Indenture dated as of August 5, 2005



 Exhibit 4.2 
  
 EXECUTION 

  
 ACCO FINANCE I, INC., 
 as Issuer 
  
 7 5/8% Senior Subordinated Notes due 2015 
  

  
 INDENTURE 
  
 Dated as of August 5, 2005 
  

  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Trustee 
  








 TABLE OF CONTENTS 
  


					
	 	  	 	  	Page


	ARTICLE 1	  	 
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 
			
	 SECTION 1.01.
	  	 Definitions
	  	1
	 SECTION 1.02.
	  	 Other Definitions
	  	28
	 SECTION 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	29
	 SECTION 1.04.
	  	 Rules of Construction
	  	29
		
	ARTICLE 2	  	 
		
	THE SECURITIES	  	 
			
	 SECTION 2.01.
	  	 Amount of Securities; Issuable in Series
	  	30
	 SECTION 2.02.
	  	 Form and Dating
	  	31
	 SECTION 2.03.
	  	 Execution and Authentication
	  	32
	 SECTION 2.04.
	  	 Registrar and Paying Agent
	  	32
	 SECTION 2.05.
	  	 Paying Agent to Hold Money in Trust
	  	33
	 SECTION 2.06.
	  	 Holder Lists
	  	33
	 SECTION 2.07.
	  	 Transfer and Exchange
	  	34
	 SECTION 2.08.
	  	 Replacement Securities
	  	34
	 SECTION 2.09.
	  	 Outstanding Securities
	  	35
	 SECTION 2.10.
	  	 Temporary Securities
	  	35
	 SECTION 2.11.
	  	 Cancellation
	  	35
	 SECTION 2.12.
	  	 Defaulted Interest
	  	36
	 SECTION 2.13.
	  	 CUSIP Numbers, ISINs, etc
	  	36
		
	ARTICLE 3	  	 
		
	REDEMPTION	  	 
			
	 SECTION 3.01.
	  	 Redemption
	  	36
	 SECTION 3.02.
	  	 Applicability of Article
	  	36
	 SECTION 3.03.
	  	 Notices to Trustee
	  	36
	 SECTION 3.04.
	  	 Selection of Notes to Be Redeemed
	  	37
	 SECTION 3.05.
	  	 Notice of Optional Redemption
	  	37
	 SECTION 3.06.
	  	 Effect of Notice of Redemption
	  	38
	 SECTION 3.07.
	  	 Special Mandatory Redemption; Notices to Trustee and Escrow Agent
	  	38
	 SECTION 3.08.
	  	 Notice of Special Mandatory Redemption to Holders
	  	38
	 SECTION 3.09.
	  	 Effect of Notice of Special Mandatory Redemption
	  	39
	 SECTION 3.10.
	  	 Deposit of Special Mandatory Redemption Price
	  	39
	 SECTION 3.11.
	  	 Deposit of Redemption Price
	  	39

  

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	 	  	 	  	Page


	 SECTION 3.12.
	  	 Notes Redeemed in Part
	  	40
		
	ARTICLE 4	  	 
		
	COVENANTS	  	 
			
	 SECTION 4.01.
	  	 Payment of Securities
	  	40
	 SECTION 4.02.
	  	 Reports and Other Information
	  	40
	 SECTION 4.03.
	  	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	  	41
	 SECTION 4.04.
	  	 Limitation on Restricted Payments
	  	46
	 SECTION 4.05.
	  	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	50
	 SECTION 4.06.
	  	 Asset Sales
	  	52
	 SECTION 4.07.
	  	 Transactions with Affiliates
	  	55
	 SECTION 4.08.
	  	 Change of Control
	  	57
	 SECTION 4.09.
	  	 Compliance Certificate
	  	59
	 SECTION 4.10.
	  	 Further Instruments and Acts
	  	59
	 SECTION 4.11.
	  	 Future Guarantors
	  	59
	 SECTION 4.12.
	  	 Liens
	  	60
	 SECTION 4.13.
	  	 Limitation on Other Indebtedness
	  	60
	 SECTION 4.14.
	  	 Maintenance of Office or Agency
	  	60
	 SECTION 4.15.
	  	 Operation of ACCO Finance
	  	61
		
	ARTICLE 5	  	 
		
	SUCCESSOR COMPANY	  	 
			
	 SECTION 5.01.
	  	 When Company May Merge or Transfer Assets
	  	61
		
	ARTICLE 6	  	 
		
	DEFAULTS AND REMEDIES	  	 
			
	 SECTION 6.01.
	  	 Events of Default
	  	64
	 SECTION 6.02.
	  	 Acceleration
	  	66
	 SECTION 6.03.
	  	 Other Remedies
	  	66
	 SECTION 6.04.
	  	 Waiver of Past Defaults
	  	66
	 SECTION 6.05.
	  	 Control by Majority
	  	67
	 SECTION 6.06.
	  	 Limitation on Suits
	  	67
	 SECTION 6.07.
	  	 Rights of the Holders to Receive Payment
	  	67
	 SECTION 6.08.
	  	 Collection Suit by Trustee
	  	68
	 SECTION 6.09.
	  	 Trustee May File Proofs of Claim
	  	68
	 SECTION 6.10.
	  	 Priorities
	  	68
	 SECTION 6.11.
	  	 Undertaking for Costs
	  	68
	 SECTION 6.12.
	  	 Waiver of Stay or Extension Laws
	  	69

  

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	 	  	Page


		
	ARTICLE 7	  	 
		
	TRUSTEE	  	 
			
	 SECTION 7.01.
	  	 Duties of Trustee
	  	69
	 SECTION 7.02.
	  	 Rights of Trustee
	  	70
	 SECTION 7.03.
	  	 Individual Rights of Trustee
	  	71
	 SECTION 7.04.
	  	 Trustee’s Disclaimer
	  	71
	 SECTION 7.05.
	  	 Notice of Defaults
	  	71
	 SECTION 7.06.
	  	 Reports by Trustee to the Holders
	  	71
	 SECTION 7.07.
	  	 Compensation and Indemnity
	  	72
	 SECTION 7.08.
	  	 Replacement of Trustee
	  	73
	 SECTION 7.09.
	  	 Successor Trustee by Merger
	  	73
	 SECTION 7.10.
	  	 Eligibility; Disqualification
	  	74
	 SECTION 7.11.
	  	 Preferential Collection of Claims Against Company
	  	74
		
	ARTICLE 8	  	 
		
	DISCHARGE OF INDENTURE; DEFEASANCE	  	 
			
	 SECTION 8.01.
	  	 Discharge of Liability on Securities; Defeasance
	  	74
	 SECTION 8.02.
	  	 Conditions to Defeasance
	  	75
	 SECTION 8.03.
	  	 Application of Trust Money
	  	77
	 SECTION 8.04.
	  	 Repayment to Company
	  	77
	 SECTION 8.05.
	  	 Indemnity for Government Obligations
	  	77
	 SECTION 8.06.
	  	 Reinstatement
	  	77
		
	ARTICLE 9	  	 
		
	AMENDMENTS AND WAIVERS	  	 
			
	 SECTION 9.01.
	  	 Without Consent of the Holders
	  	78
	 SECTION 9.02.
	  	 With Consent of the Holders
	  	78
	 SECTION 9.03.
	  	 Compliance with Trust Indenture Act
	  	79
	 SECTION 9.04.
	  	 Revocation and Effect of Consents and Waivers
	  	79
	 SECTION 9.05.
	  	 Notation on or Exchange of Securities
	  	80
	 SECTION 9.06.
	  	 Trustee to Sign Amendments
	  	80
	 SECTION 9.07.
	  	 Payment for Consent
	  	80
	 SECTION 9.08.
	  	 Additional Voting Terms; Calculation of Principal Amount
	  	80
		
	ARTICLE 10	  	 
		
	SUBORDINATION	  	 
			
	 SECTION 10.01.
	  	 Agreement to Subordinate
	  	81
	 SECTION 10.02.
	  	 Liquidation, Dissolution, Bankruptcy
	  	81
	 SECTION 10.03.
	  	 Default on Designated Senior Indebtedness
	  	81

  

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	 	  	 	  	Page


	 SECTION 10.04.
	  	 Acceleration of Payment of Notes
	  	83
	 SECTION 10.05.
	  	 When Distribution Must Be Paid Over
	  	83
	 SECTION 10.06.
	  	 Subrogation
	  	83
	 SECTION 10.07.
	  	 Relative Rights
	  	83
	 SECTION 10.08.
	  	 Subordination May Not Be Impaired by Company
	  	83
	 SECTION 10.09.
	  	 Rights of Trustee and Paying Agent
	  	83
	 SECTION 10.10.
	  	 Distribution or Notice to Representative
	  	84
	 SECTION 10.11.
	  	 Article 10 Not to Prevent Events of Default or Limit Right to Accelerate
	  	84
	 SECTION 10.12.
	  	 Trust Monies Not Subordinated
	  	84
	 SECTION 10.13.
	  	 Trustee Entitled to Rely
	  	84
	 SECTION 10.14.
	  	 Trustee to Effectuate Subordination
	  	84
	 SECTION 10.15.
	  	 Trustee Not Fiduciary for Holders of Senior Indebtedness
	  	85
	 SECTION 10.16.
	  	 Reliance by Holders of Senior Indebtedness on Subordination Provisions
	  	85
		
	ARTICLE 11	  	 
		
	GUARANTEES	  	 
			
	 SECTION 11.01.
	  	 Guarantees
	  	85
	 SECTION 11.02.
	  	 Limitation on Liability
	  	88
	 SECTION 11.03.
	  	 Successors and Assigns
	  	88
	 SECTION 11.04.
	  	 No Waiver
	  	88
	 SECTION 11.05.
	  	 Modification
	  	89
	 SECTION 11.06.
	  	 Execution of Supplemental Indenture for Future Guarantors
	  	89
	 SECTION 11.07.
	  	 Non-Impairment
	  	89
		
	ARTICLE 12	  	 
		
	SUBORDINATION OF THE GUARANTEES	  	 
			
	 SECTION 12.01.
	  	 Agreement to Subordinate
	  	89
	 SECTION 12.02.
	  	 Liquidation, Dissolution, Bankruptcy
	  	90
	 SECTION 12.03.
	  	 Default on Designated Senior Indebtedness of a Guarantor
	  	90
	 SECTION 12.04.
	  	 Demand for Payment
	  	91
	 SECTION 12.05.
	  	 When Distribution Must Be Paid Over
	  	91
	 SECTION 12.06.
	  	 Subrogation
	  	91
	 SECTION 12.07.
	  	 Relative Rights
	  	92
	 SECTION 12.08.
	  	 Subordination May Not Be Impaired by a Guarantor
	  	92
	 SECTION 12.09.
	  	 Rights of Trustee and Paying Agent
	  	92
	 SECTION 12.10.
	  	 Distribution or Notice to Representative
	  	92
	 SECTION 12.11.
	  	 Article 12 Not to Prevent Events of Default or Limit Right to Accelerate
	  	92
	 SECTION 12.12.
	  	 Trustee Entitled to Rely
	  	93
	 SECTION 12.13.
	  	 Trustee to Effectuate Subordination
	  	93

  

 -iv- 









					
	 	  	 	  	Page


	 SECTION 12.14.
	  	 Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor
	  	93
	 SECTION 12.15.
	  	 Reliance by Holders of Senior Indebtedness of a Guarantor on Subordination Provisions
	  	93
	 SECTION 12.16.
	  	 Trust Monies Not Subordinated
	  	94
		
	ARTICLE 13	  	 
		
	MISCELLANEOUS	  	 
			
	 SECTION 13.01.
	  	 Trust Indenture Act Controls
	  	94
	 SECTION 13.02.
	  	 Notices
	  	94
	 SECTION 13.03.
	  	 Communication by the Holders with Other Holders
	  	95
	 SECTION 13.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	95
	 SECTION 13.05.
	  	 Statements Required in Certificate or Opinion
	  	95
	 SECTION 13.06.
	  	 When Securities Disregarded
	  	96
	 SECTION 13.07.
	  	 Rules by Trustee, Paying Agent and Registrar
	  	96
	 SECTION 13.08.
	  	 Legal Holidays
	  	96
	 SECTION 13.09.
	  	 GOVERNING LAW
	  	96
	 SECTION 13.10.
	  	 No Recourse Against Others
	  	96
	 SECTION 13.11.
	  	 Successors
	  	97
	 SECTION 13.12.
	  	 Multiple Originals
	  	97
	 SECTION 13.13.
	  	 Table of Contents; Headings
	  	97
	 SECTION 13.14.
	  	 Indenture Controls
	  	97
	 SECTION 13.15.
	  	 Severability
	  	97
			
	 Appendix A    –
	  	 Provisions Relating to Initial Securities, Additional Securities and Exchange Securities
	  	 
		
	 EXHIBIT INDEX
	  	 
			
	 Exhibit A         –
	  	 Initial Note
	  	 
	 Exhibit B          –
	  	 Exchange Note
	  	 
	 Exhibit C          –
	  	 Form of Transferee Letter of Representation
	  	 
	 Exhibit D          –
	  	 Form of Supplemental Indenture
	  	 

  

 -v- 








 CROSS-REFERENCE TABLE 
  

			
	 TIA Section

	  	Indenture
Section


	 310 (a)(1)
	  	7.10
	        (a)(2)
	  	7.10
	        (a)(3)
	  	N.A.
	        (a)(4)
	  	N.A.
	        (a)(5)
	  	7.10
	        (b)
	  	7.08; 7.10
	        (c)
	  	N.A.
	 311 (a)
	  	7.11
	        (b)
	  	7.11
	        (c)
	  	N.A.
	 312 (a)
	  	2.06
	        (b)
	  	13.03
	        (c)
	  	13.03
	 313 (a)
	  	7.06
	        (b)(1)
	  	N.A.
	        (b)(2)
	  	7.06
	        (c)
	  	7.06
	        (d)
	  	7.06
	 314 (a)
	  	4.02; 4.09
	        (b)
	  	N.A.
	        (c)(1)
	  	13.04
	        (c)(2)
	  	13.04
	        (c)(3)
	  	N.A.
	        (d)
	  	N.A.
	        (e)
	  	13.05
	        (f)
	  	4.10
	 315 (a)
	  	7.01
	        (b)
	  	7.05
	        (c)
	  	7.01
	        (d)
	  	7.01
	        (e)
	  	6.11
	 316 (a) (last sentence)
	  	13.06
	        (a)(1)(A)
	  	6.05
	        (a)(1)(B)
	  	6.04
	        (a)(2)
	  	N.A.
	        (b)
	  	6.07
	 317 (a)(1)
	  	6.08
	        (a)(2)
	  	6.09
	        (b)
	  	2.05
	 318 (a)
	  	13.01
	        (b)
	  	N.A
	        (c)
	  	13.01

  
 N.A. Means Not Applicable. 

 

 -vi- 









	Note:	This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

  

 -vii- 








 INDENTURE dated as of August 5, 2005 between ACCO Finance I, Inc., a Delaware corporation, and Wachovia
Bank, National Association, a national banking association formed under the laws of the United States of America, as trustee (the “Trustee”). 
  
 References herein to the “Company” refer to (i) prior to the Assumption Date ACCO Finance I, Inc., a Delware corporation, and (ii) on and after
the Assumption Date, ACCO Brands Corporation, a Delaware corporation. 
  
 On and after the Assumption Date, the Notes will be Guaranteed by the Guarantors. 
  
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of (a) $350,000,000 aggregate principal amount of the Company’s 7 5/8% Senior Subordinated Notes due August 15, 2015 (the “Original Notes”), (b) any Additional Notes (as
defined herein) that may be issued after the date hereof in the form of Exhibit A (together with the Original Notes, the “Initial Notes”) and (c) if and when issued as provided in the Registration Agreement (as defined in Appendix A
hereto (the “Appendix”)) or otherwise registered under the Securities Act (as defined in the Appendix) and issued, the Company’s 7 5/8% Senior Subordinated Notes due August 15, 2015 (the “Exchange Notes” issued in the Registered Exchange Offer (as defined in the Appendix) in exchange for any Initial Notes or otherwise
registered under the Securities Act and issued in the form of Exhibit B. Subject to the conditions and compliance with the covenants set forth herein, the Company may issue an unlimited aggregate principal amount of Additional Notes.

  
 ARTICLE 1 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.01. Definitions. 
  
 “ACCO Assumption” means the assumption of the obligations under the
Notes or the Guarantees, as applicable, and this Indenture by ACCO and the Guarantors. 
  
 “ACCO Brands” means ACCO Brands Corporation, a Delaware corporation. 
  
 “ACCO Finance” means ACCO Finance I, Inc., a Delaware corporation. 
  
 “Acquired Indebtedness” means, with respect to any specified Person: 
  
 (1) Indebtedness of any other Person existing at the time
such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, and 
  
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person, 
  
 in each case, other than Indebtedness Incurred as consideration in, in contemplation of, or
to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted 










 
Subsidiary or was otherwise acquired by such Person, or such asset was acquired by such Person, as applicable. 
  
 “Additional Notes” means 7 5/8% Senior Subordinated Notes due 2015 issued under the terms of this Indenture and in compliance with Section 4.03
subsequent to the Issue Date. 
  
 “Affiliate” of
any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. Notwithstanding the foregoing, no Person (other than the Company or any Subsidiary of the Company) in which a Receivables
Subsidiary makes an Investment in connection with a Qualified Receivables Transaction will be deemed to be an Affiliate of the Company or any of its Subsidiaries solely by reason of such Investment. 
  
 “Applicable Premium” means, with respect to any Note on any
applicable redemption date, the greater of: 
  
 (1) 1.0% of the then outstanding principal amount of the Note; and 
  
 (2) the excess of: 
  
 (a) the present value at such redemption date of (i) the redemption price of the Note, as applicable, at August 15, 2010 (such redemption price being set forth in Paragraph 5 of the applicable Note) plus (ii) all required remaining
scheduled interest payments due on such Note through August 15, 2010 excluding accrued but unpaid interest, computed using a discount rate equal to the Treasury Rate as of such redemption date plus 75 basis points; over 
  
 (b) the then outstanding principal amount of the Note.

  
 “Asset Sale” means: 
  
 (1) the sale, conveyance, transfer or other disposition
(whether in a single transaction or a series of related transactions) of property or assets (including by way of a Sale/Leaseback Transaction) of the Company or any of its Restricted Subsidiaries (each referred to in this definition as a
“disposition”) or 
  
 (2) the issuance
or sale of Equity Interests of any Restricted Subsidiary (other than to the Company or another Restricted Subsidiary of the Company) (whether in a single transaction or a series of related transactions), 
  

 -2- 








 in each case other than: 
  
 (a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, uneconomical, surplus or worn out property or equipment
in the ordinary course of business or in connection with the release of the Escrowed Property; 
  
 (b) the sale, conveyance, transfer or other disposition of all or substantially all of the assets of the Company and its Restricted
Subsidiaries in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 
  
 (c) any Restricted Payment that is permitted to be made and is made under Section 4.04 or any Permitted Investment; 
  
 (d) any disposition of assets or issuance or sale of Equity
Interests of any Restricted Subsidiary with an aggregate Fair Market Value of less than $5.0 million; 
  
 (e) any disposition of property or assets by a Restricted Subsidiary of the Company to the Company or by the Company or one of its
Restricted Subsidiaries to another Restricted Subsidiary; 
  
 (f) sales of assets received by the Company or any of its Restricted Subsidiaries upon the foreclosure on a Lien; 
  
 (g) sales or leases of inventory, equipment, accounts receivable or other current assets in the ordinary course of business; 

 
 (h) an issuance or sale of Equity Interests by a
Restricted Subsidiary to the Company or to another Restricted Subsidiary of the Company; 
  
 (i) the surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the
ordinary course of business; 
  
 (j) any issuance
of employee stock options or stock awards pursuant to benefit plans of the Company or any of its Restricted Subsidiaries; 
  
 (k) any sale, lease, conveyance or other disposition deemed to occur with creating or granting a Lien not otherwise prohibited by this
Indenture; 
  
 (l) sales, conveyances or other
transfers of accounts receivable and related assets and grants of security interests or creation of Liens of the type specified in the definition of Qualified Receivables Transaction, or a fractional undivided interest therein, by a Receivables
Subsidiary in connection with a Qualified Receivables Transaction; 
  
 (o) the lease, assignment or sublease of any real or personal property in the ordinary course of business; and 
  
 (p) the disposition of assets since the Issue Date in connection with or related to the reorganization of the Company and its Subsidiaries
in connection with the ongoing 

  

 -3- 








 
reorganization plans or the Transactions with an Aggregate Fair Market Value of not more than $50.0 million. 
  
 “Assumption Date” means the date and time of the ACCO Assumption.

  
 “Bank Indebtedness” means any and all amounts
payable under or in respect of the Credit Agreement and the other Senior Credit Documents, as amended, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time, including principal, premium
(if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges,
expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof. 
  
 “Board of Directors” means as to any Person, the board of directors or managers, as applicable, of such Person (or, if such Person is a
partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 
  
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close
in New York State. 
  
 “Capital Stock” means:

  
 (1) in the case of a corporation, corporate
stock; 
  
 (2) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
  
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

  
 (4) any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
  
 “Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital
lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 
  
 “Cash Equivalents” means: 
  
 (1) U.S. Dollars, pounds sterling, euros, or, in the case of any Foreign Subsidiary that is a Restricted
Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 
  
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof
in each case with maturities not exceeding two years from the date of acquisition; 
  

 -4- 








 (3) certificates of deposit, time deposits, money market deposits, demand deposits and
eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year from the date of acquisition and overnight bank deposits, in each case with any
commercial bank having capital and surplus in excess of $500.0 million and whose long-term debt is rated at least “A” or the equivalent thereof by Moody’s or S&P; 
  
 (4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) above
entered into with any financial institution meeting the qualifications specified in clause (3) above; 
  
 (5) commercial paper issued by a corporation (other than an Affiliate of the Company) rated at least “A-1” or the equivalent
thereof by Moody’s or S&P and in each case maturing within one year after the date of acquisition; 
  
 (6) investment funds investing at least 95% of their assets in securities of the types described in clauses (1) through (5) above;

  
 (7) readily marketable direct obligations
issued by any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P in each case with maturities not exceeding two years from the
date of acquisition; 
  
 (8) Indebtedness issued
by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s in each case with maturities not exceeding two years from the date of acquisition; and 
  
 (9) in the case of any Foreign Subsidiary: 
  
 (a) direct obligations of the sovereign nation, or any
agency thereof, in which such Foreign Subsidiary is organized and is conducting business or obligations fully and unconditionally guaranteed by such sovereign nation, or any agency thereof; 
  
 (b) investments of the type and maturity described in
clauses (1) through (8) above of foreign obligors, which investments or obligors, or the direct or indirect parents of such obligors, have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies; or

  
 (c) investments of the type and maturity
described in clauses (1) through (8) above of foreign obligors, or the direct or indirect parents of such obligors, which investments or obligors, or the direct or indirect parents of such obligors, are not rated as provided in such clauses or in
clause (b) above but which are, in the reasonable judgment of the Company, comparable in investment quality to such investments and obligors, or the direct or indirect parent of such obligors. 
  

 -5- 








 “Change of Control” means: 
  
 (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the
assets of ACCO Brands and its Subsidiaries, taken as a whole, to any Person; or 
  
 (2) ACCO Brands becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written
notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or
disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions by way of merger, consolidation or other business combination or purchase, of ultimate beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50% of the total voting power of the Voting Stock of ACCO Brands or any direct or indirect parent of ACCO Brands; or 
  
 (3) individuals who on the Assumption Date constituted the
Board of Directors of ACCO Brands (together with any new directors whose election by such Board of Directors of ACCO Brands or whose nomination for election by the shareholders of ACCO Brands, as the case may be, was approved by a vote of majority
of the directors of ACCO Brands, as the case may be, then still in office who were either directors on the Assumption 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 of ACCO Brands then in office. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Company” means ACCO Finance I, Inc. until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the
Notes. 
  
 “Consolidated Interest Expense” means, with
respect to any Person for any period, the sum, without duplication, of: 
  
 (1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue
discount, the interest component of Capitalized Lease Obligations, and net payments and receipts (if any) pursuant to interest rate Hedging Obligations and excluding amortization of deferred financing fees); and 
  
 (2) consolidated capitalized interest of such Person and its
Restricted Subsidiaries for such period, whether paid or accrued; 
  
 less
interest income of such Person and its Restricted Subsidiaries for such period. 
  

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 “Consolidated Net Income” means, with respect to any specified Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
  
 (1) the Net Income of any Person (other than the Company) that is not a Restricted Subsidiary or that is
accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash (or to the extent converted into cash) to the specified Person or a Restricted Subsidiary of the
specified Person; 
  
 (2) solely for the purpose
of determining the amount available for Restricted Payments under Section 4.04(a)(3)(A), the Net Income of any Restricted Subsidiary (other than a Guarantor) will be excluded to the extent that the declaration or payment of dividends or similar
distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or
any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar distributions
have been legally waived at the date of determination; 
  
 (3) the cumulative effect of a change in accounting principles will be excluded; 
  
 (4) any net after-tax extraordinary or nonrecurring gains or losses or income or expenses (less all fees and expenses relating thereto),
including, without limitation, any severance expenses, transition expenses incurred as a direct result of the transition of the Company to an independent public company in connection with the Transactions and fees, expenses or charges related to any
Equity Offering, Permitted Investment, acquisition or Indebtedness permitted to be Incurred under this Indenture (in each case, whether or not successful), including any such fees, expenses, charges or change in control payments related to the
Transactions, in each case, will be excluded; 
  
 (5) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business shall be excluded; 
  
 (6) any net after-tax gains or losses (less all fees and
expenses or charges relating thereto) attributable to the early extinguishment of Indebtedness will be excluded; 
  
 (7) other non-cash items which would otherwise increase or decrease Consolidated Net Income for such period (excluding any items which
represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period or an accrual of, or cash reserve for, anticipated cash charges in a future period) will be excluded; and 
  
 (8) restructuring charges and other one-time expenses
associated with the Company’s integration plan as described in the Offering Memorandum will be excluded. 
  
 “Consolidated Taxes” means provision for taxes based on income, profits or capital, including, without limitation, state, franchise and similar
taxes and any Tax Distributions taken into account in calculating Consolidated Net Income. 
  

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 “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without
limitation, any obligation of such Person, whether or not contingent: 
  
 (1) to purchase any such primary obligation or any property constituting direct or indirect security therefor, 
  
 (2) to advance or supply funds: 
  
 (a) for the purchase or payment of any such primary obligation; or 
  
 (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor; or 
  
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect
thereof. 
  
 “Credit Agreement” means the credit
agreement entered into in connection with, and on or prior to, the consummation of the Transactions, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise),
restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under
such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof, among the Company,
certain Subsidiaries of the Company, the financial institutions named therein and Citicorp North America, Inc., as Administrative Agent and Collateral Agent. 
  
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 
  
 “Designated Non-cash Consideration” means the Fair Market Value of
non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate setting forth the basis of
such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 
  
 “Designated Senior Indebtedness” means, with respect to the Company or a Guarantor: 
  
 (1) the Bank Indebtedness and 
  
 (2) other Senior Indebtedness of the Company or such
Guarantor which, at the date of determination, has an aggregate principal amount outstanding of, or under which, at the date of determination, the holders thereof are committed to lend up to, at least 

  

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$20.0 million and is specifically designated by the Company or such Guarantor in the instrument evidencing or governing such Senior Indebtedness as
“Designated Senior Indebtedness” for purposes of this Indenture. 
  
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person or any option, warrant or other right to acquire Capital Stock which, by its terms, or by the terms of any security
into which it is convertible or for which it is redeemable or exchangeable, in each case at the option of the holder thereof, or upon the happening of any event: 
  
 (1) matures, excluding any maturity as the result of the redemption thereof at the option of the Company
thereof, or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, 
  
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock, or 
  
 (3) is redeemable at the option of the holder thereof, in
whole or in part, 
  
 in each case prior to 91 days after the maturity date of the
Notes; provided, however, that only the portion of Capital Stock or other security which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such
date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock or other security is issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or
by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or any of its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Capital Stock or other security of such Person that by its terms authorizes such Person to satisfy its
obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because
the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control or an Asset Sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company
may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.04. 
  
 “Domestic Subsidiary” means a Restricted Subsidiary that is not a Foreign Subsidiary. 
  
 “EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 
  

(1) Consolidated Taxes; plus 
  
 (2) Consolidated Interest Expense. 
  

 -9- 








 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
  
 “Equity Offering” means any public or private sale of Capital Stock of the Company or any direct or indirect parent company of the Company, as
applicable, other than Disqualified Stock, other than public offerings with respect to the Company’s or such direct or indirect parent company’s common stock registered on Form S-8. 
  
 “Escrow Agent” means Citibank, N.A., Agency & Trust, as
securities intermediary and escrow agent under the Escrow Agreement. 
  
 “Escrowed Property” means the proceeds of the offering of the Original Notes and an additional amount in cash deposited by ACCO Finance with the Escrow Agent and sufficient to redeem such Notes at the Special Mandatory Redemption
Price, collectively with any other property from time to time held by the Escrow Agent. 
  
 “Existing GBC Subordinated Notes” means up to $150.0 million of General Binding Corporation’s 9 3/8% Senior Subordinated Notes due 2008. 
  
 “Existing GBC Subordinated Notes Indenture” means the indenture governing General Binding Corporation’s
Existing GBC Subordinated Notes. 
  
 “Existing
Indebtedness” means the Indebtedness of the Company and its Restricted Subsidiaries outstanding as of the Issue Date (other than such Indebtedness that is to be repaid on the Assumption Date in connection with the Transactions and as described
in the Offering Memorandum). 
  
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “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. 
  

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the
Fixed Charges of such Person for such period. In the event that the Company or any of its Restricted Subsidiaries Incurs or redeems any Indebtedness (other than ordinary working capital borrowings) or issues or redeems Preferred Stock subsequent to
the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge
Coverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness, or such issuance or redemption of Preferred Stock, and the use of proceeds therefrom, as if the same had occurred at the beginning of
the applicable four-quarter period. 
  

 -10- 








 For purposes of making the computation referred to above, Investments, acquisitions, dispositions,
mergers, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, that the Company or any of its Restricted Subsidiaries has made after the Issue Date and
during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date shall be calculated on a pro forma basis as if all such Investments, acquisitions, dispositions,
mergers, consolidations or discontinued operations (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of
such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger,
consolidation or discontinued operation, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma
effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger or consolidation had occurred at the beginning of the applicable four-quarter period. 
  
 For purposes of this definition, whenever pro forma effect is to be
given to any transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. If any Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such
Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the
rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility or on revolving advances under any
Qualified Receivables Transaction computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the
Company may designate. Any such pro forma calculation may include adjustments appropriate, in the reasonable determination of the Company, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably
expected to result from any acquisition or merger (including, to the extent applicable, from the Transactions) and (2) all adjustments used in connection with the calculation of pro forma Adjusted EBITDA as described under “Unaudited Pro
Forma Combined Condensed Financial Statements” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period; provided that any such adjustment (x) in excess of $5.0
million shall be set forth in an Officer’s Certificate and (y) in excess of $30.0 million shall be set forth in a resolution approved by at least a majority of the Board of Directors of the Company. 
  

 -11- 








 “Fixed Charges” means, with respect to any Person for any period, the sum of: 
  
 (1) Consolidated Interest Expense of such Person for such
period, and 
  
 (2) all cash dividend payments
(excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries. 
  
 “Foreign Subsidiary” means a Restricted Subsidiary not organized or existing under the laws of the United States of America or any state or
territory thereof and any direct or indirect subsidiary of such Restricted Subsidiary. 
  
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date. For the purposes of
this Indenture, the term “consolidated” shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary shall be
accounted for as an Investment. 
  
 “Government
Obligations” means securities that are: 
  
 (1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or 
  
 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the
timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
  
 which, in each case, are not callable or redeemable at the option of the Company thereof, and shall also include a depository receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act) as custodian with respect to any such Government Obligations or a specific payment of principal of or interest on any such Government Obligations held by such custodian for the account of the holder of such
depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
Government Obligations or the specific payment of principal of or interest on the Government Obligations evidenced by such depository receipt. 
  
 “guarantee” means a guarantee, other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or
indirect, in any manner, including, without limitation, letters of credit and reimbursement agreements in respect thereof, of all or any part of any Indebtedness or other obligations. 
  
 “Guarantee” means any guarantee of the obligations of the Company under this Indenture and the Notes by any Person
in accordance with the provisions of this Indenture. 
  

 -12- 








 “Guarantor” means any Person that Incurs a Guarantee; provided that upon the release or
discharge of such Person from its Guarantee in accordance with this Indenture, such Person ceases to be a Guarantor. 
  
 “Hedging Obligations” means, with respect to any Person, the net payment obligations of such Person under: 
  
 (1) currency exchange, interest rate or commodity swap
agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements; and 
  
 (2) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or
commodity prices. 
  
 “Holder” or “noteholder”
means the Person in whose name a Note is registered on the Registrar’s books. 
  
 “Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a
Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. 
  
 “Indebtedness” means, with respect to any Person, without duplication: 
  
 (1) any indebtedness of such Person, without duplication,
whether or not contingent, (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or, without duplication, reimbursement agreements in respect thereof), excluding letters of credit
securing obligations other than obligations described in subclauses (a), (b), (e) and (f) of this clause (1) and entered into in the ordinary course of business of such Person, to the extent such letters of credit are not drawn upon, or, if drawn
upon, to the extent such drawing is reimbursed no later than the fifth (5th) Business Day following receipt by such Person of a demand for reimbursement), (c) in respect of bankers’ acceptances, (d) representing the deferred balance and unpaid
purchase price of any property, except any such balance that constitutes an accrued expense or trade payable or similar obligation to a trade creditor and excluding any such balance or unpaid purchase price to the extent that it is either required
to be or at the option of such Person may be satisfied solely through the issuance of Equity Interests of the Company that are not Disqualified Stock, (e) in respect of Capitalized Lease Obligations, or (f) representing any Hedging Obligations,
other than Hedging Obligations that are incurred in the normal course of business and not for speculative purposes, and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in interest
rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder, if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging Obligations)
would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
  

 -13- 








 (2) to the extent not otherwise included, any obligation of such Person to be liable for,
or to pay, as obligor, guarantor or otherwise, the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 
  
 (3) to the extent not otherwise included, Indebtedness of
another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value
of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 
  
 provided that Contingent Obligations incurred in the ordinary course of business shall be deemed not to constitute Indebtedness. 
  
 “Indenture” means this Indenture as amended or supplemented from time to time. 
  
 “Independent Financial Advisor” means an accounting, appraisal or
investment banking firm or consultant to Persons engaged in a Similar Business, in each case of nationally recognized standing that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged.

  
 “Initial Purchasers” means Citigroup Global Markets
Inc., Goldman, Sachs & Co., ABN AMRO Incorporated, Harris Nesbitt Corp., NatCity Investments, Inc. and Piper Jaffray & Co. and such other initial purchasers party to the purchase agreement entered into in connection with the offer and sale
of the Original Notes. 
  
 “Investment Grade Securities”
means: 
  
 (1) securities issued or directly and
fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other than Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition, 
  
 (2) investments in any fund that invests exclusively in
investments of the type described in clause (1) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 
  
 (3) corresponding instruments in countries other than the United States customarily utilized for high quality investments and in each case
with maturities not exceeding two years from the date of acquisition. 
  
 “Investments” means, with respect to any Person, all investments by such Person in other Persons, including Affiliates, in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable,
trade credit and advances to customers and commission, payroll, travel and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. For purposes of the definition of “Unrestricted
Subsidiary” and Section 4.04: 
  
 (1)
“Investments” shall include the portion (proportionate to such Person’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Restricted Subsidiary of such Person at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary; provided that the portion (proportionate to such Person’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of any Unrestricted Subsidiary at the time that
such Unrestricted Subsidiary is designated a Restricted Subsidiary will be considered a reduction in outstanding Investments; and 
  

 -14- 








 (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 5, 2005, the date on which the Original Notes were issued. 
  
 “Lien” means, with respect to any asset, any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or other agreement to sell or give a security interest and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in
no event shall an operating lease be deemed to constitute a Lien. 
  
 “Merger” means the merger, pursuant to the Merger Agreement, which will result in Gemini Acquisition Sub, Inc. merging into General Binding Corporation and General Binding Corporation becoming a Wholly Owned Subsidiary of ACCO
Brands Corporation. 
  
 “Merger Agreement” means the
agreement and plan of merger, dated March 15, 2005, among Fortune Brands, Inc., ACCO World Corporation (to be renamed ACCO Brands Corporation), Gemini Acquisition Sub, Inc. and General Binding Corporation, as amended prior to the ACCO Assumption.

  
 “Merger Documents” means the Merger Agreement and
any other document entered into in connection therewith, in each case as amended, supplemented or modified from time to time. 
  
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
  
 “Net Income” means, with respect to any Person, the net income
(loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 
  
 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale
(including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant
to a note or installment receivable or otherwise, but only as and 

  

 -15- 








 
when received, but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration received in any
other non-cash form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales
commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required
to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i)) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by
the Company as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company after such sale or other disposition thereof, including, without limitation, pension and
other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 
  
 “Notes” means $350,000,000 aggregate principal amount of the Company’s 7 5/8% Senior Subordinated Notes due August 15, 2015 issued on the date hereof. 
  
 “Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness;
provided that Obligations with respect to the Notes shall not include fees or indemnifications in favor of the Trustee and other third parties other than the Holders of the Notes. 
  
 “Offering Memorandum” means the offering memorandum relating to the offering of the Original Notes dated August 2,
2005. 
  
 “Officer” means the chairman of the board,
chief executive officer, president, any executive vice president, senior vice president or vice president, the treasurer, the controller or the secretary of the Company. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company,
one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements set forth in this Indenture. 
  
 “Opinion of Counsel” means a written opinion from legal counsel who
is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
  
 “Pari Passu Indebtedness” means: 
  
 (1) with respect to the Company, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes; and

  
 (2) with respect to any Guarantor, its
Guarantee and any Indebtedness which ranks pari passu in right of payment to such Guarantor’s Guarantee. 
  

 16 








 “Permitted Asset Swap” means any transfer of properties or assets by the Company or any of its
Restricted Subsidiaries in which the consideration received by the transferor consists primarily of properties or assets to be used in a Similar Business; provided that (1) the fair market value (determined in good faith by the Board of
Directors of the Company if such amount is reasonably likely to exceed $50.0 million) of properties or assets received by the Company or any such Restricted Subsidiary in connection with such Permitted Asset Swap is at least equal to the fair market
value (determined in good faith by the Board of Directors of the Company if such amount is reasonably likely to exceed $50.0 million) of properties or assets transferred by the Company or such Restricted Subsidiary in connection with such Permitted
Asset Swap and (2) the aggregate fair market value of assets transferred by the Company and its Restricted Subsidiaries in connection with all transactions that the Company designates as Permitted Asset Swaps after the Closing Date does not exceed
15% of Total Assets. 
  
 “Permitted Investments” means:

  
 (1) any Investment in the Company or any
Restricted Subsidiary of the Company; 
  
 (2) any
Investment in Cash Equivalents or Investment Grade Securities; 
  
 (3) any Investment by the Company or any of its Restricted Subsidiaries in a Person if as a result of such Investment (a) such Person becomes a Restricted Subsidiary of the Company, or (b) such Person, in one
transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company;

  
 (4) any Investment in securities or other
assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 4.06 or any other disposition of assets not constituting an Asset Sale; 
  
 (5) any Investment existing on the Assumption Date and any amendment, modification, restatement, supplement,
extension, renewal, refunding, replacement or refinancing, in whole or in part, thereof; provided that such amendment does not increase the aggregate principal amount thereof; 
  
 (6) advances to employees not in excess of $30.0 million outstanding at any one time in the aggregate;

  
 (7) any Investment acquired by the Company or
any of its Restricted Subsidiaries in satisfaction of judgments, settlements of debt or compromises of obligations incurred in the ordinary course of business; 
  

(8) any Investment acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts
receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Company of such other Investment or accounts receivable, or (b) as a result of a
foreclosure by the Company or any of its 

  

 -17- 








 
Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 
  
 (9) Hedging Obligations permitted under Section 4.03(b)(x);

  
 (10) loans and advances to officers,
directors and employees for business-related travel expenses, moving expenses, commission and payroll advances and other similar expenses or advances, in each case Incurred in the ordinary course of business; 
  
 (11) Investments the payment for which consists of Equity
Interests of the Company, other than Disqualified Stock, or any direct or indirect parent company of the Company, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted
Payments under Section 4.04(a)(3); 
  
 (12) any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (vii), (x), (xiv) and (xv) of Section 4.07(b)); 
  
 (13) guarantees issued in accordance with Section 4.03 and
Section 4.11; 
  
 (14) any Investment by
Restricted Subsidiaries of the Company in other Restricted Subsidiaries of the Company and Investments by Subsidiaries that are not Restricted Subsidiaries in other Subsidiaries that are not Restricted Subsidiaries of the Company; 
  
 (15) Investments consisting of purchases and acquisitions of
inventory, supplies, materials and equipment or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business; 
  
 (16) Investments resulting from the receipt of non-cash consideration in an Asset Sale received in
compliance with Section 4.06 or any other disposition of assets not constituting an Asset Sale; 
  
 (17) additional Investments in joint ventures and other Investments in any Person having an aggregate fair market value, measured on the
date each such Investment was made, when taken together with all other Investments made pursuant to this clause (17) since the Issue Date, not to exceed the greater of (x) 5% of Total Assets and (y) $100.0 million; 
  
 (18) Investments deemed to have been made as a result of the
acquisition of a Person that at the time of such acquisition held instruments constituting Investments that were not acquired in contemplation of the acquisition of such Person; 
  
 (19) Investments in prepaid expenses and lease, utility and workers’ compensation performance and other
similar deposits; 
  
 (20) Investments consisting
of intercompany indebtedness between the Company and the Guarantors or between Guarantors and permitted by Section 4.03; 
  

 -18- 








 (21) Investments consisting of guarantees of Indebtedness of the Company and its
Restricted Subsidiaries permitted by Section 4.03; 
  
 (22) Investments in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person, in each case, in connection with a Qualified Receivables Transaction; and 
  
 (23) endorsements of negotiable instruments and other
similar negotiable documents. 
  
 “Permitted Junior
Securities” shall mean unsecured debt or equity securities of the Company or any Guarantor or any successor corporation issued pursuant to a plan of reorganization or readjustment of the Company or any Guarantor, as applicable, that are
subordinated to the payment of all then-outstanding Senior Indebtedness of the Company or any Guarantor, as applicable, at least to the same extent that the Securities are subordinated to the payment of all Senior Indebtedness of the Company or any
Guarantor, as applicable, on the Issue Date, so long as to the extent that any Senior Indebtedness of the Company or any Guarantor, as applicable, outstanding on the date of consummation of any such plan of reorganization or readjustment is not paid
in full in cash or Cash Equivalents on such date, the holders of any such Senior Indebtedness not so paid in full in cash have consented to the terms of such plan of reorganization or readjustment. 
  
 “Permitted Liens” means, with respect to any Person: 
  
 (1) pledges or deposits by such Person under workmen’s
compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure
public or statutory obligations of such Person or deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of
rent or deposits as security for payment of insurance-related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto), in each case Incurred in the ordinary course
of business; 
  
 (2) Liens imposed by law, such
as carriers’, warehousemen’s and mechanics’ Liens, and deposits made to obtain the release of such Liens in each case for sums not overdue for a period in excess of 30 days or being contested in good faith by appropriate proceedings
or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 
  
 (3) Liens for taxes, assessments or other governmental charges not yet due or payable or subject to
penalties for nonpayment or which are being contested in good faith by appropriate proceedings; 
  
 (4) Liens in favor of issuers of judgment, appeal, performance and surety bonds or bid bonds or with respect to other regulatory
requirements or letters of credit 

  

 -19- 








 
issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 
  
 (5) minor survey exceptions, encumbrances, easements or
reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct
of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in
the operation of the business of such Person; 
  
 (6) Liens securing Indebtedness or other Obligations under the Credit Agreement or other Senior Indebtedness permitted to be Incurred pursuant to Section 4.03; 
  
 (7) Liens securing Indebtedness permitted to be Incurred pursuant to Sections 4.03(b)(xv), 4.03(b)(xx) or
4.03(b)(xxi); provided that in the case of such clause (u), such Liens do not extend to the property or assets of any Restricted Subsidiary of the Company other than a Foreign Subsidiary; 
  
 (8) Liens existing on the Assumption Date, including Liens
created pursuant to the terms of the Escrow Agreement; 
  
 (9) Liens on property, assets or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other
Person becoming such a Subsidiary; provided, further, however, that such Liens may not extend to any other assets or shares owned by the Company or any Restricted Subsidiary; 
  
 (10) Liens on property or assets at the time the Company or
a Restricted Subsidiary of the Company acquired the property or assets, including any acquisition by means of a merger, consolidation, combination or amalgamation with or into the Company or any of its Restricted Subsidiaries; provided,
however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property or assets owned by the
Company or any of its Restricted Subsidiaries; 
  
 (11) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or another of its Restricted Subsidiaries permitted to be Incurred in accordance with Section 4.03; 
  
 (12) Liens securing Hedging Obligations so long as the
related Indebtedness is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging Obligations; 
  
 (13) Liens on 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; 
  

 -20- 








 (14) leases and subleases of real property which do not materially interfere with the
ordinary conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole; 
  
 (15) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Company and its
Restricted Subsidiaries in the ordinary course of business; 
  
 (16) Liens in favor of the Company or any Guarantor; 
  
 (17) Liens on equipment of the Company or any of its Restricted Subsidiaries granted in the ordinary course of business to the
Company’s client at which such equipment is located; 
  
 (18) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements), as a whole or in part, of any Indebtedness secured by
any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11), (12) and (15); provided, however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus
improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described
under clauses (6), (7), (8), (9), (10), (11), (12) and (15) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing,
refunding, extension, renewal or replacement; 
  
 (19) Liens in favor of customs and revenue authorities to secure payment of customs duties in connection with the importation of goods in the ordinary course of business and other similar Liens arising in the ordinary course of business;
provided that such amounts are not more than 30 days overdue; 
  
 (20) any attachment or judgment Lien not constituting an Event of Default under Section 6.01(i) and Liens arising from the rendering of a judgment that is not a final judgment or order against the Company or any
Restricted Subsidiary with respect to which the Company or such Restricted Subsidiary is then proceeding with an appeal or other proceeding for review or in connection with surety or appeal bonds in connection with such attachment or judgment;

  
 (21) Liens under licensing agreements for use
of intellectual property entered into in the ordinary course of business and consistent with past practices, including, without limitation, the licensing of any intellectual property that the Company or any of its subsidiaries determined to no
longer utilize; 
  
 (22) any interest or title of
a lessor or sublessor under any operating lease or capital lease; 
  
 (23) rights of set-off; 
  

 -21- 








 (24) Liens incurred or deposits made in connection with account netting and other similar
treasury management functions; 
  
 (25) Liens
arising out of consignment or similar arrangements for the sale of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 
  
 (25) Liens on assets of a Receivables Subsidiary incurred in connection with a Qualified Receivables
Transaction; and 
  
 (26) other Liens securing
obligations incurred in the ordinary course of business which obligations do not exceed $10.0 million at any one time outstanding. 
  
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
  
 “Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution or winding up.

  
 “Qualified Receivables Transaction” means any
transaction or series of transactions that may be entered into by the Company or any of its Restricted Subsidiaries in which the Company or any of its Restricted Subsidiaries may sell, convey or otherwise transfer to (1) a Receivables Subsidiary (in
the case of a transfer by the Company or any of its Restricted Subsidiaries) and (2) any other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or
arising in the future) of the Company or any of its Restricted Subsidiaries, and any related assets, including all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts
receivable, proceeds of such accounts receivable and other assets (including contract rights) which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions
involving accounts receivable. 
  
 “Receivables Repurchase
Obligation” means any obligation of a seller of receivables in a Qualified Receivables Transaction to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a
receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating, to the seller. 
  
 “Receivables Subsidiary” means a Subsidiary of the Company that
engages in no activities other than in connection with a Qualified Receivables Transaction and that is designated by the Board of Directors of the Company, in the manner described below, as a Receivables Subsidiary (1) no portion of the Indebtedness
or any other Obligations, contingent or otherwise, of which (a) is guaranteed by the Company or any Restricted Subsidiary of the Company, excluding Guarantees of Obligations, other than the principal of and interest on Indebtedness, pursuant to
reasonably customary representations, warranties, covenants and indemnities entered into in connection with accounts receivable transactions, (b) is recourse to or obligates the 

  

 -22- 








 
Company or any Restricted Subsidiary of the Company in any way other than pursuant to reasonably customary representations, warranties, covenants and
indemnities entered into in connection with accounts receivable transactions or (c) subjects any property or asset of the Company or any Restricted Subsidiary of the Company, other than accounts receivable and related assets as provided in the
definition of “Qualified Receivables Transaction,” directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to reasonably customary representations, warranties, covenants and indemnities entered
into in connection with accounts receivable transactions, (2) with which neither the Company nor any Restricted Subsidiary of the Company has any material contract, agreement, arrangement or understanding other than on terms not materially less
favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company, other than fees payable in the ordinary course of business in connection with servicing accounts
receivable, and (3) with which neither the Company nor any Restricted Subsidiary of the Company has any obligation to maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve specified levels of
operating results. Any such designation by the Board of Directors of the Company must be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors giving effect to that designation. 
  
 “Representative” means the trustee, agent or representative (if
any) for an issue of Senior Indebtedness or Designated Senior Indebtedness, as applicable; provided that if, and for so long as, such Senior Indebtedness lacks such a Representative, then the Representative for such Senior Indebtedness shall
at all times constitute the holder or holders of a majority in outstanding principal amount of obligations under such Senior Indebtedness. 
  
 “Restricted Investment” means an Investment other than a Permitted Investment. 
  
 “Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an
Unrestricted Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company. 
  
 “S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business thereof.

  
 “Sale/Leaseback Transaction” means an arrangement
relating to property now owned or hereafter acquired by the Company or one of its Restricted Subsidiaries whereby the Company or such Restricted Subsidiary transfers such property to a Person and the Company or such Restricted Subsidiary leases it
from such Person, other than leases between the Company and a Restricted Subsidiary of the Company or between Restricted Subsidiaries of the Company. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Secured Indebtedness” means any Indebtedness secured by a Lien. 
  
 “Securities” means the Notes and the Guarantees. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
  

 -23- 








 “Senior Credit Documents” means the collective reference to the Credit Agreement, the Notes
issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented or otherwise modified from time to time. 
  
 “Senior Indebtedness” with respect to the Company or any Guarantor means all Indebtedness of the Company or such
Guarantor, including interest thereon (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or any Subsidiary of the Company at the rate specified in the documentation with
respect thereto whether or not a claim for post-filing interest is allowed in such proceeding) and other amounts (including fees, expenses, reimbursement obligations under letters of credit and indemnities) owing in respect thereof, whether
outstanding on the Issue Date or thereafter Incurred, unless in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is provided that such obligations are not superior, or are on parity with or subordinated
in right of payment to the Notes or such Guarantor’s Guarantee, as applicable; provided, however, that Senior Indebtedness shall not include, as applicable: 
  

	 	(1)	any Obligation of the Company to any Subsidiary of the Company, or of such Guarantor to the Company or any Subsidiary of the Company, in each case other than any Receivables
Repurchase Obligation to the extent that such Receivables Repurchase Obligation constitutes an Obligation, 

  

	 	(2)	any liability for Federal, state, local or other taxes owed or owing by the Company or such Guarantor, 

  

	 	(3)	any accounts payable or other liability to trade creditors, 

  

	 	(4)	any obligations with respect to any Capital Stock, or 

  

	 	(5)	the portion of any Indebtedness Incurred in violation of this Indenture but, as to any such Indebtedness Incurred under the Credit Agreement, no such violation shall be deemed to
exist for purposes of this clause (5) if the holders of such Indebtedness or their Representative shall have received an Officers’ Certificate to the effect that the Incurrence of such Indebtedness does not (or, in the case of a revolving
credit facility thereunder, the Incurrence of the entire committed amount thereof at the date on which the initial borrowing thereunder is made would not) violate this Indenture. 

  
 If any Senior Indebtedness is disallowed, avoided or subordinated pursuant to
the provisions of Section 548 of Title 11 of the United States Code or any applicable state fraudulent conveyance law, such Senior Indebtedness nevertheless will constitute Senior Indebtedness. 
  
 Only Indebtedness of the Company or a Guarantor that is Senior Indebtedness
will rank senior to the Notes or the relevant Guarantee in accordance with the provisions of this Indenture. The Notes and each Guarantee will in all respects rank pari passu with all other Pari Passu Indebtedness of the Company and the
relevant Guarantor, respectively. 
  

 -24- 








 “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
  
 “Similar Business” means a business, the majority of whose revenues are derived from the type of activities conducted by the Company and its
Subsidiaries as of the Issue Date, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof or ancillary thereto. 
  
 “Spin-off” means the distribution of common stock of ACCO World Corporation (to be renamed ACCO Brands
Corporation) to Fortune Brands, Inc.’s common stockholders on a pro rata basis pursuant to the Spin-off Agreement. 
  
 “Spin-off Agreement” means the distribution agreement dated as of March 15, 2005, between Fortune Brands, Inc. and ACCO World Corporation, as
amended prior to the ACCO Assumption. 
  
 “Spin-off
Documents” means the Spin-off Agreement and any other documents entered into in connection therewith, in each case as amended, supplemented or modified from time to time. 
  
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on
which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon
the happening of any contingency beyond the control of the Company unless such contingency has occurred). 
  
 “Subordinated Indebtedness” means (a) with respect to the Company, any Indebtedness of the Company which is expressly by its terms subordinated
in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is expressly by its terms subordinated in right of payment to its Guarantee. 
  
 “Subsidiary” means, with respect to any Person, (1) any
corporation, association or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination
thereof, and (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y)
such Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
  

 -25- 








 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on
the date of this Indenture. 
  
 “Total Assets” means the
total consolidated assets of the Company and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Company. 
  
 “Transactions” means the Spin-off and the Merger and the transactions related thereto, the offering of the Original Notes and borrowings made
pursuant to the Credit Agreement and the other transactions related thereto. 
  
 “Treasury Rate” means as of the applicable redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity, as compiled and published in the
most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two (2) Business Days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of
similar market data), most nearly equal to the period from such redemption date to August 15, 2010; provided, however, that if the period from such redemption date to August 15, 2010 is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
  
 “Trust Officer” means: 
  
 (1) any officer within the corporate trust department of a Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of that Trustee who customarily performs functions 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 
  
 (2) who shall have direct responsibility for the administration of this Indenture. 
  
 “Trustee” means the party named as such in this Indenture until a
successor replaces it in accordance with the terms of this Indenture and, thereafter, means the successor serving as such under this Indenture. 
  
 “Unrestricted Subsidiary” means: 
  
 (1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of the Company in the manner provided below; and 
  
 (2) any Subsidiary of an Unrestricted Subsidiary. 
  
 The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary of the Company) to be an Unrestricted Subsidiary unless such Subsidiary or any
of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Company or any other 

  

 -26- 








 
Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so
designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted Subsidiaries; provided,
further, however, that either: 
  
 (a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 
  
 (b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 4.04.

  
 The Board of Directors of the Company may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation: 
  
 (x) (1) the Company could Incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test described in Section
4.03(a) or (2) the Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma
basis taking into account such designation, and 
  
 (y) no Event of Default shall have occurred and be continuing. 
  
 Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors of the Company giving effect to such designation and an
Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
  
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the
Board of Directors of such Person. 
  
 “Weighted Average Life
to Maturity” means, when applied to any Indebtedness or Disqualified Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years, calculated to the nearest one-twelfth, from the
date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock multiplied by the amount of such payment, by (2) the sum of all such
payments. 
  
 “Wholly Owned Restricted Subsidiary” is
any Wholly Owned Subsidiary that is a Restricted Subsidiary. 
  
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by
such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person. 
  

 -27- 








 SECTION 1.02. Other Definitions. 
  

			
	 Term

	  	Defined in
Section


	 “Affiliate Transaction”
	  	4.07
	 “Agent Members”
	  	Appendix A
	 “Appendix”
	  	Preamble
	 “Asset Sale Offer”
	  	4.06(b)
	 “Bankruptcy Law”
	  	6.01
	 “Blockage Notice”
	  	10.03
	 “Change of Control”
	  	4.08
	 “Change of Control Offer”
	  	4.08(b)
	 “covenant defeasance option”
	  	8.01(c)
	 “Custodian”
	  	6.01
	 “Definitive Security”
	  	Appendix A
	 “Depository”
	  	Appendix A
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.06(b)
	 “Exchange Notes”
	  	Preamble
	 “Global Securities Legend”
	  	Appendix A
	 “Guarantee Blockage Notice”
	  	12.03
	 “Guarantee Payment Blockage Period”
	  	12.03
	 “Guaranteed Obligations”
	  	11.01(a)
	 “IAI”
	  	Appendix A
	 “incorporated provision”
	  	13.01
	 “Initial Notes”
	  	Appendix A
	 “Initial Purchasers”
	  	Preamble
	 “legal defeasance option”
	  	8.01
	 “Notice of Default”
	  	6.01(j)
	 “Offer Period”
	  	4.06(d)
	 “Original Notes”
	  	Preamble
	 “pay its Guarantee”
	  	12.03
	 “pay the Notes”
	  	10.03
	 “Paying Agent”
	  	2.04
	 “Payment Blockage Period”
	  	10.03
	 “protected purchaser”
	  	2.08
	 “Purchase Agreement”
	  	Appendix A
	 “QIB”
	  	Appendix A
	 “Refinancing Indebtedness”
	  	4.03(b)
	 “Refunding Capital Stock
	  	4.04(b)
	 “Registration Agreement”
	  	Appendix A
	 “Registered Exchange Offer”
	  	Appendix A
	 “Registrar”
	  	2.04
	 “Registration Default Interest”
	  	Appendix A
	 “Regulation S”
	  	Appendix A
	 “Regulation S Securities”
	  	Appendix A

  

 -28- 









			
	 Term

	  	Defined in
Section


	 “Restricted Payment”
	  	4.04(a)
	 “Restricted Period”
	  	Appendix A
	 “Restricted Securities Legend”
	  	Appendix A
	 “Retired Capital Stock”
	  	4.04(b)
	 “Rule 501”
	  	Appendix A
	 “Rule 144A”
	  	Appendix A
	 “Rule 144A Securities”
	  	Appendix A
	 “Securities Custodian”
	  	Appendix A
	 “Shelf Registration Statement”
	  	Appendix A
	 “Special Mandatory Redemption”
	  	Exhibit A
	 “Special Mandatory Redemption Date”
	  	Exhibit A
	 “Special Mandatory Redemption Price”
	  	Exhibit A
	 “Successor Company”
	  	5.01(a)
	 “Successor Guarantor”
	  	5.01(b)
	 “Transfer”
	  	5.01(b)
	 “Transfer Restricted Securities”
	  	Appendix A
	 “Unrestricted Definitive Security”
	  	Appendix A

  
 SECTION 1.03.
Incorporation by Reference of Trust Indenture Act. This Indenture incorporates by reference certain provisions of the TIA. The following TIA terms have the following meanings: 
  
 “Commission” means the SEC. 
  
 “indenture securities” means the Notes and Guarantees. 
  
 “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, the Guarantors and any other obligor on the Securities. 
  
 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 have the meanings assigned to them by such definitions. 
  
 SECTION 1.04. Rules of Construction. Unless the context otherwise
requires: 
  
 (a) a term has the meaning assigned
to it; 
  
 (b) an accounting term not otherwise
defined has the meaning assigned to it in accordance with GAAP; 
  

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 (c) “or” is not exclusive; 
  
 (d) “including” means including without
limitation; 
  
 (e) words in the singular include
the plural and words in the plural include the singular; 
  
 (f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
  
 (g) the principal amount of any non-interest bearing or
other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Company dated such date prepared in accordance with GAAP; 
  
 (h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred
Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
  
 (i) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder
shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; 
  
 (j) “$” and “U.S. Dollars” each refer to United States dollars, or such other money of the United States of America
that at the time of payment is legal tender for payment of public and private debts; and 
  
 (k) whenever in this Indenture there is mentioned, in any context, principal, interest or any other amount payable under or with respect
to any Securities, such mention shall be deemed to include mention of the payment of Registration Default Interest, to the extent that, in such context, Registration Default Interests is, was, or would be payable in respect thereof. 
  
 ARTICLE 2 
  
 THE SECURITIES 
  
 SECTION 2.01. Amount of Notes; Issuable in Series. The aggregate principal amount of Original Notes which may be authenticated and delivered under
this Indenture on the Issue Date is $350,000,000 aggregate principal amount of Notes. The Notes may be issued in one or more series. All Notes of any one series shall be substantially identical except as to denomination. 
  
 The Company may from time to time after the Issue Date issue Additional Notes
under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and (ii) such Additional Notes are issued in compliance with the
other applicable provisions of this 

  

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Indenture. With respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of,
or in exchange for, or in lieu of, other Notes pursuant to Sections 2.07, 2.08, 2.09, 2.10, 3.06, 3.12, 4.06(g), 4.08(c) or the Appendix), there shall be (a) established in or pursuant to a resolution of the Board of Directors and (b) (i) set forth
or determined in the manner provided in an Officers’ Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes: 
  
 (1) whether such Additional Notes shall be issued as part of a new or existing series of Notes and the title
of such Additional Notes (which shall distinguish the Additional Notes of the series from Notes of any other series); 
  
 (2) the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture, 
  
 (3) the issue price and issuance date of such Additional
Notes, including the date from which interest on such Additional Notes shall accrue; 
  
 (4) if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Securities and, in
such case, the respective depositaries for such Global Securities, the form of any legend or legends which shall be borne by such Global Securities in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in
addition to or in lieu of those set forth in Section 2.2 of the Appendix in which any such Global Securities may be exchanged in whole or in part for Additional Notes registered, or any transfer of such Global Securities in whole or in part may be
registered, in the name or names of Persons other than the depositary for such Global Securities or a nominee thereof; and 
  
 (5) if applicable, that such Additional Notes that are not Transfer Restricted Notes shall not be issued in the form of Initial Notes as
set forth in Exhibit A, but shall be issued in the form of Exchange Notes as set forth in Exhibit B. 
  
 If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate
record of such action shall be certified by the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or the indenture supplemental hereto setting forth the
terms of the Additional Notes. 
  
 SECTION 2.02. Form and
Dating. Provisions relating to the Initial Notes and the Exchange Notes are set forth in the Appendix, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s certificate of
authentication and (ii) any Additional Notes (if issued as Transfer Restricted Securities) and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and
expressly made a part of this Indenture. The (i) Exchange Notes and the Trustee’s certificate of authentication and (ii) any Additional Notes issued other than as Transfer Restricted Securities and the Trustee’s certificate of
authentication shall each be substantially in the form of Exhibit B hereto, which is hereby incorporated in and expressly made a 

  

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part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company or any
Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered
form without interest coupons and only in denominations of $1,000 and any integral multiples thereof. 
  
 SECTION 2.03. Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Company
signed by one Officer (a) Original Notes for original issue on the date hereof in an aggregate principal amount of $350,000,000, (b) subject to the terms of this Indenture, Additional Notes in an aggregate principal amount to be determined at the
time of issuance and specified therein and (c) the Exchange Notes for issue in a Registered Exchange Offer pursuant to the Registration Agreement for a like principal amount of Initial Notes exchanged pursuant thereto or otherwise pursuant to an
effective registration statement under the Securities Act. Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes are to be Initial Notes or
Exchange Notes. Notwithstanding anything to the contrary in this Indenture or the Appendix, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $1,000, whether such Additional Notes are of the same or a
different series than the Original Notes. 
  
 One Officer shall
sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
  
 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 may appoint one or more authenticating agents reasonably acceptable to the Company to authenticate the Notes. Any such appointment shall be
evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference
in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
  
 The Trustee is hereby authorized to enter into a letter of representations
with the Depository in the form provided by the Company and to act in accordance with such letter. 
  
 SECTION 2.04. Registrar and Paying Agent. 
  
 (a) The Company shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (the
“Registrar”) and (ii) an office or agency in the Borough of Manhattan, the City of New York, the State of New York where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the 

  

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Notes and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrars. The Company initially appoints the Trustee as (i) Registrar and Paying Agent and (ii) the Securities Custodian with respect to the Global Securities. 
  
 (b) The Company shall enter into an appropriate agency agreement with any
Registrar or Paying Agent not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and
address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any of its domestically
organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  
 (c) The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee and payment of such entity’s fees and expenses to the date of such removal;
provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or
Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or
Paying Agent may resign at any time upon written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section
7.08. 
  
 SECTION 2.05. Paying Agent to Hold Money in
Trust. Prior to each due date of the principal of and interest on any Security, the Company shall deposit with the Paying Agent (or if the Company or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in trust for the
benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for
the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the Securities, and shall notify the Trustee of any default by the Company in making any such payment. If the Company or a
Wholly Owned Subsidiary of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Company at any time may require the Paying Agent to pay
all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
  
 SECTION 2.06. Holder Lists. The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five
Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
  

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 SECTION 2.07. Transfer and Exchange. The Notes shall be issued in registered form and shall be
transferable only upon the surrender of a Note for registration of transfer and in compliance with the Appendix. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested
if its requirements therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same
requirements are met. To permit registration of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Notes at the Registrar’s request. The Company may require payment of a sum sufficient to pay all taxes,
assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for
redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes (1) for a period of 15 days prior to a selection of Notes to be redeemed or (2) tendered and not withdrawn in connection with a
Change of Control Offer or Asset Sale Offer. 
  
 Prior to the due
presentation for registration of transfer of any Note, the Company, the Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose
of receiving payment of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, any Guarantor, the Trustee, the Paying Agent or the Registrar shall be
affected by notice to the contrary. 
  
 Any Holder of a beneficial
interest in a Global Security shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Security may be effected only through a book-entry system maintained by (a) the Holder of such Global
Security (or its agent) or (b) any Holder of a beneficial interest in such Global Security, and that ownership of a beneficial interest in such Global Security shall be required to be reflected in a book entry. 
  
 All Notes issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
  

SECTION 2.08. Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Security has
been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note at the direction of the Company, if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the
Holder (a) satisfies the Company or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such
request to the Company or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the
Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar from any loss that any of them may
suffer if a Note is replaced. The Company and the Trustee may charge the Holder for their expenses 

  

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in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such 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 Security shall constitute a contractual obligation of the Company. 
  
 The provisions of this Section 2.08 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
  
 SECTION 2.09. Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 13.06, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
  
 If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note
surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such
Note and replacement thereof pursuant to Section 2.08. 
  
 If the
Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be
redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Note (or portions thereof) cease to be
outstanding and interest on them ceases to accrue. 
  
 SECTION
2.10. Temporary Notes. In the event that Definitive Securities are to be issued under the terms of this Indenture, until such Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary
Notes. Temporary Notes shall be substantially in the form of Definitive Securities but may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall
authenticate Definitive Securities and make them available for delivery in exchange for temporary Securities upon surrender of such temporary Notes at the office or agency of the Company, without charge to the Holder. Until such exchange, temporary
Notes shall be entitled to the same rights, benefits and privileges as Definitive Securities. 
  
 SECTION 2.11. Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled Notes in accordance with its customary
procedures or deliver canceled Notes to the Company pursuant to written direction by an Officer. The Company 

  

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may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Notes in
place of canceled Securities other than pursuant to the terms of this Indenture. 
  
 SECTION 2.12. Defaulted Interest. If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to
the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the
reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed to each affected Holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
  
 SECTION 2.13. CUSIP Numbers, ISINs, etc. The Company in issuing the
Notes may use CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to Holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption, that reliance may be placed only on
the other identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common
Code” numbers. 
  
 ARTICLE 3 
  
 REDEMPTION 
  
 SECTION 3.01. Redemption. The Notes may be redeemed, in whole, or from
time to time in part, subject to the conditions and at the redemption prices set forth in Paragraph 5 of the form of Notes set forth in Exhibit A and Exhibit B hereto, which are hereby incorporated by reference and made a part of this
Indenture, together with accrued and unpaid interest to the redemption date. Any redemption of Notes at the Company’s option may, if so provided in the applicable redemption notice, be made subject to the satisfaction of one or more conditions
precedent. 
  
 SECTION 3.02. Applicability of Article.
Redemption of Notes at the election of the Company or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article 3. 
  
 SECTION 3.03. Notices to Trustee. If the Company elects to redeem
Notes pursuant to the optional redemption provisions of Paragraph 5 of the applicable Note, it shall notify the Trustee in writing of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of Notes to be redeemed and (iv) the redemption price. The Company shall give notice to the Trustee and provided for in this Section 3.03 at least 30 days but not more than 60 days before a redemptiondate if the redemption is
pursuant to Paragraph 5 of the applicable Note, unless a shorter period is acceptable to the Trustee and provided that such notice may be given more than 60 days before the redemption date 

  

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if the notice is given in connection with a discharge of the Indenture under the satisfaction and discharge provisions of the Indenture, a legal defeasance
or a covenant defeasance. Such notice shall be accompanied by an Officers’ Certificate and Opinion of Counsel from the Company to the effect that such redemption will comply with the conditions herein. If fewer than all the Notes are to be
redeemed, the record date relating to such redemption shall be selected by the Company and given to the Trustee, which record date shall be not fewer than 15 days after the date of notice to the Trustee. Any such notice may be canceled at any time
prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. 
  
 SECTION 3.04. Selection of Notes to Be Redeemed. In the case of any partial redemption, selection of the Notes for redemption will be made by the
Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair
and appropriate (and in such manner as complies with applicable legal requirements); provided that no Notes of $1,000 or less shall be redeemed in part. The Trustee shall make the selection from outstanding Notes not previously called for
redemption. The Trustee may select for redemption portions of the principal of Notes that have denominations larger than $1,000. Notes and portions of them the Trustee selects shall be in amounts of $1,000 or a whole multiple of $1,000. Provisions
of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed. 
  
 SECTION 3.05. Notice of Optional Redemption. 
  
 (a) At least 30 days but not more than 60 days before a redemption date
pursuant to Paragraph 5 of the applicable Note, the Company shall mail or cause to be mailed by first-class mail a notice of redemption to each Holder whose Notes are to be redeemed (except that a redemption notice may be mailed more than 60 days
prior to the redemption date if the notice is given in connection with a discharge of the Indenture under the satisfaction and discharge provisions of the Indenture, a legal defeasance or a covenant defeasance). 
  
 Any such notice shall identify the Notes to be redeemed and shall state:

  
 (i) the redemption date; 
  
 (ii) the redemption price and the amount of accrued interest
to the redemption date; 
  
 (iii) the name and
address of the Paying Agent; 
  
 (iv) that Notes
called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued interest; 
  
 (v) if fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of the particular Notes to
be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 
  


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 (vi) that, unless the Company defaults in making such redemption payment or any Paying
Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
  
 (vii) the CUSIP number and ISIN if any, printed on the Notes
being redeemed; and 
  
 (viii) that no
representation is made as to the correctness or accuracy of the CUSIP number or ISIN if any, listed in such notice or printed on the Notes. 
  
 (b) At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such
event, the Company shall provide the Trustee with the information required by this Section 3.05. 
  
 SECTION 3.06. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with Section 3.05, Notes called for redemption
become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest, to the redemption date;
provided, however, that if the redemption date is after a regular record date and on or prior to the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant record
date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
  
 SECTION 3.07. Special Mandatory Redemption; Notices to Trustee and Escrow Agent. In the event that the ACCO Assumption does not occur on or prior
to the earlier of (x) September 4, 2005 and (y) the first date ACCO advises the Trustee in writing that either the Spin-off or the Merger will not be consummated the Company will promptly deliver to the Trustee an Officers’ Certificate stating
that the Special Mandatory Redemption is required to take place and that such redemption will comply with the conditions contained in Paragraph 6 of the Notes and setting forth the Special Mandatory Redemption Price applicable to such Special
Mandatory Redemption. Simultaneously with the giving of such notice by the Company to the Trustee, the Company shall notify the Escrow Agent thereof pursuant to Paragraph 4.B of the Escrow Agreement. 
  
 SECTION 3.08. Notice of Special Mandatory Redemption to Holders. In
the event that the ACCO Assumption does not occur on or prior to the earlier of (x) September 4, 2005 and (y) the first date ACCO advises the Trustee in writing that either the Spin-off or the Merger will not be consummated, notice of the Special
Mandatory Redemption will be promptly mailed by first-class mail by the Company to each Holder of Notes at his or her last address as the same appears on the registry books maintained by the Registrar pursuant to Section 2.04 and the Trustee and the
Escrow Agent. 
  
 The notice shall state that all Notes will be
redeemed (including the CUSIP numbers thereof) and shall state: 
  
 (1) the Special Mandatory Redemption Date; 
  

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 (2) the Special Mandatory Redemption Price; 
  
 (3) the name and address of the Paying Agent; 
  
 (4) that Notes must be surrendered to the Paying Agent to
collect the redemption price; 
  
 (5) that unless
the Company defaults in making the redemption payment, interest on the Notes ceases to accrue on and after the Special Mandatory Redemption Date; and 
  
 (6) that Paragraph 6 of the Notes is the provision pursuant to which the Notes are being redeemed. 
  
 SECTION 3.09. Effect of Notice of Special Mandatory Redemption. Once
the notice of redemption described in Section 3.08 is mailed, the Notes will become due and payable on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price. Upon surrender to the Paying Agent, the Notes shall be paid at
the Special Mandatory Redemption Price; provided that if the Special Mandatory Redemption Date is not a Business Day, payment shall be made on the next succeeding Business Day and no interest shall accrue for the period from such Special
Mandatory Redemption Date to such succeeding Business Day. 
  
 SECTION 3.10. Deposit of Special Mandatory Redemption Price. Ator prior to 10:00 a.m., New York City time, on the Special Mandatory Redemption Date, the Company shall direct the Escrow Agent, pursuant to Paragraph 4.B of the Escrow
Agreement, to deposit with the Paying Agent the applicable Special Mandatory Redemption Price. 
  
 On and after the Special Mandatory Redemption Date, if money sufficient to pay the applicable Special Mandatory Redemption Price shall have been made available in accordance with the immediately preceding paragraph,
the Notes will cease to accrue interest and the only right of the Holders of the Notes will be to receive payment of the Special Mandatory Redemption Price. If any Note surrendered for redemption shall not be so paid, interest will be paid, from the
Special Mandatory Redemption Date until such redemption payment is made, on the unpaid principal of the Note and any interest not paid on such unpaid principal, in each case at the rate and in the manner provided in the Notes. 
  
 SECTION 3.11. Deposit of Redemption Price. Prior to 10:00 a.m., New
York City time, on the redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Wholly Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price, of and
accrued interest on, all Notes or portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Company to the Trustee for cancellation. On and after the redemption date,
interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Company has deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Notes to be redeemed,
unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. 
  

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 SECTION 3.12. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the
Company shall execute and the Trustee shall authenticate for the Holder (at the Company’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
  
 ARTICLE 4 
  
 COVENANTS 
  
 SECTION 4.01. Payment of Securities. The Company shall promptly pay the principal of and interest on the Securities on the dates and in the manner
provided in the Securities and in this Indenture. An installment of principal or interest shall be considered paid on the date due if on such date the Trustee or any Paying Agent holds in accordance with this Indenture money sufficient to pay all
principal and interest then due and the Trustee or any Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 
  
 The Company shall pay interest on overdue principal at the rate specified
therefor in the Notes, and it shall pay interest on overdue installments of interest at the same rate borne by the Notes to the extent lawful. 
  
 SECTION 4.02. Reports and Other Information. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Company will file with the SEC (and provide the
Trustee and Holders with copies thereof, without cost to each Holder, within 15 days after it files them with the SEC), 
  
 (a) within 90 days after the end of each fiscal year (or such shorter period as may be required by the SEC), annual reports on Form 10-K
(or any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form), 
  
 (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal year (or such shorter period as may be required
by the SEC), reports on Form 10-Q (or any successor or comparable form), 
  
 (c) promptly from time to time after the occurrence of an event required to be therein reported (and in any event within the time period specified for filing current reports on Form 8-K by the SEC),reports on Form 8-K
(or any successor or comparable form), and 
  
 (d) any other information, documents and other reports which the Company would be required to file with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act; 
  

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 provided, however, that the filing by the Company in the SEC’s EDGAR system of any such report will be
deemed to satisfy the Company’s obligation to provide the Trustee and Holders with copies thereof; and provided, further, that the Company shall not be so obligated to file such re ports with the SEC if the SEC does not permit such
filing, in which event the Company will make available such information to prospective purchasers of Notes, in addition to providing such information to the Trustee and the Holders, in each case within 15 days after the time the Company would be
required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act. 
  
 In the event that: 
  
 (i) the rules and regulations of the SEC permit the Company and any direct or indirect parent company of the Company to report at such
parent entity’s level on a consolidated basis and 
  
 (ii) such parent entity of the Company is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the capital stock of the Company, 
  
 such consolidated reporting at such parent entity’s level in a manner consistent with
that described in this Section 4.02 for the Company shall satisfy this Section 4.02. 
  
 In addition, for so long as the Notes are not freely transferable under the Securities Act, the Company shall also furnish to Holders, securities analysts and prospective investors upon request the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act (it being acknowledged and agreed that, prior to the first date on which information is required to be provided under this Section 4.02, the information contained in the
Offering Memorandum is sufficient for this purpose). 
  
 Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively (subject to Article 7 hereof) on Officers’ Certificates). 
  
 SECTION 4.03. Limitation on Incurrence of Indebtedness and Issuance of
Disqualified Stock and Preferred Stock. (a) (i) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness, including Acquired Indebtedness, or issue any shares of
Disqualified Stock; and (ii) the Company shall not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Company and any of its Restricted Subsidiaries that is a Guarantor may Incur
Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted Subsidiary of the Company that is a Guarantor may issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of the Company
for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued
would have been at least 2.00 to 1.00 determined on a pro forma basis (including a 

  

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proforma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had
been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period. 
  
 (b) The limitations set forth in Section 4.03(a) shall not apply to: 
  
 (i) the Incurrence by the Company or any of its Restricted Subsidiaries that are Guarantors of Indebtedness
under the Credit Agreement and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) in
an aggregate principal amount not to exceed $750.0 million outstanding at any one time, less the amount of any such Indebtedness permanently retired with the Net Proceeds from any Asset Sale applied from and after the Issue Date to reduce the
outstanding amounts pursuant to Section 4.06; 
  
 (ii) the Incurrence by the Company and the Guarantors of Indebtedness represented by the Notes (not including any Additional Notes) and the Guarantees, and the exchange notes and guarantees to be issued pursuant to the registration rights
agreement, as applicable; 
  
 (iii) Indebtedness
under the Existing GBC Subordinated Notes and the Existing GBC Subordinated Notes Indenture; provided, that, within one (1) Business Day following the Assumption Date, either an irrevocable notice of redemption related to the Existing GBC
Subordinated Notes shall have been delivered to the Holders thereof under the Existing GBC Subordinated Notes Indenture or the Existing GBC Subordinated Notes Indenture shall have been discharged; 
  
 (iv) the Existing Indebtedness of the Company and its
Restricted Subsidiaries; 
  
 (v) Indebtedness
Incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business, including without limitation letters of credit in respect of
workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement type obligations regarding workers’
compensation claims; provided, however, that upon the drawing of such letters of credit (other than letters of credit issued under the Credit Agreement), such obligations are reimbursed within 30 days following such drawing;

  
 (vi) Indebtedness arising from agreements of
the Company or one of its Restricted Subsidiaries providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection with the disposition of any business, assets or a Subsidiary of the Company in
accordance with the terms of this Indenture; 
  
 (vii) Indebtedness of the Company to a Restricted Subsidiary provided that (i) any such Indebtedness is made pursuant to an intercompany note and (ii) any such Indebtedness is subordinated in right of payment to the obligations of
the Company under the Securities; provided, further, that any subsequent issuance or transfer of any Equity 

  

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Interest or other event that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary or any other
subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 
  
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to the Company or another Restricted
Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock; 
  
 (ix) Indebtedness of a Restricted Subsidiary to the Company
or another Restricted Subsidiary; provided that (1) any such Indebtedness is made pursuant to an intercompany note and (2) if a Guarantor Incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor such Indebtedness is
subordinated in right of payment to the Notes or Guarantee of such Guarantor, as applicable; provided, further, that any subsequent issuance or transfer of Equity Interests or other event that results in any such Indebtedness being
held by a Person other than the Company or a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such
Indebtedness; 
  
 (x) Hedging Obligations that
are Incurred in the ordinary course of business or in connection with the Transactions and not for speculative purposes; 
  
 (xi) obligations in respect of performance, bid, appeal, surety and similar bonds and completion guarantees provided by the Company or any
Restricted Subsidiary in the ordinary course of business; 
  
 (xii) any guarantee by the Company or a Guarantor of Indebtedness or other obligations of the Company or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness is permitted under the terms
of this Indenture (other than pursuant to clause (xx) below); provided that if such Indebtedness is by its express terms subordinated in right of payment to the Notes or the Guarantee of such Restricted Subsidiary, as applicable, any such
guarantee shall be subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the same extent as such Indebtedness is subordinated to the Notes or the Guarantee of such Restricted Subsidiary, as applicable; 
  
 (xiii) Indebtedness arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within two (2) Business Days of its Incurrence;

  
 (xiv) the Incurrence by the Company or any of
its Restricted Subsidiaries of Indebtedness or the issuance of Disqualified Stock or Preferred Stock which serves to 

  

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extend, refund, refinance, renew, replace or defease any Indebtedness, Disqualified Stock or Preferred Stock of the Company or any of its Restricted
Subsidiaries permitted under Section 4.03(b) clauses (ii), (iv), (xv) and (xviii) of this Section 4.03(b) or any Indebtedness issued to so refund or refinance such Indebtedness (subject to the following proviso, “Refinancing Indebtedness”)
prior to its respective maturity; provided, however, that such Refinancing Indebtedness 
  
 (1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the remaining
Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced, renewed, replaced or defeased; 
  
 (2) has a Stated Maturity which is no earlier than the Stated Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being
refunded, refinanced, renewed, replaced or defeased; 
  
 ( 3) to the extent such Refinancing Indebtedness refinances Indebtedness, Disqualified Stock or Preferred Stock pari passu with, or subordinated to, right of payment of the Notes or the Guarantee of such Restricted Subsidiary, as
applicable, such Refinancing Indebtedness is pari passu with, or subordinated, at least to the same extent as the Indebtedness, Disqualified Stock or Preferred Stock being refinanced, refunded, refinanced, renewed, replaced or defeased, to
right of payment of the Notes or the Guarantee of such Restricted Subsidiary, as applicable; 
  
 (4) is Incurred or issued in an aggregate principal amount or face or liquidation amount (or if issued with original issue discount, an
aggregate accreted value) that is equal to or less than the aggregate principal amount or face or liquidation amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness, Disqualified Stock
or Preferred Stock being refunded, refinanced, renewed, replaced or defeased plus all accrued interest and premiums, fees, expenses and prepayment penalties Incurred in connection with such refinancing, refunding, renewing, replacement or
defeasance; and 
  
 (5) is Incurred either by the
Company or by the Restricted Subsidiary that is the obligor on the Indebtedness, Disqualified Stock or Preferred Stock being extended, refinanced, renewed, replaced, defeased or refunded; 
  
 (xv) the incurrence by the Company or any of its Restricted
Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or
improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary (where, in the case of a purchase, such purchase may be effected either directly or through the purchase of the Capital Stock of the Person
owning such property, plant or equipment), in an aggregate principal amount including all Refinancing Indebtedness permitted to be incurred under 

  

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this Indenture to refund, refinance, renew or defease or replace any Indebtedness incurred pursuant to the provision of this Indenture described in this
clause (xv), not to exceed 5% of Total Assets; 
  
 (xvi) the incurrence by a Restricted Subsidiary of the Company of Indebtedness in connection with, and in contemplation of, the concurrent disposition of such Restricted Subsidiary to the stockholders of the Company; provided, that
such disposition occurs concurrently with such incurrence and, following such disposition, neither the Company nor any of its Restricted Subsidiaries has any liability with respect to such Indebtedness; 
  
 (xvii) Indebtedness of the Company or any Restricted
Subsidiary, to the extent the net proceeds thereof are promptly (x) used to purchase Securities tendered pursuant to a Change of Control Offer made as a result of a Change in Control or (y) deposited to defease the Securities; 
  
 (xviii) the incurrence of Acquired Indebtedness;
provided that, after giving effect to the transactions that result in the incurrence or issuance thereof, the Fixed Charge Coverage Ratio would be greater than immediately prior to such transactions; 
  
 (xix) the incurrence by a Receivables Subsidiary of
Indebtedness in a Qualified Receivables Transaction that is without recourse (other than pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with a Qualified Receivables
Transaction) to the Company or to any Restricted Subsidiary of the Company or their assets (other than such Receivables Subsidiary and its assets), and is not guaranteed by any such Person 
  
 (xx) Indebtedness or Disqualified Stock or Preferred Stock
of the Company or any of its Restricted Subsidiaries in an aggregate principal amount, accreted value or face amount and with an aggregate liquidation preference not to exceed $100.0 million at any one time outstanding; and 
  
 (xxi) Indebtedness or Disqualified Stock or Preferred Stock
of any Foreign Subsidiary of the Company that is not a Guarantor in an aggregate principal amount, accreted value or face amount and with an aggregate liquidation preference not to exceed the U.S. Dollar equivalent of $100.0 million at any one time
outstanding. 
  
 (c) For purposes of determining compliance with
this Section 4.03, in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxi) above or is entitled to be
Incurred pursuant to Section 4.03(a), the Company shall, in its sole discretion, be permitted to classify or later reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock in any manner that complies with this Section 4.03, and
such Indebtedness will be treated as only having been Incurred pursuant to the provision described in one of such clauses or pursuant to Section 4.03; provided that all Indebtedness under the Credit Agreement outstanding on the Assumption
Date will be deemed to have been Incurred pursuant to the provision described in such clause (i), and the Company will not be permitted to reclassify all or any portion of such Indebtedness. Accrual of interest, the accretion or amortization of
original issue 

  

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discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the payment of dividends on Preferred Stock
or Disqualified Stock in the form of additional shares of Preferred Stock or Disqualified Stock of the same class and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not
be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.03. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of
Indebtedness shall not be included in the determination of such amount of Indebtedness, provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this
Section 4.03. 
  
 SECTION 4.04. Limitation on Restricted
Payments. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 
  
 (i) declare or pay any dividend or make any distribution on account of the Company’s or any of its Restricted Subsidiaries’
Equity Interests, including any payment made in connection with any merger or consolidation involving the Company, other than (A) dividends or distributions by the Company payable solely in Equity Interests (other than Disqualified Stock) of the
Company; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned
Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities; 
  
 (ii) purchase or otherwise acquire or retire for value any
Equity Interests of the Company or any direct or indirect parent company of the Company or any Restricted Subsidiary held by Persons other than the Company or any Restricted Subsidiary of the Company; 
  
 (iii) make any principal payment on, or redeem, repurchase,
defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness, other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A)
Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement
and (B) Indebtedness permitted under clauses (vi) and (viii) of Section 4.03(b); or 
  
 (iv) make any Restricted Investment, 
  
 all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments,” unless, at the time of
such Restricted Payment: 
  
 (1) no Default or
Event of Default shall have occurred and be continuing or would occur as a consequence of such Restricted Payment; 
  

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 (2) immediately after giving effect to such transaction on a pro forma basis, the
Company could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 
  
 (3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (i), (viii), (xiii) and (vx) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the sum of, without
duplication, 
  
 (A) 50% of the Consolidated Net
Income of the Company for the period, taken as one accounting period, from the beginning of the first fiscal quarter commencing July 1, 2005 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements
are available at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit, plus 
  
 (B) 100% of the aggregate net proceeds, including cash and the Fair Market Value (as determined in
accordance with the next succeeding sentence) of property other than cash, received by the Company since the Issue Date from the issue or sale of Equity Interests of the Company or any direct or indirect parent company of the Company (excluding
Refunding Capital Stock, Disqualified Stock and Equity Interests, the proceeds of which are used in the manner described in clauses (x) and (xi) of Section 4.04(b)), including Equity Interests issued upon conversion of Disqualified Stock or
Indebtedness or upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary of the Company), plus 
  
 (C) 100% of the aggregate amount of contributions to the capital of the Company received in cash and the Fair Market Value (as determined
in accordance with the next succeeding sentence) of property other than cash since the Issue Date, excluding Refunding Capital Stock and Disqualified Stock, plus 
  
 (D) 100% of the aggregate amount received by the Company or any of its Restricted Subsidiaries in cash and
the Fair Market Value (as determined in accordance with the next succeeding sentence) of property other than cash received by the Company or any of its Restricted Subsidiaries from: 
  
 (I) the sale or other disposition (other than to the Company or one of its Restricted Subsidiaries) of
Restricted Investments made by the Company and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Company and its Restricted Subsidiaries by any Person (other than the Company or any of its
Subsidiaries) and from repayments of loans or advances which constituted Restricted Investments, 
  
 (II) the sale (other than to the Company or one of its Restricted Subsidiaries) of the Capital Stock of an Unrestricted Subsidiary, and

  

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 (III) a distribution or dividend from an Unrestricted Subsidiary, plus 
  
 (E) in the event any Unrestricted Subsidiary of the Company
has been redesignated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or one of its Restricted Subsidiaries, the Fair Market Value (as
determined in accordance with the next succeeding sentence) of the Investment of the Company in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), after
deducting any Indebtedness of the Unrestricted Subsidiary so designated or combined or any Indebtedness to which the assets so transferred or conveyed. 
  
 The Fair Market Value of property other than cash covered by clauses (iv)(3)(B), (C), (D) and (E) of this Section 4.04(a) shall be determined in good
faith by the Company and 
  
 (x) in the event of
property with a Fair Market Value in excess of $5.0 million, shall be set forth in an Officers’ Certificate or 
  
 (y) in the event of property with a Fair Market Value in excess of $30.0 million, shall be set forth in a resolution approved by at least
a majority of the Board of Directors of the Company. 
  
 (b) The
provisions of Section 4.04(a) shall not prohibit: 
  
 (i) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture; 
  
 (ii) (A) the payment, repurchase, retirement, redemption,
defeasance or other acquisition of any Equity Interests (“Retired Capital Stock”) of the Company or any direct or indirect parent company of the Company or any Subordinated Indebtedness of the Company or any Restricted Subsidiary of the
Company in exchange for, or out of the proceeds of the substantially concurrent sale of, Equity Interests of the Company or any direct or indirect parent company of the Company or contributions to the equity capital of the Company, other than any
Disqualified Stock or any Equity Interests sold to a Restricted Subsidiary of the Company (collectively, including any such contributions, “Refunding Capital Stock”) and (B) the declaration and payment of accrued dividends on the Retired
Capital Stock out of the proceeds of the substantially concurrent sale, other than to a Restricted Subsidiary of the Company, of Refunding Capital Stock; 
  
 (iii) the payment, redemption, repurchase, defeasance or other acquisition or retirement of any Subordinated Indebtedness of the Company
or any Restricted Subsidiary of the Company or Disqualified Stock made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Company which is Incurred in accordance with Section 4.03(b)(xiv);

  

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 (iv) the payment of cash in lieu of the issuance of fractional shares of Capital Stock
upon exercise or conversion of securities exercisable or convertible into Capital Stock of the Company; 
  
 (v) any purchase or acquisition from, or withholding on issuances to, any employee of the Company or any Restricted Subsidiary of the
Company of Equity Interests of the Company, or Equity Interests of any direct or indirect parent of the Company, in order to satisfy any applicable Federal, state or local tax payments in respect of the receipt of the such Equity Interests;

  
 (vi) any withholding on issuances to any
employee of the Company or any Restricted Subsidiary of the Company of Equity Interests of the Company, or Equity Interests of any direct or indirect parent of the Company, in order to pay the purchase price of such Equity Interests or similar
instruments pursuant to a stock option, equity incentive or other employee benefit plan or agreement of the Company or any of its Restricted Subsidiaries; 
  
 (vii) the repurchase of Equity Interests deemed to occur upon the exercise of options or warrants if such Equity Interests represents all
or a portion of the exercise price thereof; 
  
 (viii) any other repurchase, retirement, redemption or other acquisition (or dividends to any direct or indirect parent company of the Company to finance any such repurchase, retirement or other acquisition) for value of Equity Interests of
the Company or any direct or indirect parent company of the Company held by any future, present or former employee, director or consultant of the Company or any direct or indirect parent company of the Company or any other Subsidiary of the Company
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate amounts paid under this clause (viii) do not exceed
$3.0 million in any calendar year; provided, further, that the Company or any of its Restricted Subsidiaries may carry over and make in any subsequent calendar year, in addition to the amounts otherwise permitted for such calendar year, the
amount of purchases, retirements, redemptions, other acquisitions for value and dividends permitted to have been made but not made in any preceding calendar year, and any of this amount not paid in any calendar year may be carried forward to a
subsequent calendar year; 
  
 (ix) declaration
and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any of its Restricted Subsidiaries issued or incurred in accordance with Section 4.03; 
  
 (x) Restricted Investments acquired in exchange for, or out
of the proceeds of a substantially concurrent issuance of Equity Interests, other than Disqualified Stock, of the Company; 
  
 (xi) the redemption, repurchase, retirement, defeasance or other acquisition of any Disqualified Stock of the Company in exchange for, or
out of the net cash proceeds 

  

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of the substantially concurrent sale of, Disqualified Stock that is permitted by the terms of this Indenture to be issued; 
  
 (xii) the payment of any dividend by a Restricted Subsidiary
of the Company to the holders of its Equity Interests on a pro rata basis; 
  
 (xiii) any purchase, redemption, retirement, defeasance or other acquisition for value of Subordinated Indebtedness pursuant to the provisions of such Indebtedness upon a Change of Control or an Asset Sale after the
Company shall have complied with the provisions of Article 3 and Section 4.06, as the case may be; 
  
 (xiv) any payments made in connection with the Transactions, including the repurchase, redemption or other acquisition or retirement for
value of the Existing GBC Subordinated Notes pursuant to the Existing GBC Subordinated Notes Indenture; 
  
 (xv) payments or distributions, in the nature of satisfaction of dissenters’ rights, pursuant to or in connection with a
consolidation, merger or transfer of assets that complies with the provisions hereof applicable to mergers, consolidations and transfers of all or substantially all the assets of the Company in an aggregate amount not to exceed $10.0 million;

  
 (xvi) purchases of receivables pursuant to a
Receivables Repurchase Obligation in connection with a Qualified Receivables Transaction; and; 
  
 (xvii) other Restricted Payments in an aggregate amount not to exceed $50.0 million; provided, however, that at the time of,
and after giving effect to, any Restricted Payment permitted under this clause (xvii), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 
  
 In determining the extent to which any Restricted Payment may be limited or
prohibited by this Section 4.04, the Company and its Restricted Subsidiaries may allocate all or any portion of such Restricted Payment among the categories described in clauses (i) through (xvii) of the immediately preceding paragraph or among such
categories and the types of Restricted Payments described in the first paragraph of this Section 4.04. 
  
 (c) As of the Assumption Date, all of the Company’s Subsidiaries will be Restricted Subsidiaries. The Company will not permit any Unrestricted
Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” In the event of any designation of a Restricted Subsidiary as an Unrestricted Subsidiary, the Company will be deemed to have made
an Investment in such Subsidiary in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation will only be permitted if such Investment would be permitted by this Section 4.04 at such time
and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Notwithstanding the foregoing, the Company may not at any time designate the Company as an Unrestricted Subsidiary for any purpose under this Indenture or the
Securities. 
  
 SECTION 4.05. Dividend and Other Payment
Restrictions Affecting Subsidiaries. The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or 

  

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indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any
Restricted Subsidiary to: 
  
 (a) (i) pay
dividends or make any other distributions to the Company or any of its Restricted Subsidiaries (1) on its Capital Stock or (2) with respect to any other interest or participation in, or by, its profits or (ii) pay any Indebtedness owed to the
Company or any of its Restricted Subsidiaries; 
  
 (b) make loans or advances to the Company or any of its Restricted Subsidiaries; or 
  
 (c) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries; 
  
 except in each case for such encumbrances or restrictions existing under or by reason of:

  
 (1) encumbrances or restrictions in effect on
the Assumption Date, including pursuant to the Credit Agreement and the other Senior Credit Documents and any amendments, modifications, restatements, renewals, increases, extensions, supplements, refundings, replacements or refinancings thereof,
provided that the encumbrances and restrictions in any such amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacement or refinancings are not materially more restrictive, taken as a whole, than those
existing under, by reason of or with respect to the Credit Agreement, the other Senior Credit Documents or other agreement, as applicable, as in effect on the Assumption Date; 
  
 (2) (A) this Indenture or the Existing GBC Subordinated Notes Indenture, (B) the Notes or the Existing GBC
Subordinated Notes, (C) the Guarantees or the Existing GBC Subordinated Notes and (D) the Escrow Agreement; 
  
 (3) applicable law or any applicable rule, regulation or order; 
  
 (4) any agreement or other instrument relating to Indebtedness of a Person acquired by the Company or any of
its Restricted Subsidiaries which was in existence at the time of such acquisition, and not incurred in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition, which encumbrance
or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 
  
 (5) any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into
for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 
  
 (6) Secured Indebtedness otherwise permitted to be Incurred pursuant to Sections 4.03 and 4.12 that limits
the right of the debtor to dispose of the assets securing such Indebtedness; 
  

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 (7) restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business; 
  
 (8) provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into in the ordinary
course of business; 
  
 (9) purchase money
obligations for property acquired in the ordinary course of business that impose restrictions of the nature discussed in clause (c) above on the property so acquired; 
  
 (10) customary provisions contained in leases and other similar agreements entered into in the ordinary
course of business that impose restrictions of the type described in clause (c) above on the property subject to such lease; 
  
 (11) other Indebtedness Incurred after the Assumption Date by any Restricted Subsidiary of the Company (i) that is a Guarantor and such
Indebtedness is permitted under Section 4.03 or (ii) that is a Foreign Subsidiary of the Company and is incurred pursuant to clauses (xv), (xx) or (xxi) of Section 4.03(b); 
  
 (12) Refinancing Indebtedness permitted under the terms of this Indenture, provided, that the
restrictions contained in the agreements governing such Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
  
 (13) any instrument or agreement governing any other
Indebtedness the incurrence of which is permitted by this Indenture; provided that the encumbrances and restrictions under that instrument or agreement are not materially more restrictive, taken as a whole, than the encumbrances and
restrictions contained in this Indenture at the time of incurrence of such other Indebtedness; 
  
 (14) Indebtedness or other contractual requirements of a Receivables Subsidiary governing a Qualified Receivables Transaction;
provided that such restrictions apply only to such Receivables Subsidiary; and 
  
 (15) any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any extensions, amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (14) above; provided that such extensions, amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, with respect to such dividend and other
payment restrictions than those contained in the dividend or other payment restrictions prior to such extension, amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
  
 SECTION 4.06. Asset Sales. (a) The Company will not, and will not
permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless (x) the Company or any 

  

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of its Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as
determined in good faith by the Company) of the assets or Equity Interests issued or sold or otherwise disposed of, and (y) except in the case of Permitted Asset Swaps, at least 75% of the consideration therefor received by the Company or such
Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 
  
 (i) any liabilities, as shown on the Company’s or such Restricted Subsidiary’s most recent consolidated balance sheet or in the
notes thereto, of the Company or any of its Restricted Subsidiaries (other than liabilities that are by their terms subordinated to the Securities) that are assumed by the transferee of any such assets, and, 
  
 (ii) any notes or other obligations or other securities or
assets received by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash received in that
conversion) 
  
 shall be deemed to be Cash Equivalents for the purposes of this
Section 4.06(a). 
  
 (b) Within 365 days after the Company’s
or any of its Restricted Subsidiaries receipt of the Net Proceeds of any Asset Sale, the Company or such Restricted Subsidiary may apply the Net Proceeds from such Asset Sale, at its option and to the extent it so elects: 
  
 (i) to permanently reduce Obligations under the Credit
Agreement (and, in the case of revolving Obligations, to correspondingly reduce commitments with respect thereto) or other Senior Indebtedness or Pari Passu Indebtedness (provided that if the Company or any Guarantor shall so reduce
Obligations under Pari Passu Indebtedness, the Company will equally and ratably reduce Obligations under the Securities by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase at a
purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, the pro rata principal amount of Securities) or Indebtedness of a Restricted Subsidiary that is not a Guarantor, in each
case other than Indebtedness owed to the Company or an Affiliate of the Company, 
  
 (ii) to acquire all or substantially all of the assets of, or any Capital Stock of, Similar Businesses; provided, that in the case
of any such acquisition of Capital Stock, the Similar Business is or becomes a Restricted Subsidiary of the Company; 
  
 (iii) to make capital expenditures; or 
  
 (iv) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Similar Business;

  
 provided, that the Company will be deemed to have complied with clause
(ii) or (iv), as applicable, if, within 365 days of such Asset Sale, the Company shall have entered into a definitive agreement covering such Investment which is thereafter completed within 180 days after the first anniversary of such Asset Sale.


  

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 Pending the final application of any such Net Proceeds, the Company or such Restricted Subsidiary may
temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Proceeds in Cash Equivalents or Investment Grade Securities. Any Net Proceeds from any Asset Sale that are not applied or invested as provided
and within the time period set forth in the first sentence of this section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as described in clause (i) above, shall be deemed to have been
invested whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $25.0 million, the Company shall make an offer to all Holders of Notes (an “Asset
Sale Offer”) to purchase the maximum principal amount of Notes, that is an integral multiple of $1,000 that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus
accrued and unpaid interest and additional interest, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06. The Company will commence an Asset Sale Offer with respect to Excess
Proceeds within ten Business Days after the date that Excess Proceeds exceeds $25.0 million by mailing the notice required pursuant to the terms of Section 4.06(f), with a copy to the Trustee. To the extent that the aggregate amount of Notes
tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purposes permitted by this Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof
exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased in the manner described in Section 4.06(d). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
  
 (c) The Company shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue of such
conflict. 
  
 (d) Not later than the date upon which written
notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Company shall deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset
Sales pursuant to which such Asset Sale Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b). On such date, the Company shall also irrevocably deposit with the Trustee or with a paying agent (or, if
the Company or a Wholly Owned Restricted Subsidiary is acting as a Paying Agent, segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by the Company, and to be held for
payment in accordance with the provisions of this Section 4.06. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Company shall deliver to the Trustee for cancellation the Notes or
portions thereof that have been properly tendered to and are to be accepted by the Company. The Trustee (or a Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering Holder in the amount of the
purchase price. In the event that the Excess Proceeds delivered by the Company to the Trustee is greater than the purchase price of the Notes tendered, 

  

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the Trustee shall deliver the excess to the Company immediately after the expiration of the Offer Period for application in accordance with Section 4.06.

  
 (e) Holders electing to have a Note purchased shall be
required to surrender the Note, with an appropriate form duly completed, to the Company at the address specified in the notice at least three (3) Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the
Trustee or the Company receives not later than one (1) Business Day prior to the Purchase Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note which was delivered by the
Holder for purchase and a statement that such Holder is withdrawing his election to have such Note purchased. If at the end of the Offer Period more Notes are tendered pursuant to an Asset Sale Offer than the Company is required to purchase,
selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a pro rata basis, by
lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal requirements); provided that no Notes of $1,000 or less shall be purchased in part. 
  
 (f) Notices of an Asset Sale Offer shall be mailed by first class mail,
postage prepaid, at least 30 but not more than 60 days before the purchase date to each Holder of Notes at such Holder’s registered address. If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall
state the portion of the principal amount thereof that has been or is to be purchased. 
  
 (g) A new Note in principal amount equal to the unpurchased portion of any Note purchased in part shall be issued in the name of the Holder of the new Note upon cancellation of the original Note. On and after the
purchase date, unless the Company defaults in payment of the purchase price, interest shall cease to accrue on Notes or portions thereof purchased. 
  
 SECTION 4.07. Transactions with Affiliates. (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $5.0 million, unless:

  
 (i) such Affiliate Transaction is on terms
that are not, taken as a whole, materially less favorable to the Company or the relevant Restricted Subsidiary than those that could reasonably have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with a Person
that is not an Affiliate; and 
  
 (ii) with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $30.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the
disinterested members of the Board of Directors of the Company, approving such Affiliate 

  

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Transaction and set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with the provisions described in Section
4.07(a)(1). 
  
 (b) The provisions of Section 4.07(a) shall not
apply to the following: 
  
 (i) (A) transactions
between or among the Company and/or any of its Restricted Subsidiaries and (B) any merger of the Company and any direct parent company of the Company, provided that such parent company shall have no material liabilities and no material assets
other than cash, Cash Equivalents and the Capital Stock of the Company and such merger is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose; 
  
 (ii) Restricted Payments permitted by Section 4.04 and
Permitted Investments; 
  
 (iii) reasonable fees,
expenses and compensation paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary or any direct or indirect parent company of the Company or the Company as determined by
the Board of Directors of the Company; 
  
 (iv)
any agreement or arrangement as in effect as of the Assumption Date or any amendment, modification or supplement thereto or any replacement thereof so long as any such agreement or arrangement as so amended, modified, supplemented or replaced, taken
as a whole, is not more disadvantageous to the Company and its Restricted Subsidiaries in any material respect than the original agreement as in effect on the Issue Date or any transaction contemplated by any of the foregoing agreements or
arrangements; 
  
 (v) the existence of, or the
performance by the Company or any of its Restricted Subsidiaries of its obligations under the terms of, Spin-off Documents, Merger Documents, any stockholders agreement (including any registration rights agreement or purchase agreement related
thereto) or any tax sharing agreement to which it is a party as of the Assumption Date and any amendment, modification or supplement thereto, any replacement thereof or similar agreements which it may enter into thereafter; provided,
however, that the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing agreement or under any similar agreement entered into after the Issue
Date shall only be permitted by this clause (v) to the extent that the terms of any such existing agreement together with all amendments, modifications, supplements or replacements thereto, taken as a whole, or new agreement are not otherwise more
disadvantageous to the Company and its Restricted Subsidiaries in any material respect than the original agreement as in effect on the Issue Date; 
  
 (vi) the payment of all fees and expenses related to the Transactions which are described in the Offering Memorandum; 
  
 (vii) (a) transactions with customers, clients, suppliers or
purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its Restricted 

  

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Subsidiaries in the reasonable determination of the Board of Directors or the senior management of the Company, and are on terms that, taken as a whole, are
not materially less favorable to the Company or the relevant Restricted Subsidiary than those that might reasonably have been obtained at such time from a Person that is not an Affiliate or (b) transactions with joint ventures or Unrestricted
Subsidiaries for the purchase or sale of chemicals, equipment and services entered into in the ordinary course of business and in a manner consistent with past practice; 
  
 (viii) the issuance or sale of Equity Interests, other than Disqualified Stock, of the Company to any
Affiliate or to any director, officer, employee or consultant of the Company, any direct or indirect parent company of the Company or any Subsidiary of the Company; 
  
 (ix) fees and compensation paid to members of the Board of Directors of the Company and its Restricted
Subsidiaries in their capacity as such; 
  
 (x)
advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business; 
  
 (xi) transactions pursuant to agreements in effect as of the date of this Indenture disclosed in or contemplated by the section entitled
“Certain Relationships and Related Transactions” in the Offering Memorandum or elsewhere in the Offering Memorandum; 
  
 (xii) the grant of stock options or similar rights to officers, employees, consultants and directors of the Company and, to the extent
otherwise permitted under this Indenture, any Restricted Subsidiary, pursuant to plans approved by the Board of Directors of the Company and the issuance of securities pursuant thereto; 
  
 (xiii) any employment, consulting, service or termination agreement, or reasonable and customary
indemnification arrangements, entered into by the Company or any of its Restricted Subsidiaries with officers and employees of the Company or any of its Restricted Subsidiaries and the payment of compensation to officers and employees of the Company
or any of its Restricted Subsidiaries including amounts paid pursuant to employee benefit plans, employee stock option or similar plans, in each case in the ordinary course of business and approved by the Board of Directors of the Company;

  
 (xiv) transactions effected as part of a
Qualified Receivables Transaction; and 
  
 (xv)
transactions with a Person that is an Affiliate of the Company solely because the Company directly or indirectly owns Equity Interests in, or controls, such Person. 
  
 SECTION 4.08. Change of Control. (a) Upon a Change of Control, each Holder shall have the right to require the
Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of
repurchase (subject to the right of the Holders of record on the relevant record date to receive interest due on 

  

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the relevant interest payment date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding
the occurrence of a Change of Control, the Company shall not be obligated to purchase any Notes pursuant to this Section 4.08 in the event that it elects to redeem such Notes in accordance with Article 3 of this Indenture within 30 days following
the Change of Control. In the event that at the time of such Change of Control the terms of the Bank Indebtedness or other Senior Indebtedness, restrict or prohibit the repurchase of Notes pursuant to this Section 4.08, then prior to the mailing of
the notice to the Holders provided for in Section 4.08(b) but in any event within 30 days following any Change of Control, the Company shall (i) repay in full all Bank Indebtedness and such Senior Indebtedness, or (ii) obtain the requisite consent,
if required, under the agreements governing the Bank Indebtedness and such Senior Indebtedness to permit the repurchase of the Notes as provided for in Section 4.08(b). 
  
 (b) Within 30 days following any Change of Control, except to the extent that the Company has exercised its right to redeem
the Notes in accordance with Article 3 of this Indenture, the Company shall mail a notice (a “Change of Control Offer”) to each Holder with a copy to the Trustee stating: 
  
 (i) that a Change of Control has occurred and that such Holder has the right to require the Company to
purchase all or a portion of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase (subject to the right of the Holders of record on the relevant
record date to receive interest on the relevant interest payment date); 
  
 (ii) the circumstances and relevant facts (including, if applicable, financial information) regarding such Change of Control; 
  

(iii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and

  
 (iv) the instructions determined by the
Company, consistent with this Section 4.08, that a Holder must follow in order to have its Notes purchased. 
  
 A Change of Control Offer may be made in advance of a Change of Control and conditioned upon the occurrence of such Change of Control if a definitive agreement is in place for the Change of Control at the time of
making of the Change of Control Offer. 
  
 (c) Holders electing to
have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. The Holders shall be entitled to
withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note
which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered. 
  

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 (d) On the purchase date, all Notes purchased by the Company under this Section shall be delivered to the
Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto. 
  
 (e) Notwithstanding the foregoing provisions of this Section, 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 set forth in Section 4.08(b) applicable to a Change of Control Offer made by the Company and purchases all Notes
properly tendered and not withdrawn under such Change of Control Offer. 
  
 (f) At the time the Company delivers Notes to the Trustee which are to be accepted for purchase, the Company shall also deliver an Officers’ Certificate stating that such Notes are to be accepted by the Company pursuant to and in
accordance with the terms of this Section 4.08. A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. 
  
 (g) Prior to any Change of Control Offer, the Company shall deliver to the
Trustee an Officers’ Certificate stating that all conditions precedent contained herein to the right of the Company to make such offer have been complied with. 
  
 (h) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Company shall
comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue of such conflict or compliance. 
  
 SECTION 4.09. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each
fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of
any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also shall comply with Section 314(a)(4) of
the TIA. 
  
 SECTION 4.10. Further Instruments and Acts.
Upon request of the Trustee, the Company shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  
 SECTION 4.11. Future Guarantors. The Company will cause any of its
Restricted Subsidiaries, other than a Receivables Subsidiary, that is a Domestic Subsidiary but not a Guarantor that: 
  
 (a) guarantees any Indebtedness of the Company or a Restricted Subsidiary of the Company; or 
  

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 (b) Incurs any Indebtedness or Disqualified Stock (1) permitted to be Incurred pursuant
to clauses (i) and (xx) of Section 4.03(b) or (2) not permitted to be Incurred by Section 4.03 
  
 to execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit D pursuant to which such Subsidiary shall guarantee payment of the Notes. 
  
 SECTION 4.12. Liens. (a) The Company will not, and will not permit any
of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien on any asset or property of the Company or such Restricted Subsidiary or any income or profits therefrom, or assign or convey any right to receive
income therefrom, that secures any obligations of the Company or any of its Restricted Subsidiaries, other than Permitted Liens, unless the Securities are equally and ratably secured with (or on a contractually prior basis to, in the case of
obligations subordinated in right of payment to the Securities) the obligations so secured or until such time as such obligations are no longer secured by a Lien. 
  
 (b) No Guarantor will directly or indirectly create, Incur or suffer to exist any Lien on any asset or property of such
Guarantor or any income or profits therefrom, or assign or convey any right to receive income therefrom, that secures any obligations of such Guarantor, other than Permitted Liens, unless the Guarantee of such Guarantor is equally and ratably
secured with (or on a contractually prior basis to, in the case of obligations subordinated in right of payment to such Guarantor’s Guarantee) the obligations so secured or until such time as such obligations are no longer secured by a Lien.

  
 SECTION 4.13. Limitation on Other Indebtedness. The
Company will not, and will not permit any Guarantor to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) that is contractually subordinated by its terms in right of payment to any Indebtedness of the Company or any
Indebtedness of any such Guarantor, as the case may be, unless such Indebtedness is either: 
  
 (i) pari passu in right of payment with the Notes or such Guarantor’s Guarantee, as the case may be, or 
  
 (ii) contractually subordinated by its terms in right of
payment to the Notes or such Guarantor’s Guarantee, as the case may be; 
  
 provided that no Indebtedness of the Company or any Guarantor will be deemed to be subordinated in right of payment to any other Indebtedness of the Company or any of its Subsidiaries solely by virtue of being unsecured or by virtue
of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them. 
  
 SECTION 4.14. Maintenance of Office or Agency. (a) The Company shall
maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such 
  

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office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02. 
  

(b) The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, The City of New York. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 (c) The Company hereby designates the corporate trust office of the Trustee
or its Agent, in the Borough of Manhattan, The City of New York, as such office or agency of the Company in accordance with Section 2.04. 
  
 SECTION 4.15. Operation of ACCO Finance. Prior to the Assumption Date, ACCO Finance will not engage in any business activities other than as
necessary to perform its obligations under this Indenture and the Escrow Agreement and in connection with the ACCO Assumption. 
  
 ARTICLE 5 
  
 SUCCESSOR COMPANY 
  
 SECTION 5.01. When Company May Merge or Transfer Assets. 
  
 (a) Except in connection with the ACCO Assumption and the related release of the Escrowed Property or the redemption of the Notes, prior to the Assumption
Date the Company shall not, in a single transaction or a series of related transactions, consolidate or merge with or into (whether or not the Company is the surviving entity) or transfer all or substantially all of its properties or assets to,
another Person. From and after the Assumption Date, the Company shall not consolidate or merge with or into, whether or not the Company is the surviving corporation, or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of the assets of the Company and its Restricted Subsidiaries in one or more related transactions to, any Person unless: 
  
 (i) the Company is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the
Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state
thereof, the District of Columbia, or any territory thereof (the Company or such Person, as the case may be, being herein called the “Successor Company”); 
  

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 (ii) the Successor Company (if other than the Company) expressly assumes all the
obligations of the Company under this Indenture and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 
  
 (iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an
obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction) no Default or Event of Default
shall have occurred and be continuing; 
  
 (iv)
immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter period, either 
  
 (A) the Successor Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to
the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 
  
 (B) the Fixed Charge Coverage Ratio for the Successor Company would be greater than such ratio for the Successor Company immediately prior to such transaction; 
  
 (v) each Guarantor, unless it is the other party to the
transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 
  
 (vi) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures (if any) comply with this Indenture. 
  
 The Successor Company shall succeed to, and be substituted for, the Company under this Indenture and the Securities. Notwithstanding the foregoing clauses
(iii) and (iv) of this Section 5.01, (a) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the Company or to another Restricted Subsidiary, and (b) the Company may merge with an
Affiliate incorporated solely for the purpose of reincorporating the Company in another state of the United States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. 
  
 (b) Subject to the provisions of Section 11.02(b) (which govern the release
of a Guarantee upon the sale or disposition of a Restricted Subsidiary of the Company that is a Guarantor), each Guarantor shall not, and the Company shall not permit any Guarantor to, consolidate or merge with or into (whether or not such Guarantor
is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person (other than any such sale, assignment, transfer,
lease, conveyance or disposition in connection with the Transactions described in the Offering Memorandum) unless: 
  

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 (i) such Guarantor is the surviving corporation or the Person formed by or surviving any
such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing
under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Guarantor”); 
  
 (ii) the Successor Guarantor (if other than such Guarantor)
expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantors’ Guarantee pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; 
  
 (iii) immediately after giving effect to such transaction
(and treating any Indebtedness which becomes an obligation of the Successor Guarantor or any of its Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the time of such transaction)
no Default or Event of Default shall have occurred and be continuing; and 
  
 (iv) the Successor Guarantor (if other than such Guarantor) shall have delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indenture (if any) comply with this Indenture. 
  
 The Successor Guarantor shall succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing, (1) a Guarantor may merge with an Affiliate
incorporated solely for the purpose of reincorporating such Guarantor in another state of the United States, so long as the amount of Indebtedness of the Guarantor is not increased thereby and (2) a Guarantor may merge with another Guarantor or the
Company. 
  
 SECTION 5.02. Successor Person Substituted.
Upon any consolidation or merger, or any transfer of all or substantially all of the assets of either the Company or any Restricted Subsidiary in accordance with Section 5.01, the successor corporation formed by such consolidation or into which the
Company or a Restricted Subsidiary is merged or to which such transfer is made shall succeed to, and be substituted for, and may exercise every right and power the Company or such Restricted Subsidiary, as applicable, under this Indenture with the
same effect as if such successor corporation had been named as the Company or such Restricted Subsidiary herein, and thereafter the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Notes or the
Guarantees, as applicable. 
  

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 ARTICLE 6 
  

DEFAULTS AND REMEDIES 
  
 SECTION 6.01. Events of Default. An “Event of Default” occurs if: 
  
 (a) the Company defaults in any payment of interest on any Note when the same becomes due and payable,
whether or not such payment shall be prohibited by Article 10, and such default continues for a period of 30 consecutive days; 
  
 (b) the Company defaults in the payment of principal or premium, if any, of any Note when due at its Stated Maturity, upon optional
redemption, upon required repurchase, upon declaration or otherwise, whether or not such payment shall be prohibited by Article 10; 
  
 (c) the Company fails to comply with its obligations under Section 5.01; 
  
 (d) the Company or any of its Restricted Subsidiaries fails to comply with any of its obligations under the
covenants set forth in Sections 4.03, 4.04 and 4.08 (in each case, other than a failure to purchase Notes) and such failure continues for 30 days after the notice specified below; 
  
 (e) the Company or any of its Restricted Subsidiaries fails to comply with any of its agreements in the
Notes or this Indenture (other than those referred to in (a), (b), (c), or (d) above) and such failure continues for 60 days after the notice specified below; 
  

(f) the Company or any Significant Subsidiary fails to pay any Indebtedness (other than Indebtedness owing to the Company or a
Subsidiary of the Company) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated
exceeds $25 million or its foreign currency equivalent; 
  
 (g) the Company or any Significant Subsidiary of the Company pursuant to or within the meaning of any Bankruptcy Law: 
  
 (i) commences a voluntary case, 
  
 (ii) consents to the entry of an order for relief against it in an involuntary case, 
  
 (iii) consents to the appointment of a Custodian of it or
for any substantial part of its property, or 
  
 (iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency; 
  

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 (h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: 
  
 (i) is for relief against the Company
or any Significant Subsidiary of the Company in an involuntary case, 
  
 (ii) appoints a Custodian of the Company or any Significant Subsidiary of the Company or for any substantial part of its property, or 
  
 (iii) orders the winding up or liquidation of the Company or any Significant Subsidiary of the Company,

  
 or any similar relief is granted under any foreign laws and
the order or decree remains unstayed and in effect for 60 days; 
  
 (i) the Company or any Significant Subsidiary fails to pay final judgments aggregating in excess of $25 million or its foreign currency equivalent net of any amounts which are covered by enforceable insurance policies
issued by solvent carriers, which judgments are not discharged, waived or stayed for a period of 60 days following the entry thereof; 
  
 (j) the Guarantee of a Guarantor ceases to be in full force and effect except as contemplated or permitted by the terms of the Guarantee
or this Indenture) or any Guarantor denies or disaffirms its obligations under this Indenture or any Guarantee and such Default continues for 10 days; or 
  
 (k) any failure to perform or comply with the provisions of the Escrow Agreement or the Escrow Agreement is held in any judicial
proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Company, ACCO or any Person acting on behalf of the Company or ACCO, shall deny or disaffirm its obligations under the Escrow Agreement.

  
 The foregoing shall constitute Events of Default whatever the
reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  
 The term “Bankruptcy Law” means Title 11, United
States Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
  
 A Default under clause (d) or (e) above shall not constitute an Event of
Default until (1) the Trustee notifies the Company, or (2) the Holders of at least 25% in principal amount of the outstanding Notes notify the Company of the Default and the Company does not cure such Default within the time specified in clauses (d)
or (e) above after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default”. The Company shall deliver to the Trustee, within ten (10) Business Days after
the occurrence thereof, written notice in the form of an Officers’ Certificate of any event which 

  

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is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Company is taking or proposes
to take with respect thereto. 
  
 SECTION 6.02.
Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(g) or (h) with respect to the Company) occurs and is continuing, the (1) Trustee by notice to the Company shall, or (2) the Holders of at least 25%
in principal amount of outstanding Notes by notice to the Company and the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable; provided, however, that so long as
any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier of (x) five (5) Business Days after the giving of written notice to the Company and the Representative under the Credit Agreement and (y) the day on
which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(g) or (h) with respect to the Company occurs, the principal of,
premium, if any, and interest on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in principal amount of the Notes by
notice to the Trustee may rescind an acceleration with respect to the Notes and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of
principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 In the event any Event of Default specified in Section 6.01(f) has occurred and is continuing, such Event of Default and all
consequences thereof shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Notes, if within 30 days after such Event of Default arose the Company delivers an Officers’ Certificate to
the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to
such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as described above be annulled, waived or rescinded
upon the happening of any such events. 
  
 SECTION 6.03. Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture. 
  
 The Trustee may maintain a proceeding
even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder 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. 
  
 SECTION 6.04. Waiver of Past Defaults. Provided the Notes are not then due and payable by reason of a declaration of acceleration, the Holders of a
majority in principal amount of the Notes by notice to the Trustee may waive an existing Default and its consequences 

  

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except (a) a Default in the payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Security when
required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected. When a Default is waived, it is deemed cured and the Company, the
Trustee and the Holders will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
  
 SECTION 6.05. Control by Majority. The Holders of a majority in
principal amount of the Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee shall refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability; provided, however,
that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such action. 
  
 SECTION 6.06. Limitation on Suits. (a) Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to this Indenture or the
Securities unless: 
  
 (i) the Holder has
previously to the Trustee written notice stating that an Event of Default is continuing; 
  
 (ii) the Holders of at least 25% in principal amount of the outstanding Notes have made a written request to the Trustee to pursue the
remedy; 
  
 (iii) such Holder or Holders have
offered to the Trustee reasonable security or indemnity against any loss, liability or expense; 
  
 (iv) the Trustee has not complied with the request within 60 days after receipt of the request and the offer of security or indemnity; and

  
 (v) the Holders of a majority in principal
amount of the outstanding Notes do not give the Trustee a direction inconsistent with the request during such 60-day period. 
  
 (b) A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder. 
  
 SECTION 6.07. Rights of the Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed or provided for in the
Securities, 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. 
  

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 SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or
(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor on the Securities for the whole amount then due and owing (together with interest on overdue
principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Securities) and the amounts provided for in Section 7.07. 
  
 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems
necessary, advisable or appropriate)) and the Holders allowed in any judicial proceedings relative to the Company or any Guarantor, their creditors or their property, shall be entitled to participate as a member, voting or otherwise, of any official
committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, provided it receives
the indemnity set forth in Section 7.07 and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
  
 SECTION 6.10. Priorities. If the Trustee collects any money or
property pursuant to this Article 6, it shall pay out the money or property in the following order: 
  
 FIRST: to the Trustee for amounts due under Section 7.07; 
  
 SECOND: to holders of Senior Indebtedness of the Company to the extent required by Article 10 and to holders
of Senior Indebtedness of the Guarantors to the extent required by Article 12; 
  
 THIRD: to the Holders for amounts due and unpaid on the Securities for principal, premium, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
  
 FOURTH: to the Company or, to the extent the Trustee collects any amount for any Guarantor, to such Guarantor. 
  
 The Trustee may fix a record date and payment date for any payment to the
Holders pursuant to this Section. At least 15 days before such record date, the Trustee shall mail to each Holder and the Company a notice that states the record date, the payment date and amount to be paid. 
  
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the 

  

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suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees
and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section
6.07 or a suit by Holders of more than 10% in principal amount of the Notes. 
  
 SECTION 6.12. Waiver of Stay or Extension Laws. Neither the Company nor any Guarantor (to the extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the extent that it may lawfully
do so) hereby expressly waive all benefit or advantage of any such law, and 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 7 
 TRUSTEE 
  
 SECTION 7.01. Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the
same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (ii) 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. 
  
 (c) The Trustee may not be relieved from liability for its own negligent action, its own gross negligent failure to act or its own willful misconduct,
except that: 
  
 (i) this paragraph does not
limit the effect of paragraph (b) of this Section 7.01; 
  
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 
  

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 (iii) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 
  
 (iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
  
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

 
 (e) The Trustee shall not be liable for interest on any money received by
it except as the Trustee may agree in writing with the Company. 
  
 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 7.01 and to the provisions of the TIA. 
  
 SECTION 7.02. Rights of Trustee. 
  
 (a) The
Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
  
 (c) The Trustee may act through agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not
constitute willful misconduct or gross negligence. 
  
 (e) The
Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect
of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a majority in principal amount of the 

  

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Securities at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may
see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, at the expense of the Company and shall
incur no liability of any kind by reason of such inquiry or investigation. 
  
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders
shall have offered to the Trustee reasonable indemnity or security against any losses, liabilities or expenses which might be incurred by it in compliance with such request or direction. 
  
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
  
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner
or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must comply with
Sections 7.10 and 7.11. 
  
 SECTION 7.04. Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, any Guarantee or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes,
and it shall not be responsible for any statement of the Company or any Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Securities other than the Trustee’s certificate of authentication.
The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01(c), (d), (e), (f), (g), (h), (i), (j) or (k) or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have actual
knowledge thereof or (b) the Trustee shall have received notice thereof in accordance with Section 13.02 hereof from the Company, any Guarantor or any Holder. For purposes of this Indenture “actual knowledge” or “actually known”
means the receipt of written notice of such default or event without any duty to make any investigation with regard thereto. 
  
 SECTION 7.05. Notice of Defaults. If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall mail to each
Holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee. 
  
 SECTION 7.06. Reports by Trustee to the Holders. As promptly as practicable after each September 30 beginning with
the September 30 following the date of this Indenture, and in any event prior to September 30 in each year, the Trustee shall mail to each Holder a brief report dated as of such September 30 that complies with Section 313(a) of the TIA if and to the
extent required thereby. The Trustee shall also comply with Section 313(b) of the TIA. 
  

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 A copy of each report at the time of its mailing to the Holders shall be filed with the SEC and each
stock exchange (if any) on which the Securities are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 
  
 SECTION 7.07. Compensation and Indemnity. The Company shall pay to the
Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts. The Company and each Guarantor, jointly and severally shall indemnify the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and
expenses) incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture or Guarantee against the Company or a Guarantor
(including this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Company, any Guarantor, any Holder or any other Person). The Trustee shall notify the Company of any claim for which it may seek indemnity
promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Company shall not relieve the Company or any Guarantor of its indemnity obligations hereunder. The Company shall defend the claim
and the indemnified party shall provide reasonable cooperation at the Company’s expense in the defense. Such indemnified parties may have separate counsel and the Company and the Guarantors, as applicable shall pay the fees and expenses of such
counsel; provided, however, that the Company shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no conflict of
interest between the Company and the Guarantors, as applicable, and such parties in connection with such defense. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through
such party’s own willful misconduct, negligence or bad faith. 
  
 To secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Securities on all money or property held or collected by the Trustee other than money or property
held in trust to pay principal of and interest on particular Securities. 
  
 The Company’s and the Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any
bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(g) or (h)
with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
  

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 SECTION 7.08. Replacement of Trustee. 
  
 (a) The Trustee may resign at any time by so notifying the Company. The
Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 
  
 (i) the Trustee fails to comply with Section 7.10; 
  
 (ii) the Trustee is adjudged bankrupt or insolvent;

  
 (iii) a receiver or other public officer
takes charge of the Trustee or its property; or 
  
 (iv) the Trustee otherwise becomes incapable of acting. 
  
 (b) If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee
for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 
  
 (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 
  
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of
10% in principal amount of the Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee. 
  

(e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b) of the TIA, any
Holder who has been a bona fide holder of a Security for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 (f) Notwithstanding the replacement of the Trustee pursuant to this Section
7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
  
 SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 
  

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 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee
shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 
  
 SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all
times satisfy the requirements of Section 310(a) of the TIA. The Trustee shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with Section
310(b) of the TIA, subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of
the TIA any series of securities issued under this Indenture and 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 Section 310(b)(1) of the TIA are met. 
  
 SECTION 7.11. Preferential Collection of Claims Against Company. The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been
removed shall be subject to Section 311(a) of the TIA to the extent indicated. 
  
 ARTICLE 8 
  
 DISCHARGE
OF INDENTURE; DEFEASANCE 
  
 SECTION 8.01. Discharge of
Liability on Securities; Defeasance. This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration of transfer or exchange of Notes, as expressly provided for in this Indenture) as to
all outstanding Securities: 
  
 (a) when either
(i) all the Notes theretofore authenticated, except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, have been delivered to the Trustee for cancellation or (ii) all of the Notes that have not been delivered to the Trustee for cancellation (a) have become due and payable, (b) will
become due and payable at their stated maturity within one year or (c) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and the Company 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, 

  

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for principal of, premium, if any, and interest 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; 


  
 (b) the Company and/or the Guarantors have paid all other sums payable under this Indenture; and 
  
 (c) 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. 
  
 Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate
(i) all of its obligations under the Securities and this Indenture (with respect to such Securities) (“legal defeasance option”) or (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.11, 4.12, 4.13 and 4.15 and
the operation of Section 5.01 and Sections 6.01(c), 6.01(d), 6.01(f), 6.01(g) (with respect to Significant Subsidiaries of the Company only), 6.01(h) (with respect to Significant Subsidiaries of the Company only), 6.01(i) and 6.01(j) (“covenant
defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Company terminates all of its obligations under the Securities and this
Indenture (with respect to such Securities) by exercising its legal defeasance option or its covenant defeasance option, the obligations of each Guarantor under its Guarantee of such Securities shall be terminated simultaneously with the termination
of such obligations. 
  
 If the Company exercises its legal
defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event
of Default specified in Section 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (with respect to Significant Subsidiaries of the Company only), 6.01(h) (with respect to Significant Subsidiaries of the Company only), 6.01(i) or 6.01(j) because of the
failure of the Company to comply with Section 5.01. 
  
 Upon
satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
  
 (d) Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08,
2.09, 7.07, 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 8.05 and 8.06 shall survive such satisfaction and discharge. 
  
 SECTION 8.02. Conditions to Defeasance. 
  
 (a) The Company may exercise its legal defeasance option or its covenant
defeasance option only if: 
  
 (i) the Company
irrevocably deposits in trust with the Trustee, cash in U.S. Dollars, Government Obligations or a combination thereof, in an amount sufficient or 

  

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Government Obligations, the principal of and the interest on which will be sufficient, or a combination thereof sufficient, to pay the principal of, and
premium (if any) and interest on the applicable Notes when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption date; 


  
 (ii) the Company delivers to the Trustee a certificate from
a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited Government Obligations plus any deposited money without investment will
provide cash at such times and in such amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Securities to maturity or redemption, as the case may be; 
  
 (iii) 123 days pass after the deposit is made and during the
123-day period no Default specified in Section 6.01(g) or (h) with respect to the Company occurs which is continuing at the end of the period; 
  
 (iv) the deposit does not constitute a default under any other agreement binding on the Company and is not prohibited by Article 10;

  
 (v) the Company delivers to the Trustee an
Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
  
 (vi) in the case of the legal defeasance option, the Company
shall have delivered to the Trustee an Opinion of Counsel stating that (1) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and
defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 
  
 (vii) in the case of the covenant defeasance option, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 
  
 (viii) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge of the Securities to be so defeased and discharged as contemplated by this Article 8 have been complied with. 
  
 (b) Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of such Securities at a future date in
accordance with Article 3. 
  

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 SECTION 8.03. Application of Trust Money. The Trustee shall hold in trust money or Government
Obligations (including proceeds thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from Government Obligations through each Paying Agent and in accordance with this Indenture to the payment of
principal of and interest on the Securities so discharged or defeased. Money and securities so held in trust are not subject to Article 10 or 12. 
  
 SECTION 8.04. Repayment to Company. Each of the Trustee and each Paying Agent shall promptly turn over to the Company upon request any money or
Government Obligations held by it as provided in this Article 8 which, in the written opinion of nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if Government Obligations
have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article 8. 
  
 Subject to any applicable abandoned property law, the Trustee and each Paying
Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company for payment as general
creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies. 
  
 SECTION 8.05. Indemnity for Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against deposited Government Obligations or the principal and interest received on such Government Obligations. 
  
 SECTION 8.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Obligations in accordance with this
Article 8 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 obligations under this Indenture and the
Securities so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or any Paying Agent is permitted to apply all such money or Government Obligations in
accordance with this Article 8; provided, however, that, if the Company has made any payment of principal of or interest on, any such Securities because of the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money or Government Obligations held by the Trustee or any Paying Agent. 
  

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 ARTICLE 9 
  

AMENDMENTS AND WAIVERS 
  
 SECTION 9.01. Without Consent of the Holders. 
  
 (a) The Company and the Trustee may amend this Indenture or the Securities without notice to or consent of any Holder: 
  
 (i) to cure any ambiguity, omission, defect or
inconsistency; 
  
 (ii) to comply with Article 5;

  
 (iii) to provide for uncertificated
Securities in addition to or in place of certificated Securities; provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the
uncertificated Securities are described in Section 163(f)(2)(B) of the Code; 
  
 (iv) to add additional Guarantees with respect to the Notes or to secure the Notes; 
  
 (v) to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred upon the
Company; 
  
 (vi) to comply with any requirement
of the SEC in connection with qualifying or maintaining the qualification of, this Indenture under the TIA; 
  
 (vii) to make any change that does not adversely affect the rights of any Holder; or 
  
 (viii) to provide for the issuance of the Exchange Notes or
Additional Notes, which shall have terms substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities. 
  
 After an amendment under this Section 9.01 becomes effective, the Company
shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 
  
 SECTION 9.02. With Consent of the Holders. 
  
 (a) The Company and the Trustee may amend or supplement this Indenture, the
Notes or the Escrow Agreement with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for Notes, and any past or existing default or compliance with any provisions may be waived with the consent of the holders of at least a majority in principal amount of the Notes then outstanding, including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). However, without the consent of each Holder of an outstanding Note affected, an amendment may not: 
  
 (1) reduce the amount of Securities whose Holders must
consent to an amendment, supplement or waiver, 
  
 (2) reduce the rate of or extend the time for payment of interest on any Security, 
  

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 (3) reduce the principal of or change the Stated Maturity of any Security, 
  
 (4) reduce the premium payable upon the redemption of any
Security or change the time at which any Security may be redeemed in accordance with Article 3, 
  
 (5) make any Security payable in money other than that stated in such Security, 
  
 (6) make any change in Article 10 or Article 12 that
adversely affects the rights of any Holder under Article 10 or Article 12, 
  
 (7) impair or waive the right of any Holder to receive payment of principal of, premium, if any, and interest on such Holder’s Securities on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Securities, 
  
 (8) make any change in Section 6.04 or 6.07 or the second sentence of this Section 9.02, 
  
 (9) modify the Guarantees in any manner adverse to the
Holders, or 
  
 (10) make any changes in the
Company’s obligations to redeem the Securities in a Special Mandatory Redemption. 
  
 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, but it shall be sufficient if such consent approves the substance thereof.

  
 After an amendment under this Section 9.02 becomes effective,
the Company shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 
  
 SECTION 9.03. Compliance with Trust Indenture Act. From the date on
which this Indenture is qualified under the TIA, every amendment, waiver or supplement to this Indenture or the Securities shall comply with the TIA as then in effect. 
  
 SECTION 9.04. Revocation and Effect of Consents and Waivers. 
  
 (a) A consent to an amendment or a waiver by a Holder of a Security shall
bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such
Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate
from the Company certifying that the requisite principal amount of Securities have consented. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt by the Company or
the Trustee of 

  

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consents by the Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and
any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Company and the Trustee. 
  
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to
give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding 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 give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record
date. No such consent shall be valid or effective for more than 120 days after such record date. 
  
 SECTION 9.05. Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the Company may require
the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment,
supplement or waiver. 
  
 SECTION 9.06. Trustee to Sign
Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment, in the opinion of the Trustee in its sole judgment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall
be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal,
valid and binding obligation of the Company and the Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03), and with respect to the
Officers’ Certificate, that such amendment, supplement or waiver does not adversely effect the rights, duties, liabilities or immunities of the Trustee. 
  
 SECTION 9.07. Payment for Consent. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to be
paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
  
 SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount. Except as provided in the proviso to the
first sentence of Section 9.02(a), all Securities issued under this Indenture shall vote and consent together on all matters (as to which any of such Securities 

  

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may vote) as one class and no series of Securities will have the right to vote or consent as a separate class on any matter. Determinations as to whether
Holders of the requisite aggregate principal amount of Securities have concurred in any direction, waiver or consent shall be made in accordance with this Article 9 and Section 2.14. 
  
 ARTICLE 10 
  
 SUBORDINATION 
  
 SECTION 10.01. Agreement to Subordinate. No provisions of this Article 10 shall take effect until after the Assumption Date. Following the
Assumption Date, the Company agrees, and each Holder by accepting a Note agrees, that the Indebtedness evidenced by the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article 10, to the prior payment in
full of all existing and future Senior Indebtedness of the Company and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness. The Notes shall in all respects rank pari passu in right of payment with
all existing and future Pari Passu Indebtedness of the Company and shall rank senior in right of payment to all existing and future Subordinated Indebtedness of the Company; and only Indebtedness of the Company that is Senior Indebtedness of the
Company shall rank senior to the Notes in accordance with the provisions set forth herein. For purposes of this Article 10, the Indebtedness evidenced by the Notes shall be deemed to include any Registration Default Interest payable pursuant to the
provisions set forth in the Notes and the Registration Agreement. All provisions of this Article 10 shall be subject to Section 10.12. 
  
 SECTION 10.02. Liquidation, Dissolution, Bankruptcy. Upon any payment or distribution of the assets of the Company to creditors upon a total or
partial liquidation or a total or partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property: 
  
 (a) holders of Senior Indebtedness of the Company shall be
entitled to receive payment in full in cash of such Senior Indebtedness (including interest accruing after, or which would accrue but for, the commencement of any such proceeding at the rate specified in the applicable Senior Indebtedness, whether
or not a claim for such interest would be allowed) before Holders shall be entitled to receive any payment of principal of or interest on the Notes; and 
  
 (b) until the Senior Indebtedness of the Company is paid in full in cash, any payment or distribution to which Holders would be entitled
but for this Article 10 shall be made to holders of such Senior Indebtedness as their interests may appear, except that the Holders may receive and retain Permitted Junior Securities. 
  
 SECTION 10.03. Default on Designated Senior Indebtedness. The Company may not pay principal of, premium (if any) or
interest on, the Notes or make any deposit pursuant to the provisions described under Section 8.01 and may not otherwise purchase, redeem or otherwise retire any Notes (except that the Holders may receive and retain (a) Permitted Junior Securities
and (b) payments made from the trust described under Article 8) (collectively, “pay the Notes”) if: 
  
 (1) a default in the payment of the principal of, premium, if any, or interest on any Designated Senior Indebtedness of the Company occurs
and is continuing or any other amount owing in respect of any Designated Senior Indebtedness of the Company is not paid when due, or 
  

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 (2) any other default on Designated Senior Indebtedness of the Company occurs and the
maturity of such Designated Senior Indebtedness of the Company is accelerated in accordance with its terms, 
  
 unless, in either case, the default has been cured or waived and any such acceleration has been rescinded or such Designated Senior Indebtedness has been paid in full in cash; provided, however, the
Company may pay the Notes without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of the holders of such Designated Senior Indebtedness with respect to which either of the
events set forth in clause (1) or (2) of this sentence has occurred and is continuing. During the continuance of any default (other than a default described in clause (1) or (2) of the preceding sentence) with respect to any Designated Senior
Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the
Company may not pay the Notes for a period (a “Payment Blockage Period”) commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a “Blockage Notice”) of such default from the Representative of
the holders of such Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the
Company from the Person or Persons who gave such Blockage Notice; (ii) by repayment in full in cash or Cash Equivalents of such Designated Senior Indebtedness; or (iii) because the default giving rise to such Blockage Notice is no longer
continuing). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section 10.03 and in Section 10.02(b)), unless the holders of such Designated Senior
Indebtedness or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness or a payment default exists, the Company may resume payments on the Notes after the end of such Payment Blockage Period.
Not more than one Blockage Notice may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to Designated Senior Indebtedness during such period. In no event, however, may the total number of days during
which any Payment Blockage Period is in effect exceed 179 days in the aggregate during any 360 consecutive day period. For purposes of this Section 10.03, no default or event of default that existed or was continuing on the date of the commencement
of any Payment Blockage Period with respect to the Designated Senior Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such
Designated Senior Indebtedness, whether or not within a period of 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days (it being understood that any
subsequent action or any breach of any financial covenants for a period commencing after the date of commencement of such Payment Blockage Period that, in either case, would give rise to an event of default pursuant to any provision of the
Designated Senior Indebtedness under which an event of default previously existed or was continuing shall constitute a new event of default for this purpose). 
  

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 SECTION 10.04. Acceleration of Payment of Notes. If payment of the Notes is accelerated because of
an Event of Default, the Company or the Trustee (provided, that the Trustee shall have received written notice from the Company, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the
Designated Senior Indebtedness of the Company (or their Representative) of the acceleration. 
  
 SECTION 10.05. When Distribution Must Be Paid Over. If a distribution is made to the Holders that because of this Article 10 should not have been made to them, the Holders who receive the distribution shall
hold it in trust for holders of Senior Indebtedness of the Company and pay it over to them as their interests may appear. 
  
 SECTION 10.06. Subrogation. After all Senior Indebtedness of the Company is paid in full and until the Notes are paid in full, the Holders shall be
subrogated to the rights of holders of such Senior Indebtedness to receive distributions applicable to Senior Indebtedness of the Company. A distribution made under this Article 10 to holders of such Senior Indebtedness which otherwise would have
been made to the Holders is not, as between the Company and the Holders, a payment by the Company on such Senior Indebtedness. 
  
 SECTION 10.07. Relative Rights. This Article 10 defines the relative rights of the Holders and holders of Senior Indebtedness of the Company.
Nothing in this Indenture shall: 
  
 (a) impair,
as between the Company and the Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of and interest on the Notes in accordance with their terms; or 
  
 (b) prevent the Trustee or any Holder from exercising its
available remedies upon a Default, subject to the rights of holders of Senior Indebtedness of the Company to receive distributions otherwise payable to the Holders. 
  
 SECTION 10.08. Subordination May Not Be Impaired by Company. No right of any holder of Senior Indebtedness of the
Company to enforce the subordination of the Indebtedness evidenced by the Notes shall be impaired by any act or failure to act by the Company or by its failure to comply with this Indenture. 
  
 SECTION 10.09. Rights of Trustee and Paying Agent. Notwithstanding
Section 10.03, the Trustee or the Paying Agent may continue to make payments on the Notes and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two (2) Business
Days prior to the date of such payment, a Trust Officer of the Trustee receives notice satisfactory to it that payments may not be made under this Article 10. The Company, the Registrar, the Paying Agent, a Representative or a holder of Senior
Indebtedness of the Company may give the notice; provided, however, that, if an issue of Senior Indebtedness of the Company has a Representative, only the Representative may give the notice. 
  
 The Trustee in its individual or any other capacity may hold Senior
Indebtedness of the Company with the same rights it would have if it were not Trustee. The Registrar and any Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 10 with respect to
any Senior Indebtedness of the Company which may at 

  

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any time be held by it, to the same extent as any other holder of such Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of any of its
rights as such holder. Nothing in this Article 10 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07 or any other Section of this Indenture. 
  
 SECTION 10.10. Distribution or Notice to Representative. Whenever a distribution is to be made or a notice given to
holders of Senior Indebtedness of the Company, the distribution may be made and the notice given to their Representative (if any). 
  
 SECTION 10.11. Article 10 Not to Prevent Events of Default or Limit Right to Accelerate. The failure to make a payment pursuant to the Notes by
reason of any provision in this Article 10 shall not be construed as preventing the occurrence of a Default. Nothing in this Article 10 shall have any effect on the right of the Holders or the Trustee to accelerate the maturity of the Notes.

  
 SECTION 10.12. Trust Monies Not Subordinated.
Notwithstanding anything contained herein to the contrary, payments from money or the proceeds of Government Obligations held in trust under Article 8 by the Trustee and deposited at a time when permitted by the subordination provisions of this
Article 10 for the payment of principal of and interest on the Notes shall not be subordinated to the prior payment of any Senior Indebtedness of the Company or subject to the restrictions set forth in this Article 10, and none of the Holders shall
be obligated to pay over any such amount to the Company or any holder of Senior Indebtedness of the Company or any other creditor of the Company. 
  
 SECTION 10.13. Trustee Entitled to Rely. Upon any payment or distribution pursuant to this Article 10, the Trustee and the Holders shall be
entitled to rely (a) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 10.02 are pending, (b) upon a certificate of the liquidating trustee or agent or other Person making
such payment or distribution to the Trustee or to the Holders or (c) upon the Representatives for the holders of Senior Indebtedness of the Company for the purpose of ascertaining the Persons entitled to participate in such payment or distribution,
the holders of such Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 10. In the event that
the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of the Company to participate in any payment or distribution pursuant to this Article 10, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and
other facts pertinent to the rights of such Person under this Article 10, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.
The provisions of Sections 7.01, 7.02 and 7.07 shall be applicable to all actions or omissions of actions by the Trustee pursuant to this Article 10. 
  
 SECTION 10.14. Trustee to Effectuate Subordination. Each Holder by accepting a Note authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Holders and the 

  

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holders of Senior Indebtedness of the Company as provided in this Article 10 and appoints the Trustee as attorney-in-fact for any and all such purposes.

  
 SECTION 10.15. Trustee Not Fiduciary for Holders of Senior
Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Company and shall not be liable to any such holders if it shall mistakenly pay over or distribute to the Holders or the Company
or any other Person money or assets to which any holders of Senior Indebtedness of the Company shall be entitled by virtue of this Article 10 or otherwise. 
  
 SECTION 10.16. Reliance by Holders of Senior Indebtedness on Subordination Provisions. Each Holder by accepting a Note acknowledges and agrees that
the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of the Company, whether such Senior Indebtedness was created or acquired before or after the issuance of
the Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to
hold, or in continuing to hold, such Senior Indebtedness. 
  
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders, without
incurring responsibility to the Trustee or the Holders and without impairing or releasing the subordination provided in this Article 10 or the obligations hereunder of the Holders to the holders of the Senior Indebtedness of the Company, do any one
or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness of the Company, or otherwise amend or supplement in any manner Senior Indebtedness of the Company, or
any instrument evidencing the same or any agreement under which Senior Indebtedness of the Company is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness of the
Company; (iii) release any Person liable in any manner for the payment or collection of Senior Indebtedness of the Company; and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 
  
 ARTICLE 11 
  
 GUARANTEES 
  
 SECTION 11.01. Guarantees. 
  
 (a) The Notes will be guaranteed by each of the Company’s direct and
indirect Restricted Subsidiaries, other than any Receivables Subsidiary, that are Domestic Subsidiaries that guarantee Indebtedness under the Credit Agreement. Each Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees,
as a primary obligor and not merely as a surety, to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all obligations
of the Company under this Indenture (including obligations to the Trustee) and the Notes, whether for payment of principal of, premium, if any, or interest on in respect of the Notes and all other monetary obligations of the Company under this
Indenture and the Notes and 

  

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(ii) the full and punctual performance within applicable grace periods of all other obligations of the Company whether for fees, expenses, indemnification or
otherwise under this Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in
part, without notice or further assent from each such Guarantor, and that each such Guarantor shall remain bound under this Article 11 notwithstanding any extension or renewal of any Guaranteed Obligation. 
  
 (b) Each Guarantor waives presentation to, demand of payment from and protest
to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be
affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any extension
or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any security held by
any Holder or the Trustee for the Guaranteed Obligations or any Guarantor; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of
such Guarantor, except as provided in Section 11.02(b). 
  
 (c)
Each Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. Each Guarantor hereby waives
any right to which it may be entitled to have the assets of the Company first be used and depleted as payment of the Company’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Guarantor
hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an action being initiated against such Guarantor. 
  
 (d) Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance
when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 
  
 (e) The Guarantee of each Guarantor is, to the extent and in the manner set
forth in Article 12, subordinated and subject in right of payment to the prior payment in full of the principal of and premium, if any, and interest on all Senior Indebtedness of the relevant Guarantor and is made subject to such provisions of this
Indenture. 
  
 (f) Except as expressly set forth in Sections
8.01(b), 11.02 and 11.06, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall
not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing,
the obligations 

  

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of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand
or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or
thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. 
  
 (g) Each Guarantor agrees that its Guarantee shall remain in full force and
effect until payment in full of all the Guaranteed Obligations. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of
or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 
  
 (h) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or
in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount
equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of
the Company to the Holders and the Trustee. 
  
 (i) Each Guarantor
agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations and all obligations to which the Guaranteed
Obligations are subordinated as provided in Article 12. Each Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be
accelerated as provided in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event
of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 11.01.

  
 (j) Each Guarantor also agrees to pay any and all costs and
expenses (including reasonable attorneys’ fees and expenses as well as those items set forth in Section 7.07 herein) incurred by the Trustee or any Holder in enforcing any rights under this Section 11.01. 
  
 (k) Upon request of the Trustee, each Guarantor shall execute and deliver
such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  

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 SECTION 11.02. Limitation on Liability. 
  
 (a) Any term or provision of this Indenture to the contrary notwithstanding,
the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
  
 (b) A Guarantee as to any Guarantor shall terminate and be of no further force or effect and such Guarantor shall be deemed to be released from all
obligations under this Article 11 upon: 
  
 (i)
the sale, disposition or other transfer (including through merger or consolidation) of the Capital Stock (including any sale, disposition or other transfer following which the applicable Guarantor is no longer a Subsidiary of Company), or all or
substantially all the assets, of the applicable Guarantor, if such sale, disposition or other transfer is made in compliance with this Indenture, 
  
 (ii) the Company designating such Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set forth under Section
4.04 and the definition of “Unrestricted Subsidiary,” 
  
 (iii) in the case of any Restricted Subsidiary which after the Assumption Date is required to guarantee the Notes pursuant to Section 4.11, the release or discharge of the guarantee by such Restricted Subsidiary of
Indebtedness of the Company or any Restricted Subsidiary of the Company or such Restricted Subsidiary or the repayment of the Indebtedness or Disqualified Stock, in each case, which resulted in the obligation to guarantee the Notes, and 

 
 (iv) any legal defeasance or covenant defeasance pursuant
to Article 8. 
  
 A Guarantee also shall be automatically released
upon the applicable Subsidiary ceasing to be a Subsidiary of the Company as a result of any foreclosure of any pledge or security interest securing Bank Indebtedness or other exercise of remedies in respect thereof or if such Subsidiary is released
from its guarantees of, and all pledges and security interests granted in connection with, the Credit Agreement and any other Indebtedness of the Company or any Restricted Subsidiary of the Company which results in the obligation to guarantee the
Notes. 
  
 SECTION 11.03. Successors and Assigns. This
Article 11 shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the
Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
  
 SECTION 11.04. No Waiver. Neither a failure nor a delay on the part of
either the Trustee or the Holders in exercising any right, power or privilege under this Article 11 shall 

  

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operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The
rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 11 at law, in equity, by statute or
otherwise. 
  
 SECTION 11.05. Modification. No
modification, amendment or waiver of any provision of this Article 11, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other
circumstances. 
  
 SECTION 11.06. Execution of Supplemental
Indenture for Future Guarantors. Each Subsidiary and other Person which is required to become a Guarantor pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto
pursuant to which such Subsidiary or other Person shall become a Guarantor under this Article 11 and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver
to the Trustee an Opinion of Counsel and an Officers’ Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of
bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such
Guarantor is a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 
  
 SECTION 11.07. Non-Impairment. The failure to endorse a Guarantee on
any Note shall not affect or impair the validity thereof. 
  
 ARTICLE 12 
  
 SUBORDINATION OF THE GUARANTEES

  
 SECTION 12.01. Agreement to Subordinate. No
provisions of this Article 12 shall take effect until after the Assumption Date. Following the Assumption Date, each Guarantor agrees, and each Holder by accepting a Note agrees, that the obligations of a Guarantor hereunder are subordinated in
right of payment, to the extent and in the manner provided in this Article 12, to the prior payment in full of all existing and future Senior Indebtedness of such Guarantor and that the subordination is for the benefit of and enforceable by the
holders of such Senior Indebtedness of such Guarantor. The obligations hereunder with respect to a Guarantor shall in all respects rank pari passu in right of payment with all existing and future Pari Passu Indebtedness of such Guarantor and
shall rank senior in right of payment to all existing and future Subordinated Indebtedness of such Guarantor; and only Indebtedness of such Guarantor that is Senior Indebtedness of such Guarantor shall rank senior to the obligations of such
Guarantor in accordance with the provisions set forth herein. For purposes of this Article 12, the Indebtedness evidenced by the Notes shall be deemed to include any Registration Default Interest payable pursuant 

  

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to the provisions set forth in the Notes and the Registration Agreement. All provisions of this Article 12 shall be subject to Section 12.16. 
  
 SECTION 12.02. Liquidation, Dissolution, Bankruptcy. Upon any payment
or distribution of the assets of a Guarantor to creditors upon a total or partial liquidation or a total or partial dissolution of such Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to such
Guarantor and its properties: 
  
 (a) holders of
Senior Indebtedness of such Guarantor shall be entitled to receive payment in full in cash of such Senior Indebtedness (including interest accruing after, or which would accrue but for, the commencement of any such proceeding at the rate specified
in the applicable Senior Indebtedness, whether or not a claim for such interest would be allowed) before the Holders shall be entitled to receive any payment pursuant to any Guaranteed Obligations from such Guarantor; and 
  
 (b) until the Senior Indebtedness of such Guarantor is paid
in full in cash, any payment or distribution to which the Holders would be entitled but for this Article 12 shall be made to holders of such Senior Indebtedness as their interests may appear, except that the Holders may receive and retain Permitted
Junior Securities. 
  
 SECTION 12.03. Default on Designated
Senior Indebtedness of a Guarantor. A Guarantor may not make any payment pursuant to any of the Guaranteed Obligations or otherwise purchase, redeem or otherwise retire any Notes (except that the Holders may receive and retain (a) Permitted
Junior Securities and (b) payments made from the trust described under Article 8 (collectively, “pay its Guarantee”) if: 
  
 (1) a default in the payment of the principal of, premium, if any, or interest on any Designated Senior Indebtedness of such Guarantor
occurs and is continuing or any other amount owing in respect of any Designated Senior Indebtedness of such Guarantor is not paid when due, or 
  
 (2) any other default on Designated Senior Indebtedness of such Guarantor occurs and the maturity of such Designated Senior Indebtedness
of such Guarantor is accelerated in accordance with its terms, 
  
 unless, in
either case, the default has been cured or waived and any such acceleration has been rescinded or such Designated Senior Indebtedness has been paid in full in cash; provided, however, such Guarantor may pay its Guarantee without regard
to the foregoing if such Guarantor and the Trustee receive written notice approving such payment from the Representative of the holders of such Designated Senior Indebtedness with respect to which either of the events set forth in clause (1) or (2)
of this sentence has occurred and is continuing. During the continuance of any default (other than a default described in clause (1) or (2) of the preceding sentence) with respect to any Designated Senior Indebtedness of a Guarantor pursuant to
which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, such Guarantor may not pay its Guarantee for a
period (a “Guarantee Payment Blockage Period”) commencing upon the receipt by the Trustee (with a copy to such Guarantor and the Company) of 

  

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written notice (a “Guarantee Blockage Notice”) of such default from the Representative of the holders of such Designated Senior Indebtedness
specifying an election to effect a Guarantee Payment Blockage Period and ending 179 days thereafter (or earlier if such Guarantee Payment Blockage Period is terminated (i) by written notice to the Trustee, such Guarantor and the Company from the
Person or Persons who gave such Guarantee Blockage Notice; (ii) by repayment in full in cash or Cash Equivalents of such Designated Senior Indebtedness; or (iii) because the default giving rise to such Guarantee Blockage Notice is no longer
continuing or waived). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section 12.03 and in Section 12.02(b)), unless the holders of such
Designated Senior Indebtedness or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness or a payment default exists, such Guarantor may resume payments on its Guarantee after the end of such
Guarantee Payment Blockage Period (including any missed payments). Not more than one Guarantee Blockage Notice may be given with respect to a Guarantor in any consecutive 360-day period, irrespective of the number of defaults with respect to
Designated Senior Indebtedness during such period. In no event, however, may the total number of days during which any Guarantee Payment Blockage Period is in effect exceed 179 days in the aggregate during any 360 consecutive day period. For
purposes of this Section 12.03, no default or event of default that existed or was continuing on the date of the commencement of any Guarantee Payment Blockage Period with respect to the Designated Senior Indebtedness initiating such Guarantee
Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Guarantee Payment Blockage Period by the Representative of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days,
unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days (it being understood that any subsequent action or any breach of any financial covenants for a period commencing after the date
of commencement of such Guarantee Payment Blockage Period that, in either case, would give rise to an event of default pursuant to any provision of the Designated Senior Indebtedness under which an event of default previously existed or was
continuing shall constitute a new event of default for this purpose). 
  
 SECTION 12.04. Demand for Payment. If payment of the Notes is accelerated because of an Event of Default and a demand for payment is made on a Guarantor pursuant to Article 11, the Company, the Guarantor or the Trustee
(provided that the Trustee shall have received written notice from the Company or such Guarantor, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the Designated Senior Indebtedness of
such Guarantor (or the Representative of such holders) of such demand. 
  
 SECTION 12.05. When Distribution Must Be Paid Over. If a payment or distribution is made to the Holders that because of this Article 12 should not have been made to them, the Holders who receive the payment or distribution shall hold
such payment or distribution in trust for holders of the Senior Indebtedness of the relevant Guarantor and pay it over to them as their respective interests may appear. 
  
 SECTION 12.06. Subrogation. After all Senior Indebtedness of a Guarantor is paid in full and until the Notes are paid
in full in cash, the Holders shall be subrogated to the rights of holders of Senior Indebtedness of such Guarantor to receive distributions applicable to Senior Indebtedness of such Guarantor. A distribution made under this Article 12 to holders of


  

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Senior Indebtedness of such Guarantor which otherwise would have been made to the Holders is not, as between such Guarantor and the Holders, a payment by
such Guarantor on Senior Indebtedness of such Guarantor. 
  
 SECTION 12.07. Relative Rights. This Article 12 defines the relative rights of the Holders and holders of Senior Indebtedness of a Guarantor. Nothing in this Indenture shall: 
  
 (a) impair, as between a Guarantor and the Holders, the
obligation of a Guarantor which is absolute and unconditional, to make payments with respect to the Guaranteed Obligations to the extent set forth in Article 11; or 
  
 (b) prevent the Trustee or any Holder from exercising its available remedies upon a default by a Guarantor
under its obligations with respect to the Guaranteed Obligations, subject to the rights of holders of Senior Indebtedness of such Guarantor to receive distributions otherwise payable to the Holders. 
  
 SECTION 12.08. Subordination May Not Be Impaired by a Guarantor. No
right of any holder of Senior Indebtedness of a Guarantor to enforce the subordination of the obligations of such Guarantor hereunder shall be impaired by any act or failure to act by such Guarantor or by its failure to comply with this Indenture.

  
 SECTION 12.09. Rights of Trustee and Paying Agent.
Notwithstanding Section 12.03, the Trustee or any Paying Agent may continue to make payments on the Notes and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two
(2) Business Days prior to the date of such payment, a Trust Officer of the Trustee receives notice satisfactory to it that payments may not be made under this Article 12. A Guarantor, the Registrar or co-registrar, a Paying Agent, a Representative
or a holder of Senior Indebtedness of a Guarantor may give the notice; provided, however, that if an issue of Senior Indebtedness of a Guarantor has a Representative, only the Representative may give the notice. 
  
 The Trustee in its individual or any other capacity may hold Senior
Indebtedness of a Guarantor with the same rights it would have if it were not Trustee. The Registrar and co-registrar and any Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 12
with respect to any Senior Indebtedness of a Guarantor which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness of such Guarantor; and nothing in Article 7 shall deprive the Trustee of any of its rights as
such holder. Nothing in this Article 12 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07 or any other Section of this Indenture. 
  
 SECTION 12.10. Distribution or Notice to Representative. Whenever a distribution is to be made or a notice given to
holders of Senior Indebtedness of a Guarantor, the distribution may be made and the notice given to their Representative (if any). 
  
 SECTION 12.11. Article 12 Not to Prevent Events of Default or Limit Right to Accelerate. The failure of a Guarantor to make a payment on any of its
obligations by reason of any provision in this Article 12 shall not be construed as preventing the occurrence of a default by such Guarantor under such obligations. Nothing in this Article 12 shall have any effect on the 

  

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right of the Holders or the Trustee to make a demand for payment on a Guarantor pursuant to Article 11. 
  
 SECTION 12.12. Trustee Entitled to Rely. Upon any payment or
distribution pursuant to this Article 12, the Trustee and the Holders shall be entitled to rely (a) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 12.02 are pending, (b)
upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to the Holders or (c) upon the Representatives for the holders of Senior Indebtedness of a Guarantor for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness of a Guarantor and other Indebtedness of a Guarantor, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article 12. In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of a
Guarantor to participate in any payment or distribution pursuant to this Article 12, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of such Guarantor held
by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person under this Article 12, and, if such evidence is not furnished, the Trustee may defer
any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The provisions of Sections 7.01 and 7.02 shall be applicable to all actions or omissions of actions by the Trustee pursuant to this
Article 12. 
  
 SECTION 12.13. Trustee to Effectuate
Subordination. Each Holder by accepting a Note authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Holders and the holders of
Senior Indebtedness of each of the Guarantors as provided in this Article 12 and appoints the Trustee as attorney-in-fact for any and all such purposes. 
  
 SECTION 12.14. Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of Senior Indebtedness of a Guarantor and shall not be liable to any such holders if it shall mistakenly pay over or distribute to the Holders or the relevant Guarantor or any other Person, money or assets to which any holders of
Senior Indebtedness of such Guarantor shall be entitled by virtue of this Article 12 or otherwise. 
  
 SECTION 12.15. Reliance by Holders of Senior Indebtedness of a Guarantor on Subordination Provisions. Each Holder by accepting a Note acknowledges
and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of a Guarantor, whether such Senior Indebtedness was created or acquired before or after
the issuance of the Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and
continuing to hold, or in continuing to hold, such Senior Indebtedness. 
  
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness of a Guarantor may, at any time and from time to time, without the 

  

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consent of or notice to the Trustee or the Holders, without incurring responsibility to the Trustee or the Holders and without impairing or releasing the
subordination provided in this Article 12 or the obligations hereunder of the Holders to the holders of the Senior Indebtedness of a Guarantor, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time
of payment of, or renew or alter, Senior Indebtedness of a Guarantor, or otherwise amend or supplement in any manner Senior Indebtedness of a Guarantor, or any instrument evidencing the same or any agreement under which Senior Indebtedness of a
Guarantor is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness of a Guarantor; (iii) release any Person liable in any manner for the payment or collection of
Senior Indebtedness of a Guarantor; and (iv) exercise or refrain from exercising any rights against such Guarantor and any other Person. 
  
 SECTION 12.16. Trust Monies Not Subordinated. Notwithstanding anything contained herein to the contrary, payments from money or the proceeds of
Government Obligations held in trust under Article 8 by the Trustee and deposited at a time when permitted by the subordination provisions of this Article 12 for the payment of principal of and interest on the Notes shall not be subordinated to the
prior payment of any Senior Indebtedness of any Guarantor or subject to the restrictions set forth in this Article 12, and none of the Holders shall be obligated to pay over any such amount to a Guarantor or any holder of Senior Indebtedness of a
Guarantor or any other creditor of a Guarantor. 
  
 ARTICLE 13

  
 MISCELLANEOUS 
  
 SECTION 13.01. Trust Indenture Act Controls. If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318 of the TIA, inclusive, such
imposed duties or incorporated provision shall control. 
  
 SECTION 13.02. Notices. 
  
 (a) Any notice or
communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by first-class mail addressed as follows: 
  
 if to the Company or a Guarantor: 
  
 ACCO Finance I, Inc. 
 c/o ACCO World
Corporation 
 300 Tower Parkway 
 Lincolnshire, Illinois 60069 
 Attention of: General Counsel 
 Facsimile: (847) 484-4800 
  

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 if to the Trustee: 
  
 Wachovia Bank, National Association 
 401 S. Tryon Street, 12th Floor 
 Bond Administration, NC 1179 
 Charlotte, NC 28288-1179 
 Attention of:
Corporate Trust Administration 
 Facsimile: (704) 383-7316 
  
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

  
 (b) Any notice or communication mailed to a Holder shall be
mailed, first class mail, to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
  
 (c) 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, except that notices to the Trustee are effective only if
received. 
  
 SECTION 13.03. Communication by the Holders with
Other Holders. The Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and other Persons shall have the
protection of Section 312(c) of the TIA. 
  
 SECTION 13.04.
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee at the request of the
Trustee: 
  
 (a) an Officers’ Certificate in
form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
  
 (b) an Opinion of Counsel in form reasonably satisfactory to
the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
  
 SECTION 13.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture (other than pursuant to Section 4.09) shall include: 
  
 (a) a statement that the individual making such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  

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 (c) a statement that, in the opinion of such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 
  
 SECTION 13.06. When Securities 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, any Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor
shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Trustee knows are so owned shall be
so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 
  
 SECTION 13.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of the Holders. The
Registrar and a Paying Agent may make reasonable rules for their functions. 
  
 SECTION 13.08. Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been
otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 
  
 SECTION 13.09. GOVERNING LAW. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE COMPANY AND THE GUARANTORS AGREES
THAT ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY OR A GUARANTORS BROUGHT BY THE TRUSTEE OR HOLDERS ARISING OUT OF OR BASED UPON THIS INDENTURE OR THE SECURITIES MAY BE INSTITUTED IN ANY STATE OR U.S. FEDERAL COURT IN THE CITY OF NEW
YORK AND COUNTY OF NEW YORK, AND WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH PROCEEDING, AND IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUIT, ACTION OR PROCEEDING.

  
 SECTION 13.10. No Recourse Against Others. No director,
officer, employee, incorporator or holder of any equity interests in the Company or of any Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under the
Securities or this Indenture or for any claim based on, in 

  

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respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability.

  
 SECTION 13.11. Successors. All agreements of the
Company and each Guarantor in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  
 SECTION 13.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
  
 SECTION 13.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
  
 SECTION 13.14. Indenture Controls. If and to the extent that any provision of the Securities limits, qualifies or
conflicts with a provision of this Indenture, such provision of this Indenture shall control. 
  
 SECTION 13.15. Severability. In case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 
  

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

					
	 ACCO FINANCE I, INC.

			
	 By:
	 	 	 	/s/    NEAL V. FENWICK        
	 	 	 Name:
	 	Neal V. Fenwick
	 	 	 Title:
	 	Vice President and Assistant Treasurer
	
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION, as Trustee

			
	 By:
	 	 	 	/s/    PAUL F. ANATRELLA        
	 	 	 Name:
	 	Paul F. Anatrella
	 	 	 Title:
	 	Vice President


  

 S-1 








 APPENDIX A 
  
 PROVISIONS RELATING TO INITIAL NOTES, ADDITIONAL NOTES AND EXCHANGE NOTES 
  

1. Definitions. 
  
 1.1 Definitions. 
  
 For the purposes of this Appendix A the following terms shall have the meanings indicated below: 
  
 “Clearstream” means Clearstream Banking, société
anonyme, or any successor securities clearing agency. 
  
 “Definitive Security” means a certificated Initial Note or Exchange Note (bearing the Restricted Securities Legend if the transfer of such Note is restricted by applicable law) that does not include the Global Securities Legend.

  
 “Depository” means The Depository Trust Company, its
nominees and their respective successors. 
  
 “Euroclear” means the Euroclear Clearance System or any successor securities clearing agency. 
  
 “Global Securities Legend” means the legend set forth under that caption in the applicable Exhibit to this Indenture. 
  
 “IAI” means an institutional “accredited investor” as
described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
  
 “Purchase Agreement” means (a) the Purchase Agreement dated August 2, 2005, among the Company and the Initial Purchasers and (b) any other similar Purchase Agreement relating to Additional Notes. 
  
 “QIB” means a “qualified institutional buyer” as defined
in Rule 144A. 
  
 “Registered Exchange Offer” means the
offer by the Company, pursuant to the Registration Agreement, to certain Holders of Initial Notes, to issue and deliver to such Holders, in exchange for their Initial Notes, a like aggregate principal amount of Exchange Notes registered under the
Securities Act. 
  
 “Registration Agreement” means (a)
the Registration Rights Agreement dated as of August 5, 2005 among the Company and the Initial Purchasers relating to the Notes and (b) any other similar Registration Rights Agreement relating to Additional Notes. 
  
 “Registration Default Interest” has the meaning set forth in the
Registration Agreement. 









 “Regulation S” means Regulation S under the Securities Act. 
  
 “Regulation S Securities” means all Initial Notes offered and sold
outside the United States in reliance on Regulation S. 
  
 “Restricted Period”, with respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in
Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Company to the Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer Restricted Securities,
it means the comparable period of 40 consecutive days. 
  
 “Restricted Securities Legend” means the legend set forth in Section 2.2(f)(i) herein. 
  
 “Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
  
 “Rule 144A” means Rule 144A under the Securities Act. 
  
 “Rule 144A Securities” means all Initial Notes offered and sold to
QIBs in reliance on Rule 144A. 
  
 “Securities
Custodian” means the custodian with respect to a Global Security (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee. 
  
 “Shelf Registration Statement” means a registration statement filed by the Company in connection with the offer
and sale of Initial Notes pursuant to the Registration Agreement. 
  
 “Transfer Restricted Securities” means Definitive Securities and any other Notes that bear or are required to bear or are subject to the Restricted Securities Legend. 
  
 “Unrestricted Definitive Security” means Definitive Securities and any other Securities that are not required to
bear, or are not subject to, the Restricted Securities Legend. 
  
 1.2 Other Definitions. 
  

			
	 Term:

	  	Defined in Section:


	 “Agent Members”
	  	2.1(b)
	 “Global Securities”
	  	2.1(b)
	 “Regulation S Global Securities”
	  	2.1(b)
	 “Rule 144A Global Securities”
	  	2.1(b)

  

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 2. The Securities. 
  
 2.1 Form and Dating; Global Securities. 
  
 (a) The Initial Notes issued on the date hereof will be (i) offered and sold by the Company pursuant to the Purchase
Agreement and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial Notes may thereafter be transferred to, among others, QIBs,
purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Notes offered after the date hereof may be offered and sold by the Company from time to time pursuant to one or more Purchase
Agreements in accordance with applicable law. 
  
 (b) Global
Securities. (i) Rule 144A Securities initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global Securities”). Regulation S Securities
initially shall be represented by one or more Notes in fully registered, global form without interest coupons (collectively, the “Regulation S Global Securities”). The term “Global Securities” means the Rule 144A Global
Securities and the Regulation S Global Securities. The Global Securities shall bear the Global Security Legend. The Global Securities initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for
credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Securities Legend. 
  
 Members of, or direct or indirect participants in, the Depository, Euroclear or Clearstream (“Agent Members”) shall have no rights under this
Indenture with respect to any Global Security held on their behalf by the Depository or the Common Depository, or the Trustee as its custodian, or under the Global Securities. The Depository may be treated by the Company, the Trustee and any agent
of the Company or the Trustee as the absolute owner of the Global Securities 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 the Depository or the Common Depository, as the case may be, or impair, as between the Depository, Euroclear or Clearstream, as the case may be, and their respective
Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
  
 (ii) Transfers of Global Securities shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective
nominees. Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only in accordance with the applicable rules and procedures of the Depository, Euroclear or Clearstream, as the case may be,
and the provisions of Section 2.2. In addition, a Global Security shall be exchangeable for Definitive Securities if (i) the Depository (x) notifies the Company that it is unwilling or unable to continue as depository for such Global Security and
the Company thereupon fails to appoint a successor depository or (y) has ceased to be a clearing agency registered under the Exchange Act or (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Security.
In all cases, Definitive Securities delivered in exchange for any Global Security or beneficial interests therein shall be registered in the names, and issued in any 

  

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approved denominations, requested by or on behalf of the Depository or the Common Depository, as applicable, in accordance with its customary procedures.

  
 (iii) In connection with the transfer of a Global Security as
an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and make
available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations.

  
 (iv) Any Transfer Restricted Security delivered in exchange
for an interest in a Global Security pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Securities Legend. 
  
 (v) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Security may be held only through
Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 
  
 (vi) The Holder of any Global Security 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 Securities. 
  
 2.2 Transfer and Exchange. 
  
 (a) Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except as set forth in Section 2.1(b). Global
Securities will not be exchanged by the Company for Definitive Securities except under the circumstances described in Section in Section 2.1(b)(ii). Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections
2.08 and 2.10 of this Indenture. Beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.2(b) or 2.2(g). 
  
 (b) Transfer and Exchange of Beneficial Interests in Global Securities. The transfer and exchange of beneficial interests in the Global Securities
shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Restricted Global Securities shall be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i) or (ii) below, as
applicable, as well as one or more of the other following subparagraphs, as applicable: 
  
 (i) Transfer of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in accordance with the transfer restrictions set forth in the Restricted Securities Legend; provided, however,
that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Security 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). A
beneficial 

  

 -4- 








 
interest in an Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Security. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i). 
  
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection
with all transfers and exchanges of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order from an Agent Member given to the
Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Securities contained in this Indenture and the Securities or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global
Security pursuant to Section 2.2(g). 
  
 (iii)
Transfer of Beneficial Interests to Another Restricted Global Security. A beneficial interest in a Transfer Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another
Transfer Restricted Global Security if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 
  
 (A) if the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Security, then the transferor must
deliver a certificate in the form attached to the applicable Note; and 
  
 (B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Security, then the transferor must deliver a certificate in the form attached to the applicable Note. 

 
 (iv) Transfer and Exchange of Beneficial Interests in
a Transfer Restricted Global Security for Beneficial Interests in an Unrestricted Global Security. A beneficial interest in a Transfer Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar
receives the following: 
  
 (A) if the holder of
such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Note; or

  

 -5- 








 (B) if the holder of such beneficial interest in a Restricted Global Security proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Note, 
  
 and, in each such case, if the Registrar so requests or if the applicable
rules and procedures of the Depository, Euroclear or Clearstream, as applicable, so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph
(iv) at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of an written order of the Company in the form of an Officers’ Certificate in accordance with Section 2.01, the Trustee shall
authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 
  
 (v) Transfer and Exchange of Beneficial Interests in an
Unrestricted Global Security for Beneficial Interests in a Restricted Global Security. Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Security. 
  
 (c)
Transfer and Exchange of Beneficial Interests in Global Securities for Definitive Securities. A beneficial interest in a Global Security may not be exchanged for a Definitive Security except under the circumstances described in Section
2.1(b)(ii). A beneficial interest in a Global Security may not be transferred to a Person who takes delivery thereof in the form of a Definitive Security except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial
interests in Global Securities shall be transferred or exchanged only for Definitive Securities. 
  
 (d) Transfer and Exchange of Definitive Securities for Beneficial Interests in Global Securities. Definitive Securities shall be transferred or
exchanged only for beneficial interests in Global Securities. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i), (ii) or (ii) below, as applicable: 
  
 (i) Transfer Restricted Securities to Beneficial
Interests in Restricted Global Securities. If any Holder of a Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest in a Restricted Global Security or to transfer such Transfer Restricted
Security to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Security, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted
Security for a beneficial interest in a Restricted Global Security, a certificate from such Holder in the form attached to the applicable Note; 
  

 -6- 








 (B) if such Transfer Restricted Security is being transferred to a Qualified
Institutional Buyer in accordance with Rule 144A under the Securities Act, a certificate from such Holder in the form attached to the applicable Note; 
  
 (C) if such Transfer Restricted Security is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904 under the Securities Act, a certificate from such Holder in the form attached to the applicable Note; 
  
 (D) if such Transfer Restricted Security is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form attached to the applicable Note; 
  
 (E) if such Transfer Restricted Security is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such Holder in the form attached to the applicable Note, including the certifications, certificates and Opinion of
Counsel, if applicable; or 
  
 (F) if such
Transfer Restricted Security is being transferred to the Company or a Subsidiary thereof, a certificate from such Holder in the form attached to the applicable Note; 
  
 the Trustee shall cancel the Transfer Restricted Security, and increase or cause to be increased the aggregate principal
amount of the appropriate Restricted Global Security. 
  
 (ii) Transfer Restricted Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of a Transfer Restricted Security may exchange such Transfer Restricted Definitive Security for a beneficial interest in an
Unrestricted Global Security or transfer such Transfer Restricted Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security only if the Registrar receives the following: 
  
 (A) if the Holder of such Transfer Restricted Security
proposes to exchange such Transfer Restricted Security for a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Note; or 
  
 (B) if the Holder of such Transfer Restricted Securities
proposes to transfer such Transfer Restricted Security to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Note,

  
 and, in each such case, if the Registrar so requests or if
the applicable rules and procedures of the Depository, Euroclear or Clearstream, as applicable, so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange 

  

 -7- 








 
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no
longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Securities and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Security. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt
of an written order of the Company in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Transfer
Restricted Securities transferred or exchanged pursuant to this subparagraph (ii). 
  
 (iii) Unrestricted Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted
Definitive Security may exchange such Unrestricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such Unrestricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Security and increase or cause to be increased the aggregate
principal amount of one of the Unrestricted Global Securities. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon
receipt of an written order of the Company in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of
Unrestricted Definitive Securities transferred or exchanged pursuant to this subparagraph (iii). 
  
 (iv) Unrestricted Definitive Securities to Beneficial Interests in Restricted Global Securities. An Unrestricted Definitive
Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted Global Security. 
  

(e) Transfer and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Securities. Definitive Securities shall be transferred or exchanged only for Definitive Securities. Prior to
such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 2.2(e). 
  
 (i) Transfer Restricted
Securities to Transfer Restricted Securities. A Transfer Restricted Security may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Security if the Registrar receives the
following: 
  
 (A) if the transfer will be made
pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 
  

 -8- 








 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities
Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 
  
 (C) if the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule
144 under the Securities Act, a certificate in the form attached to the applicable Note; 
  
 (D) if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than
those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Note; and 
  
 (E) if such transfer will be made to the Company or a Subsidiary thereof, a certificate in the form attached to the applicable Note.

  
 (ii) Transfer Restricted Securities to
Unrestricted Definitive Securities. Any Transfer Restricted Security may be exchanged by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive
Security if the Registrar receives the following: 
  
 (1) if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Note; or

  
 (2) if the Holder of such Transfer Restricted
Security proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Note, 
  
 and, in each such case, if the Registrar so requests, an Opinion of Counsel
in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required
in order to maintain compliance with the Securities Act. 
  
 (iii) Unrestricted Definitive Securities to Unrestricted Definitive Securities. A Holder of an Unrestricted Definitive Security may transfer such Unrestricted Definitive Securities to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Security at any time. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Securities pursuant to the instructions from the Holder
thereof. 
  

 -9- 








 (iv) Unrestricted Definitive Securities to Transfer Restricted Securities. An
Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Security. 
  

At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security
has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Notes represented by such
Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository or the Common Depository, as applicable, at the direction of the Trustee to reflect such reduction; and if the
beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall
be made on such Global Security by the Trustee or by the Depository or the Common Depository, as applicable, at the direction of the Trustee to reflect such increase. 
  
 (e) Exchanges among Global Notes 
  
 (i) On or prior to the 40th day after the later of the commencement of the offering of the Notes and the Issue Date (such period through and including such 40th day, the “Distribution Compliance Period”), transfers by an owner of a beneficial interest in the Regulation S
Global Note to a transferee who takes delivery of such interest through Rule 144A Global Note will be made only in accordance with applicable procedures and upon receipt by the Trustee of a written certification from the transferor of the beneficial
interest in the form provided this Indenture to the effect that such transfer is being made to (1) a person whom the transferor reasonably believed is a qualified institutional buyer within the meaning of Rule 144A in a transaction meeting the
requirements of Rule 144A or (2) pursuant to another exemption from the registration requirements under the Securities Act, and (3) in accordance with all applicable securities laws of any state of the United States or any other jurisdiction. Such
written certification will no longer be required after the expiration of the Distribution Compliance Period. The transferor may be required to deliver to the Trustee a letter from the transferee substantially in the form set forth in this Indenture,
which shall provide, among other things, that the transferee is an institutional “accredited investor”, as defined in Rules 501(a)(1), (2), (3) or (7) under the Securities Act, that is acquiring such notes not for distribution in violation
of the Securities Act; 
  
 (ii) Transfers by an
owner of a beneficial interest in the Rule 144A Global Note to a transferee who takes delivery of such interest through the Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, will be made only
upon receipt by the Trustee of a certification from the transferor to the effect that such transfer is being made in accordance with Regulation S (of available) Rule 144A under the Securities Act and that, if such transfer is being made prior to the
expiration of the Distribution Compliance Period, the interest transferred will be held 

  

 -10- 








 
immediately thereafter through Euroclear or Clearstram to the extent not held directly at DTC; and 
  
 (iii) 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 will, upon transfer, cease to be an interest in such global note and become an interest in the other global note and, accordingly, will thereafter
be subject to all transfer restrictions, if any, and other procedures applicable to beneficial interests in such other global note for as long as it remains such an interest. 
  
 (f) Legend. 
  
 (i) Except as permitted by the following paragraphs (ii), (iii) or (iv), each Note certificate evidencing the Global Securities and the Definitive
Securities (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only): 
  
 “THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN
THE NEXT SENTENCE. BY THE ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER 
  
 (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) OR (B) IT IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; 
  
 (2)
AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A
TRANSACTION MEETING THE REQUIREMENTS OF, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES, (E) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN 

  

 -11- 








 
RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER, IF THE ISSUER SO REQUESTS, THAT
SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER), OR (G) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE; AND 
  
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN
INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
  
 Each Definitive Security shall bear the following additional legend: 
  
 “AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION’ AND ‘UNITED STATES’ HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE GOVERNING THIS
SECURITY CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING.” 
  
 (ii) Upon any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof to exchange
such Transfer Restricted Security for a Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Registrar that its
request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 
  
 (iii) After a transfer of any Initial Notes during the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Notes,
all requirements pertaining to the Restricted Securities Legend on such Initial Notes shall cease to apply and the requirements that any such Initial Notes be issued in global form shall continue to apply. 
  
 (iv) Upon the consummation of a Registered Exchange Offer with respect to the
Initial Notes pursuant to which Holders of such Initial Notes are offered Exchange Notes in exchange for their Initial Notes, all requirements pertaining to Initial Notes that Initial Notes be issued in global form shall continue to apply, and
Exchange Notes in global form without the Restricted Securities Legend shall be available to Holders that exchange such Initial Notes in such Registered Exchange Offer. 
  
 (v) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to
Regulation S, all requirements that such Initial Note bear the 

  

 -12- 








 
Restricted Securities Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply.

  
 (vi) Any Additional Notes sold in a registered offering shall
not be required to bear the Restricted Securities Legend. 
  
 (g)
Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled
in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 of this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global
Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Notes represented by such Global Security shall
be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository or the Common Depository, as applicable, at the direction of the Trustee to reflect such reduction; and if the beneficial interest is
being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global
Security by the Trustee or by the Depository or the Common Depository, as applicable, at the direction of the Trustee to reflect such increase. 
  
 (h) Obligations with Respect to Transfers and Exchanges of Notes. 
  
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate,
Definitive Securities and Global Securities at the Registrar’s request. 
  
 (ii) No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable
in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture). 
  
 (iii) Prior to the due presentation for registration of transfer of any Note,
the Company, the Trustee, a Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all
other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary. 
  
 (iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and
shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
  

 -13- 








 (i) No Obligation of the Trustee. 
  
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a
participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to the Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depository or its nominee in the case of a Global Security). The rights of
beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depository with respect to its members, participants and any beneficial owners. 
  
 (ii) 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 Depository participants, members or beneficial owners in any Global Security) 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. 
  

 -14- 








 EXHIBIT A 
  
 [FORM OF FACE OF NOTE] 
  
 [Global Securities Legend] 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, 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 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. 
  
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. 
  
 [Restricted Securities Legend] 
  
 THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY
THE ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
  
 (1)
REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) OR (B) IT IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE
SECURITIES ACT; 
  
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS
SECURITY EXCEPT (A) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN
OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) TO AN 

  

 A-1 








 
INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH
TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE
PRINCIPAL AMOUNT OF SECURITIES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER, IF THE ISSUER SO REQUESTS, THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
  
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
  
 Each Definitive Security shall bear the following additional legend: 
  
 AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF
REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE GOVERNING THIS SECURITY CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING. 
  

 A-2 








 [FORM OF NOTES] 
  

			
	 No.
	 	$__________

  
 7 5/8% Senior Subordinated Note due 2015 
  
 CUSIP No. 144A: 00081TAA6 / REG S: U00445AA1 
 ISIN 144A: US00081TAA60 / REG S: USU00445AA12 
  
 ACCO FINANCE I, INC., a Delaware corporation, promises to pay to [            ], or registered assigns, the principal sum [of Dollars] [listed on the
Schedule of Increases or Decreases in Global Security attached hereto]1 on August 15, 2015. 
  
 Interest Payment Dates: February 15 and August 15. 
  
 Record Dates: February 1 and August 1. 
  
 Additional provisions of this Note are set forth on the other side of this
Note. 
  
 IN WITNESS WHEREOF, the parties have caused this
instrument to be duly executed. 
  

					
	ACCO FINANCE I, INC.
			
	By:	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 


 Dated: 
  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	WACHOVIA BANK, NATIONAL ASSOCIATION,
	as Trustee, certifies that this is one of the Notes referred to in the Indenture.
		
	By:	 	 
	 	 	 Authorized Signatory




	1	Use the Schedule of Increases and Decreases language if Security is in Global Form. 

  

 A-3 








 [FORM OF REVERSE SIDE OF NOTE] 
  
 7 5/8% Senior Subordinated Note due 2015 
  

	1.	Interest 

  
 (a) ACCO FINANCE I, INC., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being
herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company shall pay interest semiannually on February 15 and August 15 of each year, commencing 2006. Interest
on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from August 5, 2005 until the principal hereof is due. Interest shall be computed on the
basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  
 (b) Registration Rights Agreement. The Holder of this Note is entitled
to the benefits of a Registration Rights Agreement, dated as of August 5, 2005, among the Company and the Initial Purchasers. 
  

	2.	Method of Payment 

  
 The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders at the close of business on the February
1 or August 1 next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender Notes to a Paying Agent to collect principal
payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a
Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Company will make all
payments in respect of a certificated Note (including principal, premium, if any, and interest), at the office of each Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a check to the registered
address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. Dollar account maintained by
the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or a Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due
date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

  
 Initially, Wachovia Bank, National Association, a national banking association incorporated under the laws of the United States of America (the
“Trustee”), will act as Paying 

  

 A-4 








 
Agent and Registrar. The Company may appoint and change the Paying Agent or Registrar without notice. The Company or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

  
 The Company issued the Notes under an Indenture dated as of August 5, 2005 (the “Indenture”), between the Company 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.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined
in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the Holders (as defined in the Indenture) are referred to the Indenture and the TIA
for a statement of such terms and provisions 
  
 The Notes are
senior subordinated unsecured obligations of the Company. This Note is one of the Initial Notes referred to in the Indenture. The Notes include the Initial Notes and any Exchange Notes issued in exchange for Initial Notes pursuant to the Indenture.
The Initial Notes and any Exchange Notes are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain
Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of
capital stock of the Company and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make asset sales. The Indenture also imposes limitations on the ability of the Company and each
Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
  
 To guarantee the due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Company under the Indenture and
the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors have, jointly and severally, unconditionally guaranteed the Guaranteed
Obligations on a senior subordinated basis pursuant to the terms of the Indenture. 
  

	5.	Optional Redemption 

  
 Except as set forth in the following two paragraphs, the Notes shall not be redeemable at the option of the Company prior to August 15, 2010. Thereafter,
the Notes shall be redeemable at the option of the Company, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first class mail (except that a redemption notice may be mailed
more than 60 days prior to the redemption date if the notice is given in connection with a discharge of the Indenture under the satisfaction and discharge provisions of the Indenture, a legal defeasance or a covenant defeasance), at the following
redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, to the redemption date (subject to the right of the Holders of record on the relevant record date to 

  

 A-5 








 
receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on August 15 of the years set forth below:

  

				
	 Year

	  	Redemption
Price

	 
	 2010
	  	103.813	%
	 2011
	  	102.542	%
	 2012
	  	101.271	%
	 2013 and thereafter
	  	100.000	%

  
 In addition, prior to
August 15, 2010, the Company may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address,
at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest on the Notes redeemed to, the applicable redemption date (subject to the right of the Holders of
record on the relevant record date to receive interest due on the relevant interest payment date). 
  
 Notwithstanding the foregoing, at any time and from time to time on or prior to August 15, 2008, the Company may redeem in the aggregate up to 35% of the
original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by any direct or indirect parent of the
Company to the extent the net cash proceeds of such Equity Offering by such direct or indirect parent of the Company are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the
Company from it, at a redemption price equal to (expressed as a percentage of principal amount thereof) of 107.625% in the case of the Notes plus, accrued and unpaid interest, to the redemption date (subject to the right of the Holders of record on
the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 65% of the aggregate principal amount of the Notes issued under the Indenture (calculated after giving effect to
any issuance of Additional Notes) must remain outstanding after each such redemption; and provided, further, that such redemption shall occur within 120 days after the date on which any such Equity Offering is consummated upon not less
than 30 nor more than 60 days’ notice mailed to each Holder of Notes being redeemed mail (except that a redemption notice may be mailed more than 60 days prior to the redemption date if the notice is given in connection with a discharge of the
Indenture under the satisfaction and discharge provisions of the Indenture, a legal defeasance or a covenant defeasance) and otherwise in accordance with the procedures set forth in the Indenture. 
  
 Any redemption of Notes at the Company’s option may, if so provided in
the applicable redemption notice, be made subject to the satisfaction of one or more conditions precedent. 
  

 A-6 









	6.	Special Mandatory Redemption. 

  
 In the event that the ACCO Assumption does not occur on or prior to the earlier of (x) September 4, 2005 and (y) the first date ACCO World Corporation, a
Delaware corporation, advises that it has determined that either the Spin-off or the Merger will not be consummated, the Company will, within one (1) Business Day of such date (the “Special Mandatory Redemption Date”), redeem all of the
Notes (the “Special Mandatory Redemption”) at a redemption price (the “Special Mandatory Redemption Price”) equal to 100% of the original issue amount of the Notes, plus accrued and unpaid interest on the Notes through the
thirtieth day following the Issue. 
  

	7.	Sinking Fund 

  
 The Notes are not subject to any sinking fund. 
  

	8.	Notice of Redemption 

  
 Except in the case of a Special Mandatory 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 his, her or its registered address (except that a redemption notice may be mailed more than 60 days prior to the redemption date if the notice is given in connection with a
discharge of the Indenture under the satisfaction and discharge provisions of the Indenture, a legal defeasance or a covenant defeasance). Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000. If
money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions
are satisfied, on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for redemption. Notices of the Special Mandatory Redemption, if any, will be promptly mailed by first-class mail by the Company to each
Holder at its registered address and the Trustee and the Escrow Agent. 
  

	9.	Repurchase of Notes at the Option of the Holders upon Change of Control and Asset Sales 

  
 Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the
Indenture, to cause the Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest,
if any, to the date of repurchase (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), except to the extent the Company elects to redeem Notes in accordance with
Article 3 and Section 4.08 of the Indenture within 30 days following the Change of Control, as provided in, and subject to the terms of, the Indenture. 
  
 In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Notes upon the occurrence of certain events.

  

 A-7 









	10.	Subordination 

  
 The following provisions will not apply until after the Assumption Date. After such time the Notes will be subordinated to Senior Indebtedness, as defined
in the Indenture. To the extent provided in the Indenture, Senior Indebtedness must be paid before the Notes and Guarantees may be paid. The Company and each Guarantor agree, and each Holder by accepting a Note agrees, to the subordination
provisions contained in the Indenture and authorizes the Trustee to give it effect and appoints the Trustee as attorney-in-fact for such purpose. 
  

	11.	Denominations; Transfer; Exchange 

  
 The Notes are in registered form, without coupons, in denominations of $1,000 and whole multiples of $1,000. A Holder shall register the transfer of or
exchange of Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes
required by law or permitted by the Indenture. The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion
thereof not to be redeemed) or of any Notes (1) for a period of 15 days prior to a selection of Notes to be redeemed or (2) tendered and not withdrawn in connection with a Change of Control Offer or Asset Sale Offer. 
  

	12.	Persons Deemed Owners 

  
 The registered Holder of this Note shall be treated as the owner of it for all purposes. 
  

	13.	Unclaimed Money 

  
 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Company upon written request any money held by them
for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company for payment as general creditors, and the Trustee and each Paying Agent shall have no further
liability with respect to such monies. 
  

	14.	Discharge and Defeasance 

  
 Subject to certain conditions, the Company at any time may terminate some of or all its and the Guarantors’ obligations under the Notes and the
Indenture if the Company deposits with the Trustee money or Government Obligations for the payment of principal of, premiums (if any) and interest on the Notes to redemption or maturity, as the case may be. 
  

	15.	Amendment; Waiver 

  
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Notes or the Escrow Agreement may be amended or supplemented with the
written consent of the Holders of at least a majority in principal amount of the Notes then outstanding and (ii) any past or existing default or compliance with any provisions may be waived with the written consent of 

  

 A-8 








 
the Holders of at least a majority in principal amount of the Notes then outstanding. Subject to certain exceptions set forth in the Indenture, without the
consent of any Holder, the Company and the Trustee may amend or supplement the Indenture, the Notes or the Escrow Agreement (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to
provide for uncertificated Notes in addition to or in place of certificated Notes; (iv) to add Guarantees with respect to the Notes; (v) to secure the Notes; (vi) to add to the covenants of the Company for the benefit of the Holders or to surrender
any right or power conferred on the Company; (vii) to comply with the requirements of the SEC in connection with the qualification of the Indenture under the TIA; (viii) to make any change that does not adversely affect the rights of any Holder;
(ix) to make any change in the subordination provisions of the Indenture that would limit or terminate the benefits available to any holder of Senior Indebtedness of the Company (or any Representative thereof) under such subordination provisions; or
(x) to provide for the issuance of the Exchange Notes or Additional Notes. 
  

	16.	Defaults and Remedies 

  
 If an Event of Default (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) occurs and
is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes, in each case, by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due
and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Notes shall become immediately due and payable without any
declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

  
 If an Event of Default occurs and is continuing, the Trustee
shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability
or expense and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such
Holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee in writing to pursue the remedy, (iii) such Holders have
offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the
Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the
outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow
any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture,
the Trustee shall be entitled 

  

 A-9 








 
to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
  

	17.	Trustee Dealings with the Company 

  
 Subject to certain limitations imposed by the TIA, 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 and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	18.	No Recourse Against Others 

  
 No director, officer, employee, incorporator or holder of any equity interests in the Company or of any Guarantor or any direct or indirect parent
corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. 
  

	19.	Authentication 

  
 This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on
the other side of this Note. 
  

	20.	Abbreviations 

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

	21.	Governing Law 

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

	22.	CUSIP Numbers and ISINs 

  
 The Company has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in notices of
redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon. 
  
 The Company will furnish to any Holder of
Notes upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. 
  

 A-10 








  
 ASSIGNMENT FORM 

 
 To assign this Note, fill in the form below: 
  
 I or we assign and transfer this Note to: 
  

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


  

	
	 
	 (Insert assignee’s soc. sec. or tax I.D. No.)


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

	
	 


									
				
	Date:                     	 	 	 	Your Signature:	 	 

  

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

  

					
	Signature Guarantee:	 	 	 	 
			
	Date:
                                	 	 	 	  
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	 	 	 Signature of Signature Guarantee


  

 A-11 








  
 CERTIFICATE TO BE DELIVERED
UPON EXCHANGE OR 
 REGISTRATION OF TRANSFER RESTRICTED NOTES 
  
 This certificate relates to
$                     principal amount of Notes held in (check applicable space)
             book-entry or              definitive form by the undersigned. 
  
 The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Note or Notes in definitive, registered
form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 

  

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

  
 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period referred
to in Rule 144(k) under the Securities Act, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
  
 CHECK ONE BOX BELOW 
  

			
	 (1)
	  	  ̈        to the Company; or

		
	 (2)
	  	  ̈        to the Registrar for registration in the name of the Holder, without transfer; or

		
	 (3)
	  	  ̈        pursuant to an effective registration statement under the Securities Act of 1933; or

		
	 (4)
	  	  ̈        inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

		
	 (5)
	  	  ̈        outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note
shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or

		
	 (6)
	  	  ̈        to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter
containing certain representations and agreements; or

		
	 (7)
	  	  ̈        pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.


  

 A-12 








 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, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as 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
of 1933. 
  

					
			
	Date:                             	 	 	 	  
	 	 	 	 	 Your Signature


  

					
	Signature Guarantee:	 	 	 	 
			
	Date:                             	 	 	 	  
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	 	 	 Signature of Signature Guarantee


  

 A-13 








  
 TO BE COMPLETED BY PURCHASER
IF (4) 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, that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, and that 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-14 








  
 SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL SECURITY 
  
 The initial principal amount of
this Global Security is $                    . The following increases or decreases in this Global Security have been made: 
  

									
	Date of
Exchange

	 	Amount of decrease in
Principal Amount of
this Global Security

	 	Amount of increase in
Principal Amount of this
Global Security

	 	Principal amount of this
Global Security
following such decrease
or increase

	 	Signature of authorized
signatory of Trustee or
Notes Custodian


	 	 	 	 	 	 	 	 	 

  

 A-15 








  
 OPTION OF HOLDER TO ELECT
PURCHASE 
  
 If you want to elect to have this Note
purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, check the applicable box: 
  

			
	Asset Sale  ̈	 	Change of Control  ̈

  
 If you want to
elect to have only part of this Note purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($1,000 or an integral multiple thereof): 
  
 $ 
  

									
				
	Date:                     	 	 	 	Your Signature:	 	 
	 	 	 	 	 	 	 	 	(Sign exactly as your name appears on the other side of this Note)

  

			
		
	Signature Guarantee:	 	 

  
 Signature must be
guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee. 
  

 A-16 








 EXHIBIT B 
  
 [FORM OF FACE OF EXCHANGE NOTE] 
 [Global
Securities Legend] 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, 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 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. 
  
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
  

 B-1 









			
	No.	  	$                    

  
 7 5/8% Senior Subordinated Note due 2015 
  
 CUSIP No. 144A:
                    / REG S: 
 ISIN No.
144A:                     / REG S: 
  
 ACCO FINANCE I, INC., a Delaware corporation, promises to pay to
[                    ], or registered assigns, the principal sum [of             
Dollars] [listed on the Schedule of Increases or Decreases in Global Security attached hereto]2 on August 15, 2015.

  
 Interest Payment Dates: February 15 and August 15. 

 
 Record Dates: February 1 and August 1. 
  
 Additional provisions of this Note are set forth on the other side of this
Note. 
  
 IN WITNESS WHEREOF, the parties have caused this
instrument to be duly executed. 
  

			
	ACCO FINANCE I, INC.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:



  
 Dated: 


	2	Use the Schedule of Increases and Decreases language if Security is in Global Form. 

  

 B-2 









			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as Trustee, certifies that this is one of the Notes referred to in the
Indenture.

		
	By:	 	 
	 	 	 Authorized Signatory


  

	*/	If the Note is to be issued in global form, add the Global Securities Legend and the attachment from Exhibit A captioned
“TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY”. 

  

 B-3 








  
 [FORM OF REVERSE SIDE OF
NOTE] 
  
 7 5/8% Senior Subordinated Note due 2015 
  

	1.	Interest 

  
 (a) ACCO FINANCE I, INC., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being
herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company shall pay interest semiannually on February 15 and August 15 of each year, commencing 2006. Interest
on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from August 5, 2005 until the principal hereof is due. Interest shall be computed on the
basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  
 (b) Registration Rights Agreement. The Holder of this Note is entitled
to the benefits of a Registration Rights Agreement, dated as of August 5, 2005, among the Company and the Initial Purchasers. 
  

	2.	Method of Payment 

  
 The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders at the close of business on the February
1 or August 1 next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender Notes to a Paying Agent to collect principal
payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a
Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Company will make all
payments in respect of a certificated Note (including principal, premium, if any, and interest), at the office of each Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a check to the registered
address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. Dollar account maintained by
the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or a Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due
date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

  
 Initially, Wachovia Bank, National Association, a national banking association incorporated under the laws of the United States of America (the
“Trustee”), will act as Paying 

  

 B-4 








 
Agent and Registrar. The Company may appoint and change the Paying Agent or Registrar without notice. The Company or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

  
 The Company issued the Notes under an Indenture dated as of August 5, 2005 (the “Indenture”), between the Company 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.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined
in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the Holders (as defined in the Indenture) are referred to the Indenture and the TIA
for a statement of such terms and provisions. 
  
 The Notes are
senior subordinated unsecured obligations of the Company. This Note is one of the Initial Notes referred to in the Indenture. The Notes include the Initial Notes and any Exchange Notes issued in exchange for Initial Notes pursuant to the Indenture.
The Initial Notes and any Exchange Notes are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain
Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of
capital stock of the Company and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make asset sales. The Indenture also imposes limitations on the ability of the Company and each
Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
  
 To guarantee the due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Company under the Indenture and
the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors have, jointly and severally, unconditionally guaranteed the Guaranteed
Obligations on a senior subordinated basis pursuant to the terms of the Indenture. 
  

	5.	Optional Redemption 

  
 Except as set forth in the following two paragraphs, the Notes shall not be redeemable at the option of the Company prior to August 15, 2010. Thereafter,
the Notes shall be redeemable at the option of the Company, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first class mail to each Holder’s registered address (except
that a redemption notice may be mailed more than 60 days prior to the redemption date if the notice is given in connection with a discharge of the Indenture under the satisfaction and discharge provisions of the Indenture, a legal defeasance or a
covenant defeasance), at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, to the redemption date (subject to the right of the Holders of record 

  

 B-5 








 
on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on August 15 of
the years set forth below: 
  

				
	 Year

	  	Redemption Price

	 
	 2010
	  	103.813	%
	 2011
	  	102.542	%
	 2012
	  	101.271	%
	 2013 and thereafter
	  	100.000	%

  
 In addition, prior to
August 15, 2010, the Company may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address,
at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest on the Notes redeemed to, the applicable redemption date (subject to the right of the Holders of
record on the relevant record date to receive interest due on the relevant interest payment date). 
  
 Notwithstanding the foregoing, at any time and from time to time on or prior to August 15, 2008, the Company may redeem in the aggregate up to 35% of the
original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by any direct or indirect parent of the
Company to the extent the net cash proceeds of such Equity Offering by such direct or indirect parent of the Company are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the
Company from it, at a redemption price (expressed as a percentage of principal amount thereof) of 107.625% plus, accrued and unpaid interest, to the redemption date (subject to the right of the Holders of record on the relevant record date to
receive interest due on the relevant interest payment date); provided, however, that at least 65% of the aggregate principal amount of the Notes issued under the Indenture (calculated after giving effect to any issuance of Additional
Notes) must remain outstanding after each such redemption; and provided, further, that such redemption shall occur within 120 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60
days’ notice mailed to each Holder of Notes being redeemed mail (except that a redemption notice may be mailed more than 60 days prior to the redemption date if the notice is given in connection with a discharge of the Indenture under the
satisfaction and discharge provisions of the Indenture, a legal defeasance or a covenant defeasance) and otherwise in accordance with the procedures set forth in the Indenture. 
  
 Any redemption of Notes at the Company’s option may, if so provided in the applicable redemption notice, be made
subject to the satisfaction of one or more conditions precedent. 
  

 B-6 









	6.	Special Mandatory Redemption. 

  
 In the event that the ACCO Assumption does not occur on or prior to the earlier of (x) September 4, 2005 and (y) the first date ACCO World Corporation, a
Delaware corporation, advises the Trustee that it has determined that either the Spin-off or the Merger will not be consummated, the Company will, within one (1) Business Day of such date (the “Special Mandatory Redemption Date”), redeem
all of the Notes (the “Special Mandatory Redemption”) at a redemption price (the “Special Mandatory Redemption Price”) equal to 100% of the original issue amount of the Notes, plus accrued and unpaid interest on the Notes through
September 4, 2005. 
  

	7.	Sinking Fund 

  
 The Notes are not subject to any sinking fund. 
  

	8.	Notice of Redemption 

  
 Except in the case of a Special Mandatory 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 his, her or its registered address (except that a redemption notice may be mailed more than 60 days prior to the redemption date if the notice is given in connection with a
discharge of the Indenture under the satisfaction and discharge provisions of the Indenture, a legal defeasance or a covenant defeasance). Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000. If
money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions
are satisfied, on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for redemption. Notices of the Special Mandatory Redemption, if any, will be promptly mailed by first-class mail by the Company to each
Holder at its registered address and the Trustee and the Escrow Agent. 
  

	9.	Repurchase of Notes at the Option of the Holders upon Change of Control and Asset Sales 

  
 Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the
Indenture, to cause the Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest,
if any, to the date of repurchase (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), except to the extent the Company elects to redeem Notes in accordance with
Article 3 and Section 4.08 of the Indenture within 30 days following the Change of Control, as provided in, and subject to the terms of, the Indenture. 
  
 In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Notes upon the occurrence of certain events.

  

 B-7 









	10.	Subordination 

  
 The following provisions will not apply until after the Assumption Date. After such time the Notes will be subordinated to Senior Indebtedness, as defined
in the Indenture. To the extent provided in the Indenture, Senior Indebtedness must be paid before the Notes and Guarantees may be paid. The Company and each Guarantor agree, and each Holder by accepting a Note agrees, to the subordination
provisions contained in the Indenture and authorizes the Trustee to give it effect and appoints the Trustee as attorney-in-fact for such purpose. 
  

	11.	Denominations; Transfer; Exchange 

  
 The Notes are in registered form, without coupons, in denominations of $1,000 and whole multiples of $1,000. A Holder shall register the transfer of or
exchange of Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes
required by law or permitted by the Indenture. The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion
thereof not to be redeemed) or of any Notes (1) for a period of 15 days prior to a selection of Notes to be redeemed or (2) tendered and not withdrawn in connection with a Change of Control Offer or Asset Sale Offer. 
  

	12.	Persons Deemed Owners 

  
 The registered Holder of this Note shall be treated as the owner of it for all purposes. 
  

	13.	Unclaimed Money 

  
 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Company upon written request any money held by them
for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company for payment as general creditors, and the Trustee and each Paying Agent shall have no further
liability with respect to such monies. 
  

	14.	Discharge and Defeasance 

  
 Subject to certain conditions, the Company at any time may terminate some of or all its and the Guarantors’ obligations under the Notes and the
Indenture if the Company deposits with the Trustee money or Government Obligations for the payment of principal of, premiums (if any) and interest on the Notes to redemption or maturity, as the case may be. 
  

	15.	Amendment; Waiver 

  
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Notes or the Escrow Agreement may be amended or supplemented with the
written consent of the Holders of at least a majority in principal amount of the Notes then outstanding and (ii) any past or existing default or compliance with any provisions may be waived with the written consent of 

  

 B-8 








 
the Holders of at least a majority in principal amount of the Notes then outstanding. Subject to certain exceptions set forth in the Indenture, without the
consent of any Holder, the Company and the Trustee may amend or supplement the Indenture, the Notes or the Escrow Agreement (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to
provide for uncertificated Notes in addition to or in place of certificated Notes; (iv) to add Guarantees with respect to the Notes; (v) to secure the Notes; (vi) to add to the covenants of the Company for the benefit of the Holders or to surrender
any right or power conferred on the Company; (vii) to comply with the requirements of the SEC in connection with the qualification of the Indenture under the TIA; (viii) allow any Guarantor to execute a supplemental indenture and/or a guarantee with
respect to the Notes; (ix) to provide for the issuance of the Exchange Notes or Additional Notes; (x) to conform the text of the Indenture or the Notes to any provision of the section of the Offering Memorandum entitled “Description of
Notes” to the extent that such provision in the “Description of Notes” was intended to be a verbal recitation of a provision of the Indenture or the Notes; or (xi) as evidence and to provide for the acceptance of appointment by a
successor Trustee. 
  

	16.	Defaults and Remedies 

  
 If an Event of Default (other than an Event of Default arising from certain events of bankruptcy, insolvency or reorganization of the Company) occurs and
is continuing, the Trustee or the Holders of at least 25% in principal amount of then outstanding Notes, in each case, by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be
due and payable. If an Event of Default arising from certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Notes shall become immediately due and payable without
any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of then outstanding Notes may rescind any such acceleration with respect to the Notes and its
consequences. 
  
 Subject to the provisions of the Indenture
relating to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders
unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any
remedy with respect to the Indenture or the Notes unless (i) such Holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Notes have requested in
writing that the Trustee pursue the remedy, (iii) such Holders have offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of
the request and the offer of security or indemnity and (v) the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
limitations, the Holders of a majority in aggregate principal amount of then outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust
or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the 

  

 B-9 








 
rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be
entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
  

	17.	Trustee Dealings with the Company 

  
 Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity, may become the owner or pledgee of Securities and
may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	18.	No Recourse Against Others 

  
 No director, officer, employee, incorporator or holder of any equity interests in the Company or of any Guarantor or any direct or indirect parent
corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. 
  

	19.	Authentication 

  
 This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on
the other side of this Note. 
  

	20.	Abbreviations 

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

	21.	Governing Law 

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

	22.	CUSIP Numbers and ISINs 

  
 The Company has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in notices of
redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon. 
  
 The Company will furnish to any Holder of
Notes upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. 
  

 B-10 








  
 ASSIGNMENT FORM 

 
 To assign this Note, fill in the form below: 
  
 I or we assign and transfer this Note to: 
  

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


  

	
	 
	 (Insert assignee’s soc. sec. or tax I.D. No.)


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

	
	 


									
				
	Date:                     	 	 	 	Your Signature:	 	 

  

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

  

					
	Signature Guarantee:	 	 	 	 
			
	Date:                     	 	 	 	  
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	 	 	 Signature of Signature Guarantee


  

 B-11 








  
 CERTIFICATE TO BE DELIVERED
UPON EXCHANGE OR 
 REGISTRATION OF TRANSFER RESTRICTED NOTES 
  
 This certificate relates to
$                     principal amount of Notes held in (check applicable space)
             book-entry or              definitive form by the undersigned. 
  
 The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Note or Notes in definitive, registered
form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 

  

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

  
 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period referred
to in Rule 144(k) under the Securities Act, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
  
 CHECK ONE BOX BELOW 
  

			
	 (1)
	  	  ̈        to the Company; or

		
	 (2)
	  	  ̈        to the Registrar for registration in the name of the Holder, without transfer; or

		
	 (3)
	  	  ̈        pursuant to an effective registration statement under the Securities Act of 1933; or

		
	 (4)
	  	  ̈        inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

		
	 (5)
	  	  ̈        outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note
shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or

		
	 (6)
	  	  ̈        to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter
containing certain representations and agreements; or

		
	 (7)
	  	  ̈        pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.


  

 B-12 








 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, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as 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
of 1933. 
  

					
			
	Date:                     	 	 	 	  
	 	 	 	 	 Your Signature


  

					
	Signature Guarantee:	 	 	 	 
			
	Date:                     	 	 	 	  
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	 	 	 Signature of Signature Guarantee


  

 B-13 








  
 TO BE COMPLETED BY PURCHASER
IF (4) 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, that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, and that it 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-14 








  
 SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL SECURITY 
  
 The initial principal amount of
this Global Security is $245,000.00. The following increases or decreases in this Global Security have been made: 
  

									
	Date of
Exchange

	 	Amount of decrease in
Principal Amount of
this Global Security

	 	Amount of increase in
Principal Amount of this
Global Security

	 	Principal amount of this
Global Security
following such decrease
or increase

	 	Signature of authorized
signatory of Trustee or
Notes Custodian


	 	 	 	 	 	 	 	 	 

  

 B-15 








  
 OPTION OF HOLDER TO ELECT
PURCHASE 
  
 If you want to elect to have this Note
purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, check the applicable box: 
  

			
	Asset Sale  ̈	 	Change of Control  ̈

  
 If you want to
elect to have only part of this Note purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($1,000 or an integral multiple thereof): 
  
 $ 
  

									
				
	Date:                     	 	 	 	Your Signature:	 	 
	 	 	 	 	 	 	 	 	(Sign exactly as your name appears on the other side of this Note)

  

			
		
	Signature Guarantee:	 	 

  
 Signature must be
guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee. 
  

 B-16 








 EXHIBIT C 
  
 FORM OF TRANSFEREE LETTER OF REPRESENTATION 
  
 ACCO FINANCE I, INC. 
 c/o Wachovia Bank, National Association 
 401 S. Tryon Street, 12th Floor 
 Bond Administration, NC 1179 
 Charlotte, NC 28288-117 
  
 Ladies and Gentlemen:

  
 This certificate is delivered to request a transfer of
$[        ] principal amount of the 7 5/8% Senior Subordinated Notes due
2015 (the “Notes”) of ACCO FINANCE I, INC. (the “Company”). 
  
 Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 
  
 Name:                                     
            
  
 Address:                                    
         
  
 Taxpayer ID
Number:                       
  
 The undersigned represents and warrants to you that: 
  
 1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended
(the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for
offer or sale in connection with, any distribution in violation of the Securities Act. We 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
invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 
  
 2. We understand that the Notes have not been registered under the Securities
Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to
the date that is two years after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination
Date”) only (a) to the Company, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act (“Rule
144A”), to a person we reasonably 

  

 C-1 








 
believe is a qualified institutional buyer under Rule 144A (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom
notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case in a minimum principal
amount of Notes of $250,000, or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the
property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction
Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form
of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that
it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the
Resale Restriction Termination Date of the Notes pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company and the Trustee. 
  
 Dated:
                                     
  

					
	 TRANSFEREE:
	 	 	 	,



			
		
	 By:
	 	 


  

 C-2 








 EXHIBIT D 
  
 [FORM OF SUPPLEMENTAL INDENTURE] 
  
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [            ],
20    , among [GUARANTOR] (the “New Guarantor”), a subsidiary of ACCO FINANCE I, INC. (or its successor), a Delaware corporation (the “Company”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as trustee
under the indenture referred to below (the “Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS the Company has heretofore
executed and delivered to the Trustee an Indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of August 5, 2005, providing for the issuance of the Company’s 7 5/8 Senior Subordinated Notes due 2015 (the “Notes”) initially in the aggregate principal amount of
$350,000,000; 
  
 WHEREAS Section 4.11 of the Indenture
provides that under certain circumstances the Company is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Company’s
obligations under the Notes pursuant to a Guarantee on the terms and conditions set forth herein; and 
  
 WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Company and the existing Guarantors are authorized to execute and deliver this
Supplemental Indenture; 
  
 NOW THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company, and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as
follows: 
  
 1. Defined Terms. As used in this Supplemental
Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and
the Trustee acting on behalf of and for the benefit of such Holders. The words “herein,” “hereof” and hereby and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole
and not to any particular section hereof. 
  
 2. Agreement to
Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally guarantee the Company’s obligations under the Notes on the terms and subject to the conditions set forth in Articles
11 and 12 of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a Guarantor under the Indenture. 
  
 3. Notices. All notices or other communications to the New Guarantor
shall be given as provided in Section 13.02 of the Indenture. 
  

 D-1 








 4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly
amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and
every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
  
 5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

  
 6. Trustee Makes No Representation. The Trustee makes
no representation as to the validity or sufficiency of this Supplemental Indenture. 
  
 7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 8. Effect of Headings. The Section headings herein are for convenience
only and shall not effect the construction thereof. 
  

 D-2 








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

			
	 [NEW GUARANTOR]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 ACCO FINANCE I, INC.

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION, as Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:



  

 D-3