a majority in aggregate principal amount of the outstanding Notes,
may amend or supplement this Indenture, the Notes, any Collateral Agreement, the Guarantees or the Intercreditor Agreement without notice to any other Holders. The Holder or Holders of a majority in aggregate principal amount of the 
  

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 outstanding Notes may waive compliance by the Company with any provision of this Indenture, any Collateral Agreement, the
Notes, or the Intercreditor Agreement without notice to any other Holder. However, no amendment, supplement or waiver, including a waiver pursuant to Section 6.04, shall without the consent of each Holder of each Note affected thereby:

  
 (1) reduce the principal amount of Notes
whose Holders must consent to an amendment, supplement or waiver of any provision of this Indenture or the Notes; 
  
 (2) reduce the rate of or change or have the effect of changing the time for payment of interest, including default interest, or
Additional Interest on any Notes; 
  
 (3) reduce
the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor; 
  
 (4) make any Notes payable in money other than that stated
in the Notes; 
  
 (5) make any change in
provisions of this Indenture protecting the right of each Holder to receive payment of principal of, premium, if any, interest and Additional Interest, if any, on such Note on or after the due date thereof or to bring suit to enforce such payment,
or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
  
 (6) amend, change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer after
the occurrence of a Change of Control, make and consummate an Excess Cash Flow Offer with respect to any fiscal year of the Company (or portion thereof) following the ending thereof, or make and consummate a Net Proceeds Offer with respect to any
Asset Sale that has been consummated or, modify any of the provisions or definitions with respect thereto; 
  
 (7) modify or change any provision of this Indenture or the related definitions affecting the ranking of the Notes or any Guarantee or any
Lien created under any Collateral Agreement in a manner which adversely affects the Holders; 
  

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 (8) release any Guarantor from any of its obligations under its Guarantee or this
Indenture otherwise than in accordance with the terms of this Indenture; 
  
 (9) release all or substantially all of the Collateral otherwise than in accordance with the terms of this Indenture and the Collateral Agreements; or 
  
 (10) make any change to Section 9.01 or this Section 9.02. 
  
 It shall not be necessary for the consent of the Holders under this
Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the
Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. 
  
 Section 9.03.
Compliance with TIA. 
  
 Every amendment, waiver or
supplement of this Indenture, the Notes, the Collateral Agreements, the Guarantees or the Intercreditor Agreement shall comply with the TIA as then in effect. 
  

Section 9.04. Revocation and Effect of Consents. 
  
 Until an amendment, waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the
Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. Subject to the following paragraph, any such Holder or
subsequent Holder may revoke the consent as to such Holder’s Note or portion of such Note by written notice to the Trustee and the Company received before the date on which the Trustee and if such amendment, waiver or supplement relates to any
Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, receives an Officers’ Certificate certifying that the Holders of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the
amendment, supplement or waiver. An amendment, waiver or supplement shall become effective upon receipt by the Trustee or the Collateral Agent, as the case may be, of written consents from the Holders of the requisite percentage in principal amount
of the outstanding Notes or such Officers’ Certificate, whichever first occurs, and the execution thereof by the Trustee or the Collateral Agent, as the case may be. 
  
 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, which record date shall be either (i) at least thirty (30) days prior to the first solicitation of such consent or (ii) the date of the most recent list furnished to the Trustee under Section
2.05. If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled 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 ninety (90) days after such record date. 
  
 After an amendment, supplement or waiver becomes effective, it shall bind
every Holder unless it makes a change described in any of clauses (1) through (10) of Section 9.02, in which case, the 
  

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 amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note; provided that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, premium, if any, and
interest and Additional Interest, if any, on a Note, on or after the respective due dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.

  
 Section 9.05. Notation on or Exchange of
Notes. 
  
 If an amendment, supplement or waiver changes the
terms of a Note, the Trustee may require the Holder of the Note to deliver the Note to the Trustee. The Trustee at the written direction of the Company may place an appropriate notation on the Note about the changed terms and return it to the Holder
and the Trustee may place an appropriate notation on any Note thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that
reflects the changed terms. Failure to make an appropriate notation, or issue a new Note, shall not affect the validity and effect of such amendment, supplement or waiver. Any such notation or exchange shall be made at the sole cost and expense of
the Company. Failure to make the appropriate notation or issue a new Note shall not effect the validity and effect of such amendment, supplement or waiver. 
  
 Section 9.06. Trustee to Sign Amendments, Etc. 
  
 The Trustee and/or the Collateral Agent, as applicable, shall execute any amendment, supplement or waiver authorized
pursuant to this Article Nine; provided that the Trustee or the Collateral Agent, as the case may be, may, but shall not be obligated to, execute any such amendment, supplement or waiver which affects the rights, duties or immunities
of the Trustee or the Collateral Agent, as the case may be, under this Indenture, any Collateral Agreement or the Intercreditor Agreement. The Trustee or the Collateral Agent, as the case may be, shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture.
Such Opinion of Counsel shall not be an expense of the Trustee or the Collateral Agent, as the case may be, and shall be paid for by the Company. 
  
 Section 9.07. Conformity with Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article Nine shall conform to the requirements of the TIA as
then in effect. 
  
 ARTICLE TEN 
  
 GUARANTEE 
  
 Section 10.01. Guarantee. 
  
 Each Guarantor hereby fully, irrevocably and unconditionally, jointly and
severally, unconditionally and irrevocably guarantees (such guarantee to be referred to herein as the “Guarantee”), to each of the Holders, the Trustee and the Collateral Agent and its respective successors and assigns that (i) the
principal of, premium, if any and interest, and Additional Interest, if any, on the Notes shall be promptly paid in full when due, subject to any applicable grace period, whether upon redemption pursuant to the terms of the Notes, by acceleration or
otherwise, and interest on the overdue principal, if any, and 
  

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 interest on any interest, if any, to the extent lawful, of the Notes and all other obligations of the Company to the
Holders, the Trustee and the Collateral Agent hereunder, thereunder or under any Collateral Agreement shall be promptly paid in full or performed, all in accordance with the terms hereof, thereof and of the Collateral Agreements; and (ii) in case of
any extension of time of payment or renewal of any of the Notes or of any such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace
period, whether at stated maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 10.03. The Guarantee of each Guarantor shall rank senior in
right of payment to all subordinated Indebtedness of such Guarantor and equal in right of payment with all other senior obligations of such Guarantor. Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective
of the validity, regularity or enforceability of the Notes, this Indenture or any Collateral Agreement, the absence of any action to enforce the same, any waiver or consent by any of the Holders with respect to any provisions hereof or thereof, any
release of any other Guarantor, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and in this Guarantee. The obligations of each Guarantor are limited to the maximum amount which,
after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under
its Guarantee or pursuant to its contribution obligations under this Indenture, shall result in the obligations of such Guarantor under the Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. The net
worth of any Guarantor for such purpose shall include any claim of such Guarantor against the Company for reimbursement and any claim against any other Guarantor for contribution. Each Guarantor may consolidate with or merge into or sell its assets
to the Company or another Guarantor without limitation in accordance with Sections 5.01, 4.10 and 10.04. If any Holder, the Collateral Agent or the Trustee is required by any court or otherwise to return to the Company, any
Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Guarantor, any amount paid by the Company or any Guarantor to the Trustee, the Collateral Agent or such Holder, this Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders, the Collateral Agent and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six for the purposes of this Guarantee notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any 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 Guarantee. 
  
 Section 10.02. Release
of a Guarantor. 
  
 A Guarantor will be automatically and
unconditionally released from its Guarantee (and may subsequently dissolve) without any action required on the part of the Trustee or any Holder: 
  
 (1) if (a) all of the Capital Stock issued by such Guarantor or all or substantially all of the assets of such Guarantor are sold or
otherwise disposed of (including by way of merger or consolidation) to a Person other than the Company or any of its Domestic Restricted Subsidiaries or (b) such Guarantor ceases to be a Restricted Subsidiary, and the Company otherwise complies, to
the extent applicable, with Section 4.10, or 
  

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 (2) if the Company designates such Guarantor as an Unrestricted Subsidiary in accordance
with Section 4.09, or 
  
 (3) if the
Company exercises its legal defeasance option or its covenant defeasance option as described in Section 8.01, or 
  
 (4) upon satisfaction and discharge of this Indenture or payment in full of the principal of, premium, if any, accrued and unpaid interest
and Additional Interest, if any, on the Notes and all other Obligations that are then due and payable. 
  
 The Trustee shall promptly deliver an appropriate instrument evidencing such release upon receipt of a request by the Company accompanied by an
Officers’ Certificate certifying as to the compliance with this Section 10.02. Any Guarantor not so released remains liable for the full amount of its Guarantee as provided in this Article Ten. 
  
 Section 10.03. Limitation of Guarantor’s
Liability. 
  
 Each Guarantor and, by its acceptance hereof,
each of the Holders hereby confirms that it is the intention of all such parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Code, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or state law. To effectuate the foregoing intention, the Holders and such Guarantor hereby irrevocably agree that the obligations of such Guarantor under the
Guarantee shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under its Guarantee or pursuant to Section 10.05, result in the obligations of such Guarantor under the Guarantee not constituting such fraudulent transfer or conveyance. 
  
 Section 10.04. Guarantors May Consolidate, etc., on
Certain Terms. 
  
 Each Guarantor (other than any Guarantor
whose Guarantee is to be released in accordance with the terms of the Guarantee and this Indenture in connection with any transaction complying with Section 4.10) will not, and the Company will not cause or permit any Guarantor to,
consolidate with or merge with or into any Person other than the Company or any other Guarantor unless: 
  
 (1) the entity formed by or surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, lease,
conveyance or other disposition shall have been made is a corporation organized and existing under the laws of the United States or any State thereof or the District of Columbia; 
  
 (2) such entity assumes (a) by supplemental indenture (in form and substance reasonably satisfactory to the
Trustee), executed and delivered to the Trustee, all of the obligations of the Guarantor under the Guarantee and the performance of every covenant of the Guarantee, this Indenture and the Registration Rights Agreement and (b) by amendment,
supplement or other instrument (in form and substance satisfactory to the Trustee and the Collateral Agent) executed and delivered to the Trustee and the Collateral Agent, all obligations of the Guarantor under the Collateral Agreements and in
connection therewith shall cause such instruments to be filed and recorded in such jurisdictions and take such other actions as may be required by applicable law to perfect or continue the perfection of the Lien created under the Collateral
Agreements on the Collateral owned by or transferred to the surviving entity; and 
  

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 (3) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing. 
  
 Any merger or
consolidation of (i) a Guarantor with and into the Company (with the Company being the surviving entity) or another Guarantor (other than the Railway Subsidiary) or (ii) a Guarantor or the Company with an Affiliate organized solely for the purpose
of reincorporating such Guarantor or the Company in another jurisdiction in the United States or any state thereof or the District of Columbia need only comply with (A) in the case of a merger or consolidation described in clause (ii),
clause (4) of Section 5.01; and (B) (x) clause (1)(b)(y) of Section 5.01 and (y) clause (2) above. 
  
 Section 10.05. Contribution. 
  
 In order to provide for just and equitable contribution among the Guarantors, the Guarantors agree, inter se, that each Guarantor that makes a payment or
distribution under a Guarantee shall be entitled to a pro rata contribution from each other Guarantor hereunder based on the net assets of each other Guarantor. The preceding sentence shall in no way affect the rights of the Holders of
Notes to the benefits of this Indenture, the Notes or the Guarantees. 
  
 Section 10.06. Waiver of Subrogation. 
  
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.

  
 Section 10.07. Waiver of Stay, Extension or
Usury Laws. 
  
 Each Guarantor covenants to the extent
permitted by law that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive such Guarantor from
performing its Guarantee as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Guarantee; and each Guarantor hereby expressly waives to the extent permitted by
law all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had
been enacted. 
  
 ARTICLE ELEVEN 
  
 MISCELLANEOUS 
  
 Section 11.01. 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. Any provision of the TIA which is required to be included in a qualified Indenture, but not expressly included
herein, shall be deemed to be included by this reference. 
  

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 Section 11.02. Notices. 
  
 Any notices or other communications required or permitted hereunder shall be
in writing, and shall be sufficiently given if made by hand delivery, by telecopier or registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
  
 if to the Company: 
  
 Sheffield Steel Corporation 
 220 N.
Jefferson Street 
 Sand Springs, OK 74063 
 Attention: James P. Nolan 
 Facsimile Number: (918) 245-1335 
  
 if to the Trustee: 
  
 U.S. Bank National Association 
 225 Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Corporate Trust Services 
 (Sheffield Steel/Senior Secured Notes due 2011) 
 Facsimile Number: (860) 241-6897 
  
 if to the Collateral Agent: 
  
 U.S. Bank National Association 
 225 Asylum
Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Corporate Trust Services 
 (Sheffield Steel/Senior Secured Notes due 2011) 
 Facsimile Number: (860) 241-6897 
  
 Each of the Company
and the Trustee by written notice to each other may designate additional or different addresses for notices to such Person. Any notice or communication to the Company or the Trustee shall be deemed to have been given or made as of the date so
delivered if personally delivered; when receipt is acknowledged, if faxed; and five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address or a notice sent by mail to the
Trustee shall not be deemed to have been given until actually received by the addressee). 
  
 Any notice or communication mailed to a Holder shall be mailed to such Holder by first class mail or other equivalent means at such Holder’s address as it appears on the registration books of the Registrar and
shall be sufficiently given to such Holder if so mailed within the time prescribed. 
  
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly
given, whether or not the addressee receives it. 
  
 Section 11.03. 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, any Collateral Agreement, any Guarantee or the Notes. The Company, 
  

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 the Trustee, the Collateral Agent, the Registrar and any other Person shall have the protection of TIA Section 312(c).

  
 Section 11.04. Certificate and Opinion as
to Conditions Precedent. 
  
 Upon any request or application
by the Company or any Guarantor to the Trustee or the Collateral Agent, as the case may be, to take any action under this Indenture or any Collateral Agreement, the Company shall furnish to the Trustee or the Collateral Agent, as the case may be,
upon request: 
  
 (1) an Officers’
Certificate, in form and substance reasonably satisfactory to the Trustee or the Collateral Agent, as the case may be, stating that, in the opinion of the signers, all conditions precedent to be performed by the Company or the applicable Guarantor
(as the case may be), if any, provided for in this Indenture or any Collateral Agreement relating to the proposed action have been complied with; and 
  
 (2) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent to be performed by the Company or
the applicable Guarantor (as the case may be), if any, provided for in this Indenture or any Collateral Agreement relating to the proposed action have been complied with. 
  
 Section 11.05. Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture or any Collateral Agreement, other than the Officers’ Certificate required by Section 4.06, shall include: 
  

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
  
 (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with. 

 
 Section 11.06. Rules by Trustee, Paying Agent,
Registrar. 
  
 The Trustee may make reasonable rules in
accordance with the Trustee’s customary practices for action by or at a meeting of Holders. The Paying Agent or Registrar may make reasonable rules for its functions. 
  
 Section 11.07. Legal Holidays. 
  
 A “Legal Holiday” used with respect to a particular place of payment is a Saturday, a Sunday or a day on
which banking institutions in New York, New York, in the city in which the Corporate Trust Office of the Trustee is located or at such place of payment are not required to be open. If a payment date 
  

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 is a Legal Holiday at such place, payment may be made at such place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. 
  
 Section 11.08. Governing Law. 
  
 THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE. 
  
 Section 11.09. No Adverse Interpretation of Other
Agreements. 
  
 This Indenture may not be used to interpret
another indenture, loan or debt agreement of the Company or any of its Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 11.10. No Recourse Against Others. 
  
 A past, present or future director, officer, employee, stockholder or
incorporator, as such, of the Company or of the Trustee shall not have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees, the Collateral Agreements or this Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. Each Holder, by accepting a Note, waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 
  
 Section 11.11. Successors. 
  
 All agreements of the Company and the Guarantors in this Indenture, the
Notes, and the Guarantees shall bind their successors. All agreements of each of the Trustee and the Collateral Agent in this Indenture shall bind its respective successors. 
  
 Section 11.12. Duplicate Originals. 
  
 All parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together
shall represent the same agreement. 
  
 Section
11.13. Severability. 
  
 In case any one or more of the
provisions in this Indenture, the Notes or in the Guarantees shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 
  
 Section 11.14. Waiver of Jury Trial. 
  
 THE COMPANY AND EACH GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY
IN ANY ACTION 
  

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 OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE, THE NOTES, THE GUARANTEES, THE COLLATERAL AGREEMENTS
OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE. 
  
 ARTICLE
TWELVE 
  
 SECURITY 
  
 Section 12.01. Grant of Security Interest. 

 
 (a) To secure the due and punctual payment of the principal of, premium,
if any, and interest, or Additional Interest, if any, on the Notes and amounts due hereunder and under the Guarantees when and as the same shall be due and payable, whether on an Interest Payment Date, by acceleration, purchase, repurchase,
redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest (to the extent permitted by law), if any, on the Notes and the performance of all other Obligations of the Company and the Guarantors to the Holders,
the Collateral Agent or the Trustee under this Indenture, the Collateral Agreements, the Guarantees and the Notes, the Company and the Guarantors hereby covenant to cause the Collateral Agreements to be executed and delivered concurrently with this
Indenture. The Collateral Agreements shall provide for the grant by the Company and Guarantors party thereto to the Collateral Agent security interests in the Collateral. Notwithstanding anything to the contrary herein, no Collateral shall consist
of any Excluded Assets. 
  
 (b) The Trustee and each
Holder, by its acceptance of a Note, (i) appoints the Collateral Agent to act as its agent (and by its signature below, the Collateral Agent accepts such appointment) and (ii) consents and agrees to the terms of each Collateral Agreement and the
Intercreditor Agreement, as the same may be in effect or may be amended from time to time in accordance with their respective terms, and authorizes and directs the Collateral Agent to enter into the Collateral Agreements and the Intercreditor
Agreement and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company shall, and shall cause each of its Restricted Subsidiaries to, do or cause to be done, at its sole cost and expense, all such actions
and things as may be necessary or proper, or as may be required by the provisions of the Collateral Agreements and the Intercreditor Agreement, to assure and confirm to the Collateral Agent the security interests in the Collateral contemplated
hereby and by the Collateral Agreements and the Intercreditor Agreement, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes and Guarantees secured hereby, according to
the intent and purpose herein and therein expressed. The Company shall, and shall cause each of its Restricted Subsidiaries to, take any and all actions required or as may be requested by the Collateral Agent to cause the Collateral Agreements to
create and maintain, as security for the Obligations contained in this Indenture, the Notes, the Collateral Agreements and the Guarantees valid and enforceable, perfected (except as expressly provided herein or therein) security interests in and on
all the Collateral, in favor of the Collateral Agent, superior to and prior to the rights of all third Persons, and subject to no other Liens, in each case, except as expressly provided herein or therein. 
  
 Section 12.02. Recording and Opinions. 
  
 (a) The Company shall, and shall cause each of its Restricted Subsidiaries
to, at its sole cost and expense, take or cause to be taken all action required to perfect, maintain, preserve and protect the security interests in the Collateral granted by the Collateral Agreements, including (i) the filing of financing
statements, continuation statements, collateral assignments and any instruments of further assurance, in such manner and in such places as may be required by law to preserve and protect fully the rights of the Holders, the Collateral Agent, and the
Trustee under this Indenture and the Collateral 
  

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 Agreements to all property comprising the Collateral, and (ii) the delivery of the certificates evidencing the securities
pledged under the Security Agreement, duly endorsed in blank or accompanied by undated stock powers or other instruments of transfer executed in blank, it being understood that concurrently with the execution of this Indenture the Company and its
Restricted Subsidiaries have delivered financing statements for filing by the Initial Purchaser or its agents. The Company shall from time to time promptly pay all financing and continuation statement recording and/or filing fees, charges and
recording and similar taxes relating to this Indenture, the Collateral Agreements and any amendments hereto or thereto and any other instruments of further assurance required pursuant hereto or thereto. 
  
 (b) The Company shall furnish to the Trustee and the Collateral Agent (if
other than the Trustee), on or within one month of May 15 of each year, commencing May 15, 2005, an Opinion of Counsel either (i) stating that, in the opinion of such counsel, all action necessary to perfect or continue the perfection of the
security interests created by the Collateral Agreements and reciting the details of such action or referring to prior Opinions of Counsel in which such details are given have been taken or (ii) stating that, in the Opinion of such Counsel, no such
action is necessary to perfect or continue the perfection of any security interest created under any of the Collateral Agreements. 
  
 Section 12.03. Release of Collateral. 
  
 (a) The Collateral Agent shall not at any time release Collateral from the security interests created by the Collateral Agreements unless such release is
in accordance with the provisions of this Indenture and the applicable Collateral Agreements. 
  
 (b) At any time when a Default or an Event of Default shall have occurred and be continuing, no release of Collateral pursuant to the provisions of this Indenture and the Collateral Agreements (except to the extent
specifically provided in any such provision) shall be effective as against the Holders. 
  
 (c) The release of any Collateral from the terms of the Collateral Agreements shall not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the
Collateral is released pursuant to this Indenture and the Collateral Agreements. To the extent applicable, the Company shall cause TIA Section 314(d) relating to the release of property from the security interests created by this Indenture and the
Collateral Agreements to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by an Officer of the Company, except in cases where TIA Section 314(d) requires that such certificate or opinion be made by an
independent Person, which Person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care. A Person is “independent” if such Person (a) is in fact independent, (b)
does not have any direct financial interest or any material indirect financial interest in the Company or in any Affiliate of the Company and (c) is not an officer, employee, promoter, underwriter, trustee, partner or director or person performing
similar functions to any of the foregoing for the Company. The Trustee and the Collateral Agent shall be entitled to receive and rely upon a certificate provided by any such Person confirming that such Person is independent within the foregoing
definition. 
  
 (d) Notwithstanding any provision to the contrary
herein, Collateral comprised of accounts receivable, inventory or (prior to the occurrence and during the continuance of an Event of Default) the proceeds of the foregoing shall be subject to release upon sales of such inventory and collection of
the proceeds of such accounts receivable in the ordinary course of business. If requested in writing by the Company, the Trustee shall instruct the Collateral Agent to execute and deliver such documents, instruments and statements and to take all
such other actions promptly upon receipt of such instructions from the Trustee as the Company may reasonably request to evidence or confirm that the Collateral falling under this Section 12.03 has been released from the Liens of each of the
Collateral Agreements. 
  

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 Section 12.04. Specified Releases of Collateral. 
  
 Subject to Section 12.03, Collateral may be released from the Lien
and security interest created by the Security Documents at any time or from time to time in accordance with the provisions of the Collateral Agreements, including the Intercreditor Agreement, or as provided hereby. Upon the request of the Company
pursuant to an Officers’ Certificate certifying that all conditions precedent hereunder have been met and without the consent of any Holder, the Company and the Guarantors will be entitled to releases of assets included in the Collateral from
the Liens securing the obligations under the Notes and the Guarantees under any one or more of the following circumstances: 
  
 (1) to enable the Company (or a Guarantor) to consummate asset dispositions permitted or not prohibited under Section 4.10;

  
 (2) if any Subsidiary that is a Guarantor is
released from its Guarantee; or 
  
 (3) as
required pursuant to the terms of the Intercreditor Agreement. 
  
 Upon receipt of such Officers’ Certificate and any necessary or proper instruments of termination, satisfaction or release prepared by the Company, the Collateral Agent shall execute, deliver or acknowledge such instruments or releases
to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Collateral Agreements, including the Intercreditor Agreement. 
  
 Section 12.05. Release upon Satisfaction or Defeasance of all Outstanding Obligations. 
  
 The Liens on, and pledges of, all Collateral will also be terminated and
released upon (i) payment in full of the principal of, premium, if any, on, accrued and unpaid interest and Additional Interest, if any, on the Notes and all other Obligations hereunder, the Guarantees and the Collateral Agreements that are due and
payable at or prior to the time such principal, premium, if any, accrued and unpaid interest and Additional Interest, if any, are paid, (ii) a satisfaction and discharge of this Indenture as described above under Section 8.02 and (iii) the
occurrence of a Legal Defeasance or Covenant Defeasance as described above under Section 8.01. 
  
 Section 12.06. Form and Sufficiency of Release. 
  
 In the event that the Company or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange
or otherwise dispose of any portion of the Collateral that may be sold, exchanged or otherwise disposed of by the Company or such Guarantor, and the Company or such Guarantor requests in writing the Collateral Agent to furnish a written disclaimer,
release or quit-claim of any interest in such property under this Indenture and the Collateral Agreements, the Collateral Agent shall execute, acknowledge and deliver to the Company or such Guarantor (in proper form-prepared by the Company or such
Guarantor) such an instrument promptly after satisfaction of the conditions set forth herein for delivery of any such release. Notwithstanding the preceding sentence, all purchasers and grantees of any property or rights purporting to be released
herefrom shall be entitled to rely upon any release executed by the Collateral Agent hereunder as sufficient for the purpose of this Indenture and as constituting a good and valid release of the property therein described from the Lien of this
Indenture or of the Collateral Agreements. 
  
 Section 12.07. Purchaser Protected. 
  
 No
purchaser or grantee of any property or rights purporting to be released herefrom shall be bound to ascertain the authority of the Trustee or the Collateral Agent to execute the release or to inquire as to the existence of any conditions herein
prescribed for the exercise of such authority; nor shall any 
  

 88 








 purchaser or grantee of any property or rights permitted by this Indenture to be sold or otherwise disposed of by the
Company be under any obligation to ascertain or inquire into the authority of the Company to make such sale or other disposition. 
  
 Section 12.08. Authorization of Actions to be Taken by the Collateral Agent Under the Collateral Agreements. 
  
 Subject to the provisions of the applicable Collateral Agreements, the
Trustee and each Holder, by acceptance of its Note(s) agrees that (a) the Collateral Agent shall execute and deliver the Collateral Agreements and act in accordance with the terms thereof, (b) the Collateral Agent may, in its sole discretion and
without the consent of the Trustee or the Holders, take all actions it deems necessary or appropriate in order to (i) enforce any of the terms of the Collateral Agreements and (ii) collect and receive any and all amounts payable in respect of the
Obligations of the Company and the Guarantors hereunder and under the Notes, the Guarantees and the Collateral Agreements and (c) the Collateral Agent shall have power to institute and to maintain such suits and proceedings as it may deem expedient
to prevent any impairment of the Collateral by any act that may be unlawful or in violation of the Collateral Agreements or this Indenture, and suits and proceedings as the Collateral Agent may deem expedient to preserve or protect its interests and
the interests of the Trustee and the Holders in the Collateral (including the power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that
may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest thereunder or be prejudicial to the interests of the Collateral Agent, the Holders or the
Trustee). Notwithstanding the foregoing, the Collateral Agent may, at the expense of the Company, request the direction of the Holders with respect to any such actions and upon receipt of the written consent of the Holders of at least a majority in
aggregate principal amount of the outstanding Notes, shall take such actions; provided that all actions so taken shall, at all times, be in conformity with the requirements of the Intercreditor Agreement. 
  
 Section 12.09. Authorization of Receipt of Funds by the
Trustee Under the Collateral Agreements. 
  
 The Collateral
Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the Collateral Agreements and to the extent not prohibited under the Intercreditor Agreement, for turnover to the Trustee to make
further distributions of such funds to itself, the Trustee and the Holders in accordance with the provisions of Section 6.10 and the other provisions of this Indenture. 
  
 Section 12.10. Intercreditor Agreement. 
  
 This Article Twelve, the Security Agreement and the Mortgages are
subject to the terms, limitations and conditions set forth in the Intercreditor Agreement. 
  

 89 








 SIGNATURES 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the date first written above. 
  

			
	 SHEFFIELD STEEL CORPORATION

		
	 By:
	 	 /s/ James P. Nolan


	Name:	 	James P. Nolan
	Title:	 	President and Chief Executive Officer
	
	SAND SPRINGS RAILWAY COMPANY, as a Guarantor
		
	 By:
	 	 /s/ James P. Nolan


	Name:	 	James P. Nolan
	Title:	 	President and Chief Executive Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee and Collateral Agent
		
	 By:
	 	 /s/ Elizabeth C. Hammer


	Name:	 	Elizabeth C. Hammer
	Title:	 	Vice President


  

 Indenture 








 ACKNOWLEDGMENT AND AGREEMENT OF AGENT 
  
 U.S. Bank Trust National Association acknowledges its appointment pursuant to Sections 2.03 and 4.02 of
this Indenture as Registrar, Paying Agent and agent for service of demands and notices in connection with the Notes and agrees to serve in such capacities, subject to and in accordance with the requirements of this Indenture and the applicable
provisions of the TIA. 
  
 U.S. BANK TRUST NATIONAL ASSOCIATION 
  

			
	By:	 	 /s/ Elizabeth C. Hammer


	Name:	 	Elizabeth C. Hammer
	Title:	 	Vice President








 EXHIBIT A 
  

[FORM OF NOTE] 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

  
 THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PURCHASER AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR
(C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE OR ANY INTEREST OR
PARTICIPATION HEREIN, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER
OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PURCHASERS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (D) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE NOTE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER
OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM. IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE SHALL BE COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
  

 A-1 








 SHEFFIELD STEEL CORPORATION 
  
 11 3/8% SENIOR SECURED NOTES DUE 2011 
  

				
	 CUSIP No
	  	 	 
	 No.
	  	$	                        

  
 Sheffield Steel
Corporation, a Delaware corporation, for value received promises to pay to
                            , or registered assigns, the principal sum of
                     DOLLARS ($[            ]) on August 15, 2011.

  
 Interest Rate: 11 3/8% 
  
 Interest Payment Dates: February 15 and August 15, commencing February 15, 2005. 
  
 Record Dates: February 1 and August 1. 
  
 Reference is made to the further provisions of this Note contained on the reverse side of this Note, which will for all
purposes have the same effect as if set forth at this place. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officer. 
  

			
	 SHEFFIELD STEEL CORPORATION

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 


  
 Dated: August 12, 2004

  

 A-2 








 TRUSTEE CERTIFICATE OF AUTHENTICATION 
  
 This is one of the 11 3/8% Senior Secured Notes due 2011 referred to in the within-mentioned Indenture. 
  

					
	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Trustee
			
	Dated: August 12, 2004	 	By:	 	  


	 	 	 	 	Authorized Signatory

  

 A-3 








 (REVERSE OF NOTE) 
  
 11 3/8% Senior Secured Note due 2011 
  

	 	1.	Interest. 

  
 Sheffield Steel Corporation (the ”Company”, which term includes any Surviving Entity) promises to pay interest on the principal amount
of this Note at the rate per annum shown above. Interest on the Note will accrue from the most recent date on which interest has been paid or, if no interest has been paid, from and including the date of issuance. The Company will pay interest
semi-annually in arrears on each Interest Payment Date, commencing February 15, 2005. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. [FOR REGULATION S TEMPORARY GLOBAL NOTES INSERT: Until this Regulation
S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in
all other respects be entitled to the same benefits as other Notes under the Indenture]. 
  

	 	2.	Method of Payment. 

  
 The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are the registered Holders at the close of business on the
Record Date immediately preceding the Interest Payment Date even if the Notes are cancelled on registration of transfer or registration of exchange after such Record Date, and on or before such Interest Payment Date. Holders must surrender Notes to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”).
However, the Company may pay principal and interest by check payable in such U.S. Legal Tender. The Company may deliver any such interest payment to the Paying Agent or to a Holder at the Holder’s registered address. 
  

	 	3.	Paying Agent and Registrar. 

  
 Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent and Registrar. The Company may change any Paying
Agent, Registrar or co-Registrar without notice to the Holders. Neither the Company nor any Affiliate of the Company shall act as Paying Agent or Registrar. 
  

	 	4.	Indenture. 

  
 The Notes and the Guarantees were issued under an Indenture, dated as of August 12, 2004 (the “Indenture”), among the Company, the
Guarantors named therein and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) (the
“TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified 
  

 A-4 








 under the TIA, and thereafter as in effect on the date on which the Indenture is qualified under the TIA. Notwithstanding
anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of such terms. The Notes are senior secured obligations of the Company. Each Holder, by
accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as the same may be amended from time to time. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. 
  

	 	5.	Redemption. 

  
 (b) Optional Redemption prior to August 15, 2008. At any time prior to August 15, 2008, the Company may, at its option, redeem the Notes, in whole
or in part, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to the greater of: 
  
 (1) 100% of the aggregate principal amount of the Notes being redeemed; and 
  
 (2) the sum of the present values of 105.688% of the aggregate principal amount of such Notes and scheduled
payments of interest on such Notes to and including August 15, 2008, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, together with, in
each case, accrued and unpaid interest and Additional Interest, if any, to the Redemption Date (subject to the right of the right of holders of record on the relevant record date to received interest due on the relevant Interest Payment Date).

  
 Any such redemption, purchase or notice pursuant to this
Section 5(a) may, at the Company’s discretion, be subject to satisfaction of one or more conditions precedent, including but not limited to the occurrence of a Change of Control. 
  
 (c) Optional Redemption on or after August 15, 2008. Except as described in Section 5(a) and (c), the Notes are not
redeemable before August 15, 2008. Thereafter, the Company may on any one or more occasions redeem the Notes. The Notes will be redeemed at their option, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the following
redemption prices (expressed as percentages of the aggregate principal amount thereof) if redeemed during the twelve-month period commencing on August 15 of the year set forth below: 
  

				
	 Year

	  	Percentage

	 
	 2008
	  	105.688	%
		
	 2009
	  	102.844	%
		
	 2010 and thereafter
	  	100.000	%

  

 A-5 








 In addition, the Company must pay accrued and unpaid interest and Additional Interest, if any, on the
aggregate principal amount of the Notes redeemed to (but not including) the Redemption Date. 
  
 (d) Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to August 15, 2007, the Company may, at its option, use an amount not to exceed the net cash proceeds of one or more
Equity Offerings to redeem up to 35% of the aggregate principal amount of the Notes ever issued under this Indenture. The Notes will be redeemed at a redemption price of 111.375% of the aggregate principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to the date of redemption, provided that: 
  
 (1) at least 65% of the original principal amount of Notes ever issued under this Indenture remains outstanding immediately after any such
redemption; and 
  
 (2) the Company makes such
redemption not more than 120 days after the consummation of any such Equity Offering. 
  
 (e) Notice of Redemption. Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such
Holder’s registered address. If fewer than all of the Notes are to be redeemed, at any time, selection of Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if
any, on which the Notes are listed, or, if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee deems to be fair and appropriate; provided that no partial redemption will reduce the principal amount of a
Note not redeemed to a denomination of less than $1,000; and provided, further, that any such partial redemption made with the proceeds of an Equity Offering will be made only on a pro rata basis or on as nearly a pro rata basis as
practicable (subject to the procedures of the DTC or any other depository) unless such method is otherwise prohibited. Notes in denominations of $1,000 or more may be redeemed in part. 
  
 Any notice of redemption under Section 5(a) may provide that payment of the price and performance of the Company’s
obligations with respect to such redemption or purchase may be performed by any other Person. 
  
 Except as set forth in the Indenture, if monies for the redemption of the Notes called for redemption shall have been deposited with the Paying Agent for redemption on such redemption date sufficient to pay such
redemption price plus accrued and unpaid interest and Additional Interest, if any, to (but not including) the Redemption Date, the Notes called for redemption will cease to bear interest from and after such redemption date, and the only remaining
right of the Holders of such Notes will be to receive payment of the redemption price plus accrued and unpaid interest and Additional Interest, if any, as of the redemption date upon surrender to the Paying Agent of the Notes redeemed. 

 

	 	6.	Offers to Purchase. 

  
 Sections 4.10, 4.22 and 4.23 of the Indenture provide that after certain Asset Sales, upon the occurrence of a Change of Control and upon the Company
having Excess Cash Flow and subject to further limitations contained therein, the Company will make an offer 
  

 A-6 








 to purchase certain amounts of the Notes in accordance with the procedures set forth in the Indenture. 
  

	 	7.	Registration Rights. 

  
 Pursuant to the Registration Rights Agreement among the Company, the Guarantors and the Initial Purchaser of the Initial Notes, the Company will be
obligated to consummate an exchange offer. Upon such exchange offering, the Holders of the Initial Notes shall have the right, subject to compliance with securities laws, to exchange such Initial Notes for 11 3/8% Senior Secured Exchange Notes due 2011, which have been registered under the Securities Act, in like principal
amount and having terms identical in all material respects to the Initial Notes. The Holders of the Initial Notes shall be entitled to receive certain additional interest payments in the event such exchange offer is not consummated and upon certain
other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
  

	 	8.	Denominations; Transfer; Exchange. 

  
 The Notes are in registered form, without coupons, in denominations of $1,000 and integral multiples thereof. A Holder shall register the transfer of or
exchange of 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 any taxes, fees or similar governmental charges payable in connection
therewith as permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Notes or portions thereof selected for redemption. 
  

	 	9.	Persons Deemed Owners. 

  
 The registered Holder of a Note shall be treated as the owner of it and the Notes of which it is composed for all purposes. 
  

	 	10.	Unclaimed Money. 

  
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent may pay the money without interest
thereon back to the Company. After that, all liability of the Trustee and such Paying Agent with respect to such money shall cease. 
  

	 	11.	Discharge Prior to Redemption or Maturity. 

  
 If the Company at any time deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations sufficient to pay the principal of and interest on
the Notes to redemption or Maturity and complies with the other provisions of the Indenture relating thereto, the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, except for the rights
of Holders to receive payments in respect of the principal of, and premium, if any, interest and Additional Interest, if any, on the Notes when such payments are due from the deposits referred to above. 
  

 A-7 









	 	12.	Amendment; Supplement; Waiver. 

  
 Subject to certain exceptions, the Indenture, the Notes or the Guarantees may be amended or supplemented with the written consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or Event of Default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in aggregate principal
amount of the Notes then outstanding. Without consent of any Holder, the parties thereto may amend or supplement the Indenture, the Notes or the Guarantees to, among other things, cure any ambiguity, defect or inconsistency, provide for
uncertificated Notes or Guarantees in addition to or in place of certificated Notes or Guarantees, comply with the TIA, or comply with Article Five or Section 10.04 of the Indenture or make any other change that does not adversely affect in any
material respect the rights of any Holder of a Note. 
  

	 	13.	Restrictive Covenants. 

  
 The Indenture imposes certain limitations on the ability of the Company and the Restricted Subsidiaries to, among other things, incur additional
Indebtedness or grant Liens, make payments in respect of their Capital Stock or certain Indebtedness, enter into transactions with Affiliates, create dividend or other payment restrictions affecting Subsidiaries, merge or consolidate with any other
Person, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets or adopt a plan of liquidation. Such limitations are subject to a number of important qualifications and exceptions. The Company must
annually report to the Trustee on compliance with such limitations. 
  

	 	14.	Successors. 

  
 When a successor assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes, the Guarantees and the Indenture, the
predecessor will be released from those obligations. 
  

	 	15.	Defaults and Remedies. 

  
 If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding
may declare all the Notes to be due and payable in the manner, at the time and with the effect provided in the Indenture. Holders of Notes may not enforce the Indenture except as provided in the Indenture. The Trustee is not obligated to enforce the
Indenture or the Notes unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of any continuing Default or Event of Default (except a Default in payment of principal or interest) if it determines that withholding notice is in
their interest. 
  

	 	16.	Trustee Dealings with Company. 

  
 Subject to the terms of the TIA and the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and 
  

 A-8 








 may otherwise deal with the Company, the Subsidiaries or their respective Affiliates as if it were not the Trustee.

  

	 	17.	No Recourse Against Others. 

  
 No past, present or future stockholder, director, officer, employee or incorporator, as such, of the Company or the Guarantors shall have any liability
for any obligation of the Company under the Notes, the Guarantees, the Collateral Agreements or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder of a Note by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  

	 	18.	Guarantees. 

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

	 	19.	Intercreditor Agreement. 

  
 Each Holder, by its acceptance of its Note, agrees to be bound by the terms of the Intercreditor Agreement and all such replacement Intercreditor
Agreements and each of the Guarantors, if any, and the Holders hereby authorize the Trustee and the Collateral Agent to bind the Holders to the extent provided in the Intercreditor Agreement. 
  

	 	20.	Security. 

  
 The Company’s and Guarantors’ obligations under the Notes are secured by liens on the Collateral pursuant to the terms of the Collateral
Agreements. The actions of the Trustee and the Holders of the Notes secured by such liens and the application of proceeds from the enforcement of any remedies with respect to such Collateral are limited pursuant to the terms of the Collateral
Agreements. 
  

	 	21.	Authentication. 

  
 This Note shall not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication on this Note. 
  

	 	22.	Governing Law. 

  
 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS NOTE, THE GUARANTEES, THE COLLATERAL AGREEMENTS AND THE INDENTURE, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS. 
  

	 	23.	Waiver of Jury Trial. 

  
 Each of the parties hereto and the holders (by their acceptance of the Note) hereby irrevocably waives, to the fullest extent permitted by law, any and
all right to trial by jury 
  

 A-9 








 in any action or proceeding arising out of or in connection with the Indenture, this Note, the Guarantees, the Collateral
Agreements or the transactions contemplated by the Indenture. 
  

	 	24.	Abbreviations and Defined Terms. 

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

The Company will furnish to any Holder of a Note upon written request and without charge a copy of the Indenture. Requests may be made to: Sheffield
Steel Corporation, 220 N. Jefferson Street, Sand Springs, Oklahoma 74063. 
  

 A-10 








 ASSIGNMENT FORM 
  
 If you the Holder want to assign this Note, fill in the form below and have your signature guaranteed: 
  
 I or we assign and transfer this Note to: 
  

	
	  


	  


	(Print or type name, address and zip code and
	social security or tax ID number 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.

  

							
	Dated:	 	  

	 	Signed:	 	  


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

  

							
	Signature Guarantee:	 	  

	 	 

  
 In connection with any
transfer of this Note occurring prior to the date which is the earlier of (i) the date of the declaration by the SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), covering resales of this Note (which effectiveness shall not have been suspended or terminated at the date of the transfer) and (ii) August 12, 2006, the undersigned confirms that it has not utilized any general solicitation or
general advertising in connection with the transfer and that this Note is being transferred: 
  
 [Check One] 
  
 (a) to the Company or a subsidiary thereof; or 
  
 (b) pursuant to and in compliance with Rule 144A under the Securities Act; or 
  
 (c) to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has
furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter can be obtained from the Trustee); or 
  
 (d) outside the United States to a person other than a “U.S. person” in compliance with Rule 904 of Regulation S under the
Securities Act; or 
  
 (e) pursuant to the
exemption from registration provided by Rule 144 under the Securities Act; or 
  
 (f) pursuant to an effective registration statement under the Securities Act. 
  
 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided that if box
(3), (4) 
  

 A-11 








 or (5) is checked, the Company or the Trustee may require, prior to registering any such transfer of the Notes, in its
sole discretion, such legal opinions, certifications (including an investment letter in the case of box (3) or (4)) and other information as the Trustee or the Company has reasonably requested to confirm that such transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 
  
 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 Section 2.15 of the Indenture shall have been satisfied. 
  

							
	Dated:	 	  

	 	Signed:	 	  


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

  

					
	Signature Guarantee:	 	  

	 	 

  
 TO BE COMPLETED
BY PURCHASER IF (2) ABOVE IS CHECKED 
  
 The undersigned
represents and warrants that it is purchasing this 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 “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act 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 the undersigned 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 the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	 Dated:
	 	  

	 	

	 	 	 	 	NOTICE: To be executed by an executive officer

  

 A-12 








 [OPTION OF HOLDER TO ELECT PURCHASE] 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10, or 4.23 of the Indenture, check
the appropriate box: 
  
 Section 4.10
[            ] 
  
 Section 4.22 [            ] 
  
 Section 4.23 [            ] 
  
 If you want to elect to have only part of this Note purchased by the Company
pursuant to Section 4.10, 4.22 or 4.23 of the Indenture, state the amount you elect to have purchased: 
  

							
	 $

	 	 
			
	Dated:	 	  

	 	

				
	 	 	 	 	NOTICE:	 	The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever
and be guaranteed by the endorser’s bank or broker.
			
	 	 	 	 	 Signature Guarantee:



  

 A-13 








 EXHIBIT B 
  

SHEFFIELD STEEL CORPORATION 
  
 11 3/8
SENIOR SECURED NOTES DUE 2011 
  

				
	 CUSIP No.
	  	 	 
	 No.
	  	$	                        

  
 Sheffield Steel
Corporation, a Delaware corporation, for value received promises to pay to
                                        ,
or registered assigns, the principal sum of                      DOLLARS
($[            ]) on August 15, 2011. 
  
 Interest Rate: 11 3/8% 
  
 Interest Payment Dates: February 15
and August 15, commencing August 15, 2005. 
  
 Record Dates:
February 1 and August 1. 
  
 Reference is made to the further
provisions of this Note contained on the reverse side of this Note, which will for all purposes have the same effect as if set forth at this place. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officer. 
  

			
	 SHEFFIELD STEEL CORPORATION

		
	 By:
	 	  


	 Name:
	 	 
	 Title:
	 	 


  
 Dated: August 12, 2004

  

 B-1 








 TRUSTEE CERTIFICATE OF AUTHENTICATION 
  
 This is one of the 11 3/8% Senior Secured Notes due 2011 referred to in the within-mentioned Indenture. 
  

					
	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Trustee
			
	Dated: August 12, 2004	 	By:	 	  


	 	 	 	 	Authorized Signatory

  

 B-2 








 (REVERSE OF NOTE) 
  
 11 3/8% Senior Secured Note due 2011 
  

	 	1.	Interest. 

  
 Sheffield Steel Corporation (the ”Company”, which term includes any Surviving Entity) promises to pay interest on the principal amount
of this Note at the rate per annum shown above. Interest on the Note will accrue (a) from the later of (i) the last interest payment date on which interest was paid on the note surrendered in exchange for this Note (the “Surrendered
Note”), or (ii) if the Surrendered Note is surrendered for exchange on a date in a period that includes the record date for an interest payment date to occur on or after the date of such exchange and as to which interest will be paid, the
date of such interest payment date; or (b) if no interest has been paid on such Surrendered Note, from the Issue Date. The Company will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 15, 2005. Interest will be
computed on the basis of a 360-day year comprised of twelve 30-day months. 
  

	 	2.	Method of Payment. 

  
 The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are the registered Holders at the close of business on the
Record Date immediately preceding the Interest Payment Date even if the Notes are cancelled on registration of transfer or registration of exchange after such Record Date, and on or before such Interest Payment Date. Holders must surrender Notes to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”).
However, the Company may pay principal and interest by check payable in such U.S. Legal Tender. The Company may deliver any such interest payment to the Paying Agent or to a Holder at the Holder’s registered address. 
  

	 	3.	Paying Agent and Registrar. 

  
 Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent and Registrar. The Company may change any Paying
Agent, Registrar or co-Registrar without notice to the Holders. Neither the Company nor any Affiliate of the Company shall act as Paying Agent or Registrar. 
  

	 	4.	Indenture. 

  
 The Notes and the Guarantees were issued under an Indenture, dated as of August 12, 2004 (the “Indenture”), among the Company, the
Guarantors named therein and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) (the
“TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified under the TIA, and thereafter as in effect on the date on which the Indenture is qualified under 
  

 B-3 








 the TIA. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes
are referred to the Indenture and the TIA for a statement of such terms. The Notes are senior secured obligations of the Company. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as the same
may be amended from time to time. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. 
  

	 	5.	Redemption. 

  
 (a) Optional Redemption prior to August 15 2008. At any time prior to August 15, 2008, the Company may, at its option, redeem the Notes, in whole
or in part, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to the greater of: 
  
 (1) 100% of the aggregate principal amount of the Notes being redeemed; and 
  
 (2) the sum of the present values of 105.688% of the aggregate principal amount of such Notes and scheduled
payments of interest on such Notes to and including August 15, 2008, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, together with, in
each case, accrued and unpaid interest and Additional Interest, if any, to the Redemption Date (subject to the right of the right of holders of record on the relevant record date to received interest due on the relevant Interest Payment Date).

  
 Any such redemption, purchase or notice pursuant to this
Section 5(a) may, at the Company’s discretion, be subject to satisfaction of one or more conditions precedent, including but not limited to the occurrence of a Change of Control. 
  
 (b) Optional Redemption on or after August 15, 2008. Except as described in Section 5(a) and (c), the Notes are not
redeemable before August 15, 2008. Thereafter, the Company may on any one or more occasions redeem the Notes. The Notes will be redeemed at their option, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the following
redemption prices (expressed as percentages of the aggregate principal amount thereof) if redeemed during the twelve-month period commencing on August 15 of the year set forth below: 
  

				
	 Year

	  	Percentage

	 
	 2008
	  	105.688	%
	 2009
	  	102.844	%
	 2010 and thereafter
	  	100.000	%

  

 B-4 








 In addition, the Company must pay accrued and unpaid interest and Additional Interest, if any, on the
aggregate principal amount of the Notes redeemed to (but not including) the Redemption Date. 
  
 (c) Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to August 15, 2007, the Company may, at its option, use an amount not to exceed the net cash proceeds of one or more
Equity Offerings to redeem up to 35% of the aggregate principal amount of the Notes ever issued under this Indenture. The Notes will be redeemed at a redemption price of 111.375% of the aggregate principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to the date of redemption, provided that: 
  
 (1) at least 65% of the original principal amount of Notes ever issued under this Indenture remains outstanding immediately after any such
redemption; and 
  
 (2) the Company makes such
redemption not more than 120 days after the consummation of any such Equity Offering. 
  
 (d) Notice of Redemption. Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such
Holder’s registered address. If fewer than all of the Notes are to be redeemed, at any time, selection of Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if
any, on which the Notes are listed, or, if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee deems to be fair and appropriate; provided that no partial redemption will reduce the principal amount of a
Note not redeemed to a denomination of less than $1,000; and provided, further, that any such partial redemption made with the proceeds of an Equity Offering will be made only on a pro rata basis or on as nearly a pro rata basis as
practicable (subject to the procedures of the DTC or any other depository) unless such method is otherwise prohibited. Notes in denominations of $1,000 or more may be redeemed in part. 
  
 Any notice of redemption under Section 5(a) may provide that payment of the price and performance of the Company’s
obligations with respect to such redemption or purchase may be performed by any other Person. 
  
 Except as set forth in the Indenture, if monies for the redemption of the Notes called for redemption shall have been deposited with the Paying Agent for redemption on such redemption date sufficient to pay such
redemption price plus accrued and unpaid interest and Additional Interest, if any, to (but not including) the Redemption Date, the Notes called for redemption will cease to bear interest from and after such redemption date, and the only remaining
right of the Holders of such Notes will be to receive payment of the redemption price plus accrued and unpaid interest and Additional Interest, if any, as of the redemption date upon surrender to the Paying Agent of the Notes redeemed. 

 

	 	6.	Offers to Purchase. 

  
 Sections 4.10, 4.22 and 4.23 of the Indenture provide that after certain Asset Sales, upon the occurrence of a Change of Control and upon the Company
having Excess Cash Flow and subject to further limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the procedures set forth in the Indenture. 
  

 B-5 









	 	7.	Denominations; Transfer; Exchange. 

  
 The Notes are in registered form, without coupons, in denominations of $1,000 and integral multiples thereof. A Holder shall register the transfer of or
exchange of 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 any taxes, fees or similar governmental charges payable in connection
therewith as permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Notes or portions thereof selected for redemption. 
  

	 	8.	Persons Deemed Owners. 

  
 The registered Holder of a Note shall be treated as the owner of it and the Notes of which it is composed for all purposes. 
  

	 	9.	Unclaimed Money. 

  
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent may pay the money without interest
thereon back to the Company. After that, all liability of the Trustee and such Paying Agent with respect to such money shall cease. 
  

	 	10.	Discharge Prior to Redemption or Maturity. 

  
 If the Company at any time deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations sufficient to pay the principal of and interest on
the Notes to redemption or Maturity and complies with the other provisions of the Indenture relating thereto, the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, except for the rights
of Holders to receive payments in respect of the principal of, and premium, if any, interest and Additional Interest, if any, on the Notes when such payments are due from the deposits referred to above. 
  

	 	11.	Amendment; Supplement; Waiver. 

  
 Subject to certain exceptions, the Indenture, the Notes or the Guarantees may be amended or supplemented with the written consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or Event of Default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in aggregate principal
amount of the Notes then outstanding. Without consent of any Holder, the parties thereto may amend or supplement the Indenture, the Notes or the Guarantees to, among other things, cure any ambiguity, defect or inconsistency, provide for
uncertificated Notes or Guarantees in addition to or in place of certificated Notes or Guarantees, comply with the TIA, or comply with Article Five or Section 10.04 of the Indenture or make any other change that does not adversely affect in any
material respect the rights of any Holder of a Note. 
  

	 	12.	Restrictive Covenants. 

  

 B-6 








 The Indenture imposes certain limitations on the ability of the Company and the Restricted Subsidiaries
to, among other things, incur additional Indebtedness or grant Liens, make payments in respect of their Capital Stock or certain Indebtedness, enter into transactions with Affiliates, create dividend or other payment restrictions affecting
Subsidiaries, merge or consolidate with any other Person, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets or adopt a plan of liquidation. Such limitations are subject to a number of important
qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations. 
  

	 	13.	Successors. 

  
 When a successor assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes, the Guarantees and the Indenture, the
predecessor will be released from those obligations. 
  

	 	14.	Defaults and Remedies. 

  
 If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding
may declare all the Notes to be due and payable in the manner, at the time and with the effect provided in the Indenture. Holders of Notes may not enforce the Indenture except as provided in the Indenture. The Trustee is not obligated to enforce the
Indenture or the Notes unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of any continuing Default or Event of Default (except a Default in payment of principal or interest) if it determines that withholding notice is in
their interest. 
  

	 	15.	Trustee Dealings with Company. 

  
 Subject to the terms of the TIA and the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Company, the Subsidiaries or their respective Affiliates as if it were not the Trustee. 
  

	 	16.	No Recourse Against Others. 

  
 No past, present or future stockholder, director, officer, employee or incorporator, as such, of the Company or the Guarantors shall have any liability
for any obligation of the Company under the Notes, the Guarantees, the Collateral Agreements or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder of a Note by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  

	 	17.	Guarantees. 

  

 B-7 








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

	 	18.	Intercreditor Agreement. 

  
 Each Holder, by its acceptance of its Note, agrees to be bound by the terms of the Intercreditor Agreement and all such replacement Intercreditor
Agreements and each of the Guarantors, if any, and the Holders hereby authorize the Trustee and the Collateral Agent to bind the Holders to the extent provided in the Intercreditor Agreement. 
  

	 	19.	Security. 

  
 The Company’s and Guarantors’ obligations under the Notes are secured by liens on the Collateral pursuant to the terms of the Collateral
Agreements. The actions of the Trustee and the Holders of the Notes secured by such liens and the application of proceeds from the enforcement of any remedies with respect to such Collateral are limited pursuant to the terms of the Collateral
Agreements. 
  

	 	20.	Authentication. 

  
 This Note shall not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication on this Note. 
  

	 	21.	Governing Law. 

  
 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS NOTE, THE GUARANTEES, THE COLLATERAL AGREEMENTS AND THE INDENTURE, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS. 
  

	 	22.	Waiver of Jury Trial. 

  
 Each of the parties hereto and the holders (by their acceptance of the Note) hereby irrevocably waives, to the fullest extent permitted by law, any and
all right to trial by jury in any action or proceeding arising out of or in connection with the Indenture, this Note, the Guarantees, the Collateral Agreements or the transactions contemplated by the Indenture. 
  

	 	23.	Abbreviations and Defined Terms. 

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

The Company will furnish to any Holder of a Note upon written request and without charge a copy of the Indenture. Requests may be made to: Sheffield
Steel Corporation, 220 N. Jefferson Street, Sand Springs, Oklahoma 74063. 
  

 B-8 








 ASSIGNMENT FORM 
  
 If you the Holder want to assign this Note, fill in the form below and have your signature guaranteed: 
  
 I or we assign and transfer this Note to: 
  

	
	  


	  


	(Print or type name, address and zip code and
	social security or tax ID number 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.

  

							
	Dated:	 	  

	 	Signed:	 	  


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

  

							
	Signature Guarantee:	 	  

	 	 

  
 In connection with any
transfer of this Note occurring prior to the date which is the earlier of (i) the date of the declaration by the SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), covering resales of this Note (which effectiveness shall not have been suspended or terminated at the date of the transfer) and (ii) August 12, 2006, the undersigned confirms that it has not utilized any general solicitation or
general advertising in connection with the transfer and that this Note is being transferred: 
  
 [Check One] 
  
 (a) to the Company or a subsidiary thereof; or 
  
 (b) pursuant to and in compliance with Rule 144A under the Securities Act; or 
  
 (c) to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has
furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter can be obtained from the Trustee); or 
  
 (d) outside the United States to a person other than a “U.S. person” in compliance with Rule 904 of Regulation S under the
Securities Act; or 
  
 (e) pursuant to the
exemption from registration provided by Rule 144 under the Securities Act; or 
  
 (f) pursuant to an effective registration statement under the Securities Act. 
  
 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided that if box
(3), (4) or (5) is checked, the Company or the Trustee may require, prior to registering any such transfer of the 
  

 B-9 








 Notes, in its sole discretion, such legal opinions, certifications (including an investment letter in the case of box (3)
or (4)) and other information as the Trustee or the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

  
 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 Section 2.15 of the Indenture shall have been
satisfied. 
  

							
	Dated:	 	  

	 	Signed:	 	  


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

  

			
	Signature Guarantee:	 	  



  
 TO BE COMPLETED
BY PURCHASER IF (2) ABOVE IS CHECKED 
  
 The undersigned
represents and warrants that it is purchasing this 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 “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act 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 the undersigned 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 the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	 Dated:
	 	  

	 	

	 	 	 	 	NOTICE: To be executed by an executive officer

  

 B-10 








 [OPTION OF HOLDER TO ELECT PURCHASE] 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10, or 4.23 of the Indenture, check
the appropriate box: 
  
 Section 4.10
[            ] 
  
 Section 4.22 [            ] 
  
 Section 4.23 [            ] 
  
 If you want to elect to have only part of this Note purchased by the Company
pursuant to Section 4.10, 4.22 or 4.23 of the Indenture, state the amount you elect to have purchased: 
  

							
	 $

	 	 
			
	Dated:	 	  

	 	

				
	 	 	 	 	NOTICE:	 	The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever
and be guaranteed by the endorser’s bank or broker.
			
	 	 	 	 	 Signature Guarantee:



  

 B-11 








 EXHIBIT C 
  

FORM OF LEGEND FOR GLOBAL NOTES 
  
 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 Security) in substantially the following form: 
  
 [If a Regulation S Temporary Global Note, insert: THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN
THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.] 
  
 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 OR A SUCCESSOR 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 COMPANY 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 TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 C-1 








 EXHIBIT D 
  

Form of Certificate To Be 
 Delivered in
Connection with  
 Transfers to Non-QIB Accredited Investors 
  
                     ,          
  
 U.S. Bank Trust National Association 
 Corporate Trust Services 
 Mail Station: EX-NY-WALL 
 100 Wall Street, Suite 1600 
 New York, NY 10005. 
  

	 	Re:	11 3/8% Senior Secured Notes due 2011 (the
“Notes”) of Sheffield Steel 

 Corporation, a Delaware corporation (the “Company”)

  
 Ladies and Gentlemen: 
  
 In connection with our proposed purchase of
$                     aggregate principal amount of the Notes, we confirm that: 
  
 1. We have received a copy of the Offering Circular (the “Offering Circular”), dated August 5, 2004,
relating to the Notes and such other information as we deem necessary in order to make our investment decision. We acknowledge that we have read and agreed to the matters stated in the section entitled “Notice to Investors” of the Offering
Circular. 
  
 2. We understand that any subsequent transfer of
the Notes is subject to certain restrictions and conditions set forth in the Indenture dated as of August 12, 2004 relating to the Notes (the “Indenture”) and the undersigned agrees to be bound by, and not to resell, pledge or
otherwise transfer the Notes except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 
  
 3. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes
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 or otherwise transfer any Notes prior to the
date which is within two years after the original issuance of the Notes or the last date on which the Note is owned by the Company or any affiliate of the Company, we will do so only (i) to the Company or any of its subsidiaries, (ii) inside the
United States in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), (iii) inside the United States to an institutional “accredited investor”
(as defined below) provided that, prior to such transfer, the transferee furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you a signed letter containing certain representations and agreements relating to the restrictions on
transfer of the Notes, substantially in the form of this letter, (iv) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (v) pursuant to the exemption from registration 
  

 D-1 








 provided by Rule 144 under the Securities Act (if available) or (vi) pursuant to an effective registration statement
under the Securities Act, and we further agree to provide to any person purchasing any of the Notes from us a notice advising such purchaser that resales of the Notes are restricted as stated herein. 
  
 4. We are not acquiring the Notes for or on behalf of, and will not transfer
the Notes to, any pension or welfare plan (as defined in Section 3 of the Employee Retirement Income Security Act of 1974), except as permitted in the section entitled “Notice to Investors” of the Offering Circular. 
  
 5. We understand that, on any proposed resale of any Notes, we will be
required to furnish to you and the Company such certification, 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. 
  
 6. 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 their investment, as the case may be. 
  
 7. We are acquiring the Notes 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. 
  
 8. We are not acquiring Notes with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of
any state of the United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary shall remain at all times within our and their control.

  
 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, and we agree to notify you promptly if any of our
representations or warranties herein cease to be accurate and complete. 
  

 D-2 








 This letter shall be governed by, and construed in accordance with, the laws of the State of New York
without regard to principles of conflicts of laws. 
  

			
	Very truly yours,
	
	[Name of Transferee]
		
	By:	 	  


	 	 	Authorized Signature


  

 D-3 








 EXHIBIT E 
  

Form of Certificate To Be 
 Delivered in
Connection with  
 Transfers Pursuant to Regulation S 
  
 U.S. Bank Trust National Association 
 Corporate
Trust Services 
 Mail Station: EX-NY-WALL 
 100 Wall Street,
Suite 1600 
 New York, NY 10005 
  

	 	Re:	11 3/8% Senior Secured Notes due 2011 (the
“Notes”) of Sheffield Steel 

 Corporation (the “Company”) 
  
 Ladies and Gentlemen: 
  
 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 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(b) of Regulation S, as applicable; 
  
 4. the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and 
  
 5. we have advised
the transferee of the transfer restrictions applicable to the Notes. 
  

 E-1 








 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. Terms used in this certificate have the meanings set forth in Regulation S. 
  

			
	Very truly yours,
	
	[Name of Transferee]
		
	By:	 	  


	 	 	Authorized Signature


  

 E-2 








 EXHIBIT F-1 
  

LANDLORD WAIVER AND CONSENT 
  

	TO:	U.S. Bank National Association, as Collateral Agent 225 

 Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Elizabeth C. Hammer 
  
 Sheffield Steel Corporation, a Delaware corporation (“Tenant”), and the undersigned,
                                        
         (“Landlord”), are parties to a lease, dated
                                        
(the “Lease”), demising the premises legally (or otherwise) described on Exhibit A attached hereto and made a part hereof (the “Leased Premises”). A copy of the Lease is attached hereto as Exhibit B. 
  
 Tenant has entered into, or intends to enter into, certain financing
arrangements with U.S. Bank National Association, as Collateral Agent (“Collateral Agent”) for holders of certain Senior Secured Notes due in 2011 (“Senior Noteholders” and, together with the Collateral Agent, the “Secured
Parties”). 
  
 To induce Collateral Agent, the Senior
Noteholders and Tenant to enter into said financing arrangements, and for other good and valuable consideration, Landlord hereby agrees that: 
  
 1. Landlord hereby confirms that Tenant is the holder of the tenant’s interest under the Lease. 
  
 2. Landlord hereby consents to and approves of (to the extent such consent
and approval is required by the Lease) the execution and delivery by Tenant of one or more security agreements and UCC-1 Financing Statements (collectively, the “Security Agreements”), pursuant to which the Tenant will grant a security
interest in, among other things, all of its right, title and interest in and to all of Tenant’s assets and property located on or about the Leased Premises, including without limitation, all of Tenant’s machinery, equipment, furniture,
fixtures (excluding the Landlord’s overhead crane located on the Leased Premises), inventory and all additions, replacements or substitutions therefor, whether or not affixed to the Leased Premises (collectively, the “Collateral”) in
favor of Collateral Agent for the benefit of the Secured Parties). 
  
 3. Landlord acknowledges that this letter serves as a notification of the Secured Parties’ interests in the Collateral. 
  
 4. Neither Landlord nor Tenant is in default under the terms of the Lease and no event has occurred which, with the giving of notice or the passage of
time, or both, would constitute a default or an event of default with respect to the Lease. 
  

 F-1-1 








 5. As of the date hereof Tenant has paid all rent, additional rent and other charges and amounts due to
Landlord under the Lease or with respect to the Leased Premises. 
  
 6. The Lease has not been amended, modified, terminated or revoked, is in full force and effect, and is binding and enforceable against Landlord. 
  
 7. None of the Collateral and no other moveable assets of Tenant (including, without limitation, equipment and trade fixtures which may or may not be
affixed to the Leased Premises) located on or about the Leased Premises will be deemed by Landlord to be fixtures or to constitute part of the Leased Premises. 
  

8. Landlord will not assert, and therefore waives, any liens, whether granted by the Lease, statute or otherwise (including, without limitation, rights
of levy or distraint for rent), against the Collateral or any other moveable property of Tenant located on the Leased Premises, including, without limitation, Tenant’s machinery, equipment, furniture, fixtures, inventory and all additions,
replacements or substitutions therefor, whether or not affixed to the Leased Premises (collectively, the “Property”) in which the Lenders have a security interest; provided, however, that the foregoing shall not prevent Landlord from
pursuing any causes of action for unpaid rent or breach of the Lease. 
  
 9. (a) Landlord will provide Collateral Agent with written notice of any default by Tenant under the Lease. Prior to terminating the Lease or exercising any of Landlord’s rights and remedies thereunder, Landlord will permit Collateral
Agent the same opportunity to cure or cause to be cured such default as is granted Tenant under the Lease, provided, however, that Collateral Agent shall have at least: (i) with respect to monetary defaults, ten (10) days following receipt of such
notice to cure such monetary defaults; and (ii) with respect to other defaults, thirty (30) days following receipt of such notice to cure such defaults (provided, however, that if the nature of any non-monetary default is such that the same cannot
be cured within said thirty (30) day period, Collateral Agent shall be given such additional period of time as may be necessary to cure the default provided that Collateral Agent commence the cure within said thirty (30) day period and proceeds
diligently thereafter to complete such cure). 
  
 (b) Landlord also will permit Collateral Agent or its designees to remain on the Leased Premises for a period of up to one hundred and eighty (180) days following receipt by Collateral Agent of written notice from Landlord that Landlord has
terminated the Lease; provided, however, that Tenant or Collateral Agent shall pay the rent and other amounts due under the Lease for the period of occupancy by the Collateral Agent or its designees, such amount to be pro-rated on a per diem basis.

  
 10. Collateral Agent may, at no expense to Landlord and in
accordance with the terms of their respective loan documents, enter onto the Leased Premises at any time or times and take possession of, sever, or remove the Collateral and the Property or any part thereof and said Collateral and Property upon
severance and/or removal may be sold, transferred or otherwise disposed of free and discharged of all liens, claims, demands, rights or interests of Landlord. In such event, Collateral Agent agrees to repair any damage to the Leased Premises.

  
 11. Notwithstanding anything in this Agreement to the
contrary, (i) Collateral Agent shall not be deemed to have assumed any other obligations or liabilities of Tenant under the 
  

 F-1-2 








 Lease by electing to occupy or enter the Leased Premises as provided above, and (ii) Collateral Agent shall not have any
duty or obligation to remove or dispose of all or any part of the Collateral or Property left on the Leased Premises by Tenant. 
  
 12. Landlord will give copies of all notices of default sent to Tenant under the Lease to Collateral Agent at: 
  
 U.S. Bank National Association, as Collateral Agent

 225 Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Elizabeth C. Hammer 
  
 or to such other address as Collateral
Agent may designate from time to time by notice given to Landlord at the address set forth after its signature hereto. 
  
 13. The undersigned will notify all successor owners, transferees, purchasers and mortgagees of the existence of this waiver. The statements and
agreements contained herein shall be binding upon, and shall inure to the benefit of, Collateral Agent, the Senior Noteholders, Tenant, Landlord, mortgagees of the Leased Premises and the successors and assigns of all of the foregoing. 

 
 [Remainder of page intentionally left blank] 
  

 F-1-3 








 Dated this              day of
                        , 2004 
  

			
	LANDLORD:
	
	[Landlord]
		
	 By:
	 	  


	
	  
 LANDLORD’S
ADDRESS:

	
	  


	
	  


	
	  




  

 F-1-4 








 EXHIBIT A 
  
 Description of Real Property 
  

 F-1-5 








 EXHIBIT B 
  
 Lease 
  

 F-1-6 








 EXHIBIT F-2 
  

BAILEE WAIVER AND CONSENT 
  

	TO:	U.S. Bank National Association, as Collateral Agent 

 225
Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Elizabeth C. Hammer 
  
 Sheffield Steel Corporation, a Delaware corporation (“Bailor”), and the undersigned,                     
(“Bailee”), are parties to a bailment arrangement set forth in that certain             , dated
             (the “Agreement”), between the Bailor and Bailee. A copy of the Agreement is attached hereto as Exhibit A. 
  
 Bailor has entered into, or intends to enter into, certain financing
arrangements with U.S. Bank National Association, as Collateral Agent (“Collateral Agent”) for holders of certain Senior Secured Notes due in 2011(“Senior Noteholders” and, together with the Collateral Agent, the “Secured
Parties”). 
  
 To induce Collateral Agent, the Senior
Noteholders and Bailor to enter into said financing arrangements, and for other good and valuable consideration, Bailee hereby agrees that: 
  
 1. Bailee hereby confirms that Bailor has placed certain of its assets in the custody or care of the Bailee pursuant to the Agreement. 
  
 2. Bailee hereby consents to and approves of (to the extent such consent and
approval is required by the Agreement) the execution and delivery by Bailor of one or more security agreements and UCC-1 Financing Statements (collectively, the “Security Agreements”), pursuant to which Bailor will grant a security
interest in, among other things, all of its right, title and interest in and to all of Bailor’s assets placed in the custody or care of the Bailee (collectively, the “Collateral”) in favor of Collateral Agent for the benefit of the
Secured Parties. 
  
 3. Bailee acknowledges that this letter
serves as a notification of the Secured Parties’ interests in the Collateral. 
  
 4. Neither Bailee nor Bailor is in default under the terms of the Agreement and no event has occurred which, with the giving of notice or the passage of time, or both, would constitute a default or an event of default
with respect to the Agreement. 
  
 5. As of the date hereof Bailor
has paid all rent, charges, fees and amounts due to Bailee under the Agreement or with respect to the Collateral. 
  
 6. The Agreement has not been amended, modified, terminated or revoked, is in full force and effect, and is binding and enforceable against Bailee.

  

 F-2-1 








 7. Bailee will not assert, and therefore waives, any liens, whether granted by the Agreement, statute or
otherwise (including, without limitation, rights of levy or distraint for rent or other charges), against the Collateral; provided, however, that the foregoing shall not prevent Bailee from pursuing any causes of action for unpaid rent, charges,
fees or other amounts or breach of the Agreement. 
  
 8. (a)
Bailee will provide Collateral Agent with written notice of any default by Bailor under the Agreement. Prior to terminating the Agreement or exercising any of Bailee’s rights and remedies thereunder, Bailor will permit Collateral Agent the same
opportunity to cure or cause to be cured such default as is granted Bailee under the Agreement, provided, however, that Collateral Agent shall have at least: (i) with respect to monetary defaults, ten (10) business days following receipt of such
notice to cure such monetary defaults; and (ii) with respect to other defaults, thirty (30) days following receipt of such notice to cure such defaults (provided, however, that if the nature of any non-monetary default is such that the same cannot
be cured within said thirty (30) day period, Collateral Agent shall be given such additional period of time as may be necessary to cure the default provided that Collateral Agent commence the cure within said thirty (30) day period and proceeds
diligently thereafter to complete such cure). 
  
 (b) Bailee also will permit Collateral Agent or its designees to be entitled to the rights of the Bailor under the Agreement for a period of up to 90 days following receipt by Collateral Agent of written notice from Bailee that Bailee has
terminated the Agreement; provided, however, that Bailor or Collateral Agent shall pay the rent, charges, fees and other amounts due under the Agreement for the period of occupancy by the Collateral Agent or its designees, such amount to be
pro-rated on a per diem basis. 
  
 9. Collateral Agent may, at no
expense to Bailee and in accordance with the terms of their respective notes documents, enter onto the premises of Bailee where the Collateral is located at any time or times and take possession of, sever, or remove the Collateral or any part
thereof and said Collateral upon severance and/or removal may be sold, transferred or otherwise disposed of free and discharged of all liens, claims, demands, rights or interests of Bailee. In such event, Collateral Agent agrees to repair any damage
to the premises caused by it or its designee. 
  
 10.
Notwithstanding anything in this Agreement to the contrary, (i) Collateral Agent shall not be deemed to have assumed any other obligations or liabilities of Bailor under the Agreement by electing to assert the rights of the Bailor as provided in
Section 8(b) above, and (ii) Collateral Agent shall not have any duty or obligation to remove or dispose of all or any part of the Collateral left on such premises by Bailor. 
  
 11. Bailee will give copies of all notices of default sent to Bailor under the Agreement to Collateral Agent at: 

 
 U.S. Bank National Association, as Collateral Agent

 225 Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Elizabeth C. Hammer 
  

 F-2-2 








 or to such other address as Collateral Agent may designate from time to time by notice given to Bailee at the address set
forth after its signature hereto. 
  
 12. The undersigned will
notify all successor owners, transferees, purchasers and mortgagees of the existence of this waiver. The statements and agreements contained herein shall be binding upon, and shall inure to the benefit of, Collateral Agent, the Senior Noteholders,
Bailor, Bailee and the successors and assigns of all of the foregoing. 
  
 [Remainder of page intentionally left blank] 
  

 F-2-3 








 Dated this              day of
                    , 2004 
  

			
	BAILEE:
	
	[Bailee]
		
	By:	 	  




  

	
	BAILEE’S ADDRESS:
	
	

	
	

	
	



  

 F-2-4 








 EXHIBIT A 
  
 Agreement 
  

 F-2-5 








 EXHIBIT F-3 
  

CONSIGNEE WAIVER AND CONSENT 
  

	TO:	U.S. Bank National Association, as Collateral Agent 

 225
Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Elizabeth C. Hammer 
  
 Sheffield Steel Corporation, a Delaware corporation (“Consignor”), and the undersigned,              (“Consignee”), are parties to a consignment
arrangement set forth in that certain             , dated
                     (the “Agreement”), between the Consignor and Consignee. A copy of the Agreement is attached hereto as
Exhibit A. 
  
 Consignor has entered into, or intends to
enter into, certain financing arrangements with U.S. Bank National Association, as Collateral Agent (“Collateral Agent”) for holders of certain Senior Secured Notes due in 2011(“Senior Noteholders” and, together with the
Collateral Agent, the “Secured Parties”). 
  
 To induce
Collateral Agent, the Senior Noteholders and Consignor to enter into said financing arrangements, and for other good and valuable consideration, Consignee hereby agrees that: 
  
 1. Consignee hereby confirms that Consignor has consigned certain of its assets to Consignee pursuant to the Agreement.

  
 2. Consignee hereby consents to and approves of (to the extent
such consent and approval is required by the Agreement) the execution and delivery by Consignor of one or more security agreements and UCC-1 Financing Statements (collectively, the “Security Agreements”), pursuant to which Consignor will
grant a security interest in, among other things, all of its right, title and interest in and to all of Consignor’s assets consigned to the Consignee (collectively, the “Collateral”) in favor of Collateral Agent for the benefit of the
Secured Parties. 
  
 3. Consignee acknowledges that this letter
serves as a notification of the Secured Parties’ interests in the Collateral. 
  
 4. Neither Consignee nor Consignor is in default under the terms of the Agreement and no event has occurred which, with the giving of notice or the passage of time, or both, would constitute a default or an event of
default with respect to the Agreement. 
  
 5. As of the date
hereof Consignor has paid all charges, fees and amounts due to Consignee under the Agreement or with respect to the Collateral. 
  
 6. The Agreement has not been amended, modified, terminated or revoked, is in full force and effect, and is binding and enforceable against Consignee.

  

 F-3-1 








 7. Consignee will not assert, and therefore waives, any liens, whether granted by the Agreement, statute
or otherwise (including, without limitation, rights of levy or distraint for charges), against the Collateral; provided, however, that the foregoing shall not prevent Consignee from pursuing any causes of action for unpaid charges, fees or other
amounts or breach of the Agreement. 
  
 8. (a) Consignee will
provide Collateral Agent with written notice of any default by Consignor under the Agreement. Prior to terminating the Agreement or exercising any of Consignee’s rights and remedies thereunder, Consignor will permit Collateral Agent the same
opportunity to cure or cause to be cured such default as is granted Consignee under the Agreement, provided, however, that Collateral Agent shall have at least: (i) with respect to monetary defaults, ten (10) business days following receipt of such
notice to cure such monetary defaults; and (ii) with respect to other defaults, thirty (30) days following receipt of such notice to cure such defaults (provided, however, that if the nature of any non-monetary default is such that the same cannot
be cured within said thirty (30) day period, Collateral Agent shall be given such additional period of time as may be necessary to cure the default provided that Collateral Agent commence the cure within said thirty (30) day period and proceeds
diligently thereafter to complete such cure). 
  
 (b) Consignee also will permit Collateral Agent or its designees to be entitled to the rights of the Consignor under the Agreement for a period of up to 90 days following receipt by Collateral Agent of written notice from Consignee that
Consignee has terminated the Agreement; provided, however, that Consignor or Collateral Agent shall pay the charges, fees and other amounts due under the Agreement for the period of occupancy by the Collateral Agent or its designees, such amount to
be pro-rated on a per diem basis. 
  
 9. Collateral Agent may, at
no expense to Consignee and in accordance with the terms of their respective notes documents, enter onto the premises of Consignee where the Collateral is located at any time or times and take possession of, sever, or remove the Collateral or any
part thereof and said Collateral upon severance and/or removal may be sold, transferred or otherwise disposed of free and discharged of all liens, claims, demands, rights or interests of Consignee. In such event, Collateral Agent agrees to repair
any damage to the premises caused by it or its designee. 
  
 10.
Notwithstanding anything in this Agreement to the contrary, (i) Collateral Agent shall not be deemed to have assumed any other obligations or liabilities of Consignor under the Agreement by electing to assert the rights of the Consignor as provided
in Section 8(b) above, and (ii) Collateral Agent shall not have any duty or obligation to remove or dispose of all or any part of the Collateral left on such premises by Consignor. 
  
 11. Consignee will give copies of all notices of default sent to Consignor under the Agreement to Collateral Agent at:

  
 U.S. Bank National Association, as Collateral Agent

 225 Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Elizabeth C. Hammer 
  

 F-3-2 








 or to such other address as Collateral Agent may designate from time to time by notice given to Consignee at the address
set forth after its signature hereto. 
  
 12. The undersigned will
notify all successor owners, transferees, purchasers and mortgagees of the existence of this waiver. The statements and agreements contained herein shall be binding upon, and shall inure to the benefit of, Collateral Agent, the Senior Noteholders,
Consignor, Consignee and the successors and assigns of all of the foregoing. 
  
 [Remainder of page intentionally left blank] 
  

 F-3-3 








 Dated this              day of
                    , 2004 
  

			
	CONSIGNEE:
	
	[Consignee]
		
	By:	 	

	
	CONSIGNEE’S ADDRESS:
	
	

	
	

	
	



  

 F-3-4 








 EXHIBIT A 
  
 Agreement 
  

 F-3-5